Common use of Underlying Share Clause in Contracts

Underlying Share. Applicable Terms and Conditions: 1. The issue by Commerzbank Aktiengesellschaft, Frankfurt am Main, Federal Republic of Germany (the "Issuer") of classic certificates (the "Certificates") will be in the dematerialised regime, pursuant to the "Italian Financial Services Act" (Testo Unico della Finanza) and the relevant implementing regulations and are registered in the books of Monte Titoli S.p.A. with registered office in ▇▇▇ ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇, ▇▇▇▇▇ (the "Clearing System"). No physical document of title will be issued to represent the Certificates. However, any holder of Certificates still has the right to obtain a certificate pursuant to articles 83-quinquies and 83-novies, paragraph 1, letter b), of the Italian Financial Services Act. The Certificates are issued in Euro ("EUR") (the "Issue Currency"). 2. The transfer of the Certificates operates by way of registration on the relevant accounts opened with the Clearing System by any intermediary adhering, directly or indirectly, to the Clearing System (the "Certificates Account Holders"). As a consequence, the subject who from time to time is the owner of the account held with a Certificates Account Holder will be considered as the legitimate owner of the Certificates (the "Certificateholder") and will be authorised to exercise all rights related to them. 3. The Issuer reserves the right to issue from time to time without the consent of the Certificateholders additional tranches of Certificates with substantially identical terms, so that the same shall be consolidated to form a single series and increase the total volume of the Certificates. The term "Certificates" shall, in the event of such consolidation, also comprise such additionally issued Certificates.

Underlying Share. Applicable Terms and Conditions: In detail the applicable Terms and Conditions will be completed as follows: 1. The issue by Commerzbank Aktiengesellschaft, Frankfurt am Main, Federal Republic of Germany (the "Issuer") of classic certificates (the "Certificates") will be in the dematerialised regime, pursuant to the "Italian Financial Services Act" (Testo Unico della Finanza) and the relevant implementing regulations and are registered in the books of Monte Titoli S.p.A. with registered office in ▇▇▇ ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇, ▇▇▇▇▇ (the "Clearing System"). No physical document of title will be issued to represent the Certificates. However, any holder of Certificates still has the right to obtain a certificate pursuant to articles 83-quinquies and 83-novies, paragraph 1, letter b), of the Italian Financial Services Act. The Certificates are issued in Euro ("EUR") (the "Issue Currency"). 2. The transfer of the Certificates operates by way of registration on the relevant accounts opened with the Clearing System by any intermediary adhering, directly or indirectly, to the Clearing System (the "Certificates Account Holders"). As a consequence, the subject who from time to time is the owner of the account held with a Certificates Account Holder will be considered as the legitimate owner of the Certificates (the "Certificateholder") and will be authorised to exercise all rights related to them. 3. The Issuer reserves the right to issue from time to time without the consent of the Certificateholders additional tranches of Certificates with substantially identical terms, so that the same shall be consolidated to form a single series and increase the total volume of the Certificates. The term "Certificates" shall, in the event of such consolidation, also comprise such additionally issued Certificates.

Underlying Share. Applicable Terms and Conditions: In detail the applicable Terms and Conditions will be completed as follows: 1. The issue by Commerzbank Aktiengesellschaft, Frankfurt am Main, Federal Republic of Germany (the "Issuer") of classic certificates (the "Certificates") will be in the dematerialised regime, pursuant to the "Italian Financial Services Act" (Testo Unico della Finanza) and the relevant implementing regulations and are registered in the books of Monte Titoli S.p.A. with registered office in ▇▇▇ ▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇, ▇▇▇▇▇ (the "Clearing System"). No physical document of title will be issued to represent the Certificates. However, any holder of Certificates still has the right to obtain a certificate pursuant to articles 83-quinquies and 83-novies, paragraph 1, letter b), of the Italian Financial Services Act. The Certificates are issued in Euro ("EUR") (the "Issue Currency"). 2. The transfer of the Certificates operates by way of registration on the relevant accounts opened with the Clearing System by any intermediary adhering, directly or indirectly, to the Clearing System (the "Certificates Account Holders"). As a consequence, the subject who from time to time is the owner of the account held with a Certificates Account Holder will be considered as the legitimate owner of the Certificates (the "Certificateholder") and will be authorised to exercise all rights related to them. 3. The Issuer reserves the right to issue from time to time without the consent of the Certificateholders additional tranches of Certificates with substantially identical terms, so that the same shall be consolidated to form a single series and increase the total volume of the Certificates. The term "Certificates" shall, in the event of such consolidation, also comprise such additionally issued Certificates.