COMMERZBANK AKTIENGESELLSCHAFT

Risk Factors
The purchase of Notes issued under the Programme is associated with certain risks. The information
set forth below under "Risk Factors relating to the Notes" merely refers to principal risks in general
related to an investment in the Notes. In respect of Notes which require in view of their specific
structure a special description of risk factors, risk factors in addition to those set forth below will be
described in the Final Terms relating to such Notes. Please refer to specific risk warnings and specific
information on the Notes, if any, set out in the relevant Final Terms for further information relating to
series specific risks arising from the relevant underlying. Investors should take into consideration the
risks of an investment in the Notes set out below in addition to the other information contained in this
Prospectus for their investment decision. In this respect, investors should, together with the other
information on the Issuer and the Notes contained in this Prospectus, also consider the risks set out
herein and in the Final Terms for their investment decision.
The information set forth below under "Risk Factors relating to Commerzbank Aktiengesellschaft" is a
disclosure of the principal risk factors that may affect the Issuer's ability to fulfil its obligations under
the Notes.
Prospective investors of the Notes offered hereby should consider their current financial
circumstances and investment objectives and always consult their own financial, legal and tax
advisers with regard to the suitability of such Notes in light of their personal circumstances before
acquiring such Notes.
Should one or several of the following risks occur, this could lead to a material decline in the
price of the Notes or, in the worst-case scenario, to a total loss of interest and of the capital
invested by the investors.
An investment in the Notes might not be suitable for investors who have insufficient
knowledge of the finance sector. An investment in the Notes requires exact knowledge of the
respective transaction. Investors should have reasonable knowledge of and experience in
financial and business matters and be experienced with investments in Notes linked to certain
events relating to the creditworthiness of one or more Reference Entities and the Reference
Underlyings, if applicable and know the associated risks.
Expressions defined or used in the Terms and Conditions or elsewhere in the Prospectus shall
have the same meaning in this section "Risk Factors".
Risk Factors relating to the Notes
Risk Factors relating to the Credit Linkage of the Notes
The Notes to be issued are linked to the occurrence of one or more Credit Events and may be also
linked to Trigger Events (Credit Event and Trigger Event together, the "Credit Linkage Events") with
respect to the creditworthiness of one or more Reference Entities, as the case may be. In case of
Notes with a credit linkage to a portfolio of Reference Entities, the Final Terms may stipulate different
weightings or weighting amounts with respect to each Reference Entity which may increase or
mitigate the effects of Credit Linkage Events depending on the weighting of the affected Reference
Entity within the portfolio.
A Reference Entity is a private sector or public sector entity (e.g. a sovereign state), as specified in the
Final Terms.
A Credit Event occurs if during the relevant Observation Period certain circumstances occur having
economically adverse effects on a Reference Entity, in particular Bankruptcy, Failure to Pay,
Restructuring, Obligation Acceleration, Repudiation/Moratorium as specified in the Final Terms.
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