COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany

Transkript

1 Fourth Supplement dated 14 April 2014 to the Base Prospectus dated 8 October 2013 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany 25,000,000,000 Medium Term Note Programme (the "Programme") This fourth supplement (the "Fourth Supplement") to the base prospectus dated 8 October 2013 (the "Base Prospectus" or the "Prospectus") constitutes a supplement for the purposes of Article 13 of the Loi relative aux prospectus pour valeurs mobilières which implements Directive 2003/71/EC of the European Parliament and of the Council of November 4, 2003, as amended by Directive 2010/73/EU of the European Parliament and of the Council of November 24, 2010, into Luxembourg Law (the "Luxembourg Law") and is prepared in connection with the 25,000,000,000 Medium Term Note Programme of COMMERZBANK Aktiengesellschaft ("Commerzbank Aktiengesellschaft", "COMMERZBANK", the "Issuer" or the "Bank", together with its consolidated subsidiaries and affiliated companies "COMMERZBANK Group" or the "Group"). Unless otherwise defined herein, expressions defined in the Base Prospectus shall have the same meaning when used in this Fourth Supplement. This Fourth Supplement is supplemental to, and should be read in conjunction with, the Base Prospectus and the supplements thereto dated 30 October 2013, 14 November 2013 and 6 March 2014 (the "Supplements"). This Fourth Supplement has been prepared following the publication of the 2013 Annual Report and in order to amend some provisions of the Terms and Conditions that apply to Notes (other than Pfandbriefe) with floating interest rates (Option [II]). The amendments in relation to the Terms and Conditions included herein shall only apply to Final Terms the date of which falls on or after the date of this Fourth Supplement. The Issuer accepts responsibility for the information contained in this Fourth Supplement and hereby declares, that having taken all reasonable care to ensure that such is the case, the information contained in this Fourth Supplement is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. To the extent that there is any inconsistency between (a) any statement in this Fourth Supplement and (b) any other statement in or incorporated in the Base Prospectus, the statements in (a) above will prevail. In accordance with Article 13 paragraph 2 of the Luxembourg Law, investors who have already agreed to purchase or subscribe for the Notes before this Fourth Supplement is published have the right, exercisable within two working days after the publication of this Fourth Supplement, to withdraw their acceptances. The final date of the right of withdrawal will be 16 April This Fourth Supplement is available for viewing in electronic form together with the Base Prospectus, the Supplements thereto and the documents incorporated by reference at the website of the Luxembourg Stock Exchange ( Furthermore, this Fourth Supplement is available for viewing in electronic form at the website of COMMERZBANK Aktiengesellschaft ( (available under "Investor Relations", "Bondholder Information"; "Issuance Programmes") and copies may be obtained from COMMERZBANK Aktiengesellschaft, Kaiserstraße 16 (Kaiserplatz), D Frankfurt am Main.

2 Amendments to the Base Prospectus For convenience purposes the amendments relating to the terms and conditions of the Notes are displayed in a mark-up version (except where an entire paragraph has been inserted). Summary Element B.12 on pages 5 to 7 of the Base Prospectus shall be deleted and replaced by the following: B.12 Selected key financial information The following table shows an 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 December 31, 2012 and 2013: Balance sheet December 31, 2012 *) December 31, 2013 Assets ( m) Cash reserve... 15,755 12,397 Claims on banks... 88,028 87,545 Claims on customers , ,963 Value adjustment portfolio fair value hedges Positive fair value of derivative hedging instruments... 6,057 3,641 Trading assets , ,616 Financial investments... 89,142 82,051 Holdings in companies accounted for using the equity method Intangible assets... 3,051 3,207 Fixed assets... 1,372 1,768 Investment properties Non-current assets and disposal groups held for sale ,166 Current tax assets Deferred tax assets... 3,216 3,096 Other assets... 3,571 2,936 Total , ,661 Liabilities and equity ( m) Liabilites to banks ,242 77,694 Liabilities to customers , ,486 Securitised liabilities... 79,332 64,670 Value adjustment portfolio fair value hedges... 1, Negative fair values of derivative hedging instruments... 11,739 7,655 Trading liabilities ,111 71,010 Provisions... 4,099 3,877 Current tax liabilities Deferred tax liabilities Liabilities from disposal groups held for sale Other liabilities... 6,523 6,553 Subordinated capital... 13,913 13,714 Equity... 26,327 26,936 Total , ,661 *) After combination of the balance sheet items subordinated capital and hybrid capital into the balance sheet item subordinated debt instruments and after restatement due to the first-time application of the amended IAS 19 and hedge account restatement

3 January December 2012 *) 2013 Income Statement ( m) Net interest income... 6,487 6,148 Loan loss provisions... -1,660-1,747 Net interest income after loan loss 4,827 4,401 provisions... Net commission income... 3,249 3,215 Net trading income and net trading from hedge accounting... Net investment income Current net income from companies accounted for using the equity method Other net income Operating expenses... 7,029 6,797 Restructuring expenses Net gain or loss from sale of disposal of groups... Pre-tax profit or loss Taxes on income Consolidated profit or loss *) Prior-year figures restated due to the first-time application of the amended IAS 19, the hedge account restatement and other disclosure changes. Not applicable. There has been no material adverse change in the prospects of the COMMERZBANK Group since December 31, Since December 31, 2013 no significant changes in the financial position of the COMMERZBANK Group have occurred. In Element C.9 the second paragraph on page 11 of the Base Prospectus shall be deleted and replaced by the following: C.9 Interest / Redemption [If the reference interest rate is less than [threshold] the] The] interest rate for [such / each] [Floating] Interest Period is equal to [twice / three times / ] the reference interest rate [[plus/minus] [margin]]. [If the reference interest rate is equal to or greater than [threshold] the interest rate is equal to [twice / three times / ] the reference interest rate. The interest rate will be determined [for each/once for all] [Floating] Interest Period[s] by the Calculation Agent.] - 3 -

4 Furthermore, the second paragraph in Element C.9 on page 12 of the Base Prospectus shall be deleted and replaced by the following: C.9 Interest / Redemption [If the reference interest rate is less than [threshold] the] The] interest rate for [such / each] [Floating] Interest Period is equal to [twice / three times / ] the reference interest rate [[plus/minus] [margin]]. [If the reference interest rate is equal to or greater than [threshold] the interest rate is equal to [twice / three times / ] the reference interest rate. The interest rate will be determined [for each/once for all] [Floating] Interest Period[s] by the Calculation Agent.] In Element D.3 the paragraphs relating to "Risks in connection with the adoption of a recovery and resolution regime for credit institutions" on pages 19 and 20 of the Base Prospectus shall be deleted and replaced by the following: D.3 Key risks specific to the securities Risks in connection with the implementation of a future resolution regime for banks In early June 2012 the European Commission published the proposal for a directive establishing a framework for recovery and resolution of credit institutions and investment firms (the so-called Bank Recovey and Resolution Directive ("BRRD")) on which the EU Commission, the Council and the European Parliament reached agreement published on 18 December The BRRD proposal includes inter alia potential loss participation of creditors of credit institutions. Pursuant to the proposal, resolution authorities shall be given the authority to write down the claims of unsecured creditors of a failing institution and to convert debt claims into equity if certain requirements are met (so-called "bail-in tool"). Under the bail-in tool the competent resolution authority would have the power, upon certain trigger events, to cancel existing shares, to write down liabilities eligible for bail-in (i.e. own funds instruments such as the Subordinated Notes and other subordinated debt and even nonsubordinated debt, subject to exceptions in respect of certain liabilities) of a failing credit institution or to convert such eligible liabilities of a failing credit institution into equity at certain rates of conversion representing appropriate compensation to the affected creditor for the loss incurred as a result of the write-down and conversion in order to strengthen the credit institution's financial position and allow it to continue as a going concern subject to appropriate restructuring. Pursuant to the proposal for the BRRD, any write-down (or conversion into equity) in accordance with the bail-in tool would not result in an early redemption. Consequently, any amounts so written down would be irrevocably lost and the holders of such instruments would cease to have any claims thereunder, regardless whether or not the bank's financial position is restored. Should the provision of the draft BRRD or similar provisions (such as for example the proposal for a regulation establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framwork of a single resolution mechanism and a single bank resolution fund) enter into force and be implemented into German law, they may severely affect the rights of the holders of the Notes (other than Pfandbriefe) as in the event of non-viability or - 4 -

5 resolution of the Issuer this may result in the loss of their entire investment and could also before the occurance of non-viablity or resolution adversely effect the market price of a subordinated note. Zusammenfassung Element B.12 on pages 24 and 25 of the Base Prospectus shall be deleted and replaced by the following: B.12 Ausgewählte wesentliche Finanzinformationen Die nachstehende Übersicht stellt in überblicksmäßiger Form die Bilanz und Gewinn- und Verlustrechnung des COMMERZBANK- Konzerns dar, die den jeweils geprüften Konzernabschlüssen nach IFRS zum 31. Dezember 2012 und 2013 entnommen wurden: Konzern-Bilanz (IFRS) 31. Dezember 2012*) 31. Dezember 2013 Aktiva (in Mio ) Barreserve Forderungen an Kreditinstitute Forderungen an Kunden Wertanpassung aus Portfolio Fair Value Hedges Positive Marktwerte aus derivativen Sicherungsinstrumenten Handelsaktiva Finanzanlagen Anteile an at-equity-bewerteten Unternehmen Immaterielle Anlagewerte Sachanlagen Als Finanzinvestition gehaltene Immobilien Zur Veräußerung gehaltene langfristige Vermögenswerte und Vermögenswerte aus Veräußerungsgruppen Tatsächliche Ertragsteueransprüche Latente Ertragsteueransprüche Sonstige Aktiva Gesamt Passiva (in Mio ) Verbindlichkeiten gegenüber Kreditinstituten Verbindlichkeiten gegenüber Kunden Verbriefte Verbindlichkeiten Wertanpassung aus Portfolio Fair Value Hedges Negative Marktwerte aus derivativen Sicherungsinstrumenten Handelspassiva Rückstellungen Tatsächliche Ertragsteuerschulden Latente Ertragsteuerschulden Verbindlichkeiten von zur Veräußerung gehaltenen Veräußerungsgruppen Sonstige Passiva Nachrangige Schuldinstrumente Eigenkapital Gesamt *) Nach Zusammenfassung der Bilanzposten Nachrangkapital und Hybridkapital zum Bilanzposten Nachrangige Schuldinstrumente sowie nach Anpassung aufgrund der Erstanwendung des geänderten IAS 19 und des Hedge-Accounting-Restatements

6 Konzern-Gewinn-und Verlustrechnung (IFRS) (in Mio ) Januar Dezember 2012* ) 2013 Zinsüberschuss Risikovorsorge im Kreditgeschäft Zinsüberschuss nach Risikovorsorge Provisionsüberschuss Handelsergebnis und Ergebnis aus Sicherungszusammenhängen Ergebnis aus Finanzanlagen Laufendes Ergebnis aus at- Equity-bewerteten Unternehmen Sonstiges Ergebnis Verwaltungsaufwendungen Restrukturierungsauf-wendungen Ergebnis aus dem Verkauf von Veräußerungsgruppen Ergebnis vor Steuern Steuern vom Einkommen und Ertrag Konzernergebnis *) Anpassung Vorjahr aufgrund der Erstanwendung des geänderten IAS 19, des Hedge-Accounting- Restatements sowie weiterer Ausweisänderungen. Nicht anwendbar. Seit dem 31. Dezember 2013 ist keine wesentliche Verschlechterung in den Aussichten des COMMERZBANK-Konzerns eingetreten. Seit dem 31. Dezember 2013 ist keine wesentliche Veränderung in der Finanzlage des COMMERZBANK-Konzerns eingetreten. In Element C.9 the second paragraph on page 30 of the Base Prospectus shall be deleted and replaced by the following: C.9 Zinsen / Rückzahlung [Ist der Referenzzinssatz niedriger als [Schwellenwert], entspricht der] [Der] Zinssatz für [diese / jede] [Variable] Zinsperiode [entspricht] dem [Zwei / Drei / ]fachen des] Referenzzinssatz[es] [[zuzüglich/abzüglich] [Marge]]. [Entspricht der Referenzzinssatz [Schwellenwert] oder überschreitet diesen Wert, entspricht der Zinssatz dem [Zwei / Drei / ]fachen des Referenzzinssatzes. Der Zinssatz wird [für jede/einmalig für alle] [Variable[n]] Zinsperiode[n] von der Berechnungsstelle bestimmt.] Furthermore, the second paragraph in Element C.9 on page 31 of the Base Prospectus shall be deleted and replaced by the following: C.9 Zinsen / Rückzahlung [Ist der Referenzzinssatz niedriger als [Schwellenwert], entspricht der] [Der] Zinssatz für [diese / jede] [Variable] Zinsperiode [entspricht] dem [Zwei / Drei / ]fachen des] Referenzzinssatz[es] [[zuzüglich/abzüglich] [Marge]]. [Entspricht der Referenzzinssatz [Schwellenwert] oder überschreitet diesen Wert, entspricht der Zinssatz dem [Zwei / Drei / ]fachen des Referenzzinssatzes. Der Zinssatz wird [für jede/einmalig für alle] [Variable[n]] Zinsperiode[n] - 6 -

7 von der Berechnungsstelle bestimmt.] In Element D.3 the paragraphs relating to "Risiken in Bezug auf die Einführung eines künftigen Sanierungs- und Abwicklungsregimes für Kreditinstitute" on pages 39 and 40 of the Base Prospectus shall be deleted and replaced by the following: D.3 Zentrale Risiken bezogen auf die Wertpapiere Risiken im Zusammenhang mit der Einführung eines künftigen Abwicklungsregimes für Kreditinstitute Anfang Juni 2012 veröffentlichte die EU-Kommission den Vorschlag für eine Richtlinie zur Festlegung eines Rahmens für die Sanierung und Abwicklung von Kreditinstituten und Wertpapierfirmen (die so genannte Bank Recovery and Resolution Directive (die "BRRD")) hinsichtlich derer die EU-Kommission, der Rat und das Europäische Parlament eine am 18. Dezember 2013 veröffentlichte Einigung erzielte. Der Vorschlag für die BRRD sieht unter Anderem mögliche Verlustbeteiligungen für Gläubiger von Banken vor. Nach dem Vorschlag erhalten die Abwicklungsbehörden unter gewissen Umständen die Befugnis, die Forderungen von nicht abgesicherten Gläubigern eines ausfallenden Instituts abzuschreiben und Forderungen in Eigenkapital umzuwandeln (sog. "Bail-in- Instrument"). Die zuständige Abwicklungsbehörde hätte im Rahmen des Bail-in- Instruments die Befugnis, bei Eintritt bestimmter Ereignisse bestehende Anteile zu löschen, bail-in-fähige Verbindlichkeiten (d. h. Eigenmittelinstrumente wie beispielsweise die nachrangigen Teilschuldverschreibungen und andere nachrangige Schulden und, vorbehaltlich einzelner Ausnahmen bei bestimmten Verbindlichkeiten, sogar nicht nachrangige Verbindlichkeiten) eines ausfallenden Instituts abzuschreiben oder diese abschreibungsfähigen Verbindlichkeiten eines ausfallenden Instituts zu bestimmten Umwandlungssätzen, die eine angemessene Entschädigung für den betroffenen Gläubiger im Hinblick auf den ihm infolge der Abschreibung und Umwandlung entstandenen Verlust darstellen, in Eigenkapital umzuwandeln, um die Finanzlage des Kreditinstituts zu stärken und ihm, vorbehaltlich einer angemessenen Restrukturierung, die Fortführung seiner Geschäftstätigkeit zu ermöglichen. Nach dem Vorschlag für die BRRD würde eine Abschreibung (bzw. Umwandlung in Eigenkapital) nach Maßgabe des Bail-in-Instruments keine vorzeitige Rückzahlung auslösen. Folglich wären auf diese Weise abgeschriebene Beträge unwiderruflich verloren, und die Inhaber der betreffenden Instrumente hätten unabhängig davon, ob die Finanzlage der Bank wiederhergestellt wird keine Ansprüche mehr aus diesen Instrumenten. Sollten die Bestimmungen des Entwurfs für die BRRD oder ähnliche Bestimmungen (wie bspw. der Vorschlag für eine Verordnung zur Festlegung einheitlicher Vorschriften und eines einheitlichen Verfahrens für die Abwicklung von Kreditinstituten und bestimmten Wertpapierfirmen im Rahmen eines einheitlichen Abwicklungsmechanismus und eines einheitlichen Bankenabwicklungsfonds) in Kraft treten und ins deutsche Recht - 7 -

8 umgesetzt werden, könnten sie die Rechte der Inhaber von Teilschuldverschreibungen stark beeinflussen, da sie für den Fall, dass der Fortbestand der Emittentin nicht mehr gegeben wäre oder sie abgewickelt werden müsste, den Verlust der gesamten Anlage zur Folge haben können und sich auch vor Eintritt der Nichttragfähigkeit bzw. der Abwicklung nachteilig auf den Marktwert einer nachrangigen Teilschuldverschreibung auswirken können. Risk Factors In sub-section Risk Factors relating to the Notes the risk factor "Risks in connection with a directive establishing a framework for the recovery and resolution of credit institutions and investment firms" on page 46 of the Base Prospectus shall be deleted and replaced by the following: "Risks in connection with the implementation of a future resolution regime for banks In early June 2012, the EU Commission published the proposal for a directive establishing a framework for the recovery and resolution of credit institutions and investment firms (the so-called Bank Recovey and Resolution Directive ("BRRD")) on which the EU Commission, the Council and the European Parliament reached agreement published on 18 December With this legal framework, to be implemented into national law by the end of 2014, it is intended to ensure throughout the EU, that credit institutions, investment firms, financial holding companies and branches of institutions having their registered offices outside the EU, in particular at a point of nonviability of an institution may recover or (if necessary), be resolved without imposing risks on the stability of the financial markets. The proposal for the BRRD includes provisions in this respect, granting additional competencies and powers to supervisory authorities, additional organisational and reporting requirements for banks and possible loss participations of creditors as well as considerations for the financing of a bank restructuring fund. Furthermore, the proposal also contains provisions to require the competent supervisory authority and/or other authority to be given certain resolution powers. Under the proposal, resolution authorities shall be given the authority to write down the claims of unsecured creditors of a failing institution or to convert claims into equity if certain requirements are met (so-called "bail-in tool"). The BRRD proposal provides for a longer transposition period with respect to the provisions on the bail-in tool; they are to be applied as from 1 January Under the bail-in tool the competent resolution authority would have the power, upon certain trigger events, to cancel existing shares, to write down liabilities eligible for bail-in (i.e. own funds instruments such as the Subordinated Notes and other subordinated debt and even non-subordinated debt, subject to exceptions in respect of certain liabilities) of a failing credit institution or to convert such eligible liabilities of a failing credit institution into equity at certain rates of conversion representing appropriate compensation to the affected creditor for the loss incurred as a result of the write-down and conversion in order to strengthen the credit institution's financial position and allow it to continue as a going concern subject to appropriate restructuring. Pursuant to the BRRD proposal, any write-down (or conversion into equity) in accordance with the bail-in tool would not result in an early redemption. Consequently, any amounts so written down would be irrevocably lost and the holders of such instruments would cease to have any claims thereunder, regardless whether or not the bank's financial position is restored. However, holders of the relevant instruments may, when applying the bail-in tool, not be treated worse than they would be treated under normal insolvency proceedings. If the affected creditors were to recover less when applying the bail-in tool, the difference was to be borne by the competent authority. If enacted as currently proposed, the BRRD would require Member States to apply the national law, regulations and administrative provisions adopted to comply with the BRRD by 1 January However, provisions adopted to implement the bail-in tool would be applied by Member States by 1 January The proposal for the BRRD sets out a minimum set of resolution tools. Member States may however retain specific national tools and powers to deal with failing institutions if those additional powers are consistent with the principles and objectives of the resolution framework for banks pursuant to the BRRD and do not pose obstacles to effective group resolution

9 Also, the EU Commission expects that bail-in tools will be standarised at national level in future. In its notice on the application of state aid rules as from 1 August 2013 to support measures in favour of banks in the context of the financial crisis ("Banking Communication") the EU Commission provides that state aid for failing banks may be granted only if bail-in tools have been used before. Therefore, there is a risk that the German legislator will create bail-in rules for own funds instruments of banks before the implementation of the BRRD. The proposal for a regulation establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a single resolution mechanism and a single bank resloution fund ("SRM Regulation"), as amended on 20 December 2013, which already takes into account the outcome of the recent trialogue, provides that the decision about the application of the bail-in tool shall be made in each individual case subject to the single resolution mechanism. It should be noted that Regulation (EU) 575/2013 of the European Parliament and Council on prudential supervision requirements for credit institutions and investment firms of 26 June 2013, as amended (the "CRR") provides that the EU Commission shall verify until 31 December 2015, if the CRR itself needs to contain provisions, which require Additional Tier 1 or Tier 2 capital instruments to be written down in case it is determined that an institution is no longer viable. Such legal provisions and/or regulatory measures may severely affect the rights of a Noteholder, may result in the loss of the entire investment in the event of non-viability or resolution of the Issuer may have a negative impact on the market value of the Notes (other than Pfandbriefe) also prior to nonviability or resolution. It is currently expected that the German federal cabinet (Bundeskabinett) will adopt a draft act to implement the BRRD into national law in May 2014 (possibly later)." Commerzbank Aktiengesellschaft Sub-section "Historical Financial Information" on page 120 of the Base Prospectus shall be deleted and replaced by the following: "Historical Financial Information The audited consolidated annual financial statements of Commerzbank for the financial years ended 31 December 2012 and 31 December 2013 are incorporated by reference into, and form part of, this Base Prospectus (see "Documents Incorporated by Reference")." The following sub-sections shall be added after sub-section "Historical Financial Information" on page 120 of the Base Prospectus: "Trend Information There has been no material adverse change in the prospects of the COMMERZBANK Group since 31 December Significant Change in the Financial Position Since 31 December 2013 no significant change in the financial position of the COMMERZBANK Group has occurred." Sub-section "Interim Financial Information" on page 120 of the Base Prospectus shall be deleted entirely

10 Sub-section "Auditors" on page 120 of the Base Prospectus shall be deleted and replaced by the following: "Auditors The Bank's auditors are PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft ("PwC"), Friedrich-Ebert-Anlage 35-37, Frankfurt am Main, Germany. PwC audited the consolidated financial statements for the 2012 and 2013 financial years, which were prepared in accordance with the International Financial Report Standards ("IFRS") and the additional accounting requirements under Section 315a(1) of the German Commercial Code (HGB), and issued an unqualified auditors' report in each case. PwC is a member of the German Wirtschaftsprüferkammer (Chamber of Public Accountants)." Sub-section "Recent developments and outlook" on pages 136 to 139 of the Base Prospectus shall be deleted entirely. Programme Terms and Conditions of the Notes In Option [II], 3 (VERZINSUNG/INTEREST), the second box on page 199 of the Base Prospectus shall be deleted and replaced by the following: Der folgende Absatz (3) ist nicht auf Reverse Floater oder Teilschuldverschreibungen, bei denen der Zinssatz durch Bezugnahme auf einen Inflationsindex ermittelt wird, anwendbar The following paragraph (3) shall not be applicable to reverse floaters or to Notes in respect of which the interest rate is to be determined by reference to an inflation index [(3) Der Zinssatz für die Teilschuldverschreibungen wird für jede [Variable] Zinsperiode als Jahreszinssatz ausgedrückt. Er entspricht dem in Einklang mit Absatz (4) ermittelten Referenzzinssatz [[zuzüglich/ 1 abzüglich] [Marge]] und wird [einmalig] für [jede/alle] [Variable[n]] Zinsperiode[n] [(3) The interest rate in respect of the Notes for each [Floating] Interest Period shall be expressed as a rate per annum. This rate is equal to the Reference Interest Rate determined in accordance with paragraph (4) [[plus/ 1 minus] [margin]], and shall be determined [once] for [each/all] [Floating] Interest Period[s] [[ ] Geschäftstag(e) vor dem Beginn]/ [[ ] Business Day(s) prior to the commencement]/ [am ersten Geschäftstag] [on the first Business Day] [[ ] Geschäftstag(e) vor Ende] [[ ] Business Day(s) prior to the end] der [ersten/betreffenden] [Variablen] of the [first/relevant] [Floating] Interest Zinsperiode (der Period (the "Interest Determination "Zinsfestsetzungstag") von der Date") by the Calculation Agent. Berechnungsstelle ermittelt. Als Geschäftstag im Sinne dieses A Business Day in the meaning of this 3 (3) gilt jeder Tag [(außer einem Samstag oder Sonntag), an dem [das Trans-European Automated Real-Time 3 (3) shall be any day (other than a Saturday or Sunday) on which [the Trans-European Automated Real-Time Gross settlement Express Transfer Gross settlement Express Transfer System (TARGET-System) und] System (TARGET-System) and] Geschäftsbanken und Devisenmärkte in commercial banks and foreign [Frankfurt am Main / London / [andere exchange markets in [Frankfurt am Stadt]] geöffnet haben.]] [andere Main / London / [other city]] are open Geschäftstage] for business.] [other Business Days] 1 Bei einer negativen Marge ist an die Einfügung eines Mindestzinssatzes von Null zu denken. In case of a negative margin a Minimum Interest Amount of zero may be inserted

11 In Option [II], 3 (VERZINSUNG/INTEREST) the following option shall be added after the second box on page 204 of the Base Prospectus: Der folgende Absatz ist nur auf "fest-bis variabel verzinsliche Teilschuldverschreibungen anwendbar, für die im Festzinssatzzeitraum eine abweichende Zinskonvention gelten soll [(5)][(6)][(7)][(8)](a) Sofern innerhalb des Festzinssatz-Zeitraums der Zinsbetrag für einen beliebigen Zeitraum (ab dem ersten Tag dieses Zeitraums (einschließlich) bis zum letzten Tag dieses Zeitraums (ausschließlich)) (der "Zinsberechnungszeitraum") zu berechnen ist, Zinstagequotient "Actual/Actual" erfolgt die Berechnung auf der Grundlage der tatsächlichen Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 365 (oder, falls ein Teil dieses Zinsberechnungszeitraumes in ein Schaltjahr fällt, die Summe aus (A) der tatsächlichen Anzahl der Tage in dem Teil des Zinsberechnungszeitraums, die in das Schaltjahr fallen, dividiert durch 366 und (B) die tatsächliche Anzahl der Tage in dem Teil des Zinsberechnungszeitraums, die nicht in ein Schaltjahr fallen, dividiert durch 365). The following paragraph shall only be applicable to Notes having a deviating day count fraction during the Fixed Interest Term [(5)][(6)][(7)][(8)](a) If during the Fixed Interest Term an amount of interest on any Note is to be calculated for any period of time (from and including the first day of such period to but excluding the last) (whether or not constituting an Interest Period, the "Calculation Period"): Day Count Fraction "Actual/Actual" the calculation shall be made on the basis of the actual number of days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365). "30/360" oder "360/360" oder "Bond Basis" "30/360" or "360/360" or "Bond Basis" erfolgt die Berechnung auf der Grundlage der nachfolgenden Formel: [ 360 ( Y2 Y1 )] + 30 ( M2 M1 ) + D2 D1 ZTQ= 360 [ ] ( ) the calculation shall be made on the basis of the following formula: [ 360 ( Y2 Y1 )] + [ 30 ( M2 M1 )] + ( D2 D1 ) DCF= 360 Dabei gilt folgendes: where "ZTQ" ist gleich der Zinstagequotient; "DCF" means Day Count Fraction; "Y 1 " ist das Jahr, ausgedrückt als Zahl, "Y 1 " is the year, expressed as a in das der erste Tag des number, in which the first day of the Zinsberechnungszeitraums fällt; Calculation Period falls; "Y 2 " ist das Jahr, ausgedrückt als Zahl, in das der der Tag fällt, der auf den "Y 2 " is the year, expressed as a number, in which the day immediately letzten Tag des following the last day of the Calculation Zinsberechnungszeitraums unmittelbar Period falls; folgt; "M 1 " ist der Kalendermonat, "M 1 " is the calendar month, expressed ausgedrückt als Zahl, in den der erste as a number, in which the first day of Tag des Zinsberechnungszeitraums the Calculation Period falls; fällt; "M 2 " ist der Kalendermonat, "M 2 " is the calendar month, expressed ausgedrückt als Zahl, in den der Tag as number, in which the day fällt, der auf den letzten Tag des Zinsberechnungszeitraums unmittelbar immediately following the last day of the Calculation Period falls; folgt; "D 1 " ist der erste Tag des "D 1 " is the first calendar day, expressed

12 Zinsberechnungszeitraums, ausgedrückt als Zahl, es sei denn, diese Zahl wäre 31, in welchem Fall D 1 gleich 30 ist; und "D 2 " ist der Tag, ausgedrückt als Zahl, der auf den letzten Tag des Zinsberechnungszeitraums unmittelbar folgt, es sei denn, diese Zahl wäre 31 und D 1 ist größer als 29, in welchem Fall D 2 gleich 30 ist. as a number, of the Calculation Period, unless such number would be 31, in which case D 1 will be 30; and "D 2 " is the calendar day, expressed as a number, immediately following the last day of the Calculation Period, unless such number would be 31 and D 1 is greater than 29, in which case D 2 will be 30. Furthermore, the paragraph before the option "Zinstagequotient/Day Count Fraction" on page 204 of the Base Prospectus shall be deleted and replaced by the following: [(5)][(6)][(7)][(8)][(b)] Sofern [innerhalb des Variablen Zinszeitraums] der Zinsbetrag für einen beliebigen Zeitraum (ab dem ersten Tag dieses Zeitraums (einschließlich) bis zum letzten Tag dieses Zeitraums (ausschließlich)) (der "Zinsberechnungszeitraum") zu berechnen ist, [(5)][(6)][(7)][(8)][(b)] If [during the Floating Interest Term] an amount of interest on any Note is to be calculated for any period of time (from and including the first day of such period to but excluding the last) (whether or not constituting an Interest Period, the "Calculation Period"):

13 Form of Final Terms In Option II, 3 (VERZINSUNG/INTEREST), sub-paragraph (3) applicable to Notes except for reverse floaters or Notes in respect of which the interest rate is to be determined by reference to an in inflation index which is the third box starting on page 291 and ending on the top of page 292 of the Base Prospectus shall be deleted and replaced by the following: OPTION TEILSCHULDVERSCHREIBUNGEN MIT VARIABLEM ZINSSATZ (mit Ausnahme von Reverse Floatern und Teilschuldverschreibungen, bei denen der Zinssatz durch Bezugnahme auf einen Inflationsindex ermittelt wird) OPTION FLOATING RATE NOTES (except for reverse floaters and for Notes in respect of which the interest rate is to be determined by reference to an inflation index) 3 (3) Zinssatz, Marge Referenzzinssatz [zuzüglich / 2 abzüglich] [Marge] Interest Rate, Margin Zinsfestsetzungstag(e) Interest Deteremination Date(s) Geschäftstag für Zinsfestsetzungen Business Day for interest determinations Reference Interest Rate [plus / 2 minus] [margin] [einmalig für alle / für jede] [Variable[n] Zinsperiode[n] [[ ] Geschäftstag(e) vor dem Beginn] / [am ersten Geschäftstag] / [[ ] Geschäftstag(e) vor Ende] der [ersten / betreffenden] [Variablen] Zinsperiode [once for all / for each] [floating Interest Period[s]] [[ ] Business Day(s) prior to the commencement] / [on the first Business Day] / [[ ] Business Day(s) prior to the end] [of the first / respective[ Floating] Interes Period] Jeder Tag (außer einem Samstag oder Sonntag), an dem [das Trans-European Automated Real-Time Gross settlement Express Transfer System (TARGET- System) und] Geschäftsbanken und Devisenmärkte in [Frankfurt am Main / London / [andere Stadt]] geöffnet haben] [andere Geschäftstage] Any day (other than a Saturday or Sunday) on which [the Trans-European Automated Real-Time Gross settlement Express Transfer System (TARGET-System) and] commercial banks and foreign exchange markets in [Frankfurt am Main / London / [other city]] are open for business] [other Business Days] 2 Bei einem möglichen negativen Zinssatz ist an die Einfügung eines Mindestzinssatzes von Null zu denken. In case of the possibility of a negative interest rate a Minimum Interest Amount of zero may be inserted

14 In Option II, 3 (Verzinsung; Interest) the following box shall be added after the third box on page 295 of the Base Prospectus: OPTION ZINSTAGEQUOTIENT FESTZINSSATZ-ZEITRAUM OPTION DAY COUNT FRACTION FIXED INTEREST TERM 3 [(5)] [(6)] [(7)][(8)] (a) Zinstagequotient Day Count Fraction [Actual/Actual] / ["30/360" oder "360/360" oder "Bond Basis"] [Actual/Actual] / ["30/360" or "360/360" or "Bond Basis"] Furthermore, the second last box on page 295 of the Base Prospectus shall be deleted and replaced by the following: 3 [(5)] [(6)] [(7)][(8)][(b)] Zinstagequotient [Variabler Zinszeitraum] Day Count Fraction [Floating Interest Term] [Actual/Actual] / [Actual/365 (Fixed)] / ["30/360" oder "360/360" oder "Bond Basis"] / ["30E/360" oder Eurobond Basis"] / ["30E/360 ISDA"] / ["Actual/360"] [Actual/Actual] / [Actual/365 (Fixed)] / ["30/360" or "360/360" or "Bond Basis"] / ["30E/360" or Eurobond Basis"] / ["30E/360 ISDA"] / ["Actual/360"] In the section "Documents incorporated by Reference" on page 332 of the Base Prospectus the following table shall be added: Commerzbank Group Annual Report 2013 (English version) Group management report p. 47 p. 96 Group risk report p. 97 p. 132 Group Financial Statements Statement of comprehensive income p. 135 p. 137 Balance sheet p. 138 p. 139 Statement of changes in equity p. 140 p. 142 Cash flow statement p. 143 p. 144 Notes p. 145 p. 322 Independent Auditors' report p. 323 p. 324 Disclaimer (reservation regarding forward-looking p. 338 statements)