Deutsche Bank Capital Funding LLC VIII F-3ASR Automatic shelf registration (foreign)

Exhibit 12.1

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

	June 30,		Year Ended December 31,
	2006		2005		2004		2003			2002			2001
Earnings:
1. Income before income taxes and cumulative effect of accounting changes		4,472		6,112		4,029		2,756			3,549			1,803
2. Add: Minority Interest		24		55		3		(3	)		45			85
3. Add: Fixed charges excluding capitalized interest (Line 11)		24,601		35,954		23,074		21,993			28,892			45,280
4. Less: Net income (loss) from equity method investments		322		418		388		(422	)		(887	)		(365	)
5. Earnings including interest on deposits		28,775		41,703		26,718		25,168			33,373			47,533
6. Less: Interest on deposits		6,818		10,262		7,127		6,580			9,319			15,724
7. Earnings excluding interest on deposits		21,957		31,441		19,591		18,588			24,054			31,809
Fixed Charges:
8. Interest Expense		24,504		35,707		22,841		21,736			28,595			45,019
9. Estimated interest component of net rental expense		97		247		233		257			297			261
10. Amortization of debt issuance expense		—		—		—		—			—			—
11. Total fixed charges including interest on deposits and excluding capitalized interest		24,601		35,954		23,074		21,993			28,892			45,280
12. Add: Capitalized interest		—		—		—		—			—			—
13. Total fixed charges		24,601		35,954		23,074		21,993			28,892			45,280
14. Less: Interest on deposits (Line 6)		6,818		10,262		7,127		6,580			9,319			15,724
15. Fixed charges excluding interest on deposits		17,783		25,692		15,947		15,413			19,573			29,556
Consolidated Ratios of Earnings to Fixed Charges:
Including interest on deposits (Line 5/Line 13)		1.17		1.16		1.16		1.14			1.16			1.05
Excluding interest on deposits (Line 7/Line 15)		1.23		1.22		1.23		1.21			1.23			1.08

For purposes of calculating the ratio of earnings to fixed charges, earnings consist of income before taxes, cumulative effect of accounting changes and minority interests 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.