LONDON (Standard&Poor's) June 21, 2007—Standard&Poor's Ratings Services said today that it removed from CreditWatch with negative implications and affirmed its 'AA-' credit rating on the €10 million first to default issue basket credit-linked notes issued by Deutsche Bank AG. This rating action reflects the removal from CreditWatch negative of the 'AA-' long-term issuer credit rating on an underlying obligor in this transaction. Related information on Deutsche Bank's first to default issue basket transaction is available to subscribers of RatingsDirect, the real-time Web-based source for Standard&Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. Alternatively, call Client Support Europe on (44) 20-7176-7176. Members of the media may contact the Press Office Hotline on (44) 20-7176-3605