COMMERZBANK AKTIENGESELLSCHAFT

Additional Risks with respect to Notes with Underlying Linkage
Investments in Notes where, irrespective of any credit linkage, the interest payment and/or the amount
payable upon redemption is linked to the performance of underlyings (such as shares, share baskets,
currencies, currency baskets, interest rates, interest rate structures, indices and index baskets),
always include the risk that investors may receive less than their amount invested or, in extreme
cases, suffer a total loss of their amount invested and/or loss of interest.
The Reference Underlying a Note relates to may be subject to considerable changes, due to their
composition or fluctuations in value of their components. A Note referring to more than one Reference
Underlying may have a cumulative or even exponentially increased risk compared to a Note which is
only related to one Reference Underlying. Noteholders may not be able to secure themselves against
these different risks with regard to Notes. A material market disruption could lead to a substitution of
the Reference Underlying or an early redemption of the Note, so that the risks may be realised
prematurely or any original chances are lost and new risks may be incurred.
Furthermore, the value of a Note, as it is dependent on one or several Reference Underlyings will
accordingly also be subject to cumulative risks in the secondary market. The performance of any
respective Reference Underlying is subject to a series of associated factors, including economic,
financial and political events beyond the control of the Issuer.
If the formula used to determine the amount of principal, premium and/or interest payable with respect
to Notes linked to an underlying contains a multiplier or factor or maximum/minimum interest or
repayment limits, the effect of any change in the applicable Reference Underlying will be increased
with regard to the amount payable. The historical performance of the Reference Underlying may not
be regarded as significant for the future performance during the term of Notes linked to an underlying.
The Issuer may enter into transactions for its own account or for account of customers, which also
relate to Reference Underlyings under the Notes. On the issue date of such Notes or thereafter, the
Issuer and its affiliated companies may have information with regard to the Reference Underlyings
which may be material to the holders of such Notes and which may not be accessible to the public or
known to Noteholders.
Risk Factors relating to Commerzbank Aktiengesellschaft
The Issuer is subject to various market- and sector-specific as well as company-specific risks, which –
if they materialised – could have a considerable impact on the Issuer's net assets, financial position
and earnings performance, and consequently on the Issuer's ability to meet its commitments arising
from the Securities. Such risks include:
− Strategic Risks
− Risks arising from the Integration of the Former Dresdner Bank
− Credit Risks
− Risks arising from Structured Credit Products
− Market Risks
− Risks from Equity Investment Stakes
− Risks arising from Pension Obligations
− Operationa Risks
− IT Risks
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