This transaction update follows Standard&Poor's Ratings Services' review of the DekaBank Deutsche Girozentrale (DekaBank) public sector covered bond program and standalone documentation accompanying this program. As a result of this review, we have affirmed our 'AAA' rating on the covered bonds. We have rated this program since May 1998. Our regular review of the ratings on these covered bonds (Pfandbriefe) is part of our covered bond rating process. The ratings assigned to DekaBank's public sector covered bonds reflect our level of comfort in the German covered bond framework that allows us to rate the covered bonds predominantly based on the strength of the structure and relatively independent from the counterparty rating on the issuer. In particular, our analysis
