COMMERZBANK AKTIENGESELLSCHAFT

Summary of the Programme Terms and Conditions of the Notes
Form of Notes: The Notes shall be issued in bearer form. Series of Notes with respect to which the C-
Rules (as further described under the heading "Selling Restrictions – United States of
America") apply will be represented by a Permanent Global Note.
Series of Notes with respect to which the D-Rules (as further described under the
heading "Selling Restrictions – United States of America") apply will initially be
represented by a Temporary Global Note. The Temporary Global Note will be
exchanged for a Permanent Global Note not earlier than 40 days after the relevant
issue date upon certification of non-US beneficial ownership.
Credit-Linkage: The Notes to be issued are linked to one or more Reference Entities and therefore are
subject to the occurrence of one or more Credit Events and may also be subject to
Trigger Events related to those Reference Entities. Therefore, the payment of interest
under the Notes (in the case of Principal Protected Notes) and the repayment of
principal depend on whether one or more Credit Linkage Events in relation to one or
more Reference Entities occur.
Reference Entities: The applicable Final Terms will specify one or more Reference Entities, which will be
private sector entities or public sector entities (e.g. sovereign states) and will contain
information on the relevant Reference Entities. The Reference Entity or the relevant
portfolio of Reference Entities may be subject to adjustment upon the occurrence of
Succession Events. Upon the occurrence of a Succession Event with respect to any
Reference Entity, such Reference Entity will be replaced by (a) Successor(s). The
applicable Final Terms will contain provisions regarding the selection of the
Successor(s).
Credit Events: The Final Terms may provide for one or more of the following Credit Events: Failure to
Pay, Obligation Acceleration, Restructuring, Bankruptcy, Repudiation/Moratorium, as
specified in the applicable Final Terms.
Trigger Events: A Trigger Event occurs if during the relevant Observation Period (i) the offer price of the
Credit Default Swap Spread linked to the Reference Entity or one of the Reference
Entities is greater than a certain level, (ii) the weighted average of the Credit Default
Swap Spreads linked to each of the Reference Entities is equal to or greater than a
certain level, or (iii) the market price of the Notes falls below a certain level, each such
level being specified in the Final Terms. The offer price for a Credit Default Swap
Spread is the market offer price payable for a Hypothetical Credit Default Swap with a
certain maturity and nominal amount (as specified in the Final Terms) providing for the
respective credit protection.
Credit-Linkage of
Interest Payments:
The Final Terms may provide that in case of interest-bearing Notes, the Credit Linkage
applies to the interest payments to be made under the Notes. In such case the Notes (i)
will cease to bear interest, or (ii) interest will be adjusted in accordance with a formula
reflecting the occurrence of the Credit Linkage Event. In the case of more than one
Reference Entity, the Final Terms may provide that each Credit Linkage Event will
affect the interest payments to be made or that a particular Credit Linkage Event out of
several such events will have such effect. In each of the above cases, the Final Terms
will provide for the interest adjustment formula and explain the mathematical effect of
the occurrence of a Credit Linkage Event.
9