COMMERZBANK AKTIENGESELLSCHAFT

Principal Protected
Notes:
Unless redeemed early, Principal Protected Notes will be redeemed at maturity, at an
aggregate of 100% or more of their principal amount. The Redemption Date in relation
to the principal amount at maturity will be specified in the applicable Final Terms.
Derivative Notes: Derivative Notes do not provide for principal protection upon redemption. In addition to
the credit linkage the applicable Final Terms may provide for the Redemption Amount to
be linked to one or more Reference Underlyings, specifying the determination of such
asset linkage at maturity, subject to the occurrence of market disruption or adjustment
events. In such a case, the applicable Final Terms will contain related risk factors, if
applicable. The Notes will be redeemed at the Redemption Amount unless a Trigger or
one or more Credit Events have occurred in which case redemption will be made either
in cash or by physical delivery of a given number of the Deliverable Obligation(s), as
specified in the applicable Final Terms.
Adjusted Principal
Amount:
Cash Settlement
Amount:
Spread Cash
Settlement Amount:
Trigger Cash
Settlement Amount:
The Adjusted Principal Amount will cause an adjustment of the (Early) Redemption
Amount, which would be paid if no relevant Credit Event occurred, or be equal to the
amount payable upon redemption. Each calculation of an Adjusted Principal Amount will
be based on the Final Price of a Reference Obligation (as further described below) of
the affected Reference Entity. However, the number of Credit Events that have already
occurred as well as the fact that a number of Reference Entities (if any) have not been
affected by Credit Events will be taken into account. Thus, the Adjusted Principal
Amount may successively decrease or increase, as specified in the applicable Final
Terms, taking into account any Credit Event which may subsequently occur.
The Cash Settlement Amount will be determined in accordance with § 7 of the Terms
and Conditions. Similar to the Adjusted Principal Amount, it may be determined on the
basis of the Final Price of a Reference Obligation (as further described below) of the
affected Reference Entity. However, it will, as a rule, not take into account the value of
obligations relating to Reference Entities which have not been affected by a Credit
Event. The calculation of the Cash Settlement Amount may differ depending on the
Final Terms and what kind of Credit Event has occurred.
The Final Terms will provide for specific valuation or quotation methods (including an
auction organised by the International Swaps and Derivatives Association, Inc.
("ISDA")) for the purposes of calculating the Final Price. Such calculations will be made
subsequent to the occurrence of the Credit Event on the relevant Valuation Date (as
defined in accordance with § 7 of the Terms and Conditions). The Final Terms may also
stipulate and thus preset the Final Prices with respect to each Reference Entity,
including a Final Price which could be zero.
In the case of certain Notes (upon the occurrence of a Trigger Event not relating to the
market price of the Notes) the payable Spread Cash Settlement Amount will be
determined on the basis of the aggregate of the current market values of Hypothetical
Credit Default Swaps relating to the Reference Entities.
In the case of certain Notes (upon the occurrence of a Trigger Event relating to the
market price of the Notes) the payable Trigger Cash Settlement Amount will be
determined on the basis of the current market value of the Notes.
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