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+' long-term counterparty credit ratings and our long-term senior unsecured debt ratings on Deutsche Bank AG and eight core subsidiaries on CreditWatch with negative implications. We are also placing our 'A/A-1' long- and short-term counterparty credit ratings and our long-term senior unsecured debt ratings on Deutsche Postbank AG on CreditWatch with negative implications. We intend to resolve the CreditWatch placements on Deutsche Bank and its subsidiaries within four weeks of the resolution of the CreditWatch on Germany. We expect that the ratings on Deutsche
