On June 3, 2008, Standard&Poor's Ratings Services affirmed its 'AA/A-1+' long- and short-term counterparty credit ratings on Deutsche Bank AG, and its ratings on related entities, in conjunction with its completion of a review of the global securities industry (for more information, see "S&P Completes Review Of Global Securities Industry; Ratings Lowered On Morgan Stanley, Merrill Lynch&Co. Inc., And Lehman Brothers Holdings Inc.; Outlooks Negative," published on June 2, 2008, on RatingsDirect). The outlook on Deutsche Bank remains negative. The affirmation with a negative outlook reflects that Deutsche Bank generates the majority of its earnings from sales and trading and corporate finance, and is therefore exposed to the same adverse industry trends affecting other major players
