COMMERZBANK AKTIENGESELLSCHAFT

edeem the Notes early upon the occurrence of certain events to be specified in relation to the
Index or Indices, respectively, and may also specify the payment amount applicable under
such circumstances.
(iv) Currencies or Currency Baskets
If the Final Terms provide for payments under the Notes to be linked to a currency or a
currency basket, the Final Terms will specify the currency or the currency basket, as
applicable, together with the respective weightings of the constituent currencies and the
possibility of modifications, if any, to the composition of the relevant currency basket, as well
as explain the mathematical relation between the payment amount and the currency or the
currencies in the currency basket, as applicable, and the determination of the payment amount
upon the occurrence of disruption events (in particular, but not limited to, failure to pay,
moratorium, standstill, waiver, deferral, repudiation or restructuring of a reference obligation in
the relevant currency or currencies or involving any governmental authority regulating the
financial markets of the relevant currency or currencies, impossibility to convert or deliver the
relevant currency or currencies, inability of market participants to obtain firm quotes for the
relevant currency or currencies, split of exchange rate of the relevant currency or currencies
into dual or multiple currency exchange rates, nationalisation or any other material changes
beyond the control of the Issuer or the Determination Agent affecting the relevant currency or
currencies). The Determination Agent, in accordance with the provisions of the Terms and
Conditions, will determine the occurrence or existence of a disruption event and 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 currency or the currency basket, as applicable, the determination of
the disruption events, the possibilities of adjustment by the Determination Agent, the
information provided by the information source(s), in particular in relation to the historic
performance and volatility of the currency(s), 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
Currency(s), and may also specify the payment amount applicable under such circumstances.
General Information on Credit Ratings
The Final Terms may set out credit ratings. Moody’s Investors Service, Inc., Standard and Poor’s, a
division of The McGraw-Hill Companies, Inc. and Fitch Ratings (each of "Moody’s" or "S&P" or
"Fitch" individually, a "Rating Agency" and collectively, the "Rating Agencies") focus on assessing
the creditworthiness of states, state guaranteed entities and corporate entities (the "Entities" under
this heading) worldwide and collecting relevant data relating to such Entities. The Rating Agencies
issue a "Rating" determined by reference to the creditworthiness of the Entity reviewed. For these
purposes, an Entity which acts or intends to act as an issuer in the capital markets is classified by
means of rating scales. The Rating mirrors the creditworthiness of an issuer, i.e. its ability to meet the
payment obligations under a financial instrument in full and when due.
There is a relationship between Ratings and the default ratios of entities which have been proven
statistically. The statistics prepared by the Rating Agencies are known all over the world, are based on
and are used as a basis for numerous scientific studies and form the basis of financing in international
capital markets.
In spite of its wide-spread application, a particular rating symbol assigned to a particular Reference
Entity (a "Rating") is merely a condensed measure of assessing the ability of an issuer to meet its
payment obligations. The factors influencing the way Ratings are arrived at are not always
transparent. The Rating Agencies expressly state that their Ratings should be only used as a
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