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Commerzbank Aktiengesellschaft Commerzbank Aktiengesellschaft Head-office: Kaiserplatz, 60261 Frankfurt am Main, Germany German Public Limited Liability Company Registered Share Capital: EUR 1.554.430.813,00 Commercial Registry Number: HRB 32 000 LISTING COMPLEMENTARY PROSPECTUS (Approved by the Comissão do Mercado de Valores Mobiliários on September 21, 2004) to be read together with the REFERENCE PROSPECTUS OF COMMERZBANK AKTIENGESELLSCHAFT (Approved by the Comissão do Mercado de Valores Mobiliários on 26 August, 2004) Structured Warrants on the Dax® Index Number of Structured Strike Price Knock-out Level Expiration Tranche Type Parity ISIN Code Warrants per Tranche (EUR) (EUR) Date A Call 5.000.000 3.800,00 3.800,00 0,01 15-Dez-04 DE000CB0A659 B Call 12.000.000 3.850,00 3.850,00 0,01 15-Dez-04 DE000CB0A667 C Put 15.000.000 4.050,00 4.050,00 0,01 15-Dez-04 DE000CB0A675 D Put 10.000.000 4.100,00 4.100,00 0,01 15-Dez-04 DE000CB0A683 RISK FACTORS Apart from the general risks inherent to the standard call and put warrants, prospective purchasers of the Structured Warrants should be aware that their Structured Warrants will expire worthless if at any point in time during the Reference Period the level of the Index (i) is equal to or below the Knock-out Level (in the case of Structured Call Warrants), or (ii) is equal to or above the Knock-out Level (in the case of Structured Put Warrants). In this case, purchasers of Structures Warrants risk losing their entire investment. Thus, prospective purchasers should reach an investment decision only after careful consideration with their advisors of the suitability of such Structured Warrants in light of their particular financial circumstances. All transactions executed after the Knock-out Event shall be cancelled by Euronext Lisbon. Therefore, prospective purchasers of Structured Warrants should make a careful analyses of the risks involved, namely in respect of the need to follow up the intraday trading of the Index, in particular taking into consideration that the Structured Warrants and the Index have different days and hours of trading. The Issuer does not assure the Structured Warrants’ investment profitability, and the Strike Price and the Knock-out Level shall not represent any kind of recommendation on the Index evolution. Issue Date: September 20, 2004 Structured Warrants of European Style with automatic exercise on the Exercise Date and with a knock-out possibility during their lifetime INDEX DISCLAIMER............................................................................................................................. 3 GLOSSARY................................................................................................................................. 4 SECTION 0.................................................................................................................................. 6 WARNINGS / INTRODUCTION ............................................................................................. 6 0.1 SUMMARY OF THE MAIN FEATURES OF THE TRANSACTION....................... 6 0.2 RISK FACTORS............................................................................................................... 7 0.3 COMPLEMENTARY WARNING ................................................................................. 8 0.4 LISTING EFFECTS......................................................................................................... 8 SECTION 1.................................................................................................................................. 9 INDIVIDUALS RESPONSIBLE FOR THE INFORMATION INCLUDED IN THE PROSPECTUS ............................................................................................................................ 9 SECTION 2................................................................................................................................ 10 DESCRIPTION OF THE OFFER........................................................................................... 10 2.1. AMOUNT AND NATURE............................................................................................. 10 2.2. CLASS AND FORM OF REPRESENTATION .......................................................... 10 2.3. UNDERLYING ASSET.................................................................................................. 11 2.4. PRICE AND METHOD OF PAYMENT...................................................................... 17 2.5. CONDITIONS FOR EXERCISE.................................................................................. 17 2.6. FORM OF ISSUE ........................................................................................................... 18 2.7. ORGANISATION AND LEADERSHIP ...................................................................... 19 2.8. RESOLUTIONS, AUTHORISATIONS AND ISSUE APPROVALS........................ 19 2.9. PURPOSE OF THE ISSUE ........................................................................................... 19 2.10. ACCEPTANCE TERM AND PLACES ....................................................................... 19 2.11. RESULT OF THE ISSUE.............................................................................................. 19 2.12. WARRANTHOLDER’S RIGHTS AND THEIR EXERCISE ................................... 19 2.13. FINANCIAL SERVICE ................................................................................................. 20 2.14. TAX REGIME ................................................................................................................ 20 2.15. TRANSFER REGIME AND TRADING RESTRICTIONS....................................... 21 2.16. OFFER NET AMOUNT................................................................................................. 21 2.17. DEFINITIVE CERTIFICATES.................................................................................... 21 2.18. LISTING FOR TRADING............................................................................................. 22 2.19. MARKET MAKER AGREEMENT ............................................................................. 22 2.20. SECURITIES LISTED FOR TRADING ..................................................................... 23 2.21. OFFERS REGARDING SECURITIES........................................................................ 23 SECTION 3................................................................................................................................ 24 OTHER INFORMATION........................................................................................................ 24 3.1. INDEX SPONSOR REPLACEMENT AND ADJUSTMENTS ................................. 24 3.2. MODIFICATIONS......................................................................................................... 25 3.3. ACQUISITIONS............................................................................................................. 25 3.4. STRUCTURED WARRANTS TRADING................................................................... 25 3.5. HEDGING OPERATIONS............................................................................................ 25 3.6. NOTICES ........................................................................................................................ 26 3.7. ADDITIONAL ISSUANCE ........................................................................................... 26 3.8. COMMERZBANK REPRESENTATIVE APPOINTED FOR THE MARKET ..... 26 3.9. MANAGEMENT AND ACCOUNTING REPORTS .................................................. 26 3.10. APPLICABLE LAW ...................................................................................................... 26 ANNEX....................................................................................................................................... 27 - 2 - DISCLAIMER “DAX® is a registered trade mark of Deutsche Börse AG.” - 3 - GLOSSARY “European Style Structured Warrants” - means that the Structured Warrants will be exercised only on the Exercise Date. “Automatic Exercise” - the Structured Warrants shall be deemed to be exercised on the Exercise Date, provided that the Cash Settlement Amount is a positive amount on that date. “Banking Day” - shall be a day, on which the Banks in Lisbon and in Frankfurt am Main are open for regular business. “Cash Settlement Amount” - shall be an amount expressed in EUR by which the Reference Price on the Exercise Date exceeds the Strike Price (in the case of Structured Call Warrants) or is exceeded by the Strike Price (in the case of Structured Put Warrants) multiplied with the relevant Parity. “EURO” - means, as well as “Euro”, “EUR” and “€”, the legal currency in force in the Countries of the European Union which have adopted the single currency in accordance with the European Community Treaty. “Exercise Date” - shall be the last day of the exercised period as defined in table 0.1. “Issuer”, “Bank” or “Commerzbank” - shall be Commerzbank Aktiengesellschaft. “Index” - shall be the Dax IndexSM “Knock-out Level” - shall be the level of the Index as set forth in 0.1. “Parity” - shall mean the percentage, expressed as a decimal figure, indicating to which percentage of the difference between the Reference Price and the Strike Price (or vice versa) the holder of a Structured Warrant is entitled. The Parity is determined in the table in 01. and will be subject to adjustments in accordance with Condition 3.1. “Prospectus” - shall be this complementary listing prospectus. “Reference
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