COMMERZBANK AKTIENGESELLSCHAFT

Summary
The following constitutes a summary (the "Summary") of the essential characteristics and risks
associated with Commerzbank Aktiengesellschaft (the "Issuer", the "Bank", or "Commerzbank", and
together with its consolidated subsidiaries "Commerzbank Group" or the "Group") and the Notes to
be issued under the Programme. This Summary should be read as an introduction to this Prospectus.
Any decision by an investor to invest in an issue of a Series of Notes during the lifetime of this
Prospectus should be based on consideration of this Prospectus as a whole, including the documents
incorporated by reference and supplements to the Prospectus and the relevant final terms within the
meaning of Art. 26 No. 5 of the Commission Regulation (EC) No. 809/2004 of 29 April 2004 (the "Final
Terms"). Where a claim relating to the information contained in this Prospectus, any supplement to the
Prospectus and the relevant Final Terms is brought before a court, the plaintiff investor might, under
the national legislation of such court, have to bear the costs of translating the Prospectus, any
supplement to the Prospectus and the relevant Final Terms before the legal proceedings are initiated.
Civil liability attaches to the Issuer who has tabled this Summary including any translation thereof and
applied for its notification, but only if the Summary is misleading, inaccurate or inconsistent when read
together with the other parts of this Prospectus.
The following Summary does not purport to be complete and is taken from, and is qualified in its
entirety by, the remainder of this Prospectus and, in relation to the terms and conditions of any
particular Series of Notes, the applicable Final Terms. Expressions defined or used in the Programme
Terms and Conditions of the Notes (the "Terms and Conditions") or elsewhere in the Prospectus
shall have the same meaning in this Summary.
Summary of Risk Factors
The purchase of the Notes issued under the Programme is associated with certain risks summarised
below. The specific risks are based on the nature of the Notes issued from time to time and may only
be set out in the respective Final Terms, which must therefore always be included in the assessment
of risks. In this respect, investors should together with the other information on the Issuer and the
Notes also consider the risks set out in detail under "Risk Factors" as contained in this Prospectus and
in the Final Terms for their investment decision.
An investment in the Notes requires exact knowledge of the respective transaction. Investors should
have reasonable knowledge of and experience in financial and business matters and be experienced
with investments in Notes linked to certain events and reference underlyings, if applicable and know
the associated risks.
Prospective investors of the Notes offered hereby should consider their current financial
circumstances and investment objectives and always consult their own financial, legal and tax
advisers with regard to the suitability of such Notes in light of their personal circumstances before
acquiring such Notes.
Should one or several of the following risks occur, this could lead to a material decline in the
price of the Notes or, in the worst-case scenario, to a total loss of interest and of the amount
invested by the investors.
Risk Factors relating to the Notes
Risk Factors relating to the Credit Linkage of the Notes
The Notes to be issued are linked to one or more private sector entities or public sector entities, as the
case may be (the "Reference Entities") and therefore subject to the occurrence of one or more Credit
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