AVVISO n.9552 21 Maggio 2014 SeDeX - STRUTTURATI/ESOTI CI

AVVISO n.9552

21 Maggio 2014

SeDeX - STRUTTURATI/ESOTI CI

Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: COMMERZBANK

Testo del comunicato

Oggetto : Inizio negoziazione 'Covered Warrant Strutturati/Esotici' 'COMMERZBANK'

Si veda allegato.

Disposizioni della Borsa

Strumenti finanziari: Certificates relating to the Commerzbank Top

Return Index and to Commerzbank Efficiency Growth Index

Emittente: COMMERZBANK

Rating Emittente: Società di Rating Long Term Data Report Moody's Baa1 23/08/2013

Standard & Poor's A- 23/08/2013

Fitch Ratings A+ 23/08/2013

Oggetto: INIZIO NEGOZIAZIONI IN BORSA

Data di inizio negoziazioni: 22/05/2014

Mercato di quotazione: Borsa - Comparto SEDEX 'Covered Warrant

Strutturati/Esotici'

Orari e modalità di negoziazione: Negoziazione continua e l'orario stabilito dall'art. IA.7.3.1

delle Istruzioni

Operatore incaricato ad assolvere l'impegno di quotazione:

Commerzbank AG

Member ID Specialist: IT3577

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

Certificates relating to the Commerzbank Top Return Index and to Commerzbank Efficiency Growth Index

Tipo di liquidazione: monetaria

Modalità di esercizio: europeo

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 22/05/2014, gli strumenti finanziari 'Certificates relating to the Commerzbank Top Return Index and to Commerzbank Efficiency Growth Index' (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Scheda riepilogativa delle caratteristiche dei securitised derivatives;

- Estratto del prospetto di quotazione dei Securitised Derivatives

Num. Serie	Codice Isin	Trading Code	Instrument Id	Descrizione	Sottostante	Tipologia	Strike	Data Scadenza	Valore Nominale	Quantità	Lotto EMS Commissione Negoziazione %
1	DE000CZ37TL7	C00043	760301	CBKEFFICGROWTHTARGETVOLEX100,372E200418	Commerzbank Efficiency Growth Index	Esot	100,372	20/04/18	1000	30000	1	28	1,1
2	DE000CZ37TM5	C00044	760302	CBKTOPRETURNTARGETVOLEX100E230418	Commerzbank Top Return Index	Esot	100	23/04/18	1000	25000	1	30	1,1

COMMERZBANK AKTIENGESELLSCHAFT

Frankfurt am Main

Final Terms

dated 14 April 2014 relating to Certificates

Certificates relating to the Commerzbank Efficiency Growth Index ISIN DE000CZ37TL7

to be publicly offered in the Italian Republic

and to be admitted to trading on the regulated market of Borsa Italiana S.p.A. (SeDeX)

with respect to the

Base Prospectus

dated 5 March 2014 relating to

Italian Certificates relating to a Proprietary Index

INTRODUCTION

These Final Terms have been prepared for the purpose of Article 5 (4) of Directive 2003/71/EC (the "Prospectus Directive") as amended (which includes the amendments made by Directive 2010/73/EU (the "2010 PD Amending Directive") to the extent that such amendments have been implemented in a relevant Member State of the European Economic Area), as implemented by the relevant provisions of the EU member states, in connection with Regulation 809/2004 of the European Commission and must be read in conjunction with the base prospectus relating to Certificates (the "Base Prospectus") and any supplements thereto.

The Base Prospectus and any supplements thereto are published in accordance with Article 14 of Directive 2003/71/EC in electronic form on the website of Commerzbank Aktiengesellschaft at xxxx://xx.xxxxxxxxxxx.xxx. Hardcopies of these documents may be requested free of charge from the Issuer's head office (Kaiserstraße 16 (Kaiserplatz), 60311 Frankfurt am Main, Federal Republic of Germany).

In order to obtain all information necessary for the assessment of the Certificates both the Base Prospectus and these Final Terms must be read in conjunction.

All options marked in the Base Prospectus which refer (i) to the Certificates and (ii) the underlying index and (iii) to information on the subscription period shall apply.

The summary applicable to this issue of Certificates is annexed to these Final Terms. Issuer: Commerzbank Aktiengesellschaft

Information on the Underlying: Information on the Index underlying the Certificate is available

on Bloomberg ticker CBKSEFFE Index.

Offer and Sale: Commerzbank offers from 14 April 2014 30,000 Certificates relating to the Commerzbank Efficiency Growth Index (the "Certificates") at an initial issue price of EUR 90 per Certificate.

The Certificates will be sold and traded by the Issuer only through the regulated market of Borsa Italiana S.p.A. (Mercato Telematico of securitised derivatives ("SeDeX") starting from the date established by Borsa Italiana S.p.A. in a public notice.

Consent to the usage of the Base Prospectus and the Final Terms:

The Issuer hereby grants consent to use the Base Prospectus and these Final Terms for the subsequent resale or final placement of the Certificates by any financial intermediary.

The offer period within which subsequent resale or final placement of Certificates by financial intermediaries can be made, is valid only as long as the Base Prospectus and the Final Terms are valid in accordance with Article 9 of the Prospectus Directive as implemented in the relevant Member State.

The consent to use the Base Prospectus and these Final Terms is granted only in relation to the following Member State(s): Italian Republic

Payment Date: 25 April 2014

Clearing number: WKN CZ37TL

ISIN DE000CZ37TL7

Issue Currency: Euro ("EUR")

Minimum Trading Size: One Certificate

Listing: The Issuer intends to apply for the listing and trading of the Certificates on the regulated market of Borsa Italiana S.p.A. (Mercato Telematico of securitised derivatives ("SeDeX").

Applicable Terms and Conditions:

Type A

TERMS AND CONDITIONS

§ 1

FORM

1. The issue by Commerzbank Aktiengesellschaft, Frankfurt am Main, Federal Republic of Germany (the "Issuer") of certificates (the "Certificates") will be in the dematerialised regime, pursuant to the "Italian Financial Services Act" (Testo Unico della Finanza) and the relevant implementing regulations and are registered in the books of Monte Titoli S.p.A. with registered office in Xxx Xxxxxxxx 0, Xxxxx, Xxxxx (the "Clearing System"). No physical document of title will be issued to represent the Certificates. However, any holder of Certificates still has the right to obtain a certificate pursuant to articles 83-quinquies and 83-novies, paragraph 1, letter b), of the Italian Financial Services Act.

2. The transfer of the Certificates operates by way of registration on the relevant accounts opened with the Clearing System by any intermediary adhering, directly or indirectly, to the Clearing System (the "Certificates Account Holders"). As a consequence, the subject who from time to time is the owner of the account held with a Certificates Account Holder will be considered as the legitimate owner of the Certificates (the "Certificateholder") and will be authorised to exercise all rights related to them.

3. The Issuer reserves the right to issue from time to time without the consent of the Certificateholders additional tranches of Certificates with substantially identical terms, so that the same shall be consolidated to form a single series and increase the total volume of the Certificates. The term "Certificates" shall, in the event of such consolidation, also comprise such additionally issued Certificates.

§ 2

DEFINITIONS

For the purposes of these Terms and Conditions, the following definitions shall apply (subject to an adjustment in accordance with these Terms and Conditions):

"BBG ticker" with respect to a Fund Share means the Bloomberg ticker with respect to the relevant Fund Share as specified in the definition of Basket.

"Basket" is the following basket of fund shares (the "Fund Shares") of mutual funds, being investment funds of the open-end type and SICAVs established under Italian or foreign law whose distribution in Italy has been authorised, each a "Component":

Component i Fund Shares Weighting of Fundi (WFi)

Fundi BBG ticker ISIN

1 EUR-denominated share in the Fund

100% Efficiency Growth Fund - Euro Global Bond

EFFEGBB

LX Equity

LU0622616760

"Calculation Amount" means EUR 1,000. "conv" means 360.

"EUR" means Euro.

"Expiry Date" means 20 April 2018.

"Final Calculation Date" means 20 April 2018.

"Index", "Fund Basket Index" or "Underlying" means the Commerzbank Efficiency Growth Index as determined by Commerzbank Aktiengesellschaft (the "Index Sponsor") and published on Bloomberg ticker CBKSEFFE Index (the "Index Pubication Source").

The concept of the Index is detailed in the description of the Index which is attached to these Terms and Conditions and forms an integral part of these Terms and Conditions (the "Index Description").

"Index Calculation Agent" means Commerzbank Aktiengesellschaft.

"Index Calculation Date" means each day that is a Fund Business Day for all reference components of the basket from and including the Initial Calculation Date to and including the Final Calculation Date.

"Index Currency" means EUR.

"Index Commencement Date" means 14 April 2014. "Individual Index Component Weighting" means 100%. "Initial Calculation Date" means 14 April 2014.

"Initial Index Value" is 100 index points on the Index Commencement Date, one index point corresponding to 1 unit of the Index Currency.

"Issue Date" means 25 April 2014.

"Italian Stock Exchange" means Borsa Italiana S.p.A.

"Market Disruption Event" means the occurrence or existence of any suspension of, or limitation imposed on, trading in any component of the Index on any exchange or trading system, provided that any such suspension or limitation is material. The decision whether a suspension or limitation is materal will be made by the Issuer in its reasonable discretion (billiges Ermessen) (§ 315 German Civil Code (BGB)). The occurrence of a Market Disruption Event on the Final Valuation Date shall be announced in accordance with § 11.

A limitation regarding the office hours or the number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business hours of the relevant exchange. A limitation on trading imposed during the course of a day by reason of movements in price exceeding permitted limits shall only be deemed to be a Market Disruption Event in the case that such limitation is still prevailing at the time of termination of the trading hours on such date.

"Maturity Date" means 25 April 2018, subject to postponement in accordance with § 5 paragraph 2. "Payment Business Day" means a day on which the Trans-European Automated Real-Time Gross

Settlement Express Transfer System (TARGET) and the Clearing System settle payments in

EUR.

"Protection Fee" is equal to 0% per annum (on the basis of a year comprising 360 days), i.e., 0%/360 per calendar day.

"Reference Interest Rate" means the 1-month EURIBOR, as published on Bloomberg page (code: EUR001M Index) (or any replacement Bloomberg page which displays that rate (the "Screen Page") at or around 11:00 a.m. (London time) one Fund Business Day prior to Index Calculation Datet-1, as determined by the Index Calculation Agent.

"Reference Period" in relation to the Reference Interest Rate means one month.

"Reference Price" means the Index Value as determined and published by the Index Calculation Agent as detailed in the Index Description.

n 

∑l



n

Basket

2

1 

∑l



n

Basket

2

−lag 

k= 





Baskett −n +k −

1−lag 

n k=1





Baskett −n +k −

1−lag 



"Realised Volatility" means the realised volatility of the Basket, calculated by using a purely rule- based methodology. The Realised Volatility in respect to Index Calculation Date(t) will be determined by the Index Calculation Agent in accordance with the following formula:

RealisedVolt−lag =

Where

x t −n+k−lag  1 

−γ× 



t −n+k

"t" means the reference to the relevant Index Calculation Date

"n" means the volatility window which corresponds to the number of days used to calculate the Realised Volatility: 20

"d" means the annualising factor which represents the expected number of Index Calculation Dates in each calendar year: 252

"γ" means the factor of 1

"m" means the scaling factor of 20 "lag" means the Lag factor equal to 2

"Strike Date" means 22, 23 and 25 April 2014. If on a Strike Date the Reference Price of the Index is not determined and published by the Index Sponsor or if on a Strike Date a Market Disruption Event occurs, the relevant Strike Date shall be postponed to the next following Payment Business Day which is not already a Strike Date and on which the Reference Price of the Index is determined and published again by the Index Sponsor and on which a Market Disruption Event does not occur.

"Strike Price" means the arithmetic mean of the Reference Prices of the Index as of the Strike Dates. "Trade Date" means 8 April 2014.

"Valuation Date" means the Final Calculation Date. If on the Valuation Date the Reference Price of the Index is not determined and published by the Index Sponsor or if on the Valuation Date a Market Disruption Event occurs, the Valuation Date shall be postponed to the next following Payment Business Day on which the Reference Price of the Index is determined and published again by the Index Sponsor and on which a Market Disruption Event does not occur.

If, according to the before-mentioned, the Valuation Date is postponed to the second Payment Business Day prior to the Maturity Date, and if also on such day the Reference Price of the Index is not determined and published by the Index Sponsor or a Market Disruption Event occurs on such day, then this day shall be deemed to be the Valuation Date and the Issuer shall estimate the Reference Price of the Index in its reasonable discretion (billiges Ermessen) (§ 315 German Civil Code (BGB)), and in consideration of the prevailing market conditions on such day and make a notification thereof in accordance with § 11.



"Weighting" means the relative proportion of each Fund invested in the Basket versus the Reference Interest Rate as specified in the definition of Basket. The Weighting in respect to Index Calculation Date(t) will be determined by the Index Calculation Agent in accordance with the following formula:







Wt = MinMaxW,

T arget Vol 

 RealisedVolt−lag 

Where

"Wt" means the Weighting for the Index Calculation Date(t) "TargetVol" means the risk control level ("Risk Control Level") equal to 6% "MaxW" means the Max Exposure equal to 150%

"lag" means the Lag factor equal to 2

"RealisedVolt" means the Realised Volatility with respect to Index Calculation Date(t)

§ 3

MATURITY

1. Subject to the provisions contained in § 4 each Certificate will be redeemed on the Maturity Date by the payment of an amount in EUR (the "Settlement Amount"), as determined by the Issuer in accordance with the provisions contained in paragraph 2.

2. The Settlement Amount shall be determined in accordance with the following formula:





SA = CA x Max  0;



Underlying (Final)

Underlying (Strike)

x (1 − 1.1%)4





− 1



where: "SA"	=	Settlement Amount per Certificate (rounded, if necessary, to the next
		EUR 0.01; EUR 0.005 will be rounded up))
"CA"	=	Calculation Amount
"Underlying(Final)"	=	Reference Price of the Underlying on the Valuation Date
"Underlying(Strike)"	=	Strike Price

§ 4

EARLY REDEMPTION; REPURCHASE

1. Except as provided in § 6, the Issuer shall not be entitled to redeem the Certificates prior to the Maturity Date.

2. The Certificateholders shall not be entitled to call for redemption of the Certificates prior to the Maturity Date.

3. The Certificates shall not be terminated automatically and redeemed prior to the Maturity Date.

4. The Issuer may at any time purchase Certificates in the market or otherwise. Certificates repurchased by or on behalf of the Issuer may be held by the Issuer, re-issued or resold.

Certificateholder may not transfer the Certificates which are the subject of the Renouncement Notice. If a duly completed Renouncement Notice is validly delivered prior to the Renouncement Notice Cut-off Time on the Renouncement Notice Cut-off Date, any rights arising from the Certificates will terminate upon such delivery and the relevant Certificateholder will not be entitled to receive the Settlement Amount payable by the Issuer with respect to the Certificates and the Issuer shall have no further liability with respect to such Settlement Amount.

Any determination as to whether a Renouncement Notice is duly completed and in proper form shall be made by the Certificates Account Holder (in consultation with the Paying Agent and the Clearing System) and shall be conclusive and binding on the Issuer, the Paying Agent and the relevant Certificateholder.

Subject as follows, any Renouncement Notice so determined to be incomplete or not in proper form shall be null and void. If such Renouncement Notice is subsequently corrected to the satisfaction of the Paying Agent, it shall be deemed to be a new Renouncement Notice submitted at the time such correction was delivered to the Certificates Account Holder, with a copy thereof to the Paying Agent.

§ 5

PAYMENTS

1. All amounts payable pursuant to these Terms and Conditions shall be paid to the Paying Agent for transfer to the Clearing System or pursuant to the Clearing System's instruction for credit to the relevant accountholders on the dates stated in these Terms and Conditions. Payment to the Clearing System or pursuant to the Clearing System's instruction shall release the Issuer from its payment obligations under the Certificates in the amount of such payment.

2. If any payment with respect to a Certificate is to be effected on a day other than a Payment Business Day, payment shall be effected on the next following Payment Business Day. In this case, the relevant Certificateholder shall neither be entitled to any payment claim nor to any interest claim or other compensation with respect to such delay.

3. All payments are subject in all cases to any applicable fiscal or other laws, regulations and directives.

§ 6

ADJUSTMENTS; EXTRAORDINARY TERMINATION RIGHT OF THE ISSUER

1. If the Index is no longer composed by the Index Sponsor but by another person, company or institution acceptable to the Issuer as the new Index Sponsor (the "Successor Sponsor"), the redemption of the Certificates will be determined on the basis of the Index being composed by the Successor Sponsor and any reference made to the Index Sponsor shall, if the context so admits, then refer to the Successor Sponsor.

2. If at any time the Index is cancelled or replaced, the Issuer will determine in its reasonable discretion (§ 315 German Civil Code (BGB)) (a) whether the Index shall be replaced by another index which is economically comparable to the Index (the "Successor Index") and any reference made to the Index shall, if the context so admits, then refer to the Successor Index following such a replacement) in which case the Issuer may adjust the Terms and Conditions in its reasonable discretion (§ 315 German Civil Code (BGB)) to account for any differences between the Index and the Successor Index or (b) whether the Certificates shall be terminated and redeemed prematurely with respect to a Payment Business Day (the "Termination Date") taking into consideration the provisions set forth hereinafter with a prior notice of seven Payment Business Days in accordance with § 11. Any termination of the Certificates in part shall be excluded.

3. If the Certificates are called for redemption in accordance with § 6 paragraph 2, they shall be redeemed at the termination amount per Certificate (the "Termination Amount") which shall be

calculated by the Issuer in its reasonable discretion (billiges Ermessen) (§ 315 German Civil Code (BGB)) by taking into account applicable market conditions.

The Issuer shall pay the Termination Amount to the Certificateholders not later than the fifth Payment Business Day following the Termination Date to the Clearing System for crediting the accounts of the depositors of the Certificates with the Clearing System. The rights in connection with the Certificates shall expire upon the payment of the Termination Amount to the Clearing System.

§ 7

TAXES

All present and future taxes, fees or other duties in connection with the Certificates shall be borne and paid by the Certificateholders. The Issuer is entitled to withhold from payments to be made under the Certificates any taxes, fees and/or duties payable by the Certificateholder in accordance with the previous sentence.

§ 8

STATUS

The obligations under the Certificates constitute direct, unconditional and unsecured (nicht dinglich besichert) obligations of the Issuer and rank at least pari passu with all other unsecured and unsubordinated obligations of the Issuer (save for such exceptions as may exist from time to time under applicable law).

§ 9

PAYING AGENT

1. Commerzbank Aktiengesellschaft, Xxxxxxxxxxxx 00 (Xxxxxxxxxxx), 00000 Xxxxxxxxx xx Xxxx, Xxxxxxx Xxxxxxxx of Germany, shall be the paying agent (the "Paying Agent") and BNP Paribas Securities Services, Xxx Xxxxxxxx 0, 00000 Xxxxxx, Republic of Italy, shall be the additional paying agent (the "Additional Paying Agent").

2. The Issuer shall be entitled at any time to appoint another bank of international standing as Paying Agent and/or Additional Paying Agent. Such appointment and the effective date shall be notified in accordance with § 11.

3. The Paying Agent and the Additional Paying Agent are hereby granted exemption from the restrictions of § 181 of the German Civil Code (BGB) and any similar restrictions of the applicable laws of any other country.

§ 10

SUBSTITUTION OF THE ISSUER

1. Any other company may assume at any time during the life of the Certificates, subject to paragraph 2, without the Certificateholders' consent all the obligations of the Issuer under and in connection with the Certificates. Any such substitution and the effective date shall be notified by the Issuer in accordance with § 11.

Upon any such substitution, such substitute company (hereinafter called the "New Issuer") shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under the Certificates with the same effect as if the New Issuer had been named as the Issuer in these Terms and Conditions; the Issuer (and, in the case of a repeated application of this § 10, each previous New Issuer) shall be released from its obligations hereunder and from its liability as obligor under the Certificates.

In the event of such substitution, any reference in these Terms and Conditions to the Issuer shall from then on be deemed to refer to the New Issuer.

2. No such assumption shall be permitted unless

(a) the New Issuer has agreed to assume all obligations of the Issuer under the Certificates;

(b) the New Issuer has agreed to indemnify and hold harmless each Certificateholder against any tax, duty, assessment or governmental charge imposed on such Certificateholder in respect of such substitution;

(c) the Issuer (in this capacity referred to as the "Guarantor") has unconditionally and irrevocably guaranteed to the Certificateholders compliance by the New Issuer with all obligations under the Certificates;

(d) the New Issuer and the Guarantor have obtained all governmental authorisations, approvals, consents and permissions necessary in the jurisdictions in which the Guarantor and/or the New Issuer are domiciled or the country under the laws of which they are organised.

3. Upon any substitution of the Issuer for a New Issuer, this § 10 shall apply again.

§ 11

NOTICES

Notices relating to the Certificates shall be published on the Issuer's website xxxx://xx.xxxxxxxxxxx.xxx and possibly, without giving rise to any obligation for the Issuer, through a notice by Borsa Italiana S.p.A., and shall be deemed to be effective upon such publication unless such publication gives another effective date.

Following the admission to listing of the Certificates, any change/amendment or material information in connection with the Certificates will be published by Borsa Italiana S.p.A. through a stock exchange notice in accordance with the relevant legal and regulatory provisions in force in the Republic of Italy.

§ 12

LIMITATION OF LIABILITY

The Issuer shall be held responsible for acting or failing to act in connection with the Certificates only if, and insofar as, it either breaches material obligations under or in connection with the Terms and Conditions negligently or wilfully or breaches other obligations with gross negligence or wilfully. The same applies to the Paying Agent and the Additional Paying Agent.

§ 13

FINAL CLAUSES

1. The Certificates and the rights and duties of the Certificateholders, the Issuer, the Paying Agent and the Guarantor (if any) shall in all respects be governed by the laws of the Federal Republic of Germany except for § 1 paragraph 1 and 2 of the Terms and Conditions which shall be governed by the laws of the Republic of Italy.

The rights and duties of the Additional Paying Agent shall in all respects be governed by the laws of the Republic of Italy.

Following such rescission by the Issuer, the Certificateholders may instruct the account holding bank to submit a duly completed redemption notice to the Paying Agent, either by filling in the relevant form available from the Paying Agent or by otherwise stating all information and declarations required on the form (the "Rescission Redemption Notice"), and to request repayment of the Issue Price against transfer of the Certificates to the account of the Paying Agent with the Clearing System. The Issuer shall make available the Issue Price to the Paying Agent within ten calendar days following receipt of the Rescission Redemption Notice and of the Certificates by the Paying Agent, whichever receipt is later, whereupon the Paying Agent shall transfer the Issue Price to the account specified in the Rescission Redemption Notice. Upon payment of the Issue Price all rights under the Certificates delivered shall expire.

3. The Issuer may combine the declaration of rescission pursuant to paragraph 2 with an offer to continue the Certificates on the basis of corrected Terms and Conditions. Such an offer and the corrected provisions shall be notified to the Certificateholders together with the declaration of rescission in accordance with § 11. Any such offer shall be deemed to be accepted by a Certificateholder (and the rescission shall not take effect), unless the Certificateholder requests repayment of the Issue Price within four weeks following the date on which the offer has become effective in accordance with § 11 by delivery of a duly completed Rescission Redemption Notice via the account holding bank to the Paying Agent and by transfer of the Certificates to the account of the Paying Agent with the Clearing System pursuant to para- graph 2. The Issuer shall refer to this effect in the notification.

4. "Issue Price" within the meaning of paragraph 2 and 3 shall be deemed to be the higher of (i) the purchase price that was actually paid by the relevant Certificateholder (as declared and proved by evidence in the request for repayment of the relevant Certificateholder) and (ii) the weighted average (as determined by the Issuer in its reasonable discretion (billiges Ermessen) (§ 315 German Civil Code (BGB)) of the traded prices of the Certificates on the Payment Business Day preceding the declaration of rescission pursuant to paragraph 2. If a Market Disruption Event exists on the Payment Business Day preceding the declaration of rescission pursuant to paragraph 2, the last Payment Business Day preceding the declaration of rescission pursuant to paragraph 2 on which no Market Disruption Event existed shall be decisive for the ascertainment of price pursuant to the preceding sentence.

5. Contradictory or incomplete provisions in the Terms and Conditions may be corrected or amended, as the case may be, by the Issuer in its reasonable discretion (billiges Ermessen) (§ 315 German Civil Code (BGB)). The Issuer, however, shall only be entitled to make such corrections or amendments which are reasonably acceptable to the Certificateholders having regard to the interests of the Issuer and in particular which do not materially adversely affect the legal or financial situation of the Certificateholders. Notice of any such correction or amendment shall be given to the Certificateholders in accordance with § 11.

6. If the Certificateholder was aware of typing or calculation errors or similar errors at the time of the acquisition of the Certificates, then, notwithstanding paragraphs 2 - 5, the Certificateholders can be bound by the Issuer to the corrected Terms and Conditions.

7. Should any provision of these Terms and Conditions be or become void in whole or in part, the other provisions shall remain in force. The void provision shall be replaced by a valid provision that reflects the economic intent of the void provision as closely as possible in legal terms. In those cases, however, the Issuer may also take the steps described in paragraphs 2 - 5 above.

8. Place of performance is Frankfurt am Main.

9. Place of jurisdiction for all disputes and other proceedings in connection with the Certificates for merchants, entities of public law, special funds under public law and entities without a place of general jurisdiction in the Federal Republic of Germany is Frankfurt am Main. In such a case, the place of jurisdiction in Frankfurt am Main shall be an exclusive place of jurisdiction.

10. The English version of these Terms and Conditions shall be binding. Any translation is for convenience only.

ANNEX 1 to the Terms and Conditions of the Certificates

Renouncement Notice from the CERTIFICATEHOLDER to his/her CERTIFICATE ACCOUNT HOLDER

(to be completed by the beneficial owner of the Certificates for the valid renouncement of the Automatic Exercise of the Certificates)

Commerzbank Aktiengesellschaft

Certificates relating to the Commerzbank Efficiency Growth Index ISIN DE000CZ37TL7

(the "Certificates")

To: Certificates Account Holder

(the "Certificates Account Holder")

C/c Paying Agent

[Commerzbank Aktiengesellschaft Attn: [•]

Xxxxxxxxxxxx 00 (Xxxxxxxxxxx), 00000 Xxxxxxxxx xx Xxxx] Fax No: [•]

(the "Paying Agent")

We, the undersigned Certificateholder(s), hereby communicate that we are renouncing the right to receive the Settlement Amount payable with respect to the Number of Certificates following the Automatic Exercise of the Certificates as specified below, in accordance with the Terms and Conditions of the Certificates. Furthermore we acknowledge that any rights arising from the Certificates will terminate upon delivery of the Renouncement Notice and that we will not be entitled to receive any Settlement Amount payable by the Issuer with respect to the Certificates and that the Issuer shall have no further liability with respect to such amounts.

The undersigned understands that if this notice is not duly completed and delivered prior to the Renouncement Notice Cut-Off Time on the Renouncement Notice Cut-Off Date, or if this notice is determined to be incomplete or not in proper form [(in the determination of the Certificates Account Holder in consultation with the Paying Agent and the Clearing System)] it will be treated as null and void.

ISIN Code/Series number of the Certificates: DE000CZ37TL7 Number of Certificates which are the subject of this notice: [•] [Renouncement Notice Cut-Off Time: [•]]

[Renouncement Notice Cut-Off Date: [•]] Name of Certificateholder(s)

Signature ]

Commerzbank Efficiency Growth Index Index Description

The Index described below relates to a virtual portfolio. There is no obligation of the Issuer, the Index Sponsor or the Index Calculation Agent to actually invest in the components of the Index.

The Index is not a recognised financial index, but rather a customised index composed and calculated solely for the purpose of serving as underlying for Certificates issued by Commerzbank Aktiengesellschaft as the Issuer. The Issuer or any of its affiliates may enter into transactions or purchase assets in order to hedge the risk of entering into and performing its obligations with respect to the Certificates (the "Hedging Transactions"). Any Hedging Transactions will depend on the number of Certificates outstanding.

An increase in the Index Value cannot be guaranteed. Neither the Index Sponsor nor the Index Calculation Agent is responsible for the performance of the Index. The tasks of the Index Calculation Agent are limited to the calculation and publication of the Index.

Defined Terms used, but not defined in the following Description of the Fund Basket Index shall have the meaning as ascribed to them in the Definitions attached hereto.

1. Index Objectives

The Index is a volatility target strategy index that represents the daily performance of a virtual portfolio consisting of a Basket and a Reference Interest Rate.

The objective of the Index is the increase of the Index Value. The weighting between the Basket and the Reference Interest Rate will be adjusted on a daily basis depending on the realised volatility of the Basket and calculated by using a purely rule-based methodology (see definition and determination of Weighting. The Weighting depends on the daily realised volatility of the Basket and the fixed Risk Control Level, expressed as a percentage. The result of the Risk Control Level is that (i) whenever the Realised Volatility is below the Risk Control Level, the Weighting is at or above 100 % and capped at the Max Exposure, and (ii) when the realised volatility is above the Risk Control Level, the Weighting falls below 100 % according to the formula for the determination of Weighting. The Weighting will be adjusted with respect to each Index Calculation Date.

The Index is calculated in accordance with section 3 of this Index Description and published in accordance with section 5 of this Index Description by the Index Calculation Agent.

2. Index Definitions

For the purposes of this Index Description, the following definitions shall apply:

"Compulsory Redemption" of the Fund Shares means the compulsory redemption or transfer of the Fund Shares, as described in the Memorandum.

"Fund Business Day" means with respect of each Fundi, a day on which the NAV of such Fund is determined and published according to the respective Memorandum and subscription and redemption orders can be received by the Fundi.

"Fund Management" with respect to a Fund means the management of such Fund which includes (i) any entity specified in the relevant Memorandum which is responsible for providing investment management advice to such Fund and/or to any relevant third party, and/or (ii) any entity or individual who is responsible to manage the business and the affairs of such Fund, and/or (iii) any individual or group of individuals specified in the relevant Memorandum who is/are responsible for overseeing the activities of such Fund and/or (iv) any entity specified in the relevant Memorandum that is responsible

for the administration of such Fund and the determination and publication of the NAV of the relevant Fund Share.

"Index Disruption Event" means if on an Index Calculation Date the NAV of a Component is not determined and published or if a suspension of, or limitation imposed on, trading in an Index Component occurs (except for the occurrence of a Substitution Event).

"Index Value" means the price of the Index as calculated by the Index Calculation Agent on the basis of the respective NAVs of the Basket and a Reference Interest Rate (see section 3 – Index Calculation), and published in accordance with section 4 of this Index Description by the Index Calculation Agent.

"Memorandum" means the respective offering memorandum for the Fund Shares and the Fund, as amended and supplemented from time to time.

"NAV" means with respect to a Fund Shares the net asset value of the respective Fund Share as determined and published (or made available) according to the respective Memorandum minus any costs, fees, taxes or and withholdings incurred by a notional investor in connection with the relevant Fund Share as determined by the Index Calculation Agent.

"Notional Investor" means a hypothetical investor (in the same position as the Issuer) in the Fund Shares of the respective Fund.

"Rebalancing of Weighting Wfi" means that the sum of all individual weightings is capped at 100% at all times and each individual Index Component weighting cannot exceed the Individual Index Component Weighting.

"Substitution Event" means any of the following events which the Index Sponsor in its reasonable discretion (billiges Ermessen) (§ 317 German Civil Code (BGB)) determines to be a Substitution Event with respect to the Fund and the Fund Shares:

(i) The implementation of any change to the terms and conditions of the Fund, which, in the reasonable discretion (billiges Ermessen) (§ 317 German Civil Code (BGB) of the Index Sponsor which shall be fair and not unreasonable and in accordance with the prevailing market standards, is of a material nature including but not limited to such changes as (i) a change in the risk profile of the Fund; (ii) a change in the voting rights, if any, associated with the voting shares of the Fund; (iii) an alteration to the investment objectives of the Fund; or (iv) a change in the currency in which the Fund Shares are denominated so that the NAV is quoted in a different currency from that in which it was quoted on the Index Commencement Date;

(ii) The breach of the investment objectives of the Fund (as defined in the Memorandum) if such breach, in the reasonable discretion (billiges Ermessen) (§ 317 German Civil Code (BGB) of the Index Sponsor which shall be fair and not unreasonable and in accordance with the prevailing market standards, is of a material nature;

(iii) The imposition or increase of subscription and/or redemption fees, or taxes or other similar fees, payable in respect of a purchase or redemption of the Fund Shares after the Index Commencement Date, it being acknowledged that the Notional Investor must be able, at all times during the term of the Certificates, to buy and sell Fund Shares at the then applicable NAV;

(iv) If the Fund Management fails for reasons other than of a technical or operational nature, to calculate and make available the NAV for five consecutive Fund Business Days;

(v) If the activities of the Fund and/or the Fund Management are placed under review by their regulators for reasons of wrongdoing, breach of any rule or regulation or other similar reason;

(vi) The Compulsory Redemption of the Fund Shares by the Fund for any reason prior to the end of the term of the Certificates;

(vii) If the issue of additional shares of the Fund or the redemption of existing Fund Shares is suspended for five Fund Business Days;

(viii) The winding-up or termination of the Fund for any reason prior to the end of the term of the Certificates;

(ix) If the Fund is superseded by a successor fund (the "Successor") following a merger or similar event unless, in the reasonable discretion (billiges Ermessen) (§ 317 German Civil Code (BGB) of the Index Sponsor which shall be fair and not unreasonable and in accordance with the prevailing market standards, the Successor has similar investment objectives to those of the Fund, is incorporated in the same jurisdiction as the Fund (or another jurisdiction acceptable to the Issuer), is denominated in the same currency as the Fund and is managed and administered by one or more individuals who, or corporate entities which, are reputable and experienced in their field and satisfy the compliance, due diligence and other control procedures of the Issuer;

(x) The cancellation of the registration, or of the approval, of the Fund and/or the Fund Management by any relevant authority or body;

(xi) The replacement of the Fund Management by the Fund unless, in the reasonable discretion (billiges Ermessen) (§ 317 German Civil Code (BGB) of the Index Sponsor which shall be fair and not unreasonable and in accordance with the prevailing market standards, the relevant replacement is an individual or group of individuals who, or a corporate entity which, is reputable and experienced in their field and satisfy the compliance, due diligence and other control procedures of the Issuer;

(xii) If the Issuer is required, pursuant to any accounting or other applicable regulations in accordance with which it prepares financial statements, to consolidate the Fund; or

(xiii) Any other event in respect of the Fund which, in the opinion of the Issuer, has an analogous effect to any of the events specified under (i) – (xii) above.

If the Index Calculation Agent cannot determine the Reference Interest Rate because the Screen Page is not published, or if the Index Calculation Agent cannot make such determination for any other reason, then the Reference Interest Rate shall be the arithmetic mean (rounded, if necessary, to the nearest one thousandth of a percentage point, 0.0005 being rounded upwards) determined by the Index Calculation Agent of the interest rates which four reference banks selected by the Index Calculation Agent in conjunction with the Issuer (the "Reference Banks") quote to prime banks on such day for deposits in the Index Currency for a period equal to the Reference Period.

Should two or more of the Reference Banks provide the relevant quotation, the arithmetic mean shall be calculated as described above on the basis of the quotations supplied. If less than two Reference Banks provide a quotation, then the Reference Interest Rate shall be determined by the Index Calculation Agent in its reasonable discretion (billiges Ermessen) (§ 317 German Civil Code (BGB)) and in accordance with the prevailing market standards.

3. Index Calculation Initial Index Calculation

As soon as the NAVs of all Components of the Basket with respect to the Index Commencement Date are published on their corresponding Bloomberg ticker, the Index Calculation Agent will calculate the initial realised volatility and determine the initial Weighting.

Daily Basket Value Calculation

For each Index Calculation Date the Index Calculation Agent will calculate the value of the Basket ("Basket Value") as soon as the respective NAVs of all Components of the Basket are published on their corresponding BBG ticker.



On the Initial Calculation Date the Basket Value is equal to the Initial Index Value and will be calculated on each subsequent Index Calculation Datet in accordance with the following formula:

i=n



Basket t = Basket t−1 × ∑ WFi ×

NAVi,t 

Where



i=1

NAVi,t−1 

Baskett means the Basket Value with respect to the current Index Calculation Date(t)

Baskett-1 means the Basket Value with respect to the immediately preceding Index Calculation Date(t-1)

NAVi,t means the NAV of Fundi with respect to the relevant Index Calculation Datet

NAVi,t-1 means the NAV of the Fundi with respect to the immediately preceding Index Calculation Date(t-1);

WFi means the Weighting of Fundi in the Basket. n means the number of Funds in the Basket.

Daily Index Calculation

For each Index Calculation Date the Index Calculation Agent will calculate the value of the Index ("Index Value") as soon as the respective NAVs of all Components of the Fund Basket are published on their corresponding Bloomberg ticker.

The Index Value will be published by the Index Calculation Agent in accordance with section 5 - Index Publication. On the Index Commencement Date the Index Value is equal to 100 points expressed in the Index Currency and will be calculated by the Index Calculation Agent on each subsequent Index Calculation Date (t) in accordance with the following formula:

  

Basket

 

Actt,t−1  

Actt,t−1  

Index t

= Index t−1 × 1+Wt−1× t −1 +(1−Wt−1)×Ratet−1×

 −PF×  



 

 Basket t−1

 

conv  

conv 





where

Indext means the Index Value on the current Index Calculation Date(t)

Indext-1 means the Index Value with respect to the immediately preceding Index Calculation Date(t-1)

Wt-1 means the Weighting with respect to the immediately preceding Index Calculation Date(t-1)

Baskett means the Basket Value with respect to the current Index Calculation Date(t)

Baskett-1 means the Basket Value with respect to the immediately preceding Index Calculation Date(t-1)

Ratet-1 means the Reference Interest Rate as determined by the Index Calculation Agent with respect to the immediately preceding Calculation Date(t-1). When the number of Payment Business Days between Calculation Dates is more than one an alternative, commercially reasonable rate may be used, as determined by the Index Calculation Agent.

Actt,t-1 means the number of calendar days from, but excluding, the immediately preceding Index Calculation Date(t-1) to, and including, the relevant Index Calculation Date(t).

conv is as defined in the Definitions.

PF means the Protection Fee (see Section 4 - Index Fees)

Postponement of Index Calculation

Upon the occurrence of an Index Disruption Event the relevant Index Calculation Date shall be postponed to the next Index Calculation Date on which the NAV of the Fund used as Component is again determined and published and on which no Index Disruption Event occurs.

In the case of a Substitution Event, the Index Calculation Date shall be postponed until the day on which the NAV of the Successor Fund is determined and published for the first time after the Successor Fund has become an Index Component.

4. Index Fees

The Protection Fee will be levied on each calendar day, starting on the Index Commencement Date, thereby reducing the Index Value.

5. Index Publication

The Index Calculation Agent will publish the Index Value on the Index Publication Source when the relevant NAVs of all Components of the Fund Basket are published on the corresponding Bloomberg ticker.

6. Index Adjustments

If, in the reasonable discretion (billiges Ermessen) (§ 317 German Civil Code (BGB)) of the Index Calculation Agent, a Substitution Event has occurred with respect to a Fund and the respective Fund Shares (the date on which the Substitution Event is deemed to occur, the "Substitution Event Determination Date"), the Index Sponsor may, but is not required to, replace the respective Component according to the following procedures:

The Index Calculation Agent determines a value for the Fund Shares on the basis of the amount of cash redeemed per Fund Share (the “Removal Value") as a result of redemption of the Fund Shares on the Substitution Event Determination Date by a Notional Investor in the Fund.

If the Index Calculation Agent determines that a Substitution Event has occurred:

(i) the Index Sponsor will use reasonable efforts to identify an alternative fund with similar characteristics, investment objectives and policies to those of the Fund in substitution for the Fund (the “Successor Fund") and will communicate the result of such identification to the Index Calculation Agent. The Index Calculation Agent has the right to reject the Successor Fund; or



(ii) If the Index Sponsor is unable to identify a Successor Fund or if the Index Calculation Agent and the Index Sponsor are unable to agree on a Successor Fund, the Removal Value shall contrary to the description above be determined on each Fund Business Day in accordance with the formula below:

RemovalValue

= RemovalValue



× +Rate

× Actt,t−1 

t t−1 1



t,t−1

conv 

where: RemovalValuet RemovalValuet −1

RemovalValue0

means the Removal Value determined in respect of a Fund Business Day(t)

means the Removal Value determined in respect of the previous Fund Business Day(t-1)

means the Removal Value determined on the Removal Date

Actt,t-1 means the number of calendar days during the period from and including the Fund Business Day(t-1) to but excluding the respective Fund Business Day(t).

For the first calculation to be made on the basis of the Removal Value on the Fund Business Day directly following the Removal Date, it shall be the number of calendar days during the period from and including the Removal Date to but excluding such Fund Business Day.

conv is as defined in the Definitions.

Removal Date means the latest of (1) the day immediately following the day on which the Removal Value is determined, (2) two Fund Business Days following the date the Successor Fund has been determined and (3) the Fund Business Day following the Index Sponsor deciding that they are unable to identify a Successor Fund

7. Changes in the Calculation of the Index

The Index Calculation Agent starts the calculation of the Index on the Index Commencement Date. Although the Index Calculation Agent intends to apply the Index Description from the Index Commencement Date, it cannot be ruled out that tax, regulatory, statutory, economic or other circumstances might apply that, in the reasonable discretion (§ 315 of the German Civil Code (BGB)) of the Index Calculation Agent, will necessitate changes with regard to the Index Description. In that case, the Index Calculation Agent may in its reasonable discretion (§ 315 of the German Civil Code (BGB)) deviate from, or perform changes to, the Index Description. Any deviations from the Index Description are subject to the proviso that the general concept and, thus, the investment objectives of the Index in particular are maintained. In the event of a change to the calculation method as detailed in the Index Description, the Index Calculation Agent will publish the relevant change in accordance with section 5.

ADDITIONAL INFORMATION

Country(ies) where the offer takes place: Italian Republic

Country(ies) where admission to trading on the regulated market(s) is being sought:

Italian Republic

SUMMARY

Summaries are made up of disclosure requirements known as ‘Elements’. These elements are numbered in Sections A – E (A.1 – E.7).

This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. There may be gaps in the numbering sequence of the Elements in cases where Elements are not required to be addressed.

Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of ‘- not applicable -’. Certain provisions of this summary are in brackets. Such information will be completed or, where not relevant, deleted, in relation to a particular issue of securities, and the completed summary in relation to such issue of securities shall be appended to the relevant final terms.

Section A – Introduction and Warnings

Element Description of Element

Disclosure requirement

A1 Warnings This summary should be read as an introduction to the base

prospectus (the "Base Prospectus") and the relevant Final Terms. Investors should base any decision to invest in the securities issued under this Base Prospectus (the "Certificates") in consideration of the Base Prospectus as a whole and the relevant Final Terms.

Where a claim relating to information contained in the Base Prospectus is brought before a court in a member state of the European Economic Area, the plaintiff investor may, under the national legislation of such member state, be required to bear the costs for the translation of the Base Prospectus and the Final Terms before the legal proceedings are initiated.

Civil liability attaches only to those persons, who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, all necessary key information.

A2 Consent to the use of the Prospectus

The Issuer hereby grants consent to use the Base Prospectus and the Final Terms for the subsequent resale or final placement of the Certificates by any financial intermediary.

The consent to use the Base Prospectus and the Final Terms is granted only in relation to the following Member State(s): Italian Republic

Section B – Issuer

Element Description of

Element

B1 Legal and Commercial Name of the Issuer

B2 Domicile / Legal Form / Legislation / Country of Incorporation

B4b Known trends affecting the Issuer and the industries in which it operates

B5 Organisational Structure

B9 Profit

forecasts or estimates

B10 Qualifications in the auditors' report on the historical financial information on the historical financial information

B 12 Selected key financial information

Disclosure requirement

The legal name of the Bank is COMMERZBANK Aktiengesellschaft and the commercial name of the Bank is Commerzbank.

The Bank's registered office is Frankfurt am Main. Its head office is at Xxxxxxxxxxxx 00 (Xxxxxxxxxxx), 00000 Xxxxxxxxx xx Xxxx, Xxxxxxx Xxxxxxxx of Germany.

Commerzbank is a stock corporation established under German law.

Commerzbank is the parent company of the Commerzbank Group. The Commerzbank Group holds directly and indirectly equity participations in various companies.

- not applicable -

The Issuer currently does not make profit forecasts or estimates.

- not applicable -

Unqualified auditors' reports have been issued on the historical financial information contained in this Base Prospectus.

The following table shows in overview form the balance sheet and income statement of the COMMERZBANK Group which has been extracted from the respective audited consolidated financial statements prepared in accordance with IFRS as of 31 December 2011 and 2012 as well as from the consolidated interim financial statements as of 30 September 2013 (reviewed):

Balance sheet	31 December	31 December	30 September
	2011	2012*)	2013
Assets (€m)
Cash reserve..................................	6,075	15,755	11,122
Claims xx xxxxx.............................	87,790	88,028	109,482
Claims on customers......................	296,586	278,546	250,530
Value adjustment portfolio fair	147	202	91
value xxxxxx................................
Positive fair value of derivative hedging instruments.....................	5,132	6,057	4,053
Trading assets................................	155,700	144,144	119,472
Financial investments.....................	94,523	89,142	84,487
Holdings in companies	694	744	727
accounted for using the equity method.........................................
Intangible assets ............................	3,038	3,051	3,122
Fixed assets ...................................	1,399	1,372	1,721

Investment properties.....................	808		637		668
Non-current assets and disposal groups held for sale........................	1,759		757		249
Current tax assets ..........................	716		790		613
Deferred tax assets ........................	4,154		3,216		3,153
Other assets...................................	3,242		3,571		3,742
Total ..............................................	661,763		636,012		593,232
Liabilities and equity (€m)
Liabilities to banks ...........................	98,481		110,242		124,315
Liabilities to customers ....................	255,344		265,842		256,244
Securitised liabilities ........................	105,673		79,332		69,551
Value adjustment portfolio fair value xxxxxx.................................	938		1,467		784
Negative fair values of derivative
hedging instruments..........................	11,427	11,739		8,429
Trading liabilities..............................	137,847	116,111		82,646
Provisions........................................	3,761	4,099		3,965
Current tax liabilities ........................	680	324		240
Deferred tax liabilities ......................	189	91		96
Liabilities from disposal groups held for sale ..................................	592	2		-
Other liabilities.................................	6,568	6,523		6,590
Subordinated capital........................	13,285	12,316		12,136
Hybrid capital ..................................	2,175	1,597		1,489
Equity..............................................	24,803	26,327		26,747

Total ............................................... 661,763 636,012 593,232

*) Prior-year figures restated due to the first-time application of the amended IAS 19 and other disclosure changes.

1 January – 31 December 1 January – 30 September 2011 2012 2012*) 2013

Net interest income......	6,724	5,539	4,759	4,468
Loan loss provisions ...	(1,390)	(1,660)	(1,046)	(1,296)
Net interest income
after loan loss	5,334	3,879	3,713	3,172
provisions..................
Net commission income ......................	3,495	3,191	2,485	2,440
Net trading income
and net income from	1,986	1,121	472	234
hedge accounting......
Net investment income ......................	(3,611)	81	(169)	10
Current net income
from companies accounted for using	42	46	34	50
the equity method......
Other net income.........	1,253	(77)	(55)	(147)
Operating expenses ....	7,992	7,025	5,254	5,109

Income Statement (€m)

Restructuring expenses...................

--- 43 43 493

Net gain or loss from
sale of disposal of	---	(268)	(83)	---
groups....................... Pre-tax profit or loss..	507	905	1,100	157
Taxes on income	(000)	000	000	00
Consolidated profit or loss ......................	747	109	771	97

1) Prior-year figures restated due to the first-time application of the amended IAS 19 and other disclosure changes.

B13 Recent events which are to a material extent relevant to the Issuer's solvency

B14 Dependence of the Issuer upon other entities within the group

B15 Issuer’s principal activities, principal markets

B16 Controlling parties

There has been no material adverse change in the prospects of the COMMERZBANK Group since 31 December 2012.

No significant changes in the financial position of the COMMERZBANK Group have occurred since 30 September 2013.

- not applicable -

There are no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer's solvency.

- not applicable -

As stated under item B.5, Commerzbank is the parent company of the Commerzbank Group.

The focus of the activities of the Commerzbank Group is on the provision of a wide range of financial services to private, small and medium-sized corporate and institutional customers in Germany, including account administration, payment transactions, lending, savings and investment products, securities services, and capital market and investment banking products and services. As part of its comprehensive financial services strategy, the Group also offers other financial services in association with cooperation partners, particularly building savings loans, asset management and insurance. The Group is continuing to expand its position as one of the most important German export financiers. Alongside its business in Germany, the Group is also active through its subsidiaries, branches and investments, particularly in Europe.

The Commerzbank Group is divided into five operating segments – Private Customers, Mittelstandsbank, Central & Eastern Europe, Corporates & Markets and Non Core Assets (NCA) as well as Others and Consolidation. The Private Customers, Mittelstandsbank, Central & Eastern Europe and Corporates & Markets segments form the Commerzbank Group's core bank together with Others and Consolidation.

- not applicable –

Commerzbank has not submitted its management to any other company or person, for example on the basis of a domination agreement, nor is it controlled by any other company or any other person within the meaning of the German Securities Acquisition and Takeover Act.

Section C – Securities

Element Description of

Element

Disclosure requirement

C1 Type and class of the securities / Security identification number

Type/Form of Securities Certificates

relating to the Commerzbank Efficiency Growth Index (the "Certificates")

The Certificates are issued in bearer dematerialised form in the denomination of EUR 90 (the "Denomination").

Security Identification number(s) of Securities ISIN DE000CZ37TL7

C2 Currency of the securities

The Certificates are issued in Euro.

C5 Restrictions on the free transferability of the securities

- not applicable –

The Certificates are freely transferable.

C8 Rights attached to the securities (including ranking of the Securities and limitations to those rights)

Governing law of the Securities

The Certificates will be governed by, and construed in accordance with German law. The constituting of the Certificates may be governed by the laws of the jurisdiction of the Clearing System as set out in the respective Final Terms.

Rights attached to the Securities

Repayment

The holder of the Certificates will receive on the Maturity Date a monetary amount equal to a Settlement Amount, which will be calculated according to a formula set out in the Terms and Conditions and which will be depending on the Reference Price of the underlying index on the Valuation Date.

Adjustments and Early Redemption

Subject to particular circumstances, the Issuer may be entitled to perform certain adjustments. Apart from this, the Issuer may be entitled to terminate the Certificates prematurely if a particular event occurs.

Ranking of the Securities

The obligations under the Certificates constitute direct, unconditional and unsecured (nicht dinglich besichert) obligations of the Issuer and, unless otherwise provided by applicable law, rank at least pari passu with all other unsubordinated and unsecured (nicht dinglich besichert) obligations of the Issuer.

C11 Admission to listing and trading on a regulated market or equivalent market

The Certificates will be sold and traded by the issuer only through the regulated market of Borsa Italiana S.p.A. (Mercato Telematico of securitised derivatives ("SeDeX")) starting form the date established by Borsa Italiana S.p.A. in a public notice.

C15 Influence of the Underlying on the value of the securities:

The redemption of the Certificates on the Maturity Date depends on the performance of the Underlying.

The Certificates allow investors to participate in the positive performance of the Underlying. In turn, the investor is exposed to the risk of loss due to a decreasing value of the Underlying because the Settlement Amount the investor will receive on the Valuation Date is linked to the price of the Underlying on the Valuation Date.

In detail:

Subject to the provisions contained in the Terms and Conditions, each Certificate will be redeemed on the Maturity Date by the payment of an amount in EUR (the "Settlement Amount"), as determined by the Issuer in accordance with the Terms and Conditions.

The Settlement Amount per Certificate is, if necessary, rounded to the next EUR 0.01; EUR 0.005 will be rounded up.

Each Certificate shall be redeemed by payment of a Settlement Amount per Certificate determined by applying the following formula:





SA = CA x Max  0;



Underlying (Final)

Underlying (Strike)

x (1 − 1.1%) 4





− 1



Where

"CA" means the "Calculation Amount" equal to EUR 1,000,

"Underlying(Final)" means the Reference Price of the Underlying on the Valuation Date; and

"Underlying(Strike)" means the Strike Price.

C16 Valuation Date 20 April 2018

Maturity Date 25 April 2018

C17 Description of the settlement procedure for the securities

The Certificates sold will be delivered on the Payment Date in accordance with applicable local market practice via the Clearing System.

C18 Delivery procedure (clearing on the Maturity Date)

All amounts payable pursuant to the Terms and Conditions shall be paid to the Certificateholders not later than on the Settlement Date following the date stated in the Terms and Conditions. Such pay- ment shall be made to the Paying Agent for transfer to the Clearing System or pursuant to the Clearing System's instruction for credit to the relevant accountholders. Payment to the Clearing System or pursuant to the Clearing System's instruction shall release the Issuer from its payment obligations under the Certificates in the amount of such payment.

If a payment is to be made on a day that is not a Payment Business Day, it shall take place on the next following Payment Business Day. In this case, the relevant Certificateholder shall neither be entitled to any payment claim nor to any interest claim or other compensation with respect to such delay.

"Paying Agent" means Commerzbank Aktiengesellschaft. "Clearing System" means Monte Titoli S.p.A.

"Payment Business Day" means a day on which the Trans- European Automated Real-Time Gross Settlement Express Transfer System (TARGET) and the Clearing System settle payments in EUR.

C19 Final Reference Price of the Underlying

The Index Value as determined and published by the Index Sponsor on the Valuation Date.

C20 Type of the underlying and details, where information on the underlying can be obtained

The index underlying the Certificates is the Commerzbank Efficiency Growth Index (the "Underlying").

Information on the Underlying is available on Bloomberg ticker CBKSEFFE Index.

Section D – Risks

The purchase of Certificates is associated with certain risks. The Issuer expressly points out that the description of the risks associated with an investment in the Certificates describes only the major risks which were known to the Issuer at the date of the Base Prospectus.

Element Description of Element

Disclosure requirement

D2 Key risks specific to the Issuer

The Certificates entails an issuer risk, also referred to as debtor risk or credit risk for prospective investors. An issuer risk is the risk that Commerzbank becomes temporarily or permanently unable to meet its obligations to pay interest and/or the settlement amount.

Furthermore, Commerzbank is subject to various risks within its business activities. Such risks comprise in particular the following types of risks:

Global Financial Market Crisis and Sovereign Debt Crisis

The global financial market crisis and sovereign debt crisis in the eurozone in particular have put a very significant strain on the net assets, financial position and results of operations of the Group in the past, and it can be assumed that further materially adverse effects for the Group can also result in the future, in particular in the event of a renewed escalation of the crisis. A further escalation of the crisis within the European Monetary Union can have material adverse effects with consequences that even pose a threat to the Group’s existence. The Group holds a large amount of sovereign debt. Impairments and valuations of such sovereign debt at lower fair values have material adverse effects on the Group.

Macroeconomic Environment

The macroeconomic environment prevailing for some time adversely affects the results of operations of the Group and the strong dependence of the Group on the economic environment, particularly in Germany, can lead to further substantial burdens in the event of a renewed economic downturn.

Counterparty Default Risk

The Group is exposed to counterparty default risk (credit risk) also in respect of large individual commitments, large loans and advances, and commitments that is concentrated in individual sectors, so-called "cluster" commitments, as well as loans to debtors that may be particularly affected by the sovereign debt crisis. Real estate finance and ship finance are exposed to risks associated in particular with the volatility of real estate and ship prices, including counterparty default risk (credit risk) and the risk of substantial changes in the values of private and commercial real estate and ships held as collateral. The Group has a substantial number of non-performing loans in its portfolio and these defaults may not be sufficiently covered by collateral in combination with previously conducted write-downs and established provisions.

Market Risks

The Group is exposed to market price risks in the valuation of equities and investment fund units as well as in the form of interest rate risks, credit spread risks, currency risks, volatility and correlation risks, commodity price risks.

Strategic Risks

There is a risk that the Group may not be able to implement its strategic plans, or only implement them in part or at higher costs than planned. The synergy effects anticipated from Dresdner Bank’s integration into the Group may be less than expected or begin to materialize at a later date. In addition, ongoing integration is causing considerable costs and investments that may exceed the planned limits. Customers may not be retained in the long run as a result of the takeover of Dresdner Bank.

Risks from the Competitive Environment

The markets in which the Group is active, particularly the German market and there, above all, activities in business with private and corporate customers as well as investment banking, are characterized by heavy competition on the basis of prices and conditions, which results in considerable pressure on margins. Measures by governments and central banks to combat the financial crisis and the sovereign debt crisis have a significant impact on the competitive environment.

Liquidity Risks

The Group is dependent on the regular supply of liquidity and a market-wide or company-specific liquidity shortage can have material adverse effects on the Group’s net assets, financial position and results of operations. Currently, the liquidity supply of banks and other players in the financial markets is strongly dependent on expansive measures of the central banks.

Operational Risks

The Group is exposed to a large number of operational risks including the risk that employees enter into extensive risks for the Group or violate compliance-relevant regulations in connection with the conducting of business activities and thereby cause suddenly occurring damages of a material size.

Risks from Equity Participations

With respect to holdings in listed and unlisted companies, Commerzbank is exposed to particular risks associated with the soundness and manageability of such holdings. It is possible that goodwill reported in the consolidated balance sheet will have to be written down, in full or in part.

Risks from Bank-Specific Regulation

Ever stricter regulatory capital and liquidity standards may bring into question the business model of a number of the Group’s operations and negatively affect the Group’s competitive position. Other regulatory reforms proposed in the wake of the financial crisis, e.g., statutory charges such as the bank xxxx or a possible financial transaction tax or stricter disclosure and organizational obligations can materially influence the Group’s business model and competitive environment.

Legal Risks

Claims for damages on the grounds of faulty investment advice and the lack of transparency of internal commissions have led to substantial charges and may also in the future lead to further

substantial charges for the Group. Commerzbank and its subsidiaries are subject to claims, including in court proceedings, for payment and restoration of value in connection with profit participation certificates and trust preferred securities it issued. The outcome of such proceedings can have material negative effects on the Group, beyond the claims asserted in each case. Regulatory, supervisory and judicial proceedings may have a material adverse effect on the Group. Proceedings brought by regulators, supervisory authorities and prosecutors may have material adverse effects on the Group.

D6 Key

information on the key risks that are specific to the securities

No secondary market immediately prior to the final maturity

The market maker and/or the exchange will cease trading in the Certificates shortly before their scheduled Maturity Date. However, between the last trading day and the Valuation Date, the price of the Underlying, which is relevant for the Certificates may still change. This may be to the investor’s disadvantage.

No Collateralization

The Certificates constitute unconditional obligations of the Issuer. They are neither secured by the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbandes deutscher Banken e.V.) nor by the German Deposit Guarantee and Investor Compensation Act (Einlagensicherungs- und Anlegerentschädigungsgesetz). This means that the investor bears the risk that the Issuer cannot or only partially fulfil the attainments due under the Certificates. Under these circumstances, a total loss of the investor's capital might be possible.

This means that the investor bears the risk that the Issuer's financial situation may worsen - and that the Issuer may be subjected to a reorganisation proceeding (Reorganisationsverfahren) or transfer order (Übertragungsanordnung) under German bank restructuring law or that insolvency proceedings might be instituted with regard to its assets - and therefore attainments due under the Certificates cannot or only partially be done. Under these circumstances, a total loss of the investor's capital might be possible.

Risks in Connection with the Adoption of a Recovery and Resolution Regime for Credit Institutions

Based on reform measures, developed by the Financial Stability Board (Effective Resolution of Systemically Important Financial Institutions) and the Basel Committee on Banking Supervision (Basel III) the European Commission published on 6 June 2012 a legislative proposal for a directive establishing a framework for recovery and resolution of credit institutions and investment firms – the Draft Recovery and Resolution Directive (such proposal hereinafter referred to as the "Draft RRD"), on which the EU finance ministers reached agreement on 27 June 2013.

According to the Draft RRD, “resolution authorities” are to be provided with necessary powers to apply the resolution tools to institutions that meet the applicable conditions for resolution.

The resolution tools include the instrument of “bail-in” which gives “resolution authorities” the power to write down the claims of unsecured creditors of a failing institution and to convert debt claims to equity without creditors’ consent.

The “resolution authorities” are further to be provided with the power to

write down “relevant capital instruments” (which may include subordinated notes) before any resolution action is taken if and when one or more specific circumstances apply.

The provisions of the Draft RRD, once they will have been adopted, will have to be implemented into German law before they will be directly applicable to the Issuer. Such implementation also might be done by interim amendments of the current German restructuring law.

However, the Draft RRD is not in final form and, accordingly, it is not yet possible to assess the full impact of the Draft RRD or any German legislation implementing the provisions of the Draft RRD.

Should the Draft RRD or similar provisions enter into force and be implemented into German law, they may severely affect the rights of the holders of the Certificates and may result in the loss of their entire investment.

FATCA*

The Issuer may be required to withhold tax at a rate of 30 per cent. on all, or a portion of, payments made after 31 December 2016 in respect of (i) securities issued or materially modified on or after the later of (a) 1 July 2014, and (b) the date that is six months after the date on which the final regulations applicable to "foreign passthru payments" are filed in the Federal Register or (ii) securities treated as equity for U.S. federal tax purposes, whenever issued, pursuant to FATCA.

Impact of a Downgrading of the Credit Rating

The value of the Certificates could be affected by the ratings given to the Issuer by rating agencies. Any downgrading of the Issuer’s rating by even one of these rating agencies could result in a reduction in the value of the Certificates.

Extraordinary Termination, Early Redemption and Adjustment Rights

The Issuer shall be entitled to perform adjustments with regard to the aforesaid Terms and Conditions or to terminate and redeem the Certificates prematurely if certain conditions are met. This may have a negative effect on the value of the Certificates as well as the Termination Amount. If the Certificates are terminated, the amount payable to the holders of the Certificates in the event of the termination of the Certificates may be lower than the amount the holders of the Certificates would have received without such termination.

Market Disruption Event

The Issuer is entitled to determine market disruption events that might result in a postponement of a calculation and/or of any attainments under the Certificates and that might affect the value of the Certificates. In addition, in certain cases stipulated, the Issuer may estimate certain prices that are relevant with regard to attainments or the reaching of barriers. These estimates may deviate from their actual value.

Substitution of the Issuer

If the conditions set out in the Terms and Conditions are met, the

* Foreign account tax compliance provisions of the Hiring Incentives to Restore Employment Act of 2010 ("FATCA")

Issuer is entitled at any time, without the consent of the holders of the Certificates, to appoint another company as the new Issuer with regard to all obligations arising out of or in connection with the Certificates in its place. In that case, the holder of the Certificates will generally also assume the insolvency risk with regard to the new Issuer.

Risk Factors Relating to the Underlying

The Certificates depend on the value of the Underlying and the risk associated with this Underlying. The value of the Underlying depends upon a number of factors that may be interconnected. These may include economic, financial and political events beyond the Issuer's control. The past performance of an Underlying should not be regarded as an indicator of its future performance during the term of the Certificates.

Risk at Maturity

The Certificates could be redeemed on the Maturity Date by payment of a Settlement Amount, which will be significantly below the initial issue price of EUR 90 per Certificate. In this case the investor could suffer a loss. This is - disregarding the costs incurred in connection with the purchase of the Certificates - the case, if on the Valuation Date the Reference Price of the Index underlying the Certificates is below the Strike Price of the Underlying.

The investor will suffer a loss if the Settlement Amount which will be depending on the performance of the Underlying (less local taxes) is below the purchase price paid for the Certificates. The lower the Reference Price of the Index and thus the lower the Settlement Amount, the greater will be the loss. Worst Case: The Index is worthless on the Valuation Date. In this case the Settlement Amount will be equal to zero.

Risks if the investor intends to sell or must sell the Certificates during the term:

Market Value Risk

The achievable sale price prior to the Maturity Date could be significantly lower than the purchase price paid by the investor.

The market value of the Certificates mainly depends on the performance of the Certificates' Underlying, without reproducing it accurately. In particular, the following factors may have an adverse effect on the market price of the Certificates:

− Changes in the expected intensity of the fluctuation of the Underlying (volatility)

− Remaining term of the Certificates

− Interest rate development

Each of these factors could have an effect on its own or reinforce or cancel each other.

Trading Risk

The Issuer is not obliged to provide purchasing and sale prices for the Certificates on a continuous basis on exchanges or over the counter (OTC) and to sell or buy back the Certificates offered there. Even if the Issuer generally provides purchasing and sale prices, in the event of extraordinary market conditions or technical troubles, the sale or purchase of the Certificates could be temporarily limited or impossible.

Section E – Offer

Element Description of

Element

Disclosure requirement

E 2b Reason for the offer and use of proceeds when different from making profit and/or hedging certain risks

- not applicable – Profit motivation

E 3 Description of the terms and conditions of the offer

Commerzbank offers from 14 April 2014 30,000 Certificates at an initial issue price of EUR 90 per Certificate.

E 4 Any interest that is material to the issue/offer including conflicting interests

The following conflicts of interest can arise in connection with the exercise of rights and/or obligations of the Issuer in accordance with the Terms and Conditions of the Certificates (e.g. in connection with the determination or adaptation of parameters of the terms and conditions), which affect the amounts payable:

− issuance of additional derivative instruments with regard to the Underlyings

− acting in its capacity as Index Sponsor and Index Calculation Agent in respect of the Underlying

− possession of material (including non-public) information about the Underlying

− acting as Market Maker

E 7 Estimated expenses charged to the investor by the issuer or the offeror

The investor can usually purchase the Certificates at a fixed issue price. This fixed issue price contains all costs incurred by the Issuer relating to the issuance and the sale of the Certificates (e.g. distribution cost, structuring and hedging costs as well as the profit margin of Commerzbank).

NOTA DI SINTESI

Le note di sintesi sono costituite da una serie di informazioni denominate "Elementi". Questi elementi sono numerati nell'ambito delle Sezioni A – E (A.1 – E.7).

La presente nota di sintesi contiene tutti gli Elementi richiesti per la presente tipologia di titoli e di Emittente. La sequenza numerica degli Elementi potrebbe non essere completa nei casi in cui alcuni Elementi non debbano essere riportati.

Nonostante un Elemento debba essere inserito in relazione alla tipologia di strumento e di Emittente, può accadere che non sia sempre possibile fornire alcuna informazione utile in merito ad esso. In questo caso la nota di sintesi riporterà una breve descrizione dell'Elemento con l'indicazione "Non Applicabile". Alcune previsioni della presente nota di sintesi sono inserite tra parentesi quadre. Tali informazioni saranno completate o, ove non rilevanti, cancellate, in relazione alla specifica emissione di titoli, e la nota di sintesi completa in relazione a tale emissione di titoli sarà allegata alle relative condizioni definitive.

Sezione A – Introduzione ed Avvertenze

Elemento Descrizione

dell'Elemento

Informazioni

A 1 Avvertenze La presente nota di sintesi deve essere letta come un’introduzione

al prospetto di base (il "Prospetto di Base") e alle relative Condizioni Definitive. Gli investitori dovrebbero basare qualsiasi decisione d'investimento nei titoli emessi ai sensi del presente Prospetto di Base (i "Certificates") sull'esame del Prospetto di Base nella sua interezza e sulle relative Condizioni Definitive.

Qualora venga intrapresa un’azione legale davanti all’autorità giudiziaria in uno stato membro dell'Area Economica Europea in relazione alle informazioni contenute nel presente Prospetto di Base, il ricorrente potrebbe essere tenuto, a norma della legislazione nazionale di tale stato membro, a sostenere le spese della traduzione del Prospetto di Base e delle Condizioni Definitive prima dell’avvio del procedimento legale.

La responsabilità civile incombe esclusivamente su quei soggetti che hanno predisposto la nota di sintesi, comprese le sue eventuali traduzioni, ma solamente qualora la nota di sintesi risulti fuorviante, imprecisa o incoerente se letta congiuntamente alle altri parti del Prospetto di Base o se non fornisca, se letta congiuntamente alle altri parti del presente Prospetto di Base, tutte le necessarie informazioni fondamentali.

A 2 Consenso all'uso del Prospetto di Base

L'Emittente presta il proprio consenso all'uso del Prospetto di Base e delle Condizioni Definitive per la rivendita successiva o il collocamento finale dei Certificates da parte di qualsiasi intermediario finanziario.

Il periodo d'offerta durante il quale può essere effettuata la rivendita successiva o il collocamento finale dei Certificates da parte degli intermediari, è valido solamente fino a quando il Prospetto di Base e le Condizioni Definitive siano validi ai sensi dell'articolo 9 della Direttiva Prospetto, come implementata nel relativo Stato Membro.

Il consenso all'uso del Prospetto di Base e delle Condizioni

Definitive è prestato solamente in relazione ai(al) seguente(i) Stato(i) Membro(i): Repubblica Italiana

Il consenso all'uso del presente Prospetto di Base, inclusi gli eventuali supplementi e le relative Condizioni Definitive è prestato a condizione che (i) il presente Prospetto di Base e le relative Condizioni Definitive siano consegnate agli investitori insieme agli eventuali supplementi pubblicati prima di tale consegna e (ii) nell'uso di tale Prospetto di Base e delle relative Condizioni Definitive, ciascun intermediario finanziario si assicuri di rispettare tutte le leggi e i regolamenti in vigore nelle rispettive giurisdizioni.

Qualora tale offerta sia stata effettuata da un intermediario finanziario, tale intermediario finanziario fornirà agli investitori le informazioni sui termini e condizioni dell'offerta nel momento in cui quell'offerta è effettuata.

Sezione B – Emittente

Elemento Descrizione

dell'Elemento

B 1 Denominazione legale e

commerciale dell'Emittente

B 2 Domicilio / Forma giuridica / Legislazione / Paese di Costituzione

B 4b Tendenze note riguardanti l'Emittente e i settori in cui opera

B 5 Struttura organizzativa

B 9 Previsioni o stime degli utili

B 10 Rilievi contenuti nella relazione di revisione sulle informazioni finanziarie storiche

B 12 Informazioni finanziarie fondamentali selezionate

Informazioni

La denominazione legale della Banca è COMMERZBANK Aktiengesellschaft e la denominazione commerciale della Banca è Commerzbank.

La sede legale della Banca è Francoforte sul Meno. La sua sede principale è sita in Xxxxxxxxxxxx 00 (Xxxxxxxxxxx), 00000 Xxxxxxxxxxx xxx Xxxx, Xxxxxxxxxx Xxxxxxxx xx Xxxxxxxx.

Commerzbank è una società per azioni costituita ai sensi del diritto tedesco.

Commerzbank è la società capogruppo del Gruppo Commerzbank. Il Gruppo Commerzbank detiene direttamente ed indirettamente partecipazioni azionarie in diverse società.

- non applicabile –

L'Emittente non fornisce attualmente previsioni o stime degli utili.

- non applicabile –

Le relazioni di revisione predisposte in merito alle informazioni finanziarie storiche contenute nel presente Prospetto di Base non contengono alcun rilievo.

La seguente tabella riporta in forma sintetica lo stato patrimoniale e il conto economico del Gruppo COMMERZBANK che sono stati estratti dai relativi bilanci consolidati assoggettati a revisione contabile, redatti nel rispetto dei principi IFRS al 31 dicembre 2011 e al 31 dicembre 2012 nonché dal rendiconto finanziario infrannuale consolidato al 30 settembre 2013 (revisionato):

Stato patrimoniale	31 dicembre 2011	31 dicembre 2012*)	30 settembre 2013
Attività (Assets) (in milioni di
Euro)
Riserva di cassa (Cash reserve) ....	6.075	15.755	11.122
Crediti verso banche (Claims xx xxxxx)..........................................	87.790	88.028	109.402

Crediti verso i clienti (Claims on

customers).................................. 296.586 278.546 250.530

Aggiustamenti di valore relativi alle coperture di portafogli al fair value (Value adjustments

for portfolio fair value xxxxxx)...... 147 202 91

Fair value positivi relativi agli strumenti derivati di copertura (Positive fair value of deri-

vative hedging instruments) ......... 5.132 6.057 4.053

Attività commerciali (Trading assets).........................................	155.700	144.144		119.472
Investimenti finanziari (Financial investments) ................................	94.523	89.142		84.487
Partecipazioni in società
contabilizzate con il metodo del patrimonio netto (Holdings
in companies accounted for using the equity method)..............	694	744		727
Attività immateriali (Intangible
assets).........................................	3.038		3.051		3.122
Attività fisse (Fixed assets).............	1.399		1.372		1.721
Investimenti immobiliari (Investment properties) ................	808		637		668
Attività non correnti e gruppi di
attività in via di dismissione posseduti per la vendita (Non-
current assets and disposal groups held for sale) ......................	1.759		757		249
Crediti d'imposta correnti (Current tax assets) .....................	716		790		613
Crediti d'imposta futuri (Deferred tax assets) ...................	4.154		3.216		3.153
Altre attività (Other assets).............	3.242		3.571		3.742
Totale ............................................	661.763		636.012		593.232

Passività e capitale azionario (Liabilities and equity) (in milioni di Euro)

Passività verso banche

(Liabilites to banks)...................... Passività verso clienti (Liabilities		98.481	110.242	124.315
to customers)...............................		255.344	265.842	256.244
Passività cartolarizzate (Securitised liabilities) ..................		105.673	79.332	69.551
Aggiustamenti di valore relativi alle coperture di portafogli al
fair value (Value adjustment for portfolio fair value xxxxxx)......		938	1.467	784
Fair value negativi relativi agli strumenti derivati di copertura
(Negative derivative	fair values of hedging instruments).......	11.427	11.739	8.429
Debiti commerciali (Trading
liabilities)......................................		137.847	116.111	82.646
Accantonamenti (Provisions)..........		3.761	3.259	3.965
Debiti d'imposta correnti (Current tax liabilities) ..................		680	324	240
Debiti d'imposta futuri (Deferred tax liabilities) ................................		189	90	96
Debiti da gruppi di attività in via
di dismissione posseduti per la
vendita	(Liabilities from
disposal groups held for sale) ......		592	2	-
Altre passività (Other liabilities) ......		6.568	6.523	6.590
Capitale subordinato (Subordinated capital)..................		13.285	12.316	12.136
Capitale ibrido (Hybrid capital) .......		2.175	1.597	1.489
Capitale azionario (Equity) .............		24.803	26.327	26.747
				593.232
Totale 661.763			636.012 124,315

Conto economico (in milioni di Euro)

Proventi netti da interesse

1° gennaio - 31 dicembre 1° gennaio - 30 giugno

2011 2012 2012*) 2013

(Net interest income).......... 6.724 5.539 4.759 4.468

Accantonamenti per perdite su prestiti (Loan

loss provisions) ................. (1.390) (1.660) (1.046) (1.296)

5.334

3.879

3.713

3.172

3.495

3.191

2.485

2.440

Proventi netti da interesse al netto degli accantonamenti per le perdite su prestiti (Net interest income after loan

loss provisions) ..................

Proventi netti da commissioni (Net commission income) ..........

Proventi commerciali netti e proventi netti da contabilizzazione della copertura (Net trading income and net trading

from hedge accounting)...... 1.986 Proventi netti da		1.121	472	234
investimenti (Net investment income) ............ (3.611)		81	(169)	10
Proventi netti correnti da
investimenti relativi a società contabilizzate con il metodo del patrimonio
netto (Current net income from companies accounted for using the equity method) ...................	42	46	34	50

B 13 Eventi recenti che hanno significativamente influenzato la solvibilità dell'Emittente

B 14 Dipendenza dell'Emittente da altri soggetti del gruppo

B 15 Attività principali e mercati

Altri proventi netti (Other

net income) ........................ 1.253 (77) (55) (147)

Spese operative

(Operating expenses)......... 7.992 7.025 5.254 5.109

Spese di ristrutturazione

(Restructuring expenses) ... --- 43 43 493

Utile o perdita netta dalla vendita di gruppi in via di dismissione (Net gain or loss from sale of disposal

of groups)........................... --- (268) (83) ---

Utile al lordo delle tasse

(Pre-tax profit) .................. 507 905 1.100 157

Tasse sui proventi

(Taxes on income) (000) 000 000 00

Utile consolidato

(Consolidated profit)........ 747 109 771 97

1) Dati relativi all'esercizio precedente rideterminati a seguito della prima applicazione del principio IAS 19 modificato e di altre modifiche al regime di disclosure.

Dal 31 dicembre 2012 non vi è stato alcun cambiamento sostanziale negativo nelle prospettive di Commerzbank.

Dal 30 settembre 2013 non vi è stato alcun cambiamento significativo nella posizione finanziaria di Commerzbank.

- non applicabile –

Non si sono verificati eventi recenti in relazione all'Emittente che abbiano un impatto significativo sulla valutazione della solvibilità dello stesso Emittente.

- non applicabile –

Come riportato nell'elemento B.5, Commerzbank è la società capogruppo del Gruppo Commerzbank.

Le attività del Gruppo Commerzbank si concentrano sulla prestazione di una vasta gamma di servizi finanziari a clienti privati,

principali dell'Emittente

B 16 Soggetti che esercitano il controllo

piccole e medie imprese e a clienti istituzionali in Germania, ivi inclusi gestione di conti, operazioni di pagamento, finanziamenti, soluzioni di risparmio e di investimento, servizi in titoli, prodotti e servizi dei mercati dei capitali e di investment banking. Nell'ambito della sua strategia di servizi finanziari, il Gruppo offre anche altri servizi finanziari in collaborazione con soci, in particolare attività di prestito per la casa, gestione patrimoniale e servizi assicurativi. Il Gruppo continua ad espandere la sua posizione come uno dei più importanti finanziatori d'esportazione tedeschi. Parallelamente alla sua attività in Germania, il Gruppo è altresì attivo tramite le sue controllate, succursali e i suoi investimenti, in particolare in Europa.

Il Gruppo Commerzbank è costituito da cinque settori operativi – Private Customers, Mittelstandbank, Central & Eastern Europe, Corporates & Markets e Non Core Assets (NCA) nonché Others and Consolidation. I settori Private Customers, Mittelstandbank, Central & Eastern Europe e Corporates & Markets, unitamente ad Others and Consolidation costituiscono l'attività principale del Gruppo Commerzbank.

- non applicabile –

Commerzbank non ha affidato la propria gestione ad altri soggetti o persone, a titolo esemplificativo sulla base di un patto di controllo, né è controllata da altre società o persone ai sensi della German Securities Acquisition and Takeover Act ("Legge Tedesca sull'Acquisto di Titoli e sull'Offerta Pubblica di Acquisto").

Sezione C – Strumenti Finanziari

Elemento Descrizione

dell'Elemento

C 1 Tipo e classe dei titoli / Codice di identificazione del titolo

Informazioni

Tipo/Forma dei Titoli

Certificates

collegati a Commerzbank Efficiency Growth Index (i "Certificates")

I Certificates sono emessi in forma dematerializzata al portatore con denominazione in EUR 90 (la "Denominazione").

Numero(i) di identificazione dei Titoli ISIN DE000CZ37TL7

C 2 Valuta dei titoli I Certificates sono emessi in Euro.

C 5 Restrizioni alla libera trasferibilità dei titoli

C 8 Diritti connessi ai titoli (inclusi il ranking dei titoli e limitazioni a tali diritti)

C 11 Ammissione a quotazione e negoziazione su mercato regola- mentato o mercato

- non applicabile –

I Certificates sono trasferibili liberamente.

Legge applicabile ai Titoli

I Certificates saranno regolati dal, e interpretati ai sensi del, diritto tedesco. La creazione dei Certificates potrebbe essere regolata dalle leggi della giurisdizione del Sistema di Compensazione come stabilito nelle relative Condizioni Definitive.

Diritti connessi ai Titoli

Rimborso

Il portatore dei Certificates riceverà alla Data di Scadenza un importo in contanti pari a un Importo di Liquidazione, che sarà calcolato ai sensi di una formula indicata nei Termini e Condizioni e che dipenderà dal Prezzo di Riferimento dell'indice sottostante alla Data di Valutazione.

Rettifiche e Rimborso Anticipato

Salvo circostanze particolari, l'Emittente potrà apportare alcune rettifiche. A parte questo, l'Emittente potrà estinguere i Certificates prima della scadenza qualora si verifichino eventi particolari.

Ranking dei Titoli

Gli obblighi ai sensi dei Certificates costituiscono obbligazioni dirette, non subordinate e non garantite (nicht dinglich besichert) dell'Emittente e, a meno che non sia previsto diversamente dalla legge applicabile, avranno pari grado rispetto a tutte le altre obbligazioni, non subordinate e non garantite (nicht dinglich besichert) dell'Emittente.

I Certificates saranno venduti e negoziati dall'Emittente unicamente sul mercato regolamentato di Borsa Italiana S.p.A. (Mercato Telematico dei Securitised Derivatives ("SeDeX") a partire dalla data indicata da Borsa Italiana S.p.A. in una Comunicazione al pubblico.

equivalente

C 15 Incidenza del Sottostante sul valore dei titoli:

Il rimborso dei Certificates alla Data di Scadenza dipende dal rendimento del Sottostante.

I Certificates consentono agli investitori di trarre profitto dall'andamento positivo del Sottostante. Allo stesso tempo, gli investitori sono esposti al rischio di perdite legate ad una diminuzione del valore dello stesso, poiché l'Importo di Liquidazione che l'investitore percepirà alla Data di Valutazione è legato al prezzo del Sottostante alla Data di Valutazione.

In particolare:

Fermo restando le disposizioni contenute nei Termini e Condizioni, ciascun Certificate sarà rimborsato alla Data di Scadenza mediante pagamento di un importo in EUR (l'"Importo di Liquidazione"), come determinato dall'Emittente ai sensi dei Termini e Condizioni.

L'Importo di Liquidazione per Certificate è, ove necessario, arrotondato alla successiva EUR 0,01 (con EUR 0,005 arrotondato per eccesso).

Ciascun Certificate sarà rimborsato mediante pagamento di un Importo di Liquidazione per Certificate determinato in base alla seguente formula:

Dove





IL = IC x Max  0;



Sottostante 



Sottostante(Strike) 

(Finale) 4

x (1 - 1,1%) - 1



C 16 Data di Valutazione

Data di Scadenza

C 17 Descrizione delle procedure di regolamento dei titoli

C 18 Procedura di consegna (liquidazione alla Data di Scadenza)

"IC" indica l'"Importo di Calcolo" pari a EUR 1.000;

"Sottostante(Finale)" indica il Prezzo di Riferimento del Sottostante alla Data di Valutazione e

"Sottostante(Strike)" indica il Prezzo Strike. 20 aprile 2018

25 aprile 2018

I Certificates venduti saranno consegnati alla Data di Pagamento in conformità alla prassi di mercato locale attraverso il Sistema di Compensazione.

Tutti gli importi dovuti ai sensi dei Termini e Condizioni saranno pagati ai Portatori non oltre la Data di Liquidazione successiva alla data indicata nei Termini e Condizioni. Tali pagamenti saranno effettuati dall'Agente di Pagamento mediante trasferimento al Sistema di Compensazione o ai sensi delle istruzioni del Sistema di Compensazione per l'accreditamento ai relativi intestatari. Il pagamento al Sistema di Compensazione o ai sensi delle istruzioni del Sistema di Compensazione libererà l'Emittente dalle sue obbligazioni di pagamento ai sensi dei Certificates nell'importo di tale pagamento.

C 19 Prezzo di Riferimento Finale del Sottostante

C 20 Tipo di Sottostante e dettagli, dove possono essere reperite informazioni sul sottostante

Qualora il pagamento debba essere effettuato in una data che non coincide con un Giorno Lavorativo di Pagamento, il pagamento avverrà il Giorno Lavorativo di Pagamento immediatamente sucessivo. In tal caso, il relativo titolare dei Certificates non potrà avanzare alcuna pretesa in merito a pagamenti o interessi o altro risarcimento dovuto in relazione a tale ritardo.

"Agente di Pagamento" indica Commerzbank Aktiengesellschaft. "Sistema di Compensazione" indica Monte Titoli S.p.A.

"Giorno Lavorativo di Pagamento" indica un giorno in cui il Trans- European Automated Real-Time Gross Settlement Express Transfer System (TARGET) ed il Sistema di Compensazione regolano i pagamenti nella Valuta di Emissione.

Il Valore dell'Indice come da ultimo determinato e pubblicato da Sponsor dell'Indice alla Data di Valutazione.

L'indice sottostante dei Certificates è Commerzbank Efficiency Growth Index (il "Sottostante").

Informazioni sul Sottostante sono disponibili sul Bloomberg ticker CBKSEFFE Index.

Sezione D – Xxxxxx

L'acquisto di Certificates è soggetto a determinati rischi. L'Emittente indica espressamente che la descrizione dei rischi relativi ad un investimento nei Certificates descrive soltanto i principali rischi di cui l'Emittente era a conoscenza alla data del Prospetto di Base.

Elemento Descrizione

dell'Elemento

D 2 Principali rischi specifici per l'Emittente

Informazioni

I Certificates comportano per i potenziali investitori un rischio emittente, definito anche rischio debitore o rischio di credito. Un rischio emittente è il rischio che Commerzbank non sia in grado temporaneamente o in via definitiva di soddisfare le sue obbligazioni di pagamento dell'interesse e/o dell'importo di rimborso.

Inoltre Commerzbank è soggetta a vari rischi in relazione alle sue attività commerciali. Tali rischi comprendono in particolare le seguenti categorie di rischi:

Rischi relativi alla Crisi Globale dei Mercati Finanziari e alla Crisi del Debito Sovrano

La crisi globale dei mercati finanziari e in particolare la crisi del debito sovrano nell'Eurozona hanno messo a dura prova il patrimonio netto, la posizione finanziaria e i risultati operativi del Gruppo in passato, e può ipotizzarsi che anche ulteriori effetti negativi potranno concretamente verificarsi in futuro, in particolare nel caso di una rinnovata intensificazione della crisi. Un'ulteriore intensificazione della crisi nell'Unione Monetaria Europea può avere effetti negativi concreti con conseguenze che addirittura costituiscono una minaccia per l'esistenza del Gruppo. Il Gruppo detiene un ingente importo di debito sovrano. Deterioramenti e svalutazioni di tale debito sovrano hanno effetti concreti molto negativi sul Gruppo.

Congiuntura macroeconomica

La congiuntura macroeconomica perdurante negli ultimi anni influenza negativamente i risultati operativi del Gruppo e la forte dipendenza del Gruppo dalla situazione economica, particolarmente in Germania, può portare a ulteriori significativi peggioramenti in caso di nuove recessioni dell'economia.

Rischio di Insolvenza della Controparte

Il Gruppo è soggetto al rischio di insolvenza della controparte (rischio di credito) - anche in relazione a rilevanti impegni individuali, ingenti prestiti e anticipazioni ed altri impegni – concentrato in singoli settori, c.d. impegni "aggregati", così come in relazione a prestiti a soggetti che possono essere particolarmente influenzati dalla crisi del debito sovrano. I finanziamenti immobiliari e i finanziamenti navali sono soggetti a rischi associati in particolare alla volatilità del mercato immobiliare e dei prezzi delle navi, inclusi il rischio di insolvenza della controparte (rischio di credito) ed il rischio di sostanziali mutamenti del valore degli immobili ad uso privato e commerciale e delle navi detenute a titolo di garanzia.

Il Gruppo detiene nel proprio portafoglio un considerevole numero di mutui in sofferenza e queste inadempienze potrebbero non essere

sufficientemente garantite in coincidenza con storni precedente- mente effettuati e predeterminate provviste.

Rischi legati al Mercato

Il Gruppo è soggetto al rischio del prezzo di mercato in relazione alla valutazione di titoli azionari e di quote di fondi di investimento, nonchè sotto forma di rischi di tasso di interesse, di rischi di credit spread, di rischi valutari, di rischi di volatilità e di correlazione, di rischi di prezzo delle materie prime.

Rischi legati alla Strategia

Esiste il rischio che il Gruppo possa non essere in grado di attuare i propri piani strategici, o che sia in grado di farlo solo in parte o a costi superiori a quelli previsti. Gli effetti sinergici derivanti dall'integrazione della preesistente Dresdner Bank nel Gruppo potrebbero rivelarsi più modesti del previsto o realizzarsi in un momento successivo a quello atteso. Inoltre, l'integrazione in corso sta comportando costi ed investimenti che potrebbero superare le previsioni di spesa preventivate. L'acquisizione di Dresdner Bank potrebbe comportare la perdita di clientela nel lungo periodo.

Rischi derivanti dal Contesto Concorrenziale

I mercati in cui il Gruppo è attivo – in particolare il mercato tedesco ove si concentrano soprattutto le attività con clienti privati e società nonché attività di investment banking – sono caratterizzati da un'elevata concorrenza in termini di prezzi e condizioni, che crea una pressione significativa sui margini. Le misure adottate dai governi e dalle banche centrali per far fronte alla crisi finanziaria e alla crisi del debito sovrano hanno un impatto significativo sul contesto concorrenziale.

Rischi relativi alla Liquidità

Il Gruppo dipende dal regolare flusso di liquidità e una carenza di liquidità dell'intero mercato o circoscritta alla singola società può avere un significativo impatto negativo sul patrimonio netto del Gruppo, sulla posizione finanziaria e sui risultati operativi. Attualmente, la liquidità fornita dalle banche e dagli altri operatori dei mercati finanziari dipende fortemente dalle misure espansive adottate dalle banche centrali.

Rischi Operativi

Il Gruppo è esposto a una vasta gamma di rischi operativi, incluso il rischio che i propri dipendenti espongono il Gruppo a elevati rischi, o violino le regole di conformità nello svolgimento delle attività di business e dunque causino inaspettati danni di seria rilevanza.

Rischi derivanti dalle Partecipazioni Azionarie

Con riguardo a partecipazioni in società quotate e non quotate, Commerzbank è soggetta agli specifici rischi legati alla solidità e alla gestibilità di tali partecipazioni. E' possibile che l'avviamento riportato nel bilancio consolidato debba essere stornato, in tutto o in parte.

D 6 Informazioni fondamentali sui principali rischi specifici per i titoli

Rischi derivanti dalla Regolamentazione dell'Attività Bancaria

Requisiti più severi che mai in relazione al patrimonio di vigilanza e alla liquidità possono mettere in discussione il modello di business di un certo numero di attività del Gruppo ed influenzare negativamente la posizione competitiva del Gruppo. Altre riforme regolamentari proposte in seguito alla crisi finanziaria, ad esempio oneri imposti dalla legislazione quali un'imposta bancaria o un'eventuale tassa sulle transazioni finanziarie ovvero obblighi di trasparenza e organizzativi più rigorosi, possono avere un notevole impatto sul modello di business del Gruppo e sul contesto di mercato a livello concorrenziale.

Rischi Legali

Richieste di risarcimento dovute ad errata consulenza sull'investimento e alla mancanza di trasparenza delle commissioni interne hanno comportato notevoli oneri e potrebbero comportarne altri in futuro per il Gruppo. Commerzbank e le sue società controllate sono soggette a richieste di risarcimento, incluse quelle nell'ambito di procedimenti giudiziari, relative al pagamento ed al ripristino di valore in relazione ai certificati di partecipazione e ai cd. trust preferred securities da essa emessi. L'esito di tali procedimenti può avere ripercussioni negative concrete sul Gruppo, al di là delle richieste rivendicate in ciascun caso. Procedimenti regolamentari, di vigilanza e giudiziari potrebbero avere un effetto negativo significativo sul Gruppo. I procedimenti avviati dalle autorità regolamentari e di vigilanza e dalle autorità giudiziarie potrebbero avere considerevoli effetti negativi sul Gruppo.

Assenza di mercato secondario immediatamente prima della scadenza

Il market maker e/o il mercato cesseranno la negoziazione dei Certificates immediatamente prima della loro Data di Scadenza prefissata. Tuttavia, tra l'ultimo giorno di negoziazione e la Data di Valutazione, il prezzo del Sottostante, relativo ai Certificates può ancora cambiare. Ciò potrebbe andare a svantaggio dell'investitore.

Assenza di Collateralizzazione

I Certificates costituiscono obbligazioni incondizionate dell'Emittente. Esse non sono nè garantite dal Fondo per la Protezione dei Depositi dell'Associazione delle Banche Tedesche (Einlagensicherungsfonds des Bundesverbandes deutscher Banken e.V.) nè dalla Legge Tedesca sulla Garanzia dei Depositi e Compensazione degli Investi- tori (Einlagensicherungs- und Anlegerentschädigungsgesetz). Ciò significa che sull'investitore grava il rischio che l'Emittente non possa o possa solo in parte, soddisfare gli obblighi ai sensi dei Certificates. In tali circostanze, potrebbe verificarsi una perdita totale del capitale dell'investitore.

Ciò significa che l'investitore sopporta il rischio che le condizioni finanziarie dell'Emittente possano peggiorare – e che l'Emittente possa essere soggetto a procedure di riorganizzazione (Reorgani- sationsverfahren) o ordini di trasferimento (Übertragungsanordnung) ai sensi della legge tedesca sulla ristrutturazione bancaria o che possano essere instaurate procedure di insolvenza in relazione al suo patrimonio – e, di conseguenza, gli obblighi ai sensi dei Certificates non possano, o possano solo in parte, essere soddisfatti. In tali circostanze, potrebbe verificarsi una perdita totale

del capitale dell'investitore.

Rischio connesso all'adozione di un Piano di Risanamento e Risoluzione per Enti Creditizi

Sulla base delle misure per il risanamento sviluppate dal Consiglio per la stabilità finanziaria (Financial Stability Board) (“Efficace Risoluzione per Istituzioni Finanziarie di Rilevanza Sistemica") e il Comintato di Basilea sulla Supervisione Bancaria (Basilea III), la Commissione Europea ha pubblicato il 6 giugno 2012 una proposta di direttiva che istituisce un quadro di risanamento e di risoluzione delle crisi degli enti creditizi e delle imprese di investimento – la Bozza di Direttiva sul Risanamento e Risoluzione (di seguito la "Bozza DRR"), su cui i ministri delle finanze europei hanno raggiunto un accordo il 27 giugno 2013.

Ai sensi della Bozza DRR, le "autorità di risoluzione della crisi" devono essere dotate dei poteri necessari ad applicare le misure di risoluzione della crisi agli enti che soddisfano le relative condizioni per la risoluzione.

Le misure per la risoluzione includono lo strumento del "bail-in", ai sensi del quale le "autorità di risoluzione della crisi" sono vestite del potere per di ridurre gli importi dovuti ai creditori di un ente in dissesto non garantiti e di convertire tali pretese debitorie in capitale senza il consenso dei creditori.

Le "autorità di risoluzione della crisi" saranno dotate altresì del potere ridurre gli strumenti di capitale pertinenti (che possono comprendere obbligazioni subordinate) prima che qualsiasi misura di risoluzione sia presa se e quando trovi applicazione una o più circostanze specifiche.

Le disposizioni della Bozza DDR, una volta entrate in vigore, dovranno essere recepite dalla normativa tedesca prima che siano direttamente applicabili all'Emittente. Tale recepimento potrebbe anche essere realizzato tramite modifiche provvisorie all'attuale legge tedesca sulle ristrutturazioni.

Tuttavia, la Bozza DDR non è in versione finale e, di conseguenza, non è ancora possibile valutare l'impatto complessivo della Bozza DDR o di qualsiasi normativa tedesca di recepimento delle disposizione della Bozza DDR.

Laddove la Bozza DDR o simile previsioni di legge dovessero entrare in vigore ed essere recepite dalla legge tedesca, tali disposizioni potranno avere un serio impatto sui diritti dei portatori dei Certificates e potrebbe comportare la perdita del loro investimento.

Le ritenute ai sensi del Foreign Account Tax Compliance possono avere un impatto sui pagamenti relativi ai Certificates

L'Emittente potrà essere tenuto ad applicare una ritenuta ad un tasso fino al 30% su tutti o parte dei pagamenti effettuati dopo il 31 dicembre 2016 in relazione a (i) titoli emessi o sostanzialmente modificati il o successivamente alla data che cade più tardi tra il (a) 1 luglio 2014 e (b) la data che cade sei mesi dopo la data in cui i regolamenti finali relativi ai "pagamenti stranieri passthru" siano registrati nel Registro Federale o (ii) titoli considerati titoli di capitale ai fini della tassazione federale degli Stati Uniti, emessi in un qualsiasi momento, ai sensi delle previsioni sui conti stranieri del

"U.S. Hiring Incentives to Restore Employment Act" del 2010 - FATCA.

Impatto di un declassamento nel rating del credito

Il valore dei Certificates può essere anche influenzato dal rating assegnato all'Emittente dalle agenzie di rating. Qualsiasi diminuizione nel rating dell'Emittente da una qualsiasi di queste agenzie, può risultare in una riduzione del valore dei Certificates.

Estinzione Straordinaria, Rimborso Anticipato e Diritti di Rettifica

L'Emittente ha il diritto di apportare rettifiche rispetto ai suddetti Termini e Condizioni al fine di estinguere e rimborsare i Certificates prematuramente qualora certe condizioni siano soddisfatte. Ciò potrebbe avere un effetto negativo sul valore dei Certificates nonchè sull'Importo di Liquidazione. Qualora i Certificates siano estinti, l'importo dovuto ai portatori dei Certificates nel caso di estinzione dei Certificates potrebbe essere inferiore rispetto all'importo che i portatori dei Certificates avrebbero ricevuto in assenza di tale estinzione.

Eventi di Turbativa del Mercato

L'Emittente potrà determinare eventi di turbativa di mercato che potrebbero comportare un rinvio del calcolo e/o di qualsiasi obbligo ai sensi dei Certificates che potrebbe influenzare il valore dei Certificates. Inoltre, in certi casi predeterminati, l'Emittente potrà stimare certi prezzi che sono rilevanti in relazione agli obblighi o al raggiungimento delle barriere. Tali stime possono divergere dal loro attuale valore.

Sostituzione dell'Emittente

Qualora siano soddisfatte le condizioni stabilite nei Termini e Condizioni, l'Emittente potrà, in qualsiasi momento, senza il consenso dei portatori dei Certificates, nominare al suo posto un'altra società come nuovo Emittente in relazione algli obblighi derivanti dai, o connesse ai, Certificates. In tal caso, il portatore dei Certificates si assumerà generalmente il rischio di insolvenza in relazione al nuovo Emittente.

Fattori di rischio relativi al Sottostante

I Certificates dipendono dal valore del Sottostante e dai rischi associati a tale Sottostante. Il valore del Sottostante dipende da un numero di fattori che potrebbero essere interconnessi. Questi possono includere eventi economici, finanziari e politici al di fuori del controllo dell'Emittente. L'andamento precedente di un Sottostante non dovrebbe essere considerate come un indicatore del suo futuro andamento nel corso della durata dei Certificates.

Rischi alla scadenza:

I Certificates potrebbero essere rimborsati alla Data di Scadenza mediante il pagamento di un Importo di Liquidazione, che risulti significativamente inferiore al prezzo iniziale di emissione pari a EUR 90 per Certificate. al quale egli ha acquistato il Certificates. In tal caso, l'investitore potrebbe soffrire una perdita. Ciò avviene nel caso in cui – a prescindere dai costi sostenuti in relazione all'acquisto dei Certificates – se alla Data di Valutazione il Prezzo di Riferimento dell'Indice sottostante i Certificates sia inferiore allo

Strike Price del Sottostante.

L'investitore subirà una perdita qualora l'Importo di Liquidazione, che dipenderà dall'andamento del Sottostante (dedotte le imposte locali) sia inferiore al prezzo di acquisto pagato per i Certificates. Tanto minore sarà il Prezzo di Riferimento dell'Indice, a sua volta, sarà minore l'Importo di Liquidazione e tanto maggiore sarà la perdita. Scenario peggiore: l'Indice è privo di valore alla Data di Valutazione. In tal caso l'Importo di Liquidazione sarà pari a zero.

Xxxxxx relativi all'ipotesi in cui l'investitore intenda o debba vendere i

Certificates nel corso della loro durata:

Rischi legati al valore di mercato:

Il prezzo di vendita che si può ottenere prima della Data di Scadenza potrebbe essere significativamente inferiore al prezzo d'acquisto pagato dall'investitore.

Il valore di mercato dei Certificates dipende principalmente dall'andamento del Sottostante dei Certificates, senza riprodurlo in maniera accurata. In particolare, i seguenti fattori possono avere un effetto negativo sul prezzo di mercato dei Certificates:

- Cambiamenti nell'intensità attesa delle fluttuazioni di valore del Sottostante prevista (volatilità)

- Durata residua dei Certificates

- Andamento dei tassi d'interesse

Ciascuno di questi fattori potrebbe avere un effetto autonomo o amplificare o annullarne gli altri.

Rischi di negoziazione:

L'Emittente non è obbligato a fornire prezzi di acquisto e vendita dei Certificates in continua su mercati o al di fuori dei mercati (over the counter (OTC)) e a vendere o riacquistare i Certificates ivi offerti. Anche se l'Emittente generalmente fornisse prezzi di acquisto e vendita, nel caso di condizioni di mercato straordinarie o problemi tecnici, la vendita o l'acquisto dei Certificates potrebbe essere temporaneamente limitata o impossibile.

Sezione E – Offerta

Elemento Descrizione

dell'Elemento

E 2b Ragioni dell'offerta e impiego dei proventi, se diversi dalla ricerca di profitto e/o dalla copertura di determinati rischi

E 3 Descrizione dei termini e condizioni dell'offerta

E 4 Eventuali interessi che sono significativi per l'emissione/l'off erta compresi interessi confliggenti

E 7 Spese stimate addebitate all'investitore dall'Emittente o dall'offerente

Informazioni

- non applicabile – Ricerca di profitto

Commerzbank offre da 14 aprile 2014 30.000 Certificates ad un prezzo di emissione iniziale di EUR 90 per Certificate.

Possono sorgere i seguenti conflitti d'interesse in relazione all'esercizio dei diritti e/o obbligazioni dell'Emittente ai sensi dei Termini e Condizioni dei Certificates (ad esempio in relazione alla determinazione o adattamento di parametri dei termini e condizioni), che influenzano gli importi pagabili:

- emissione di ulteriori strumenti derivati in relazione ai Sottostanti

- svolgimento di attività in qualità di Sponsor dell'Indice in relazione al Sottostante

- possesso di informazioni significative (incluse quelle non di pubblico dominio) riguardo al Sottostante

- svolgimento di attività in qualità di Market Maker

L'investitore solitamente può acquistare i Certificates ad un prezzo di emissione prefissato. Questo prezzo di emissione fisso contiene tutti i costi dell'Emittente relativi all'emissione e alla vendita dei Certificates (ad esempio costi di distribuzione, strutturazione e copertura nonché il margine di profitto di Commerzbank).

Londra, 14 Maggio 2014

Oggetto: DE000CZ37TL7comunicazione Strike Iniziali

Con la presente dichiariamo per lo strumento in oggetto la seguente osservazione per il calcolo dello Strike:

Data	CBKIEFFE Index
25-Apr-2014	100.372

Cordiali saluti,

Xxxxx Xxxxxxxx

Notification

to Holders of Index Certificates (ISIN DE000CZ37TL7) (the "Certificates") issued by Commerzbank Aktiengesellschaft (the "Issuer")

The Bloomberg ticker of the Commerzbank Efficiency Growth Index to which the redemption of the Certificates is linked has changed. As of 16 May 2015, the relevant Bloomberg ticker is "CBKIEFFE Index".

Further Information on the Commerzbank Efficiency Growth Index can be found on the Issuer's website: xxxx://xx.xxxxxxxxxxx.xxx .

Commerzbank Aktiengesellschaft May 2016

COMMERZBANK AKTIENGESELLSCHAFT

Frankfurt am Main

Final Terms

dated 16 April 2014 relating to Certificates

Certificates relating to the Commerzbank Top Return Index ISIN DE000CZ37TM5

to be publicly offered in the Italian Republic

and to be admitted to trading on the regulated market of Borsa Italiana S.p.A. (SeDeX)

with respect to the

Base Prospectus

dated 5 March 2014 relating to

Italian Certificates relating to a Proprietary Index

INTRODUCTION

In order to obtain all information necessary for the assessment of the Certificates both the Base Prospectus and these Final Terms must be read in conjunction.

All options marked in the Base Prospectus which refer (i) to the Certificates and (ii) the underlying index and (iii) to information on the subscription period shall apply.

The summary applicable to this issue of Certificates is annexed to these Final Terms. Issuer: Commerzbank Aktiengesellschaft

Information on the Underlying: Information on the Index underlying the Certificate is available

on Bloomberg ticker CBKSTOPR Index.

Offer and Sale: Commerzbank offers from 16 April 2014 25,000 Certificates relating to the Commerzbank Top Return Index (the "Certifi- xxxxx") at an initial issue price of EUR 83 per Certificate.

Consent to the usage of the Base Prospectus and the Final Terms:

The Issuer hereby grants consent to use the Base Prospectus and these Final Terms for the subsequent resale or final placement of the Certificates by any financial intermediary.

The consent to use the Base Prospectus and these Final Terms is granted only in relation to the following Member State(s): Italian Republic

Payment Date: 30 April 2014

Clearing number: WKN CZ37TM

ISIN DE000CZ37TM5

Issue Currency: Euro ("EUR")

Minimum Trading Size: One Certificate

Listing: The Issuer intends to apply for the listing and trading of the Certificates on the regulated market of Borsa Italiana S.p.A. (Mercato Telematico of securitised derivatives ("SeDeX").

Applicable Terms and Conditions:

Type A

TERMS AND CONDITIONS

§ 1

FORM

§ 2

DEFINITIONS

For the purposes of these Terms and Conditions, the following definitions shall apply (subject to an adjustment in accordance with these Terms and Conditions):

"BBG ticker" with respect to a Fund Share means the Bloomberg ticker with respect to the relevant Fund Share as specified in the definition of Basket.

Com- ponent i	Fund Shares	Weighting of Fundi (WFi)	Fundi	BBG ticker	ISIN
1	EUR-	16.66%	UBAM - Euro 00-00	XXXXXXX	LU0500231765
	denominated		Convertible Bond, a	LX Equity
	share in the Fund		sub-fund of UBAM
2	EUR-	16.66%	CS Invest (Lux)	CSLOGBB	LU0388246786
	denominated		SICAV Londinium	LX Equity
	share in the Fund		Global Bonds, a sub-
			fund of CS Invest
			(Lux) SICAV
3	EUR- denominated	16.66%	CB-ACCENT LUX - Swan Bond Oppor-	CBSWBOB LX Equity	LU0417109930
	class B share in		tunity, a sub-fund of
	the Fund		CB-ACCENT LUX
			SICAV

Com- ponent i	Fund Shares	Weighting of Fundi (WFi)	Fundi	BBG ticker	ISIN
4	EUR-	16.66%	Bantleon Opportuni	BNOPLPT	LU0337414303
	denominated		ties L, a sub-fund of	LX Equity
	class PT share in		Bantleon Opportunities
	the Fund
5	EUR-	16.66%	Ethna-AKTIV E	ETHAKTE	LU0136412771
	denominated			LX Equity
	class A share in
	the Fund
6	EUR-	16.67%	RWC Funds - RWC	MPCGLCA	LU0273642768
	denominated class A share in		Global Convertibles Fund, a sub-fund of	LX Equity
	the Fund		RWC Funds

"Calculation Amount" means EUR 1,000. "conv" means 360.

"EUR" means Euro.

"Expiry Date" means 23 April 2018.

"Final Calculation Date" means 23 April 2018.

"Index", "Fund Basket Index" or "Underlying" means the Commerzbank Top Return Index as determined by Commerzbank Aktiengesellschaft (the "Index Sponsor") and published on Bloomberg ticker CBKSTOPR Index (the "Index Pubication Source").

"Index Calculation Agent" means Commerzbank Aktiengesellschaft.

"Index Currency" means EUR.

"Index Commencement Date" means 30 April 2014. "Individual Index Component Weighting" means 16.67%. "Initial Calculation Date" means 30 April 2014.

"Initial Index Value" is 100 index points on the Index Commencement Date, one index point corresponding to 1 unit of the Index Currency.

"Issue Date" means 30 April 2014.

"Italian Stock Exchange" means Borsa Italiana S.p.A.

(§ 315 German Civil Code (BGB)). The occurrence of a Market Disruption Event on the Final Valuation Date shall be announced in accordance with § 11.

"Maturity Date" means 27 April 2018, subject to postponement in accordance with § 5 paragraph 2. "Payment Business Day" means a day on which the Trans-European Automated Real-Time Gross

Settlement Express Transfer System (TARGET) and the Clearing System settle payments in

EUR.

"Protection Fee" is equal to 0% per annum (on the basis of a year comprising 360 days), i.e., 0%/360 per calendar day.

"Reference Period" in relation to the Reference Interest Rate means one month.

"Reference Price" means the Index Value as determined and published by the Index Calculation Agent as detailed in the Index Description.

n 

∑l



n

Basket

2

1 

∑l



n

Basket

2

−lag 

k= 





Baskett −n +k −

1−lag 

n k=1





Baskett −n +k −

1−lag 



RealisedVolt−lag =

Where

x t −n+k−lag  1 

−γ× 



t −n+k

"t" means the reference to the relevant Index Calculation Date

"n" means the volatility window which corresponds to the number of days used to calculate the Realised Volatility: 20

"d" means the annualising factor which represents the expected number of Index Calculation Dates in each calendar year: 252

"γ" means the factor of 1

"m" means the scaling factor of 20 "lag" means the Lag factor equal to 2

"Strike Date" means 30 April 2014. If on the Strike Date the Reference Price of the Index is not determined and published by the Index Sponsor or if on the Strike Date a Market Disruption Event occurs, the Strike Date shall be postponed to the next following Payment Business Day on which the Reference Price of the Index is determined and published again by the Index Sponsor and on which a Market Disruption Event does not occur.

"Strike Price" means the Reference Price of the Index as of the Strike Date.

"Trade Date" means 8 April 2014.









Wt = MinMaxW,

T arget Vol 

 RealisedVolt−lag 

Where

"Wt" means the Weighting for the Index Calculation Date(t) "TargetVol" means the risk control level ("Risk Control Level") equal to 6% "MaxW" means the Max Exposure equal to 150%

"lag" means the Lag factor equal to 2

"RealisedVolt" means the Realised Volatility with respect to Index Calculation Date(t)

§ 3

MATURITY

2. The Settlement Amount shall be determined in accordance with the following formula:





SA = CA x Max  0;



Underlying (Final)

Underlying (Strike)

x (1 − 1.1%)4





− 1



where: "SA"	=	Settlement Amount per Certificate (rounded, if necessary, to the next
		EUR 0.01; EUR 0.005 will be rounded up))
"CA"	=	Calculation Amount
"Underlying(Final)"	=	Reference Price of the Underlying on the Valuation Date
"Underlying(Strike)"	=	Strike Price

§ 4

EARLY REDEMPTION; REPURCHASE

1. Except as provided in § 6, the Issuer shall not be entitled to redeem the Certificates prior to the Maturity Date.

2. The Certificateholders shall not be entitled to call for redemption of the Certificates prior to the Maturity Date.

3. The Certificates shall not be terminated automatically and redeemed prior to the Maturity Date.

4. The Issuer may at any time purchase Certificates in the market or otherwise. Certificates repurchased by or on behalf of the Issuer may be held by the Issuer, re-issued or resold.

5. For so long as the Certificates are admitted to listing on Borsa Italiana S.p.A. and to trading on the Electronic Securitised Derivatives Market (SeDeX) of Borsa Italiana S.p.A., then at any time prior to 5:50 p.m. Milan time (the "Renouncement Notice Cut-Off Time") on the first Payment Business Day following the Valuation Date (the "Renouncement Notice Cut-Off Date"), any Certificateholder may renounce the redemption of the Certificates by payment of the Settlement Amount in accordance with § 3 (the "Automatic Exercise") by the delivery of a duly completed renouncement notice (the "Renouncement Notice") in the form set out in Annex 1 to these Terms and Conditions to the Certificates Account Holder, with a copy thereof to the Paying Agent. Once delivered, a Renouncement Notice shall be irrevocable and the relevant Certifi- cateholder may not transfer the Certificates which are the subject of the Renouncement Notice. If a duly completed Renouncement Notice is validly delivered prior to the Renouncement Notice Cut-off Time on the Renouncement Notice Cut-off Date, any rights arising from the Certificates will terminate upon such delivery and the relevant Certificateholder will not be entitled to receive the Settlement Amount payable by the Issuer with respect to the Certificates and the Issuer shall have no further liability with respect to such Settlement Amount.

§ 5

PAYMENTS

3. All payments are subject in all cases to any applicable fiscal or other laws, regulations and directives.

§ 6

ADJUSTMENTS; EXTRAORDINARY TERMINATION RIGHT OF THE ISSUER

3. If the Certificates are called for redemption in accordance with § 6 paragraph 2, they shall be redeemed at the termination amount per Certificate (the "Termination Amount") which shall be calculated by the Issuer in its reasonable discretion (billiges Ermessen) (§ 315 German Civil Code (BGB)) by taking into account applicable market conditions.

§ 7

TAXES

§ 8

STATUS

§ 9

PAYING AGENT

§ 10

SUBSTITUTION OF THE ISSUER

In the event of such substitution, any reference in these Terms and Conditions to the Issuer shall from then on be deemed to refer to the New Issuer.

2. No such assumption shall be permitted unless

(a) the New Issuer has agreed to assume all obligations of the Issuer under the Certificates;

3. Upon any substitution of the Issuer for a New Issuer, this § 10 shall apply again.

§ 11

NOTICES

§ 12

LIMITATION OF LIABILITY

§ 13

FINAL CLAUSES

The rights and duties of the Additional Paying Agent shall in all respects be governed by the laws of the Republic of Italy.

2. In the event of manifest typing or calculation errors or similar manifest errors in the Terms and Conditions, the Issuer shall be entitled to declare rescission (Anfechtung) to the Certificate- holders. The declaration of rescission shall be made without undue delay upon becoming aware of any such ground for rescission (Anfechtungsgrund) and in accordance with § 11. Following such rescission by the Issuer, the Certificateholders may instruct the account holding bank to submit a duly completed redemption notice to the Paying Agent, either by filling in the relevant form available from the Paying Agent or by otherwise stating all information and declarations required on the form (the "Rescission Redemption Notice"), and to request repayment of the Issue Price against transfer of the Certificates to the account of the Paying Agent with the Clearing System. The Issuer shall make available the Issue Price to the Paying Agent within ten calendar days following receipt of the Rescission Redemption Notice and of the Certificates by the Paying Agent, whichever receipt is later, whereupon the Paying Agent shall transfer the Issue Price to the account specified in the Rescission Redemption Notice. Upon payment of the Issue Price all rights under the Certificates delivered shall expire.

corrections or amendments which are reasonably acceptable to the Certificateholders having regard to the interests of the Issuer and in particular which do not materially adversely affect the legal or financial situation of the Certificateholders. Notice of any such correction or amendment shall be given to the Certificateholders in accordance with § 11.

8. Place of performance is Frankfurt am Main.

10. The English version of these Terms and Conditions shall be binding. Any translation is for convenience only.

ANNEX 1 to the Terms and Conditions of the Certificates

Renouncement Notice from the CERTIFICATEHOLDER to his/her CERTIFICATE ACCOUNT HOLDER

(to be completed by the beneficial owner of the Certificates for the valid renouncement of the Automatic Exercise of the Certificates)

Commerzbank Aktiengesellschaft

Certificates relating to the Commerzbank Top Return Index ISIN DE000CZ37TM5

(the "Certificates")

To: Certificates Account Holder

(the "Certificates Account Holder")

C/c Paying Agent

[Commerzbank Aktiengesellschaft Attn: [•]

Xxxxxxxxxxxx 00 (Xxxxxxxxxxx), 00000 Xxxxxxxxx xx Xxxx] Fax No: [•]

(the "Paying Agent")

ISIN Code/Series number of the Certificates: DE000CZ37TM5 Number of Certificates which are the subject of this notice: [•] [Renouncement Notice Cut-Off Time: [•]]

[Renouncement Notice Cut-Off Date: [•]] Name of Certificateholder(s)

Signature ]

Commerzbank Top Return Index Index Description

The Index described below relates to a virtual portfolio. There is no obligation of the Issuer, the Index Sponsor or the Index Calculation Agent to actually invest in the components of the Index.

Defined Terms used, but not defined in the following Description of the Fund Basket Index shall have the meaning as ascribed to them in the Definitions attached hereto.

1. Index Objectives

The Index is a volatility target strategy index that represents the daily performance of a virtual portfolio consisting of a Basket and a Reference Interest Rate.

The Index is calculated in accordance with section 3 of this Index Description and published in accordance with section 5 of this Index Description by the Index Calculation Agent.

2. Index Definitions

For the purposes of this Index Description, the following definitions shall apply:

"Compulsory Redemption" of the Fund Shares means the compulsory redemption or transfer of the Fund Shares, as described in the Memorandum.

for the administration of such Fund and the determination and publication of the NAV of the relevant Fund Share.

"Memorandum" means the respective offering memorandum for the Fund Shares and the Fund, as amended and supplemented from time to time.

"Notional Investor" means a hypothetical investor (in the same position as the Issuer) in the Fund Shares of the respective Fund.

(iv) If the Fund Management fails for reasons other than of a technical or operational nature, to calculate and make available the NAV for five consecutive Fund Business Days;

(v) If the activities of the Fund and/or the Fund Management are placed under review by their regulators for reasons of wrongdoing, breach of any rule or regulation or other similar reason;

(vi) The Compulsory Redemption of the Fund Shares by the Fund for any reason prior to the end of the term of the Certificates;

(vii) If the issue of additional shares of the Fund or the redemption of existing Fund Shares is suspended for five Fund Business Days;

(viii) The winding-up or termination of the Fund for any reason prior to the end of the term of the Certificates;

(x) The cancellation of the registration, or of the approval, of the Fund and/or the Fund Management by any relevant authority or body;

(xii) If the Issuer is required, pursuant to any accounting or other applicable regulations in accordance with which it prepares financial statements, to consolidate the Fund; or

(xiii) Any other event in respect of the Fund which, in the opinion of the Issuer, has an analogous effect to any of the events specified under (i) – (xii) above.

3. Index Calculation Initial Index Calculation

Daily Basket Value Calculation



On the Initial Calculation Date the Basket Value is equal to the Initial Index Value and will be calculated on each subsequent Index Calculation Datet in accordance with the following formula:

i=n



Basket t = Basket t−1 × ∑ WFi ×

NAVi,t 

Where



i=1

NAVi,t−1 

Baskett means the Basket Value with respect to the current Index Calculation Date(t)

Baskett-1 means the Basket Value with respect to the immediately preceding Index Calculation Date(t-1)

NAVi,t means the NAV of Fundi with respect to the relevant Index Calculation Datet

NAVi,t-1 means the NAV of the Fundi with respect to the immediately preceding Index Calculation Date(t-1);

WFi means the Weighting of Fundi in the Basket. n means the number of Funds in the Basket.

Daily Index Calculation

  

Basket

 

Actt,t−1  

Actt,t−1  

Index t

= Index t−1 × 1+Wt−1× t −1 +(1−Wt−1)×Ratet−1×

 −PF×  



 

 Basket t−1

 

conv  

conv 





where

Indext means the Index Value on the current Index Calculation Date(t)

Indext-1 means the Index Value with respect to the immediately preceding Index Calculation Date(t-1)

Wt-1 means the Weighting with respect to the immediately preceding Index Calculation Date(t-1)

Baskett means the Basket Value with respect to the current Index Calculation Date(t)

Baskett-1 means the Basket Value with respect to the immediately preceding Index Calculation Date(t-1)

Actt,t-1 means the number of calendar days from, but excluding, the immediately preceding Index Calculation Date(t-1) to, and including, the relevant Index Calculation Date(t).

conv is as defined in the Definitions.

PF means the Protection Fee (see Section 4 - Index Fees)

Postponement of Index Calculation

4. Index Fees

The Protection Fee will be levied on each calendar day, starting on the Index Commencement Date, thereby reducing the Index Value.

5. Index Publication

6. Index Adjustments

If the Index Calculation Agent determines that a Substitution Event has occurred:



RemovalValue

= RemovalValue



× +Rate

× Actt,t−1 

t t−1 1



t,t−1

conv 

where: RemovalValuet RemovalValuet −1

RemovalValue0

means the Removal Value determined in respect of a Fund Business Day(t)

means the Removal Value determined in respect of the previous Fund Business Day(t-1)

means the Removal Value determined on the Removal Date

Actt,t-1 means the number of calendar days during the period from and including the Fund Business Day(t-1) to but excluding the respective Fund Business Day(t).

conv is as defined in the Definitions.

7. Changes in the Calculation of the Index

ADDITIONAL INFORMATION

Country(ies) where the offer takes place: Italian Republic

Country(ies) where admission to trading on the regulated market(s) is being sought:

Italian Republic

SUMMARY

Summaries are made up of disclosure requirements known as ‘Elements’. These elements are numbered in Sections A – E (A.1 – E.7).

Section A – Introduction and Warnings

Element Description of Element

Disclosure requirement

A1 Warnings This summary should be read as an introduction to the base

A2 Consent to the use of the Prospectus

The Issuer hereby grants consent to use the Base Prospectus and the Final Terms for the subsequent resale or final placement of the Certificates by any financial intermediary.

The consent to use the Base Prospectus and the Final Terms is granted only in relation to the following Member State(s): Italian Republic

Section B – Issuer

Element Description of

Element

B1 Legal and Commercial Name of the Issuer

B2 Domicile / Legal Form / Legislation / Country of Incorporation

B4b Known trends affecting the Issuer and the industries in which it operates

B5 Organisational Structure

B9 Profit

forecasts or estimates

B10 Qualifications in the auditors' report on the historical financial information on the historical financial information

B 12 Selected key financial information

Disclosure requirement

The legal name of the Bank is COMMERZBANK Aktiengesellschaft and the commercial name of the Bank is Commerzbank.

The Bank's registered office is Frankfurt am Main. Its head office is at Xxxxxxxxxxxx 00 (Xxxxxxxxxxx), 00000 Xxxxxxxxx xx Xxxx, Xxxxxxx Xxxxxxxx of Germany.

Commerzbank is a stock corporation established under German law.

Commerzbank is the parent company of the Commerzbank Group. The Commerzbank Group holds directly and indirectly equity participations in various companies.

- not applicable -

The Issuer currently does not make profit forecasts or estimates.

- not applicable -

Unqualified auditors' reports have been issued on the historical financial information contained in this Base Prospectus.

Balance sheet	31 December	31 December	30 September
	2011	2012*)	2013
Assets (€m)
Cash reserve..................................	6,075	15,755	11,122
Claims xx xxxxx.............................	87,790	88,028	109,482
Claims on customers......................	296,586	278,546	250,530
Value adjustment portfolio fair	147	202	91
value xxxxxx................................
Positive fair value of derivative hedging instruments.....................	5,132	6,057	4,053
Trading assets................................	155,700	144,144	119,472
Financial investments.....................	94,523	89,142	84,487
Holdings in companies	694	744	727
accounted for using the equity method.........................................
Intangible assets ............................	3,038	3,051	3,122
Fixed assets ...................................	1,399	1,372	1,721

Investment properties.....................	808		637		668
Non-current assets and disposal groups held for sale........................	1,759		757		249
Current tax assets ..........................	716		790		613
Deferred tax assets ........................	4,154		3,216		3,153
Other assets...................................	3,242		3,571		3,742
Total ..............................................	661,763		636,012		593,232
Liabilities and equity (€m)
Liabilities to banks ...........................	98,481		110,242		124,315
Liabilities to customers ....................	255,344		265,842		256,244
Securitised liabilities ........................	105,673		79,332		69,551
Value adjustment portfolio fair value xxxxxx.................................	938		1,467		784
Negative fair values of derivative
hedging instruments..........................	11,427	11,739		8,429
Trading liabilities..............................	137,847	116,111		82,646
Provisions........................................	3,761	4,099		3,965
Current tax liabilities ........................	680	324		240
Deferred tax liabilities ......................	189	91		96
Liabilities from disposal groups held for sale ..................................	592	2		-
Other liabilities.................................	6,568	6,523		6,590
Subordinated capital........................	13,285	12,316		12,136
Hybrid capital ..................................	2,175	1,597		1,489
Equity..............................................	24,803	26,327		26,747

Total ............................................... 661,763 636,012 593,232

*) Prior-year figures restated due to the first-time application of the amended IAS 19 and other disclosure changes.

1 January – 31 December 1 January – 30 September 2011 2012 2012*) 2013

Net interest income......	6,724	5,539	4,759	4,468
Loan loss provisions ...	(1,390)	(1,660)	(1,046)	(1,296)
Net interest income
after loan loss	5,334	3,879	3,713	3,172
provisions..................
Net commission income ......................	3,495	3,191	2,485	2,440
Net trading income
and net income from	1,986	1,121	472	234
hedge accounting......
Net investment income ......................	(3,611)	81	(169)	10
Current net income
from companies accounted for using	42	46	34	50
the equity method......
Other net income.........	1,253	(77)	(55)	(147)
Operating expenses ....	7,992	7,025	5,254	5,109

Income Statement (€m)

Restructuring expenses...................

--- 43 43 493

Net gain or loss from
sale of disposal of	---	(268)	(83)	---
groups....................... Pre-tax profit or loss..	507	905	1,100	157
Taxes on income	(000)	000	000	00
Consolidated profit or loss ......................	747	109	771	97

1) Prior-year figures restated due to the first-time application of the amended IAS 19 and other disclosure changes.

B13 Recent events which are to a material extent relevant to the Issuer's solvency

B14 Dependence of the Issuer upon other entities within the group

B15 Issuer’s principal activities, principal markets

B16 Controlling parties

There has been no material adverse change in the prospects of the COMMERZBANK Group since 31 December 2012.

No significant changes in the financial position of the COMMERZBANK Group have occurred since 30 September 2013.

- not applicable -

There are no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer's solvency.

- not applicable -

As stated under item B.5, Commerzbank is the parent company of the Commerzbank Group.

- not applicable –

Section C – Securities

Element Description of

Element

Disclosure requirement

C1 Type and class of the securities / Security identification number

Type/Form of Securities Certificates

relating to the Commerzbank Top Return Index (the "Certificates")

The Certificates are issued in bearer dematerialised form in the denomination of EUR 83 (the "Denomination").

Security Identification number(s) of Securities ISIN DE000CZ37TM5

C2 Currency of the securities

The Certificates are issued in Euro.

C5 Restrictions on the free transferability of the securities

- not applicable –

The Certificates are freely transferable.

C8 Rights attached to the securities (including ranking of the Securities and limitations to those rights)

Governing law of the Securities

Rights attached to the Securities

Repayment

Adjustments and Early Redemption

Ranking of the Securities

C11 Admission to listing and trading on a regulated market or equivalent market

C15 Influence of the Underlying on the

The redemption of the Certificates on the Maturity Date depends on the performance of the Underlying.

value of the securities:

In detail:

The Settlement Amount per Certificate is, if necessary, rounded to the next EUR 0.01; EUR 0.005 will be rounded up.

Each Certificate shall be redeemed by payment of a Settlement Amount per Certificate determined by applying the following formula:





SA = CA x Max  0;



Underlying (Final)

Underlying (Strike)

x (1 − 1.1%) 4





− 1



Where

"CA" means the "Calculation Amount" equal to EUR 1,000,

"Underlying(Final)" means the Reference Price of the Underlying on the Valuation Date; and

"Underlying(Strike)" means the Strike Price.

C16 Valuation Date 23 April 2018

Maturity Date 27 April 2018

C17 Description of the settlement procedure for the securities

The Certificates sold will be delivered on the Payment Date in accordance with applicable local market practice via the Clearing System.

C18 Delivery procedure (clearing on the Maturity Date)

"Paying Agent" means Commerzbank Aktiengesellschaft.

"Clearing System" means Monte Titoli S.p.A.

"Payment Business Day" means a day on which the Trans- European Automated Real-Time Gross Settlement Express Transfer System (TARGET) and the Clearing System settle payments in EUR.

C19 Final Reference Price of the Underlying

The Index Value as determined and published by the Index Sponsor on the Valuation Date.

C20 Type of the underlying and details, where information on the underlying can be obtained

The index underlying the Certificates is the Commerzbank Top Return Index (the "Underlying").

Information on the Underlying is available on Bloomberg ticker CBKSTOPR Index.

Section D – Risks

Element Description of Element

Disclosure requirement

D2 Key risks specific to the Issuer

Furthermore, Commerzbank is subject to various risks within its business activities. Such risks comprise in particular the following types of risks:

Global Financial Market Crisis and Sovereign Debt Crisis

Macroeconomic Environment

Counterparty Default Risk

Market Risks

Strategic Risks

Risks from the Competitive Environment

Liquidity Risks

Operational Risks

Risks from Equity Participations

Risks from Bank-Specific Regulation

Legal Risks

Claims for damages on the grounds of faulty investment advice and the lack of transparency of internal commissions have led to substantial charges and may also in the future lead to further

D6 Key

information on the key risks that are specific to the securities

No secondary market immediately prior to the final maturity

No Collateralization

Risks in Connection with the Adoption of a Recovery and Resolution Regime for Credit Institutions

According to the Draft RRD, “resolution authorities” are to be provided with necessary powers to apply the resolution tools to institutions that meet the applicable conditions for resolution.

The “resolution authorities” are further to be provided with the power to

write down “relevant capital instruments” (which may include sub- ordinated notes) before any resolution action is taken if and when one or more specific circumstances apply.

However, the Draft RRD is not in final form and, accordingly, it is not yet possible to assess the full impact of the Draft RRD or any German legislation implementing the provisions of the Draft RRD.

FATCA*

Impact of a Downgrading of the Credit Rating

Extraordinary Termination, Early Redemption and Adjustment Rights

Market Disruption Event

Substitution of the Issuer

If the conditions set out in the Terms and Conditions are met, the

* Foreign account tax compliance provisions of the Hiring Incentives to Restore Employment Act of 2010 ("FATCA")

Risk Factors Relating to the Underlying

Risk at Maturity

Risks if the investor intends to sell or must sell the Certificates during the term:

Market Value Risk

The achievable sale price prior to the Maturity Date could be significantly lower than the purchase price paid by the investor.

− Changes in the expected intensity of the fluctuation of the Underlying (volatility)

− Remaining term of the Certificates

− Interest rate development

Each of these factors could have an effect on its own or reinforce or cancel each other.

Trading Risk

Section E – Offer

Element Description of

Element

Disclosure requirement

E 2b Reason for the offer and use of proceeds when different from making profit and/or hedging certain risks

- not applicable – Profit motivation

E 3 Description of the terms and conditions of the offer

Commerzbank offers from 16 April 2014 25,000 Certificates at an initial issue price of EUR 83 per Certificate.

E 4 Any interest that is material to the issue/offer including conflicting interests

− issuance of additional derivative instruments with regard to the Underlyings

− acting in its capacity as Index Sponsor and Index Calculation Agent in respect of the Underlying

− possession of material (including non-public) information about the Underlying

− acting as Market Maker

E 7 Estimated expenses charged to the investor by the issuer or the offeror

NOTA DI SINTESI

Le note di sintesi sono costituite da una serie di informazioni denominate "Elementi". Questi elementi sono numerati nell'ambito delle Sezioni A – E (A.1 – E.7).

Sezione A – Introduzione ed Avvertenze

Elemento Descrizione

dell'Elemento

Informazioni

A 1 Avvertenze La presente nota di sintesi deve essere letta come un’introduzione

A 2 Consenso all'uso del Prospetto di Base

Il consenso all'uso del Prospetto di Base e delle Condizioni Definitive è prestato solamente in relazione ai(al) seguente(i) Stato(i) Membro(i): Repubblica Italiana

Sezione B – Emittente

Elemento Descrizione

dell'Elemento

B 1 Denominazione legale e commerciale dell'Emittente

B 2 Domicilio / Forma giuridica / Legislazione / Paese di Costituzione

B 4b Tendenze note riguardanti l'Emittente e i settori in cui opera

B 5 Struttura organizzativa

B 9 Previsioni o stime degli utili

B 10 Rilievi contenuti nella relazione di revisione sulle informazioni finanziarie storiche

B 12 Informazioni finanziarie fondamentali selezionate

Informazioni

La denominazione legale della Banca è COMMERZBANK Aktiengesellschaft e la denominazione commerciale della Banca è Commerzbank.

La sede legale della Banca è Francoforte sul Meno. La sua sede principale è sita in Xxxxxxxxxxxx 00 (Xxxxxxxxxxx), 00000 Xxxxxxxxxxx xxx Xxxx, Xxxxxxxxxx Xxxxxxxx xx Xxxxxxxx.

Commerzbank è una società per azioni costituita ai sensi del diritto tedesco.

Commerzbank è la società capogruppo del Gruppo Commerzbank. Il Gruppo Commerzbank detiene direttamente ed indirettamente partecipazioni azionarie in diverse società.

- non applicabile –

L'Emittente non fornisce attualmente previsioni o stime degli utili.

- non applicabile –

Le relazioni di revisione predisposte in merito alle informazioni finanziarie storiche contenute nel presente Prospetto di Base non contengono alcun rilievo.

Stato patrimoniale	31 dicembre 2011	31 dicembre 2012*)	30 settembre 2013
Attività (Assets) (in milioni di
Euro)
Riserva di cassa (Cash reserve) ....	6.075	15.755	11.122
Crediti verso banche (Claims xx xxxxx)..........................................	87.790	88.028	109.402

Crediti verso i clienti (Claims on

customers).................................. 296.586 278.546 250.530

Aggiustamenti di valore relativi alle coperture di portafogli al fair value (Value adjustments

for portfolio fair value xxxxxx)...... 147 202 91

Fair value positivi relativi agli strumenti derivati di copertura (Positive fair value of deri-

vative hedging instruments) ......... 5.132 6.057 4.053

Attività commerciali (Trading assets).........................................	155.700	144.144		119.472
Investimenti finanziari (Financial investments) ................................	94.523	89.142		84.487
Partecipazioni in società
contabilizzate con il metodo del patrimonio netto (Holdings
in companies accounted for using the equity method)..............	694	744		727
Attività immateriali (Intangible
assets).........................................	3.038		3.051		3.122
Attività fisse (Fixed assets).............	1.399		1.372		1.721
Investimenti immobiliari (Investment properties) ................	808		637		668
Attività non correnti e gruppi di
attività in via di dismissione posseduti per la vendita (Non-
current assets and disposal groups held for sale) ......................	1.759		757		249
Crediti d'imposta correnti (Current tax assets) .....................	716		790		613
Crediti d'imposta futuri (Deferred tax assets) ...................	4.154		3.216		3.153
Altre attività (Other assets).............	3.242		3.571		3.742
Totale ............................................	661.763		636.012		593.232

Passività e capitale azionario (Liabilities and equity) (in milioni di Euro)

Passività verso banche

(Liabilites to banks)...................... Passività verso clienti (Liabilities		98.481	110.242	124.315
to customers)...............................		255.344	265.842	256.244
Passività cartolarizzate (Securitised liabilities) ..................		105.673	79.332	69.551
Aggiustamenti di valore relativi alle coperture di portafogli al
fair value (Value adjustment for portfolio fair value xxxxxx)......		938	1.467	784
Fair value negativi relativi agli strumenti derivati di copertura
(Negative derivative	fair values of hedging instruments).......	11.427	11.739	8.429
Debiti commerciali (Trading
liabilities)......................................		137.847	116.111	82.646
Accantonamenti (Provisions)..........		3.761	3.259	3.965
Debiti d'imposta correnti (Current tax liabilities) ..................		680	324	240
Debiti d'imposta futuri (Deferred tax liabilities) ................................		189	90	96
Debiti da gruppi di attività in via
di dismissione posseduti per la
vendita	(Liabilities from
disposal groups held for sale) ......		592	2	-
Altre passività (Other liabilities) ......		6.568	6.523	6.590
Capitale subordinato (Subordinated capital)..................		13.285	12.316	12.136
Capitale ibrido (Hybrid capital) .......		2.175	1.597	1.489
Capitale azionario (Equity) .............		24.803	26.327	26.747
				593.232
Totale 661.763			636.012 124,315

Conto economico (in milioni di Euro)

Proventi netti da interesse

1° gennaio - 31 dicembre 1° gennaio - 30 giugno

2011 2012 2012*) 2013

(Net interest income).......... 6.724 5.539 4.759 4.468

Accantonamenti per perdite su prestiti (Loan

loss provisions) ................. (1.390) (1.660) (1.046) (1.296)

5.334

3.879

3.713

3.172

3.495

3.191

2.485

2.440

Proventi netti da interesse al netto degli accantonamenti per le perdite su prestiti (Net interest income after loan

loss provisions) ..................

Proventi netti da commissioni (Net commission income) ..........

Proventi commerciali netti e proventi netti da contabilizzazione della copertura (Net trading income and net trading

from hedge accounting)...... 1.986 Proventi netti da		1.121	472	234
investimenti (Net investment income) ............ (3.611)		81	(169)	10
Proventi netti correnti da
investimenti relativi a società contabilizzate con il metodo del patrimonio
netto (Current net income from companies accounted for using the equity method) ...................	42	46	34	50

B 13 Eventi recenti che hanno significativamente influenzato la solvibilità dell'Emittente

B 14 Dipendenza dell'Emittente da altri soggetti del gruppo

B 15 Attività principali e mercati

Altri proventi netti (Other

net income) ........................ 1.253 (77) (55) (147)

Spese operative

(Operating expenses)......... 7.992 7.025 5.254 5.109

Spese di ristrutturazione

(Restructuring expenses) ... --- 43 43 493

Utile o perdita netta dalla vendita di gruppi in via di dismissione (Net gain or loss from sale of disposal

of groups)........................... --- (268) (83) ---

Utile al lordo delle tasse

(Pre-tax profit) .................. 507 905 1.100 157

Tasse sui proventi

(Taxes on income) (000) 000 000 00

Utile consolidato

(Consolidated profit)........ 747 109 771 97

1) Dati relativi all'esercizio precedente rideterminati a seguito della prima applicazione del principio IAS 19 modificato e di altre modifiche al regime di disclosure.

Dal 31 dicembre 2012 non vi è stato alcun cambiamento sostan- ziale negativo nelle prospettive di Commerzbank.

Dal 30 settembre 2013 non vi è stato alcun cambiamento signifi- cativo nella posizione finanziaria di Commerzbank.

- non applicabile –

Non si sono verificati eventi recenti in relazione all'Emittente che abbiano un impatto significativo sulla valutazione della solvibilità dello stesso Emittente.

- non applicabile –

Come riportato nell'elemento B.5, Commerzbank è la società capogruppo del Gruppo Commerzbank.

Le attività del Gruppo Commerzbank si concentrano sulla prestazione di una vasta gamma di servizi finanziari a clienti privati,

principali dell'Emittente

B 16 Soggetti che esercitano il controllo

- non applicabile –

Sezione C – Strumenti Finanziari

Elemento Descrizione

dell'Elemento

C 1 Tipo e classe dei titoli / Codice di identificazione del titolo

Informazioni

Tipo/Forma dei Titoli

Certificates

collegati a Commerzbank Top Return Index (i "Certificates")

I Certificates sono emessi in forma dematerializzata al portatore con denominazione in EUR 83 (la "Denominazione").

Numero(i) di identificazione dei Titoli ISIN DE000CZ37TM5

C 2 Valuta dei titoli I Certificates sono emessi in Euro.

C 5 Restrizioni alla libera trasferibilità dei titoli

C 8 Diritti connessi ai titoli (inclusi il ranking dei titoli e limitazioni a tali diritti)

C 11 Ammissione a quotazione e negoziazione su mercato regola- mentato o mercato equivalente

- non applicabile –

I Certificates sono trasferibili liberamente. Legge applicabile ai Titoli

I Certificates saranno regolati dal, e interpretati ai sensi del, diritto

tedesco. La creazione dei Certificates potrebbe essere regolata dalle leggi della giurisdizione del Sistema di Compensazione come stabilito nelle relative Condizioni Definitive.

Diritti connessi ai Titoli

Rimborso

Rettifiche e Rimborso Anticipato

Ranking dei Titoli

Gli obblighi ai sensi dei Certificates costituiscono obbligazioni di- rette, non subordinate e non garantite (nicht dinglich besichert) dell'Emittente e, a meno che non sia previsto diversamente dalla legge applicabile, avranno pari grado rispetto a tutte le altre obbligazioni, non subordinate e non garantite (nicht dinglich besichert) dell'Emittente.

I Certificates saranno venduti e negoziati dall'Emittente unica- mente sul mercato regolamentato di Borsa Italiana S.p.A. (Mer- cato Telematico dei Securitised Derivatives ("SeDeX") a partire dalla data indicata da Borsa Italiana S.p.A. in una Comunicazione al pubblico.

C 15 Incidenza del Sottostante sul valore dei titoli:

Il rimborso dei Certificates alla Data di Scadenza dipende dal rendimento del Sottostante.

In particolare:

L'Importo di Liquidazione per Certificate è, ove necessario, arrotondato alla successiva EUR 0,01 (con EUR 0,005 arrotondato per eccesso).

Ciascun Certificate sarà rimborsato mediante pagamento di un Importo di Liquidazione per Certificate determinato in base alla seguente formula:

Dove





IL = IC x Max  0;



Sottostante 



Sottostante(Strike) 

(Finale) 4

x (1 - 1,1%) - 1



C 16 Data di Valutazione

Data di Scadenza

C 17 Descrizione delle procedure di regolamento dei titoli

C 18 Procedura di consegna (liquidazione alla Data di Scadenza)

"IC" indica l'"Importo di Calcolo" pari a EUR 1.000;

"Sottostante(Finale)" indica il Prezzo di Riferimento del Sottostante alla Data di Valutazione e

"Sottostante(Strike)" indica il Prezzo Strike. 23 aprile 2018

27 aprile 2018

I Certificates venduti saranno consegnati alla Data di Pagamento in conformità alla prassi di mercato locale attraverso il Sistema di Compensazione.

Qualora il pagamento debba essere effettuato in una data che non coincide con un Giorno Lavorativo di Pagamento, il pagamento avverrà il Giorno Lavorativo di Pagamento immedia-

C 19 Prezzo di Riferimento Finale del Sottostante

C 20 Tipo di Sottostante e dettagli, dove possono essere reperite informazioni sul sottostante

tamente sucessivo. In tal caso, il relativo titolare dei Certificates non potrà avanzare alcuna pretesa in merito a pagamenti o interessi o altro risarcimento dovuto in relazione a tale ritardo.

"Agente di Pagamento" indica Commerzbank Aktiengesellschaft. "Sistema di Compensazione" indica Monte Titoli S.p.A.

"Giorno Lavorativo di Pagamento" indica un giorno in cui il Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) ed il Sistema di Compensazione regolano i pagamenti nella Valuta di Emissione.

Il Valore dell'Indice come da ultimo determinato e pubblicato da Sponsor dell'Indice alla Data di Valutazione.

L'indice sottostante dei Certificates è Commerzbank Top Return Index (il "Sottostante").

Informazioni sul Sottostante sono disponibili sul Bloomberg ticker CBKSTOPR Index.

Sezione D – Xxxxxx

Elemento Descrizione

dell'Elemento

D 2 Principali rischi specifici per l'Emittente

Informazioni

Inoltre Commerzbank è soggetta a vari rischi in relazione alle sue attività commerciali. Tali rischi comprendono in particolare le seguenti categorie di rischi:

Rischi relativi alla Crisi Globale dei Mercati Finanziari e alla Crisi del Debito Sovrano

Congiuntura macroeconomica

Rischio di Insolvenza della Controparte

Il Gruppo detiene nel proprio portafoglio un considerevole numero di mutui in sofferenza e queste inadempienze potrebbero non essere

sufficientemente garantite in coincidenza con storni precedente- mente effettuati e predeterminate provviste.

Rischi legati al Mercato

Rischi legati alla Strategia

Rischi derivanti dal Contesto Concorrenziale

Rischi relativi alla Liquidità

Rischi Operativi

Rischi derivanti dalle Partecipazioni Azionarie

D 6 Informazioni fondamentali sui principali rischi specifici per i titoli

Rischi derivanti dalla Regolamentazione dell'Attività Bancaria

Rischi Legali

Assenza di mercato secondario immediatamente prima della scadenza

Assenza di Collateralizzazione

del capitale dell'investitore.

Rischio connesso all'adozione di un Piano di Risanamento e Risoluzione per Enti Creditizi

Le ritenute ai sensi del Foreign Account Tax Compliance possono avere un impatto sui pagamenti relativi ai Certificates

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AVVISO n.9552 21 Maggio 2014 SeDeX - STRUTTURATI/ESOTI CI

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