COMMERZBANK AKTIENGESELLSCHAFT

[Ratings: Die Emittentin hat das folgende Rating
erhalten :
203
[S & P: [●]]
[Moody's: [●]]
[[andere]: [●]]]
[Die Teilschuldverschreibungen haben
folgendes Rating erhalten:
[S & P: [●]]
[Moody's: [●]]
[[andere]: [●]]]
[Kurze Erläuterung der Ratings einfügen,
wenn sie erst unlängst von der
Ratingagentur erstellt wurden.]
[Die Erläuterung sollte das Rating, das
der Art von Teilschuldverschreibungen,
die unter dem Programm emittiert
wurden oder, falls das Rating einer
bestimmten Emission zugewiesen wurde,
dieses Rating wiedergeben.]
[Ratings: The Issuer has been rated as follows:
[S & P: [●]]
[Moody's: [●]]
[[other]: [●]]]
[Need to include a brief explanation of the
meaning of the ratings if this has previously
been published by the rating provider.]
[The Notes to be issued have been rated:
[S & P: [●]]
[Moody's: [●]]
[[other]: [●]]]
[Need to include a brief explanation of the
meaning of the ratings if this has previously
been published by the rating provider.]
[The above disclosure should reflect the
rating allocated to Notes of the type being
issued under the Programme generally or,
where the issue has been specifically rated,
that rating.]