FRANKFURT (Standard&Poor's) Jan. 17, 2005--Standard&Poor's Ratings Services said today that the ratings and outlook on Germany-based Deutsche Bank AG (AA-/Stable/A-1+) and its related entities remain unchanged following the announcement of charges of €0.6 billion in the fourth quarter 2004, representing the first tranche of charges associated with its upcoming realignment program. Further charges are expected for 2005. Standard&Poor's will review its ratings on Deutsche Bank and the implications of the realignment program, including the announced charges, once the entire package has been communicated on Feb. 3, 2005. We will monitor the contribution of cost-cutting initiatives to further improvements in Deutsche Bank's profitability, as the bank would increasingly have to struggle if it were to
