COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany

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1 Fourth Supplement dated August 21, 2013 to the Base Prospectus dated December 21, 2012 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 December 21, 2012 (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 February 7, 2013, March 27, 2013 and June 11, 2013 (the "Supplements"). 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 August 23, This Fourth Supplement is available for viewing in electronic form together with the Base Prospectus and the Supplements thereto at the website of the Luxembourg Stock Exchange ( and at the website of Commerzbank Aktiengesellschaft ( aktionaere/emissionsprogramme/mtn_programm/mtn_programm.html) and copies may be obtained from Commerzbank Aktiengesellschaft, Kaiserstraße 16 (Kaiserplatz), D Frankfurt am Main.

2 On August 8, 2013 the Interim Report of the Commerzbank Group as at June 30, 2013 was published. The following amendments and supplements to the Base Prospectus shall therefore be made: Summary Element B.10 on pages 4 and 5 of the Base Prospectus shall be deleted and replaced by the following: B.10 Qualifications in the auditors' report Not applicable. PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Frankfurt am Main ("PwC") audited the consolidated financial statements for the 2011 and 2012 financial years and issued an unqualified auditors' report in each case. Furthermore, PwC has subjected Commerzbank s condensed consolidated interim financial statements as at June 30, 2013 to an auditor s review and issued a review report. Element B.12 on pages 5 and 6 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, 2011 and 2012 as well as from the consolidated interim financial statements as at June 30, 2013 (reviewed): Balance sheet December 31, 2011 December June 30, 31, 2012 *) 2013 Assets ( m) Cash reserve... 6,075 15,755 11,937 Claims on banks... 87,790 88, ,522 Claims on customers , , ,069 Value adjustment portfolio fair value hedges Positive fair value of derivative hedging instruments... 5,132 6,057 4,448 Trading assets , , ,540 Financial investments... 94,523 89,142 85,455 Holdings in companies accounted for using the equity method Intangible assets... 3,038 3,051 3,081 Fixed assets... 1,399 1,372 1,700 Investment properties Non-current assets and disposal groups held for sale... 1, ,932 Current tax assets Deferred tax assets... 4,154 3,216 3,183 Other assets... 3,242 3,571 3,922 Total , , ,963 Liabilities and equity ( m) Liabilites to banks... 98, , ,386 Liabilities to customers , , ,585 Securitised liabilities ,673 79,332 69,802 Value adjustment portfolio fair value hedges ,

3 Negative fair values of derivative hedging instruments... 11,427 11,739 9,175 Trading liabilities , ,111 91,362 Provisions... 3,761 3,259 4,017 Current tax liabilities Deferred tax liabilities Liabilities from disposal groups held for sale Other liabilities... 6,568 6,523 6,542 Subordinated capital... 13,285 12,316 11,739 Hybrid capital... 2,175 1,597 1,513 Equity... 24,803 26,327 26,477 Total , , ,963 *) Prior-year figures restated due to the first-time application of the amended IAS 19 and other disclosure changes. December 31, 2011 December 31, 2012 June 30, June 30, 2012 *) 2013 Income Statement ( m) Net interest income... 6,724 5,539 3,478 2,985 Loan loss provisions... (1,390) (1,660) (616) (804) Net interest income after loan loss 5,334 3,879 2,862 2,181 provisions... Net commission income... 3,495 3,191 1,633 1,655 Net trading income and net trading from 1,986 1, hedge accounting... Net investment income... (3,611) 81 (199) (126) Current net income from companies accounted for using the equity method Other net income... 1,253 (77) (22) (67) Operating expenses... 7,992 7,025 3,522 3,423 Restructuring expenses Net gain or loss from sale of disposal of --- (268) (86) --- groups... Pre-tax profit or loss Taxes on income (240) Consolidated profit or loss (3) *) Prior-year figures restated due to the first-time application of the amended IAS 19 and other disclosure changes. Save as disclosed in element B.13 there has been no material adverse change in the prospects of the Commerzbank Group since December 31, Save as disclosed in element B.13 no significant changes in the financial position of the Commerzbank Group have occurred since June 30, Element B.13 on page 6 of the Base Prospectus shall be deleted and replaced by the following: B.13 Recent Developments In November 2012 Commerzbank published its strategic and financial goals until Thus Commerzbank plans to adapt its business model to the changing framework conditions in the - 3 -

4 financial industry in the comming years. In the framework of its strategic agenda for the period to 2016, Commerzbank intends to invest more than EUR 2.0 billion in the earnings power of its core business in the segments Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe. Furthermore, costs shall be kept stable and the capital base shall be further optimised by implementing additional efficiency measures. As part of its implementation of the strategic agenda, Commerzbank is to eliminate around 5,200 full-time posts by On March 13, 2013 Commerzbank announced that it is planning an early repayment in full of the silent participations of the Financial Market Stabilization Fund (SoFFin) of about EUR 1.6 billion and Allianz of EUR 750 million. To this end, a capital reduction through the consolidation of shares in the ratio of 10:1 was implemented in a first step on April 22, In a further step, a capital increase was implemented and registered in the commercial register of the Local Court of Frankfurt am Main on May 28, A total of 555,555,556 new shares were issued at a subscription price of EUR 4.50 per share. The silent participations of SoFFin and Allianz were fully repaid on May 31, In mid-july 2013 Commerzbank signed an agreement regarding the sale of its commercial real estate portfolio in the United Kingdom to a consortium. The transaction covers commercial real estate loans totalling EUR 5.0 billion, including the associated interest rate and currency hedging derivatives as well as the entire operating business of Hypothekenbank Frankfurt in the UK. At the end of July 2013 Commerzbank reached an agreement with BNP Paribas regarding the sale of its Depotbank business. In the course of the transaction the customer relationships are being transferred to BNP Paribas. This transaction is still subject to the approval of the relevant supervisory authorities. The custody business for customers of Commerzbank, which provides a comprehensive custody service for the Bank s private, business and corporate customers as well as for institutional investors, and forms part of Commerbank s core business, is not affected by the deal. Element B.16 on page 7 of the Base Prospectus shall be deleted and replaced by the following: B.16 Controlling parties 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 meaining of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz)

5 Zusammenfassung Element B.10 on page 23 of the Base Prospectus shall be deleted and replaced by the following. B.10 Beschränkungen im Bestätigungsvermerk Entfällt. Die Konzernabschlüsse der Commerzbank für die am 31. Dezember 2011 und 2012 endenden Geschäftsjahre sind von der PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Frankfurt am Main ("PwC"), geprüft und jeweils mit einem uneingeschränkten Bestätigungsvermerk versehen worden. PwC hat ferner den verkürzten Konzernzwischenabschluss der Commerzbank zum 30. Juni 2013 einer prüferischen Durchsicht unterzogen und mit einer Bescheinigung versehen. Element B.12 on pages 23 and 24 of the Base Prospectus shall be deleted and replaced by the following: B.12 Ausgewählte wesentliche historische Finanzinformationen Die nachstehende Übersicht stellt in zusammengefasster Form die Bilanz und Gewinn- und Verlustrechnung des Commerzbank-Konzerns dar, die den jeweils geprüften Konzernabschlüssen nach IFRS zum 31. Dezember 2011 und 2012 sowie dem verkürzten, prüferisch durchgesehenen Konzernzwischenabschluss zum 30. Juni 2013 entnommen wurden: Konzern-Bilanz (IFRS) 31. Dezember Dezember 2012 *) 30. Juni 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

6 Tatsächliche Ertragsteuerschulden Latente Ertragsteuerschulden Verbindlichkeiten von zur Veräußerung gehaltenen Veräußerungsgruppen Sonstige Passiva Nachrangkapital Hybridkapital Eigenkapital Gesamt *) Anpassung Vorjahr aufgrund der Erstanwendung des geänderten IAS 19 sowie weiterer Ausweisänderungen. Konzern-Gewinn-und Verlustrechnung (IFRS) (in Mio ) 31. Dezember Dezember Juni 30. Juni 2012 *) 2013 Zinsüberschuss Risikovorsorge im Kreditgeschäft.... (1.390) (1.660) (616) (804) Zinsüberschuss nach Risikovorsorge Provisionsüberschuss Handelsergebnis und Ergebnis aus Sicherungszusammenhängen Ergebnis aus Finanzanlagen... (3.611) 81 (199) (126) Laufendes Ergebnis aus at- Equity-bewerteten Unternehmen... Sonstiges Ergebnis (77) (22) (67) Verwaltungsaufwendungen Restrukturierungsaufwendungen Ergebnis aus dem Verkauf von Veräußerungsgruppen --- (268) (86) --- Ergebnis vor Steuern Steuern vom Einkommen und Ertrag (240) Konzernergebnis (3) *) Anpassung Vorjahr aufgrund der Erstanwendung des geänderten IAS 19 sowie weiterer Ausweisänderungen. Außer wie unter B.13 dargestellt, ist seit dem 31. Dezember 2012 keine wesentliche negative Veränderung in den Aussichten der Commerzbank eingetreten. Außer wie unter B.13 dargestellt, ist seit dem 30. Juni 2013 keine wesentliche Veränderung in der Finanzlage des Commerzbank- Konzerns eingetreten. Element B.13 on pages 24 and 25 of the Base Prospectus shall be deleted and replaced by the following: B.13 Aktuelle Entwicklungen Im November 2012 hat die Commerzbank ihre strategischen und finanziellen Ziele bis 2016 veröffentlicht. Danach plant die Bank, ihr Geschäftsmodell in den kommenden Jahren an die veränderten Rahmenbedingungen in der Finanzbranche anzupassen. Im Rahmen ihrer strategischen Agenda bis 2016 beabsichtigt die Commerzbank, mehr als EUR 2,0 Mrd. in die Ertragskraft ihres Kerngeschäfts der Segmente Privatkunden, Mittelstandsbank, Corporates & Marktes und Central & Eastern Europe zu investieren. Außerdem sollen durch - 6 -

7 zusätzliche Effizienzmaßnahmen die Kosten stabil gehalten und die Kapitalausstattung weiter verbessert werden. Zur Umsetzung der strategischen Agenda wird die Commerzbank bis zum Jahr 2016 insgesamt rund Vollzeitstellen abbauen. Am 13. März 2013 hat die Commerzbank bekannt gegeben, dass sie plant, die Stillen Einlagen des Sonderfonds Finanzmarktstabilisierung (SoFFin) über rund EUR 1,6 Mrd. sowie der Allianz über EUR 750 Mio vorzeitig komplett zurückzuführen. Hierzu wurde am 22. April 2013 in einem ersten Schritt eine Kapitalherabsetzung durch die Zusammenlegung von Aktien im Verhältnis 10:1 durchgeführt. In einem weiteren Schritt wurde eine Kapitalerhöhung durchgeführt, die am 28. Mai 2013 in das Handelsregister des Amtsgerichts Frankfurt am Main eingetragen wurde. Insgesamt wurden neue Aktien zu einem Bezugspreis von EUR 4,50 je Aktie ausgegeben. Die Stillen Einlagen des SoFFin sowie der Allianz wurden am 31. Mai 2013 vollständig zurückgeführt. Mitte Juli 2013 hat die Commerzbank eine Vereinbarung über den Verkauf ihres gewerblichen Immobilienfinanzierungsportfolios in Großbritannien an ein Konsortium unterzeichnet. Die Transaktion umfasst gewerbliche Immobilienkredite in Höhe von EUR 5,0 Mrd. inklusive der dazugehörigen Zins- und Währungsabsicherungsderivate sowie das gesamte operative Geschäft der Hypothekenbank Frankfurt in Großbritannien. Die Commerzbank hat sich Ende Juli 2013 mit der BNP Paribas auf den Verkauf ihres Depotbankgeschäftes geeinigt. Im Zuge der Transaktion gehen die Kundenverhältnisse auf die BNP Paribas über. Die Transaktion steht noch unter dem Vorbehalt der Genehmigungen durch die Aufsichtsbehörden. Von der Transaktion nicht betroffen ist das zum Kerngeschäft gehörende "Depotgeschäft" für Kunden der Commerzbank, in dem umfassende Depotleistungen für Privat-, Geschäfts- und Firmenkunden sowie institutionelle Investoren angeboten werden. Element B.16 on page 25 of the Base Prospectus shall be deleted and replaced by the following. B.16 Beherrschungsverhältnisse Entfällt. Die Commerzbank hat die Leitung Ihres Unternehmens keinem anderen Unternehmen bzw. keiner anderen Person unterstellt, etwa auf Basis eines Beherrschungsvertrages, und wird auch nicht von einem anderen Unternehmen bzw. einer anderen Person kontrolliert im Sinne des deutschen Wertpapiererwerbs- und Übernahmegesetzes

8 Commerzbank Aktiengesellschaft Sub-section "Major Shareholders" on page 51 of the Base Prospectus shall be deleted and replaced by the following: Major Shareholders Based on the shareholder notifications pursuant to section 21 et seq. of the German Securities Trading Act (Wertpapierhandelsgesetz) that Commerzbank has received, the following shareholders hold more than 3% of Commerzbank s ordinary shares: Percentage of Shareholder Voting rights (1) (in %) Financial Market Stabilization Fund (Finanzmarktstabilsierungsfonds) (SoFFin) BlackRock Group The Capital Group Companies, Inc (2) (1) (2) Based on the most recent voting rights notifications dated May 28, 2013 (SoFFin), July 25, 2013 (The Capital Group Companies) and August 15, 2013 (BlackRock). Attributed via Capital Research and Management Company and of which 4.62% are held via EuroPacific Growth Fund. 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 (Wertpapiererwerbs- und Übernahmegesetz). Sub-section "Interim Financial Information" on page 51 of the Base Prospectus shall be deleted and replaced by the following": Interim Financial Information The Commerzbank Group s interim report as at June 30, 2013 (reviewed) is incorporated by reference into, and forms part of, this Base Prospectus (see "Documents Incorporated by Reference"). Sub-section "Auditors" on page 51 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 2011 and 2012 financial years, which were prepared in accordance with the International Financial Report Standards, as adopted by the EU ( 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. Furthermore, PwC has subjected Commerzbank s condensed consolidated interim financial statements as at June 30, 2013 to an auditor s review and issued a review report. PwC is a member of the German Wirtschaftsprüferkammer (Chamber of Public Accountants). Sub-section "Significant Change in the Issuer's Financial Position" on page 51 of the Base Prospectus shall be deleted and replaced by the following: Significant Change in the Issuer s Financial Position Save as disclosed under "Recent Developments" on page 51 of this Base Prospectus, no significant change in the financial position of the Commerzbank Group has occurred since June 30, Sub-section "Recent developments and outlook" on page 51 of the Base Prospectus shall be deleted and replaced by the following: - 8 -

9 Recent developments and outlook In November 2012 Commerzbank published its strategic and financial goals until Thus Commerzbank plans to adapt its business model to the changing framework conditions in the financial industry in the comming years. In the framework of its strategic agenda for the period to 2016, Commerzbank intends to invest more than EUR 2.0 billion in the earnings power of its core business in the segments Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe. Furthermore, costs shall be kept stable and the capital base shall be further optimised by implementing additional efficiency measures. As part of its implementation of the strategic agenda, Commerzbank is to eliminate around 5,200 fulltime posts by 2016, of which 800 full-time posts are in the Non-Core Assets segment, 500 full-time posts are being cut abroad and in the German subsidiaries as well as other 3,900 full-time posts at Commerzbank Group in Germany. As announced in February 2013, of these 1,800 full-time posts are in the Private Customer business. On March 13, 2013 Commerzbank announced that it is planning an early repayment in full of the silent participations of the Financial Market Stabilization Fund (SoFFin) of about EUR 1.6 billion and Allianz of EUR 750 million. To this end, a reduction of the share capital by way of redemption of 7 shares to EUR 5,829,513, to ensure a round number of the share capital as well as a normal reduction of the share capital through the consolidation of shares in a ratio of 10:1 was implemented in a first step, which was registered in the commercial register of the Local court of Frankfurt am Main on April 22, In a further step, the Board of Managing Directors of Commerzbank resolved on May 14, 2013 with the consent of the Supervisory Board on the implementation of a capital increase which was registered the commercial register of the Local Court of Frankfurt am Main on May 28, A total of 555,555,556 new shares were issued at a subscription price of EUR 4.50 per share. The silent participations of SoFFin and Allianz were fully repaid on May 31, At the end of May 2013, Commerzbank founded a stand-alone restructuring platform for ships, called Hanseatic Ship Asset Management GmbH. The aim of the company, which is based in Hamburg, is to assist with managing the ship finance portfolio while preserving value. In mid-july 2013 Commerzbank signed an agreement regarding the sale of its commercial real estate portfolio in the United Kingdom to a consortium. The transaction covers commercial real estate loans totalling EUR 5.0 billion, including the associated interest rate and currency hedging derivatives as well as the entire operating business of Hypothekenbank Frankfurt in the UK. This transaction, which transfers the risk completely to the purchasers, means that Commerzbank will reach its original reduction target of EUR 93 billion in the Non-Core Assets segment sooner than planned. At the end of July 2013 Commerzbank reached an agreement with BNP Paribas regarding the sale of its Depotbank business. In the course of the transaction the customer relationships are being transferred to BNP Paribas. This transaction is still subject to the approval of the relevant supervisory authorities. The custody business for customers of Commerzbank, which provides a comprehensive custody service for the Bank s private, business and corporate customers as well as for institutional investors, and forms part of Commerbank s core business, is not affected by the deal. At its meeting dated August 7, 2013, the Supervisory Board of Commerzbank decided to reduce the Board of Managing Directors from nine members to seven in the foreseeable future. The reduction in size of the Board of Managing Directors is a consequence of the Group strategy adopted by the Board of Managing Directors in November Part of this strategy is a further significant reduction in costs, and thus also job cuts. In the section "Documents incorporated by Reference" on page 216 of the Base Prospectus the table referring to the Commerzbank Group Interim Report as at March 31, 2013 shall be deleted and replaced by the following: Commerzbank Group Interim Report as at June 30, 2013 (English version) Interim management report p. 8 p. 29 Interim risk report p. 30 p

10 Interim Financial Statements Statement of comprehensive income p. 54 p. 58 Balance sheet p. 59 p. 60 Statement of changes in equity p. 61 p. 64 Cash flow statement (condensed version) p. 65 Selected notes p. 66 p. 109 Review report p. 110 Disclaimer (reservation regarding forward-looking p. 111 statements)