MELBOURNE (Standard&Poor's) March 23, 2004-- Standard&Poor's Ratings Services has assigned its 'A' rating to the A$850 million exchangeable floating rate bonds due Jan. 5, 2009 issued by Deutsche Bank AG (AA-/Stable/A-1+) through its Sydney Branch. The bonds are credit-linked to Westfield Trust (A/Stable/A-1) and are exchangeable into units of Westfield Trust. The rating on the bonds will always be equated with the lower rating on either Westfield Trust or Deutsche Bank. Major Terms of Instruments are as follows: -- The instruments are issued by Deutsche Bank AG, Sydney Branch. The credit quality of the instruments will vary with changes in the credit quality of Westfield Trust and changes in the credit quality of Deutsche Bank. --
