Standard&Poor's Ratings Services assigned its 'AAA/A-1', 'AAA', and 'AAA' ratings to Deutsche Bank Securities Inc. Receipts (Series 1000)'s series DBE-1377 short-puttable-exempt-adjustable receipts (SPEARs); long-inverse-floating-exempt receipts (LIFERs); and custodial receipts, respectively, related to West Contra Costa Unified School District, Calif.'s (Contra Costa County) election of 2002, series D, general obligation capital appreciation bonds. The long-term component of the SPEARs and LIFERs rating reflects the custodial receipt, the rating of which is based jointly, assuming low correlation, on the underlying rating (SPUR) on the underlying bonds and a guarantee provided by Deutsche Bank AG. The short-term component of the SPEARs rating reflects the standby purchase agreement (SPA) provided by Deutsche Bank AG. Zero coupon/discount bonds can be deposited into this
