COMMERZBANK AG - mBank Hipoteczny € 300mn covered due 2025

Pre-Stabilisation notice

19 April

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

mBank Hipoteczny S.A.€ 300,000,000 covered bonds due 2025

Pre-Stabilisation Notice

Commerzbank AG (contact: Daniela Olt-Farrelly; telephone: [phone]) hereby announces, as Stabilisation Coordinator, that the Stabilising Managers 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:	mBank Hipoteczny S.A.
Guarantor (if any):	none
Aggregate nominal amount:	EUR 300,000,000.00
Description:	Fixed rate covered bonds due 2025
Offer price:	tbc
Other offer terms:	soft bullet, maturity 5th March 2025, settlement 26th April 2018, denoms 100k/100k, listing Luxembourg
Stabilisation:
Stabilisation Coordinator: Stabilising Managers:	Commerzbank AG Erste Group Bank JP Morgan LBBW Société Générale
Stabilisation period expected to start on:	19th April 2018
Stabilisation period expected to end on:	not later than 30 days after the proposed issue date of the securities
Existence, maximum size and conditions of use of over-allotment facility.	The Stabilising Managers may over-allot the securities to the extent permitted in accordance with applicable law.
Stabilisation trading venue:	Luxembourg

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

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