COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany

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1 Third Supplement dated 2 June 2017 to the Base Prospectus dated 30 January 2017 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany Third Supplement to the Base Prospectus dated 30 January 2017 This third supplement (the Third Supplement ) is prepared in connection with the following events. On 3 May 2017, Dr Tobias Guldimann was elected as member of the Supervisory Board by COMMERZBANK's Annual General Meeting On 9 May 2017, the Interim Report of the COMMERZBANK Group as at 31 March 2017 was published This Third Supplement constitutes a supplement to the Base Prospectus dated 30 January 2017 (the Base Prospectus ) and forms a part of the Base Prospectus and all supplements thereof. The Base Prospectus was approved and registered by the Swedish Financial Supervisory Authority on 30 January 2017 (Swedish Financial Supervisory Authority reference no. 17-3) and was published on the same day. The Third Supplement is prepared pursuant to chapter 2 article 34 of the Swedish Financial Instruments Trading Act (lag (1991:980) om handel med finansiella instrument) and was approved by the Swedish Financial Supervisory Authority on 2 June 2017 (Swedish Financial Supervisory Authority reference no ) and was published on the same day. This Third Supplement is available for viewing in electronic form together with the Base Prospectus at the website of COMMERZBANK Aktiengesellschaft ( or and copies may be obtained from COMMERZBANK Aktiengesellschaft, Kaiserstraße 16 (Kaiserplatz), D Frankfurt am Main. Investors, who have already agreed to purchase or subscribe for the securities before this Third Supplement is published, have the right, exercisable within two working days after the publication of this Third Supplement, to withdraw their acceptances, provided that the new factor arose before the final closing of the offer to the public and the delivery of the securities. Such right must be exercised no later than on 7 June The withdrawal must be addressed to the vendor of the securities. If COMMERZBANK Aktiengesellschaft was the counterparty in the purchase, the withdrawal shall be addressed to COMMERZBANK Aktiengesellschaft, GS-MO New Issues & SSD Lifecycle Services, Kaiserstraße 16 (Kaiserplatz), Frankfurt am Main, Federal Republic of Germany.

2 In section SAMMANFATTNING sub-section Avsnitt B Emittent Element B.12 on page 5 and 6 of the Base Prospectus shall be deleted and replaced by the following: B.12 Utvald finansiell information Nedanstående tabell anger utvald finansiell information avseende COMMERZBANK-koncernen som hämtats från de reviderade koncernredovisningarna per den 31 december 2015 och 2016, som upprättats i enlighet med IFRS, samt koncernens delårsrapport per den 31 mars 2017 (översiktligt granskad): Balansräkning (MEUR) 31 december 2015 *) 31 december mars 2017 Summa tillgångar Eget kapital **) Resultaträkning (MEUR) Januari december Januari mars 2015 *) ***) 2017 Rörelseresultat Resultat före skatt Koncernens resultat ****) *) Siffrorna för 2015 är omräknade i anledning av förändring i rapportering samt andra omräkningar. **) I koncernens oredviderade delårsrapport per den 31 mars 2017 var Eget kapital per den 31 december 2016 retroaktivt justerat i anledningen av omräkningar och uppgår till MEUR ***) Sifforna för 2016 är justerade i anledning av omräkningar. ****) Såvitt tillräknas COMMERZBANKs aktieägare. Inga väsentliga negativa förändringar har ägt rum i COMMERZBANK-koncernens framtidsutsikter sedan den 31 december Inga betydande förändringar har ägt rum i COMMERZBANKkoncernens finansiella ställning sedan den 31 mars In section SUMMARY sub-section Section B Issuer Element B.12 on page 24 and 25 of the Base Prospectus shall be deleted and replaced by the following: B.12 Selected key financial information The following table sets forth selected key financial information of the COMMERZBANK Group which has been derived from the respective audited consolidated financial statements prepared in accordance with IFRS as of 31 December 2015 and 2016 as well as from the consolidated interim financial statements as of 31 March 2017 (reviewed): Balance Sheet ( m) 31 December 2015 *) 31 December March 2017 Total assets , , ,257 Equity... 30,125 29,640 **) 29,810 January December January March Income Statement ( m) 2015 *) ***) 2017 Operating profit... 1,942 1, Pre-tax profit or loss... 1, Consolidated profit or loss ****) , *) Figures in 2015 restated due to a change in reporting plus other restatements. **) In the unaudited consolidated interim financial statements as of 31 March 2017 Equity as of 31 December 2016 was retrospectively adjusted due to restatements and is reported at EUR 29,587 million. ***) Figures in 2016 adjusted due to restatements. ****) Insofar as attributable to COMMERZBANK shareholders. There has been no material adverse change in the prospects of the

3 COMMERZBANK Group since 31 December There has been no significant change in the financial position of the COMMERZBANK Group since 31 March In section "GENERAL INFORMATION", the sub-section Availability of documents on page 92 the following bullet point shall be added: " the Interim Report of the COMMERZBANK Group as at 31 March 2017." In section "Documents incorporated by reference on page 95 the following shall be added COMMERZBANK Group Interim Report as at 31 March 2017 (English version) Interim financial statements Statement of comprehensive income p. 32 p. 35 Balance sheet p. 36 p. 37 Statement of changes in equity p. 38 p. 40 Cash flow statement (condensed version) p. 41 Selected notes p. 42 p. 85 Review report p. 88 In section "DESCRIPTION OF COMMERZBANK AKTIENGESELLSCHAFT", sub-section Board of Managing Directors and Supervisory Board, the section Supervisory Board on page 108 to 113 shall be deleted and replaced by the following: "Supervisory Board In accordance with the Bank s Articles of Association, the Supervisory Board comprises twenty members. The following overview shows the members of the Bank s Supervisory Board together with, if applicable, their other administrative, management and supervisory board mandates and mandates on similar supervisory bodies both in Germany and abroad or their partnership stakes in enterprises and companies outside the COMMERZBANK Group during the last five years: Name Main function Klaus-Peter Müller... Chairman of the Supervisory Board of COMMERZBANK Uwe Tschäge...Employee of COMMERZBANK and Chairman of the Central Works Council of COMMERZBANK Deputy Chairman of the Supervisory Board Hans-Hermann Altenschmidt...Employee of COMMERZBANK Heike Anscheit...Employee of COMMERZBANK Other administrative, management or supervisory board mandates and partnerships both in Germany and abroad Fresenius SE & Co. KGaA Fresenius Management SE Parker Hannifin Corporation, Cleveland Gunnar de Buhr...Employee of COMMERZBANK 3

4 Name Main function Stefan Burghardt...Branch manager of COMMERZBANK s Mittelstand Bremen Sabine U. Dietrich...Former member of the Board of Managing Direcrectors of BP Europe SE Karl-Heinz Flöther...Independent management consultant Dr. Tobias Guldimann...Independent advisor in the financial sector Stefan Jennes...Employee of COMMERZBANK Dr. Markus Kerber...Former Chief Executive Officer of the Federal Association of German Industry (Bundesverband der Deutschen Industrie) Alexandra Krieger...Head of Business Administration/Corporate Strategies Industrial Union Mining, Chemicals and Energy (Industriegewerkschaft Bergbau, Chemie, Energie) Other administrative, management or supervisory board mandates and partnerships both in Germany and abroad BVV Pensionsfonds des Bankgewerbes AG BVV Versicherungsverein des Bankgewerbes a.g. BVV Versorgungskasse des Bankgewerbes e.v. Deutsche Börse AG Member of the Administrative Board of Edmond de Rothschild Holding S.A., Chambésy Member of the Administrative Board of Edmond de Rothschild (Suisse) S.A., Geneva Member of the Administrative Board of Edmond de Rothschild (Monaco) S.A., Monaco KfW-Bankengruppe Non-Executive Director of Computershare Limited, Melbourne AbbVie Komplementär GmbH Deputy Chairman of the Supervisory Board of Evonik Resource Efficiency GmbH Oliver Leiberich...Employee of COMMERZBANK Dr. Stefan Lippe...Former President of the Company Management of Swiss Re AG Beate Mensch...Trade Union Secretary ver.di Region of the Federal State Hessen (Vereinte Dienstleistungsgewerkschaft (ver.di)) Organisational development Anja Mikus...Managing Director, Chief Investment Officer of Arabesque (Deutschland) 4 Member of the Board of Administration of AXA S.A., Paris Member of the Board of Administration of Celsius Pro AG, Zurich Deputy Chairman of the Board of Administration of Acqupart Holding AG, Zug Chairman of the Board of Administration of Yes Europe AG, Lachen Münchener Rückversicherungs- Gesellschaft Aktiengesellschaft in München

5 Name Main function GmbH Dr. Helmut Perlet...Former Chairman of the Supervisory Board of Allianz SE Mark Roach...Trade Union Secretary of the ver.di Trade Union National Administration (Vereinte Dienstleistungsgewerkschaft (ver.di)) Nicholas R. Teller Dr. Gertrude Tumpel-Gugerell Chairman of the Advisory Board of E.R. Capital Holding GmbH & Cie. KG Former member of the Executive Board of the European Central Bank Other administrative, management or supervisory board mandates and partnerships both in Germany and abroad GEA Group AG Österreichische Bundesbahnen Holding AG, Vienna Finanzmarktbeteiligung Aktiengesellschaft des Bundes, Vienna Vienna Insurance Group, Vienna OMV AG, Vienna The Members of the Supervisory Board may be reached at the Bank s business address: Kaiserstraße 16 (Kaiserplatz), Frankfurt am Main, Germany." In section "DESCRIPTION OF COMMERZBANK AKTIENGESELLSCHAFT", the sub-section Interim Financial Information on page 114 shall be deleted and replaced by the following: "Interim Financial Information The COMMERZBANK Group's condensed interim financial statements as at 31 March 2017 (reviewed) are incorporated by reference into, and form part of, this Base Prospectus (see "Documents incorporated by reference")." In section "DESCRIPTION OF COMMERZBANK AKTIENGESELLSCHAFT", the sub-section Significant Change in the Financial Position on page 114 shall be deleted and replaced by the following: "Significant Change in the Financial Position There has been no significant change in the financial position of the COMMERZBANK Group since 31 March 2017." In section "DESCRIPTION OF COMMERZBANK AKTIENGESELLSCHAFT", the sub-section Auditors on page 114 to 115 shall be deleted and replaced by the following: "Auditors COMMERZBANK s auditors are PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (formerly: PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft) ("PwC"), Friedrich-Ebert-Anlage 35-37, Frankfurt am Main, Germany. PwC audited the consolidated financial statements for the 2015 and 2016 financial years, which were prepared in accordance with the International Financial Reporting Standards ("IFRS") and the additional accounting requirements under Section 315a(1) of the German Commercial Code (HGB), and also audited the annual financial statements for the 2016 financial year, which were prepared in accordance with German generally accepted accounting principles, and issued an unqualified auditors report in each case. COMMERZBANK's condensed IFRS consolidated interim financial statements as of 31 March

6 have been subject to a review by PwC and provided with a review report. PwC is a member of the German Wirtschaftsprüferkammer (Chamber of Public Accountants)." 6

COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany

COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany Third Supplement dated May 22, 2015 to the Registration Document dated October 29, 2014 AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany Third Supplement to the Registration Document pursuant