On Dec. 5, 2011, Standard&Poor's Ratings Services placed the 'AAA' long-term unsolicited sovereign credit rating on the Federal Republic of Germany on CreditWatch with negative implications. As a direct result, we are placing our 'A/A-1' counterparty credit and senior unsecured debt ratings on Germany-based Commerzbank AG and its core operating subsidiaries on CreditWatch with negative implications. We intend to resolve the CreditWatch placement on Commerzbank and its core operating subsidiaries within four weeks of the resolution of the CreditWatch on Germany. We expect that the ratings on Commerzbank AG and its core operating subsidiaries, which have been placed on CreditWatch, could either be lowered by one notch or more or affirmed at 'A/A-1'. As previously announced, on Dec.
