On Aug. 22, 2006, Standard&Poor's Ratings Services revised the outlook on Germany-based Deutsche Bank AG and related entities to positive from stable. At the same time, the long-term 'AA-' and short-term 'A-1+' counterparty credit ratings on Deutsche Bank and the ratings on related entities were affirmed. The outlook change reflects the increasingly broad-based progress in Deutsche Bank's profitability, which further supports the expectation of sound earnings even in a weaker environment. The ratings are based on the group's very strong and diversified franchise in investment banking, strongly improved profitability, and its strategy to contain credit and market risk, as well as its diversified funding. These are partly offset by the higher sensitivity of earnings to financial markets conditions
