On March 19, Deutsche Bank AG announced a downward revision of its already low 2012 profit estimates by €0.6 billion, due to additional provisions for litigation risk. We believe ongoing economic, regulatory, and legal risks will continue to hurt the bank's performance. As a result, we are placing our 'A+' long-term ratings on Deutsche Bank on CreditWatch negative and affirming our 'A-1' short-term ratings. We expect to resolve the CreditWatch in the coming weeks, either by affirming the ratings or lowering them by one notch, after fully assessing the bank's prospective capital and business positions. On March 26, 2013, Standard&Poor's Ratings Services placed its 'A+' long-term counterparty credit ratings on Germany-based Deutsche Bank AG and several subsidiaries on
