COMMERZBANK AG - Company Announcement

COMMERZBANK AG HAS ESTABLISHED A BASE PROSPECTUS FOR ISSUANCE OF STANDARD AND TURBO WARRANTS AND ISSUES 26 NEW STANDARD WARRANTS AND TURBO WARRANTS

COMMERZBANK AG STOCK EXCHANGE RELEASE 22 MARCH, 2007

COMMERZBANK AG HAS ESTABLISHED A BASE PROSPECTUS FOR ISSUANCE OF STANDARD AND
TURBO WARRANTS AND ISSUES 26 NEW STANDARD WARRANTS AND TURBO WARRANTS ON DAX
INDEX AND NOKIA OYJ SHARE 

Commerzbank AG (“Commerzbank”), Germany's leading issuer of structured
products, has established a new base prospectus for standard warrants
(“Warrants”) and turbo warrants (“TURBO Warrants”) dated 13 March, 2007 (“Base
Prospectus”) and issues a total of 26 new European Warrants and TURBO Warrants
on the Helsinki Stock Exchange. The Warrants and the TURBO Warrants will be
subject to public trading on the Helsinki Stock Exchange as of March 26, 2007. 

The underlying asset of the Warrants will be the NOKIA OYJ share and the
underlying asset of the TURBO Warrants will be the DAX Index and the NOKIA OYJ
share. The issue includes 6 TURBO CALL Warrants and 9 TURBO PUT Warrants as
well as 7 CALL Warrants and 4 PUT Warrants (no Asian tail). 

The Warrants and the TURBO Warrants will be issued under the new Commerzbank's
Base Prospectus dated 13 March, 2007. The listing particulars in the Base
Prospectus and the Final Terms are available as of today at the Commerzbank
warrant website at www.warrants.commerzbank.com and at the office of the
Helsinki Stock Exchange at Fabianinkatu 14, Helsinki. 

For more information, please contact Commerzbank's warrant hotline 0800-199988,
or visit the website: www.warrants.commerzbank.com. 

Market making for the Warrants and TURBO Warrants issued by Commerzbank will be
provided by Commerzbank under normal market conditions during opening hours of
the Helsinki Stock Exchange. In the case where a TURBO Warrant reaches the
knock-out level, market making in the TURBO Warrant will end. For more specific
information about a knock-out event and potential redemption value, please read
the relevant final terms and Base Prospectus available at the Commerzbank
warrant website at www.warrants.commerzbank.com. 

Commerzbank AG will during normal market conditions provide a minimum volume of
1000 Warrants and TURBO Warrants with a maximum spread between BID and ASK
price of EUR 0.10 for Warrants and TURBO Warrants with a price that is less
than EUR 2 and 5% for Warrants and TURBO Warrants with a price higher than EUR
2. For Warrants and TURBO Warrants with a price less than EUR 0.01, BID prices
will not be provided. Commerzbank reserves the right to base the price of the
Warrants and TURBO Warrants according to parameters decided by Commerzbank at
its own discretion. 



Trading Commerzbank Warrants and TURBO Warrants: 
Investors will be able to sell back their Warrants and TURBO Warrants until the
closing of the exchange on the expiry date of such Warrants or TURBO Warrants. 
The investor will be able to buy the Warrants and TURBO Warrants issued by
Commerzbank until the closing of the exchange on the day before the expiry date
of such Warrants or TURBO Warrants. 


TURBO Warrants:

Underlying                       Nokia Oyj
Type                             CALL Turbo
Strike                           15.50
Knock-Out                        16.00
Last Trading date                18-May-2007
Parity (1 per underlying)        1
Trading Code                     7ENOEW155T
ISIN code                        DE000CB3ANB9

Underlying                       Nokia Oyj
Type                             CALL Turbo
Strike                           13.50
Knock-Out                        14.00
Last Trading date                18-May-2007
Parity (1 per underlying)        1
Trading Code                     7ENOEW135T
ISIN code                        DE000CB3ANC7

Underlying                       Nokia Oyj
Type                             PUT Turbo
Strike                           18.50
Knock-Out                        18.00
Last Trading date                15-Jun-2007
Parity (1 per underlying)        1
Trading Code                     7RN1EW185T
ISIN code                        DE000CB3AND5

Underlying                       Nokia Oyj
Type                             PUT Turbo
Strike                           19.50
Knock-Out                        19.00
Last Trading date                15-Jun-2007
Parity (1 per underlying)        1
Trading Code                     7RNOEW195T
ISIN code                        DE000CB3ANE3

Underlying                       Nokia Oyj
Type                             PUT Turbo
Strike                           19.00
Knock-Out                        18.50
Last Trading date                21-Sep-2007
Parity (1 per underlying)        1
Trading Code                     7UNOKEW19T
ISIN code                        DE000CB3ANF0

Underlying                       Nokia Oyj
Type                             PUT Turbo
Strike                           20.00
Knock-Out                        19.50
Last Trading date                21-Sep-2007
Parity (1 per underlying)        1
Trading Code                     7UNOKEW20T
ISIN code                        DE000CB3ANG8

Underlying                       Nokia Oyj
Type                             PUT Turbo
Strike                           19.00
Knock-Out                        18.50
Last Trading date                21-Dec-2007
Parity (1 per underlying)        1
Trading Code                     7YNOKEW19T
ISIN code                        DE000CB3ANH6

Underlying                       DAX
Type                             CALL Turbo
Strike                           6400
Knock-Out                        6400
Last Trading date                13-Jun-2007
Parity (1 per underlying)        200
Trading Code                     7FDAXEW64T
ISIN code                        DE000CB3ANJ2

Underlying                       DAX
Type                             CALL Turbo
Strike                           6500
Knock-Out                        6500
Last Trading date                13-Jun-2007
Parity (1 per underlying)        200
Trading Code                     7FDAXEW65T
ISIN code                        DE000CB3ANK0

Underlying                       DAX
Type                             CALL Turbo
Strike                           6200
Knock-Out                        6200
Last Trading date                13-Jun-2007
Parity (1 per underlying)        200
Trading Code                     7FDAXEW62T
ISIN code                        DE000CB3ANL8

Underlying                       DAX
Type                             CALL Turbo
Strike                           6000
Knock-Out                        6000
Last Trading date                13-Jun-2007
Parity (1 per underlying)        200
Trading Code                     7FDAXEW60T
ISIN code                        DE000CB3ANM6

Underlying                       DAX
Type                             PUT Turbo
Strike                           7100
Knock-Out                        7100
Last Trading date                18-Jul-2007
Parity (1 per underlying)        200
Trading Code                     7SDAXEW71T
ISIN code                        DE000CB3ANN4
 
Underlying                       DAX
Type                             PUT Turbo
Strike                           7200
Knock-Out                        7200
Last Trading date                18-Jul-2007
Parity (1 per underlying)        200
Trading Code                     7SDAXEW72T
ISIN code                        DE000CB3ANP9

Underlying                       DAX
Type                             PUT Turbo
Strike                           7000
Knock-Out                        7000
Last Trading date                18-Jul-2007
Parity (1 per underlying)        200
Trading Code                     7SDA1EW70T
ISIN code                        DE000CB3ANQ7

Underlying                       DAX
Type                             PUT Turbo
Strike                           7100
Knock-Out                        7100
Last Trading date                17-Oct-2007
Parity (1 per underlying)        200
Trading Code                     7VDAXEW71T
ISIN code                        DE000CB3ANR5


Warrants:

Underlying                       Nokia Oyj
Type                             European Call Warrant
Strike                           16.50
Last Trading date                15-Jun-2007
Parity (1 per underlying)        5
Trading Code                     7FNOKEW165
ISIN code                        DE000CB3AMQ9

Underlying                       Nokia Oyj
Type                             European Call Warrant
Strike                           17.50
Last Trading date                15-Jun-2007
Parity (1 per underlying)        5
Trading Code                     7FNO1EW175
ISIN code                        DE000CB3AMR7

Underlying                       Nokia Oyj
Type                             European Call Warrant
Strike                           18.50
Last Trading date                15-Jun-2007
Parity (1 per underlying)        5
Trading Code                     7FNOKEW185
ISIN code                        DE000CB3AMS5

Underlying                       Nokia Oyj
Type                             European Put Warrant
Strike                           16.00
Last Trading date                15-Jun-2007
Parity (1 per underlying)        5
Trading Code                     7RNO4EW160
ISIN code                        DE000CB3AMT3

Underlying                       Nokia Oyj
Type                             European Put Warrant
Strike                           15.00
Last Trading date                15-Jun-2007
Parity (1 per underlying)        5
Trading Code                     7RNO3EW150
ISIN code                        DE000CB3AMU1

Underlying                       Nokia Oyj
Type                             European Call Warrant
Strike                           17.00
Last Trading date                21-Sep-2007
Parity (1 per underlying)        5
Trading Code                     7INO2EW170
ISIN code                        DE000CB3AMV9

Underlying                       Nokia Oyj
Type                             European Call Warrant
Strike                           18.00
Last Trading date                21-Sep-2007
Parity (1 per underlying)        5
Trading Code                     7INO4EW180
ISIN code                        DE000CB3AMW7

Underlying                       Nokia Oyj
Type                             European Put Warrant
Strike                           15.00
Last Trading date                21-Sep-2007
Parity (1 per underlying)        5
Trading Code                     7UNO3EW150
ISIN code                        DE000CB3AMX5

Underlying                       Nokia Oyj
Type                             European Call Warrant
Strike                           17.00
Last Trading date                21-Dec-2007
Parity (1 per underlying)        5
Trading Code                     7LNO1EW170
ISIN code                        DE000CB3AMY3

Underlying                       Nokia Oyj
Type                             European Call Warrant
Strike                           18.00
Last Trading date                21-Dec-2007
Parity (1 per underlying)        5
Trading Code                     7LNO2EW180
ISIN code                        DE000CB3AMZ0

Underlying                       Nokia Oyj
Type                             European Put Warrant
Strike                           15.00
Last Trading date                21-Dec-2007
Parity (1 per underlying)        5
Trading Code                     7YNO1EW150
ISIN code                        DE000CB3ANA1