Exhibit 99.3

The following table sets forth Deutsche Bank AG’s ratio of earnings to fixed charges for the periods:    

	Three months   Ended Mar 31, 2018		Year Ended Dec 31, 2017		Year Ended Dec 31, 2016			Year Ended Dec 31, 2015			Year Ended Dec 31, 2014		Year Ended Dec 31, 2013
in € millions, except ratios
Earnings:
1. Income (loss) before income tax expense		432		1,228		(810	)		(6,097	)		3,116		1,456
2. Add: Fixed charges excluding capitalized interest (Line 10)		3,359		11,977		11,206			10,368			11,001		11,045
3. Less: Net income (loss) from equity method investments		102		137		455			164			619		369
4. Earnings including interest on deposits		3,689		13,068		9,941			4,107			13,498		12,132
5. Less: Interest on deposits		748		2,833		2,583			2,764			3,210		3,360
6. Earnings excluding interest on deposits		2,942		10,234		7,358			1,342			10,288		8,773
Fixed Charges:
7. Interest Expense		3,293		11,714		10,929			10,086			10,729		10,768
8. Estimated interest component of net rental expense		66		263		277			283			272		277
9. Amortization of debt issuance expense		0		0		0			0			0		0
10. Total fixed charges including interest on deposits and excluding capitalized interest		3,359		11,977		11,206			10,368			11,001		11,045
11. Add: Capitalized interest		0		0		0			0			0		0
12. Total fixed charges		3,359		11,977		11,206			10,368			11,001		11,045
13. Less: Interest on deposits (Line 5)		748		2,833		2,583			2,764			3,210		3,360
14. Fixed charges excluding interest on deposits		2,611		9,144		8,623			7,604			7,791		7,685
15. Total fixed charges (Line 12)		3,359		11,977		11,206			10,368			11,001		11,045
16. Add : Preference Securities Dividends (1)		0		335		333			269			0		0
17. Total fixed charges plus preference securities dividends		3,359		12,312		11,539			10,637			11,001		11,045
18. Less: Interest on deposits (Line 5)		748		2,833		2,583			2,764			3,210		3,360
19. Fixed charges excluding interest on deposits plus preference securities dividends		2,611		9,479		8,956			7,873			7,791		7,685
Ratios of Earnings to Fixed Charges
Including interest on deposits (Line 4/Line 12)		1.10		1.09		0.89	(2)		0.40	(6)		1.23		1.10
Excluding interest on deposits (Line 6/Line 14)		1.13		1.12		0.85	(3)		0.17	(7)		1.32		1.14
Combined Ratios of Earnings to Fixed Charges plus Preference Securities Dividends
Including interest on deposits (Line 4/Line 17)		1.10		1.06		0.86	(4)		0.39	(8)		N/A		N/A
Excluding interest on deposits (Line 6/Line 19)		1.13		1.08		0.82	(5)		0.17	(9)		N/A		N/A

(1) Preference securities dividends include coupon payments (gross of tax credits) on the Additional Tier 1 notes issued in 2014 and accounted for as Additional Equity components. Coupon payments are, however discretionary and subject to certain restrictions and are paid on April 30 for the preceding interest paying period.

2016 Amount of the deficiency

(2) The amount of the deficiency is 1,265.

(3) The amount of the deficiency is 1,265.

(4) The amount of the deficiency is 1,598.

(5) The amount of the deficiency is 1,598.

2015 Amount of the deficiency

(6) The amount of the deficiency is 6,261.

(7) The amount of the deficiency is 6,262.

(8) The amount of the deficiency is 6,530.

(9) The amount of the deficiency is 6,531.

For purposes of calculating the ratio of earnings to fixed charges, earnings consist of income (loss) before income tax expense,

less net income (loss) from equity method investments plus fixed charges. Fixed charges for these purposes

consist of interest expense and a portion of rentals, reflecting one-third of net rental expense, deemed representative of

the interest component of the rental expense. These ratios are presented both including and excluding interest on deposits.