COMMERZBANK AKTIENGESELLSCHAFT

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THE FOREGOING SUMMARY DOES NOT DISCUSS ALL TAXATION ASPECTS IN THE FEDERAL REPUBLIC OF GERMANY AND SWITZERLAND THAT MAY BE RELEVANT TO A PARTICULAR HOLDER OF NOTES OR FINANCIAL INNOVATIONS IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES AND INCOME TAX SITUATION. PROSPECTIVE HOLDERS OF NOTES OR FINANCIAL INNOVATIONS SHOULD CONSULT THEIR OWN TAX ADVISOR AS TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF PURCHASING, HOLDING AND DISPOSITING OF NOTES OR FINANCIAL INNOVATIONS, INCLUDING THE APPLICATION AND EFFECT OF STATE, LOCAL, FOREIGN AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN THE RESPECTIVE TAX LAWS. 221
Selling Restrictions 1 United States of America 1.1 The Notes and the securities, if any, to be delivered upon any redemption of the Notes have not been and will not be registered under the Securities and trading in the Notes has not been approved by the U.S. Commodity Futures Trading Commission under the U.S. Commodity Exchange Act. The Notes may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under the Securities Act ("Regulation S") or pursuant to an exemption from the registration requirements of the Securities Act. Each dealer has represented and agreed that it has offered and sold the Notes of any Series, and agrees that it will offer and sell the Notes of any Series (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the Issue Date, only in accordance with Rule 903 of Regulation S. Accordingly, each dealer has represented and agreed that neither it, its affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed selling efforts with respect to the Notes, and it and they have complied and will comply with the offering restrictions requirement of Regulation S. Each dealer has agreed to notify Commerzbank Aktiengesellschaft or, in the case of a Syndicated Issue, the Lead Manager when it has completed the distribution of its portion of the Notes of any Series of Notes so that Commerzbank Aktiengesellschaft or, in the case of a Syndicated Issue, the Lead Manager may determine the completion of the distribution of all Notes of that Series of Notes and notify the other relevant dealers of the end of the distribution compliance period. Each dealer has agreed that, at or prior to confirmation of sale of Notes, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Notes from it during the distribution compliance period a confirmation or notice to substantially the following effect: "The securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the Issue Date, except in either case in accordance with Regulation S under the Securities Act. Terms used above have the meanings given to them by Regulation S." Each dealer has represented that it has not entered into and will not enter into any contractual arrangement with any distributor (as that term is defined in Regulation S) with respect to the distribution of Notes, except with its affiliates or with the prior written consent of the Issuer. Terms used in this paragraph have the meanings given to them by Regulation S. 1.2 For Notes which are subject to TEFRA D, the following shall apply: 1.2.1 Except to the extent permitted under U.S.Treas.Reg. § 1.163-5(c)(2)(i)(D) (the "D Rules"): (i) each dealer has represented that it has not offered or sold, and has agreed that during a 40-day restricted period it will not offer or sell, Notes in bearer form to a person who is within the United States or its possessions or to a United States person; and (ii) has represented that it has not delivered and has agreed that it will not deliver within the United States or its possessions definitive Notes in bearer form that are sold during the restricted period; 222
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This prospectus constitutes a base
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Summary The following constitutes a
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Therefore, if a Credit Linkage Even
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Additional Risks with respect to No
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General Description of the Programm
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Credit-Linkage of Principal Payment
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Physical Settlement Amount Redempti
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Summary relating to Commerzbank Akt
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Sollten sich ein oder mehrere der f
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Anleihegläubiger haben im Verlustf
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kumulatives oder gar exponentiell h
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Zusammenfassung der Programm-Anleih
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Sonstige Bestimmungen hinsichtlich
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Rückzahlung bei Endfälligkeit und
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Zusammenfassung hinsichtlich der Co
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In addition, the Final Terms may pr
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Further, Credit Linkage Events may
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(including hedging transactions) wi
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Transaction Costs When Notes are pu
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Notes correspondingly rises, the pr
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may have to obtain liquidity from t
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Group over the long term. In partic
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the Mittelstandsbank, Central and E
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further decline in market values an
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compliance with the Basel II requir
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Important Notice about this Prospec
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General Information Commerzbank Akt
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Credit Linkage of Capital (Derivati
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edeem the Notes early upon the occu
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Moody's S&P Fitch Rating Symbol (Lo
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Wenn Ergänzte Anleihebedingungen (
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Programme Terms and Conditions of t
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Der folgende Absatz (2) ist nur auf
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Der folgende Absatz ist bei Doppelw
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Der folgende Absatz (2) ist auf all
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kein Zinszahlungstag vergangen ist,
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Tag vorangeht, an dem sie zur Rück
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jeweiligen Zinsfestsetzungstag von
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werden)/(sofern erforderlich auf da
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etreffende Zinsperiode nach ihrem b
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anderen Beobachtungszeitraum/andere
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Zinsberechnungszeitr aum, in dem de
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§ 4 (RÜCKZAHLUNG) [(1)] [Vorbehal
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vorstehendem Absatz (a) ermittelte
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Im Fall von Teilschuldverschreibung
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Bezugsbetrag des Hypothetischen Cre
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§ 5 (VORZEITIGE RÜCKZAHLUNG, RÜC
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Der folgende Absatz (3) ist auf all
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unverzüglich der Emittentin, den Z
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Der folgende Absatz (1) ist im Fall
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Rückzahlungsbetrages um den Absich
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nachfolgend aufgeführten Spreads e
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mit einer anderen Rechtsperson, sei
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Kreditereignisses [und Auslösenden
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unterlässt, Zahlungen, deren Gesam
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Der folgende Absatz ist im Falle vo
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"Nichtanerkennung/Moratorium" besch
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Der folgende Absatz ist im Falle vo
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Die Emittentin [macht/kann] ein Kre
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Die folgende Definition ist, hier e
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"GewichtungsbetragRS" ist [0,008/[a
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(2) Der "Spread-Barausgleichsbetrag
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den dort aufgeführten Referenzschu
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Endkurs-Banken eine Endkurs-Quotier
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Der folgende Unterabsatz ist im Fal
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Übertragungstag wird ausschließli
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werden kann, ohne dass es der Anzei
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Zustimmungspflichtiges Darlehen/nic
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entweder (1) der Emittentin (soweit
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Referenzschuldner kein Hoheitlicher
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Wandelbaren Verbindlichkeit oder ei
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entsprechenden Schuldners, falls de
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Auflaufende Verbindlichkeit ist, bl
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Der folgende Absatz gilt nur bei ei
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Primärschuldner gelten). Die folge
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Garantie), abtreten oder verkaufen,
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Verbindlichkeitsmerkmal nur in Bezu
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(d) Für die Zwecke der Anwendung d
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(2) Ist die Emittentin nach § 6 (1
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(a) [alle Zusätzlichen Beträge, d
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Gebühren abzuziehen oder einzubeha
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§ 10 (VORLEGUNGSFRISTEN, VERJÄHRU
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sind, soweit nicht ein offenkundige
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(2) Die in Absatz (1) genannte Fäl
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ergebenden Verpflichtungen der Emit
Page 171 and 172: Teilschuldverschreibungen. Die Emit
Page 173 and 174: Muster - Endgültige Bedingungen Fo
Page 175 and 176: 3 [Die Bedingungen dieser Endgülti
Page 177 and 178: 7 Verzinsungsbeginn weitere Zinsvar
Page 179 and 180: Vorhergehende Feststellungstage zu
Page 181 and 182: 16 Absicherungs Laufzeit 16 Protect
Page 183 and 184: Bedingungen, die nur für Teilschul
Page 185 and 186: Bedingungen, die nur für Teilschul
Page 187 and 188: Angepasster Vorzeitiger Rückzahlun
Page 189 and 190: 22 Maßgebliches Auslösendes Ereig
Page 191 and 192: Business Day 190 Trans-European Aut
Page 193 and 194: 35 Faktor 35 Factor Absicherungslau
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Page 209 and 210: Commerzbank Aktiengesellschaft Hist
Page 211 and 212: Commercial Real Estate Germany/Comm
Page 213 and 214: Futher information on the holdings
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Page 217 and 218: Taxation Federal Republic of German
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Page 221: tax-free private capital gain or ta
Page 225 and 226: the competent authority in that Rel
Page 227 and 228: Documents Incorporated by Reference
Page 229 and 230: Interim Report of the Commerzbank G
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Page 269 and 270: 2 8 Commerzbank Interim Report as o
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272 Commerzbank Interim Report as o
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27 Commerzbank Interim Report as of
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Address List 1. Issuer 4. Legal Adv
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The following non binding German la
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Inhaltsverzeichnis Zusammenfassung
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Risikofaktoren Der Erwerb von unter
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Im Falle mehrerer Referenzschuldner
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Darüber hinaus sollten Anleger bea
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Funktion als die derzeitige auszuü
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Kurs der Teilschuldverschreibungen
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Teilschuldverschreibungen mit einem
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Ziele, Erfahrungen bzw. Kenntnisse
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Risiken aus der Integration der ehe
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aufgrund von Verschlechterungen der
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Es ist daher durchaus denkbar, dass
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kommen, die sich erheblich negativ
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werden zunehmend elektronisch abgew
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Wichtige Information über diesen P
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Allgemeine Informationen Commerzban
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• die Teilschuldverschreibungen a
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dem Indexkorb und legen gegebenenfa
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Moody's S&P Fitch Rating Symbol (La
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Anleihebedingungen (Siehe zweisprac
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Commerzbank Aktiengesellschaft Gesc
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Corporates & Markets In diesem Segm
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Ausland BRE Bank SA, Warschau Comme
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Potenzielle Konflikte könnten aufg
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− die Aufgabe mehrerer Geschäfts
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Zusammenhang mit den Schuldverschre
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Finanzdienstleistungsinstitut, eine
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Schweizerische Umsatzabgabe bei der
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Darüber hinaus gilt Folgendes: 1.2
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vorherigen Zustimmung des bzw. der
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Per Verweis einbezogene Dokumente D
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Zwischenbericht des Commerzbank-Kon
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