NOTICE N.º 1228/11
We hereby inform that, on 25th August, 2011, the following issues of warrants, shall be registered, issued by Commerzbank Aktiengesellshaft:
| Code | Name | Quantity |
| KEVAWP | Warrants sobre Allianz SE-Call-65 EUR-14.12.2011 | 500.000 |
| KEVBWP | Warrants sobre Allianz SE-Call-70 EUR-14.12.2011 | 500.000 |
| KEVCWP | Warrants sobre Allianz SE-Call-75 EUR-14.12.2011 | 500.000 |
| KEVDWP | Warrants sobre Allianz SE-Call-80 EUR-14.12.2011 | 500.000 |
| KEVEWP | Warrants sobre Allianz SE-Call-65 EUR-14.03.2012 | 500.000 |
| KEVFWP | Warrants sobre Allianz SE-Call-75 EUR-14.03.2012 | 500.000 |
| KEVGWP | Warrants sobre Allianz SE-Call-85 EUR-14.03.2012 | 500.000 |
| KEVHWP | Warrants sobre Allianz SE-Call-95 EUR-14.03.2012 | 500.000 |
| KEVIWP | Warrants sobre ALTRI-Call-1 EUR-14.03.2012 | 200.000 |
| KEVJWP | Warrants sobre ALTRI-Call-1,2 EUR-14.03.2012 | 200.000 |
| KEVKWP | Warrants sobre ALTRI-Call-1,6 EUR-14.03.2012 | 200.000 |
| KEVLWP | Warrants sobre Axa-Call-12 EUR-14.12.2011 | 1.500.000 |
| KEVMWP | Warrants sobre Axa-Call-10 EUR-14.03.2012 | 1.500.000 |
| KEVNWP | Warrants sobre Axa-Call-12 EUR-14.03.2012 | 1.500.000 |
| KEVOWP | Warrants sobre Axa-Put-12 EUR-14.12.2011 | 1.500.000 |
| KEVPWP | Warrants sobre Axa-Put-10 EUR-14.03.2012 | 1.500.000 |
| KEVQWP | Warrants sobre Axa-Put-8 EUR-14.03.2012 | 1.500.000 |
| KEVRWP | Warrants sobre Banco Espirito Santo-Call-2 EUR-14.03.2012 | 250.000 |
| KEVSWP | Warrants sobre Banco Espirito Santo-Call-3 EUR-14.03.2012 | 250.000 |
| KEVTWP | Warrants sobre Banco Espirito Santo-Put-2,4 EUR-14.03.2012 | 250.000 |
| KEVUWP | Warrants sobre Banco Espirito Santo-Put-1,6 EUR-14.03.2012 | 250.000 |
| KEVVWP | Warrants sobre Banco Santander-Call-6 EUR-14.03.2012 | 1.000.000 |
| KEVWWP | Warrants sobre Banco Santander-Call-7 EUR-14.03.2012 | 1.000.000 |
| KEVXWP | Warrants sobre Banco Santander-Put-6,5 EUR-14.03.2012 | 1.000.000 |
| KEVYWP | Warrants sobre Banco Santander-Put-5,5 EUR-14.03.2012 | 1.000.000 |
| KEVZWP | Warrants sobre BBVA-Call-6 EUR-14.03.2012 | 1.000.000 |
| KEV1WP | Warrants sobre BBVA-Call-7 EUR-14.03.2012 | 1.000.000 |
| KEV2WP | Warrants sobre BBVA-Put-6 EUR-14.03.2012 | 1.000.000 |
| KEV3WP | Warrants sobre BBVA-Put-5 EUR-14.03.2012 | 1.000.000 |
| KEV4WP | Warrants sobre BCP-Call-0,3 EUR-14.12.2011 | 500.000 |
| KEV5WP | Warrants sobre BCP-Put-0,3 EUR-14.12.2011 | 500.000 |
| KEV6WP | Warrants sobre BNP Paribas-Call-30 EUR-14.12.2011 | 1.000.000 |
| KEV7WP | Warrants sobre BNP Paribas-Call-35 EUR-14.12.2011 | 1.000.000 |
| KEV8WP | Warrants sobre BNP Paribas-Call-40 EUR-14.12.2011 | 1.000.000 |
| KEV9WP | Warrants sobre BNP Paribas-Call-30 EUR-14.03.2012 | 1.000.000 |
| KEWAWP | Warrants sobre BNP Paribas-Call-40 EUR-14.03.2012 | 1.000.000 |
| KEWBWP | Warrants sobre BNP Paribas-Call-50 EUR-14.03.2012 | 1.000.000 |
| KEWCWP | Warrants sobre BNP Paribas-Put-35 EUR-14.03.2012 | 1.000.000 |
| KEWDWP | Warrants sobre BNP Paribas-Put-25 EUR-14.03.2012 | 1.000.000 |
| KEWEWP | Warrants sobre BNP Paribas-Put-15 EUR-14.03.2012 | 1.000.000 |
| KEWFWP | Warrants sobre BPI SGPS-Call-0,7 EUR-14.03.2012 | 250.000 |
| KEWGWP | Warrants sobre BPI SGPS-Call-1 EUR-14.03.2012 | 250.000 |
| KEWHWP | Warrants sobre BPI SGPS-Put-0,8 EUR-14.03.2012 | 250.000 |
| KEWIWP | Warrants sobre BPI SGPS-Put-0,5 EUR-14.03.2012 | 250.000 |
| KEWJWP | Warrants sobre BRISA-Call-2,7 EUR-14.12.2011 | 250.000 |
| KEWKWP | Warrants sobre BRISA-Call-3,2 EUR-14.12.2011 | 250.000 |
| KEWLWP | Warrants sobre BRISA-Call-3 EUR-14.03.2012 | 250.000 |
| KEWMWP | Warrants sobre BRISA-Put-2,7 EUR-14.12.2011 | 250.000 |
| KEWNWP | Warrants sobre BRISA-Put-2,5 EUR-14.12.2011 | 250.000 |
| KEWOWP | Warrants sobre BRISA-Put-2 EUR-14.03.2012 | 250.000 |
| KEWPWP | Warrants sobre Cimpor-Call-5 EUR-14.03.2012 | 150.000 |
| KEWQWP | Warrants sobre Cimpor-Call-5,5 EUR-14.03.2012 | 150.000 |
| KEWRWP | Warrants sobre Cimpor-Call-6 EUR-14.03.2012 | 150.000 |
| KEWSWP | Warrants sobre Commerzbank AG-Call-1,5 EUR-14.12.2011 | 500.000 |
| KEWTWP | Warrants sobre Commerzbank AG-Call-2 EUR-14.12.2011 | 500.000 |
| KEWUWP | Warrants sobre Commerzbank AG-Call-2,5 EUR-14.12.2011 | 500.000 |
| KEWVWP | Warrants sobre Commerzbank AG-Call-3,5 EUR-14.12.2011 | 500.000 |
| KEWWWP | Warrants sobre Commerzbank AG-Call-2 EUR-14.03.2012 | 500.000 |
| KEWXWP | Warrants sobre Commerzbank AG-Call-3 EUR-14.03.2012 | 500.000 |
| KEWYWP | Warrants sobre Commerzbank AG-Put-2,5 EUR-14.03.2012 | 500.000 |
| KEWZWP | Warrants sobre Commerzbank AG-Put-2 EUR-14.03.2012 | 500.000 |
| KEW1WP | Warrants sobre Deutsche Bank-Call-30 EUR-14.03.2012 | 500.000 |
| KEW2WP | Warrants sobre Deutsche Bank-Call-50 EUR-14.03.2012 | 500.000 |
| KEW3WP | Warrants sobre Deutsche Bank-Put-30 EUR-14.03.2012 | 500.000 |
| KEW4WP | Warrants sobre Deutsche Bank-Put-20 EUR-14.03.2012 | 500.000 |
| KEW5WP | Warrants sobre EDP Renovaveis-Call-4 EUR-14.03.2012 | 200.000 |
| KEW6WP | Warrants sobre EDP Renovaveis-Call-5 EUR-14.03.2012 | 200.000 |
| KEW7WP | Warrants sobre EDP Renovaveis-Put-4 EUR-14.03.2012 | 200.000 |
| KEW8WP | Warrants sobre EDP Renovaveis-Put-3 EUR-14.03.2012 | 200.000 |
| KEW9WP | Warrants sobre GALP Energia-Call-16 EUR-14.12.2011 | 500.000 |
| KEXAWP | Warrants sobre GALP Energia-Call-12 EUR-14.03.2012 | 500.000 |
| KEXBWP | Warrants sobre GALP Energia-Call-14 EUR-14.03.2012 | 500.000 |
| KEXCWP | Warrants sobre GALP Energia-Put-15 EUR-14.12.2011 | 500.000 |
| KEXDWP | Warrants sobre GALP Energia-Put-14 EUR-14.03.2012 | 500.000 |
| KEXEWP | Warrants sobre GALP Energia-Put-10 EUR-14.03.2012 | 500.000 |
| KEXFWP | Warrants sobre Jeronimo Martins-Call-12,5 EUR-14.03.2012 | 250.000 |
| KEXGWP | Warrants sobre Jeronimo Martins-Call-13,5 EUR-14.03.2012 | 250.000 |
| KEXHWP | Warrants sobre Jeronimo Martins-Put-12,5 EUR-14.03.2012 | 250.000 |
| KEXIWP | Warrants sobre Jeronimo Martins-Put-11,5 EUR-14.03.2012 | 250.000 |
| KEXJWP | Warrants sobre Mota-Engil-Call-1 EUR-14.03.2012 | 100.000 |
| KEXKWP | Warrants sobre Mota-Engil-Call-1,25 EUR-14.03.2012 | 100.000 |
| KEXLWP | Warrants sobre Mota-Engil-Call-1,5 EUR-14.03.2012 | 100.000 |
| KEXMWP | Warrants sobre Nokia-Call-4 EUR-14.12.2011 | 500.000 |
| KEXNWP | Warrants sobre Nokia-Call-4,5 EUR-14.12.2011 | 500.000 |
| KEXOWP | Warrants sobre Nokia-Call-3,5 EUR-14.12.2011 | 500.000 |
| KEXPWP | Warrants sobre Nokia-Call-4 EUR-14.03.2012 | 500.000 |
| KEXQWP | Warrants sobre Nokia-Call-5 EUR-14.03.2012 | 500.000 |
| KEXRWP | Warrants sobre Nokia-Put-4 EUR-14.12.2011 | 500.000 |
| KEXSWP | Warrants sobre Nokia-Put-3,5 EUR-14.12.2011 | 500.000 |
| KEXTWP | Warrants sobre Nokia-Put-3 EUR-14.12.2011 | 500.000 |
| KEXUWP | Warrants sobre Nokia-Put-4 EUR-14.03.2012 | 500.000 |
| KEXVWP | Warrants sobre Nokia-Put-3 EUR-14.03.2012 | 500.000 |
| KEXWWP | Warrants sobre Portucel-Call-1,5 EUR-14.03.2012 | 150.000 |
| KEXXWP | Warrants sobre Portucel-Call-2 EUR-14.03.2012 | 150.000 |
| KEXYWP | Warrants sobre Portucel-Call-2,5 EUR-14.03.2012 | 150.000 |
| KEXZWP | Warrants sobre Portugal Telecom-Call-5,75 EUR-14.12.2011 | 500.000 |
| KEX1WP | Warrants sobre Portugal Telecom-Call-6,25 EUR-14.12.2011 | 500.000 |
| KEX2WP | Warrants sobre Portugal Telecom-Call-5,75 EUR-14.03.2012 | 500.000 |
| KEX3WP | Warrants sobre Portugal Telecom-Put-4,75 EUR-14.03.2012 | 500.000 |
| KEX4WP | Warrants sobre REN Redes Energeticas Nacionais-Call-2 EUR-14.12.2011 | 100.000 |
| KEX5WP | Warrants sobre REN Redes Energeticas Nacionais-Call-2,2 EUR-14.12.2011 | 100.000 |
| KEX6WP | Warrants sobre REN Redes Energeticas Nacionais-Call-2 EUR-14.03.2012 | 100.000 |
| KEX7WP | Warrants sobre REN Redes Energeticas Nacionais-Call-2,2 EUR-14.03.2012 | 100.000 |
| KEX8WP | Warrants sobre REN Redes Energeticas Nacionais-Call-2,6 EUR-14.03.2012 | 100.000 |
| KEX9WP | Warrants sobre Semapa-Call-5,5 EUR-14.03.2012 | 100.000 |
| KFJAWP | Warrants sobre Semapa-Call-6,5 EUR-14.03.2012 | 100.000 |
| KFJBWP | Warrants sobre Semapa-Call-7,5 EUR-14.03.2012 | 100.000 |
| KFJCWP | Warrants sobre Sonae Industria-Call-0,8 EUR-14.12.2011 | 150.000 |
| KFJDWP | Warrants sobre Sonae Industria-Call-1 EUR-14.12.2011 | 150.000 |
| KFJEWP | Warrants sobre Sonae Industria-Call-0,8 EUR-14.03.2012 | 150.000 |
| KFJFWP | Warrants sobre Sonae Industria-Call-1 EUR-14.03.2012 | 150.000 |
| KFJGWP | Warrants sobre Sonae Industria-Call-1,4 EUR-14.03.2012 | 150.000 |
| KFJHWP | Warrants sobre Sonae SGPS-Call-0,4 EUR-14.12.2011 | 200.000 |
| KFJIWP | Warrants sobre Sonae SGPS-Call-0,5 EUR-14.12.2011 | 200.000 |
| KFJJWP | Warrants sobre Sonae SGPS-Call-0,5 EUR-14.03.2012 | 200.000 |
| KFJKWP | Warrants sobre Sonae SGPS-Call-0,6 EUR-14.03.2012 | 200.000 |
| KFJLWP | Warrants sobre Telefonica-Call-14 EUR-14.03.2012 | 500.000 |
| KFJMWP | Warrants sobre Telefonica-Call-20 EUR-14.03.2012 | 500.000 |
| KFJNWP | Warrants sobre Telefonica-Put-14 EUR-14.03.2012 | 500.000 |
| KFJOWP | Warrants sobre Telefonica-Put-10 EUR-14.03.2012 | 500.000 |
| KFJPWP | Warrants sobre Zon Multimedia-Call-2,25 EUR-14.12.2011 | 150.000 |
| KFJQWP | Warrants sobre Zon Multimedia-Call-2,75 EUR-14.12.2011 | 150.000 |
| KFJRWP | Warrants sobre Zon Multimedia-Call-1,75 EUR-14.12.2011 | 150.000 |
| KFJSWP | Warrants sobre Zon Multimedia-Call-2,25 EUR-14.03.2012 | 150.000 |
| KFJTWP | Warrants sobre Zon Multimedia-Call-2,75 EUR-14.03.2012 | 150.000 |
| KFJUWP | Warrants sobre Zon Multimedia-Call-3,75 EUR-14.03.2012 | 150.000 |
INTERBOLSA, 24th August, 2011