We consider that potential extraordinary government support for European banks will likely decrease as resolution frameworks are put into place. We are revising our outlook on the long-term rating on Deutsche Bank AG to negative from stable. We are affirming our 'A/A-1' counterparty credit ratings on the bank. The negative outlook reflects the possibility that we may lower the long-term rating by up to two notches by year-end 2015 if we believe there is a greater likelihood that senior unsecured liabilities may incur losses if the bank fails. As previously announced on April 29, 2014, Standard&Poor's Ratings Services has revised to negative from stable its outlook on Deutsche Bank AG. At the same time, we affirmed our 'A/A-1'
