COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main. Final Terms dated 16 January 2014

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1 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 16 January 2014 relating to Unlimited BEST TURBO Warrants (the "MINI Futures") relating to Shares denominated in SEK 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 08 May 2013 relating to TURBO Warrants Unlimited TURBO 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 TURBO Warrants and Unlimited TURBO Warrants (consisting of the Summary and Securities Note both dated 08 May 2013, the first supplement dated 07 June 2013, the second supplement dated 23 August 2013 and the third supplement dated 26 November 2013 and the Registration Document dated 6 November 2013 and the first supplement dated 14 November 2013 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 Unlimited TURBO 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 Unlimited TURBO 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 Unlimited TURBO Warrants is available on the websites as set out in the table attached to these Final Terms. Commerzbank offers from 16 January 2014 series of Unlimited BEST TURBO Warrants relating to Shares (the "Unlimited TURBO Warrants") each with an issue size and an initial issue price per Unlimited TURBO Warrant as set out in the table attached to these Final Terms. As a rule, the investor can purchase the Unlimited TURBO 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 Unlimited TURBO 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: 21 January 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 of the Issue: Minimum Trading Size: Swedish Kronor ( SEK ) One (1) Unlimited TURBO Warrant(s) Listing: The Issuer intends to apply for the listing and trading of each series of the Unlimited TURBO Warrants on the regulated market of Nordic Derivatives Exchange Stockholm with effect from 16 January If a Knock-out Event occurs, the price fixing will be terminated. Applicable Special Risks: In particular the following risk factors (2. "Special Risks") which are mentioned in the Base Prospectus are applicable: 2.5 Dependency of the redemption on the performance of the Underlying / Knock-out Event (Unlimited BEST TURBO Warrants (CALL)) 2.6 Dependency of the redemption on the performance of the Underlying / Knock-out Event (Unlimited BEST TURBO Warrants (PUT)) 2.7 Leverage effect / Risk of disproportionately high losses 2.9 Ordinary Adjustment of the Strike in case of Unlimited TURBO Warrants (CALL) relating to Shares, Indices and Metals 2.10 Ordinary Adjustment of the Strike in case of Unlimited TURBO Warrants (PUT) relating to Shares, Indices and Metals 2.17 Extraordinary Adjustment and Extraordinary Termination by the Issuer in case of Unlimited BEST TURBO Warrants 2.19 "Unlimited" Warrants; exercise requirement (Bermudan exercise); sale of the Warrants 2.20 Continuous price of the Underlying and price of the Underlying on the Valuation Date 2.22 Underlying Share Applicable Terms and Conditions: Terms and Conditions for Unlimited TURBO Warrants relating to Shares - 3 -

4 Conditions that complete and specify the applicable Terms and Conditions 1 FORM 1. The Unlimited TURBO 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 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 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 The "Adjustment Day" means the first calendar day in each month. The "Adjustment Percentage" applicable during an Adjustment Period shall be the sum of (i) the interest rate published on Reuters page SEKLIBOR1M= (or a successor page thereto) on the Adjustment Day (the "Reference Interest Rate") and (ii) the Risk Premium applicable during the relevant Adjustment Period, the result being divided by 365. The Adjustment Percentage (p.a.) for the first Adjustment Period shall be the percentage as set out in the table attached to the Final Terms. "Risk Premium" for the first Adjustment Period shall be the percentage as set out in the table attached to the Final Terms. The respective Adjustment Percentage for subsequent Adjustment Periods shall be published on the Issuer's website "Exchange" means the exchange as set out in the table attached to these Final Terms. "Exercise Date means the third Payment Business Day of the calendar month December of each year with the first Exercise Date being 3 December "Launch Date" means 16 January "Minimum Exercise Number of Warrants" is 1 (one) Warrant

5 "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 SEK. "Ratio" shall be the decimal figure as set out in the table attached to the Final Terms. "Reference Price" means the price of the Share last determined and published by the Exchange on any day (closing price). "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. The "Strike" on the Launch Date shall correspond to the strike as set out in the table attached to the Final Terms. The respective Strike shall in each case be published on the Issuer's website at "Valuation Date" Number: ten Paragraphs 1-2: 3 OPTION RIGHT 1. The Warrants grant to the Warrantholder the right (the "Option Right") to receive from the Issuer the payment of an amount "CA" (the "Cash Amount") per Warrant in Swedish Kronor ( SEK ) (SEK will be rounded up) as determined in accordance with the following formula: CA = (Share final - Strike) x Ratio or CA = (Strike - Share final ) x Ratio (in case of Type CALL) (in case of Type PUT) where Share final = the Reference Price of the Share on the Valuation Date Strike = Strike applicable on the Valuation Date Type = the type as set out in the table attached to the Final Terms 2. If at any time at or after the Launch Date, a price of the Share as determined and published by the Exchange 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 Warrants will expire worthless

6 4 ORDINARY TERMINATION BY THE ISSUER Paragraphs 1-2: 1. The Issuer shall be entitled, in each with effect as of the third Payment Business Day of the calendar month December of each year, for the first time with effect as of 3 December 2014 (each an "Ordinary Termination Date"), to ordinarily terminate the Warrants in whole but not in part ("Ordinary Termination"). 2. Any such Ordinary Termination must be announced at least 28 days prior to the Ordinary Termination Date in accordance with 10. Such announcement shall be irrevocable and must state the Ordinary Termination Date. Paragraph 1: 8 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 Stockholm, Sweden, acting through its division SEB Merchant Banking, Securities Services, shall be the paying agent (the "Paying Agent"). Paragraph 2 e: 9 SUBSTITUTION OF THE ISSUER applicable Paragraph 2 second sub-paragraph: 10 NOTICES Website: 12 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 Unlimited TURBO Warrants relating to Shares Characteristics For each series of Warrants the terms Type, Share, ISIN, Local Code, Strike, Risk Premium, Adjustment Percentage, Exchange, Website, Ratio, Issue Size and Issue Price shall have the following meanings: Type Share ISIN Local Code Strike (Knockout Barrier) on the Issue Date Risk Premium p.a. during the first Adjustment Period Adjustment Percentage p.a. during the first Adjustment Period Exchange Website Ratio Issue Size Initial Issue Price CALL AstraZeneca PLC (ISIN GB ) DE000CZ9G5E3 B LONGAZN AI CBK SEK % 3.40% Nasdaq OMX Stockholm ,000,000 SEK 2.54 PUT AstraZeneca PLC (ISIN GB ) DE000CZ9G5F0 B SHRTAZN AJ CBK SEK % -1.60% Nasdaq OMX Stockholm ,000,000 SEK 8.66 PUT Nokia OYJ (ISIN FI ) DE000CZ9G5G8 B SHRTNOK DK CBK SEK % -1.60% Nasdaq OMX Stockholm ,000 SEK 9.90 CALL SSAB Svenskt Stal AB (ISIN SE ) DE000CZ9G5H6 B LONGSSA W CBK SEK % 3.40% Nasdaq OMX Stockholm ,000 SEK 7.36 CALL Swedbank AB (ISIN SE ) DE000CZ9G5J2 B LONGSWE BE CBK SEK % 3.40% Nasdaq OMX Stockholm ,000 SEK

8 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

9 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 - 9 -

10 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

11 Section B Issuer Element Description of Element Disclosure requirement B.1 Legal and Commercial Name of the Issuer B.2 Domicile / Legal Form / Legislation / Country of Incorporation 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 Frankfurt am Main. 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 COMMERZBANK is the parent company of the COMMERZBANK Group. The COMMERZBANK Group holds directly and indirectly equity participations in various companies. - not applicable The Issuer currently does not make profit forecasts or estimates. - not applicable Unqualified auditors' reports have been issued on the historical financial information contained in this Base Prospectus. The following table shows in overview form the balance sheet and income statement of the COMMERZBANK Group which has been extracted from the respective audited consolidated financial statements prepared in accordance with IFRS as of 31 December 2011 and 2012 as well as from the consolidated interim financial statements as of 30 September 2013 (reviewed): Balance sheet 31 December December ) 30 September 2013 Assets Mio ( m) Cash reserve 6,075 15,755 11,122 Claims on banks 87,790 88, ,482 Claims on customers 296, , ,530 Value adjustment portfolio fair value hedges Positive fair value of derivative hedging instruments 5,132 6,057 4,053 Trading assets 155, , ,472 Financial investments 94,523 89,142 84,487 Holdings in companies accounted for

12 using the equity method Intangible assets 3,038 3,051 3,122 Fixed assets 1,399 1,372 1,721 Investment properties Non-current assets and disposal groups held for sale 1, Current tax assets Deferred tax assets 4,154 3,216 1,153 Other assets 3,242 3,571 3,742 Total 661, , ,232 Liabilities and equity ( m) Liabilities to banks 98, , ,315 Liabilities to customers 255, , ,244 Securitised liabilities 105,673 79,332 69,551 Value adjustment portfolio fair value hedges 938 1, Negative fair values of derivative hedging instruments 11,427 11,739 8,429 Trading liabilities 137, ,111 82,646 Provisions 3,761 4,099 3,965 Current tax liabilities Deferred tax liabilities Liabilities from disposal groups held for sale Other liabilities 6,568 6,523 6,590 Subordinated capital 13,285 12,316 12,136 Hybrid capital 2,175 1,597 1,489 Equity 24,803 26,327 26,747 Total 661, , ,232 1) Prior-year figures restated due to the first-time application of the amended IAS 19 and disclosure changes. Income Statement ( m) 1 January December January ) 30 September 2013 Net interest income 6,724 5,539 4,759 4,468 Loan loss provisions (1,390) (1,660) (1,046) (1,296) Net interest income after loan loss provisions 5,334 3,879 3,713 3,172 Net commission income 3,495 3,191 2,485 2,440 Net trading income and net from hedge accounting 1,986 1, Net investment income (3,611) 81 (169) 10 Current net income from companies accounted for using the equity method Other net income 1,253 (77) (55) (147) Operating expenses 7,992 7,025 3,254 5,109 Restructuring expenses Net gain or loss from sale of disposal of groups --- (268) (83) --- Pre-tax profit or loss , Taxes on income (240) Consolidated profit or loss ) Prior-year figures restated due to the first-time application of the amended IAS 19 and disclosure changes. There has been no material adverse change in the prospects of the COMMERZBANK Group since 31 December No significant changes in the financial position of the COMMERZBANK Group have occurred since 30 September

13 B.13 Recent events which are to a material extent relevant to the Issuer's solvency B.14 Dependence of the Issuer upon other entities within the group B.15 Issuer s principal activities, principal markets - not applicable - There are no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer's solvency. - not applicable As stated under 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

14 Section C Securities Element Description of Element Disclosure requirement C.1 Type and class of the securities / Security identification number Type/Form of Securities Unlimited TURBO 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 AstraZeneca PLC (ISIN GB ) DE000CZ9G5E3 B LONGAZN AI CBK PUT AstraZeneca PLC (ISIN GB ) DE000CZ9G5F0 B SHRTAZN AJ CBK PUT Nokia OYJ (ISIN FI ) DE000CZ9G5G8 B SHRTNOK DK CBK CALL SSAB Svenskt Stal AB (ISIN SE ) DE000CZ9G5H6 B LONGSSA W CBK 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) CALL Swedbank AB (ISIN SE ) DE000CZ9G5J2 B LONGSWE BE CBK Each series of Warrants is issued in Swedish Kronor ( SEK ). - 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 applicable Strike multiplied by (ii) the Ratio, whereby the result of such calculation shall be converted into SEK if necessary. During the term of each series of the Warrants the investor will not receive dividend payments of the company issuing the Shares underlying the Warrants

15 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 Stockholm with effect from 16 January The payment of a Cash Amount will to a significant extent depend upon the performance of the Underlying during the term of the Warrants. In detail: If at any time at or after the Launch Date the price of the Underlying has never been equal to or below (in case of CALL Warrants) or equal to or above (in case of PUT Warrants) the relevant Knock-out Barrier as set out in the table below (the "Knock-out Barrier"), the investor will receive the Cash Amount (the "CA") calculated in accordance with the following formula: CA = (Underlying final - Strike) x Ratio CA = (Strike - Underlying final ) x Ratio (in case of Type CALL) (in case of Type PUT) where Underlying final = the Reference Price of the Underlying on the Valuation Date expressed in SEK. Strike = the Strike applicable on the Valuation Date 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. The Strike on the Launch Date shall be the strike as set out in the table below. Ratio = the ratio as set out in the table below

16 Type = the type as set out in the table below Type ISIN Strike (Knock-out Barrier) on the Issue Date Ratio CALL DE000CZ9G5E3 SEK PUT DE000CZ9G5F0 SEK PUT DE000CZ9G5G8 SEK CALL DE000CZ9G5H6 SEK CALL DE000CZ9G5J2 SEK If at any time at or after the Launch Date the price of the Underlying has at least once been equal to or below (in case of CALL Warrants) or equal to or above (in case of PUT Warrants) he Knock-out Barrier (the "Knock-out Event"), the Warrants will expire worthless. The "Knock-out Barrier" means the relevant Strike. C.16 Valuation Date Exercise Date C.17 Description of the settlement procedure for the securities C.18 Delivery procedure (clearing on the Exercise Date) Exercise Date "Exercise Date" means the third Payment Business Day of the calendar month December of each year with the first Exercise Date being 3 December Each series of the Warrants sold will be delivered on the Payment Date in accordance with applicable local market practice via the Clearing System. All amounts payable shall be paid to the Warrantholders not later than on the Settlement Date following the date stated in the Terms and Conditions. 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. "Settlement Date" means the tenth Payment Business Day following a relevant date. "Payment Business Day" 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. C.19 Final Reference Price of the Underlying C.20 Type of the underlying and details, where information on the underlying can be obtained The price of the Underlying last determined and published by the Exchange on the Valuation Date (official closing price). The asset underlying each series of the Warrants are the Shares as set out in the Table below (the "Underlying"). Information on the Underlying is available on the website of the respective Exchange

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