COMMERZBANK AKTIENGESELLSCHAFT

98
Commerzbank AG
preceding the purchase; treasury shares may not be purchased
at prices more than 10% higher than this level.
The average purchase price in the past financial year was
€2.89 (previous year: €6.29), and the average selling price was
€2.82 (previous year: €6.27). The accounting value of
repurchased treasury shares held is deducted from subscribed
capital. The difference between the notional value and the cost
of acquisition is offset against other retained earnings. The
capital reserve contains the excess of the acquisition cost over
resale proceeds of treasury shares.
The Bank has given an undertaking to the Financial Market
Stabilisation Fund (SoFFin), represented by the Financial Market
Stabilisation Authority (FMSA), that neither it nor any of its
affiliated companies will buy back shares or other components
of its liable equity capital (except as specified under Art. 71 (1)
no. 2 and no. 4 (purchase on behalf of another party), no. 7 or
no. 8 Stock Corporation Act.