On Jan. 13, 2012, Standard&Poor's affirmed the 'AAA' unsolicited long-term sovereign credit rating on Germany and removed it from CreditWatch negative. The outlook is stable. As a direct result, we are affirming our 'A+' long-term credit and senior unsecured debt ratings on Deutsche Bank AG and eight core subsidiaries. We are also affirming our 'A' long-term rating and long-term senior unsecured debt ratings on Deutsche Postbank AG. We are removing these ratings from CreditWatch negative. The negative outlook on Deutsche Bank AG reflects the risks we perceive for the bank's capital and earnings. The negative outlook on Deutsche Postbank AG and Deutsche Bank's eight core subsidiaries mirrors the one on the parent. On Jan. 25, 2012, Standard&
