COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main. Final Terms dated 9 May Warrants relating to Shares denominated in SEK

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1 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 9 May 2014 relating to Warrants relating to Shares denominated in to be publicly offered in the Kingdom of Sweden and to be admitted to trading on the Nordic Derivatives Exchange with respect to the Base Prospectus dated 15 May 2013 relating to Warrants

2 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 Warrants (consisting of the Summary and Securities Note both dated 15 May 2013, the first supplement dated 07 June 2013, the second supplement dated 23 August 2013, the third supplement dated 13 September 2013, the fourth supplement dated 26 November 2013 and the fifth supplement dated 17 April 2014 and the Registration Document dated 6 November 2013, the first supplement dated 14 November 2013, the second supplement dated 21 February 2014 and the third supplement dated 9 April 2014 of Commerzbank Aktiengesellschaft) (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 Hardcopies of these documents may be requested free of charge from the Issuer's head office (Kaiserstraße 16 (Kaiserplatz), Frankfurt am Main, Federal Republic of Germany). In order to obtain all information necessary to the assessment of the Warrants both the Base Prospectus and these Final Terms must be read in conjunction. All options marked in the Base Prospectus which refer (i) to Warrants relating to Shares and (ii) the Share underlying the Warrants shall apply. The summary applicable for this issue of Warrants is annexed to these Final Terms. Issuer: Information on the Underlying: Offer and Sale: Commerzbank Aktiengesellschaft Information on the Share underlying the Warrants is available on the websites as set out in the table attached to these Final Terms. Commerzbank offers from 9 May 2014 Warrants relating to Shares with an issue size and an initial issue price per Warrant as set out in the table attached to these Final Terms. As a rule, the investor can purchase the Warrants 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 Warrants (e.g. distribution cost, structuring and hedging costs as well as the profit margin of Commerzbank). Consent to the usage of the Base Prospectus and the Final Terms: The Issuer hereby grants consent to use the Base Prospectus and these Final Terms for the subsequent resale or final placement of the Warrants by any financial intermediary. The offer period within which subsequent resale or final placement of Warrants 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): the Kingdom of Sweden

3 Payment Date: 14 May 2014 Clearing number: The ISIN as set out in the table attached to these Final Terms. The local code as set out in the table attached to these Final Terms. Currency Minimum Trading Size: Listing: Applicable Special Risks: Swedish Kronor ("") 1 (one) Warrant(s) The Issuer intends to apply for the listing and trading of each series of the Warrants on the regulated market of Nordic Derivatives Exchange with effect from 9 May In particular, the following risk factors (2. "Special Risks") which are mentioned in the Base Prospectus are applicable: 2.1 Dependency of the redemption and the value of the Warrants on the performance of the Underlying (Warrants (CALL)) 2.2 Dependency of the redemption and the value of the Warrants on the performance of the Underlying (Warrants (PUT)) 2.10 Warrants without an exercise option during the term (European exercise) 2.12 Leverage Effect 2.16 Underlying Share Applicable Terms and Conditions: Terms and Conditions for Warrants relating to Shares - 3 -

4 Conditions that complete and specify the applicable Terms and Conditions: 1 FORM 1. The Warrants (the "Warrants") 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, Klarabergsviadukten 63, P.O Box 191, SE , 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 Warrants shall be directed to an account operating institute. 3. Transfers of Warrants 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 Warrants. 4. The Issuer reserves the right to issue from time to time without the consent of the Warrantholders additional tranches of Warrants with substantially identical terms, so that the same shall be consolidated to form a single series and increase the total volume of the Warrants. The term "Warrants" shall, in the event of such consolidation, also comprise such additionally issued Warrants. "Warrantholder" means any person that is registered in a book-entry account managed by the account operator as holder of a Warrant. For nominee registered Warrants the authorised custodial nominee account holder shall be considered to be the Warrantholder. 2 DEFINITIONS "Exchange" means the exchange as set out in the table attached to these Final Terms. "Exercise Date" means the date as set out in the table attached to these Final Terms. "Payment Business Day" means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in and Frankfurt am Main and on which the Clearing System settles payments in. "Ratio" shall be expressed as a decimal figure and be equal to the figure set out in the table attached to these Final Terms. "Settlement Date" means the tenth Payment Business Day following a relevant date. "Share" means the share as set out in the table attached to the Final Terms. "Valuation Date" means the Exercise Date. If on the Valuation Date there is no Reference Price or on the Valuation Date a Market Disruption Event occurs, the Valuation Date shall be postponed to the next following Exchange Business Day on which there is a Reference Price again and on which a Market Disruption Event does not occur

5 If, according to the before-mentioned, the Valuation Date is postponed for ten consecutive Exchange Business Days, and if also on such day there is no Reference Price or a Market Disruption Event occurs on such day, then this day shall be deemed to be the Valuation Date and the Issuer shall estimate the Reference Price in its reasonable discretion (billiges Ermessen, 315 German Civil Code (BGB)), and in consideration of the prevailing market conditions on such day and make a notification thereof in accordance with 9. 3 OPTION RIGHT 1. The Warrants grant to the Warrantholder the right (the "Option Right") to receive from the Issuer the payment of the Cash Amount in Swedish Kronor ("") ( will be rounded up) in accordance with these Terms and Conditions. The "Cash Amount" per Warrant shall be equal to the product of (i) the amount by which the Reference Price on the Valuation Date exceeds the Strike (in the case of Type Call) or is exceeded by the Strike (in the case of Type Put) and (ii) the Ratio. "Type" means the type as set out in the table which is attached to the Final Terms. "Strike" means the strike as set out in the table which is attached to the Final Terms. 2. The Option Right shall be deemed to be automatically exercised on the Exercise Date, provided that the Cash Amount is a positive amount at that time. 3. The Issuer shall pay the Cash Amount to the Warrantholders not later than on the Settlement Date. Such payment shall be made to the Paying Agent for transfer to the Clearing System or pursuant to the Clearing System's instruction for credit to the relevant accountholders. Payment to the Clearing System or pursuant to the Clearing System's instruction shall release the Issuer from its payment obligations under the Warrants in the amount of such payment. Paragraph 1: 7 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 , Sweden, acting through its division SEB Merchant Banking, Securities Services, shall be the paying agent (the "Paying Agent"). 8 SUBSTITUTION OF THE ISSUER Paragraph 2 e: applicable 9 NOTICES Paragraph 2 second sub-paragraph: Website:

6 11 FINAL CLAUSES Paragraph 1: 1. The Warrants and the rights and duties of the Warrantholders, 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 paragraph 1 3 of the Terms and Conditions which shall be governed by the laws of the Kingdom of Sweden

7 Annex to the Final Terms for Warrants relating to Shares Characteristics For each series of Warrants the terms Type, Share, ISIN, Local Code, Strike, Exercise Date, Exchange, Website, Ratio, Issue Size and Issue Price shall have the following meanings: Type Share ISIN Local Code Strike Exercise Date Exchange Website Ratio Issue Size Initial Issue Price Call ABB Ltd. (ISIN CH ) DE000CB5U987 ABB4F 145CBK Jun ,000, Put ABB Ltd. (ISIN CH ) DE000CB5U995 ABB4R 140CBK Jun ,000, Call ABB Ltd. (ISIN CH ) DE000CB5U9A0 ABB4G 140CBK Jul ,000, Call ABB Ltd. (ISIN CH ) DE000CB5U9B8 ABB4I 140CBK Sep ,000, Call ABB Ltd. (ISIN CH ) DE000CB5U9C6 ABB4I 150CBK Sep ,000, Put ABB Ltd. (ISIN CH ) DE000CB5U9D4 ABB4U 135CBK Sep ,000, Call ABB Ltd. (ISIN CH ) DE000CB5U9E2 ABB5A 140CBK Jan ,000, Call ABB Ltd. (ISIN CH ) DE000CB5U9F9 ABB5A 150CBK Jan ,000, Put ABB Ltd. (ISIN CH ) DE000CB5U9G7 ABB5M 145CBK Jan ,000, Call ABB Ltd. (ISIN CH ) DE000CB5U9H5 ABB5C 150CBK Mar ,000, Put ABB Ltd. (ISIN CH ) DE000CB5U9J1 ABB5O 135CBK Mar ,000, Call Africa Oil Corp. (ISIN CA00829Q1019) DE000CB5U9K9 AFO4I 59CBK Sep ,000, Call Africa Oil Corp. (ISIN CA00829Q1019) DE000CB5U9L7 AFO5C 54CBK Mar ,000,

8 Type Share ISIN Local Code Strike Exercise Date Exchange Website Ratio Issue Size Initial Issue Price Call Africa Oil Corp. (ISIN CA00829Q1019) DE000CB5U9M5 AFO5C 59CBK Mar ,000, Call Africa Oil Corp. (ISIN CA00829Q1019) DE000CB5U9N3 AFO5C 64CBK Mar ,000, Call Alfa Laval AB (ISIN SE ) DE000CB5U9P8 ALF4G 160CBK Jul ,500, Call Alfa Laval AB (ISIN SE ) DE000CB5U9Q6 ALF4I 160CBK Sep ,500, Call Alfa Laval AB (ISIN SE ) DE000CB5U9R4 ALF5C 170CBK Mar ,500, Put Alfa Laval AB (ISIN SE ) DE000CB5U9S2 ALF5O 155CBK Mar ,500, Call Assa-Abloy AB (ISIN SE ) DE000CB5U9T0 ASS4I 375CBK Sep ,500, Call Assa-Abloy AB (ISIN SE ) DE000CB5U9U8 ASS5C 330CBK Mar ,500, Put Atlas Copco AB (ISIN SE ) DE000CB5U9V6 ATC4U 185CBK Sep ,500, Call Atlas Copco AB (ISIN SE ) DE000CB5U9W4 ATC5C 180CBK Mar ,500, Call Boliden AB (ISIN SE ) DE000CB5U9X2 BOL5C 90CBK Mar ,000, Call Electrolux AB (ISIN SE ) DE000CB5U9Y0 ELU4F 180CBK Jun ,000, Put Electrolux AB (ISIN SE ) DE000CB5U9Z7 ELU4R 165CBK Jun ,000, Call Electrolux AB (ISIN SE ) DE000CB5UA08 ELU4G 185CBK Jul ,000, Call Electrolux AB (ISIN SE ) DE000CB5UA16 ELU4G 195CBK Jul ,000, Put Electrolux AB (ISIN SE ) DE000CB5UA24 ELU4S 160CBK Jul ,000,

9 Type Share ISIN Local Code Strike Exercise Date Exchange Website Ratio Issue Size Initial Issue Price Put Electrolux AB (ISIN SE ) DE000CB5UA32 ELU4S 170CBK Jul ,000, Call Electrolux AB (ISIN SE ) DE000CB5UA40 ELU4I 190CBK Sep ,000, Put Electrolux AB (ISIN SE ) DE000CB5UA57 ELU4U 175CBK Sep ,000, Call Electrolux AB (ISIN SE ) DE000CB5UA65 ELU5A 220CBK Jan ,000, Put Electrolux AB (ISIN SE ) DE000CB5UA73 ELU5M 165CBK Jan ,000, Call Electrolux AB (ISIN SE ) DE000CB5UA81 ELU5C 220CBK Mar ,000, Put Electrolux AB (ISIN SE ) DE000CB5UA99 ELU5O 155CBK Mar ,000, Put Electrolux AB (ISIN SE ) DE000CB5UB07 ELU5O 175CBK Mar ,000, Call Telefonaktiebolaget LM Ericsson (ISIN SE ) Call Telefonaktiebolaget LM Ericsson (ISIN SE ) Call Telefonaktiebolaget LM Ericsson (ISIN SE ) Put Telefonaktiebolaget LM Ericsson (ISIN SE ) Call Telefonaktiebolaget LM Ericsson (ISIN SE ) DE000CB5UB15 ERI4H 75CBK Aug-2014 DE000CB5UB23 ERI4I 75CBK Sep-2014 DE000CB5UB31 ERI5A 75CBK Jan-2015 DE000CB5UB49 ERI5M 78CBK Jan-2015 DE000CB5UB56 ERI5C 80CBK Mar ,000, ,000, ,000, ,000, ,000, Put H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UB64 HM4S 250CBK Jul ,000, Call H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UB72 HM4I 250CBK Sep ,000, Put H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UB80 HM4U 240CBK Sep ,000,

10 Type Share ISIN Local Code Strike Exercise Date Exchange Website Ratio Issue Size Initial Issue Price Call H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UB98 HM5A 250CBK Jan ,000, Call H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UC06 HM5C 260CBK Mar ,000, Call Husqvarna AB (ISIN SE ) DE000CB5UC14 HUS4F 58CBK Jun ,000, Put Husqvarna AB (ISIN SE ) DE000CB5UC22 HUS4R 51CBK Jun ,000, Call Husqvarna AB (ISIN SE ) Call Husqvarna AB (ISIN SE ) DE000CB5UC30 HUS4I 58CBK Sep-2014 DE000CB5UC48 HUS4I 61CBK Sep ,000, ,000, Put Husqvarna AB (ISIN SE ) DE000CB5UC55 HUS4U 50CBK Sep ,000, Put Husqvarna AB (ISIN SE ) DE000CB5UC63 HUS4U 53CBK Sep ,000, Call Husqvarna AB (ISIN SE ) Call Husqvarna AB (ISIN SE ) Call Husqvarna AB (ISIN SE ) DE000CB5UC71 HUS4L 56CBK Dec-2014 DE000CB5UC89 HUS4L 59CBK Dec-2014 DE000CB5UC97 HUS4L 63CBK Dec ,000, ,000, ,000, Put Husqvarna AB (ISIN SE ) DE000CB5UD05 HUS4X 49CBK Dec ,000, Put Husqvarna AB (ISIN SE ) DE000CB5UD13 HUS4X 52CBK Dec ,000, Put Investor AB (ISIN SE ) DE000CB5UD21 INV4R 240CBK Jun ,000, Put Investor AB (ISIN SE ) DE000CB5UD39 INV4T 235CBK Aug ,000, Put Investor AB (ISIN SE ) DE000CB5UD47 INV4U 225CBK Sep ,000,

11 Type Share ISIN Local Code Strike Exercise Date Exchange Website Ratio Issue Size Initial Issue Price Put Investor AB (ISIN SE ) DE000CB5UD54 INV4U 245CBK Sep ,000, Put Investor AB (ISIN SE ) DE000CB5UD62 INV5M 230CBK Jan ,000, Put Investor AB (ISIN SE ) DE000CB5UD70 INV5M 250CBK Jan ,000, Call Nokia OYJ (ISIN FI ) DE000CB5UD88 NOK4G 45CBK Jul ,500, Call Nokia OYJ (ISIN FI ) DE000CB5UD96 NOK5C 46CBK Mar ,500, Call Nordea Bank AB (ISIN SE ) DE000CB5UE04 NDA5A 95CBK Jan ,000, Call Nordea Bank AB (ISIN SE ) DE000CB5UE12 NDA5A 105CBK Jan ,000, Put Nordea Bank AB (ISIN SE ) DE000CB5UE20 NDA5M 88CBK Jan ,000, Call Nordea Bank AB (ISIN SE ) DE000CB5UE38 NDA5C 90CBK Mar ,000, Put Nordea Bank AB (ISIN SE ) DE000CB5UE46 NDA5O 83CBK Mar ,000, Call SAS AB (ISIN SE ) DE000CB5UE53 SAS4J 14CBK Oct , Call SAS AB (ISIN SE ) DE000CB5UE61 SAS5D 14CBK Apr , Call Svenska Cellulosa AB (ISIN SE ) DE000CB5UE79 SCA4F 170CBK Jun ,500, Call Svenska Cellulosa AB (ISIN SE ) DE000CB5UE87 SCA4G 165CBK Jul ,500, Put Svenska Cellulosa AB (ISIN SE ) DE000CB5UE95 SCA4S 180CBK Jul ,500, Call Svenska Cellulosa AB (ISIN SE ) DE000CB5UF03 SCA5C 170CBK Mar ,500,

12 Type Share ISIN Local Code Strike Exercise Date Exchange Website Ratio Issue Size Initial Issue Price Put Svenska Cellulosa AB (ISIN SE ) DE000CB5UF11 SCA5O 155CBK Mar ,500, Call Skandinaviska Enskilda Banken AB (ISIN SE ) DE000CB5UF29 SEB4G 85CBK Jul ,500, Call Skandinaviska Enskilda Banken AB (ISIN SE ) DE000CB5UF37 SEB5C 80CBK Mar ,500, Call Securitas AB (ISIN SE ) DE000CB5UF45 SEC4F 65CBK Jun ,000, Call Securitas AB (ISIN SE ) DE000CB5UF52 SEC4G 65CBK Jul ,000, Call Securitas AB (ISIN SE ) DE000CB5UF60 SEC5C 70CBK Mar ,000, Call Securitas AB (ISIN SE ) DE000CB5UF78 SEC5C 75CBK Mar ,000, Call Skanska AB (ISIN SE ) DE000CB5UF86 SKA4I 180CBK Sep ,500, Call Skanska AB (ISIN SE ) DE000CB5UF94 SKA5A 180CBK Jan ,500, Call SKF AB (ISIN SE ) DE000CB5UG02 SKF4H 150CBK Aug ,000, Call SKF AB (ISIN SE ) DE000CB5UG10 SKF4H 160CBK Aug ,000, Call SKF AB (ISIN SE ) DE000CB5UG28 SKF4I 150CBK Sep ,000, Call SKF AB (ISIN SE ) DE000CB5UG36 SKF4I 160CBK Sep ,000, Call SKF AB (ISIN SE ) DE000CB5UG44 SKF4J 155CBK Oct ,000, Call SKF AB (ISIN SE ) DE000CB5UG51 SKF4J 165CBK Oct ,000, Put SKF AB (ISIN SE ) DE000CB5UG69 SKF4V 150CBK Oct ,000,

13 Type Share ISIN Local Code Strike Exercise Date Exchange Website Ratio Issue Size Initial Issue Price Call SKF AB (ISIN SE ) DE000CB5UG77 SKF5A 160CBK Jan ,000, Put SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UG85 SSA4R 58CBK Jun ,500, Call SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UG93 SSA4G 65CBK Jul ,500, Call SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH01 SSA4I 65CBK Sep ,500, Put SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH19 SSA4U 57CBK Sep ,500, Call SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH27 SSA5A 65CBK Jan ,500, Put SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH35 SSA5M 56CBK Jan ,500, Call SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH43 SSA5C 70CBK Mar ,500, Call Swedbank AB (ISIN SE ) DE000CB5UH50 SWE4H 160CBK Aug ,000, Put Swedbank AB (ISIN SE ) DE000CB5UH68 SWE4T 155CBK Aug ,000, Call Swedbank AB (ISIN SE ) DE000CB5UH76 SWE4I 160CBK Sep ,000, Put Swedbank AB (ISIN SE ) DE000CB5UH84 SWE4U 155CBK Sep ,000, Put Swedbank AB (ISIN SE ) DE000CB5UH92 SWE5O 155CBK Mar ,000, Call Tele2 AB (ISIN SE ) Put Tele2 AB (ISIN SE ) Call Tele2 AB (ISIN SE ) DE000CB5UJ09 TEL4H 95CBK Aug-2014 DE000CB5UJ17 TEL4T 82CBK Aug-2014 DE000CB5UJ25 TEL4I 95CBK Sep ,500, ,500, ,500,

14 Type Share ISIN Local Code Strike Exercise Date Exchange Website Ratio Issue Size Initial Issue Price Put Tele2 AB (ISIN SE ) Put Tele2 AB (ISIN SE ) Put Tele2 AB (ISIN SE ) DE000CB5UJ33 TEL4U 82CBK Sep-2014 DE000CB5UJ41 TEL5M 85CBK Jan-2015 DE000CB5UJ58 TEL5O 85CBK Mar ,500, ,500, ,500, Call Trelleborg AB (ISIN SE ) DE000CB5UJ66 TRE4G 155CBK Jul ,000, Call Trelleborg AB (ISIN SE ) DE000CB5UJ74 TRE4I 160CBK Sep ,000, Call Trelleborg AB (ISIN SE ) DE000CB5UJ82 TRE5A 160CBK Jan ,000, Call Trelleborg AB (ISIN SE ) DE000CB5UJ90 TRE5C 140CBK Mar ,000, Call Trelleborg AB (ISIN SE ) DE000CB5UK06 TRE5C 150CBK Mar ,000, Call Trelleborg AB (ISIN SE ) DE000CB5UK14 TRE5C 160CBK Mar ,000,

15 ADDITIONAL INFORMATION Country(ies) where the offer takes place: Country(ies) where admission to trading on the regulated market(s) is being sought: Additional Provisions: Kingdom of Sweden Kingdom of Sweden 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 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

16 SUMMARY Summaries are made up of disclosure requirements known as Elements. numbered in Sections A E (A.1 E.7). These elements are This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. There may be gaps in the numbering sequence of the Elements in cases where Elements are not required to be addressed. Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of - not applicable -. Certain provisions of this summary are in brackets. Such information will be completed or, where not relevant, deleted, in relation to a particular issue of securities, and the completed summary in relation to such issue of securities shall be appended to the relevant final terms. Section A Introduction and Warnings Element Description of Element Disclosure requirement A.1 Warnings This summary should be read as an introduction to the base prospectus (the "Base Prospectus") and the relevant Final Terms. Investors should base any decision to invest in the securities issued under the Base Prospectus (the "Warrants") in consideration of the Base Prospectus as a whole and the relevant Final Terms. Where a claim relating to information contained in the Base Prospectus is brought before a court in a member state of the European Economic Area, the plaintiff investor may, under the national legislation of such member state, be required to bear the costs for the translation of the Base Prospectus and the Final Terms before the legal proceedings are initiated. Civil liability attaches only to those persons, who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, all necessary key information. A.2 Consent to the use of the Prospectus The Issuer hereby grants consent to use the Base Prospectus and the Final Terms for the subsequent resale or final placement of the Warrants by any financial intermediary. The offer period within which subsequent resale or final placement of Warrants 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): the 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

17 published before such delivery and (ii) when using the Base 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

18 Section B Issuer Element Description of Element B.1 Legal and Commercial Name of the Issuer B.2 Domicile / Legal Form / Legislation / Country of Incorporation Disclosure requirement The legal name of the Bank is COMMERZBANK Aktiengesellschaft (the "Issuer", the "Bank" or "Commerzbank", together with its consolidated subsidiaries "Commerzbank Group" or the "Group") and the commercial name of the Bank is COMMERZBANK. The Bank's registered office is in Frankfurt am Main and its head office is at Kaiserstraße 16 (Kaiserplatz), Frankfurt am Main, Federal Republic of Germany. COMMERZBANK is a stock corporation established under German law in the Federal Republic of Germany. B.4b Known trends affecting the Issuer and the industries in which it operates The global financial market crisis and sovereign debt crisis in the eurozone in particular have put a very significant strain on the net assets, financial position and results of operations of the Group in the past, and it can be assumed that further materially adverse effects for the Group can also result in the future, in particular in the event of a renewed escalation of the crisis. B.5 Organisational Structure B.9 Profit forecasts or estimates B.10 Qualifications in the auditors' report on the historical financial information B.12 Selected key financial information, Prospects of the Issuer, Significant changes in the financial position COMMERZBANK is the parent company of the COMMERZBANK Group. The COMMERZBANK Group holds directly and indirectly equity participations in various companies. - not applicable The Issuer currently does not make profit forecasts or estimates. - not applicable Unqualified auditors' reports have been issued on the historical financial information contained in this Base Prospectus. The following table shows an overview form the balance sheet and income statement of the COMMERZBANK Group which has been extracted from the respective audited consolidated financial statements prepared in accordance with IFRS as of December 31, 2012 and 2013: Balance sheet 31 December 2012 *) 31 December 2013 Assets ( m) Cash reserve 15,755 12,397 Claims on banks 88,028 87,545 Claims on customers 278, ,963 Value adjustment portfolio fair value hedges Positive fair value of derivative hedging instruments 6,057 3,641 Trading assets 144, ,616 Financial investments 89,142 82,051 Holdings in companies accounted for using the equity method Intangible assets 3,051 3,207 Fixed assets 1,372 1,768 Investment properties

19 Non-current assets and disposal groups held for sale 757 1,166 Current tax assets Deferred tax assets 3,227 3,096 Other assets 3,571 2,936 Total 636, ,661 *) Figures restated due to the first-time application of the amended IAS 19 and the hedge accounting restatement. Liabilities and equity ( m) Liabilities to banks 110,242 77,694 Liabilities to customers 265, ,486 Securitised liabilities 79,357 64,670 Value adjustment portfolio fair value hedges 1, Negative fair values of derivative hedging instruments 11,739 7,655 Trading liabilities 116,111 71,010 Provisions 4,099 3,877 Current tax liabilities Deferred tax liabilities Liabilities from disposal groups held for sale 2 24 Other liabilities 6,523 6,553 Subordinated capital 13,913 13,714 Equity 26,250 26,936 Total 636, ,661 *) After combination of the balance sheet items subordinated capital and hybrid capital into the balance sheet item subordinated debt instruments and after restatement due to the first-time application of the amended IAS 19 and hedge accounting restatement. January - December 2012* ) 2013 Income Statement ( m) Net interest income 6,487 6,148 Loan loss provisions -1,660-1,747 Net interest income after loan loss provisions 4,827 4,401 Net commission income 3,249 3,215 Net trading income and net trading from hedge accounting Net investment income Current net income from companies accounted for using the equity method Other net income Operating expenses 7,029 6,797 Restructuring expenses Net gain or loss from sale of disposal of groups Pre-tax profit or loss Taxes on income Consolidated profit or loss *) Prior-year figures restated due to the first-time application of the amended IAS 19, the hedge accounting restatement and other disclosure changes. There has been no material adverse change in the prospects of the COMMERZBANK Group since December 31, Since December 31, 2013 no significant changes in the financial position of the COMMERZBANK Group have occurred. B.13 Recent events which are to a material extent relevant to the Issuer's solvency - not applicable - There are no recent events particular to the Issuer which is to a material extent relevant to the evaluation of the Issuer's solvency

20 B.14 Dependence of the Issuer upon other entities within the group B.15 Issuer s principal activities, principal markets - not applicable - As stated under element B.5, COMMERZBANK is the parent company of the COMMERZBANK Group. The focus of the activities of the COMMERZBANK Group is on the provision of a wide range of financial services to private, small and medium-sized corporate and institutional customers in Germany, including account administration, payment transactions, lending, savings and investment products, securities services, and capital market and investment banking products and services. As part of its comprehensive financial services strategy, the Group also offers other financial services in association with cooperation partners, particularly building savings loans, asset management and insurance. The Group is continuing to expand its position as one of the most important German export financiers. Alongside its business in Germany, the Group is also active through its subsidiaries, branches and investments, particularly in Europe. The COMMERZBANK Group is divided into five operating segments Private Customers, Mittelstandsbank, Central & Eastern Europe, Corporates & Markets and Non Core Assets (NCA) as well as Others and Consolidation. The Private Customers, Mittelstandsbank, Central & Eastern Europe and Corporates & Markets segments form the COMMERZBANK Group's core bank together with Others and Consolidation. B.16 Controlling parties - not applicable - COMMERZBANK has not submitted its management to any other company or person, for example on the basis of a domination agreement, nor is it controlled by any other company or any other person within the meaning of the German Securities Acquisition and Takeover Act

21 Section C Securities Element Description of Element Disclosure requirement C.1 Type and class of the securities / Security identification number Type/Form of Securities Warrants relating to Shares (the "Warrants") Each series of Warrants is issued in dematerialised form. Security Identification number(s) of Securities Type Share ISIN Local Code Call ABB Ltd. (ISIN CH ) DE000CB5U987 ABB4F 145CBK Put ABB Ltd. (ISIN CH ) DE000CB5U995 ABB4R 140CBK Call ABB Ltd. (ISIN CH ) DE000CB5U9A0 ABB4G 140CBK Call ABB Ltd. (ISIN CH ) DE000CB5U9B8 ABB4I 140CBK Call ABB Ltd. (ISIN CH ) DE000CB5U9C6 ABB4I 150CBK Put ABB Ltd. (ISIN CH ) DE000CB5U9D4 ABB4U 135CBK Call ABB Ltd. (ISIN CH ) DE000CB5U9E2 ABB5A 140CBK Call ABB Ltd. (ISIN CH ) DE000CB5U9F9 ABB5A 150CBK Put ABB Ltd. (ISIN CH ) DE000CB5U9G7 ABB5M 145CBK Call ABB Ltd. (ISIN CH ) DE000CB5U9H5 ABB5C 150CBK Put ABB Ltd. (ISIN CH ) DE000CB5U9J1 ABB5O 135CBK Call Africa Oil Corp. (ISIN CA00829Q1019) DE000CB5U9K9 AFO4I 59CBK Call Africa Oil Corp. (ISIN CA00829Q1019) DE000CB5U9L7 AFO5C 54CBK Call Africa Oil Corp. (ISIN CA00829Q1019) DE000CB5U9M5 AFO5C 59CBK Call Africa Oil Corp. (ISIN CA00829Q1019) DE000CB5U9N3 AFO5C 64CBK Call Alfa Laval AB (ISIN SE ) DE000CB5U9P8 ALF4G 160CBK Call Alfa Laval AB (ISIN SE ) DE000CB5U9Q6 ALF4I 160CBK Call Alfa Laval AB (ISIN SE ) DE000CB5U9R4 ALF5C 170CBK Put Alfa Laval AB (ISIN SE ) DE000CB5U9S2 ALF5O 155CBK Call Assa-Abloy AB (ISIN SE ) DE000CB5U9T0 ASS4I 375CBK Call Assa-Abloy AB (ISIN SE ) DE000CB5U9U8 ASS5C 330CBK

22 Put Atlas Copco AB (ISIN SE ) DE000CB5U9V6 ATC4U 185CBK Call Atlas Copco AB (ISIN SE ) DE000CB5U9W4 ATC5C 180CBK Call Boliden AB (ISIN SE ) DE000CB5U9X2 BOL5C 90CBK Call Electrolux AB (ISIN SE ) DE000CB5U9Y0 ELU4F 180CBK Put Electrolux AB (ISIN SE ) DE000CB5U9Z7 ELU4R 165CBK Call Electrolux AB (ISIN SE ) DE000CB5UA08 ELU4G 185CBK Call Electrolux AB (ISIN SE ) DE000CB5UA16 ELU4G 195CBK Put Electrolux AB (ISIN SE ) DE000CB5UA24 ELU4S 160CBK Put Electrolux AB (ISIN SE ) DE000CB5UA32 ELU4S 170CBK Call Electrolux AB (ISIN SE ) DE000CB5UA40 ELU4I 190CBK Put Electrolux AB (ISIN SE ) DE000CB5UA57 ELU4U 175CBK Call Electrolux AB (ISIN SE ) DE000CB5UA65 ELU5A 220CBK Put Electrolux AB (ISIN SE ) DE000CB5UA73 ELU5M 165CBK Call Electrolux AB (ISIN SE ) DE000CB5UA81 ELU5C 220CBK Put Electrolux AB (ISIN SE ) DE000CB5UA99 ELU5O 155CBK Put Electrolux AB (ISIN SE ) DE000CB5UB07 ELU5O 175CBK Call Telefonaktiebolaget LM Ericsson (ISIN SE ) DE000CB5UB15 ERI4H 75CBK Call Telefonaktiebolaget LM Ericsson (ISIN SE ) DE000CB5UB23 ERI4I 75CBK Call Telefonaktiebolaget LM Ericsson (ISIN SE ) DE000CB5UB31 ERI5A 75CBK Put Telefonaktiebolaget LM Ericsson (ISIN SE ) DE000CB5UB49 ERI5M 78CBK Call Telefonaktiebolaget LM Ericsson (ISIN SE ) DE000CB5UB56 ERI5C 80CBK Put H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UB64 HM4S 250CBK Call H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UB72 HM4I 250CBK Put H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UB80 HM4U 240CBK Call H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UB98 HM5A 250CBK Call H & M Hennes & Mauritz AB (ISIN SE ) DE000CB5UC06 HM5C 260CBK Call Husqvarna AB (ISIN SE ) DE000CB5UC14 HUS4F 58CBK Put Husqvarna AB (ISIN SE ) DE000CB5UC22 HUS4R 51CBK

23 Call Husqvarna AB (ISIN SE ) DE000CB5UC30 HUS4I 58CBK Call Husqvarna AB (ISIN SE ) DE000CB5UC48 HUS4I 61CBK Put Husqvarna AB (ISIN SE ) DE000CB5UC55 HUS4U 50CBK Put Husqvarna AB (ISIN SE ) DE000CB5UC63 HUS4U 53CBK Call Husqvarna AB (ISIN SE ) DE000CB5UC71 HUS4L 56CBK Call Husqvarna AB (ISIN SE ) DE000CB5UC89 HUS4L 59CBK Call Husqvarna AB (ISIN SE ) DE000CB5UC97 HUS4L 63CBK Put Husqvarna AB (ISIN SE ) DE000CB5UD05 HUS4X 49CBK Put Husqvarna AB (ISIN SE ) DE000CB5UD13 HUS4X 52CBK Put Investor AB (ISIN SE ) DE000CB5UD21 INV4R 240CBK Put Investor AB (ISIN SE ) DE000CB5UD39 INV4T 235CBK Put Investor AB (ISIN SE ) DE000CB5UD47 INV4U 225CBK Put Investor AB (ISIN SE ) DE000CB5UD54 INV4U 245CBK Put Investor AB (ISIN SE ) DE000CB5UD62 INV5M 230CBK Put Investor AB (ISIN SE ) DE000CB5UD70 INV5M 250CBK Call Nokia OYJ (ISIN FI ) DE000CB5UD88 NOK4G 45CBK Call Nokia OYJ (ISIN FI ) DE000CB5UD96 NOK5C 46CBK Call Nordea Bank AB (ISIN SE ) DE000CB5UE04 NDA5A 95CBK Call Nordea Bank AB (ISIN SE ) DE000CB5UE12 NDA5A 105CBK Put Nordea Bank AB (ISIN SE ) DE000CB5UE20 NDA5M 88CBK Call Nordea Bank AB (ISIN SE ) DE000CB5UE38 NDA5C 90CBK Put Nordea Bank AB (ISIN SE ) DE000CB5UE46 NDA5O 83CBK Call SAS AB (ISIN SE ) DE000CB5UE53 SAS4J 14CBK Call SAS AB (ISIN SE ) DE000CB5UE61 SAS5D 14CBK Call Svenska Cellulosa AB (ISIN SE ) DE000CB5UE79 SCA4F 170CBK Call Svenska Cellulosa AB (ISIN SE ) DE000CB5UE87 SCA4G 165CBK Put Svenska Cellulosa AB (ISIN SE ) DE000CB5UE95 SCA4S 180CBK Call Svenska Cellulosa AB (ISIN SE ) DE000CB5UF03 SCA5C 170CBK

24 Put Svenska Cellulosa AB (ISIN SE ) DE000CB5UF11 SCA5O 155CBK Call Skandinaviska Enskilda Banken AB (ISIN SE ) DE000CB5UF29 SEB4G 85CBK Call Skandinaviska Enskilda Banken AB (ISIN SE ) DE000CB5UF37 SEB5C 80CBK Call Securitas AB (ISIN SE ) DE000CB5UF45 SEC4F 65CBK Call Securitas AB (ISIN SE ) DE000CB5UF52 SEC4G 65CBK Call Securitas AB (ISIN SE ) DE000CB5UF60 SEC5C 70CBK Call Securitas AB (ISIN SE ) DE000CB5UF78 SEC5C 75CBK Call Skanska AB (ISIN SE ) DE000CB5UF86 SKA4I 180CBK Call Skanska AB (ISIN SE ) DE000CB5UF94 SKA5A 180CBK Call SKF AB (ISIN SE ) DE000CB5UG02 SKF4H 150CBK Call SKF AB (ISIN SE ) DE000CB5UG10 SKF4H 160CBK Call SKF AB (ISIN SE ) DE000CB5UG28 SKF4I 150CBK Call SKF AB (ISIN SE ) DE000CB5UG36 SKF4I 160CBK Call SKF AB (ISIN SE ) DE000CB5UG44 SKF4J 155CBK Call SKF AB (ISIN SE ) DE000CB5UG51 SKF4J 165CBK Put SKF AB (ISIN SE ) DE000CB5UG69 SKF4V 150CBK Call SKF AB (ISIN SE ) DE000CB5UG77 SKF5A 160CBK Put SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UG85 SSA4R 58CBK Call SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UG93 SSA4G 65CBK Call SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH01 SSA4I 65CBK Put SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH19 SSA4U 57CBK Call SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH27 SSA5A 65CBK Put SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH35 SSA5M 56CBK Call SSAB Svenskt Stal AB (ISIN SE ) DE000CB5UH43 SSA5C 70CBK Call Swedbank AB (ISIN SE ) DE000CB5UH50 SWE4H 160CBK Put Swedbank AB (ISIN SE ) DE000CB5UH68 SWE4T 155CBK Call Swedbank AB (ISIN SE ) DE000CB5UH76 SWE4I 160CBK Put Swedbank AB (ISIN SE ) DE000CB5UH84 SWE4U 155CBK

25 Put Swedbank AB (ISIN SE ) DE000CB5UH92 SWE5O 155CBK Call Tele2 AB (ISIN SE ) DE000CB5UJ09 TEL4H 95CBK Put Tele2 AB (ISIN SE ) DE000CB5UJ17 TEL4T 82CBK Call Tele2 AB (ISIN SE ) DE000CB5UJ25 TEL4I 95CBK Put Tele2 AB (ISIN SE ) DE000CB5UJ33 TEL4U 82CBK Put Tele2 AB (ISIN SE ) DE000CB5UJ41 TEL5M 85CBK Put Tele2 AB (ISIN SE ) DE000CB5UJ58 TEL5O 85CBK Call Trelleborg AB (ISIN SE ) DE000CB5UJ66 TRE4G 155CBK Call Trelleborg AB (ISIN SE ) DE000CB5UJ74 TRE4I 160CBK Call Trelleborg AB (ISIN SE ) DE000CB5UJ82 TRE5A 160CBK Call Trelleborg AB (ISIN SE ) DE000CB5UJ90 TRE5C 140CBK Call Trelleborg AB (ISIN SE ) DE000CB5UK06 TRE5C 150CBK Call Trelleborg AB (ISIN SE ) DE000CB5UK14 TRE5C 160CBK C.2 Currency of the securities C.5 Restrictions on the free transferability of the securities C.8 Rights attached to the securities (including ranking of the Securities and limitations to those rights) Each series of Warrants is issued in Swedish Kronor (""). - not applicable The Warrants are freely transferable. Governing law of the Securities The Warrants will be governed by, and construed in accordance with German law. The constituting of the Warrants may be governed by the laws of the jurisdiction of the Clearing System as set out in the respective Final Terms. Rights attached to the Securities Repayment Warrants will grant the investor the right to receive the payment of a Cash Amount. The Cash Amount shall be equal to (i) the amount by which the Reference Price of the Underlying on the Valuation Date exceeds (in the case of Type CALL) or is exceeded by (in the case of Type PUT) the Strike multiplied by (ii) the Ratio. During the term of each series of Warrants the investor will not receive dividend payments of the company issuing the Shares underlying the Warrants

26 Adjustments and Early Termination Subject to particular circumstances, the Issuer may be entitled to perform certain adjustments. Apart from this, the Issuer may be entitled to terminate the Warrants prematurely if a particular event occurs. Ranking of the Securities The obligations under the Warrants 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. C.11 Admission to listing and trading on a regulated market or equivalent market C.15 Influence of the Underlying on the value of the securities: The Issuer intends to apply for the listing and trading of each series of the Warrants on the regulated market of Nordic Derivatives Exchange with effect from 9 May The payment of a Cash Amount will to a significant extent depend upon the performance of the Reference Price of the Underlying during the term of the Warrants. In detail: If the Reference Price of the Underlying on the Valuation Date is above (in case of CALL Warrants) or below (in case of PUT Warrants) the relevant Strike as set out in the table below (the "Strike") the investor will receive the Cash 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 CALL Warrants) or is exceeded by (in case of PUT Warrants) the Strike multiplied by (ii) the Ratio as set out in the table below (the "Ratio"). Type ISIN Strike Ratio Call DE000CB5U Put DE000CB5U Call DE000CB5U9A Call DE000CB5U9B Call DE000CB5U9C Put DE000CB5U9D Call DE000CB5U9E Call DE000CB5U9F Put DE000CB5U9G Call DE000CB5U9H Put DE000CB5U9J Call DE000CB5U9K

27 Call DE000CB5U9L Call DE000CB5U9M Call DE000CB5U9N Call DE000CB5U9P Call DE000CB5U9Q Call DE000CB5U9R Put DE000CB5U9S Call DE000CB5U9T Call DE000CB5U9U Put DE000CB5U9V Call DE000CB5U9W Call DE000CB5U9X Call DE000CB5U9Y Put DE000CB5U9Z Call DE000CB5UA Call DE000CB5UA Put DE000CB5UA Put DE000CB5UA Call DE000CB5UA Put DE000CB5UA Call DE000CB5UA Put DE000CB5UA Call DE000CB5UA Put DE000CB5UA Put DE000CB5UB Call DE000CB5UB Call DE000CB5UB Call DE000CB5UB Put DE000CB5UB Call DE000CB5UB Put DE000CB5UB Call DE000CB5UB Put DE000CB5UB Call DE000CB5UB Call DE000CB5UC Call DE000CB5UC Put DE000CB5UC Call DE000CB5UC

28 Call DE000CB5UC Put DE000CB5UC Put DE000CB5UC Call DE000CB5UC Call DE000CB5UC Call DE000CB5UC Put DE000CB5UD Put DE000CB5UD Put DE000CB5UD Put DE000CB5UD Put DE000CB5UD Put DE000CB5UD Put DE000CB5UD Put DE000CB5UD Call DE000CB5UD Call DE000CB5UD Call DE000CB5UE Call DE000CB5UE Put DE000CB5UE Call DE000CB5UE Put DE000CB5UE Call DE000CB5UE Call DE000CB5UE Call DE000CB5UE Call DE000CB5UE Put DE000CB5UE Call DE000CB5UF Put DE000CB5UF Call DE000CB5UF Call DE000CB5UF Call DE000CB5UF Call DE000CB5UF Call DE000CB5UF Call DE000CB5UF Call DE000CB5UF Call DE000CB5UF Call DE000CB5UG Call DE000CB5UG

29 Call DE000CB5UG Call DE000CB5UG Call DE000CB5UG Call DE000CB5UG Put DE000CB5UG Call DE000CB5UG Put DE000CB5UG Call DE000CB5UG Call DE000CB5UH Put DE000CB5UH Call DE000CB5UH Put DE000CB5UH Call DE000CB5UH Call DE000CB5UH Put DE000CB5UH Call DE000CB5UH Put DE000CB5UH Put DE000CB5UH Call DE000CB5UJ Put DE000CB5UJ Call DE000CB5UJ Put DE000CB5UJ Put DE000CB5UJ Put DE000CB5UJ Call DE000CB5UJ Call DE000CB5UJ Call DE000CB5UJ Call DE000CB5UJ Call DE000CB5UK Call DE000CB5UK If the Reference Price of the Underlying on the Valuation Date is equal to or below (in case of CALL Warrants) or equal to or above (in case of PUT Warrants) the Strike the investor will receive no Cash Amount and the Warrants will expire worthless

30 C.16 Valuation Date Exercise Date Exercise Date ISIN Exercise Date DE000CB5U Jun-2014 DE000CB5U Jun-2014 DE000CB5U9A0 18-Jul-2014 DE000CB5U9B8 19-Sep-2014 DE000CB5U9C6 19-Sep-2014 DE000CB5U9D4 19-Sep-2014 DE000CB5U9E2 16-Jan-2015 DE000CB5U9F9 16-Jan-2015 DE000CB5U9G7 16-Jan-2015 DE000CB5U9H5 20-Mar-2015 DE000CB5U9J1 20-Mar-2015 DE000CB5U9K9 19-Sep-2014 DE000CB5U9L7 20-Mar-2015 DE000CB5U9M5 20-Mar-2015 DE000CB5U9N3 20-Mar-2015 DE000CB5U9P8 18-Jul-2014 DE000CB5U9Q6 19-Sep-2014 DE000CB5U9R4 20-Mar-2015 DE000CB5U9S2 20-Mar-2015 DE000CB5U9T0 19-Sep-2014 DE000CB5U9U8 20-Mar-2015 DE000CB5U9V6 19-Sep-2014 DE000CB5U9W4 20-Mar-2015 DE000CB5U9X2 20-Mar-2015 DE000CB5U9Y0 19-Jun-2014 DE000CB5U9Z7 19-Jun-2014 DE000CB5UA08 18-Jul-2014 DE000CB5UA16 18-Jul-2014 DE000CB5UA24 18-Jul-2014 DE000CB5UA32 18-Jul-2014 DE000CB5UA40 19-Sep-2014 DE000CB5UA57 19-Sep-2014 DE000CB5UA65 16-Jan-2015 DE000CB5UA73 16-Jan-2015 DE000CB5UA81 20-Mar-2015