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Disclaimer of Liability

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Nothing in this disclaimer excludes or limits our liability for fraud, for negligence causing death or personal injury, or for any liability to the extent that it cannot be excluded or limited under the applicable law or regulatory system.

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Legal and Regulatory Information

Nothing on the Site constitutes or forms a part of any offer or solicitation of any offer for sale or subscription of, or any invitation or solicitation to offer to buy or subscribe for, any securities, financial instruments or related instruments, nor should it or any part of it form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. It has been created and published by the Corporate Clients division of Commerzbank AG, Frankfurt/Main or the group companies mentioned in the document ("Commerzbank"). Commerzbank Corporate Clients is the investment banking division of Commerzbank, integrating research, debt, equities, interest rates and foreign exchange. Commerzbank AG operate through many different legal entities throughout the world and some legal entities may not be able to offer certain services or products in your location; you are directed in the first instance to the office in your own country.

In particular persons located within the United States of America (“US persons”) are requested to contact Commerz Markets LLC, or Commerzbank AG New York Branch if they require any further information as these are the entities within the Commerzbank group of companies authorised to conduct securities and banking activities respectively with US persons.

Nothing on the Site constitutes professional and/or financial advice, an information agreement, a recommendation as to suitability or appropriateness, or an offer or solicitation to enter into any form of transaction. Certain products may be high risk and may not be suitable for all investors. Any discussion of the risks associated with a particular product or service should not be regarded as complete or comprehensive. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances.

The information on the Site is a communication made, or approved for communication in the United Kingdom (“UK”), by Commerzbank AG acting through its London Branch, authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Incorporated in Germany as a stock corporation with limited liability. Details about the extent of our authorisation and regulation by the FCA are available from us on request.

Investment services and products described on this website are not intended for retail clients. In addition, the provision of investment services may be restricted in certain jurisdictions. We will not provide any products or services described herein to any person if the provision of such products or services would be in violation of the law of such person’s home country jurisdiction or any other related jurisdiction. You are required to acquaint yourself with any local laws and restrictions on the usage of the Site and the availability of any services described on the Site. Please note that the provision of investment services (including securities and banking activities) may be restricted in certain jurisdictions and that the information on the Site is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Any electronic communications with us shall be monitored by us in accordance with applicable law.

Past Performance:

All historic data, models and tests are sourced from Commerzbank unless otherwise stated thereon. Model tests, results and scenario forecasting are based upon publicly available information, using Commerzbank Group methodology. Results are based upon assumptions made and fed into models based upon the opinions of and by Commerzbank. The simulations have been developed on the basis of recognised mathematical procedures and are based on certain assumptions. The market values based on those simulations are purely indicative. They cannot be understood as if such market values have been achieved in the past. Neither is past performance, or simulated past performance, a reliable indicator of future results. In addition, the simulations are to be read as ad-hoc shifts with a view to the simulated interest rate developments; they contain pure sensitivities in market volatilities. Counterparty’s specifics are not taken into account. Nothing in these simulations constitutes an offer to enter into, transfer or terminate the financial instrument. Further, the simulations are not supposed to be advice regarding tax and accounting matters. Kindly note that we cannot judge whether the simulations fulfill the accounting principles applicable to your accounting standards.

Details of Commerzbank AG:

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60311 Frankfurt/Main

Representatives: Stefan Schmittmann (Chairman of the Supervisory Board), Martin Zielke (Chairman of the Board of Managing Directors), Marcus Chromik (Member of the Board of Managing Directors), Stephan Engels (Member of the Board of Managing Directors), Jörg Hessenmüller (Member of the Board of Managing Directors), Michael Mandel (Member of the Board of Managing Directors), Bettina Orlopp (Member of the Board of Managing Directors), Michael Reuther (Member of the Board of Managing Directors).

Regulator: Bundesanstalt fuer Finanzdienstleistungsaufsicht, Banking Supervision & Insurance Supervision Graurheindorfer Strasse 108 53117 Bonn Securities Supervision Lurgiallee 12 D-60439 Frankfurt Commercial Register and VAT identification number: Commercial Register: Local Court of Frankfurt/Main HRB 14000 VAT identification number: DE 114 103 514 Commerzbank AG is a stock corporation incorporated in Germany with limited liability. Commerzbank AG London Branch is registered in England (registered no. FC008139 and branch number BR 0010250), place of business 30 Gresham Street, London EC2V 7PG), and is authorised by the BaFin and subject to limited regulation by the FCA. The UK VAT number for Commerzbank AG, London Branch is 244 7335 60.


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