COMMERZBANK AKTIENGESELLSCHAFT

Event will not prevent the occurrence and determination of a (new) Credit Event in relation to such
Successor, even if the Final Terms provide that with respect to each Reference Entity only one notified
Credit Event is taken into account.
Implementation of Resolutions of the "Credit Derivatives Determination Committee"
ISDA has established Credit Derivatives Determination Committees (each a "Committee") that
comprise of dealers in and buyers of credit derivative instruments for the purpose of resolving matters
and questions in connection with ISDA standard terms or an auction organised by ISDA.
The Determination Agent may take any applicable resolutions of the relevant Committee into account
when applying the Final Terms and the Terms and Conditions and in exercising its discretion. Potential
investors should therefore be aware that their investment in Credit Linked Notes and any loss
following a Credit Event could be dependent on resolutions of such Committee.
Resolutions of a Committee may in particular be made with respect to the following events and
circumstances:
• occurrence (or non-occurrence) of a Credit Event with respect to a Reference Entity and the
time of such occurrence;
• whether an auction will be hold in respect of such Reference Entity and the parameters and
timing of such auction, including the actual Deliverable Obligations of such Reference Entity;
• occurrence (or non-occurrence) of a Succession Event with respect to a Reference Entity, the
time of such occurrence and the identity of the Successor;
• occurrence of a Potential Failure to Pay on behalf of the Reference Entity
• replacement of the Reference Entity's reference obligation by another obligation; and
• other circumstances brought before the Committee for resolution by market participants.
The resolutions made by a relevant Committee will be published on the website
http//www.isda.org/credit/.
General Risks relating to the value of the Notes and related investment costs and expenses
Market Conditions
The market for debt securities issued by German companies and banks is influenced by economic and
market conditions in Germany and, to varying degrees, by market conditions, interest rates, currency
exchange rates and inflation rates in other European and other industrialised countries. There can be
no assurance that events in Germany, other European countries or elsewhere will not cause market
volatility or that such volatility will not adversely affect the price of Notes or that economic and market
conditions will not have any other adverse effect.
Secondary Market
There can be no assurance that an active trading market for Notes will develop, or, if one does
develop, that it will be maintained. If an active trading market for the Notes does not develop or is not
maintained, the market or trading price and liquidity of the Notes may be adversely affected. The
Issuer, the Determination Agent or their affiliates are entitled to buy and sell the Notes for their own
account or for the account of others, and to issue further Notes. Such transactions may favourably or
adversely affect the price development of the Notes. If additional and competing products are
introduced in the markets, this may adversely affect the value of the Notes.
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