In light of recent market volatility, many investors have been asking what this pullback means and h ow long it will last. The attached CIO Flash discusses the causes of the recent market sell-off and the impact we expect to see on specific assets classes. If you wish to discuss the pullback or would like to execute a trade to express a specific view, we would be happy to discuss. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Asset a Wealth Management 345 Park New York, NY 10154 Tel: Mobile: blackberry Email: <mailto: Securities offered through Deutsche Bank Securities Inc. For internal use only For internal use only For internal use only EFTA01437701