The ratings on Deutsche Bank AG reflect Standard&Poor's Ratings Services' opinion of the German group's leading global franchise in corporate and investment banking, consistent strategy, and high systemic importance to the German government. These strong points are offset, in our opinion, by continued dependence on profits from securities sales and trading, which is more volatile than other banking business lines, moderate Standard&Poor's risk-adjusted capital ratios, and the bank's reliance, to a degree, on wholesale market funding. Deutsche Bank enjoys a superb franchise in corporate and investment banking; notably its worldwide leading position in foreign exchange products, prime brokerage, and European equity. The acquisition of ailing Deutsche Postbank AG (Postbank; A/Stable/A-1) in October 2010 and the acquisitions
