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Deutsche Bank announces expected delisting of DB Commodity Long ETNs


Deutsche Bank expects the staff of the New York Stock Exchange Arca (NYSE Arca) to commence proceedings to delist the DB Commodity Long Exchange Traded Notes (DPU) from the NYSE Arca since it has fallen below the NYSE Arca’s continued listing standard requiring it to maintain an aggregate market value of at least USD400,000. 

As previously announced, further issuances of the ETN were suspended on 9 February, 2012.

Deutsche Bank expects the NYSE Arca to announce the commencement of delisting proceedings and the suspension of trading for the ETN in the next several weeks. Following the delisting, the ETN may trade, if at all, on an over-the-counter basis.

The ETN holders’ option to require Deutsche Bank AG to repurchase the ETN will not be affected by this delisting. As was previously announced on 15 March, 2016, the redemption unit size of the ETN has been reduced to 100 notes (or integral multiples of 100 notes in excess thereof) on the 15th calendar day of each month (or, if such 15th calendar day is not a trading day, the trading day immediately thereafter). The redemption unit size for the rest of each month remains 5,000 notes (and integral multiples of 5,000 notes in excess thereof). The first day on which holders of the ETN can exercise their repurchase right with the reduced redemption unit size of 100 notes is 15 April, 2016.

As a result of the delisting, intraday indicative values for the ETN will no longer be published. 
If the ETN is delisted, there will likely not be enough liquidity in the ETN to allow holders of the ETN to trade or sell the ETN when desired, and the ETN may trade at a significant discount to its intraday indicative value. In addition, holders of the ETN may not be able to exercise their repurchase option if there is not enough liquidity in the ETN to allow holders to purchase additional notes in the secondary market in order to hold the minimum redemption unit size required for repurchase.

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