COMMERZBANK AKTIENGESELLSCHAFT

In connection with any Series of Notes under the Programme, the purchaser (if any, as the case may
be) will act as a stabilising agent (the "Stabilising Agent"). The identity of the Stabilising Agent will be
disclosed in the relevant Final Terms.
In connection with the issue of any tranche of Notes, the Stabilising Agent may over-allot Notes or
effect transactions with a view to supporting the market price of the Notes at a level higher than that
which might otherwise prevail. However, there is no assurance that the Stabilising Agent(s) will
undertake any such stabilisation activities. Any stabilisation activities may begin on or after the date on
which adequate public disclosure of the terms of the offer of the relevant tranche is made and, if
begun, may be ended at any time, but must end no later than the earlier of 30 days after the issue
date of the relevant tranche and 60 days after the date of the allotment of the relevant tranche or, as
the case may be, such other date(s) as may be applicable to any such stabilising activities in the
jurisdiction where such stabilising activities are to be effected. Any stabilisation action or overallotment
shall be conducted in accordance with all applicable laws and rules.
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