Deutsche Bank's senior unsecured ratings reflect the German
bail-in law treatment of senior unsecured debt
Moody's S&P
Operating company 4110
Holding company • •
Swiss Peers US Peers
CS UBS BoA Citi GS JPM MS
P/A-1 Aa2/AA
P/A-1 Aa3/AA-
P/A-1 A1/A+ • • •
P/A-1 A2/A •
.1---
!.
P/A-2 A3/A-
so
P/A-2 Baa -/BBIE1+ • • . ...
• . 1
P/A-2 Baa2/BBB • • P f E !• i
P/A-3 I Baa3/B8B-
:I I I J
Note: Data from company information / rating agencies, as of 15 December 2016. The chart shows current senior unsecured ratings. S&P's US operating companies are under credit watch
positive. Outcome of short-term ratings may differ given agencies have more than one linkage between long-term and short-term rating
Deutsche Bank 13
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