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The content of this website is for information purposes only and is not intended to provide the basis of any investment decision and should not be considered as a recommendation or offer to purchase or sell securities or other financial instruments by Commerzbank or any of its connected persons to any visitor.

Commerzbank cannot be held liable for any decision taken on the basis of information contained on the Website, or for any use which may be made of it by third parties. Anyone wishing to make use of one or more of the services shown on the Website is asked to contact Commerzbank.

The information provided does not constitute investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. Users should consult with their own accounting, legal or other advisors as to the adequacy of this information for your purposes.

Commerzbank makes no representations as to the accuracy, completeness, timeliness, suitability or validity of any information presented herein and will not be liable for any errors, omissions, or delays in this information or any losses, injuries or damages arising from its display or use and no representation is made that any returns will be achieved through its use.

Information is not Indicative of Future Results

Any data or information on past performance, modelling or back-testing contained herein is not necessarily indicative of future results. All levels, prices and spreads are historical and do not represent current market levels, prices or spreads, some or all of which may have changed. The information referenced herein or any of the results derived from any analytic tools or reports referenced herein are not intended to predict actual results and no assurances are given with respect thereto. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity).

Nothing in this Website is, or should be relied on as, a promise or representation as to the future. It is to be considered in view of the time it was placed online and not at the time the website is used. Commerzbank reserves the right to amend Website content at any time and without prior notice, and accept no liability in the event of delay, error or omission with respect to the content of pages on this Website.

The availability of products and services shown on the Website may be subject to restrictions with respect to certain individuals or entities, or certain countries. No such products or services will be supplied by Commerzbank to individuals or entities if the law in their country of origin or any other relevant country prohibits it.

Visitors should review independently and/or obtain independent professional advice and draw their own conclusions regarding the suitability/appropriateness of any transaction including the economic benefit and risks and the legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. Levels, bases and relief from taxation may change from time to time.

United Kingdom: The content of this website is intended solely for professional customers and / or eligible counterparties of Commerzbank. It is not intended to be distributed to retail clients or potential retail clients.

Commerzbank AG London Branch is authorised by the German Federal Financial Supervisory Authority and the European Central Bank. Commerzbank AG London Branch is authorised and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority (Financial Services Register number: 124920).

US: General and product specific risk disclosures in over-the-counter derivative transactions may have been provided to you during the account opening process of becoming a customer of Commerzbank. Please review the ISDA General Disclosure Statement for Transactions for a description of generic risks as well as specific material risks, conflicts of interest and material incentives related to entering into a transaction. Product specific risk disclosures can be found in the ISDA disclosure annex materials. If you would like another copy of these disclosures, please request them of your Commerzbank contact. Banking services in the U.S. will be provided by Commerzbank AG, New York Branch or Commerzbank AG, Grand Cayman Branch. Securities activities in the US are conducted through Commerz Markets LLC, a wholly owned broker dealer of Commerzbank AG, and member of FINRA and SIPC. Commerzbank AG is not a member of SIPC and is a provisionally registered swap dealer with the CFTC. US. Banking services in the U.S. will be provided by Commerzbank AG, New York Branch. Securities activities in the US are conducted through Commerz Markets LLC, a wholly owned broker-dealer of Commerzbank AG, and member of FINRA and SIPC, and swap transaction with Commerzbank AG. Commerzbank AG is not a member of SIPC and is a provisionally registered swap dealer with the CFTC. Some products may be unavailable in the United States. Any derivatives transaction with US persons must be effected in accordance with the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Canada: The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. In Canada, the information contained herein is intended solely for distribution to Permitted Clients (as such term is defined in National Instrument 31-103) with whom Commerz Markets LLC deals pursuant to the international dealer exemption. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities may not be conducted through Commerz Markets LLC. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence.

Dubai (DIFC): The content on this website has been approved for distribution in or from the DIFC, Dubai, United Arab Emirates (the U.A.E) under the applicable Regulatory Law 2004 and the DFSA Rules by Commerzbank AG DIFC Branch. This content may only be received in or from the DIFC, Dubai U.A.E by Market Counterparties and Professional Clients as defined in the DFSA Rulebook Conduct of Business Module Section 2.3. Commerzbank AG DIFC Branch is regulated by The Dubai Financial Services Authority (The ‘DFSA’). Commerzbank AG DIFC Branch Suite 11-15, Gate Village 05 4th Floor, Dubai International Financial Centre PO Box 506596, Dubai, United Arab Emirates Tel.: +971 4 428 4999.


Note that Commerzbank AG, Tokyo Branch has not participated in its preparation. The information on the website and its distribution do not constitute and should not be construed as a "solicitation" under the Japanese Financial Instrument Exchange Act (FIEA). The information may be distributed from Commerzbank international branches outside Japan solely to "professional investors" as defined in Section 2(31) of the FIEA and Section 23 of the Cabinet Ordinance Regarding Definition of Section 2 of the FIEA. Not all financial or other instruments referred to in this document are available within Japan. You should contact Corporate Clients Division of Commerzbank AG for inquiries on availability of such instruments.

This website and its distribution do not constitute and should not be construed as a "solicitation" under the Commodity Derivative Act (hereinafter, "CDA") of Japan. This website may be distributed in Japan solely to "Persons, etc. with high ability on OTC Commodity Derivative Transaction (hereinafter, "Ability persons, etc.")*" as defined in Article 1 of Ordinance for Enforcement of the CDA from Commerzbank international branches outside Japan. Note that Commerzbank AG, Tokyo Branch has not participated in its preparation. Not all financial or other instruments referred to in this document are available from the Tokyo branch. You should contact Commerzbank AG or Commerzbank AG, Tokyo Branch for inquiries on availability of such instruments. It is not intended for distribution to individual investors.

Commerzbank AG Head Office, Commerzbank AG Tokyo Branch and any other branches may conduct the OTC commodity derivatives transactions (including its intermediary and agency services) which do not refer to certain commodities and/or commodity indices that are (or are similar to those) listed on an onshore exchange (hereinafter, "Listed commodities")** to the Ability persons, etc. Only Commerzbank AG Head Office, Tokyo Branch, Singapore Branch, Hong Kong Branch, Luxemburg Branch and London Branch have been registered as the "Specified OTC Commodity Dealer" to Ministry of Agriculture, Forestry and Fisheries and Ministry of Economy, Trade and Industry and may conduct the OTC commodity derivatives transactions (including its intermediary/agency services) which refer to the Listed commodities to the Ability persons, etc. as well.

Note: * Ability persons, etc. is defined as follows.

- Commodity Derivatives Dealers approved by the CDA

- Qualified Institutional Investors under Financial Instruments and Exchange Act (FIEA)

- Type 1 Financial Instruments Business Operator under FIEA

- Registered Financial Institutions under FIEA

- Stock company (Kabushiki-kaisha) or foreign equivalents with the stated capital of which amounts to at least JPY1 billion and its subsidiaries.

** Listed commodities means commodities and/or commodity indices which are listed at Japan onshore exchanges. As the Listed commodities may change, please confirm with Commerzbank Tokyo Branch.

Hong Kong: The content on this website is furnished in Hong Kong by Commerzbank AG, Hong Kong Branch, and may only be received in Hong Kong by ‘professional investors’ within the meaning of the Securities and Futures Ordinance (Cap.571) of Hong Kong and any rules made there under, and persons whose ordinary business is to buy or sell shares or debentures.

Italy: You should contact Commerzbank AG, London Branch if you wish to use our services to effect a transaction in any of the financial or other instruments mentioned in this communication.

People’s Republic of China (PRC): The content of this website is furnished by Commerzbank AG and is only intended for institutions that are eligible for financial transactions. No-one else may rely on any information contained within this website. Unless otherwise regulated, any derivative transactions by PRC entities may only be entered into by enterprises for hedging purpose, or PRC financial institutions which are permitted to conduct derivatives business in the PRC and have obtained all necessary regulatory approvals in the PRC.

Singapore: The communication and/or information contained in this website should only be read or received by an institutional investor or an accredited investor as respectively defined in section 4A of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”) pursuant to section 274 or section 275 (as applicable) of the SFA. Nothing in this website constitutes accounting, legal, regulatory, tax, financial or other advice and/or recommendations to the recipient of this communication/information. Further, the communication/information contained herein does not constitute a “financial advisory service” within the meaning of the Financial Advisers Act, Chapter 110 of Singapore (“FAA”) and therefore, the regulatory requirements and duties that may be owed to a client pursuant to or in connection with the FAA are not applicable to the recipient in connection with this communication/information on this website. Recipients are advised to seek independent advice from their own professional advisers about the information contained herein.”

Information about credit transfers

Payment data of cross border credit transfers and other urgent payments are transferred via the only worldwide acting provider of financial messaging service SWIFT (Society for Worldwide Interbank Financial Telecommunication) based in Belgium to the beneficiary´s bank. For data security reasons, SWIFT stores the transaction data temporarily in their data processing center in the Netherlands and in Switzerland.

The occasion of this information is the resolution of the EU-Council in November 2009 to grant US-authorities access to credit transfer data from February 1st, 2010 until October 31st, 2010 in the data processing center in Switzerland in order to fight international terrorism.

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All information contained herein shall only be used by the user for their /her own personal reference. Commerzbank owns all copyrights in this website. Downloading, copying and saving of all or parts of this website is only allowed for private reasons. Any other use, including any disclosure or distribution to of any information to any third party, the creation of Links to this internet portal or the display of COSOPIA webpages in a frame requires the express written permission of Commerzbank.

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