London, 19 July 2013 -- Moody's has determined that the proposed action (the "Proposal") to make an amendment in order to lower the minimum long term rating requirement of Deutsche Bank AG from Aa3 to A2 with respect to the roles of Deutsche Bank AG as English Operating Bank and Principal Paying Agent and Deutsche Bank S.p.A. as Italian Operating Bank, respectively, in the transaction (the "Banks"), as well as the introduction of an ownership trigger between the Banks in relation to the Italian Operating Bank role performed by Deutsche Bank S.p.A., will not, in and of itself at this time result in a reduction or withdrawal of the current ratings of the Tranche 1, Tranche 2, Tranche 3, Tranche 4, and Tranche 5 (the "Notes") issued by Cartesio S.r.l Series 2003-1 (the "Issuer"). Moody's does not express an opinion as to whether the proposal may be considered to have negative effects in any other respect.

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