COMMERZBANK AKTIENGESELLSCHAFT

The data collected by the Group in connection with its business activities are strictly confidential and
subject to data protection. The Group has taken a number of measures to protect the data processed
and administered in the course of its business activities against misuse. However, it cannot be ruled
out that these measures will prove to be inadequate and that the confidentiality of customer data will
be breached by employees of the Group or third parties who circumvent the Group’s security systems
and obtain unauthorized access to these data. This may trigger obligations on the part of the Group to
pay damages, which could result in a material deterioration in the Group’s business, results of
operations and financial condition. In addition, there may be negative implications for the Group’s
reputation.
The Group is subject to risks in respect of tax audits of previous and future assessment periods and
other procedures; changes to tax legislation or judicial rulings on tax matters could have a detrimental
impact on the Group’s business activities, its business, results of operations and financial condition.
On May 7, 2009, the European Commission declared that the stabilization measures taken up by the
Group are, in principle, compatible with the state aid provisions set out in the EU Treaty. However, for
competitive reasons, a series of conditions were imposed on the Group. It cannot be ruled out that the
Group will be unable to adequately and timely satisfy the conditions imposed by the European
Commission. In the event of a breach of the conditions imposed by the European Commission, the
Group could be required to repay, at least in part, the government funds received by it. Any of these
risks could have a material adverse effect on the Group’s business, results of operations and financial
condition.
Under U.S. law, the silent participations granted to the Company by the SoFFin and the SoFFin’s
purchase of a stake in the Company’s share capital of 25.0% plus one share could constitute a change
of control and result in restrictions on the amount of tax loss carryforwards that may be used each
year by the branch in the United States. In this case, the Group’s tax burden for each period in which a
taxable profit is realize would not be reduced or would only be reduced in part, which could have
material adverse implications for the Group’s business, results of operations and financial condition.
The legal relationships between the Group and its clients are based on standardized contracts and
forms prepard for a multitude of business transactions. Individual application problems or errors in
such documentation therefore may affect a large number of customer relationships. In light of the
ongoing changes in the overall business framework due to new laws and judicial rulings and the
increasing influence of European legislation on national law, it is conceivable that not all the general
terms and conditions of business, standard contracts and forms used by the Group comply with the
applicable legal requirements at all times and down to the last detail. If application problems or errors
arise or if individual contractual provisions or entire contracts are ineffective, this could affect a large
number of customer relationships and result in substantial claims for damages or other legal
consequences which would be negative for the Group, and could therefore have a material adverse
effect on the Group’s business, results of operations and financial condition.
The Group is subject to various reputational risks. Reputational risks exist with respect to all business
transactions that lower confidence in the Group on the part of the public, customers, business
partners, investors or rating agencies. In general, each of the risks described above entails
reputational risks. Because of this, as with other non-quantifiable risks, the Group has defined
processes and responsibilities that make it possible to identify reputational risks at an early stage and
to deliver a response. However, these procedures may prove to be ineffective. If this means that the
risks materialize, the Group’s business, results of operations and financial condition could be
materially adversely affected.
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