EFTA01459578.pdf

Investment Strategy Group Larry Adam, CFAS, CIMAS Megan Horneman CIO 8 Chief Investment Strategist Investment Strategist Matt Barry Investment Strategy Analyst Telephone (410) 895-4135 Telephone (410) 895-4148 Telephone (410) 895-4282 Facsimile (410) 895-4250 Facsimile (410) 895-4250 Facsimile (410) 895-4250 Important Information lantv,adamedb.com meoan.hornemanedb.com mattbarryedbcom This document has been prepared for informational purposes only and is not an offer, or solicitation of an offer, to buy or sell any security, or a recommendation to enter into any transaction relating to the products and services described herein. Before entering into any transaction, you should take steps to ensure that you understand and have made an independent assessment of the appropriateness of the transaction in light of your own particular financial, legal and tax situation, investment objectives and level of risk tolerance, and you should consult your legal and tax advisers to determine how these products and/or services may affect you. Deutsche Bank does not provide accounting, tax or legal advice. Investing in financial markets involves a substantial degree of risk. There can be no assurance that the investment objectives described herein will be achieved. Investment losses may occur, and investors could lose some or all of their investment. Although this document has been carefully prepared and is based on information from sources believed to be reliable, no representation is made that it is accurate and complete. We have no obligation to update or amend the information provided herein, and information is subject to change without notice. The past performance of a product or service does not guarantee or predict its future performance. The price or value of investments to which this commentary relates, directly or indirectly. may rise or fall. Unless you are notified to the contrary, any products and services mentioned are not guaranteed by the FDIC (or by any governmental entity) and are not guaranteed by or obligations of Deutsche Bank. This document contains "forward-looking statements"- that is, statements related to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as 'expect; "anticipate," "intend,' "plan." "believe," "seek," or will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could adversely or positively affect future results include: the behavior of financial markets, including fluctuations in interest and exchange rates, commodity and equity prices and the value of financial assets; continued volatility and further deterioration of the capital markets; the commercial and consumer credit environment; the impact of regulation and regulatory. investigative and legal actions; strategic actions, including acquisitions and dispositions; future integration of acquired businesses; future financial performance of major industries; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause actual future results to be materially different than those expressed in our forward-looking statements. The information on the benchmarks is presented for illustrative purposes only and is not intended to imply the potential performance of any fund or investment. Benchmarks are not available for direct investment. Benchmark performance assumes the reinvestment of all distributions, but does not assume any transaction costs, taxes, management fees or other expenses. The performance of the benchmarks may vary from investments held in the account. Investing in financial markets involves a substantial degree of risk. There can be no assurance that the investor will achieve positive results. Investment losses may occur, and investors could lose some or all of their investment. No guarantee or representation is made that any investment idea, including, without limitation, the investment objective, diversification strategy, or risk monitoring goal, will be successful, and investment results may vary substantially over time. Investment losses may occur from time to time. Nothing herein is intended to imply that an investment may be considered "conservative", "safe", "risk free" or "risk averse". Economic, market, and other conditions could also cause the investments to alter their investment objectives, guidelines, and restrictions. Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate. Investing in high yield bonds, which tend to be more volatile than investment grade fixed income securities, is speculative. These bonds are affected by interest rate changes and the creditworthiness of the issuers, and investing in high yield bonds poses additional credit risk, as well as greater risk of default. Investments in Foreign Countries - Such investments may be in countries that prove to be politically or economically unstable. Furthermore, in the case of investments in foreign securities or other assets, any fluctuations in currency exchange rates will affect the value of the investments and any restrictions imposed to prevent capital flight may make it difficult or impossible to exchange or repatriate foreign currency. 33 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120082 CONFIDENTIAL SDNY_GM_00266266 EFTA01459578