I titoli sono delistati a causa della chiusura dell emittente o della classe?

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1 Domande degli investitori A. GENERALE Perché i titoli vengono delistati? ETF Securities rivede regolarmente i prodotti a disposizione degli investitori e, a questo scopo, ha condotto una verifica su tutti i titoli Commodity Securities Limited quotati su Borsa Italiana, su Deutsche Boerse e su NYSE Euronext Paris. ETF Securities punta a negoziare prodotti laddove si verifichino condizioni sufficienti di liquidità e differenziali ridotti di spread denaro/lettera. Di conseguenza, abbiamo deciso di procedere al delisting di alcuni titoli emessi da Commodity Securities Limited su Borsa Italiana, su Deutsche Boerse e su NYSE Euronext Paris, per concentrare le liquidità in un numero più limitato di quotazioni e ridurre gli spread. Dove continueranno a essere negoziati questi titoli? Tutti i titoli continueranno a essere quotati nel e almeno in un altra borsa europea. Maggiori dettagli sono riportati nelle tabelle alla fine di questo documento, dove sono indicate le borse in cui le quotazioni rimarranno presenti, con i relativi ISIN e codici di borsa. I titoli sono delistati a causa della chiusura dell emittente o della classe? No, i titoli non sono delistati né per la chiusura di una classe né per la chiusura della società emittente Commodity Securities Limited. Quando diventerà definitivo il delisting? Le borse interessate daranno un preavviso di 3 mesi che notificherà l intenzione ufficiale di procedere al delisting. Il delisting diventerà attivo dal 7 maggio Questo significa che non avrete più alcun impegno verso questi particolari mercati? ETF Securities è impegnata nel sostenere tutti i titoli negoziati laddove il mercato ha dimostrato un chiaro supporto ai suoi prodotti, aspetto dimostrato dal volume delle transazioni. I prodotti delistati hanno presentato volumi di transazione molto ridotti. Pertanto l intenzione di ETF Securities è puntare ad assicurare un aumento della liquidità attraverso un altra piazza di contrattazione in cui i titoli resteranno quotati. Avete effettuato il delisting su questi prodotti per la bassa entità del patrimonio gestito? No, il primo criterio decisionale è creare una maggiore liquidità per i clienti. Significa che in futuro potreste effettuare il delisting di altri prodotti? Il nostro obiettivo è creare centri di liquidità per far sì che, laddove sono negoziati, i nostri prodotti abbiano una liquidità sufficiente. Questo esercizio consiste nella razionalizzazione delle quotazioni a vantaggio degli investitori e non è correlato ad alcuna decisione futura di cancellazione dal listino di altri prodotti.

2 B. IMPATTO SUGLI INVESTITORI Che impatto avrà questa operazione sugli investitori? Abbiamo studiato con attenzione l effetto dell operazione sugli investitori per riuscire ad attenuare qualsiasi potenziale di preoccupazione e riteniamo che il delisting avrà un effetto limitato sugli investitori per le ragioni seguenti: È stato divulgato sul mercato un annuncio del piano di delisting e della data in cui entrerà in vigore. Tale annuncio dà agli investitori un preavviso di 3 mesi, periodo durante il quale gli investitori potranno scambiare le loro posizioni con la liquidità normalmente fornita dai market maker. La maggior parte degli investitori sono in grado di negoziare questi prodotti tramite il loro broker o in un altra borsa. Cosa devo fare prima che il delisting sia attivo? Nel periodo di preavviso di 3 mesi, chi possiede questi titoli può continuare a detenerli e negoziarli come di consueto. Gli investitori dovrebbero consultare il loro broker/consulente per decidere se a seguito del delisting possono avere accesso alle borse in cui i titoli continueranno ad essere scambiati e per conoscere i probabili costi associati all operazione. In alternativa, possono optare per la vendita dei titoli in loro possesso sulla borsa locale durante il periodo di preavviso di 3 mesi, per evitare di dover sostenere eventuali costi aggiuntivi legati al possesso e alla negoziazione dei titoli su un altra borsa in un momento successivo. Come faccio a vendere i miei titoli una volta che il delisting è diventato attivo? I possessori dei titoli potranno ancora continuare a detenerli, ma dovranno venderli su una delle borse in cui i titoli restano quotati. Non potranno più vendere i titoli delistati in loro possesso sulla loro borsa locale. Di conseguenza, i costi legati al possesso e alla vendita di tali titoli potrebbero aumentare, ma gli investitori non sono comunque obbligati a vendere entro una data precisa. Gli investitori che attualmente negoziano i loro titoli sulla Deutsche Boerse mediante la negoziazione di certificati con codici ISIN tedeschi dovranno riconvertirli negli iniziali titoli ISIN Jersey per poterli trasferire e vendere su altre borse una volta delistati; l operazione comporterà costi supplementari. Per 2 mesi dopo la data di entrata in vigore del delisting (dal 7 maggio 2013 al 5 luglio 2013), Commodity Securities Limited sosterrà i normali costi di passaggio a favore dei possessori di titoli che desiderano riportare i loro certificati ISIN tedeschi agli iniziali titoli ISIN Jersey. Trascorsi questi due mesi, gli investitori possono ancora negoziare i loro titoli, ma dovranno personalmente sostenere tutti i costi associati con il ritorno al titolo ISIN iniziale. Come faranno gli investitori a entrare in possesso di questi prodotti? Ci saranno costi aggiuntivi? Gli investitori possono negoziare i prodotti al di fuori del loro mercato nazionale chiedendo al proprio broker di eseguire l ordine a loro nome. ETF Securities non può commentare la struttura tariffaria di ogni singolo servizio di broker ma, a livello generale, riteniamo che non dovrebbero esserci aumenti significativi dei costi, sempre se ve ne saranno.

3 Maggiori informazioni sono disponibili sul sito web di Commodity Securities Limited all indirizzo o via scrivendo a info@etfsecurities.com TITOLI DA DELISTARE E ANCORA IN LISTINO Titoli che saranno delistati da Borsa Italiana Name of Security JERSEY ISIN Remaining listings codes for remaining listings ISIN on remaining exchanges DATED AGRICULTURE DATED ALL COMMODITIES JE00B24DMK23 JE00B24DMC49 FAGR JE00B24DMK23 Deutsche Boerse 9GAL DE000A0SVX83 FAIG JE00B24DMC49 Deutsche Boerse 9GAF DE000A0SVX34 DATED ENERGY JE00B24DMD55 ENEF JE00B24DMD55 DATED EX-ENERGY JE00B24DMG86 Deutsche Boerse 9GAG DE000A0SVX42 EXEF JE00B24DMG86 Deutsche Boerse 9GAJ DE000A0SVX67 DATED GRAINS JE00B24DMN53 GRAF JE00B24DMN53 DATED INDUSTRIAL METALS JE00B24DMJ18 Deutsche Boerse 9GAP DE000A0SVYB4 FIND JE00B24DMJ18 Deutsche Boerse 9GAK DE000A0SVX75 DATED LIVESTOCK JE00B24DMM47 FLIV JE00B24DMM47 Deutsche Boerse 9GAN DE000A0SVYA6 DATED GAS LONGER NATURAL JE00B24DM351 NGAF JE00B24DM351 Deutsche Boerse 9GAQ DE000A0SVYC2 DATED PETROLEUM JE00B24DMF79 FPET JE00B24DMF79 DATED SOFTS JE00B24DML30 Deutsche Boerse 9GAH DE000A0SVX59 SOFF JE00B24DML30 Deutsche Boerse 9GAM DE000A0SVX91

4 HEATING OIL GB00B15KXY63 HEAT GB00B15KXY63 Deutsche Boerse OD7I DE000A0KRJ02 Titoli che saranno delistati da NYSE Euronext Paris Name of Security JERSEY ISIN Remaining listings LSE Code ISIN on remaining exchanges ALUMINIUM GB00B15KXN58 ALUM GB00B15KXN58 Deutsche Boerse OD7A DE000A0KRJS4 Borsa Italiana ALUM GB00B15KXN58 COFFEE GB00B15KXP72 COFF GB00B15KXP72 Deutsche Boerse OD7B DE000A0KRJT2 Borsa Italiana COFF GB00B15KXP72 CORN GB00B15KXS04 CORN GB00B15KXS04 Borsa Italiana CORN GB00B15KXS04 COTTON GB00B15KXT11 COTN GB00B15KXT11 Borsa Italiana COTN GB00B15KXT11 ENERGY DJ- AIGE GB00B15KYB02 GB00B15KYB02 Deutsche Boerse OD7W DE000A0KRKD4 Borsa Italiana AIGE GB00B15KYB02 EX-ENERGY AIGX GB00B15KYD26 DJ- GB00B15KYD26 Borsa Italiana AIGX GB00B15KYD26 DATED AGRICULTURE JE00B24DMK23 FAGR JE00B24DMK23 Deutsche Boerse 9GAL DE000A0SVX83 DATED ALL COMMODITIES DATED ENERGY DATED GRAINS DATED GAS LONGER NATURAL JE00B24DMC49 JE00B24DMD55 JE00B24DMN53 JE00B24DM351 FAIG JE00B24DMC49 Deutsche Boerse 9GAF DE000A0SVX34 ENEF JE00B24DMD55 Deutsche Boerse 9GAG DE000A0SVX42 GRAF JE00B24DMN53 Deutsche Boerse 9GAP DE000A0SVYB4 NGAF JE00B24DM351 Deutsche Boerse 9GAQ DE000A0SVYC2

5 GASOLINE GB00B15KXW40 UGAS GB00B15KXW40 Borsa Italiana UGAS GB00B15KXW40 GRAINS DJ- AIGG GB00B15KYL00 GB00B15KYL00 Deutsche Boerse OD7Y DE000A0KRKF9 Borsa Italiana AIGG GB00B15KYL00 HEATING OIL GB00B15KXY63 HEAT GB00B15KXY63 Deutsche Boerse OD7I DE000A0KRJ02 INDUSTRIAL GB00B15KYG56 AIGI GB00B15KYG56 METALS DJ-, Deutsche Boerse OD7Z DE000A0KRKG7 Borsa Italiana AIGI GB00B15KYG56 LEAN HOGS GB00B15KXZ70 HOGS GB00B15KXZ70 Borsa Italiana HOGS DE000A0KRJ10 LIVE CATTLE GB00B15KY096 CATL GB00B15KY096 Deutsche Boerse OD7K DE000A0KRJ28 LIVESTOCK DJ-UBSCISM GB00B15KYK92 AIGL GB00B15KYK92 Borsa Italiana AIGL GB00B15KYK92 NICKEL GB00B15KY211 NICK GB00B15KY211 Deutsche Boerse OD7M DE000A0KRJ44 Borsa Italiana NICK GB00B15KY211 PETROLEUM GB00B15KYC19 AIGO GB00B15KYC19 DJ-UBSCISM Borsa Italiana AIGO GB00B15KYC19 SOFTS DJ- UBSCISM GB00B15KYJ87 AIGS GB00B15KYJ87 Borsa Italiana AIGS GB00B15KYJ87 SOYBEANS GB00B15KY542 SOYB GB00B15KY542 Deutsche Boerse OD7Q DE000A0KRJ77 Borsa Italiana SOYB GB00B15KY542 SOYBEAN OIL GB00B15KY435 SOYO GB00B15KY435 Borsa Italiana SOYO GB00B15KY435 SUGAR GB00B15KY658 SUGA GB00B15KY658 Borsa Italiana SUGA GB00B15KY658 ZINC GB00B15KY872 ZINC GB00B15KY872 Deutsche Boerse OD7T DE000A0KRKA0 Borsa Italiana ZINC GB00B15KY872

6 Titoli che saranno delistati da Deutsche Boerse Name of Security GERMAN ISIN Remaining listings codes remaining listings for ISIN remaining exchanges on DAILY SHORT EX-ENERGY DJ- DE000A0V9XL9 SNEY JE00B24DKX12 Borsa Italiana SNEY JE00B24DKX12 DAILY SHORT DE000A0V9XS4 SOFTS DJ- SSFT JE00B24DL163 Borsa Italiana SSFT JE00B24DL163 DAILY SHORT ALUMINIUM DE000A0V9XT2 SALU JE00B24DK421 Borsa Italiana SALU JE00B24DK421 DAILY SHORT HEATING OIL DE000A0V9X17 SHEA JE00B24DKD16 Borsa Italiana SHEA JE00B24DKD16 DAILY SHORT ZINC DE000A0V9YB8 SZIC JE00B24DKS68 Borsa Italiana SZIC JE00B24DKS68 ENERGY DAILY DJ- DE000A0V9YJ1 LNRG JE00B2NFT534 Borsa Italiana LNRG JE00B2NFT534 DAILY SOYBEAN OIL DE000A0V9Y65 LSYO JE00B2NFTT71 Borsa Italiana LSYO JE00B2NFTT71 LIVESTOCK DAILY DJ- DE000A0V9YN3 LLST JE00B2NFT864 Borsa Italiana LLST JE00B2NFT864 ENERGY DAILY EX- DJ- DE000A0V9YK9 LNEY JE00B2NFT641 Borsa Italiana LNEY JE00B2NFT641 PETROLEUM DAILY DJ- DE000A0V9YP8 LPET JE00B2NFT971 Borsa Italiana LPET JE00B2NFT971

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