We believe that Deutsche Bank's recent capital raising and ongoing deleveraging of non-core assets increase its capacity to manage future legal, regulatory, and economic uncertainties. We note Deutsche Bank's reaffirmed commitment to a global universal banking strategy, and its intention to capture further market share in corporate and investment banking. We are affirming our 'A/A-1' counterparty credit ratings on Deutsche Bank. The negative outlook principally reflects the possible removal of extraordinary government support from the long-term counterparty credit rating on Deutsche Bank by year-end 2015. On July 16, 2014, Standard&Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term counterparty credit ratings on Germany-headquartered Deutsche Bank AG. The outlook remains negative. At the same time, we affirmed the
