Commerzbank Aktiengesellschaft Final Terms: Dated 4 July 2016 Relating To

COMMERZBANK AKTIENGESELLSCHAFT
Frankfurt am Main
Final Terms
dated 4 July 2016
relating to
Unlimited TURBO Warrants

("Mini Future BEST")
relating to the
ICE Brent Crude Oil Futures Contract
to be publicly offered in the Kingdom of Sweden
and to be admitted to trading on the Nordic Derivatives Exchange Stockholm
with respect to the
Base Prospectus
dated 25 April 2016
relating to
TURBO Warrants and

Introduction
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
TURBO Warrants and Unlimited TURBO Warrants dated 25 April 2016 (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 www.warrants.commerzbank.com. 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 to the assessment of the Securities both the Base
Prospectus and these Final Terms must be read in conjunction.
The options marked in the following sections of the Base Prospectus shall apply:
Applicable In particular the following risk factors ("2. Special Risks") which are
Special Risks: mentioned in the Base Prospectus are applicable:
2.6 Dependency of the redemption on the performance of the

Underlying / Knock-out Event - Unlimited TURBO (CALL)
Variant 2: BEST
2.7 Dependency of the redemption on the performance of the

Underlying / Knock-out Event - Unlimited TURBO (PUT)
Variant 2: BEST
2.8 Leverage effect / Risk of disproportionate high losses - Unlimited

TURBO
2.11 Ordinary adjustment of the Strike in case of Unlimited TURBO

(CALL) relating to a Futures Contract
2.12 Ordinary adjustment of the Strike in case of Unlimited TURBO

(PUT) relating to a Futures Contract
2.15 Ordinary adjustment of the Knock-out Barrier in case of Unlimited

TURBO (Variant 2: BEST)
2.17 Ordinary Termination by the Issuer in case of Unlimited TURBO
2.18 "Unlimited" Securities; exercise requirement (Bermudan

exercise); sale of the Securities
2.19 Continuous price of the Underlying and price of the Underlying

on the Valuation Date
2.20 Currency risks
2.24 Underlying Futures Contract

2.24.1. Futures Contract on commodity
Applicable The following parts of the Functionality of the Securities which are
Functionality: mentioned in the Base Prospectus are applicable:
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Introduction
C. Unlimited TURBO (CALL)

Variant 2: BEST
D. Unlimited TURBO (PUT)
Variant 2: BEST
Applicable Terms and Conditions for Unlimited TURBO Warrants

Terms and Conditions:
The summary applicable for this issue of Securities is annexed to these Final Terms.
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Terms and Conditions
TERMS AND CONDITIONS
§1
FORM
1. The unlimited warrants (the "Securities") of each series issued by COMMERZBANK

Aktiengesellschaft, Frankfurt am Main, Federal Republic of Germany (the "Issuer") will be in
dematerialised form and will only be evidenced by book entries in the system of Euroclear
Sweden AB, Box 7822, Regeringsgatan 65, 103 97 Stockholm, Kingdom of Sweden
("Euroclear Sweden") for registration of securities and settlement of securities transactions (the
"Clearing System") in accordance with Chapter 4 of the Swedish Financial Instruments
Accounts Act (Sw. lag (1998:1479) om kontoföring av finansiella instrument) to the effect that
there will be no certificated securities.
2. Registration requests relating to the Securities shall be directed to an account operating

institute.
3. Transfers of Securities and other registration measures shall be made in accordance with the
Swedish Financial Instruments Accounts Act (1998:1479), the regulations, rules and operating
procedures applicable to and/or issued by Euroclear Sweden. The Issuer is entitled to receive
from Euroclear Sweden, at its request, a transcript of the register for the Securities.
4. "Securityholder" means any person that is registered in a book-entry account managed by the
account operator as holder of a Security. For nominee registered Securities the authorised
custodial nominee account holder shall be considered to be the Securityholder.
§2
DEFINITIONS
For the purposes of these terms and conditions (the "Terms and Conditions"), the following
definitions shall apply subject to an adjustment in accordance with these Terms and Conditions:
The "Adjustment Amount" shall change monthly on each Adjustment Day and shall then be
applicable for the duration of the Adjustment Period beginning on such Adjustment Day. It shall
be equal to the Strike on the Adjustment Day occurring within the relevant Adjustment Period,
multiplied by the Adjustment Percentage valid during such Adjustment Period. With regard to
the first Adjustment Period, the Strike on the Launch Date shall be used.
The "Adjustment Day" means the first calendar day in each month.
The "Adjustment Percentage" applicable during an Adjustment Period shall be the Risk Premium
applicable during the relevant Adjustment Period divided by 365. "Risk Premium" means a
percentage determined on an Adjustment Day for the Adjustment Period beginning on such
Adjustment Day, which indicate the price of the risks taken over by the Issuer. The
determination will be made by the Issuer in its reasonable discretion (billiges Ermessen) (§ 315
BGB). The Risk Premium (p.a.) for the first Adjustment Period shall be the percentage as set
out in the Table of Product Details.
The respective Risk Premium for subsequent Adjustment Periods shall be published on the
Issuer's website at www.warrants.commerzbank.com.
The "Adjustment Period" means the period of time commencing on the Launch Date until the first
Adjustment Day (exclusive) and each subsequent period of time commencing on an Adjustment
Day (inclusive) until the next following Adjustment Day (exclusive).
"BGB" means the German Civil Code (Bürgerliches Gesetzbuch).
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"Commodity" means the commodity underlying the Futures Contract.
"Conversion Rate" means the price of USD 1.00 in SEK, as actually traded on the international
interbank spot market on the Valuation Date at such point in time at which the Reference Price
of the Underlying is determined and published.
"Disappearance of Reference Price" means (a) the permanent discontinuation of trading in the
Futures Contract on the Exchange, (b) the disappearance of, or of trading in, the Commodity or
(c) the disappearance or permanent discontinuance or unavailability of the Reference Price,
notwithstanding the availability of the Price Source or the status of trading in the Futures
Contract or the Commodity.
"Exchange" means the Intercontinental Exchange, London or any successor to the Intercontinental
Exchange, London.
In case that the Futures Contract is not longer traded on the Intercontinental Exchange the
Exchange shall be such other futures exchange as determined by the Issuer in its reasonable
discretion (billiges Ermessen) (§ 315 BGB). The determination of another Exchange shall be
published according to § 13.
"Exchange Business Day" means a day on which the Exchange is open for trading during its
respective regular trading sessions, notwithstanding the Exchange closing prior to its scheduled
weekday closing time. Any trading or trading activities after or before the regular trading
sessions on the Exchange will not be taken into account.
"Exercise Date" means any last Payment Business Day in the months of December of each year
commencing as of the month of 5 December 2016.
"Extraordinary Event" means:
(a) Disappearance of Reference Price,
(b) Material Change in Content;
(c) Material Change in Formula;
(d) Price Source Disruption;
(e) Tax Disruption,
(f) Trading Disruption; or
(g) any other event that is economically equivalent to the before-mentioned events with
regard to their effects.
"Issue Currency" or "SEK" means Swedish Kronor.
"Launch Date" means 5 July 2016.
"Material Change in Content" means the occurrence since the Launch Date of a material change in
the content, composition or constitution of the Futures Contract or the Commodity.
"Material Change in Formula" means the occurrence since the Launch Date of a material change in
the formula for, or the method of, calculating the Reference Price.
"Monitoring Period" means the period from the Launch Date to the Valuation Date (both dates
including) at such point in time at which the Reference Price of the Underlying is determined
and published.
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"Payment Business Day" means a day on which commercial banks are open for business (including
dealings in foreign exchange and foreign currency deposits) in Stockholm and Frankfurt am
Main and on which the Clearing System settles payments in the Issue Currency.
"Price Source" means the Exchange.
"Price Source Disruption" means (a) the failure of the Price Source to announce or publish the
Reference Price (or the information necessary for determining the Reference Price); or (b) the
temporary or permanent discontinuance or unavailability of the Price Source.
"Reference Price" means the ICE Brent Crude Futures Afternoon Marker (which is a tradable Minute
Marker) of the Relevant Futures Contract as determined and published by the Futures
Exchange on any day on which the Futures Exchange is usually open for trading.
The "Strike" shall change on each calendar day between the Launch Date and the relevant Valuation
Date. The Strike on a calendar day ("T") shall correspond to the Strike on the preceding
calendar day ("T-1"), plus the Adjustment Amount applicable on T-1. On each Adjustment Date
the Strike will be equal to the Strike of the previous calendar day plus the Adjustment Amount
being recalculated on such Adjustment Date.
The Strike on the Launch Date shall correspond to the strike as set out in the Table of Product
Details.
The respective Strike shall in each case be published on the Issuer's website at
www.warrants.commerzbank.com.
"Table of Product Details" means the table attached to these Terms and Conditions which contains
the definitions in relation to each series of Securities.
"Tax Disruption" means the imposition of, change in or removal of an excise, severance, sales, use,
value-added, transfer, stamp, documentary, recording or similar tax on, or measured by
reference to, the Commodity (other than a tax on, or measured by reference to overall gross or
net income) by any government or taxation authority after the Launch Date, if the direct effect of
such imposition, change or removal is to raise or lower the Reference Price.
"Trading Disruption" means the material suspension of, or the material limitation imposed on, trading
in the Futures Contract or the Commodity, as the case may be, on the Exchange. For these
purposes:
(A) a suspension of the trading in the Futures Contract or the Commodity, as the case may
be, on any Exchange Business Day shall be deemed to be material only if:
(1) all trading in the Futures Contract or the Commodity, as the case may be, is
suspended for the entire Exchange Business Day; or
(2) all trading in the Futures Contract or the Commodity, as the case may be, is
suspended subsequent to the opening of trading on the Exchange Business Day,
trading does not recommence prior to the regularly scheduled close of trading in
such Futures Contract or such Commodity, as the case may be, on such Exchange
Business Day and such suspension is announced less than one hour preceding its
commencement; and
(B) a limitation of trading in the Futures Contract or the Commodity, as the case may be, on
any Exchange Business Day shall be deemed to be material only if the Exchange
establishes limits on the range within which the price of the Futures Contract or the
Commodity, as the case may be, may fluctuate and the closing or settlement price of the
Futures Contract or the Commodity, as the case may be, on such day is at the upper or
lower limit of that range.
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"Underlying" or "Futures Contract" means the ICE Brent Crude Oil Futures Contract (Reuters page
LCOU6) on the Futures Exchange with delivery month of September 2016 (Expiry Date: 14
August 2015).
On a Business Day to be determined by the Issuer in its reasonable discretion (billiges

Ermessen) (§ 315 BGB) by taking into account the prevailing market conditions, which must be
one of the 40 Business Days preceding the last trading day of the Futures Contract (the
"Futures Roll-over Date"), such Futures Contract shall cease to be the underlying of the
Securities and shall be replaced by one of the six next expiring futures contracts on the
Exchange with a residual life of at least one month, which, from that point onwards, shall be
used as the Futures Contract for the valuation of the Securities (the "Futures Roll-over
Event"). The determination of the new Futures Contract is made mainly on the basis of the
liquidity on the Exchange (measured by the open interest).
In the case of a Futures Roll-over Event the Strike shall be adjusted with effect as of the Futures
Roll-over Date based on the following formula (the "Futures Roll-over Adjustment"):
A = B - (C - D) + Roll-over Costs and – Roll-over Proceeds, respectively

(in the case of Type CALL)
or
A = B - (C - D) - Roll-over Costs and + Roll-over Proceeds, respectively

(in the case of Type PUT)
where
A= the adjusted Strike or the adjusted Knock-out Barrier, respectively
B= the Strike or the Knock-out Barrier, respectively applicable on the day preceding the
Futures Roll-over Date
C= the Roll-over Reference Price of the previous Futures Contract on the Futures Roll-over
Date
D= the Roll-over Reference Price of the new Futures Contract on the Futures Roll-over Date
Roll-Over Costs = the negative difference between the purchase price of the expiring Futures
Contract and the sales price of the next expiring Futures Contract.
Roll-Over Proceeds = the positive difference between the purchase price of the expiring Futures
Contract and the sales price of the next expiring Futures Contract.
"Roll-over Reference Price" is the price of the current Futures Contract on the relevant Roll-
over Date that is determined based on the prices traded and published on the Exchange
on the relevant Roll-over Date. The Issuer shall determine the Roll-over Reference Price
in its reasonable descretion (billiges Ermessen) (§ 315 BGB).
"Underlying Currency" or "USD" means US Dollar.
"Valuation Date" means the Exercise Date.
If on the Valuation Date a Price Source Disruption or a Trading Disruption with respect to the
Futures Contract or the Commodity occurs, the Valuation Date shall be postponed to the next
following Exchange Business Day on which there is no Price Source Disruption and no Trading
Disruption with respect to the Futures Contract or the Commodity.
If, according to the before-mentioned, the Valuation Date is postponed for ten consecutive
Exchange Business Days, and if also on such day a Price Source Disruption or a Trading
Disruption with respect to the Futures Contract or the Commodity occurs on such day, then this
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day shall be deemed to be the Valuation Date and the Issuer shall estimate the Reference Price
of the Futures Contract in its reasonable discretion (billiges Ermessen) (§ 315 BGB), and in
consideration of the prevailing market conditions on such day and make a notification thereof in
accordance with § 13.
§3
REDEMPTION
1. The Securities grant to the Securityholder the right (the "Option Right") to receive from the
Issuer the payment of the Redemption Amount in accordance with the following paragraphs.
2. Subject to paragraph 3, each Security is redeemed by payment of an amount in the Issue

Currency (the "Redemption Amount") which shall be equal to (i) the amount by which the
Reference Price of the Underlying on the Valuation Date exceeds (in case of Type CALL) or is
exceeded by (in case of Type PUT) the Strike applicable on the Valuation Date multiplied by (ii)
the Ratio, the result being converted into the Issue Currency.
"Ratio" means the decimal figure as set out in the Table of Product Details.
"Type" means the type as set out in the Table of Product Details.
The conversion shall be made at the Conversion Rate.
3. If during the Monitoring Period the price of the Futures Contract as determined and published by
the Exchange on any day is at least once equal to or below (in case of Type CALL) or equal to
or above (in case of Type PUT) the Knock-out Barrier (the "Knock-out Event"), the Option
Right pursuant to paragraph 1 shall expire.
"Knock-out Barrier" means the relevant Strike.
If a Knock-out Event occurs, the Securities will expire worthless.
4. In order to validly exercise the Option Right with respect to an Exercise Date the Securityholder
is obliged to instruct the account holding bank to
(a) deliver a written exercise notice (the "Exercise Notice") via the acount holding bank to
the Paying Agent in the form available at the Paying Agent or by providing all information
and statements requested therein;
(b) deliver the Securities via the acount holding bank by crediting the Securities to the
account of the Paying Agent with the Clearing System.
On the Exercise Date at or prior to 10.00 am (Frankfurt time) (i) the Exercise Notice has to be
received by the Paying Agent and (ii) the Securities have to be booked at the account of the
Paying Agent with the Clearing System.
5. The Exercise Notice shall be binding and irrevocable.
An Exercise Notice submitted with regard to a specific Exercise Date shall be void if the above-
mentioned provisions are not fulfilled. Any Exercise Notice that is void in accordance with the
preceding sentence shall not be treated as Exercise Notice relating to a later Exercise Date.
If the number of Securities stated in the Exercise Notice for which redemption is requested
differs from the number of Securities transferred to the Paying Agent, the Exercise Notice shall
be deemed submitted only with regard to the smaller number of Securities. Any excess
Securities shall be re-transferred at the cost and risk of the Securityholder to the account
holding bank.
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6. Option Rights can only be exercised for the Minimum Exercise Number of Securities or for an
integral multiple thereof.
Any exercise of less than the Minimum Exercise Number of Securities shall be void. Any
exercise of more than the Minimum Exercise Number of Securities that is not an integral
multiple thereof, shall be deemed to be an exercise of the next smaller number of Securities
which is the minimum number or an integral multiple thereof. Securities exceeding the
Minimum Exercise Number of Securities or an integral multiple thereof shall be re-transferred at
the cost and risk of the Securityholder to the account holding bank.
"Minimum Exercise Number of Securities" is 1 (one) Security.
7. Following the valid exercise of the Option Right, the Redemption Amount shall be paid to the
Securityholders not later than on the tenth Payment Business Day following the Valuation Date.
§4
ORDINARY TERMINATION BY THE ISSUER
1. The Issuer shall be entitled to ordinarily terminate the Securities in whole but not in part
("Ordinary Termination"), in each case with effect as of the last Payment Business Day of
each month, for the first time with effect as of 5 December 2016 (any such day an "Ordinary
Termination Date").
2. Any such Ordinary Termination must be announced at least 28 days prior to the Ordinary
Termination Date in accordance with § 13. Such announcement shall be irrevocable and must
state the Ordinary Termination Date.
3. In the case of an Ordinary Termination of the Securities each Securityholder shall receive a
payment per Security as determined in accordance with the provisions of § 3 paragraph 2. In
this respect, the Ordinary Termination Date shall in all respects supersede the Exercise Date.
4. Any amounts that are payable pursuant to these Terms and Conditions in the case of Ordinary
Termination shall be paid to the Securityholders not later than on the tenth Payment Business
Day following the Valuation Date.
5. The right of the Securityholders to request redemption of the Securities with effect as of the
Exercise Dates preceding the relevant Ordinary Termination Date shall not be affected by such
Ordinary Termination by the Issuer in accordance with this § 4.
§5
PAYMENTS
1. All amounts payable under these Terms and Conditions shall be rounded to the nearest
SEK 0.01 with SEK 0.005 being rounded upwards.
2. 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 Securities in the amount of such payment.
3. If any payment pursuant to these Terms and Conditions is to be made on a day that is not a
Payment Business Day, payment shall be effected on the next following Payment Business
Day. In this case, the relevant Securityholder shall neither be entitled to any payment claim nor
to any interest claim or other compensation with respect to such delay.
4. All payments are subject in all cases to any applicable fiscal or other laws, regulations and
directives and subject to § 9.
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§6
ADJUSTMENTS
1. Upon the occurrence of an Extraordinary Event which has a material effect on the Futures
Contract or the price of the Futures Contract, the Issuer shall make any such adjustments to the
Terms and Conditions as are necessary to account for the economic effect of the Extraordinary
Event on the Securities and to preserve, to the extent possible, the economic profile that the
Securities had prior to the occurrence of the Extraordinary Event in accordance with the
following provisions (each an "Adjustment"). The Issuer shall decide in its reasonable
discretion (billiges Ermessen) (§ 315 BGB) whether an Extraordinary Event has occurred and
whether such Extraordinary Event has a material effect on the Futures Contract or the price of
the Futures Contract.
2. An Adjustment may result in:
(a) the replacement of the Futures Contract by other futures contracts and/or cash and/or
any other compensation, in each case as stipulated with reference to in the relevant
Extraordinary Event (a "Replacement"), and another exchange being determined as a
Exchange,
and/or
(b) increases or decreases of specified variables and values or the amounts payable under
the Securities taking into account:
(i) the effect of an Extraordinary Event on the price of the Futures Contract, or
(ii) the diluting or concentrative effect of an Extraordinary Event on the theoretical

value of the Futures Contract, or
(iii) any cash compensation or other compensation in connection with a Replacement,
and/or
(c) consequential amendments to the futures contract related provisions of the Terms and
Conditions that are required to fully reflect the consequences of the adjustment of the
Futures Contract Replacement.
3. Adjustments shall correspond to the adjustments to the Futures Contract made by the
Exchange (a " Exchange Adjustment").
(a) The Issuer shall not be required to make adjustments to the Terms and Conditions by
reference to Exchange Adjustments, in cases where:
(i) the Exchange Adjustments would result in economically irrelevant adjustments to

the Terms and Conditions; the Issuer shall decide in its reasonable discretion
(billiges Ermessen) (§ 315 BGB) whether this is the case;
(ii) the Exchange Adjustments violate the principles of good faith or would result in
adjustments of the Terms and Conditions contrary to the principle to preserve the
economic profile that the Securities had prior to the occurrence of the Extraordinary
Event and to compensate for the economic effect thereof on the price of the
Futures Contract; the Issuer shall decide in its reasonable discretion (billiges
Ermessen) (§ 315 BGB) whether this is the case; or
(iii) in cases where no Exchange Adjustment occurs but where such Exchange
Adjustment would be required pursuant to the adjustment rules of the Exchange; in
such case, the Issuer shall decide in its reasonable discretion (billiges Ermessen)
10
(§ 315 BGB) whether this is the case and shall make Adjustments in accordance
with the adjustment rules of the Exchange.
(b) In the event of any doubts regarding the application of the Exchange Adjustment, the
Issuer shall make such adjustments to the Terms and Conditions which are required in its
reasonable discretion (billiges Ermessen) (§ 315 BGB) to preserve the economic profile
of the Securities prior to the occurrence of the Extraordinary Event and to compensate for
the economic effect thereof on the price of the Futures Contract.
4. Adjustments shall take effect as from the date (the "Cut-off Date") determined by the Issuer in
its reasonable discretion (billiges Ermessen) (§ 315 BGB), provided that (if the Issuer takes into
consideration the manner in which adjustments are or would be made by the Exchange) the
Issuer shall take into consideration the date at which such adjustments take effect or would take
effect at the Exchange.
5. Adjustments as well as their Cut-off Date shall be notified by the Issuer in accordance with § 13.
6. Any Adjustment in accordance with this § 6 does not preclude a subsequent termination in
accordance with § 7 on the basis of the same event.
§7
EXTRAORDINARY TERMINATION RIGHTS BY THE ISSUER
1. Upon the occurrence of an Extraordinary Event, the Issuer may freely elect to terminate the
Securities prematurely instead of making an Adjustment. In the case that an Adjustment would
not be sufficient to preserve the economic profile that the Securities had prior to the occurrence
of the Extraordinary Event, the Issuer shall terminate the Securities prematurely; the Issuer shall
decide in its reasonable discretion (billiges Ermessen) (§ 315 BGB) whether this is the case.
2. If the Issuer and/or its Affiliates are, even following economically reasonable efforts, not in the
position (i) to enter, re-enter, replace, maintain, liquidate, acquire or dispose of any Hedging
Transactions or (ii) to realize, regain or transfer the proceeds resulting from such Hedging
Transactions (the "Hedging Disruption"), the Issuer may freely elect to terminate the Securities
prematurely.The Issuer shall decide in its reasonable discretion (billiges Ermessen) (§ 315
BGB) whether a Hedging Disruption has occurred.
The Issuer may also freely elect to terminate the Securities prematurely if (i) due to the adoption
of or any change in any applicable law or regulation (including any tax law) or (ii) due to the
promulgation of or any change in the interpretation by any competent court, tribunal or
regulatory authority (including any tax authority) that (A) it has become illigal to to hold, acquire
or dispose the underlying of the Relevant Futues Contract or (B) it will incur matterially
increased costs in performing the Issuer’s obligation under the Securities (including due to any
increase in tax liability, decrease in tax benefit or other advers effect on its tax position) (the
"Change in Law"). The Issuer shall decide in its reasonable discretion (billiges Ermessen)
(§ 315 BGB) whether a Change in Law has occurred.
3. Any extraordinary termination of the Securities shall be notified by the Issuer in accordance with
§ 13 within fourteen Exchange Business Days following the occurence of the relevant event (the
"Extraordinary Termination Notice"). The Extraordinary Termination Notice shall designate an
Exchange Business Day as per which the extraordinary termination shall become effective (the
"Extraordinary Termination Date") in accordance with the following provisions. Such
Extraordinary Termination Date shall be not later than seven Payment Business Days following
the publication of the Extraordinary Termination Notice
4. If the Securities are called for redemption, they shall be redeemed at an amount per Security
that is equivalent to their fair market value minus any expenses actually incurred by the Issuer
under transactions that were required for winding up the Hedging Transactions (the
"Extraordinary Termination Amount"). The Issuer shall calculate the Extraordinary
Termination Amount in its reasonable discretion (billiges Ermessen) (§ 315 BGB) by taking into
11
account prevailing market conditions and any proceeds realised by the Issuer and/or any of its
affiliates (within the meaning of § 290 paragraph 2 German Commercial Code (HGB), the
"Affiliates") in connection with transactions or investments concluded by it in its reasonable
commercial discretion (vernüftiges kaufmännisches Ermessen) for hedging purposes in relation
to the assumption and fulfilment of its obligations under the Securities (the "Hedging
Transactions").
5. The Issuer shall pay the Extraordinary Termination Amount to the Securityholders not later than
on the tenth Payment Business Day following the Extraordinary Termination Date.
§8
FURTHER ISSUES OF SECURITIES
REPURCHASE OF SECURITIES
1. The Issuer reserves the right to issue from time to time without the consent of the
Securityholders additional tranches of Securities with substantially identical terms, so that the
same shall be consolidated to form a single series and increase the total volume of the
Securities. The term "Securities" shall, in the event of such consolidation, also comprise such
additionally issued securities.
2. The Issuer may at any time purchase Securities in the market or otherwise. Securities
repurchased by or on behalf of the Issuer may be held by the Issuer, re-issued, resold or
surrendered to the Paying Agent for cancellation.
§9
TAXES
Payments in respect of the Securities shall only be made after (i) deduction and withholding of current
or future taxes, levies or governmental charges, regardless of their nature, which are imposed, levied
or collected (the "Taxes") under any applicable system of law or in any country which claims fiscal
jurisdiction by or for the account of any political subdivision thereof or government agency therein
authorised to levy Taxes, to the extent that such deduction or withholding is required by law and (ii)
any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the
U.S. Internal Revenue Code of 1986 (the "Code") or otherwise imposed pursuant to Sections 1471
through 1474 of the Code, any regulations or agreements thereunder, any official interpretations
thereof, or any law implementing an intergovernmental approach thereto. The Issuer shall report on
the deducted or withheld Taxes to the competent government agencies.
§ 10
STATUS
The obligations under the Securities 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).
§ 11
PAYING AGENT
1. Skandinaviska Enskilda Banken AB (publ), a banking institution incorporated under the laws of
Sweden, whose corporate seat and registered office is at Kungsträdgårdsgatan 8,
SE-106 40 Stockholm, Sweden, acting through its division SEB Merchant Banking, Securities
Services, shall be the paying agent (the "Paying Agent").
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2. The Issuer shall be entitled at any time to appoint another bank of international standing as
Paying Agent. Such appointment and the effective date shall be notified in accordance with
§ 13.
3. The Paying Agent is hereby granted exemption from the restrictions of § 181 BGB and any
similar restrictions of the applicable laws of any other country.
§ 12
SUBSTITUTION OF THE ISSUER
1. Any other company may assume at any time during the life of the Securities, subject to
paragraph 2, without the Securityholders' consent all the obligations of the Issuer under and in
connection with the Securities. Any such substitution and the effective date shall be notified by
the Issuer in accordance with § 13.
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 Securities 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 § 12, each
previous New Issuer) shall be released from its obligations hereunder and from its liability as
obligor under the Securities.
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 Securities;
(b) the New Issuer has agreed to indemnify and hold harmless each Securityholder against
any tax, duty, assessment or governmental charge imposed on such Securityholder in
respect of such substitution;
(c) the Issuer (in this capacity referred to as the "Guarantor") has unconditionally and
irrevocably guaranteed to the Securityholders compliance by the New Issuer with all
obligations under the Securities;
(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;
(e) Euroclear Sweden has given its consent to the substitution (which consent shall not be
unreasonably withheld or delayed).
3. Upon any substitution of the Issuer for a New Issuer, this § 12 shall apply again.
§ 13
NOTICES
Where these Terms and Conditions provide for a notice pursuant to this section, such notice shall be
published on the website www.warrants.commerzbank.com (or on another website notified at least six
weeks in advance by the Issuer in accordance with this section) and become effective vis-à-vis the
Securityholder through such publication unless the notice provides for a later effective date. If and to
the extent applicable law or regulations provide for other forms of publication, such publications shall
be made merely in addition to the aforesaid publication.
13
Other publications with regard to the Securities are published on the website of the Issuer
www.commerzbank.com (or any successor website).
§ 14
LIMITATION OF LIABILITY
PRESENTATION PERIODS, PRESCRIPTION
1. The Issuer shall be held responsible for acting or failing to act in connection with Securities 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.
2. The period for presentation of the Securities (§ 801 paragraph 1, sentence 1 BGB) shall be ten
years and the period of limitation for claims under the Securities presented during the period for
presentation shall be two years calculated from the expiry of the relevant presentation period.
§ 15
FINAL CLAUSES
1. The Securities and the rights and duties of the Securityholders, 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 § 1 which shall be governed by the laws of the Kingdom of Sweden.
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
Securityholders. The declaration of rescission shall be made without undue delay upon
becoming aware of any such ground for rescission (Anfechtungsgrund) and in accordance with
§ 13. Following such rescission by the Issuer, the Securityholders 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 Securities to the account of the Paying
Agent with the Clearing System. The Issuer shall make available the Issue Price to the Paying
Agent within 30 calendar days following receipt of the Rescission Redemption Notice and of the
Securities 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 Securities delivered shall expire.
3. The Issuer may combine the declaration of rescission pursuant to paragraph 2 with an offer to
continue the Securities on the basis of corrected Terms and Conditions. Such an offer and the
corrected provisions shall be notified to the Securityholders together with the declaration of
rescission in accordance with § 13. Any such offer shall be deemed to be accepted by a
Securityholder and the rescission shall not take effect, unless the Securityholder requests
repayment of the Issue Price within four weeks following the date on which the offer has
become effective in accordance with § 13 by delivery of a duly completed Rescission
Redemption Notice via the account holding bank to the Paying Agent and by transfer of the
Securities to the account of the Paying Agent with the Clearing System pursuant to
paragraph 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 Securityholder (as declared and
proved by evidence in the request for repayment by the relevant Securityholder) and (ii) the
weighted average (as determined by the Issuer in its reasonable discretion (billiges Ermessen)
(§ 315 BGB) of the traded prices of the Securities on the Exchange Business Day preceding the
declaration of rescission pursuant to paragraph 2. If a Price Source Disruption or Trading
Disruption exists on the Exchange Business Day preceding the declaration of rescission
pursuant to paragraph 2, the last Exchange Business Day preceding the declaration of
14
rescission pursuant to paragraph 2 on which no Price Source Disruption or Trading Disruption

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 BGB). The Issuer, however, shall only be entitled to make such corrections or
amendments which are reasonably acceptable to the Securityholders having regard to the
interests of the Issuer and in particular which do not materially adversely affect the legal or
financial situation of the Securityholders. Notice of any such correction or amendment shall be
given to the Securityholders in accordance with § 13.
6. If the Securityholder was aware of typing or calculation errors or similar errors at the time of the
acquisition of the Securities, then, notwithstanding paragraphs 2 - 5, the Securityholders 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 Securities 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.
15
Annex to the Terms and Conditions:
Table of Product Details
ISIN Local Code Type Strike Risk Premium p.a. during the first Adjustment Percentage p.a. during the first Ratio
(Knock-out Barrier) Adjustment Period Adjustment Period
DE000CN46FH1 B LONGOLJ BW CALL USD 32.58 4.00% 4.00% 0.01

CBK
DE000CN46FJ7 B LONGOLJ BX CALL USD 35.58 4.00% 4.00% 0.01

CBK
DE000CN46FK5 B LONGOLJ CA CALL USD 38.58 4.00% 4.00% 0.01

CBK
DE000CN46FL3 B LONGOLJ CB CALL USD 41.58 4.00% 4.00% 0.01

CBK
DE000CN46FM1 B LONGOLJ CC CALL USD 44.58 4.00% 4.00% 0.01

CBK
DE000CN46FN9 B LONGOLJ CD CALL USD 47.58 4.00% 4.00% 0.01

CBK
16
Additional Information
ADDITIONAL INFORMATION
Currency of the Issue: SEK
Entity keeping the the Paying Agent

records:
Information on the Information on the Underlying is available on www.theice.com.

Underlying:
Payment Date: 7 July 2016
Offer and Sale: COMMERZBANK offers from 5 July 2016 series of Securities with an
issue size and initial issue price per Security as set out in the table
annexed to the issue-specific summary.
As a rule, the investor can purchase the Securities 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 Securities (e.g. distribution
cost, structuring and hedging costs as well as the profit margin of
COMMERZBANK).
Country(ies) where the Kingdom of Sweden

offer takes place (Non-
exempt offer):
Listing: The Issuer intends to apply for the trading of each series of Securities
on the regulated market of the Nordic Derivatives Exchange Stockholm
with effect from 5 July 2016.
Minimum Trading Size: One Security
Country(ies) where Kingdom of Sweden

admission to trading on
the regulated market(s) is
being sought:
Consent to the usage of The Issuer hereby grants consent to use the Base Prospectus and
the Base Prospectus and these Final Terms for the subsequent resale or final placement of the
the Final Terms: Securities by any financial intermediary.
The offer period within which subsequent resale or final placement of

Securities 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): Kingdom of
Sweden.
Additional Provisions: Limitation of Euroclear Sweden’s liability
Euroclear Sweden shall not be held responsible for any loss or

damage resulting from any legal enactment (domestic or foreign), the
intervention of a public authority (domestic or foreign), an act of war,
strike, blockade, boycott, lockout or any other similar event or
circumstance. The reservation in respect of strikes, blockades,
boycotts and lockouts shall also apply if Euroclear Sweden itself takes
such measures or becomes the subject of such measures. Under no
17
circumstances shall Euroclear Sweden be liable to pay compensation

for any loss, damage, liability, cost, claim, action or demand unless
Euroclear Sweden has been negligent, or guilty of bad faith, or has
breached the terms of any agency agreement, nor shall under no
circumstances Euroclear Sweden be liable for loss of profit, indirect
loss or damage or consequential loss or damage, unless such liability
of Euroclear Sweden is prescribed pursuant to the Swedish Financial
Instruments Accounts Act (Sw. lag (1998:1479)). Where Euroclear
Sweden, due to any legal enactment (domestic or foreign), the
intervention of a public authority (domestic or foreign), an act of war,
strike, blockade, boycott, lockout or any other similar event or
circumstance, is prevented from effecting payment, such payment
may be postponed until the time the event or circumstance impeding
payment has ceased, with no obligation to pay penalty interest.
18
ANNEX TO THE FINAL TERMS
ISSUE-SPECIFIC 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 -’.
Section A – Introduction and Warnings
Element Description of Disclosure requirement

Element
A.1 Warnings This summary should be read as an introduction to the Base

Prospectus and the relevant Final Terms. Investors should base
any decision to invest in the Securities 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 to those persons who are responsible for the
drawing up of the summary, including any translation thereof, or for
the issuing of the Base Prospectus, 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.
A.2 Consent to the The Issuer hereby grants consent to use the Base Prospectus and
use of the the Final Terms for the subsequent resale or final placement of the
Prospectus Securities by any financial intermediary.
The offer period within which subsequent resale or final placement

of Securities 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 the Final Terms is
granted only in relation to the following Member State(s): Kingdom of
Sweden.
The consent to use the Base Prospectus including any supplements

as well as any corresponding Final Terms is subject to the condition
that (i) this Base Prospectus and the respective Final Terms are
delivered to potential investors only together with any supplements
published before such delivery and (ii) when using the Base
19
Prospectus and the respective Final Terms, each financial

intermediary must make certain that it complies with all applicable
laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a financial intermediary,

this financial intermediary will provide information to investors
on the terms and conditions of the offer at the time of that offer.
20
Section B – Issuer
Element Description Disclosure requirement

of Element
B.1 Legal and The legal name of the Bank is COMMERZBANK Aktiengesellschaft
Commercial (the "Issuer", the "Bank" or "COMMERZBANK", together with its
Name of the consolidated subsidiaries "COMMERZBANK Group" or the
Issuer "Group") and the commercial name of the Bank is
COMMERZBANK.
B.2 Domicile / The Bank's registered office is in Frankfurt am Main, Federal

Legal Form / Republic of Germany.
Legislation /
Country of COMMERZBANK is a stock corporation established and operating
Incorporation under German law and incorporated in the Federal Republic of
Germany.
B.4b Known trends The global financial market crisis and sovereign debt crisis in the
affecting the eurozone in particular have put a very significant strain on the net
Issuer and the assets, financial position and results of operations of the Group in
industries in the past, and it can be assumed that further materially adverse
which it effects for the Group can also result in the future, in particular in the
operates event of a renewed escalation of the crisis.
B.5 Organisational COMMERZBANK is the parent company of COMMERZBANK

Structure Group. COMMERZBANK Group holds directly and indirectly equity
participations in various companies.
B.9 Profit - not applicable -

forecasts or
estimates The Issuer currently does not make profit forecasts or estimates.
B.10 Qualifications - not applicable -

in the auditors'
report on the Unqualified auditors' reports have been issued on the consolidated
historical financial statements and management reports for the financial year
financial ended 2014 and 2015 as well as on the annual financial statements
information and management report for the 2015 financial year which are
incorporated by reference into this Base Prospectus.
B.12 Selected key The following table sets forth selected key financial information of
financial COMMERZBANK Group which has been derived from the
information respective audited consolidated financial statements prepared in
accordance with IFRS as of 31 December 2014 and 2015 as well
as from the consolidated interim financial statements as of
31 March 2016 (reviewed):
31 December 31 December 31 March

Balance Sheet (€m) 2014*) 2015 2016**)
Total assets 558,317 532,641 535,824

Equity 27,033 30,407 30,241
January – December January – March**)

2014*) 2015*) 2015*) 2016
Income Statement (€m)
Operating profit 689 1,909 670 273
Pre-tax profit or loss 628 1,795 604 273
Consolidated profit or loss***) 266 1,062 338 163
21
*) Prior-year figures restated due to the launch of a new IT system plus other restatements.
**) Unaudited
***) Insofar as attributable to COMMERZBANK shareholders.
No material There has been no material adverse change in the prospects of

adverse COMMERZBANK Group since 31 December 2015.
change in
the - not applicable -
prospects of
the Issuer, There has been no significant change in the financial position of
Significant COMMERZBANK Group since 31 March 2016.
changes in
the financial
position
B.13 Recent - not applicable -

events which
are to a There are no recent events particular to the Issuer which is to a
material material extent relevant to the evaluation of the Issuer's solvency.
extent
relevant to
the Issuer's
solvency
B.14 Dependence - not applicable -

of the Issuer
upon other As stated under element B.5, COMMERZBANK is the parent company
entities of COMMERZBANK Group.
within the
group
B.15 Issuer’s The focus of the activities of the COMMERZBANK Group is on the
principal provision of a wide range of financial services to private, small and
activities, medium-sized corporate and institutional customers in Germany,
principal including account administration, payment transactions, lending,
markets 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 internationally through its subsidiaries, branches
and investments, particularly in Europe. The focus of its international
activities lies in Poland and on the goal of providing comprehensive
services to German small and medium-sized enterprises in Western
Europe, Central and Eastern Europe and Asia.
The COMMERZBANK Group is divided into five operating segments –

Private Customers, Mittelstandsbank, Central & Eastern Europe,
Corporates & Markets and Asset & Capital Recovery (ACR) 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.
B.16 Controlling - not applicable -

parties
COMMERZBANK has not submitted its management to any other
22
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).
23
Summary
Section C – Securities

Element
C.1 Type and class of Type/Form of Securities

the securities /
Security The securities are warrants with unlimited term (the "Securities").
identification
number Each series of Securities is issued in dematerialised form.
Security Identification Number(s) of Securities
The security identification number(s) (i.e. ISIN and local code) in

respect of each series of Securities will be set out in the table
annexed to the Summary.
C.2 Currency Each series of the Securities is issued in SEK (the "Issue
of the securities Currency").
C.5 Restrictions on Each series of Securities is freely transferable, subject to the offering
the free and selling restrictions, the applicable law and the rules and
transferability of regulations of the clearing system.
the securities
C.8 Rights attached Governing law of the Securities

to the securities
(including ranking The Securities are governed by and construed in accordance with
of the Securities German law. The constituting of the Securities is governed by the
and limitations to laws of the Kingdom of Sweden.
those rights)
Repayment
Securities entitle their holders to receive the payment of a

Redemption Amount in the Issue Currency.
If a Knock-out Event occurs, the Securities will expire worthless.
Ordinary Termination
The Issuer is entitled to ordinarily terminate the Securities with effect

as of an Ordinary Termination Date.
Adjustments and Extraordinary Termination
Subject to particular circumstances, the Issuer may be entitled to

perform certain adjustments. Apart from this, the Issuer may be
entitled to extraordinary terminate the Securities prematurely if a
particular event occurs.
Ranking of the Securities
The obligations under the Securities 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.
24
Summary
Limitation of Liability
The Issuer shall be held responsible for acting or failing to act in

connection with Securities only if, and insofar as, it either breaches
material obligations under the Securities negligently or wilfully or
breaches other obligations with gross negligence or wilfully.
Presentation Periods and Prescription
The period for presentation of the Securities (§ 801 paragraph 1,

sentence 1 German Civil Code (Bürgerliches Gesetzbuch ("BGB"))
shall be ten years and the period of limitation for claims under the
Securities presented during the period for presentation shall be two
years calculated from the expiry of the relevant presentation period.
C.11 Admission to The Issuer intends to apply for the trading of each series of
trading on a Securities on the regulated market of the Nordic Derivatives
regulated market Exchange Stockholm with effect from 5 July 2016.
or equivalent
market
C.15 Influence of the The payment of a Redemption Amount will to a significant extent
Underlying on the depend upon the performance of the Underlying during the term of
value of the the Unlimited TURBO Securities.
securities:
In detail:
If during the Monitoring Period the price of the Underlying has never
been equal to or below (in case of Type CALL) or equal to or
above (in case of Type PUT) the Knock-out Barrier, the investor will
receive the Redemption Amount which shall be equal to (i) the
amount by which the Reference Price of the Underlying on the
Valuation Date exceeds (in case of Type CALL) or is exceeded by
(in case of Type PUT) the Strike applicable on the Valuation Date
multiplied by (ii) the Ratio, whereby the result will be converted into
the Issue Currency.
If during the Monitoring Period the price of the Underlying has at

least once been equal to or below (in case of Type CALL) or
equal to or above (in case of Type PUT) the Knock-out Barrier (the
"Knock-out Event") the Unlimited TURBO Securities will expire
worthless.
The Knock-out Barrier means the relevant Strike.
The Strike shall change on each calendar day between the Launch
Date and the relevant Valuation Date.
"Monitoring Period" means the period from the Launch Date to the
Valuation Date (both dates including) at such point in time at which
the Reference Price of the Underlying is determined and published.
The Type, the Ratio and the Strike on the Launch Date are stated in
the table annexed to the summary.
"Conversion Rate" means the price of USD 1.00 in SEK, as actually

traded on the international interbank spot market on the Valuation
Date at such point in time at which the Reference Price of the
Underlying is determined and published.
25
Summary
C.16 Valuation Date Exercise Date
Exercise Date The respective Exercise Date requested by the Securityholder.
C.17 Description of the Each seris of the Securities sold will be delivered on the Payment
settlement Date in accordance with applicable local market practice via the
procedure for the clearing system.
securities
C.18 Delivery All amounts payable under the Securities shall be paid to the Paying
procedure Agent for transfer to the clearing system or pursuant to the clearing
system's instructions for credit to the relevant accountholders on the
dates stated in the applicable terms and conditions. Payment to the
clearing system or pursuant to the clearing system's instructions
shall release the Issuer from its payment obligations under the
Securities in the amount of such payment.
C.19 Final Reference The ICE Brent Crude Futures Afternoon Marker (which is a tradable
Price of the Minute Marker) of the Relevant Futures Contract as determined and
Underlying published by the Exchange on the Valuation Date.
C.20 Type of the The asset underlying the Securities is the ICE Brent Crude Oil
underlying and Futures Contract (Reuters page LCOU6) on the Exchange with
details, where delivery month of September 2016 (Expiry Date: 14 August 2015)
information on (the "Underlying").
the underlying
can be obtained Information on the Underlying is available on www.theice.com.
26
Summary
Section D – Risks
The purchase of Securities is associated with certain risks. The Issuer expressly points out that the
description of the risks associated with an investment in the Securities describes only the
major risks which were known to the Issuer at the date of the Base Prospectus.

Element
D.2 Key risks specific Each Tranche of Securities entails an issuer risk, also referred to as
to the Issuer 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 redemption
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 crisis and sovereign debt crisis, particularly in

the eurozone, have had a significant material adverse effect on the
Group's net assets, financial position and results of operations.
There can be no assurance that the Group will not suffer further
material adverse effects in the future, particularly in the event of a
renewed escalation of the crisis. Any further escalation of the crisis
within the European Monetary Union may have material adverse
effects on the Group, which, under certain circumstances, may even
threaten the Group's existence. The Group holds substantial
volumes of sovereign debt. Impairments and revaluations of such
sovereign debt to lower fair values have had material adverse
effects on the Group's net assets, financial position and results of
operations in the past, and may have further adverse effects in the
future.
Macroeconomic Environment
The macroeconomic environment prevailing over the past few years

has negatively affected the Group's results, and the Group's heavy
dependence on the economic environment, particularly in Germany,
may result in further substantial negative effects in the event of any
renewed economic downturn.
Counterparty Default Risk
The Group is exposed to default risk (credit risk), including in respect

of large individual commitments, large loans and commitments,
concentrated in individual sectors, referred to as "bulk" risk, as well
as loans to debtors that may be particularly affected by the
sovereign debt crisis. The run-down of the ship finance portfolio and
the Commercial Real Estate finance portfolio is exposed to
considerable risks in view of the current difficult market environment
and the volatility of ship prices and real estate prices and the default
risk (credit risk) affected thereby, as well as the risk of substantial
changes in the value of ships held as collateral directly owned,
directly owned real estate and private and commercial real estate
held as collateral. The Group has a substantial number of non-
performing loans in its portfolio and defaults may not be sufficiently
covered by collateral or by write-downs and provisions previously
27
Summary
taken.
Market Price 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 benefit from the strategic
agenda or may be able to do so only in part or at higher costs than
planned, and that the implementation of planned measures may not
lead to the achievement of the strategic objectives sought to be
obtained.
Risks from the Competitive Environment
The markets in which the Group is active, particularly the German

market (and, in particular, the private and corporate customer
business and investment banking activities) and the Polish market,
are characterized by intense competition on price and on transaction
terms, which results in considerable pressure on margins.
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.
Operational Risks
The Group is exposed to a large number of operational risks

including the risk that employees will enter into excessive risks on
behalf of the Group or will violate compliance-relevant regulations
while conducting business activities and thereby cause considerable
losses to appear suddenly, which may also lead indirectly to an
increase in regulatory capital requirements.
Risks from Goodwill Write-Downs
It is possible that the goodwill reported in the Group's consolidated

financial statements and brand names will have to be fully or partly
written down as a result of impairment tests.
Risks from Bank-Specific Regulation
Ever stricter regulatory capital and liquidity standards and procedural

and reporting requirements may call into question the business
model of a number of the Group's activities, adversely affect the
Group's competitive position, reduce the Group’s profitability, or
make the raising of additional equity capital necessary. Other
regulatory reforms proposed in the wake of the financial crisis, for
example, requirements such as the bank levy, a possible financial
transaction tax, the separation of proprietary trading from the
deposit-taking business, or stricter disclosure and organizational
obligations may materially influence the Group's business model and
competitive environment.
28
Summary
Legal Risks
Legal disputes may arise in connection with COMMERZBANK's

business activities, the outcomes of which are uncertain and which
entail risks for the Group. For example, claims for damages on the
grounds of flawed investment advice have led to substantial
liabilities for the Group and may also lead to further substantial
liabilities for the Group in the future. Payments and restoration of
value claims have been asserted against COMMERZBANK and its
subsidiaries, in some cases also in court, in connection with profit
participation certificates and trust preferred securities they have
issued. The outcome of such proceedings may have material
adverse effects on the Group that go 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.
D.6 Key information No secondary market immediately prior to termination

on the key risks
that are specific The market maker and/or the exchange will cease trading in the
to the securities Securities no later than shortly before their termination date.
However, between the last trading day and the Valuation Date the
price of the Underlying and/or the currency exchange rate both of
which are relevant for the Securities may still change. This may be
to the investor’s disadvantage.
In addition, there is a risk that a barrier, which is stipulated in the

terms and conditions, is reached, exceeded or breached in another
way for the first time prior to termination after secondary trading has
already ended.
Securities are unsecured obligations (Status)
The Securities 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 can not or only
partially fulfil the attainments due under the Securities. Under these
circumstances, a total loss of the investor's capital might be
possible.
The proposed financial transactions tax (FTT)
The European Commission has proposed a common financial

transactions tax (FTT) to be implemented in Belgium, Germany,
Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia
and Slovakia. However, Estonia has since stated that it will not
participate. The proposed financial transactions tax could apply to
certain dealings in the Securities (including secondary market
transactions) in certain circumstances. However, the financial
transactions tax is still subject to negotiation between the
participating EU Member States. Additional EU Member States may
decide to participate. Furthermore, it is currently uncertain when the
financial transactions tax will be enacted and when the tax will enter
into force with regard to dealings with the Securities.
29
Summary
Risks in connection with the Act on the Recovery and Resolution of

Institutions and Financial Groups, with the EU Regulation
establishing a Single Resolution Mechanism, and with the proposal
for a new EU regulation on the mandatory separation of certain
banking activities
The Act on the Recovery and Resolution of Institutions and Financial

Groups (Gesetz zur Sanierung und Abwicklung von Instituten und
Finanzgruppen – SAG) – which is the transposition into German law
of the EU framework for the recovery and resolution of credit
institutions and investment firms (Directive 2014/59/EU, the "Bank
Recovery and Resolution Directive" or "BRRD") may result inter
alia, in the terms of the Securities (e.g. their maturity) being varied,
and claims for payment of principal, interest or other amounts under
the Securities being subject to a conversion into one or more
instruments that constitute common equity tier 1 capital for the
Issuer, such as ordinary shares, or a permanent reduction, including
to zero, by intervention of the competent resolution authority. Each
of these measures is hereinafter referred to as a "Regulatory Bail-
in". The holders of Securities would have no claim against the Issuer
in such a case and there would be no obligation of Issuer to make
payments under the Securities. This would occur if the Issuer
becomes, or is deemed by the competent supervisory authority to
have become, "non-viable" (as defined under the then applicable
law) and unable to continue its regulated activities without such
conversion or write-down or without a public sector injection of
capital. The resolution authority will have to exercise its power in a
way that results in (i) common equity tier 1 capital instruments (such
as ordinary shares of the Issuer) being written down first in
proportion to the relevant losses, (ii) thereafter, the principal amount
of other capital instruments (additional tier 1 capital instruments and
tier 2 capital instruments) being written down on a permanent basis
or converted into common equity tier 1 capital instruments in
accordance with their order of priority and (iii) thereafter, eligible
liabilities – as those under the Securities – being converted into
common equity tier 1 capital instruments or written down on a
permanent basis in accordance with a set order of priority. The
extent to which the Securities may be subject to a Regulatory Bail-in
will depend on a number of factors that are outside the Issuer’s
control, and it will be difficult to predict when, if at all, a Regulatory
Bail-in will occur. Potential investors should consider the risk that
they may lose all of their investment, including the principal amount
plus any accrued interest if a Regulatory Bail-in occurs. Financial
public support will normally only be available as a last resort after
having assessed and exploited, to the maximum extent practicable,
the resolution tools, including the Regulatory Bail-in.
Further, the EU Regulation establishing a Single Resolution

Mechanism ("SRM Regulation") contains provisions relating to
resolution planning, early intervention, resolution actions and
resolution. This framework should be able to ensure that, instead of
national resolution authorities, there will be a single authority – i.e.
the Single Resolution Board – which will take all relevant decisions
for banks being part of the Banking Union.
On 29 January 2014, the European Commission adopted a proposal

for a new mandatory separation of certain banking activities that is in
many respects stricter than the requirements under the German
bank separation law (sections 3(2)-(4), 25f, 64s of the German
30
Summary
Banking Act (Kreditwesengesetz – KWG). European banks that

exceed the following thresholds for three consecutive years: a) total
assets are equal or exceed €30 billion; b) total trading assets and
liabilities are equal or exceed €70 billion or 10% of their total assets,
will be automatically banned from engaging in proprietary trading
defined narrowly as activities with no hedging purposes or no
connection with customer needs. In addition, such banks will be
prohibited also from investing in or holding shares in hedge funds, or
entities that engage in proprietary trading or sponsor hedge funds.
Other trading and investment banking activities - including market-
making, lending to venture capital and private equity funds,
investment and sponsorship of complex securitisation, sales and
trading of derivatives – are not subject to the ban, however they
might be subject to separation. The proprietary trading ban would
apply as of 1 January 2017 and the effective separation of other
trading activities would apply as of 1 July 2018. Should a mandatory
separation be imposed, additional costs are not ruled out, in terms of
higher funding costs, additional capital requirements and operational
costs due to the separation, lack of diversification benefits.
U.S. Foreign Account Tax Compliance Act Withholding
The Issuer may be required to withhold tax at a rate of 30% on all, or

a portion of, payments made after 31 December 2018 in respect of
(i) Securities issued or materially modified after 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,
(ii) Securities issued or materially modified after the date that is six
months after the date on which obligations of their type are first
treated as giving rise to dividend equivalents, or (iii) Securities
treated as equity for U.S. federal tax purposes, whenever issued,
pursuant to certain provisions commonly referred to the "Foreign
Account Tax Compliance Act".
U.S. Hiring Incentives to Restore Employment Act Withholding
The Issuer or any withholding agent may be required to withhold tax

at a rate of up to 30% on U.S. "dividend equivalent amounts" that
are paid or "deemed paid" under certain financial instruments issued
after 31 December 2016, if certain conditions are met.
Impact of a downgrading of the credit rating
The value of the Securities 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 Securities.
Adjustments and Extraordinary Termination
The Issuer shall be entitled to perform adjustments or to terminate

and redeem the Securities prematurely if certain conditions are met.
This may have a negative effect on the value of the Securities. If the
Securities are terminated, the Redemtion Amount paid to the holders
of the Securities in the event of the extraordinary termination of the
Securities may be lower than the amount the holders of the
Securities would have received without such extraordinary
termination.
Disruption Events
31
Summary
The Issuer is entitled to determine disruption events (e.g. market

disruption events) that might result in a postponement of a
calculation and/or of any attainments under the Securities and that
might affect the value of the Securities. In addition, in certain cases
stipulated, the Issuer may estimate certain prices that are relevant
with regard to attainments or the reaching of thresholds. These
estimates may deviate from their actual value.
Substitution of the Issuer
If the conditions are met, the Issuer is entitled at any time, without
the consent of the holders of the Securities, to appoint another
company as the new Issuer with regard to all obligations arising out
of or in connection with the Securities in its place. In that case, the
holder of the Securities will generally also assume the insolvency
risk with regard to the new Issuer.
Risk factors relating to the Underlying
The Securities 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 Securities.
Risk upon exercise
The investor bears the risk that the Redemption Amount payable on
the Exercise Date is below the purchase price of the Security. The
lower (in case of Type CALL) or higher (in case of Type PUT) the
Reference Price of the Underlying on the Valuation Date the greater
the loss.
If during the Monitoring Period the price of the Underlying is at least

once equal to or below (in case of Type CALL) or equal to or above
(in case of Type PUT) the Knock-out Barrier (the "Knock-out
Event"), the Securities shall expire without requiring any further
action on behalf of the Securityholder and the Securities will expire
worthless. The Securityholder will incur a loss that will
correspond to the full purchase price paid for the Security (total
loss).
In addition, the investor bears a currency exchange risk as the

amounts that are not expressed in the Issue Currency will be
converted at the currency exchange rate on the Valuation Date.
Risks if the investor intends to sell or must sell the Securities:
Market value risk:
The achievable sale price could be significantly lower than the

purchase price paid by the investor.
The market value of the Securities mainly depends on the

performance of the Underlying, without reproducing it accurately. In
particular, the following factors may have an adverse effect on the
market price of the Securities:
32
Summary
- Changes in the expected intensity of the fluctuation of the

Underlying (volatility)
- Interest rate development
- Adverse changes of the currency exchange rates
Each of these factors could have an effect on its own or reinforce or

cancel each other.
Trading risk:
The Issuer is neither obliged to provide purchase and sale prices for
the Securities on a continuous basis on (i) the exchanges on which
the Securities may be listed or (ii) an over-the-counter (OTC) basis
nor to buy back any Securities. Even if the Issuer generally provides
purchase and sale prices, in the event of extraordinary market
conditions or technical troubles, the sale or purchase of the
Securities could be temporarily limited or impossible.
33
Summary
Section E – Offer

Element
E.2b Reason for the - not applicable –

offer and use of
proceeds when Profit motivation
different from
making profit
and/or hedging
certain risks
E.3 Description of the COMMERZBANK offers from 5 July 2016 series of Securities with
terms and an issue size and initial issue price per Security as set out in the
conditions of the table annexed to the issue-specific summary.
offer
E.4 Any interest that The following conflicts of interest can arise in connection with the
is material to the exercise of rights and/or obligations of the Issuer in accordance with
issue/offer the terms and conditions of the Securities (e.g. in connection with
including the determination or adaptation of parameters of the terms and
conflicting conditions), which affect the amounts payable:
interests
- execution of transactions in the Underlying
- issuance of additional derivative instruments with regard to

the Underlying
- business relationship with the issuer of the Underlying
- possession of material (including non-public) information

about the Underlying
- acting as Market Maker
E.7 Estimated The investor can usually purchase the Securities at a fixed issue
expenses price. This fixed issue price contains all cost of the Issuer relating to
charged to the the issuance and the sales of the Securities (e.g. cost of distribution,
investor by the structuring and hedging as well as the profit margin of
issuer or the COMMERZBANK).
offeror
34
Summary
Annex to the Summary
ISIN Local Code Type Strike Ratio Issue Size Initial Issue Price
(C.1) (C.1) (C.15) (Knock-out Barrier) (C.15) (E.3) (E.3)
(C.15)
DE000CN46FH1 B LONGOLJ BW CBK CALL USD 32.58 0.01 1,000,000 SEK 1.73
DE000CN46FJ7 B LONGOLJ BX CBK CALL USD 35.58 0.01 1,000,000 SEK 1.44
DE000CN46FK5 B LONGOLJ CA CBK CALL USD 38.58 0.01 1,000,000 SEK 1.16
DE000CN46FL3 B LONGOLJ CB CBK CALL USD 41.58 0.01 1,000,000 SEK 0.88
DE000CN46FM1 B LONGOLJ CC CBK CALL USD 44.58 0.01 1,000,000 SEK 0.60
DE000CN46FN9 B LONGOLJ CD CBK CALL USD 47.58 0.01 1,000,000 SEK 0.32
35
Sammanfattning
SAMMANFATTNING
Sammanfattningar består av de upplysningskrav som kallas ”Punkter”. Dessa Punkter är numrerade i

Avsnitten A–E (A.1–E.7).
Den här sammanfattningen innehåller alla Punkter som måste ingå i en sammanfattning för den här
typen av värdepapper och Emittent. Det kan förekomma luckor i numreringen av Punkterna i de fall då
Punkterna inte behöver anges.
Även om det krävs information om en Punkt i sammanfattningen på grund av typen av Värdepapper

och Emittent kan det hända att relevant information om Punkten saknas. I så fall inkluderas en kort
beskrivning av Punkten i sammanfattningen, tillsammans med angivelsen ”Ej tillämplig”.
AVSNITT A – INTRODUKTION OCH VARNINGAR
Punkt Beskrivning av Upplysningskrav

Punkt
A.1 Varningar Den här sammanfattningen bör betraktas som en introduktion till
Grundprospektet och relevanta Slutliga Villkor. Investerare bör
basera sina beslut att investera i Värdepapperen med beaktande av
Grundprospektet i sin helhet och de relevanta Slutliga Villkoren.
Om ett anspråk gällande informationen i Grundprospektet skulle

framställas i en domstol i en medlemsstat i Europeiska ekonomiska
samarbetsområdet, EES, kan den investerare som framställer
anspråket enligt den nationella lagstiftningen i medlemsstaten själv
bli tvungen att svara för kostnaderna för översättningen av detta
Grundprospekt och de Slutliga Villkoren innan de rättsliga
förfarandena inleds.
Civilrättsligt ansvar gäller för de personer som är ansvariga för

upprättandet av sammanfattningen, inklusive översättningar därav,
eller för utfärdandet av Grundprospektet, men endast om
sammanfattningen är vilseledande, felaktig eller oförenlig med
övriga delar av Grundprospektet, eller om den inte tillsammans med
övriga delar i Grundprospektet ger all nödvändig nyckelinformation.
A.2 Medgivande att Emittenten beviljar härmed en finansiell mellanhand rätten att nyttja
nyttja Prospektet Grundprospektet och de Slutliga Villkoren för återförsäljning och
slutlig placering av Värdepapperna.
Erbjudandeperioden inom vilken finansiella mellanhänder kan

genomföra återförsäljning eller slutlig placering av Värdepapperna
omfattar endast den tid som Grundprospektet och de Slutliga
Villkoren är giltiga i enlighet med artikel 9 i Prospektdirektivet, så
som det genomförts i den relevanta Medlemsstaten.
Medgivande att nyttja Grundprospektet och de Slutliga Villkoren

gäller endast i följande Medlemsstat(-er): Kungadömet Sverige.
Medgivande att nyttja Grundprospektet inklusive eventuella tillägg

samt eventuella motsvarande Slutliga Villkor lämnas förutsatt att (i)
Grundprospektet och de tillhörande Slutliga Villkoren levereras till
presumtiva investerare tillsammans med eventuella tillägg som
publicerats före sådan leverans och (ii) att finansiella mellanhänder
vid användning av Grundprospektet och tillhörande Slutliga Villkor
ser till att samtliga gällande lagar och förordningar som är i kraft i
respektive jurisdiktion följs.
- 36 -
Sammanfattning
Om ett erbjudande lämnas av en finansiell mellanhand skall den

finansiella mellanhanden tillhandahålla information till
investerarna om de villkor som gäller för erbjudandet vid den
tidpunkten.
- 37 -
Sammanfattning
AVSNITT B – EMITTENT

Punkt
B.1 Emittentens Bankens registrerade firma är COMMERZBANK

registrerade firma Aktiengesellschaft (”Emittenten”, ”Banken” eller
och ”COMMERZBANK”, tillsammans med sina dotterföretag
handelsbeteckning ”COMMERZBANK-koncernen” eller ”Koncernen”) och
Bankens handelsbeteckning är COMMERZBANK.
B.2 Emittentens säte, Banken har sitt säte i Frankfurt am Main, Förbundsrepubliken
bolagsform, lag Tyskland.
under vilken
Emittenten COMMERZBANK är ett aktiebolag bildat och verksamt under
bedriver sin tysk lag och registrerat i Förbundsrepubliken Tyskland.
verksamhet samt
land i vilket
Emittenten bildats
B.4b Kända trender som De globala finansmarknadskriserna och statsskuldskriserna i

påverkar synnerhet i euroområdet har tidigare satt stor press på
Emittenten eller Koncernens nettotillgångar, finansiella ställning och
den bransch där rörelseresultat och det kan antas att Koncernen även i
Emittenten är framtiden kan drabbas av väsentliga negativa effekter, i
verksam synnerhet om kriserna åter skulle förvärras.
B.5 Organisations- COMMERZBANK är moderbolag i COMMERZBANK-

struktur koncernen. COMMERZBANK-koncernen äger direkt och
indirekt aktier i olika företag.
B.9 Resultatprognoser Ej tillämplig

eller
uppskattningar Emittenten gör för närvarande inga resultatprognoser eller
uppskattningar.
B.10 Anmärkningar i Ej tillämplig

revisions-
berättelsen om Rena revisionsberättelser har lämnats för
den historiska koncernredovisningarna och förvaltningsberättelserna för
finansiella räkenskapsåren 2014 och 2015 samt årsredovisningen och
informationen förvaltningsberättelsen för räkenskapsåret 2015 som införlivats
genom hänvisning i detta Grundprospekt.
B.12 Utvald finansiell Nedanstående tabell anger utvald finansiell information

information avseende COMMERZBANK-koncernen som hämtats från de
reviderade koncernredovisningarna per den 31 december 2014
och 2015, som upprättats i enlighet med IFRS, samt från den
reviderade interimistiska koncernredovisningen per den 31
mars 2016 (granskad):
Balansräkning 31 december 31 december 31 mars**)

(MEUR) 2014*) 2015 2016
Summa tillgångar 558 317 532 641 535 824

Eget kapital 27 033 30 407 30 241
Januari – december January – mars**)

2014*) 2015 2015* 2016
- 38 -
Sammanfattning
Resultaträkning (MEUR)
Rörelseresultat 689 1 909 670 273

Resultat före skatt 628 1 795 604 273
Koncernens resultat***) 266 1 062 338 163
*) Föregående års siffror är omräknade i anledning av en lansering av nytt IT-system samt andra omräkningar.
**) Ej reviderad
***) Såvitt tillräknas COMMERZBANKs aktieägare.
Ingen väsentlig Inga väsentliga negativa förändringar har ägt rum i

negativ COMMERZBANK-koncernens framtidsutsikter sedan den 31
förändring av december 2015.
Emittentens
framtidsutsikter Ej tillämplig
samt väsentliga
förändringar i Inga betydande förändringar har ägt rum i COMMERZBANK-
den finansiella koncernens finansiella situation sedan den 31 mars 2016.
ställningen
B.13 Nyligen Ej tillämplig

inträffade
händelser med Det har inte nyligen inträffat några händelser som är specifika för
väsentlig emittenten i den utsträckning att de har en väsentlig inverkan på
inverkan på bedömningen av Emittentens solvens.
bedömningen
av Emittentens
solvens
B.14 Emittentens Ej tillämplig

beroende av
andra företag Som anges i punkt B.5 är COMMERZBANK moderbolag i
inom COMMERZBANK-koncernen.
koncernen
B.15 Emittentens COMMERZBANK-koncernens aktiviteter inriktar sig på att

huvudsakliga tillhandahålla ett brett utbud av finansiella tjänster till privata små
verksamhet och medelstora företag samt institutionella kunder i Tyskland, vilket
även inkluderar kontoadministration, betalningstransaktioner,
utlånings-, spar- och investeringsprodukter, värdepapperstjänster
samt kapitalmarknads- och investment banking-produkter och -
tjänster. Som en del av sin strategi att erbjuda heltäckande
finansiella tjänster erbjuder Koncernen också andra finansiella
tjänster tillsammans med samarbetspartners, i synnerhet
byggsparlån, kapitalförvaltning och försäkring. Koncernen fortsätter
att utöka sin ställning som en av de viktigaste tyska
exportfinansiärerna. Utöver verksamheten i Tyskland är Koncernen
även verksam internationellt via dotterbolag, filialer och
investeringar, särskilt i Europa. Fokus för dess internationella
verksamheter ligger i Polen och har som mål att erbjuda omfattande
tjänster till små och medelstora tyska företag i Västeuropa, Central-
och Östeuropa samt Asien.
COMMERZBANK-koncernen är uppdelad i fem rörelsesegment –

Privatkunder, Mittelstandsbank, Central- och Östeuropa, Företag
och Marknader samt Asset & Capital Recovery (ACR) och Övrig
verksamhet och Konsolidering. Segmenten Privatkunder,
- 39 -
Sammanfattning
Mittelstandsbank, Central- och Östeuropa och Företag & Marknader

utgör kärnbanken i COMMERZBANK-koncernen tillsammans med
Övrig verksamhet och Konsolidering.
B.16 Kontrollerande Ej tillämplig

parter
COMMERZBANK står inte under kontroll av något bolag eller någon
person, exempelvis på grund av ett kontrollavtal, och kontrolleras
inte heller av något annat bolag eller någon annan person i den
mening som avses i den tyska lagen om värdepappersförvärv och
uppköp (Wertpapiererwerbs- und Übernahmegesetz).
- 40 -
Sammanfattning
AVSNITT C – VÄRDEPAPPER

Punkt
C.1 Värdepappers- Värdepapperstyp/-form

typ och
klass/ISIN Värdepapperna är warranter med obegränsad löptid (”Obegränsade
TURBO-Warranterna” eller ”Värdepapperna”).
Varje serie av Värdepapper emitteras i dematerialiserad form.
ISIN-kod(er)
ISIN-kod(erna) avseende varje serie av Värdepapperna kommer att

anges i den tabell som bifogas Sammanfattningen.
C.2 Värdepappers Varje serie av Värdepapperna emitteras i SEK

valuta (”Emitteringsvaluta”).
C.5 Begränsningar i Varje serie av Värdepapper är fritt överlåtbara, med förbehåll för
värdepapperens överlåtelsebegränsningarna, tillämplig lag samt det regelverk som
fria överlåtbarhet gäller för clearingsystemet.
C.8 Rättigheter i Gällande lag för Värdepapperna

samband med
värdepapperen Värdepapperna regleras av och tolkas i enlighet med tysk lag.
(däribland Upprättandet av Värdepapperna regleras av lagarna i Kungadömet
värdepapperens Sverige.
rangordning och
begränsningar i Återbetalning
de rättigheterna)
Värdepapper berättigar innehavaran att erhålla betalning av ett
Inlösenbelopp i Emitteringsvalutan.
Om en Knockout-händelse inträffar, förfaller Värdepapperen

värdelösa.
Ordinär Uppsägning
Emittenten har rätt att med verkan att ordinärt säga upp
Värdepapperna per en Ordinär Uppsägningsdag.
Justeringar och Extraordinär Uppsägning
Under särskilda omständigheter kan Emittenten ha rätt att

genomföra vissa justeringar. Utöver detta kan Emittenten ha rätt att
extraordinärt säga upp Värdepapperna i förtid om en särskild
händelse inträffar.
Värdepappernas rangordning
De förpliktelser som Värdepapperna ger upphov till utgör direkta,

ovillkorade och ej säkerställda (nicht dinglich besichert) förpliktelser
för Emittenten som, såvida inte annat anges i gällande lag,
rangordnas minst pari passu med Emittentens andra icke
efterställda och ej säkerställda (nicht dinglich besichert) förpliktelser.
Ansvarsbegränsning
- 41 -
Sammanfattning
Emittenten skall vara ansvarig för handlingar eller underlåtenhet att

handla i förhållande till Värdepapperna endast om, och i den mån,
den antingen oaktsamt eller uppsåtligt bryter mot väsentliga
förpliktelser under Värdepapperna eller grovt oaktsamt eller
uppsåtligt bryter mot andra förpliktelser.
Presentationstid och Preskription
Presentationstiden för Värdepapperna (§ 801 1 st. 1 men. i den

tyska civilkoden (Ty: Bürgerliches Gesetzbuch) (”BGB”) skall vara
tio år, och preskriptionstiden för fordringar enligt Värdepapperna
som presenterats under presentationstiden skall vara två år,
beräknad från utgången av den relevanta presentationstiden.
C.11 Upptagande till Emittenten avser att ansöka om upptagande till handel av varje serie
handel på en av Värdepapper på de(n) reglerade marknaden/marknaderna Nordic
reglerad marknad Derivatives Exchange Stockholm från och med 5 juli 2016.
eller
motsvarande
marknad
C.15 Den Utbetalning av Inlösenbeloppet kommer i väsentlig utsträckning bero
Underliggande på den Underliggande Tillgångens avkastning under de
Tillgångens Obegränsade TURBO-värdepappernas löptid.
inflytande på
värdepapperens I detalj:
värde:
Om ett pris på den Underliggande Tillgången under
Övervakningsperioden aldrig varit lika med eller under (typ CALL)
eller lika med eller över (typ PUT) Knockout-barriären, kommer
investeraren att erhålla Inlösenbeloppet vilket skall vara lika med (i)
det belopp med vilket Referenspriset på den Underliggande
Tillgångens Värde på Värderingsdagen överstiger (typ CALL) eller
överskrids med (typ PUT) det aktuella Lösenpriset på
Värderingsdagen multiplicerat med (ii) Multiplikatorn.
Om priset på den Underliggande Tillgången under

Övervakningsperioden minst en gång varit lika med eller under
(Typ Call) eller lika med eller över (Typ PUT) Knockout-barriären
(”Knockout-händelsen”) förfaller det Obegränsade TURBO-
värdepappret värdelöst.
Med Knockout-barriären avses Lösenpriset.
Lösenpriset skall förändras varje kalenderdag mellan

Emissionsdagen och den relevanta Värderingsdagen.
Med ”Övervakningsperiod” menas den period från och med

Startdatumet till Värderingsdagen (båda datum inklusive) vid en
sådan tidpunkt vid vilken Referenspriset på den Underliggande
Tillgången bestäms och publiceras.
Typen, Multiplikatorn och Lösenpriset på Startdatumet anges i

tabellen vilken bifogas till sammanfattningen.
"Omräkningskurs" innebär priset av 1,00 USD i SEK, som faktiskt

handlas på international interbank spot market på Värderingsdagen
vid sådan tidpunkt då Referenspriset för den Underliggande
Tillgången är fastställt och publicerat.
- 42 -
Sammanfattning
C.16 Värderingsdag Slutdag
Slutdag Den respektive Slutdag som begärs av Värdepappersinnehavare.
C.17 Beskrivning av Varje serie av Värdepapperna som sålts levereras på

avveckling i Betalningsdagen i enlighet med gällande lokal marknadspraxis via
samband med clearingsystemet.
värdepapperen
C.18 Leveransrutin Alla belopp som skall betalas enligt Värdepapperna skall betalas till
(avräkning på Betalningsagenten för överföring till clearingsystemet eller i enlighet
inlösendagen) med clearingsystemets instruktion för kreditering av de relevanta
kontohavarna på de dagar som anges i tillämpliga villkor. Betalning
till clearingsystemet eller i enlighet med clearingsystemets
instruktion skall befria Emittenten från dess betalningsförpliktelser
under Värdepapperna till det belopp med vilket betalning sker.
C.19 Slutligt ICE Brent Crude Oil-terminens Afternoon Marker (som kan handlas
referenspris på som Minute Marker) på den Underliggande Tillgången som senast
den fastställts och publicerats av Börsen på Värderingsdagen.
Underliggande
Tillgången
C.20 Typ av De underliggande tillgångarna till Värdepapperna är ICE Brent

Underliggande Crude Oil-terminen, Reuters sida LCOU6, med förfallodagen 14
Tillgång och augusti 2015 (den ”Underliggande Tillgången”).
detaljer, om det
går att inhämta Information om den Underliggande Tillgången finns tillgängligt på
information om www.theice.com.
den
Underliggande
Tillgången
- 43 -
Sammanfattning
AVSNITT D – RISKER
Köpet av Värdepapperna är förenat med vissa risker. Emittenten framhäver särskilt att
beskrivningen av riskerna förenade med en investering i Värdepapperna endast beskriver de
väsentliga risker som var kända för Emittenten per dagen för Grundprospektet.

Punkt
D.2 Huvudsakliga Varje tranche av Värdepapper medför en emittentrisk, även kallad

risker som är gäldenärsrisk eller kreditrisk, för presumtiva investerare. En
specifika för emittentrisk är risken för att COMMERZBANK tillfälligt eller
Emittenten permanent blir oförmöget att fullgöra sina skyldigheter att betala
ränta och/eller inlösenbeloppet.
Därutöver är COMMERZBANK utsatt för olika risker i samband med

sin affärsverksamhet. Sådana risker omfattar i synnerhet följande
typer av risker:
Globala finansmarknadskriser och statsskuldskriser
De globala finansmarknadskriserna och statsskuldskriserna, i

synnerhet i euroområdet, har haft en betydande väsentligt negativ
effekt på Koncernens nettotillgångar, finansiella ställning och
rörelseresultat. Det kan inte garanteras att Koncernen inte kommer
att drabbas av ytterligare väsentligt negativa effekter i framtiden, i
synnerhet om krisen åter skulle förvärras. Skulle krisen inom
Europeiska monetära unionen eskalera ytterligare skulle det kunna
innebära väsentligt negativa effekter för Koncernen, vilket, under
vissa omständigheter även skulle kunna hota Koncernens existens.
Koncernen innehar en betydande volym statspapper. Nedskrivningar
och omvärderingar av sådana statspapper till ett lägre verkligt värde
har tidigare haft väsentligt negativa effekter på Koncernens
nettotillgångar, finansiella ställning och rörelseresultat i det förflutna,
och kan få ytterligare negativa effekter i framtiden.
Makroekonomisk miljö
Den makroekonomiska miljö som rått under de senaste åren har

påverkat Koncernens resultat negativt och Koncernens kraftiga
beroende av det ekonomiska klimatet, i synnerhet i Tyskland, skulle
kunna resultera i ytterligare avsevärt negativa effekter i det fall den
ekonomiska konjunkturen skulle vända ned igen.
Motpartsrisk
Koncernen är exponerad för motpartsrisk (kreditrisk), bland annat

beträffande stora enskilda lån och åtaganden koncentrerade till
enskilda sektorer – så kallad bulkrisk – samt beträffande lån till
gäldenärer som kan påverkas särskilt av statsskuldskrisen.
Stängningen av fartygfinansieringsportföljen och portföljen för
finansiering av kommersiella fastigheter är exponerad mot
avsevärda risker i ljuset av den rådande svåra marknadsmiljön och
volatiliteten i skepps- och fastighetspriser samt motpartsrisken
(kreditrisken) som påverkas därav, liksom risken av betydande
förändringar i värdet på fartyg som utgör säkerhet samt direkt ägda
fastigheter och privata och kommersiella fastigheter som utgör
säkerhet. Koncernen har i sin portfölj ett stort antal nödlidande lån,
- 44 -
Sammanfattning
och det kan hända att utebliven betalning på lån inte är fullt täckt av
säkerheter eller av tidigare gjorda nedskrivningar och avsättningar.
Marknadsprisrisker
Koncernen är utsatt för marknadsprisrisker i värderingen av aktier

och andelar i investeringsfonder, samt för ränterisker,
kreditspridningsrisker, valutarisker, volatilitets- och korrelationsrisker
samt råvaruprisrisker.
Strategiska risker
Det finns en risk för att Koncernen inte kommer att dra nytta av sina
strategiska planer eller endast kommer kunna göra det till viss del
eller till högre kostnader än planerat, och att genomförandet av de
planerade åtgärderna kanske inte kommer att leda till att de
eftersträvade strategiska målen uppnås.
Risker från konkurrensmiljön
De marknader inom vilka Koncernen är aktiv, i synnerhet den tyska

marknaden (och i synnerhet affärer vad gäller privat- och
företagskunder samt investment banking-verksamhet) och den
polska marknaden, är karaktäriserade av intensiv konkurrens vad
gäller pris och transaktionsvillkor vilket resulterar i avsevärd press
på marginalerna.
Likviditetsrisker
Koncernen är beroende av regelbunden tillförsel av likviditet och en

marknadsomfattande eller företagsspecifik likviditetsbrist kan få
väsentliga negativa effekter på Koncernens nettotillgångar,
finansiella ställning och rörelseresultat.
Operationella risker
Koncernen är utsatt för ett stort antal operationella risker, däribland

risken för att medarbetarna utsätter Koncernen för omfattande risker
på Koncernens bekostnad eller kommer att bryta mot lagstiftning
relevant för regelefterlevnad vid utförandet av affärsaktiviteter och
därigenom orsakar en plötslig uppkomst av avsevärda förluster vilka
också indirekt skulle kunna leda till en ökning av kapitalkrav genom
statlig reglering.
Risker från Goodwill-nedskrivningar
Det är möjligt att den goodwill som redovisas i Koncernens

balansräkning och varumärken helt eller delvis måste skrivas ned
som ett resultat av nedskrivningstester.
Risker från bankspecifik lagstiftning
Allt strängare krav avseende kapital och likviditet samt processuella

krav och rapporteringskrav kan leda till att affärsmodellen i ett antal
av Koncernens verksamheter ifrågasätts och kan få en negativ effekt
för Koncernens konkurrenskraft, minska Koncernens lönsamhet eller
göra det nödvändigt att anskaffa ytterligare aktiekapital. Andra
lagreformer som föreslås i kölvattnet efter finanskrisen, till exempel
bankskatt eller en möjlig skatt på finansiella transaktioner,
separationen av egenhandel (proprietary trading) från
- 45 -
Sammanfattning
placeringsverksamheten eller strängare upplysnings- eller

organisationskrav, skulle väsentligen kunna påverka koncernens
affärmodell och konkurrensmiljö.
Juridiska risker
Tvister kan uppkomma inom COMMERZBANKs affärsverksamhet

och deras utfall går inte att förutspå vilket medför risk för Koncernen.
Exempelvis har skadeståndsanspråk på grund av bristfälliga
investeringsråd lett till betydande ansvar för Koncernen och kan
komma att leda till ytterligare betydande ansvar för Koncernen i
framtiden. Betalnings- och ersättningsanspråk har riktats mot
COMMERZBANK och dess dotterbolag, i vissa fall i domstol, i
samband med vinstutdelningscertifikat och s.k. trust preferred
securities som Koncernen emitterat. Resultaten av rättsprocesserna
kan få väsentligt negativa effekter på Koncernen, utöver de anspråk
som framställs i respektive fall. Regulatoriska processer,
tillsynsprocesser och rättsliga förfaranden kan få en väsentlig
negativ effekt på Koncernen. Rättsprocesser som inleds av
lagstiftare, tillsynsmyndigheter och åklagare kan få en väsentlig
negativ effekt på Koncernen.
D.6 Viktig information Ingen sekundärmarknad omedelbart före uppsägning

om de
nyckelrisker som Marknadsgarantens och/eller börsens handel med Värdepapperna
är specifika för kommer att upphöra senast strax före Värdepappernas
värdepapperen uppsägningsdag. Dock kan priset på den Underliggande Tillgången,
som är relevant för Värdepapperna, fortfarande ändras mellan den
sista handelsdagen och Värderingsdagen. Detta kan vara till
investerarens nackdel.
Därtill finns en risk att en barriär, som framgår av villkoren, kommer

att uppnås, överskridas eller brytas på annat sätt för första gången
före uppsägningen men efter att andrahandshandel har upphört.
Värdepapperna är ej säkerställda förpliktelser (Status)
Värdepapperna är ovillkorade förpliktelser för Emittenten. De

garanteras varken av den Tyska Bankföreningens
Insättningsgarantinämnd (Einlagensicherungsfonds des
Bundesverbandes deutscher Banken e.V.) eller av den tyska lagen
om insättningsgaranti och investerarskydd (Einlagensicherungs- und
Anlegerentschädigungsgesetz). Det betyder att investerarna bär
risken för att Emittenten inte kan fullgöra sina skyldigheter enligt
Värdepapperna, eller endast kan fullgöra dem delvis. Under dessa
omständigheter är det möjligt att investeraren förlorar hela sitt
kapital.
Den föreslagna Skatten på Finansiella Transaktioner (FTT)
Den Europeiska Kommissionen har föreslagit en gemensam skatt på

finansiella transaktioner (FTT) att implementeras i Belgien,
Tyskland, Estland, Grekland, Spanien, Frankrike, Italien, Österrike,
Portugal, Slovenien och Slovakien. Estland har sedan dess
emellertid förklarat att landet inte avser att delta i implementeringen
av FTT. Den föreslagna skatten på finansiella transaktioner kan
under vissa omständigheter komma att omfatta viss handel i
Värdepapperna (inkluderat transaktioner på sekundärmarknaden).
Skatten på finansiella transaktioner är emellertid föremål för
förhandlingar mellan deltagande EU-medlemsstater. Ytterligare EU-
- 46 -
Sammanfattning
medlemsstater kan välja att delta. Dessutom är det för närvarande

osäkert när skatten på finansiella transaktioner kommer att införas
och när skatten kommer att träda i kraft avseende handel med
Värdepapperna.
Risker i samband med EU:s ”Krishanteringslag” för återhämtning

och resolution av finansiella bolag, tillsammans med EU-
förordningen som inrättar en gemensam resolutionsmekanism
(”SRM-förordningen”) och med förslag till en ny EU-förordning om
tvingande uppdelning av vissa bankverksamheter
”Krishanteringslagen” (engelska: ”The Act on the Recovery and

Resolution of Institutions and Financial Group”, tyska: ”Gesetz zur
Sanierung und Abwicklung von Instituten und Finanzgruppen”),
vilken har införlivats i tysk rätt genom EU:s ramverk för återhämtning
och resolution av kreditinstitut och värdepappersföretag, det så
kallade Bank recovery and resolution directive eller BRRD
(”Krishanteringsdirektivet”), kan resultera i, bland annat,
variationer gällande Värdepapperen (exempelvis deras löptid), och
krav på betalning av amorteringar, räntor eller andra belopp under
Värdepapperen som omvandlas till ett eller flera instrument som
utgör kärnprimärkapital för Emittenten (tillhörande tier 1), såsom
stamaktier, eller en permanent nedskrivning, även till noll, genom
ingripande av den behöriga resolutionsmyndigheten. Var och en av
dessa åtgärder kallas fortsättningsvis ”Reglerade
Skuldnedskrivningar”. Innehavarna av Värdepapperen kan inte
framföra rättsliga krav mot Emittenten i sådana fall och det finns
ingen skyldighet för Emittenten att göra betalningar under
Värdepapperen. Detta skulle inträffa om Emittenten blir, eller av den
behöriga resolutionsmyndigheten, bedöms ha blivit, ”icke bärkraftig”
(enligt definitionen i då gällande lag) och oförmögen att fortsätta
med sin tillståndspliktiga verksamhet utan sådan omvandling eller
nedskrivning eller utan kapitaltillskott från den offentliga sektorn.
Resolutionsmyndigheten måste ingripa på ett sätt som resultaterar i
att (i) kärnprimärkapitalinstrument (såsom Emittentens aktier), först
skrivs ned i proportion till relevanta förluster, (ii) därefter,
kapitalbelopp avseende andra finansiella instrument (övriga
primärkapitalsinstrument eller supplementärkapitalinstrument) skrivs
ned på permanent basis eller konverteras till
kärnprimärkapitalsinstrument i enlighet med deras gällande
prioritetsordning och (iii) därefter, kvalificerade skulder – som under
Värdepapperen – konverteras till kärnprimärkapitalinstrument eller
skrivs ned på permanent basis i enlighet med en bestämd
prioritetsordning. Den omfattning som Värdepapperen kan bli
föremål för Reglerade Skuldnedskrivningar är beroende av ett antal
faktorer som ligger utanför Emittentens kontroll, och det är svårt att
förutsäga när, om alls, en Reglerad Skuldnedskrivning kommer att
inträffa. Potentiella investerare bör beakta risken av att hela
investeringen kan gå förlorad, inklusive kapitalbeloppet plus
upplupen ränta i det fall en Reglerad Skuldnedskrivning sker.
Finansiellt statligt stöd kommer generellt sett endast att vara
tillgängligt som en sista utväg efter att, i största möjliga utsträckning,
ha undersökt och utnyttjat resolutionsverktygen, inklusive de
Reglerade Skuldnedskrivningarna.
EU-förordningen genom vilken den gemensamma

rekonstruktionsmekanismen (”SRM-förordningen“) inrättats
innehåller bestämmelser hänförliga till resolutionsplanering, tidiga
ingripanden, resolutionsåtgärder och resolutionsverktyg. Detta
ramverk kommer att säkerställa att det istället för nationella
- 47 -
Sammanfattning
resolutionsmyndigheter inrättas en enda myndighet, den

gemensamma resolutionsnämnden, som kommer att fatta alla
relevanta beslut för banker som utgör del av Bankunionen.
Den 29 januari 2014 antog den Europeiska Kommissionen ett

förslag för en ny obligatorisk separation av vissa bankverksamheter
från varandra. Förslaget är i många avseenden mer strikt än de krav
som uppställs av den tyska banksepareringslagen (paragrafer 3(2)-
(4), 25f samt 64s i den tyska banklagen Kreditwesengesetz, KWG).
Förslaget innebär att europeiska banker som överskrider vissa
tröskelvärden under tre år i följd automatiskt kommer att förbjudas
från att bedriva egenhandel (proprietary trading), snävt definierat
som aktiviteter utan säkringssyfte eller koppling till kunders behov.
Dessa tröskelvärden är antingen (i) att totala tillgångar lika med eller
överstigande 30 miljarder euro eller (ii) att totala tradingtillgångar
och skulder är lika med eller överstiger 70 miljarder euro eller tio
procent av de totala tillgångarna. Sådana banker kommer heller inte
att tillåtas att köpa eller behålla andelar i hedgefonder eller bolag
som bedriver egenhandel eller sponsrar hedgefonder. Andra trading-
och investment banking-verksamheter – inklusive market making,
utlåning till venture capital- och private equity-fonder, investering i
och sponsring av komplex värdepapperisering, försäljning av och
handel med derivat – är inte föremål för förbud men kan bli föremål
för separation. Egenhandelsförbudet skulle äga tillämpning från och
med den 1 januari 2017 och den effektiva separationen av andra
tradingverksamheter skulle tillämpas från och med den 1 juli 2018.
Skulle en obligatorisk separation införas kan ytterligare kostnader
inte uteslutas, exempelvis högre finansieringskostnader, ökade
kapitalkrav och kostnader förknippade med verksamheten på grund
av separationen eller förlust av diversifieringsfördelar.
Krav på innehållande av källskatt enligt FATCA
Emittenten kan tvingas innehålla källskatt på 30 procent på vissa

eller samtliga betalningar gjorda efter den 31 december 2018
avseende (i) Värdepapper som emitteras eller väsentligt ändrats
efter den dag som infaller sex månader efter den dag då de slutliga
bestämmelserna tillämpliga på så kallade foreign passthru payments
ges in till US Federal Register, (ii) Värdepapper som emitterats eller
som väsentligt ändrats efter den dag som infaller sex månader efter
den dag skuldförbindelserna av dess slag först anses ge upphov till
till utdelning eller motsvarande, eller (iii) Värdepapper som betraktas
som aktier i amerikanskt skatterättsligt hänseende, närhelst de
emitterats, enligt särskilda bestämmelser vanligtvis benämnda
”Foreign Account Tax Compliance Act”.
Krav på innehållande av källskatt enligt U.S. Hiring Incentives to

Restore Employment Act
Emittenten, eller en amerikansk så kallad ”withholding agent”, kan
under vissa förutsättningar tvingas innehålla källskatt på upp till 30
procent av amerikanska ”utdelningsliknande belopp” som är
utbetalade eller ”anses vara utbetalade” under vissa finansiella
instrument som är utgivna efter den 31 december 2016.
Effekter av en nedgradering av kreditvärdigheten
Värdet på Värdepapperna kan påverkas av det kreditbetyg som

kreditvärderingsföretag ger Emittenten. En eventuell nedgradering
av Emittentens kreditvärdighet även om det bara sker i förhållande
till ett av dessa kreditvärderingsföretag, skulle kunna resultera i att
- 48 -
Sammanfattning
Värdepapperna minskar i värde.
Justeringar och Extraordinär Uppsägning
Emittenten har rätt att utföra justeringar eller att säga upp och lösa in
Värdepapperen i förtid om vissa villkor är uppfyllda. Detta kan få
negativa effekter på Värdepapperens värde. Om Värdepapperen
sägs upp kan Inlösenbeloppet till Värdepappersinnehavarna i
händelse av en uppsägning av Värdepapperen bli lägre än det
belopp som Värdepappersinnehavarna skulle ha erhållit utan den
extraordinära uppsägningen.
Störande händelser
Emittenten har rätt att fastställa störande händelser (exempelvis

marknadsstörande händelser) som kan leda till att beräkningar
och/eller betalningar enligt Värdepapperen skjuts upp, vilket kan
påverka Värdepapperens värde. Dessutom kan Emittenten, i vissa
fall, göra uppskattningar av vissa priser som har relevans för
uppnående eller passerande av trösklar. Dessa uppskattningar kan
avvika från det verkliga värdet.
Byte av Emittent
Om villkoren är uppfyllda har Emittenten rätt att när som helst och
utan medgivande från innehavarna av Värdepapperen i sitt ställe
utse ett annat företag som ny Emittent med avseende på alla
förpliktelser härrörande ur eller med anknytning till Värdepapperen. I
så fall får innehavaren av Värdepapperen i allmänhet också ta
insolvensrisken avseende den nya Emittenten.
Riskfaktorer relaterade till den Underliggande Tillgången
Värdepapperen är beroende av värdet på den Underliggande

Tillgången och den risk som förknippas med den Underliggande
Tillgången. Värdet av den Underliggande Tillgången beror på många
faktorer som kan höra ihop. Dessa kan innefatta ekonomiska,
finansiella och politiska händelser som ligger utanför Emittentens
kontroll. Den historiska avkastningen på en Underliggande Tillgång
eller en komponent av den Underliggande Tillgången skall inte
betraktas som en indikation på framtida avkastning under
Värdepapperens löptid.
Risk vid utövande
Investeraren löper risken att det Inlösenbelopp som skall betalas på

Slutdagen är mindre än inköpspriset för Värdepapperna. Ju lägre
(Typ CALL) eller högre (Typ PUT) Referenspriset på den
Underliggande Tillgången är på Värderingsdagen, desto större blir
förlusten.
Om priset på den Underliggande Tillgången under

Övervakningsperioden minst en gång är lika med eller under (typ
CALL) eller är lika med eller över (typ PUT) Knockout-barriären
(”Knockout-händelsen”) skall Värdepapperna förfalla utan att
Värdepappersinnehavarna behöver vidta någon åtgärd och
Värdepapperna kommer att förfalla värdelösa.
Värdepappersinnehavarna kommer att ådra sig en förlust som
motsvarar hela inköpspriset för Värdepappret (totalförlust).
- 49 -
Sammanfattning
Investeraren är också utsatt för en växelkursrisk, eftersom belopp

som inte är uttryckta i Emitteringsvalutan kommer att omvandlas till
den valutaväxelkurs som gäller på Värderingsdagen.
Risker om investeraren avser eller måste sälja Värdepapperna:
Marknadsvärderisk:
Det försäljningspris som går att uppnå före Slutdagen kan vara
väsentligt lägre än det inköpspris som investeraren betalat.
Värdepappernas marknadsvärde beror huvudsakligen på den

Underliggande Tillgångens utveckling, utan att exakt återge den. I
synnerhet kan följande faktorer ha en negativ inverkan på
Värdepappernas marknadsvärde:
-Förändringar i den förväntade intensiteten i fluktuationerna för den

Underliggande Tillgången (volatilitet)
-Ränteutveckling
-Negativa förändringar i växelkurserna
Var och en av dessa faktorer kan påverka i sig, eller förstärka eller
motverka varandra.
Handelsrisk:
Emittenten är varken skyldig att fortlöpande tillhandahålla köp- och

säljkurser för Värdepapperna på (i) de börser där Värdepapperna är
noterade eller på (ii) OTC-basis (over the counter), eller att köpa
tillbaka Värdepapperna. Även om Emittenten normalt tillhandahåller
köp- och säljkurser kan köp och försäljning av Värdepapperna,
under extraordinära marknadsvillkor eller vid tekniska problem,
tillfälligt begränsas eller omöjliggöras.
- 50 -
Sammanfattning
AVSNITT E – ERBJUDANDE OCH FÖRSÄLJNING

Punkt
E.2b Motiven till Ej tillämplig

erbjudandet och
användningen av Vinstmotivering
de medel det
förväntas tillföra,
om det inte avser
lönsamhet eller
skydd mot vissa
risker
E.3 Beskrivning av COMMERZBANK erbjuder från 5 juli 2016 serier av Värdepapper

erbjudandets med en emissionsstorlek och till en inledande emissionskurs per
former och villkor Värdepapper som anges i den tabell som bifogas
sammanfattningen.
E.4 Eventuella Nedanstående intressekonflikter kan uppstå i samband med att

intressen som har Emittenten utövar sina rättigheter och/eller skyldigheter i enlighet
betydelse för med villkoren för Värdepapperna (t.ex. i samband med fastställande
emissionen/erbjud eller anpassning av parametrar i villkoren), som kan påverka de
andet, inbegripet utbetalningsbara beloppen:
intressekonflikter
-genomförande av transaktioner i den Underliggande Tillgången
-emission av ytterligare derivatinstrument med koppling till den

Underliggande Tillgången
-affärsförhållanden med emittenten av den Underliggande

Tillgången
-innehav av väsentlig (däribland icke-offentlig) information om den

Underliggande Tillgången
- rollen som Marknadsgarant
E.7 Beräknade Investeraren kan normalt köpa Värdepapperna till en fast

kostnader som emissionskurs. Den fasta emissionskursen innefattar alla kostnader
kan åläggas som Emittenten har i samband med emissionen och försäljningen av
investeraren av Värdepapperna (t.ex. för distribution, strukturering och säkring samt
emittenten eller en vinstmarginal för COMMERZBANK).
erbjudaren
- 51 -
Sammanfattning
Bilaga till Sammanfattningen
ISIN Lokal Kod Typ Lösenkursen (Knockout-händelsen) Multiplikator Emissionsstorlek Initialt emissionskurs
(C.1) (C.1) (C.15) (C.15) (C.15) (E.3) (E.3)
DE000CN46FH1 B LONGOLJ BW CALL USD 32,58 0,01 1.000.000 SEK 1,73

CBK
DE000CN46FJ7 B LONGOLJ BX CBK CALL USD 35,58 0,01 1.000.000 SEK 1,44
DE000CN46FK5 B LONGOLJ CA CBK CALL USD 38,58 0,01 1.000.000 SEK 1,16
DE000CN46FL3 B LONGOLJ CB CBK CALL USD 41,58 0,01 1.000.000 SEK 0,88
DE000CN46FM1 B LONGOLJ CC CBK CALL USD 44,58 0,01 1.000.000 SEK 0,60
DE000CN46FN9 B LONGOLJ CD CBK CALL USD 47,58 0,01 1.000.000 SEK 0,32
- 52 -

Commerzbank Aktiengesellschaft Final Terms: Dated 4 July 2016 Relating To

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Commerzbank Aktiengesellschaft Final Terms: Dated 4 July 2016 Relating To

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COMMERZBANK AKTIENGESELLSCHAFT

Unlimited TURBO Warrants

with respect to the

TURBO Warrants and

2.6 Dependency of the redemption on the performance of the

2.7 Dependency of the redemption on the performance of the

2.8 Leverage effect / Risk of disproportionate high losses - Unlimited

2.11 Ordinary adjustment of the Strike in case of Unlimited TURBO

2.12 Ordinary adjustment of the Strike in case of Unlimited TURBO

2.15 Ordinary adjustment of the Knock-out Barrier in case of Unlimited

2.17 Ordinary Termination by the Issuer in case of Unlimited TURBO

2.18 "Unlimited" Securities; exercise requirement (Bermudan

2.19 Continuous price of the Underlying and price of the Underlying

2.20 Currency risks

2.24 Underlying Futures Contract

C. Unlimited TURBO (CALL)

Applicable Terms and Conditions for Unlimited TURBO Warrants

TERMS AND CONDITIONS

1. The unlimited warrants (the "Securities") of each series issued by COMMERZBANK

2. Registration requests relating to the Securities shall be directed to an account operating

"BGB" means the German Civil Code (Bürgerliches Gesetzbuch).

"Commodity" means the commodity underlying the Futures Contract.

"Extraordinary Event" means:

(a) Disappearance of Reference Price,

(b) Material Change in Content;

(c) Material Change in Formula;

(d) Price Source Disruption;

(e) Tax Disruption,

(f) Trading Disruption; or

"Issue Currency" or "SEK" means Swedish Kronor.

"Launch Date" means 5 July 2016.

"Price Source" means the Exchange.

On a Business Day to be determined by the Issuer in its reasonable discretion (billiges

A = B - (C - D) + Roll-over Costs and – Roll-over Proceeds, respectively

A = B - (C - D) - Roll-over Costs and + Roll-over Proceeds, respectively

A= the adjusted Strike or the adjusted Knock-out Barrier, respectively

"Underlying Currency" or "USD" means US Dollar.

"Valuation Date" means the Exercise Date.

2. Subject to paragraph 3, each Security is redeemed by payment of an amount in the Issue

The conversion shall be made at the Conversion Rate.

"Knock-out Barrier" means the relevant Strike.

If a Knock-out Event occurs, the Securities will expire worthless.

5. The Exercise Notice shall be binding and irrevocable.

"Minimum Exercise Number of Securities" is 1 (one) Security.

2. An Adjustment may result in:

(ii) the diluting or concentrative effect of an Extraordinary Event on the theoretical

(iii) any cash compensation or other compensation in connection with a Replacement,

(i) the Exchange Adjustments would result in economically irrelevant adjustments to

2. No such assumption shall be permitted unless

rescission pursuant to paragraph 2 on which no Price Source Disruption or Trading Disruption

5. Contradictory or incomplete provisions in the Terms and Conditions may be corrected or

8. Place of performance is Frankfurt am Main.

Table of Product Details

DE000CN46FH1 B LONGOLJ BW CALL USD 32.58 4.00% 4.00% 0.01

DE000CN46FJ7 B LONGOLJ BX CALL USD 35.58 4.00% 4.00% 0.01

DE000CN46FK5 B LONGOLJ CA CALL USD 38.58 4.00% 4.00% 0.01

DE000CN46FL3 B LONGOLJ CB CALL USD 41.58 4.00% 4.00% 0.01

DE000CN46FM1 B LONGOLJ CC CALL USD 44.58 4.00% 4.00% 0.01