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Frankfurt am Main, August 2, 2007

Standard & Poor's upgrades Deutsche Bank's rating

Standard & Poor’s Ratings Services raised today the long-term counterparty credit rating of Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) and various core operating entities to ‘AA’ from ‘AA-‘. The outlook is stable.

Standard & Poor’s commented that the upgrade would reflect major and sustained improvements in Deutsche Bank's operating performance across all business lines and in its credit and market risk profile. These structural improvements would leave Deutsche Bank well-positioned to withstand a more challenging environment of increased volatility and market uncertainty.

The upgrade is the third positive rating action during the last three months. In May, Moody’s Investors Service upgraded Deutsche Bank’s long-term rating from ‘Aa3’ to ‘Aa1’ and Fitch Ratings raised the outlook of the banks ‘AA-‘ long-term rating from ‘stable’ to ‘positive’ in July.


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