COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main

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1 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Final Terms dated 5 December, 2007 with respect to the Base Prospectus dated 13 March, 2007 for Turbo Warrants relating to the DAX * Index (to be publicly offered in Finland and listed at the Helsinki Stock Exchange) * DAX is a registered trademark of Deutsche Börse AG.

2 CERTAIN RISK FACTORS It is the opinion of the Issuer that the following information contains the major risks connected with an investment in the securities. However, no representation, warranty or undertaking is made that the list or description of the risks associated with an investment in the securities is complete. Further to this, the order of the risks described should not be considered as a statement on the extent of the possible financial effects connected with such risks or the probability of their occurrence. The occurrence of one or more of the risks described may negatively affect the ability of the Issuer to redeem the Turbo Warrants and/or the economic and financial situation of Commerzbank and its profits which may equally have a negative effect on the ability of the Issuer to redeem the Turbo Warrants. Potential purchasers of the Turbo Warrants are advised to read the complete Base Prospectus (including the information contained in the respective Final Terms) and to seek their own advice (including tax consultants and account holding bank) before reaching an investment decision. The following information is not intended to replace the advice given to the investor by its own bank. An investment decision should not be reached solely on the basis of this information as it is not intended to be equivalent to the advice or information tailored specifically for the requirements, aims, experience or knowledge and circumstances of the investor. Potential investors intending to purchase the Turbo Warrants should only purchase the Turbo Warrants if they are able to sustain the loss of the purchase price and of the transaction costs in connection with the purchase of the Turbo Warrants. RISKS ASSOCIATED WITH THE TURBO WARRANTS General Turbo Warrants on shares, indices, currency exchange rates, precious metals or commodity futures contracts (the "Turbo Warrants") grant to the holder the right to receive upon automatic exercise an amount in cash converted, where necessary, into EUR at the applicable Conversion Rate and multiplied with the Ratio, if applicable, by which the Reference Price of the underlying asset (the share, index, exchange rate, precious metal or commodity futures contracts) exceeds the Strike Price as determined in the Terms and Conditions of the Turbo Warrants on the Valuation Date (in the case of Turbo CALL Warrants) or is exceeded by the Strike Price (in the case of Turbo PUT Warrants). Furthermore, Turbo Warrants may be early terminated or may expire worthless at any point in time if the price of the respective asset underlying the Turbo Warrants during the period from the first trading date until the Expiry Date is once equal to or below (in the case of Turbo CALL Warrants) or equal to or above (in the case of Turbo PUT Warrants) the Knock-Out Level determined in the Terms and Conditions (the "Knock-Out Event"). The Turbo Warrants will expire worthless in case of the occurrence of the Knock-Out Event if the Knock-Out Level is equal to the Strike Price. If the Knock-Out Level is above (in the case of Turbo CALL Warrants) or below (in the case of Turbo PUT Warrants) the Strike Price of the relevant Turbo Warrant the Warrantholder will receive a Knock-Out Amount equal to the fair market value of the Turbo Warrants as determined by the Issuer on the day on which the Knock-Out Event occurs and as specified in more detail in the terms and conditions of the applicable Turbo Warrants. Such Knock-Out Amount will in no circumstances exceed the amount expressed in or converted, where necessary, into EUR at the applicable Conversion Rate and multiplied with the Ratio, if applicable, by which the Reference Price of the underlying asset exceeds the Strike Price on the date of the occurrence of the Knock out Event (in the case of Turbo CALL Warrants) or is exceeded by the Strike Price (in the case of Turbo PUT Warrants). The fair market value of the Warrants and consequently the Knock-Out Amount might be zero. The occurrence of the Knock-Out Event and the Knock-Out Amount shall be disclosed as required under Finnish law. The Turbo Warrants are European style (not exercisable by the Warrantholder before the Expiry Date) with automatic and final cash settlement. The underlying assets will not be delivered. 2

3 The Valuation Date shall be the Expiry Date and can, in the case of the occurrence of a Market Disruption Event, be postponed. Subject to the occurrence of a Knock-Out Event, the Turbo Warrants will be automatically exercised on the Expiry Date if the Cash Settlement Amount is a positive amount at that time, or otherwise the Turbo Warrants expire worthless. The Issuer shall pay or cause to be paid the Cash Settlement Amount to the Warrantholder within ten Business Days from the Valuation Date as specified in the Terms and Conditions of the Turbo Warrants. Risks associated with the Purchase of Turbo Warrants Turbo Warrants involve a high degree of risk and investors must be prepared to sustain a total loss of the purchase price of their Turbo Warrants. This is specifically the case if on the Expiry Date the Reference Price of the underlying asset is equal to or below the Strike Price (in the case of Turbo CALL Warrants) or is equal to or above the Strike Price (in the case of Turbo PUT Warrants). The occurrence of fluctuations or the non-occurrence of anticipated fluctuations in the price of the underlying asset will disproportionately affect the value of the Turbo Warrants. As opposed to Standard Warrants where a Standard Warrant which has lost in value may recover during its lifetime until the Expiry Date, investors in Turbo Warrants with a knock-out feature should be aware that such Turbo Warrants are early terminated or expire worthless, as the case may be, immediately once the price of the underlying asset is equal to or below (in the case of Turbo CALL Warrants) or equal to or above (in the case of Turbo PUT Warrants) the Knock-Out Level applicable for that relevant Turbo Warrant (the "Knock-Out Event"). Consequently, purchasers of Turbo Warrants should be prepared to sustain a substantial or a definitive and total loss with respect to the purchase price already before the Expiry Date of that relevant Turbo Warrant. Other than in the case of Standard Warrants this risk reflects the nature of a Turbo Warrant as an instrument which might become almost or totally worthless during the period from the first trading date until the Expiry Date without the possibility to recover in value. In addition, investors should consider that the return on the investment in the Turbo Warrants is reduced by the costs in connection with the purchase and sale of the Turbo Warrants. The Turbo Warrants do not entitle the Warrantholders to receive a coupon payment or dividend yield and therefore do not constitute a regular source of income. Possible losses in connection with an investment in the Turbo Warrants can therefore not be compensated by other income from the Turbo Warrants. Further to this, the investor bears the risk that the financial situation of the Issuer declines or that insolvency or bankruptcy proceedings are instituted against the Issuer and that as a result the Issuer cannot fulfil its payment obligations under the Turbo Warrants. Transactions Excluding or Limiting Risk The investor cannot expect that at all times during the lifetime of the Turbo Warrants transactions can be concluded which exclude or limit the risks incurred from a purchase of Turbo Warrants; this depends on the market conditions and the specific features of such Turbo Warrants as specified in the Final Terms of such Turbo Warrants. Such transactions can under certain circumstances be concluded only at an unfavourable market price and lead to a corresponding loss. The Influence of Hedging Transactions of the Issuer on the Turbo Warrants The Issuer and its affiliates may in the course of their normal business activity engage in trading in the underlying asset. In addition, the Issuer may conclude transactions in order to hedge itself partially or completely against the risks associated with the issue of the Turbo Warrants. These activities of Commerzbank (and its affiliates) may have an influence on the market price of the Turbo Warrants. A possibly negative impact of the conclusion or dissolution of these hedging transactions on the value of the Turbo Warrants or the size of the Cash Settlement Amount to which the holder of a Turbo Warrant is entitled cannot be excluded. Furthermore, it cannot be excluded that the conclusion or dissolution of hedging transactions may lead to the occurrence of a Knock-Out Event. 3

4 Risks in Connection with Borrowing If the investor obtains a loan in connection with financing the purchase of the Turbo Warrants the investor does not only bear the risk of sustaining the loss in connection with the Turbo Warrants if the price of the underlying assets develops unfavourably, but also has to pay back the loan and pay the interest connected with it. This means a substantial increase in risk. An investor can never rely on being able to pay back the loan and the interest connected with it through gains derived from the purchase of the Turbo Warrants. Investors of Turbo Warrants should therefore carefully consider their particular financial circumstances and whether they will be able to pay back the loan and pay the interest connected with it even if the investor has to sustain losses instead of the expected gains. Risks associated with Currency If the asset underlying the Turbo Warrants is quoted in another currency than the Turbo Warrant any risk in connection with an investment in the Turbo Warrants does not only depend on the development of the price of the underlying asset but also on the development of the respective currencies. Unfavourable developments in these markets can increase the risk and could lead to a decrease in the value of the Turbo Warrants or in the Cash Settlement Amount or could trigger a Knock-Out Event. 4

5 GENERAL INFORMATION This document contains the Final Terms of the Turbo Warrants described herein and must be read in conjunction with the Base Prospectus dated 13 March, 2007 (the "Base Prospectus"). Full information on the Issuer and the offer of the Turbo Warrants is only available on the basis of a combination of these Final Terms and the Base Prospectus. Prospective purchasers of the Turbo Warrants are advised to read the complete Base Prospectus including the chapter on "Risk Factors" and to seek their own advice (including tax consultants and account holding bank) before reaching an investment decision. Prospectus Liability Commerzbank Aktiengesellschaft, Frankfurt am Main (hereinafter also "Commerzbank", "Bank", or "Issuer", together with its affiliates "Commerzbank Group" or "Group") takes over prospectus liability especially according to 13 Securities Selling Prospectus Act (Wertpapier-Verkaufsprospektgesetz) in connection with 44 ff. Securities Exchange Act (Börsengesetz). To the best of its knowledge the information contained in these Final Terms is in accordance with the facts and does not omit any essential information. Subscription and Sale As of 5 December, 2007 Commerzbank will offer Turbo Warrants relating to the DAX Index (the Turbo Warrants ) with an issue size of 3,000,000 Turbo Warrants per series at an issue price as determined in the following table. Characteristics Type ISIN Strike Price in EUR Knock-Out Level in EUR Expiry Date Issue Price in EUR Call DE000CB3MZQ6 7, , January, Call DE000CB3MZR4 7, , January, Call DE000CB3MZS2 7, , January, Calculation Agent If a calculation agent will be necessary Commerzbank will act as calculation agent. Form of the Turbo Warrants The Turbo Warrants will be issued in dematerialised form and will only be evidenced by book entries in the system of the Finnish Central Securities Depository Ltd ( APK ) (address: Urho Kekkosenkatu 5 C, Helsinki, Finland) for registration of securities and settlement of securities transactions (the APK System ) in accordance with the Finnish Act on Book-Entry System (1991/826). There will be neither global bearer warrants nor definitive warrants. Status The obligations under the Turbo Warrants constitute direct, unconditional and unsecured obligations of the Issuer and rank at least pari passu with all other unsecured and unsubordinated obligations of the Issuer (save for such exceptions as may exist from time to time under applicable law). Minimum Trading Unit The Minimum Trading Unit of Turbo Warrants relating to each series of Turbo Warrants is 1 Turbo Warrant. 5

6 Listing The admission for listing and trading of the Turbo Warrants on the Helsinki Stock Exchange has been applied. First day of trading is envisaged to take place on 5 December, Availability of documents The Base Prospectus, Supplement A to the Base Prospectus dated 12 April, 2007, Supplement B to the Base Prospectus dated 11 May, 2007, Supplement C to the Base Prospectus dated 7 November, 2007 and these Final Terms will be made available to investors on the internet page: whereas the Articles of Association of Commerzbank Aktiengesellschaft, the annual report of the Commerzbank Group for the financial years 2005 and 2006 as well as the quarterly interim report as of 31 March, 2007 (unaudited English version) are available in their current form on the internet site of Commerzbank: The Base Prospectus and these Final Terms can also be requested from Kaupthing Bank Oyj under the telephone number Payment Date 10 December, 2007 Settlement The Turbo Warrants will be cash settled. Settlement will take place on the third Business Day following the respective Valuation Date, all as specified in detail in the Terms and Conditions of the Turbo Warrants. Third Party Information When, if need be in respect of each relevant issue of the Turbo Warrants, information has been sourced from a third party, the Issuer confirms that the information is accurately reproduced and that as far as the Issuer is aware and able to ascertain from information published by that third party, no facts are omitted which would render the reproduced information inaccurate or misleading. The source of the information on the underlying asset will be mentioned below in Information on the Underlying Asset. Taxation Withholding tax at source: All amounts payable under the Turbo Warrants will be paid without deduction or withholding for or on account of any present or future taxes, duties or governmental charges whatsoever imposed or levied by or on behalf of the Federal Republic of Germany or any taxing authority therein. In the case that the Issuer will be compelled by law or other regulation to deduct or withhold such taxes, duties or governmental charges the Issuer will not pay any additional amounts to compensate the Warrantholder for such deduction or withholding. 6

7 Taxes payable in Finland: Finnish tax laws The following is a summary of certain tax consequences arising from Finnish tax legislation as in effect on the date of this Base Prospectus. Any subsequent changes in Finnish tax legislation or in the interpretation thereof may have an effect on the summary. The purpose of the summary is not to present completely all possible tax consequences arising from Finnish tax legislation. Especially, it should be noted that there are no special tax legislation or case law regarding warrants in Finland. Therefore, the following summary is based on an interpretation of general provisions of tax law. The summary is not exhaustive and potential purchasers who have any doubt or concern regarding their tax and/or legal position on purchase, ownership, transfer or exercise of any Warrant should consult their own independent, professionally qualified tax and/or legal advisers as to the tax consequences of the purchase, ownership, transfer and exercise of Turbo Warrants. Individuals Calculation of capital gains and losses Any gain arising from the transfer of securities is capital income for individuals and estates resident in Finland for tax purposes, unless the security is considered to belong to the business activity of an individual or an estate. For the fiscal year 2007, capital income is taxed at a flat rate of 28 per cent. Taxable capital gains or losses are the difference between the sales price and the aggregate of the acquisition cost of the securities and related expenses. Individuals and estates may elect to apply a so called presumptive acquisition cost instead of the actual acquisition cost. The presumptive acquisition cost is at least 20 per cent of the sales price, but is 40 per cent of the sales price for securities that have been held for at least ten years. As the presumptive acquisition cost is used instead of the actual acquisition cost, the related expenses are included in, and therefore, may not be deducted in addition to the presumptive acquisition cost. Capital losses arising from the sale of securities, which are not considered to belong to the business activity of an individual or an estate, are deductible only from capital gains arising in the same tax year and the following three tax years. Settlement, sale and lapse of Turbo Warrants The exercise of a Warrant, i.e. the cash settlement of the net asset value, is likely to be taxed as a capital gain as described above. Hence, either the (i) acquisition cost of a Warrant and the costs resulting from the acquisition or the (ii) presumptive acquisition cost will be deducted from the amount received from the settlement of the net asset value. According to the guidelines issued by the National Board of Taxation, the taxation of a transfer of warrants is deemed comparable to the taxation of a transfer of securities described above. If a cash settled Warrant would lapse unsettled, the loss resulting is treated in a manner similar with the taxation of a loss resulting from the transfer of a security, incurring a loss equal to the acquisition cost. Regarding the calculation of a capital gain or loss and the acquisition cost, see Calculation of capital gains and losses above. Wealth tax There is no wealth tax in Finland. Legal entities The sales price from a transfer of securities is included in the income arising from business activities (business income source) or from passive assets (other income source) of a Finnish company or the permanent establishment of a foreign company. The taxable income of a company is determined separately for business and other income sources. Both income sources are taxed at a flat rate of 26 per cent in the fiscal year The acquisition cost of the sold securities is deductible for the company from the income source which the securities belonged to at the time the securities were sold. Capital losses arising from the sale or expiration of Turbo Warrants not belonging to the business activity of a company are deductible only against capital gains arising in the same tax year and the following three tax years. Companies are not allowed to use the above acquisition cost presumption. The taxation of the exercise, transfer and expiration of Turbo Warrants acquired by a Finnish company or permanent establishment of a foreign company may herein be deemed comparable to the taxation of transfer of securities described above. 7

8 Warrantholders who are not Finnish residents for tax purposes are not generally subject to Finnish tax on capital gains realised in the transfer of securities in Finland, including exercise or transfer of a Warrant, provided that the exercise or transfer of the Warrant in question does not relate to business carried out in Finland, e.g. through a permanent establishment construed for a foreign company. Transfer Tax It is not altogether clear under the Finnish statutory and case law relating to transfer tax whether warrants will be considered as securities for the purposes of transfer tax. However, in a ruling issued by the Supreme Administrative Court cash settlement of a call option was not deemed to be subject to transfer tax. On this basis the Issuer believes that Turbo Warrants should not be considered as securities for transfer tax purposes and that no Finnish transfer tax is payable on the transfers of Turbo Warrants. In case Turbo Warrants would be considered as securities for transfer tax purposes, Warrant transfers made on the Helsinki Stock Exchange or in other public trading, as defined in Chapter 1 Section 3 of the Finnish Securities Market Act, would be exempt from Finnish transfer tax. Gift and Inheritance Tax Transfer of securities by way of gift, bequest or inheritance is subject to Finnish gift or inheritance tax, respectively, if either the transferor or the transferee was resident for tax purposes in Finland at the time of death of gift. Finland s right to impose inheritance tax on heritance received by non-residents of Finland has been limited by virtue of double taxation treaties. Information on the Underlying Asset The Turbo Warrants issued under this Base Prospectus relate to the Dax. Information on the Dax is available on the following internet page: Underlying Asset DAX Index (ISIN DE ) Internet Page 8

9 TERMS AND CONDITIONS OF THE TURBO WARRANTS 1 General and Definitions (1) Each series of turbo warrants (the "Turbo Warrants") issued by Commerzbank Aktiengesellschaft, Frankfurt am Main (the "Issuer") grants to the Warrantholder (paragraph (2) (l)) the right (the "Option Right"), subject to the occurrence of a Knock-Out Event according to 2, to receive upon exercise from the Issuer the payment of a Cash Settlement Amount (rounded, if necessary, to two decimal places (with being rounded upwards)) in accordance with these Terms and Conditions of the Turbo Warrants. The Turbo Warrants are European style (only exercisable on the Expiry Date) with automatic exercise and final settlement in cash. (2) For the purposes of these Terms and Conditions of the Turbo Warrants the following definitions shall apply: (a) "Business Day" A Business Day is a day (other than a Saturday or a Sunday) on which commercial banks in Frankfurt am Main and Helsinki, APK ( 2, paragraph (1)) as well as the Trans-European Automated Gross Settlement Express Transfer System (TARGET) are simultaneously open for business. (b) "Cash Settlement Amount" The Cash Settlement Amount is the amount expressed in Euro ("EUR") multiplied with by which the Reference Price B (paragraph (2) (i)) exceeds the Strike Price (paragraph (2) (j)) (in the case of Turbo CALL Warrants) or is exceeded by the Strike Price (in the case of Turbo PUT Warrants). (c) "Expiry Date" The Expiry Date for Turbo Warrants of each respective series shall be as set forth in paragraph (2) (m). (d) "Index" The Index shall be the Dax (ISIN DE ), as determined and published by Deutsche Börse AG (the "Sponsor"). If the Index is no longer calculated and published by the Sponsor but by another person, company or institution acceptable to the Issuer as the new Sponsor (the "Successor Sponsor"), the Cash Settlement Amount will be calculated on the basis of the Index being calculated and published by the Successor Sponsor and any reference made to the Sponsor shall, if the context so admits, then refer to the Successor Sponsor. If at any time the Index is cancelled or replaced, the Issuer will determine the Index on the basis of which the Cash Settlement Amount shall be calculated (the "Successor Index"). The Successor Index as well as the time of its first application will be notified as soon as possible pursuant to 8. Any reference made to the Index in these Terms and Conditions of the Turbo Warrants shall, if the context so admits, then refer to the Successor Index. If in the opinion of the Issuer a determination of a Successor Index is not feasible (for whatever reason), the Issuer or an expert appointed by the Issuer will continue the calculation and the publication of the Index on the basis of the former concept of the Index and its last determined level. Such continuation has to be published without delay pursuant to 8. If the Sponsor materially modifies the calculation method of the Index on or before the Valuation Date with effect on or before the Valuation Date, or materially modifies the Index in any other way (except for modifications which are contemplated in the calculation method of the Index relating to a change with respect to securities comprising the Index or with respect to any other routine measures), the Issuer will calculate the relevant Index level on the relevant Valuation Date by applying such calculation method in effect prior to such change in the calculation method of the Index. In such case the Issuer will include only securities comprising the Index prior to the change in the calculation method, unless the quotation of the relevant securities has been terminated in the meantime. 9

10 (e) "Issue Date" The Issue Date relating to a series of Turbo Warrants is 5 December, (f) "Knock-Out Level" The Knock-Out Level relating to a series of Turbo Warrants is the price determined in paragraph (2) (m). (g) "Observation Period" The Observation Period relating to a series of Turbo Warrants is the period from the Issue Date (paragraph (2) (e) until the applicable Valuation Date (paragraph (2) (k)) (both dates included). (h) "Reference Price A" The Reference Price A relating to a series of Turbo Warrants is any level of the Index (paragraph (2) (d)) as determined and published by the Sponsor (paragraph (2) (d)) during the Observation Period (paragraph (2) (g)), expressed in EUR where one index point is equal to EUR (i) "Reference Price B" The Reference Price B relating to a series of Turbo Warrants is the closing level of the Index as determined and published by the Sponsor on the Valuation Date, expressed in EUR where one index point is equal to EUR (j) "Strike Price" The Strike Price relating to a series of Turbo Warrants is the price determined in paragraph (2) (m). (k) "Valuation Date" Subject to 5 the Valuation Date shall be the Expiry Date (paragraph (2) (c)). (l) "Warrantholder" A Warrantholder shall be any person that is registered in a book-entry account managed by APK or an account operator as holder of a Turbo Warrant or, where applicable, any other person acknowledged as the holder pursuant to the APK Rules ( 3 paragraph (3)). For nominee registered Turbo Warrants the authorised custodial nominee account holder shall be considered to be the Warrantholder. (m) For each series of Turbo Warrants the terms "Strike Price", "Knock-Out Level" and "Expiry Date" shall have the following meaning: Type ISIN Strike Price in EUR Knock-Out Level in EUR Expiry Date Call DE000CB3MZQ6 7, , January, 2008 Call DE000CB3MZR4 7, , January, 2008 Call DE000CB3MZS2 7, , January,

11 2 Knock-Out Event (1) If on any day during the Observation Period the Reference Price A is, without the occurrence of a Market Disruption Event, equal to or below the Knock-Out Level (in the case of Turbo CALL Warrants) or equal to and above the Knock-Out Level (in the case of Turbo PUT Warrants) (the "Knock-Out Event"), the Turbo Warrants will expire worthless. The occurrence of the Knock-Out Event shall be disclosed in accordance with 8. (2) With the occurrence of the Knock-Out Event the Option Right of the Warrantholder according to 1 paragraph (1) shall expire, and no Cash Settlement Amount shall be payable to the Warrantholder by the Issuer. 3 Form (1) The Turbo Warrants will be issued in dematerialised form and will only be evidenced by book entries in the system of the Finnish Central Securities Depository Ltd ( APK ) for registration of securities and settlement of securities transactions (the APK System ) in accordance with the Finnish Act on Book-Entry System (1991/826) to the effect that there will be no certificated securities. (2) Registration requests relating to the Turbo Warrants shall be directed to an account operating institute. (3) Transfers of Turbo Warrants and other registration measures shall be made in accordance with the Finnish Act on Book-Entry Accounts (1991/827) as well as the regulations, rules and operating procedures applicable to and/or issued by APK (the APK Rules ). (4) The Issuer is entitled to receive from the APK, at its request, a transcript of the register for the Turbo Warrants. 4 Entitlement (1) Subject to the occurrence of a Knock-Out Event according to 2, the Turbo Warrants shall be deemed to be automatically exercised on the Expiry Date without the need of any action by or on behalf of the Warrantholder if the Cash Settlement Amount is a positive amount at that time (the "Automatic Exercise"). (2) The Issuer shall pay the Cash Settlement Amount not later than on the tenth Business Day following the Valuation Date. Payments will be transmitted by the relevant account operators to the Warrantholders in accordance with the APK Rules. (3) All taxes, duties or other fees and charges in connection with the ownership, transfer and Automatic Exercise of the Turbo Warrants are to be borne and paid by the Warrantholders. (4) Any determination, calculation or other decision of the Issuer shall, in the absence of manifest error, be binding for all parties involved. 5 Postponement of Valuation Date; Market Disruption Event (1) If on a Valuation Date the Reference Price B is not determined and published or if a Market Disruption Event occurs, then the next calendar day on which the Reference Price B is again calculated and published and on which there is no Market Disruption Event shall be deemed to be the Valuation Date. If, according to the provision above, the Valuation Date is postponed for five consecutive Business Days and if also on such day the Reference Price B is not determined and published or if in the opinion of the Issuer a Market Disruption Event occurs, then this day shall be deemed to be the Valuation Date and the Issuer shall determine Reference Price B on such day. 11

12 For the purpose of such determination, the Issuer will calculate the closing level of the Index on the basis of the prices of the securities comprising the index on such day at the time the closing level of the Index is usually determined (the "Calculation Time"). If the trading of one or more securities being relevant for such calculation is limited or suspended on such date, the Issuer will estimate at its own discretion the price of the relevant securities at the Calculation Time after consultation with an independent expert, if the Issuer deems this necessary, and in consideration of the prevailing market conditions. (2) "Market Disruption Event" means any suspension of or limitation imposed on trading in the stocks comprising the Index on the stock exchanges or trading systems the prices of which are the basis for the calculation of the Index, provided that in the opinion of the Issuer in any such case such suspension or limitation is material for the calculation of the Index. A limitation on the hours or days of trading does not constitute a Market Disruption Event provided that such limitation results from an announced change in the regular business hours of the relevant stock exchange or trading system. A limitation imposed on trading during the day by reason of movements in price exceeding the limits permitted by the relevant stock exchange or trading system does only constitute a Market Disruption Event if it still occurs at the end of trading on such day. 6 Warrant and Paying Agent Nordea Bank Finland Plc, a credit institution and account operator, incorporated under the laws of Finland, whose corporate seat and registered office is at Aleksis Kiven katu 3-5, Helsinki, FI NORDEA, Finland, shall be the warrant and paying agent (the "Warrant and Paying Agent"). Under the Master Paying Agency Agreement entered into between the Issuer and the Warrant and Paying Agent, the Warrant and Paying Agent acts only as an agent to the Issuer and shall thus not be responsible towards the Warrantholders in relation to the Turbo Warrants. 7 Substitution of the Issuer (1) Any other company may at any time during the lifetime of the Turbo Warrants, subject to paragraph (2), assume upon notice by the Issuer to be given in accordance with 8, all obligations of the Issuer under these Terms and Conditions of the Turbo Warrants. Upon any such substitution, such substitute company (hereinafter called "New Issuer") shall succeed to, and be substituted for, and may exercise every right and power, of the Issuer under these Terms and Conditions of the Turbo Warrants with the same effect as if the New Issuer had been named as the Issuer herein, and the Issuer and, in the case of a repeated application of this 7, each previous New Issuer shall be released from its obligations hereunder and from its liability as obligor under the Turbo Warrants. In the event of such substitution, any reference in these Terms and Conditions of the Turbo Warrants (except for this 7) to the Issuer shall from then on be deemed to refer to the New Issuer. (2) Such assumption shall be permitted only if (a) the New Issuer has agreed to indemnify and hold harmless each Warrantholder against any tax, duty, assessment or governmental charge imposed on the Warrantholder in respect of such substitution; (b) the Issuer (in this capacity hereinafter referred to as the "Guarantor") has unconditionally and irrevocably guaranteed fulfilment by the New Issuer of all payment obligations assumed by it for the benefit of the Warrantholders and the terms of the Guarantee has been published in accordance with 8; (c) the New Issuer has obtained all governmental authorisations, approvals, consents and permissions necessary in the jurisdictions where the New Issuer is domiciled or the country under the laws of which it is organised; and 12

13 (d) APK has given its consent to the substitution (which consent shall not be unreasonably withheld or delayed). (3) Following any substitution of the Issuer for a New Issuer, this 7 shall continue to apply and may be used again. 8 Notices All notices to the Warrantholders will be deemed to have been duly given if (i) published as a Stock Exchange release or (ii) sent by mail to each Warrantholder to the address registered for such Warrantholder in the Finnish book-entry system. Any such notice shall be deemed to have been given, if published as a Stock Exchange release, on the date of such publication (if published more than once or on different dates, on the date of the first publication) or, if sent by mail to the Warrantholders, on the seventh day following the day the notice was sent by mail. Publications based on Section 7 of Chapter 2 of the Finnish Securities Market Act that are likely to have a material influence on the value of the Warrants will be published as stock exchange releases in the Finnish language. 9 Governing Law and Jurisdiction (1) The form and contents of the Turbo Warrants and the rights and duties of the Warrantholders, the Issuer, the Warrant and Paying Agent and, as the case may be, a possible Guarantor pursuant to 7, shall in all respects be governed by the laws of Finland. (2) Should any provision of these Terms and Conditions of the Turbo Warrants be or become void in whole or in part, the other provisions shall remain in force. Void provisions shall be replaced in accordance with the meaning and purpose of these Terms and Conditions of the Turbo Warrants. (3) Place of jurisdiction is Helsinki. (4) The Issuer shall be entitled without the approval of the Warrantholders to (a) amend in these Terms and Conditions of the Turbo Warrants obvious mistakes in writing or calculating or any similar obvious incorrectness and (b) amend or supplement in these Terms and Conditions of the Turbo Warrants contradictory or incomplete provisions, whereas in the cases of (b) only those amendments or supplements shall be admissible which, in consideration of the interest of the Issuer, are reasonable for the Warrantholders, i. e. which do not worsen the financial situation of the Warrantholders materially. Amendments or supplements of these Terms and Conditions of the Turbo Warrants will be notified without delay in accordance with 8. 13

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