COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany
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- Silvester Shelton
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1 Second Supplement dated April 17, 2013 to the tripartite Base Prospectus dated December 27, 2012 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany 5,000,000,000 Credit Linked Note Programme (the "Programme") This second supplement (the "Second Supplement") constitutes a supplement for the purposes of Article 16 of the German Securities Prospectus Act (Wertpapierprospektgesetz, WpPG) and is prepared in connection with the tripartite base prospectus (consisting of the securities note (the "Securities Note"), the summary (the "Summary") each dated December 27, 2012 and the (English language) registration document dated December 12, 2012 (the "Registration Document") including the supplements thereto dated December 20, 2012, February 22, 2013 and April 5, 2013) including the supplement thereto dated February 22, 2013 relating to the 5,000,000,000 Credit Linked Note Programme of COMMERZBANK Aktiengesellschaft ("Commerzbank Aktiengesellschaft", "Commerzbank", the "Issuer" or the "Bank", together with its consolidated subsidiaries and affiliated companies "Commerzbank Group" or the "Group") (the "Base Prospectus"). Unless otherwise defined herein, expressions defined in the Base Prospectus shall have the same meaning when used in this Second Supplement. This Second Supplement is supplemental to, and should be read in conjunction with, the Base Prospectus and amends the Summary. This Second Supplement is available for viewing in electronic form together with the Base Prospectus at the website of Commerzbank Aktiengesellschaft ( 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 Second Supplement is published, have the right, exercisable within two working days after the publication of this Second 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. 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 Bonds, Kaiserstraße 16 (Kaiserplatz), Frankfurt am Main, Federal Republic of Germany.
2 On March 19, 2013 the Financial Statemtens and Management Report of Commerzbank Aktiengesellschaft and the Commerzbank Group Annual Report for the financial year 2012 were published. The Summary shall therefore be amended as follows: Element B.4b shall be deleted and replaced by the following: 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 Issuer in the past, and it can be assumed that further materially adverse effects for the Issuer can also result in the future, in particular in the event of a renewed escalation of the crisis. Element B.9 shall be deleted and replaced by the following: B.9 Profit forecasts or estimates Not applicable. The Issuer currently does not make profit forecasts or estimates. Element B.10 shall be deleted and replaced by the following: B.10 Qualifications in the auditors' report Not applicable. PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Frankfurt am Main ("PwC") audited the annual financial statements for the 2012 financial year and the consolidated financial statements for the 2011 and 2012 financial years and issued an unqualified auditors' report in each case. Element B.12 shall be deleted and replaced by the following: B.12 Selected key financial information The following table shows an 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 December 31, 2011 and 2012: Balance sheet December 31, 2011 December 31, 2012 Assets ( m) Cash reserve... 6,075 15,755 Claims on banks... 87,790 88,028 Claims on customers , ,546 Value adjustments for portfolio fair value hedges Positive fair value of derivative hedging instruments... 5,132 6,057 Trading assets , ,144 Financial investments... 94,523 89,142 Holdings in companies accounted for using the equity method Intangible assets... 3,038 3,051 Fixed assets... 1,399 1,372 Investment properties Non-current assets and disposal groups held for sale... 1, Current tax assets
3 Deferred assets... 4,154 3,015 Other assets... 3,242 3,638 Total , ,878 Liabilities and equity ( m) Liabilites to banks... 98, ,242 Liabilities to customers , ,842 Securitised liabilities ,673 79,332 Value adjustment for portfolio fair value hedges ,467 Negative fair values of derivative hedging instruments... 11,427 11,739 Trading liabilities , ,111 Provisions... 3,761 3,259 Current tax liabilities Deferred tax liabilities Liabilities from disposal groups held for sale Other liabilities... 6,568 6,523 Subordinated capital... 13,285 12,316 Hybrid capitall... 2,175 1,597 Equity... 24,803 27,034 Total , ,878 December 31, 2011 December 31, 2012 Income Statement ( m) Net interest income... 6,724 5,539 Loan loss provisions... (1,390) (1,660) Net interest income after loan loss provisions... 5,334 3,879 Net commission income... 3,495 3,191 Net trading income and net trading from hedge 1,986 1,121 accounting... Net investment income... (3,611) 81 Current net income from companies accounted for using the equity method... Other net income... 1,253 (77) Operating expenses... 7,992 7,025 Restructuring expenses Net gain or loss from sale of disposal of groups (268) Pre-tax profit Consolidated profit Save as disclosed in element B 13 there has been no material adverse change in the prospects of Commerzbank since December 31, Save as disclosed in element B 13 no significant changes in the financial position of the Commerzbank Group have occurred since December 31,
4 Element B.13 shall be deleted and replaced by the following: B.13 Recent developments In November 2012 Commerzbank published its strategic and financial goals until Thus Commerzbank plans to adapt its business model to the changing framework conditions in the financial industry in the comming years. In the framework of its strategic agenda for the period to 2016, Commerzbank intends to invest more than EUR 2.0 billion in the earnings power of its core business in the segments Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe. Furthermore, costs shall be kept stable and the capital base shall be further optimised by implementing additional efficiency measures. In connection with the implementation of the strategic agenda for the period to 2016 the Board of Managing Directors of Commerzbank adopted and published a policy statement on the planned job cuts in February Thus there are plans to cut 1,800 jobs in the branch network of the Private Customer business by no later than 31 December Operational redundancies shall thereby be avoided to the greatest possible extent. In January 2013 Commerzbank announced Group job cuts in the order of 4,000 to 6,000 full-time staff until the end of Restructuring expenses of approximately EUR 500 million are expected in the first quarter of 2013 in connection with these measures. On March 13, 2013 Commerzbank announced that it is planning an early repayment in full of the silent participations of the Financial Market Stabilization Fund (SoFFin) of about EUR 1.6 billion and Allianz of EUR 750 million. To this end Commerzbank is planning a combined cash capital increase/capital increase against contributions in kind with subscription rights in the amount of EUR 2.5 billion. SoFFin intends to support the transaction by exercising its subscription rights in full and, in proportion to its stake in Commerzbank, contributing silent participations in the amount of approximately EUR 625 million for shares. SoFFin will be repaid the remaining volume of its silent participation out of the proceeds of the cash capital increase. If, as intended, the Commerzbank shares from SoFFin s holding are placed with investors and the subscription rights of SoFFin are fully exercised, SoFFin s shareholding following the transaction is expected to fall below 20%. The capital increase is to be adopted by the annual general meeting of Commerzbank, which is being brought forward from May 22, 2013 to April 19, As initial step in the implementation of the planned transaction the annual general meeting of Commerzbank is to decide on a capital reduction through the consolidation of shares in a ratio of 10:1. The consolidation of shares will cause the number of shares outstanding prior to the capital increase to decrease from 5.83 billion shares to 583 million shares. The stock consolidation and subsequent capital reduction have no impact on the amount of balance sheet equity capital of Commerzbank. In a second step a resolution is to be - 4 -
5 adopted on the combined cash capital increase/capital increase against contributions in kind. The newly issued shares will have full dividend rights as of January 1, Deutsche Bank Aktiengesellschaft, Citigroup Global Markets Limited and HSBC Trinkaus & Burkhardt AG have, on customary market conditions, agreed to underwrite the entire volume of the capital increase totalling EUR 2.5 billion Am 19. März 2013 wurde der Jahresabschluss und Lagebericht der Commerzbank Aktiengesellschaft sowie der Geschäftsbericht des Commerzbank-Konzerns für das Geschäftsjahr 2012 veröffentlicht. Die Zusammenfassung wird daher wie folgt geändert: Punkt B.4b wird gestrichen und wie folgt ersetzt: B.4b Trends, die sich auf die Emittentin und die Branchen, in denen sie tätig ist, auswirken Die globale Finanzmarktkrise sowie die Staatsschuldenkrise insbesondere im Euroraum haben die Vermögens-, Finanz- und Ertragslage der Emittentin in der Vergangenheit ganz erheblich belastet und es ist anzunehmen, dass sich auch in Zukunft erheblich negative Folgen für die Emittentin insbesondere bei einer erneuten Verschärfung der Krise ergeben können. Punkt B.9 wird gestrichen und wie folgt ersetzt: B.9 Gewinnprognosen oder -schätzungen Entfällt. Die Emittentin gibt derzeit keine Gewinnprognosen oder -schätzungen ab. Punkt B.10 wird gestrichen und wie folgt ersetzt: B.10 Beschränkungen im Bestätigungsvermerk Entfällt. Der Jahresabschluss für das zum 31. Dezember 2012 endende Geschäftsjahr sowie die Konzernabschlüsse der Commerzbank für die am 31. Dezember 2011 und 2012 endenden Geschäftsjahre sind von der PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Frankfurt am Main ("PwC"), geprüft und jeweils mit einem uneingeschränkten Bestätigungsvermerk versehen worden. Punkt B.12 wird gestrichen und wie folgt ersetzt: B.12 Ausgewählte wesentliche historische Finanzinforma- Die nachstehende Übersicht stellt in zusammengefasster Form die Bilanz und Gewinn- und Verlustrechnung des Commerzbank- Konzerns dar, die den jeweils geprüften Konzernabschlüssen nach IFRS zum 31. Dezember 2011 und 2012 entnommen wurden: - 5 -
6 tionen Konzern-Bilanz (IFRS) 31. Dezember Dezember 2012 (in Mio ) Aktiva Barreserve Forderungen an Kreditinstitute Forderungen an Kunden Wertanpassung aus Portfolio Fair Value Hedges Positive Marktwerte aus derivativen Sicherungsinstrumenten Handelsaktiva Finanzanlagen Anteile an at-equity-bewerteten Unternehmen Immaterielle Anlagewerte Sachanlagen Als Finanzinvestition gehaltene Immobilien Zur Veräußerung gehaltene langfristige Vermögenswerte und Vermögenswerte aus Veräußerungsgruppen Tatsächliche Ertragsteueransprüche Latente Ertragsteueransprüche Sonstige Aktiva Gesamt Passiva Verbindlichkeiten gegenüber Kreditinstituten Verbindlichkeiten gegenüber Kunden Verbriefte Verbindlichkeiten Wertanpassung aus Portfolio Fair Value Hedges Negative Marktwerte aus derivativen Sicherungsinstrumenten Handelspassiva Rückstellungen Tatsächliche Ertragsteuerschulden Latente Ertragsteuerschulden Verbindlichkeiten von zur Veräußerung gehaltenen Veräußerungsgruppen Sonstige Passiva Nachrangkapital Hybridkapital Eigenkapital Gesamt Konzern-Gewinn-und Verlustrechnung (IFRS) 31. Dezember Dezember 2012 (in Mio ) Zinsüberschuss Risikovorsorge im Kreditgeschäft.... (1.390) (1.660) Zinsüberschuss nach Risikovorsorge Provisionsüberschuss Handelsergebnis und Ergebnis aus Sicherungszusammenhängen Ergebnis aus Finanzanlagen... (3.611) 81 Laufendes Ergebnis aus at- Equity-bewerteten Unternehmen
7 Sonstiges Ergebnis (77) Verwaltungsaufwendungen Restrukturierungsaufwendungen Ergebnis aus dem Verkauf von Veräußerungsgruppen --- (268) Ergebnis vor Steuern Konzernergebnis Außer wie unter B.13 dargestellt, ist seit dem 31. Dezember 2012 keine wesentliche negative Veränderung in den Aussichten der Commerzbank eingetreten. Außer wie unter B.13 dargestellt, ist seit dem 31. Dezember 2012 keine wesentliche Veränderung in der Finanzlage des Commerzbank- Konzerns eingetreten. Punkt B.13 wird gestrichen und wie folgt ersetzt: B.13 Aktuelle Entwicklungen Im November 2012 hat die Commerzbank ihre strategischen und finanziellen Ziele bis 2016 veröffentlicht. Danach plant die Commerzbank, ihr Geschäftsmodell in den kommenden Jahren an die veränderten Rahmenbedingungen in der Finanzbranche anzupassen. Im Rahmen ihrer strategischen Agenda bis 2016 beabsichtigt die Commerzbank, mehr als EUR 2,0 Mrd. in die Ertragskraft ihres Kerngeschäfts der Segmente Privatkunden, Mittelstandsbank, Corporates & Marktes und Central & Eastern Europe zu investieren. Außerdem sollen durch zusätzliche Effizienzmaßnahmen die Kosten stabil gehalten und die Kapitalausstattung weiter verbessert werden. Zur Umsetzung der strategischen Agenda bis 2016 hat der Vorstand der Commerzbank im Februar 2013 eine Grundsatzerklärung zum geplanten Stellenabbau beschlossen und veröffentlicht. Danach sollen im Filialgeschäft der Commerzbank bis Ende Vollzeitstellen abgebaut werden. Betriebsbedingte Beendigungskündigungen sollen dabei weitestgehend vermieden werden. Das Management der Commerzbank beabsichtigt, sich Ende 2014 gemeinsam mit den Arbeitnehmervertretern zusammenzusetzen, um auf der Grundlage der bis zu diesem Zeitpunkt erreichten strategischen Wachstumsziele über gegebenenfalls notwendige weitergehende Maßnahmen Gespräche aufzunehmen. Die Commerzbank hatte im Januar 2013 angekündigt, insgesamt im Konzern bis Ende 2015 zwischen und Vollzeitstellen abzubauen. Hierfür wird im ersten Quartal 2013 ein Restrukturierungsaufwand in der Größenordnung von rund EUR 500 Mio erwartet. Am 13. März 2013 hat die Commerzbank bekannt gegeben, dass sie plant, die Stillen Einlagen des Sonderfonds Finanzmarktstabilisierung (SoFFin) über rund EUR 1,6 Mrd. sowie der Allianz über EUR 750 Mio vorzeitig komplett zurückzuführen. Hierzu ist eine gemischte Bar- /Sachkapitalerhöhung mit Bezugsrechten im Volumen von EUR 2,5 Mrd. vorgesehen. Der SoFFin unterstützt die Transaktion, indem er - 7 -
8 beabsichtigt, seine Bezugsrechte voll auszuüben und entsprechend seiner Beteiligungsquote Stille Einlagen in Höhe von ca. EUR 625 Mio in Aktien zu wandeln. Den Restbetrag seiner Stillen Einlage erhält der SoFFin aus dem Emissionserlös der Barkapitalerhöhung zurückgezahlt. Werden wie geplant einerseits Commerzbank-Aktien aus dem Bestand des SoFFin platziert und andererseits die Bezugsrechte des SoFFin voll ausgeübt, sinkt der Aktienanteil des SoFFin nach Abschluss der Transaktion voraussichtlich unter 20 Prozent. Die Kapitalerhöhung soll von der ordentlichen Hauptversammlung der Commerzbank beschlossen werden, die vom 22. Mai 2013 auf den 19. April 2013 vorgezogen wird. Zur Umsetzung der geplanten Transaktion soll die Hauptversammlung der Commerzbank in einem ersten Schritt über eine Kapitalherabsetzung durch die Zusammenlegung von Aktien im Verhältnis 10:1 entscheiden. Infolge der Aktienzusammenlegung wird die Anzahl der ausgegebenen Aktien der Commerzbank auf Stück 583 Mio von derzeit Stück 5,83 Mrd. sinken. Aktienzusammenlegung und Kapitalherabsetzung haben keinen Einfluss auf die Höhe des bilanziellen Eigenkapitals der Commerzbank. Als zweiter Schritt soll die gemischte Bar-/Sachkapitalerhöhung beschlossen werden. Die neuen Aktien sollen ab dem 1. Januar 2013 voll dividendenberechtigt sein. Deutsche Bank Aktiengesellschaft, Citigroup Global Markets Limited und HSBC Trinkaus & Burkhardt AG haben sich vorab verpflichtet, unter marktüblichen Bedingungen das gesamte Volumen der Transaktion von insgesamt EUR 2,5 Mrd. zu übernehmen. Die Durchführung der Transaktion ist für Mitte Mai bis Anfang Juni 2013 vorgesehen. Über den Bezugspreis, das Bezugsverhältnis sowie die Zahl der auszugebenden neuen Aktien und weitere Einzelheiten der Kapitalerhöhung wird der Vorstand der Commerzbank mit Zustimmung des Aufsichtsrats zu einem späteren Zeitpunkt entscheiden. Frankfurt am Main, April 17, 2013 COMMERZBANK AKTIENGESELLSCHAFT by: Kürschner by: Gerhardt - 8 -
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