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Commerzbank AG Capital/Financing Update 2013

Mar 21, 2013

81_ip_2013-03-21_6d71a19e-f5d4-4294-9179-9d2336715c8f.pdf

Capital/Financing Update

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Final repayment of SoFFin and AllianzSilent Participations

Morgan Stanley European Financials Conference

Final repayment of SoFFin and Allianz Silent Participations

  • Final step in our strategy to repay the Silent Participations as early as possible, taking advantage of the currently positive capital markets environment
  • €2.5bn rights issue to redeem the Silent Participations raises our Basel III fullyphased-in CET1 ratio by c.1ppt to an expected 8.6%1)
  • Anticipation of full application of Basel III rules: "lower quality" Silent Participations replaced by highest quality capital
  • Improved capital structure enhances our future dividend payment ability, target Basel III fully phased-in CET 1 ratio of 9% expected to be reached already by year-end 2014
    • SoFFin's shareholding in Commerzbank is expected to fall from currently 25% plus one share to below 20% in the course of the transaction

1)Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio, impact from capital increase and under Commerzbank estimates regarding final Basel III regime

Key transaction details

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Significantly improved Basel III capital ratios after the transaction

1)Under Commerzbank estimates regarding final Basel III regime 2) Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio and impact from capital increase

Already significant progress in de-leveraging and de-risking the bank

1)Pro-forma, Commerzbank plus Dresdner Bank

Commerzbank with strong position in core German banking products

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good profitability

Commerzbank with strong franchise in core banking products

CEE: Focus on our strengths

  • › Strong market presence of BRE Bank in attractive growth market Poland with 4m customers
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Mittelstandsbank: Leveraging our success

  • Market leader in German SME banking with unrivalled regional coverage Market-leading foreign trade expertise, profiting from strong export trends Strong track record and Avg. Capital: €5.8bn2011 2012 Operating RoE 1)
  • 23%29%

C&M: Client centric investment banking

  • › Integrated investment banking model, serving C&M, MSB and PC clients 1)
  • › €800m synergies from merger lifted, 56% RWA, 33% Credit VaR reduction achieved
  • › Continue to focus on core strengths and further optimise efficiency and profitability

1)Average capital employed in FY 2012 2) Excl. sale of PSB effect; reported operating RoE 2011: 24%, 2012: 14% 3) Excl. OCS effect; reported operating RoE 2011: 15%, 2012: 6%

Higher capital allocation to strong core banking franchise basis for strengthening our earnings capacity

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Non-Core Assets with strong EaD reduction track record and high wind-down momentum

Our strategic goals

  • › Value-preserving run-down, balancing swift portfolio reduction, loss realisation and risk mitigation
  • › NCA wind-down expected to turn capital accretive1) from 2014 onwards
  • › Accelerated and value preserving wind-down for assets with negative risk outlook and high capital charges
  • › Implementation of consistent capital management approach across all asset classes

Significantly reduce portfolios and capital consumption while containing risks and lossesGoal

  • 82 80 80 77 89 › Significant EaD (incl. NPL) reduction ahead of plan already achieved in 2012, €9bn in Q4 alone
  • › Strong wind-down momentum, particularly in CRE, continues in 2013
  • › First margin expansions for prolongations achieved

1)Positive capital effects from RWA reduction are expected to outweigh negative effects from operating losses according to current Commerzbank planning

Optimise capital allocation: RWA reduction in NCA results in significantly improved capital allocation in 2016

1)figures according to current NCA structure

From 2014 on rundown of NCA starting to be capital accretive

Comments

  • Cumulative losses in the years 2013-2016 of approximately €2.3bn anticipated
  • Over the next four years, capital relief due to RWAreduction of about €30bn slightly overcompensates the losses
  • In particular, from 2014 onwards capital relief due to RWA-reduction higher than losses

1) Basel III phase-in of negative revaluation reserve from 2014 onwards not taken into account

Summary and Outlook

  • Full repayment of SoFFin and Allianz Silent Participations, taking advantage of the currently positive capital markets environment
  • €2.5bn rights issue to repay Silent Participations raises our Basel III fully phased-inCET 1 ratio by c.1ppt to an expected 8.6%1)
  • SoFFin's shareholding in Commerzbank is expected to fall from currently 25% plus one share to below 20% in the course of the transaction
  • Revenues with solid start to Q1 in January and February, NCA run-down with further good progress

1)Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio, impact from capital increase and under Commerzbank estimates regarding final Basel III regime

Appendix

Transaction rationale

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1)Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio, impact from capital increase and under Commerzbank estimates regarding final Basel III regime

Transaction overview

1)Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio, impact from capital increase and under Commerzbank estimates regarding final Basel III regime

Final redemption of SoFFin Silent Participation

German home market with resilient economy

›German home market with strong growth after 2009 and resilient economic development even during Euro-crisis

  • ›Commerzbank Research expects solid GDP growth in Germany of 1.0% in 2013e and 2.5% in 2014e
  • › Especially our corporate franchise is well positioned to benefit from strong German exports and low LLP level driven by strong economic development and sound portfolio structure

Sources: Commerzbank C&M Research, Statistisches Bundesamt, IMF

CRE and Ship Finance default portfolios with high coverage ratios

Commercial Real Estate

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Ship Finance

NCA: Diversified portfolio of mainly long term assets

EaD (incl. NPL) per 31.12.2012, in €bn

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1) Utility and infrastructure transactions (mostly UK) – taken over from PRU in mid-2012; without value-impairing securities2) Incl. regions

Private Customers: Combining traditional values with modern technology results in a unique portfolio of services

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Key Milestones in 2013

Grow Assets under Control:AuC >€300bnWin new customers:1 million net new customersIncrease revenues:Revenues per customer +10%KPI targets 2016Invest & increase efficiency:€1bn investments until 2016 but stable costsRoE >12% CIR <80% 1)

1)Pre-tax operating RoE

Mittelstandsbank: Leveraging our successful business model

1)Pre-tax operating RoE

Central & Eastern Europe: Focus on our strengths

1)Pre-tax operating RoE

Corporates & Markets: Client centric investment banking

1)Excl. OCS effect; reported operating RoE 2012 6% 2) Pre-tax operating RoE

For more information, please contact Commerzbank´s IR team:

Tanja Birkholz (Head of Investor Relations / Executive Management Board Member)P: +49 69 136 23854M: [email protected]

Jürgen Ackermann (Europe / US)P: +49 69 136 22338M: [email protected]

Dirk Bartsch (Strategic IR)P: +49 69 136 2 2799 M: [email protected] Ute Heiserer-Jäckel (Retail Investors)P: +49 69 136 41874M: [email protected]

Simone Nuxoll (Retail Investors)P: +49 69 136 45660M: [email protected]

Michael H. Klein (UK / Non-Euro Europe / Asia / Fixed Income)P: +49 69 136 24522M: [email protected]

[email protected]

Disclaimer

The information contained herein serves information purposes and does not constitute a prospectus or any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities for the purposes of EU Directive 2003/71/EC. Securities will solely be offered on the basis of a prospectus or other offering circular to be issued by the company in connection with such offering. Subject to approval by the German Federal Financial Services Supervisory Authority, a prospectus will be available free of charge from COMMERZBANK AG (Kaiserstraße 16 (Kaiserplatz), 60311 Frankfurt am Main) and on the website of COMMERZBANKAG under www.commerzbank.com. The securities will be offered exclusively on the basis of the prospectus required to be approved by the Federal Financial Services Supervisory Authority.

These written materials do not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of COMMERZBANK AG described herein have not been and will not be registered under the Securities Act, or the laws of any State, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable State laws. COMMERZBANK AG does not intend to register any portion of the offering in the United States or conduct a public offering of securities in the United States.

This document is for information purposes only and does not constitute an offer document or an offer of transferable securities to the public in the U.K. to which section 85 of the Financial Services and Markets Act 2000 of the U.K. ("FSMA") applies and should not be considered as a recommendation that any person should subscribe for or purchase any of the Securities. The Securities will not be offered or sold to any person in the U.K. except in circumstances which have not resulted and will not result in an offer to the public in the U.K. in contravention of section 85(1) of FSMA. The communication of this document is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. This document is not being distributed by, nor has it been approved for the purposes of section 21 of FSMA by, a person authorised under FSMA. This document is being communicated only at (I) persons who are outside the United Kingdom (II) to in-vestment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (III) high net worth companies and other persons within the categories described in Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person should not act or rely on this document or any of its contents. The Securities are available only to, and any invitation, offer or agreement to purchase will be engaged in only with Relevant Persons. Persons in pos-session of this document are required to inform themselves of any relevant restrictions. No part of this document should be published, reproduced, distributed or otherwise made available in whole or in part to any other person without the prior written consent of COMMERZBANK AG.

This release contains forward-looking statements.Forward-looking statements are statements that are not historical facts. In this release, these statements concern the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Poland, elsewhere in Europe and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of Commerzbank's strategic initiatives, the reliability of Commerzbank'srisk management policies, procedures and methods, and other risks. Forward-looking statements therefore speak only as of the date they are made.Commerzbank has no obligation to periodically update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.

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