Pre-Stabilisation notice                            

    9th January 2017

    Not for distribution, directly or indirectly, in or into the United States or
    any jurisdiction in which such distribution would be unlawful.

                            Commerzbank Aktiengesellschaft                         

                  EUR Dated Subordinated Tier 2 Notes due March 2027               

                    Launched pursuant to the issuer's MTN Programme                

                               Pre-Stabilisation Notice                            

    Commerzbank AG (contact: Ian Turner; telephone: 44-207-475-1817) hereby
    announces, as Stabilisation Coordinator, that the Stabilising Manager(s) named
    below may stabilise the offer of the following securities in accordance with
    Commission Delegated Regulation (EU) 2016/1052 under the Market Abuse
    Regulation (EU Regulation 596/2014).

    The security to be stabilised:                                                
                                                                                  
    Issuer:                             Commerzbank Aktiengesellschaft            
                                                                                  
    Guarantor (if any):                 n/a                                       
                                                                                  
    Aggregate nominal amount:          Benchmark                                  
                                                                                  
    Description:                       EUR Dated Subordinated Tier 2 Notes due    
                                       2027                                       
                                                                                  
    Offer price:                        n/a                                       
                                                                                  
    Other offer terms:                 Denoms: EUR1k, Listing Frankfurt           
                                                                                  
    Stabilisation:                                                                
                                                                                  
    Stabilising Manager(s):            Commerzbank Aktiengesellschaft             
                                                                                  
                                       Credit Agricole Corporate & Investment Bank
                                       Credit Suisse                              
                                       Merrill Lynch International Limited        
                                       UBS Limited                                
                                                                                  
    Stabilisation period expected to   9th January 2017                           
    start on:                                                                     
                                                                                  
    Stabilisation period expected to   8th February 2017 (30 days after the       
    end on:                            proposed issue date of the securities)     
                                                                                  
    Existence, maximum size and        The Stabilising Manager(s) may over-allot  
    conditions of use of               the securities to the extent permitted in  
    over-allotment facility.           accordance with applicable law.            
                                                                                  
    Stabilisation trading venue:       Frankfurt                                  

    In connection with the offer of the above securities, the Stabilising Manager
    (s) may over-allot the securities or effect transactions with a view to
    supporting the market price of the securities during the stabilisation period
    at a level higher than that which might otherwise prevail. However,
    stabilisation may not necessarily occur and and any stabilisation action, if
    begun, may cease at any time Any stabilisation action or over-allotment shall
    be conducted in accordance with all applicable laws and rules.

    This announcement is for information purposes only and does not constitute an
    invitation or offer to underwrite, subscribe for or otherwise acquire or
    dispose of any securities of the Issuer in any jurisdiction.

    This announcement is not for distribution, directly or indirectly, in or into
    the United States or any other jurisdiction in which such distribution would be
    unlawful.

    END