Investment Company with Variable Capital
Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg
R.C.S. Luxembourg B-119.899
db x-trackers Harvest CSI300 INDEX UCITS ETF (DR)
29 November 2016
The board of directors of the Company (the "Board of Directors") hereby informs shareholders of the Sub-Fund (the "Shareholders") about recent developments in respect of the Sub-Fund.
Capitalised terms used in this notice shall have the meaning ascribed to them in the current Prospectus of the Company unless the context otherwise requires.
As described in the Product Annex of the Sub-Fund,
1. the Board of Directors has made a tax provision on the gross realized capital gains from investments of the Sub-Fund in A-Shares (i.e. capital gains derived from the trade of A-Shares) for the period from the inception of the Sub-Fund to 14 November 2014; and
2. the amount of the actual provision is disclosed in the latest annual and semi-annual reports of the Sub-Fund.
As disclosed in the annual report and audited financial statements of the Company for the year ended 31 December 2015 and the unaudited semi-annual report of the Company for the period from 1 January 2016 to 30 June 2016, the tax liability of the Sub-Fund was determined and settled with the State Administration of Taxation of the People’s Republic of China (the "SAT") during the fiscal year 2015. However, having considered the risks and uncertainties associated with current tax laws, regulations and practice of the People’s Republic of China (the "PRC") and in order to minimize the risks of potential further PRC taxation impact, the Board of Directors took the decision to maintain, as a provision, the difference (such amount, the "Difference") between the tax provision mentioned under point 1. above and the taxation liability that was determined and settled with the SAT during the fiscal year 2015.
The Board of Directors reasonably believes that the risk of potential further PRC taxation impact on the actual taxation liability is immaterial, and has therefore determined to release the Difference for the benefit of the Sub-Fund. The positive impact to the NAV of the Sub-Fund is CNY 2,064,260.77 (which is equivalent to USD 299,056 as of 28 November 2016, representing approximately 0.10% of the NAV as of 28 November 2016) and is expected to be reflected in the NAV of the Sub-Fund as of 1 December 2016.
Existing Shareholders of the Sub-Fund as of 1 December 2016 shall benefit from the return of the Difference. Former shareholders who redeemed their Shares in the Sub-Fund before such date are not entitled to and have no right to claim any part of such amount.
If you have any queries or if any of the above is not clear, you should seek advice from your stockbroker, bank manager, legal adviser, accountant or other independent financial advisor.
Shareholders should also consult their own professional advisers as to the specific tax implications under the laws of the countries of their nationality, residence, domicile or incorporation.
Further information in relation to the above may also be obtained from the legal entities mentioned under ‘Contact information’ below or by sending an email to email@example.com.
The board of directors
49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Deutsche Asset Management S.A.
2, boulevard Konrad Adenauer, L-1115 Luxembourg, Grand Duchy of Luxembourg