COMMERZBANK AKTIENGESELLSCHAFT

Notes correspondingly rises, the price of the Notes and the value of interest and principal payments
made thereunder fall and the redemption amount may be lower than the amount invested.
Additional Risk Factors relating to Notes linked to Underlyings
In addition to Notes linked to Credit Linkage Events, Notes may be linked to the performance of certain
underlyings (such as shares, share baskets, currencies, currency baskets, interest rates, interest rate
structures, indices and index baskets ("Reference Underlying"). Thus, the Notes that also provide for
this linkage to Reference Underlyings may mean that the risk for the investors, as described above, is
cumulative or exponentially increased. Even if a Credit Linkage Event does not occur, an investment in
Notes entails additional significant risks that are not associated with similar investments in a
conventional fixed or floating rate debt security. These risks include, among other things, the possibility
that:
• Reference Underlyings or baskets of Reference Underlyings may be subject to significant
changes, whether due to the composition of the Reference Underlying itself, or because of
fluctuations in the value of the baskets;
• if the interest rate is linked to one or more Reference Underlyings it may result in an interest rate
that is less than that payable on a conventional fixed rate debt security issued at the same time,
including the possibility that no interest will be paid and if the principal amount is linked to such
Reference Underlyings, the principal amount payable may be less than the original purchase price
of such Note including the possibility of no repayment at all;
• the risks of investing in Notes encompasses both risks relating to the underlying Reference
Underlyings and risks that are unique to the Notes as such;
• any Note that is indexed to more than one type of Reference Underlying, or on formulas that
encompass the risks associated with more than one type of underlyings, may carry levels of risk
that are greater than Notes that are indexed to one type of underlyings only; and
• a significant market disruption could mean that the index on which the Notes are based ceases to
exist.
• The market, if any, for Notes will be affected by a number of factors, irrespective of the
creditworthiness of the Issuer and the value of the respective Reference Underlying, including the
volatility of the respective Reference Underlyings, the time remaining to the maturity of such
Notes, the amount outstanding of such Notes and market interest rates. The value of respective
Reference Underlyings depends on a number of interrelated factors, including economic, financial
and political events beyond the Issuer’s control. Additionally, if the formula used to determine the
amount of principal, premium and/or interest payable with respect to these Notes contains a
multiplier or leverage factor, the effect of any change in the respective Reference Underlying will
be increased. The historical performance of the respective Reference Underlyings should not be
taken as an indication of future performance of such Reference Underlyings during the term of any
Note. Additionally, there may be regulatory and other ramifications associated with the ownership
by certain investors of certain Notes.
Conflicts of Interest in relation to Reference Underlyings
The Issuer, the Determination Agent and their affiliates are active in the international and domestic
German securities, currency and commodity markets on a daily basis. They may thus, for their own
account or for the account of customers, engage in transactions directly or indirectly involving
underlyings that are Reference Underlyings under Notes and may make decisions regarding these
transaction in the same manner as they would if the Notes had not been issued. This may result in
conflicts of interest with respect to the Issuer, the Determination Agent and their affiliates.
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