COMMERZBANK AKTIENGESELLSCHAFT

Credit Linkage of Capital (Derivative Notes)
In the case of Derivative Notes, the Final Terms may provide that the credit linkage also applies to the
capital payments to be made under the Notes, which means that the capital payment that would be
payable, had no Credit Linkage Event occurred, will be adjusted in accordance with a formula
reflecting the occurrence of the Credit Linkage Event. The Final Terms may provide that upon the
occurrence of one or more Credit Linkage Events:
• the Notes redeem early,
• at the Cash Settlement Amount at the Cash Settlement Date, or
• by delivery of Deliverable Obligations of the affected Reference Entity, or
• the Notes redeem at maturity at the Adjusted Principal Amount.
In addition, the leverage effect described above (see page 31) may apply to these two alternatives.
The Final Terms may provide for Notes in respect of which a Credit Event or, in case of more than one
Reference Entity, each Credit Event leads to an increase ("Protection Amount") of the Redemption
Amount payable on the Redemption Date. Irrespective of a Credit Event, the Redemption Amount will
be adjusted in accordance with a certain formula depending on the Protection Value, as set out in § 4
of the Terms and Conditions and/or specified in the Final Terms.
Information relating to Reference Underlyings
The Final Terms may provide that the payment amount of the Notes will additionally be linked to
certain Reference Underlyings.
This means that an investor, under certain circumstances and depending on the interest and
redemption structure and the Reference Underlyings as set out in the Final Terms, might receive no
interest payments and less than the principal amount.
How the investment is affected by such asset linkage, depends on the Reference Underlying specified
in the Final Terms:
(i) Formula with Structured Interest Components
If the Final Terms provide for payments under the Notes to be linked to a formula with
structured interest components, the Final Terms will specify the structured interest components
and explain the mathematical relation between the payment amount and such interest
components, and, if applicable, the determination of the payment amount upon the occurrence
of market disruption events (in particular, but not limited to, a disruption generally affecting the
ability of market participants to calculate or determine the value of any or all of the integral
parts of the formula), as well as a reference source where information relating to the relevant
interest component (including information relating to past and expected performance of the
interest component and its volatility) can be obtained. As a result of such a market disruption
event, the Determination Agent may make certain adjustments to the Terms and Conditions in
order to take into account the occurrence of such an event. In such a case, the Final Terms will
contain a description of the linkage of the payment amount to the relevant interest component,
and a risk factors section specific to such Final Terms, if applicable. (See "Risk Factors –
Additional Risk Factors Relating to Notes with underlying linkage"). The Final Terms may also
provide that the Issuer shall have a right to redeem the Notes early upon the occurrence of
certain events to be specified in relation to the formula with structured interest components,
and may also specify the payment amount applicable under such circumstances.
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