Deutsche Pfandbriefbank AG

Legal Proceedings Report • Dec 13, 2016

News Details

Ad-hoc | 13 December 2016 23:13

Deutsche Pfandbriefbank AG: Initiation of Expert Procedure concerning a credit default hedge under the ‘ESTATE UK-3’ securitisation transaction

Deutsche Pfandbriefbank AG / Key word(s): Miscellaneous

13-Dec-2016 / 23:13 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by
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The issuer is solely responsible for the content of this announcement.

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Initiation of Expert Procedure concerning a credit default hedge under the
"ESTATE UK-3" securitisation transaction

Munich, 13 December 2016 - Deutsche Pfandbriefbank AG ("pbb"), the legal
successor of Hypo Real Estate Bank International AG, Stuttgart, is the
issuer of credit linked notes of the "Estate UK-3" synthetic securitisation
transaction ("Credit Linked Notes"). These Credit Linked Notes hedge the
default risk from certain credit exposures of pbb, provided that the
conditions for the allocation of realised losses have been fulfilled in
accordance with the terms of the Credit Linked Notes. A default affecting
one of the hedged exposures ("Reference Claim No. 3") has caused a loss of
approximately GBP 113 million (please refer to pbb's ad-hoc announcement
dated 18 January 2016); pbb intends to allocate this loss to the Credit
Linked Notes. This loss allocation would trigger a total loss for Credit
Linked Notes Classes A2, B, C, D and E, and would reduce the nominal amount
of Class A1+ (of GBP 400,000) by approximately 0.1%.

Deloitte GmbH Wirtschaftsprüfungsgesellschaft, in its capacity as trustee
of the ESTATE UK-3 transaction, today notified pbb that in their view
doubts exist as to whether the loss allocation intended by pbb is
justified, and that the Trustee will appoint an Expert, in accordance with
the terms of the ESTATE UK-3 transaction, who will decide on whether the
loss allocation is in fact justified.

In the event of the loss allocation being fully or partially unjustified,
pbb would have to bear the losses to that extent. In pbb's opinion, the
conditions for the planned allocation of losses have been met.

The prospectus for the ESTATE UK-3 transaction is available on pbb's
website: https://www.pfandbriefbank.com/debt-instruments/securitisation/
estate-uk-3.html.

Contact:
Walter Allwicher
+49 (0) 89 2880 28 787

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Language: English
Company: Deutsche Pfandbriefbank AG
Freisinger Strasse 5
85716 Unterschleissheim
Germany
Phone: +49 (0) 89 2880 28 201
Fax: +49 (0) 89 2880 22 28 201
E-mail: info@pfandbriefbank.com
Internet: http://www.pfandbriefbank.com
ISIN: DE0008019001, Die internationalen Wertpapierkennnummern
(ISIN) weiterer von der Deutsche Pfandbriefbank AG
ausgegebener Finanzinstrumente sind abrufbar auf der
Website der Deutsche Pfandbriefbank AG unter
https://www.pfandbriefbank.com/investor-relations/pflichtve
roeffentlichungen/ad-hoc-mitteilungen/liste-weiterer-finanz-
instumente.html. The International Securities
Identification Numbers (ISINs) of further, financial
instruments issued by Deutsche Pfandbriefbank AG are
available on Deutsche Pfandbriefbank's Investor Relations
website under
https://www.pfandbriefbank.com/en/investor-relations/mandat
ory-publications/ad-hoc-announcements/list-of-further-finan-
cial-instruments.html
WKN: 801900
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich,
Stuttgart; Regulated Unofficial Market in Berlin,
Dusseldorf, Hamburg, Hanover; London, Mailand, Paris,
Luxemburg, SIX

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