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Commerzbank AG Earnings Release 2011

Feb 24, 2012

81_ip_2012-02-24_aab90ed2-87cd-4f7a-881a-245a0987f395.pdf

Earnings Release

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Commerzbank – a sustainable business model in turbulent markets

Analyst conference – preliminary 2011 results

Eric StrutzCFO Frankfurt February 23rd, 2012

Agenda

1 G
r
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p
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m
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u
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2 F
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a
g
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3 R
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b
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o
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u
y
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4 B
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h
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&
f
d
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t
a
a
n
c
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c
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5 C
l
i
d
l
k
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o
n
c
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o
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a
n
o
u
o
o
6 A
d
i
p
p
e
n
x

Commerzbank with major strategic achievements in 2011

Commerzbank in 2011 with strong performance in Core Bank and improved capitalization – Group weighed down by sovereign debt crisis

Core Bank again shows strong result in FY2011

G
r
o
u
p		 B
k
**
a
n
in
€
m		 Q
4
2
0
1
0		 Q
4
2
0
1
1		 1
2
M
2
0
1
0		 1
2
M
2
0
1
1		 Q
4
2
0
1
0		 Q
4
2
0
1
1		 1
2
M
2
0
1
0		 1
2
M
2
0
1
1
Re
be
fo
L
L
P
ve
nu
es
re		 3,
0
1
5		 2,
3
1
6		 1
2,
6
1
7		 9,
8
8
9		 2,
8
3
1		 3,
3
7
5		 1
0,
9
0
3		 1
2,
3
8
3
L
L
P		 9
-5
5		 -3
8
1		 -2
4
9
9
,		 -1
3
9
0
,		 -1
3
7		 -1
6
7		 -8
3
5		 -4
8
7
Op
ing
t
er
a
e
xp
en
se
s		 2,
1
6
4		 1,
7
7
2		 8,
7
8
6		 7,
9
9
2		 1,
9
7
5		 1,
6
3
3		 8,
0
7
1		 7,
3
5
7
in
f
i
O
t
t
p
e
ra
g
p
ro		 5
2
6		 1
6
3		 1,
3
8
6		 5
0
7		 6
8
3		 5
1,
6
6		 1,
9
7
9		 5
4,
4
8
f
Ne
i
*
t p
t
ro		 2
5
7		 3
1
6		 1,
4
3
0		 6
3
8		 6
8
4		 1,
7
1
8		 2,
0
5
6		 4,
6
7
9
  • Revenues before LLP in Core Bank increased by €1.5bn (+14%) in FY2011
  • Ongoing portfolio restructuring in CRE and Bank Forum led to significantly reduced LLP on group level in FY2011
  • Overall cost base in Core Bank decreased by 9% in full year and 17% y-o-y
  • Pre-tax profit of Core Bank at a high level with €4.5bn including liability management; Group operating profit of €0.5bn affected by impairments on Greece and PF de-risking
  • * consolidated result attributable to Commerzbank shareholders ** incl. Others & Consolidation

Eric Strutz CFO Frankfurt February 23rd, 20124

Agenda

1 G
r
o
p
s
m
m
a
r
u
u
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
u
s
y
v
s
o
n
4 B
l
h
i
l
&
f
d
i
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
n
n
g
u
5 C
l
i
d
l
k
t
o
n
c
u
s
o
n
a
n
o
u
o
o
6 A
d
i
p
p
e
n
x

Core Bank revenues before LLP increased by €1.5bn* (+14%) in FY2011

Revenues before LLPin € m

** incl. Others & Consolidations* including liability management transactions in Q1 and Q4 2011

Eric StrutzCFO Frankfurt February 23rd, 2012

Further LLP reduction of more than 40% in FY2011

  • LLP significantly down on previous year in each quarter
  • Moderate LLP level in Core Bank
  • Significant reduction in ABF by €0.7 bnin FY2011
  • LLP target for FY2012: ≤€1.7bn
  • €0.7bn impairment on Greek sovereign bonds booked in net investment income in Q4 (valued at ~26%)

Eric StrutzCFO Frankfurt February 23rd, 2012

Provisions for loan losses

in € m

Costs down ~ €800m in FY2011

Operating expenses excl. integration charges

Integration charges

Operating expenses

  • Overall costs down by 9% in FY2011
  • In Q4 reduction in personnel costs by €233m q-o-q mainly due to reversal of variable compensation provisions
  • CIR in Core Bank (without integration charges) at 58% in FY2011
  • €1.8bn synergies already accomplished; further €0.3bn cost synergies planned for FY2012
  • Cost target for FY2012: ≤€7.6bn

Operating profit and Net profit

  • Q4 operating profit of €163m
  • Additional write-downs on Greek sovereign bonds of €0.7bn and further PF de-risking weighed down profit in Q4
  • One-off effect from repurchase of hybrid equity instruments of €735m in Q4
  • Tax benefit of €186m
  • Minorities of €33m
  • Net profit of €316m*
  • FY2011 EPS of €0.18**
  • NAV per share at €3.94***

* consolidated result attributable to Commerzbank shareholders ** based on 3.46bn shares (average shares outstanding in 12M 2011) *** based on 5.11bn shares (excluding silent participation) **** incl. Others & Consolidations

AG accounts (HGB) show loss compared to Group accounts (IFRS)

Agenda

1 G
r
o
u
p
s
u
m
m
a
r
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
u
s
y
v
s
o
n
4 f
B
l
h
i
l
&
d
i
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
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5 C
l
i
d
l
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t
o
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c
u
s
o
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a
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o
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o
o
6 A
d
i
p
p
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x

Core Bank segments*: more balanced profit contribution

Eric StrutzCFO Frankfurt February 23rd, 2012

Private Customers recovered in difficult market environment

Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
Ø
i
(
€
)
ty
eq
u
m		 3,
4
5
1		 3,
3
2
3		 3,
4
3
4		 3,
4
9
4		 3,
3
7
5
Op
Ro
E
(
%
)		 1.
5
-		 8.
5		 1
2.
7		 1.
3		 1
1.
1
C
I
R
(
)
%		 9
6.
3		 8
9.
1		 9
3.
5		 9
2.
4		 8
8.
7

P&L at a glance

in
€
m		 Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 M
1
2
1
0		 M
1
2
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 8
8
4		 9
9
5		 8
5
7		 3,
8
4
5		 3,
8
2
0
L
L
P		 -4
6		 -3
4		 3
5		 -2
4
6		 -5
7
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 8
1
5		 8
4
5		 8
0
1		 3,
2
5
5		 3,
3
8
8
f
O
i
i
t
t
p
e
r
a
n
g
p
r
o		 -1
3		 7
1		 1
0
9		 4
7		 3
7
5
  • › Revenues before LLP nearly flat in FY2011, but significantly reduced y-o-y reflecting client reluctance in adverse market conditions
  • › Deposit margin significantly increased by 20 bp compared to 2010
  • ›LLP release in Q4
  • › Costs 6% lower y-o-y, further cost reductions/ synergies of €260m in FY2012 planned

Mittelstandsbank continued to generate strong result

t
a
a
g
a
n
c
e
in
€
m		 Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 M
1
2
1
0		 M
1
2
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 9
3
0		 8
2
7		 7
5
5		 3,
3
1
9		 3,
1
6
7
L
L
P		 -9
3		 1
-5		 -1
4
5		 -2
9
7		 -1
8
8
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 3
1
7		 3
8
6		 3
3
1		 1,
4
4
2		 1,
4
6
1
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 4
6
6		 3
4
5		 2
7
0		 1,
5
9
8		 1,
5
2
7
&
L
l
Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
Ø
i
(
€
)
ty
eq
u
m		 5,
5
5
4		 5,
3
5
5		 5,
3
6
3		 5,
5
4
5		 5,
3
7
8
Op
Ro
E
(
%
)		 3
3.
6		 2
8
5.		 2
0.
1		 2
8.
8		 2
8.
4
C
I
R
(
)
%		 3
9.
9		 4
9.
4		 4
3.
8		 4
3.
4		 4
6.
0
  • › Revenues before LLP lower y-o-y due to effect from restructured loans in Q4 10 and negative one-off effect in net trading income in Q4 11
  • › Improved earnings quality with:
  • higher net interest income reflecting credit volume growth and increase in deposit margins
  • higher fee income supported by foreign trade business
  • ›LLP negatively affected by few single cases in Q4

Central & Eastern Europe benefitted from BRE Bank record result

Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
Ø
i
(
€
)
ty
eq
u
m		 1,
6
4
2		 1,
7
5
5		 1,
4
4
7		 1,
6
2
8		 1,
2
3
7
Op
Ro
E
(
%
)		 1
3
7.		 2
1.
0		 4
9.
1		 3.
3		 2
8.
0
C
I
R
(
%
)		 3.
5
7		 3.
6
5		 3
9.
0		 5
7.
7		 0.
6
5

P&L at a glance

in
€
m		 Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
R
b
f
L
L
P
e
v
e
nu
e
s
e
o
r
e		 2
5
7		 2
6
7		 3
8
5		 9
7
9		 1,
1
5
7
L
L
P		 -4
8		 -3
2		 -2
1		 -3
6
1		 -8
9
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 1
3
8		 1
4
3		 1
5
0		 5
6
5		 5
8
5
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 1
7		 9
2		 2
1
4		 5
3		 4
8
3
  • › Q4 revenues before LLP increased y-o-y, including positive one-off effect of €154m
  • ›BRE with record result in Q4
  • ›LLP with significant decrease in 2011
  • › Cost base relatively stable despite business volume growth of BRE Bank

C&M affected by lower client activities

Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
Ø
i
(
€
)
ty
eq
m
u		 3,
9
0
3		 2,
8
1
7		 3,
0
1
0		 3,
8
4
5		 3,
0
2
6
Op
Ro
E
(
%
)		 2
3.
0		 5.
0		 3.
6		 2
0.
4		 1
9.
3
C
I
R
(
%
)		 6
4.
9		 9.
0
7		 9.
1
7		 6
8.
3		 6
4
7.

P&L at a glance

in
€
m		 Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
f
R
b
L
L
P
e
v
e
nu
e
s
e
o
r
e		 5
9
8		 4
4
8		 3
9
7		 2,
3
9
2		 2,
2
3
4
L
L
P		 1
4		 -5
9		 -5
6		 2
7		 -1
4
6
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 3
8
8		 3
5
4		 3
1
4		 1,
6
3
3		 1,
5
0
5
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 2
2
4		 3
5		 2
7		 8
6
7		 5
8
3
  • › Positive operating result in Q4 despite worsened macroeconomic conditions and sovereign crisis; Q4'10 benefited from positive effects of restructured loans
  • ›Restrained client activity in the light of high market volatility
  • › Prudent cost management reflected in reduction of operating expenses by 8% in FY2011
  • › Stringent RWA management - Basel 2.5 effects more than mitigated

Corporates & Markets divisional split

Equity Markets and Commodities - Operating Revenues* incl. LLP

  • ›Stable performance in Corporates
  • › Strong year-end performance in Q4 11 mainly driven by Structured Finance
  • ›Effect of restructured loans in Q4 10

› Difficult market environment in H2 negatively affected market valuations and client flows in both, equity and commodities

  • › Stable performance of Bond Trading, EM & Credit Derivatives and FX Trading throughout the year due to strong underlying client franchise
  • › Despite politically eventful Q4'11 and slow down of client activities in Rates Trading and IR & Hybrid Derivatives stronger quarter revenues compared to Q4 2010
  • ›FIC performance influenced by own credit spread widening

Eric StrutzCFO Frankfurt February 23rd, 2012

Others & Consolidation

P &
L
l
t
a
a
g
a
n
c
e
in
€
m		 Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
R
b
f
L
L
P
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nu
e
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e
o
r
e
v		 1
6
2		 4
4
7		 9
8
1		 3
6
8		 1,
9
9
6
L
L
P		 0 0 2 6 2
O
i
t
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r
a
n
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x
p
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s		 2
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3
9		 3
7		 8
7
9		 4
1
8
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 5
-6		 3
0
8		 9
4
6		 -5
5
0		 5
1,
8
0
Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
Ø
(
)
i
€
ty
eq
u
m		 9,
9
7
6		 9,
3
5
0		 8,
0
3
3		 8,
9
7
2		 1
0,
3
3
2

› Result in Q4 benefits from repurchase of hybrid equity instruments

›Integration charges of €0.2bn in 2011

ABF & PRU

Asset Based Finance weighed down by impairment on Greek bonds and further de-risking in Public Finance

O
p
e
r
in
€
m		 i
t
a
n
g		 f
i
t
p
r
o
-8
5		 -2
4
8		 -4
0
3		 3
2
-5		 -1 3
8
-9
2
1
-1
4
9
,		 -1
3
5
8
,
4
Q
1		 Q
2		 Q
3		 Q
4		 Q
1		 Q
2		 Q
3		 Q
4
2
0		 1
0		 2
0		 1
1

Ø equity (€ m) 5,829 5,416 5,368 6,276 5,398

Op. RoE (%) -36.5 -110.3 -101.2 -20.2 -72.5

CIR (%) 360.9 n/a n/a 65.8 n/a

Q4 10 Q3 11 Q4 11 12M 10 12M 11

Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 1
2
M
1
0		 1
2
M
1
1
4
6		 -1
0
9
7
,		 -1
0
4
8
,		 9
2
5		 -2
4
3
2
,
-4
1
2		 -2
5
4		 -1
7
9		 -1
5
8
4
,		 -9
0
7
1
6
6		 1
4
3		 1
3
1		 6
0
9		 5
7
2
-5
3
2		 -1
4
9
4
,		 5
-1
3
8
,		 -1
2
6
8
,		 -3
9
1
1
,
  • › Q4 revenues before LLP down y-o-y due to:
  • Impairments on Greece
  • Realized losses from the sale of PF assets
  • Lower NII resulting from asset reduction
  • ›LLP reduced by €677m in FY2011

Portfolio reduction in Asset Based Finance

  • › Downsizing PF and CRE portfolio ahead of schedule
  • › Overall GIIPS sovereign exposure reduced by 38% since December 2009

GIIPS sovereign exposure (EaD1)*)

CRE portfolio development (EaD in € bn)**

in
€
b
n		 Q
4
0
9		 Q
4
1
0		 Q
4
1
1
G
r
e
e
c
e		 3.
5		 3.
0		 0.
8
I
l
d
r
e
a
n		 0.
1
<		 0.
1
<		 0.
0
I
l
t
a
y		 1
0.
7		 9.
7		 9
7.
P
l
t
o
r
u
g
a		 1.
7		 0.
9		 0.
8
S
i
p
a
n		 4.
0		 3.
1		 2.
8
T
l
t
o
a		 1
9.
9		 1
6.
8		 1
2.
3

* incl. PF portfolios of EH and EEPK; incl. non- impaired parts of Greek bonds in LaR and AfS ** excl. default portfolio

Portfolio Restructuring Unit with shift in strategy to capital optimization

P
&
L
l
t
a
a
g
a
n
c
e
in
€
m		 Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 M
1
2
1
0		 M
1
2
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 1
3
8		 -2
1
2		 -1
1		 8
4
3		 -6
2
L
L
P		 -1
0		 1
7		 -2
6		 -6
2		 -5
O
i
t
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 2
3		 1
7		 8 1
0
6		 6
3
i
f
i
O
t
t
p
e
r
a
n
g
p
r
o		 1
0
5		 -2
1
2		 6
7
5		 -1
3
0
Q
4
1
0		 Q
3
1
1		 Q
4
1
1		 M
1
2
1
0		 M
1
2
1
1
Ø
i
(
€
)
ty
eq
u
m		 1,
0
9
7		 8
0
8		 1,
2
9
1		 1,
2
1
2		 1,
0
0
2
Op
Ro
E
(
)
%		 3
8.
3		 -1
0
5.
0		 1
3.
9
-		 5
5.
7		 1
3.
0
-
C
I
R
(
)
%		 1
6.
7		 /a
n		 /a
n		 1
2.
6		 /a
n
  • › Q4 revenues were weighed down by European Sovereign crisis
  • ›Further balance sheet reduction

Agenda

1 G
r
o
p
s
m
m
a
r
u
u
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
u
s
y
v
s
o
n
4 B
l
h
i
l
&
f
d
i
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
u
n
n
g
5 C
l
i
d
O
l
k
t
o
n
c
u
s
o
n
a
n
u
o
o

B/S decrease and RWA reduction of 12% in FY2011 despite Basel 2.5, stable Core Tier 1 ratio

Measures to fulfil EBA capital requirement by June 2012well underway

Vo
lum
du
ion
i
de
ke
/ p
lan
in
im
fra
h
ise
ke
in
ha
d
t
ts
ts
to
ts
›
e
re
c
o
u
co
re
ma
r
s
g
row
p
r
ar
y
nc
m
ar
re
ma
un
c
ng
e
R
W
A		 R
is
k
fe
i
iza
ion
/ p
fo
l
io
les
tra
t
t
t
›
ns
r –
se
cu
r
s
or
sa
t
m
a
n
a
g
e
m
e
n		 Ma
f m
ke
d c
is
k
t o
t a
te
ty
›
na
g
em
en
ar
n
ou
n
rp
ar
r
R
W
A
f
f
ic
ien
ing
f c
l
la
l
te
›
e
cy
e.g
. m
ap
p
o
o
ra
,
Re
ha
f s
lec
d
hy
br
i
d e
i
ins
in
De
be
te
ty
tru
ts
2
0
1
1
›
p
ur
c
se
o
e
q
me
n
ce
m
r
u
Ma
f c
i
l
de
du
ion
t o
ta
t
›
na
g
em
en
ap
c
s
C
i
l
t
t
a
p
a
m
a
n
a
g
e
m
e
n		 fo
fo
Pe
la
d
in
ha
loy
te
ts
›
r
rm
an
ce
re
p
ay
me
n
s
re
s
r e
m
p
ee
s
f c
Re
ing
i
l
ins
tru
tu
ta
tru
ts
›
s
c
r
o
ap
me
n
Fu
he
im
f c
i
l
t
t
ta
tru
tu
›
r
r
p
rov
em
en
o
ap
s
c
re
Sa
Oc
les
Dr
dn
Ba
k
He
dq
in
be
2
0
1
1
te
to
›
e.g
es
er
n
a
ua
r
rs
r
,
S
l
f
i
t
t
a
e
o
n
o
n-
s
r
a
e
g
c
t
a
s
s
e
s		 Sa
le
f
1
4.
4
%
ic
ip
ion
in
Pr
ba
k
t
t
›
o
p
ar
a
om
sv
y
az
n
Co
B
R
E
Ba
k a
d
d
ire
i
de
d s
ic
t a
tra
te
›
n
n
m
c
re
co
ns
re
g
R
i
d
i		 Q
Re
l
4
2
0
1
1
t:
›
su
t
e
a
n
e
e
a
r
n
n
g
s		 Re
l
H
1
2
0
1
2
(
inc
l.
fu
he
)
t:
t
t m
›
su
r
r c
os
ea
su
res

Measures initiated

Capital requirement to fulfil EBA targets already reduced by two-thirds per year end 2011

Development of capital requirementin € bn

* including further write-down of Greek sovereign bond exposure

** according to BaFin/EBA the Q4 2011 sovereign debt impairments will be eligible to reduce the initial shortfall and meet the sovereign buffer (incl. negative effects due to the write-down of corresponding interest rate derivatives used for hedging).

Further measures of more than €2.9bn planned to close the gap in H1 2012 – excess capital potential identified

Planned development of capital requirementin € bn

Successful completion of improvement of capital structure in Q1 2012 would lead to furtheraccelerated closing of EBA gap

  • * concerning most of the non-pay-scale employees
  • ** includes further cost synergies and additional cost measures
  • *** if completed to the full extent, Core Tier 1 capital would be increased by more than €1bn

Successful RWA management anticipating Basel 2.5/3 effects

RWA as per year-end 2011 slightly lower than Q3 2011 despite inclusion of Basel 2.5 effects

Strong long-term funding profile, no further issuance into capital markets needed in 2012*

* from todays perspective

Agenda

1 G
r
o
u
p
s
u
m
m
a
r
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
u
s
y
v
s
o
n
4 f
B
l
h
i
l
&
d
i
t,
t
a
a
n
c
e
s
e
e
c
a
p
a
u
n
n
g
5 C
l
i
d
l
k
t
o
n
c
u
s
o
n
a
n
o
u
o
o
6 A
d
i
p
p
e
n
x

Conclusion and Outlook

Fulfilment of EBA capital requirement faster and to a higher extent than originally anticipated

Core Bank is on course to reach a further sound operating profit level in 2012 if markets do not deteriorate

Target FY2012 for LLP ≤€1.7bn and costs ≤€7.6bn

Ongoing high market uncertainty following the sovereign debt crisis will provide further challenges to ABF performance

Commerzbank on track to achieve Core Tier I ratio of more than 11% per 30/06/2012 – well prepared for Basel 3 capital ratio requirements

Agenda

1 G
r
o
u
p
s
u
m
m
a
r
y
2 F
i
i
l
h
i
h
l
i
h
t
n
a
n
c
a
g
g
s
3 R
l
b
d
i
i
i
t
e
s
u
s
y
v
s
o
n
4 C
i
l
&
F
d
i
t
a
p
a
u
n
n
g
5 C
O
l
i
d
l
k
t
o
n
c
s
o
n
a
n
o
o
u
u
6 A
d
i
p
p
e
n
x

We expect Germany to continue to outperform the Eurozone

›

›

Current development

  • › German economy has slowed down significantly in the course of 2011, shrank slightly in Q4
  • › External demand in particular has lost steam
  • › However, leading indicators have turned around recently
  • › "Labour market miracle": unemployment still on low level
  • › Number of corporate defaults still in a downward trend

Our expectation for 2012

  • Sovereign debt crisis will weigh on growth during the whole year
  • Turn-around of the leading indicators and a somewhat more positive outlook for the world economy again point to low positive growth rates starting in 2012
  • › Biggest downside risk is a uncertainty shock caused by an intensification of the sovereign debt crisis

Reasons for outperformance

  • No bubbles in the housing market
  • Low level of private sector debt
  • Less need for fiscal consolidation
  • Steadily improved competitiveness since start of EMU
  • Germany benefits from strong demand for investment goods and its strong positioning in Asian markets and Emerging Markets in general

Eric StrutzCFO Frankfurt February 23rd, 2012

PRU Structured Credit by Business Segment - Details 2011

  • › The economic outlook is dependent upon sustainableresolution of European debt crisis and is key to market recovery
  • › Asset fundamentals are stable, however uncertaintyweighs on market demand and prices

› Asset reduction primarily achieved through opportunistic sales and proactive management < BBB 18%

Se
ts
g
m
en		 io
No
l
Va
lu
t
na
e
€
bn		 Ne
As
t
ts
se
€
bn
*		 R
is
k
Ex
p
os
ur
e
€
bn
**		 P
&
€		 L
m		 C
O
I e
f
fe
t
c
€
m		 M
D
R
***
2
0
1
1		 2
0
1
0		 2
0
1
1		 2
0
1
0		 2
0
1
1		 2
0
1
0		 2
0
1
1		 2
0
1
0		 2
0
1
1		 2
0
1
1
R
M
B
S		 3.
2		 5.
1		 1.
3		 2.
1		 1.
9		 3.
0		 (
)
5
9.
0		 1
9
1.
0		 (
)
7
3.
0		 0.
4
C
S
M
B		 0.
6		 0.
7		 0.
3		 0.
5		 0.
3		 0.
5		 (
2
6.
8
)		 2.
0		 (
2
0.
)
7		 0.
4
C
D
O		 9.
8		 1
1.
1		 3.
5		 4.
3		 5.
9		 6.
7		 1
8
2.
2		 5
2
7.
4		 (
)
1
1
1.
6		 0.
4
S
O
t
he
A
B
r		 2.
1		 3.
3		 1.
5		 2.
4		 1.
7		 2.
8		 2
6.
2		 9
3.
0		 3.
6		 0.
2
P
F
I
/
In
fra		 4.
3		 4.
3		 1.
8		 1.
4		 3.
8		 3.
8		 (
2
0
1.
1
)		 (
2
8.
2
)		 0.
1
C
I
R
C
S		 0.
0		 0.
7		 0.
0		 0.
3		 0.
0		 0.
0		 (
)
1.
5		 (
)
3.
2
O
he
t
rs		 3.
5		 3.
6		 3.
4		 3.
2		 0.
1		 0.
2		 1
2.
7		 (
)
1
6.
0		 1.
0
To
l
ta		 2
3.
5		 2
9.
0		 1
1.
9		 1
4.
1		 1
3.
7		 1
7.
1		 (
)
6
7.
3		 7
6
6.
0		 (
)
2
0
1.
7		 0.
4

* Net Assets includes both "Buy" and "Sell" Credit Derivatives; all are included on a Mark to Market basis

** Risk Exposure only includes "Sell" Credit derivatives. The exposure is then calculated as if we hold the long Bond (Notional less PV of derivative)

*** Mark-down-ratio = 1 minus (Risk Exposure/Notional)

Default Portfolio (Q4 2011)

Default portfolio and coverage ratios by segment

€m – excluding / including GLLP

incl. Others and Consolidation

Eric StrutzCFO Frankfurt February 23rd, 2012

Loan to Value figures in the CRE business (Q4 2011)

Lo
Va
lue
U
K1
to
an
–
atif
ied
atio
str
ent
rep
res
n		 6
Ea
D
U
K t
l
€
bn
ota		 Lo
Va
lue
to
an
–
atif
ied
str
ent
rep
res		 in1
Sp
a
atio
n		 in
Ea
D
Sp
l
€
4
bn
tot
a
a
1
0
0
%
>		 2
%
(3
%)		 1
0
0
%
>		 1
%
(1
%)
8
0
0
0
%
1
%
–		 3
%
(4
%)		 8
0
0
0
%
1
%
–		 1
%
(4
%)
6
0
%
8
0
%
–		 1
0
%
(10
%)		 6
0
%
8
0
%
–		 14
%
(14
%)
6
4
0
%
0
%
–		 2
2
%		 (23
%)		 6
4
0
%
0
%
–		 24
%		 (24
%)
2
0
%
4
0
%
–		 3
1
%
(29
%)		 2
0
%
4
0
%
–		 2
9
%
(28
%)
2
%
<		 3
%
(29
%
2
0
%		 3
2
%
(31
%)		 0 1
)
<
Lo
Va
lue
to
an
atif
ied
str
ent
rep
res		 U
S
A1
–
atio
n		 Ea
D
U
S
A
l
€
3
bn
tot
a		 Lo
Va
lue
C
to
an
–
atif
ied
str
ent
rep
res		 R
E t
l
1
ota
atio
n		 Ea
D
C
R
E t
l
€
bn
5
7
ota
1
0
%
>		 %
%)		 1
0
%
>		 %
%)
0
8
1
0
%		 2
(3
%
(7
%)		 0
8
1
0
%		 2
(2
%
(3
%)
0
%
0
–
6
0
%
8
0
%
–		 4
3
1
%
(17
%)		 0
%
0
–
6
0
%
8
0
%
–		 3
1
3
%
(13
%)
0
%
6
0
%
4
–		 24
%		 (24
%)		 0
%
6
0
%
4
–		 24
%		 (24
%)
2
0
%
4
0
%
–		 2 8
%
(25
%)		 2
0
%
4
0
%
–		 2 8
%
(28
%)

Loan to values based on market values; exclusive margin lines and corporate loans; additional collateral not taken into account. All figures relate to business secured by mortgages. Values in parentheses: December 2010.

Appendix: Segment reporting

Eric Strutz CFO Frankfurt February 23rd, 201237

Commerzbank Group

in
€ m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 Q
4
20
10		 12
M
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 12
M
20
11
Ne
t in
ter
t in
es
co
me		 1,
88
6		 1,
85
3		 1,
63
3		 1,
68
2		 7,
05
4		 1,
72
7		 1,
79
0		 1,
58
9		 1,
61
8		 6,
72
4
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -64
4		 -63
9		 -62
1		 -59
5		 -2,
49
9		 -31
8		 -27
8		 -41
3		 -38
1		 -1,
39
0
Ne
t in
t in
af
isio
ter
ter
es
co
me
p
rov
ns		 1,
24
2		 1,
21
4		 1,
01
2		 1,
08
7		 4,
55
5		 1,
40
9		 1,
51
2		 1,
176		 1,
23
7		 5,
33
4
Ne
mis
sio
n in
t c
om
co
me		 99
7		 90
5		 87
0		 87
5		 3,
64
7		 1,
02
0		 92
8		 84
4		 70
3		 3,
49
5
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 83
6		 31
6		 42
2		 38
4		 1,
95
8		 51
9		 6
57		 35
3		 53
8		 1,
98
6
Ne
t in
t in
stm
ve
en
co
me		 -11
9		 60 -24 19
1		 108 12 -95
4		 -1,
26
7		 -1,
40
2		 -3,
61
1
Cu
inc
ies
ed
fo
sin
the
uity
tho
d
nt
unt
rre
om
e o
n c
om
p
an
ac
co
r u
g
eq
me		 2 6 -5 32 35 - 13 16 13 42
Oth
inc
er
om
e		 22 -30 26 -14
9		 -13
1		 33
8		 10 59 84
6		 1,
25
3
Re
s b
efo
LL
P
ven
ue
re		 3,
62
4		 3,
110		 2,
92
2		 3,
01
5		 12
67
1
,		 3,
61
6		 2,
36
3		 1,
59
4		 2,
31
6		 9,
88
9
Re
fte
r L
LP
ven
ue
s a		 2,
98
0		 2,
47
1		 2,
30
1		 2,
42
0		 10,
172		 3,
29
8		 2,
08
5		 1,
18
1		 1,
93
5		 8,
49
9
Op
ting
era
ex
p
en
se
s		 2,
20
9		 2,
22
8		 2,
185		 2,
164		 8,
78
6		 2,
154		 2,
03
0		 2,
03
6		 1,
77
2		 7,
99
2
Op
ting
rof
it
era
p		 77
1		 24
3		 116 25
6		 1,
38
6		 1,
144		 55 -85
5		 163 50
7
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - - - - - - -
Re
str
uct
uri
ng
ex
p
en
se
s		 - 33 - - 33 - - - - -
Pre
rof
it
-ta
x p		 77
1		 21
0		 116 25
6		 1,
35
3		 1,
144		 55 -85
5		 163 50
7
Av
ital
loy
ed
era
g
e c
ap
em
p		 30
28
3
,		 30
96
7
,		 31
22
2
,		 31
45
2
,		 30
98
1
,		 32
42
0
,		 31
54
0
,		 28
78
8
,		 28
24
3
,		 30
23
4
,
RW
A
(
End
of
Pe
rio
d
)		 27
8,
88
6		 29
0,
20
0		 27
9,
59
7		 26
50
9
7,		 26
50
9
7,		 24
8,
26
9		 23
9,
48
9		 24
4,
178		 23
6,
59
4		 23
6,
59
4
Co
/inc
atio
(
)
st
%
om
e r		 61
.0%		 71
.6%		 74
.8%		 71
.8%		 69
.3%		 59
.6%		 85
.9%		 127
.7%		 76
.5%		 80
.8%
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 10
.2%		 3.1
%		 1.5
%		 3.3
%		 4.5
%		 14
.1%		 0.7
%		 -11
.9%		 2.3
%		 1.7
%
Re
ity
of
rof
it (
%
)
tur
tax
n o
n e
qu
p
re-
p		 10
.2%		 2.7
%		 1.5
%		 3.3
%		 4.4
%		 14
.1%		 0.7
%		 -11
.9%		 2.3
%		 1.7
%

Private Customers

in
€ m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 Q
4
20
10		 12
M
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 12
M
20
11
Ne
t in
t in
ter
es
co
me		 48
9		 48
6		 50
0		 50
7		 1,
98
2		 49
2		 51
4		 49
7		 52
4		 2,
02
7
s f
Pro
vis
ion
loa
n lo
or
ss
es		 -66 -70 -64 -46 -24
6		 -41 -35 -34 53 -57
Ne
t in
t in
af
isio
ter
ter
es
co
me
p
rov
ns		 42
3		 41
6		 43
6		 46
1		 1,
73
6		 45
1		 47
9		 46
3		 57
7		 1,
97
0
Ne
mis
sio
n in
t c
om
co
me		 54
7		 49
7		 45
8		 43
9		 1,
94
1		 56
9		 45
5		 40
6		 32
4		 1,
75
4
Ne
t tr
ad
ing
inc
nd
net
inc
n h
ed
ntin
om
e a
om
e o
g
e a
cc
ou
g		 1 1 2 -3 1 -1 -2 8 -5 0
Ne
t in
t in
stm
ve
en
co
me		 9 5 4 13 31 1 1 -0 -4 -2
Cu
inc
ies
ed
fo
sin
the
uity
tho
d
nt
unt
rre
om
e o
n c
om
p
an
ac
co
r u
g
eq
me		 4 3 4 -1 10 6 5 5 3 19
Oth
inc
er
om
e		 -49 5 -5 -71 -12
0		 -22 -14 43 15 22
Re
s b
efo
LL
P
ven
ue
re		 1,
00
1		 99
7		 96
3		 88
4		 3,
84
5		 1,
04
5		 95
9		 95
9		 85
7		 3,
82
0
Re
fte
r L
LP
ven
ue
s a		 93
5		 92
7		 89
9		 83
8		 3,
59
9		 1,
004		 92
4		 92
5		 91
0		 3,
763
Op
ting
era
ex
p
en
se
s		 91
2		 91
4		 87
5		 85
1		 3,
2
55		 88
8		 84
5		 85
4		 80
1		 3,
38
8
Op
ting
rof
it
era
p		 23 13 24 -13 47 116 79 71 109 37
5
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - - - - - - - - - -
Pre
rof
it
-ta
x p		 23 13 24 -13 47 116 79 71 109 37
5
Av
ital
loy
ed
era
g
e c
ap
em
p		 3,
52
2		 3,
56
2		 3,
44
3		 3,
45
1		 3,
49
4		 3,
41
7		 3,
32
6		 3,
32
3		 3,
43
4		 3,
37
5
(
of
)
RW
A
End
Pe
rio
d		 30
76
3
,		 31
41
4
,		 29
87
1
,		 29
99
5
,		 29
99
5
,		 29
197
,		 27
05
2
,		 28
78
6
,		 27
36
9
,		 27
36
9
,
Co
/inc
atio
(
%
)
st
om
e r		 91
.1%		 91
.7%		 90
.9%		 96
.3%		 92
.4%		 85
.0%		 88
.1%		 89
.1%		 93
.5%		 88
.7%
Op
ting
ity
(
)
tur
%
era
re
n o
n e
qu		 2.6
%		 1.5
%		 2.8
%		 -1.
5%		 1.3
%		 13
.6%		 9.5
%		 8.5
%		 12
.7%		 11
.1%
it (
)
Re
ity
of
rof
%
tur
tax
n o
n e
qu
p
re-
p		 2.6
%		 1.5
%		 2.8
%		 -1.
5%		 1.3
%		 13
.6%		 9.5
%		 8.5
%		 12
.7%		 11
.1%

Mittelstandsbank

in
€ m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 Q
4
20
10		 12
M
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 12
M
20
11
Ne
t in
t in
ter
es
co
me		 52
3		 55
3		 48
2		 52
3		 2,
08
1		 51
4		 58
5		 52
8		 54
7		 2,
174
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -94 69 -93 -27
9		 -8 25 -51 -15
4		 -18
8
Ne
t in
t in
af
isio
ter
ter
es
co
me
p
rov
ns		 45
9		 55
1		 43
0		 1,
80
2		 50
6		 61
0		 47
7		 39
3		 1,
98
6
Ne
mis
sio
n in
t c
om
co
me		 27
2		 22
1		 24
0		 25
0		 98
3		 28
5		 27
4		 26
4		 26
3		 1,
08
6
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 4
-		 50 -14 -8 24 16 -6 -2 -50 -42
Ne
t in
t in
stm
ve
en
co
me		 -3 15 29 147 188 -16 -17 -10 -8 -51
Cu
inc
ies
ed
fo
sin
the
uity
tho
d
nt
unt
rre
om
e o
n c
om
p
an
ac
co
r u
g
eq
me		 - - - 30 30 2 5 2 2 11
Oth
inc
er
om
e		 44 -9 -10 -12 13 3 -6 -0 1 -2
Re
s b
efo
LL
P
ven
ue
re		 83
2		 83
0		 72
7		 93
0		 3,
31
9		 80
4		 83
5		 78
2		 75
5		 3,
176
fte
Re
r L
LP
ven
ue
s a		 67
1		 736 796 83
7		 3,
04
0		 796 86
0		 73
1		 60
1		 2,
98
8
Op
ting
era
ex
p
en
se
s		 35
7		 34
8		 36
6		 37
1		 1,
44
2		 38
1		 36
3		 38
6		 33
1		 1,
46
1
Op
ting
rof
it
era
p		 31
4		 38
8		 43
0		 46
6		 1,
59
8		 41
5		 49
7		 34
5		 27
0		 1,
52
7
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - - - - - - - - - -
Pre
rof
it
-ta
x p		 31
4		 38
8		 43
0		 46
6		 1,
59
8		 41
5		 49
7		 34
5		 27
0		 1,
52
7
Av
ital
loy
ed
era
g
e c
ap
em
p		 50
5,
5		 44
0
5,		 68
0
5,		 4
5,
55		 54
5,
5		 5,
57
7		 21
8
5,		 35
5,
5		 36
3
5,		 37
8
5,
RW
A
(
End
of
Pe
rio
d
)		 64
03
7
,		 69
05
7
,		 66
67
6
,		 69
51
5
,		 69
51
5
,		 61
96
9
,		 62
65
2
,		 64
26
4
,		 57
75
5
,		 57
75
5
,
Co
/inc
atio
(
%
)
st
om
e r		 42
.9%		 41
.9%		 50
.3%		 39
.9%		 43
.4%		 47
.4%		 43
.5%		 49
.4%		 43
.8%		 46
.0%
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 22
.8%		 28
.5%		 30
.3%		 33
.6%		 28
.8%		 29
.8%		 38
.1%		 25
.8%		 20
.1%		 28
.4%
of
rof
it (
)
Re
tur
ity
tax
%
n o
n e
qu
p
re-
p		 22
.8%		 28
.5%		 30
.3%		 33
.6%		 28
.8%		 29
.8%		 38
.1%		 25
.8%		 20
.1%		 28
.4%

Central & Eastern Europe

in
€ m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 Q
4
20
10		 M
12
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 M
12
20
11
Ne
t in
t in
ter
es
co
me		 159 16
1		 164 190 67
4		 157 166 17
1		 154 64
8
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -94 -92 -12
7		 -48 -36
1		 -30 -6 -32 -21 -89
af
Ne
t in
ter
t in
ter
isio
es
co
me
p
rov
ns		 65 69 37 142 31
3		 127 160 139 133 55
9
Ne
mis
sio
n in
t c
om
co
me		 47 53 53 55 20
8		 55 55 55 52 21
7
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 18 20 19 16 73 26 22 33 170 25
1
Ne
t in
t in
stm
ve
en
co
me		 -1 4 4 -11 -4 4 0 7 -4 7
Cu
inc
ies
ed
fo
sin
the
uity
tho
d
nt
unt
rre
om
e o
n c
om
p
an
ac
co
r u
g
eq
me		 - - - - - - - - - -
Oth
inc
er
om
e		 3 9 9 7 28 10 10 1 13 34
Re
s b
efo
LL
P
ven
ue
re		 22
6		 24
7		 24
9		 25
7		 97
9		 25
2		 25
3		 26
7		 38
5		 1,
157
Re
fte
r L
LP
ven
ue
s a		 132 155 122 20
9		 61
8		 22
2		 24
7		 23
5		 36
4		 1,
06
8
Op
ting
era
ex
p
en
se
s		 126 148 153 138 56
5		 144 148 143 150 58
5
Op
ting
rof
it
era
p		 6 7 -31 71 53 78 99 92 21
4		 48
3
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - - - - - - - - - -
Pre
rof
it
-ta
x p		 6 7 -31 71 53 78 99 92 21
4		 48
3
Av
ital
loy
ed
era
g
e c
ap
em
p		 1,
59
9		 1,
59
7		 1,
67
4		 1,
64
2		 1,
62
8		 1,
68
2		 1,
71
0		 1,
75
5		 1,
74
4		 1,
72
3
RW
A
(
End
of
Pe
rio
d
)		 18
74
7
,		 19
72
2
,		 19
01
1
,		 19
107
,		 19
107
,		 19
42
5
,		 19
80
6
,		 19
45
8
,		 19
59
5
,		 19
59
5
,
Co
/inc
(
)
st
atio
%
om
e r		 55
.8%		 59
.9%		 61
.4%		 53
.7%		 57
.7%		 57
.1%		 58
.5%		 53
.6%		 39
.0%		 50
.6%
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 1.5
%		 1.8
%		 4%
-7.		 17
.3%		 3.3
%		 18
.5%		 23
.2%		 21
.0%		 49
.1%		 28
.0%
Re
ity
of
rof
it (
)
tur
tax
%
n o
n e
qu
p
re-
p		 1.5
%		 1.8
%		 -7.
4%		 17
.3%		 3.3
%		 18
.5%		 23
.2%		 21
.0%		 49
.1%		 28
.0%

Corporates & Markets

in
€ m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 Q
4
20
10		 12
M
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 12
M
20
11
Ne
t in
t in
ter
es
co
me		 20
8		 198 14
1		 22
0		 76
7		 160 22
5		 14
1		 30
6		 83
2
Pro
vis
ion
s f
loa
n lo
or
ss
es		 19 0 -6 14 27 0 -31 -59 -56 -14
6
Ne
t in
t in
af
isio
ter
ter
es
co
me
p
rov
ns		 22
7		 198 135 23
4		 79
4		 160 194 82 25
0		 68
6
Ne
mis
sio
n in
t c
om
co
me		 75 64 55 60 25
4		 48 92 78 82 30
0
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 44
8		 187 31
3		 21
2		 1,
160		 45
6		 37
0		 20
2		 41 1,
06
9
Ne
t in
t in
stm
ve
en
co
me		 -14 43 31 160 22
0		 4 26 4 -4 30
Cu
fo
nt
inc
ies
unt
ed
sin
the
uity
tho
d
rre
om
e o
n c
om
p
an
ac
co
r u
g
eq
me		 - - 1 10 11 - 11 2 2 15
Oth
inc
er
om
e		 8 11 25 -64 -20 11 -14 21 -30 -12
efo
Re
s b
LL
P
ven
ue
re		 72
5		 50
3		 56
6		 59
8		 2,
39
2		 67
9		 71
0		 44
8		 39
7		 2,
23
4
Re
fte
r L
LP
ven
ue
s a		 744 50
3		 56
0		 612 2,
41
9		 67
9		 67
9		 38
9		 34
1		 2,
08
8
Op
ting
era
ex
p
en
se
s		 41
1		 39
5		 43
9		 38
8		 1,
63
3		 43
9		 39
8		 35
4		 31
4		 1,
50
5
Op
rof
ting
it
era
p		 33
3		 108 12
1		 22
4		 78
6		 24
0		 28
1		 35 27 58
3
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - - - - - - - - - -
rof
Pre
-ta
it
x p		 33
3		 108 12
1		 22
4		 78
6		 24
0		 28
1		 35 27 58
3
Av
ital
loy
ed
era
g
e c
ap
em
p		 3,
85
2		 3,
82
0		 3,
83
9		 3,
90
3		 3,
85
4		 3,
32
2		 2,
99
1		 2,
78
1		 3,
01
0		 3,
02
6
(
)
RW
A
End
of
Pe
rio
d		 51
50
2
,		 53
28
5
,		 52
82
4
,		 45
88
7
,		 45
88
7
,		 40
28
7
,		 36
66
1
,		 37
104
,		 35
56
4
,		 35
56
4
,
Co
/inc
atio
(
%
)
st
om
e r		 56
.7%		 78
.5%		 .6%
77		 64
.9%		 68
.3%		 64
.7%		 56
.1%		 79
.0%		 79
.1%		 67
.4%
Op
(
)
ting
tur
ity
%
era
re
n o
n e
qu		 34
.6%		 11
.3%		 12
.6%		 23
.0%		 20
.4%		 28
.9%		 37
.6%		 5.0
%		 3.6
%		 19
.3%
Re
ity
of
rof
it (
%
)
tur
tax
n o
n e
qu
p
re-
p		 34
.6%		 11
.3%		 12
.6%		 23
.0%		 20
.4%		 28
.9%		 37
.6%		 5.0
%		 3.6
%		 19
.3%

Asset Based Finance

in
€ m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 Q
4
20
10		 12
M
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 12
M
20
11
Ne
t in
t in
ter
es
co
me		 29
8		 32
0		 28
3		 26
1		 1,
162		 29
6		 25
6		 24
0		 22
9		 1,
02
1
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -32
5		 -35
4		 -49
3		 -41
2		 -1,
58
4		 -24
1		 -23
3		 -25
4		 -17
9		 -90
7
Ne
t in
t in
af
isio
ter
ter
es
co
me
p
rov
ns		 -27 -34 -21
0		 -15
1		 -42
2		 55 23 -14 50 114
Ne
mis
sio
n in
t c
om
co
me		 88 80 83 76 32
7		 81 87 69 23 26
0
Ne
ad
ing
inc
nd
inc
n h
ed
ntin
t tr
net
om
e a
om
e o
g
e a
cc
ou
g		 4
-		 30 -49 -55 -78 -86 52 -40 197 123
Ne
t in
stm
t in
ve
en
co
me		 -2 -15
8		 -51 -14
1		 -35
2		 -42 -93
6		 -1,
37
0		 -1,
45
1		 -3,
79
9
Cu
inc
ies
ed
fo
sin
the
uity
tho
d
nt
unt
rre
om
e o
n c
om
p
an
ac
co
r u
g
eq
me		 -2 2 -9 -11 -20 -8 -7 1 6 -8
Oth
inc
er
om
e		 14 -21 -23 -84 -11
4		 16 4 3 -52 -29
Re
s b
efo
LL
P
ven
ue
re		 39
2		 25
3		 23
4		 46 92
5		 25
7		 -54
4		 -1,
09
7		 -1,
04
8		 -2,
43
2
Re
fte
r L
LP
ven
ue
s a		 67 -10
1		 -25
9		 -36
6		 -65
9		 16 -77
7		 -1,
35
1		 -1,
22
7		 -3,
33
9
Op
ting
era
ex
p
en
se
s		 152 147 144 166 60
9		 154 144 143 13
1		 57
2
Op
ting
rof
it
era
p		 -85 -24
8		 -40
3		 -53
2		 -1,
26
8		 -13
8		 -92
1		 -1,
49
4		 -1,
35
8		 -3,
91
1
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - 33 - - 33 - - - - -
Pre
rof
it
-ta
x p		 -85 -28
1		 -40
3		 -53
2		 -1,
30
1		 -13
8		 -92
1		 -1,
49
4		 -1,
35
8		 -3,
91
1
Av
ital
loy
ed
era
g
e c
ap
em
p		 6,
44
1		 6,
39
5		 6,
44
0		 5,
82
9		 6,
27
6		 5,
61
2		 5,
195		 5,
41
6		 5,
36
8		 5,
39
8
RW
A
(
End
of
Pe
rio
d
)		 88
137
,		 90
37
7
,		 85
58
9
,		 78
82
4
,		 78
82
4
,		 73
58
0
,		 71
38
4
,		 73
178
,		 70
59
2
,		 70
59
2
,
Co
/inc
atio
(
)
st
%
om
e r		 38
.8%		 58
.1%		 61
.5%		 36
0.9
%		 65
.8%		 59
.9%		 n/a n/a n/a n/a
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 -5.
3%		 -15
.5%		 -25
.0%		 -36
.5%		 -20
.2%		 -9.
8%		 -70
.9%		 -11
0.3
%		 -10
1.2
%		 -72
.5%
Re
ity
of
rof
it (
%
)
tur
tax
n o
n e
qu
p
re-
p		 5.3
%
-		 -17
.6%		 -25
.0%		 -36
.5%		 -20
.7%		 -9.
8%		 -70
.9%		 -11
0.3
%		 -10
1.2
%		 -72
.5%

Portfolio Restructuring Unit

in
€ m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 Q
4
20
10		 12
M
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 12
M
20
11
Ne
t in
t in
ter
es
co
me		 23 10 29 20 82 5 13 7 24 49
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -22 -28 -2 -10 -62 1 3 17 -26 -5
Ne
t in
t in
af
isio
ter
ter
es
co
me
p
rov
ns		 1 -18 27 10 20 6 16 24 -2 44
Ne
mis
sio
n in
t c
om
co
me		 -3 7 2 -6 -0 0 0 -0 0 0
Ne
t tr
ad
ing
inc
nd
net
inc
n h
ed
ntin
om
e a
om
e o
g
e a
cc
ou
g		 28
2		 56 32
8		 12
1		 78
7		 61 72 -21
9		 -22 -10
8
Ne
t in
t in
stm
ve
en
co
me		 -94 70 -9 4 -29 18 -7 -0 -7 4
Cu
inc
ies
ed
fo
sin
the
uity
tho
d
nt
unt
rre
om
e o
n c
om
p
an
ac
co
r u
g
eq
me		 - - - - - - - - - -
Oth
inc
er
om
e		 -0 7 -3 -1 3 -0 -1 -0 -6 -7
Re
s b
efo
LL
P
ven
ue
re		 20
8		 150 34
7		 138 84
3		 84 77 -21
2		 -11 -62
Re
fte
r L
LP
ven
ue
s a		 186 122 34
5		 128 78
1		 85 80 -19
5		 -37 -67
Op
ting
era
ex
p
en
se
s		 25 27 31 23 106 22 16 17 8 63
Op
ting
rof
it
era
p		 16
1		 95 31
4		 105 67
5		 63 64 -21
2		 -45 -13
0
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - - - - - - - - - -
Pre
rof
it
-ta
x p		 16
1		 95 31
4		 105 67
5		 63 64 -21
2		 -45 -13
0
Av
ital
loy
ed
era
g
e c
ap
em
p		 1,
36
4		 1,
25
1		 1,
136		 1,
09
7		 1,
21
2		 97
1		 93
8		 80
8		 1,
29
1		 1,
00
2
(
of
)
RW
A
End
Pe
rio
d		 13
46
8
,		 12
24
0
,		 10
93
5
,		 9,
88
6		 9,
88
6		 9,
31
6		 8,
84
1		 9,
23
8		 10
77
2
,		 10
77
2
,
Co
/inc
atio
(
%
)
st
om
e r		 12
.0%		 18
.0%		 8.9
%		 16
.7%		 12
.6%		 26
.2%		 20
.8%		 n/a n/a n/a
Op
ting
ity
(
)
tur
%
era
re
n o
n e
qu		 47
.2%		 30
.4%		 110
.6%		 38
.3%		 55
.7%		 25
.9%		 27
.3%		 -10
5.0
%		 -13
.9%		 -13
.0%
of
rof
it (
)
Re
tur
ity
tax
%
n o
n e
qu
p
re-
p		 47
.2%		 30
.4%		 110
.6%		 38
.3%		 55
.7%		 25
.9%		 27
.3%		 -10
5.0
%		 -13
.9%		 -13
.0%

Others & Consolidation

in
€ m		 Q
1
20
10		 Q
2
20
10		 Q
3
20
10		 Q
4
20
10		 12
M
20
10		 Q
1
20
11		 Q
2
20
11		 Q
3
20
11		 Q
4
20
11		 12
M
20
11
Ne
t in
t in
ter
es
co
me		 186 125 34 -39 30
6		 103 31 5 -16
6		 -27
s f
Pro
vis
ion
loa
n lo
or
ss
es		 5 -1 2 -0 6 1 -1 -0 2 2
Ne
t in
t in
af
isio
ter
ter
es
co
me
p
rov
ns		 19
1		 124 36 -39 31
2		 104 30 5 -16
4		 -25
Ne
mis
sio
n in
t c
om
co
me		 -29 -17 -21 1 -66 -18 -35 -28 -41 -12
2
Ne
t tr
ad
ing
inc
nd
net
inc
n h
ed
ntin
om
e a
om
e o
g
e a
cc
ou
g		 95 -28 -17
7		 10
1		 -9 47 68 37
1		 20
7		 69
3
Ne
t in
t in
stm
ve
en
co
me		 -14 81 -32 19 54 43 -21 102 76 20
0
Cu
inc
ies
ed
fo
sin
the
uity
tho
d
nt
unt
rre
om
e o
n c
om
p
an
ac
co
r u
g
eq
me		 - 1 -1 4 4 - -1 6 -0 5
Oth
inc
er
om
e		 2 -32 33 76 79 32
0		 31 -9 90
5		 1,
24
7
Re
s b
efo
LL
P
ven
ue
re		 24
0		 130 -16
4		 162 36
8		 49
5		 73 44
7		 98
1		 1,
99
6
Re
fte
r L
LP
ven
ue
s a		 24
5		 129 -16
2		 162 37
4		 49
6		 72 44
7		 98
3		 1,
99
8
Op
ting
era
ex
p
en
se
s		 22
6		 24
9		 177 22
7		 87
9		 126 116 139 37 41
8
Op
ting
rof
it
era
p		 19 -12
0		 -33
9		 -65 -50
5		 37
0		 -44 30
8		 94
6		 1,
58
0
Imp
air
of
dw
ill a
nd
bra
nd
nts
me
g
oo
na
me
s		 - - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - - - - - - - - - -
Pre
rof
it
-ta
x p		 19 -12
0		 -33
9		 -65 -50
5		 37
0		 -44 30
8		 94
6		 1,
58
0
Av
ital
loy
ed
era
g
e c
ap
em
p		 8,
00
0		 8,
90
2		 9,
01
1		 9,
97
6		 8,
97
2		 11
83
9
,		 12
162
,		 9,
35
0		 8,
03
3		 10
33
2
,
(
of
)
RW
A
End
Pe
rio
d		 12
23
1
,		 14
105
,		 14
69
2
,		 14
29
4
,		 14
29
4
,		 14
49
3
,		 13
09
1
,		 12
150
,		 14
94
7
,		 14
94
7
,

Group equity definitions

R
i
l
i
i
f
i
d
f
i
i
i
t
t
t
e
c
o
n
c
a
o
n
o
e
q
e
n
o
n
s
u
y		 E
i
b
i
f
R
E
t
q
a
s
s
o
r
o
u
y
R
i
l
i
i
f
i
d
f
i
i
i
t
t
t
e
c
o
n
c
a
o
n
o
e
q
e
n
o
n
s
u
y
Eq
i
de
f
in
i
io
in
€
ty
t
u
ns
m		 2
0
1
1
f Pe
En
d
o		 Av
er
ag
e
Su
bs
i
be
d c
i
l
ta
cr
ap		 io
d
r
5,
1
1
3		 4,
2
6
1
Ca
i
l re
ta
p
se
rve		 1
1,
1
5
8		 7,
1
5
3
Re
ine
d e
ing
ta
ar
n
s		 8,
1
8
4		 8,
8
6
5
S
i
len
ic
ip
ion
So
F
F
in
/
A
l
l
ian
t p
t
t
ar
a
s
z		 2,
6
8
7		 8,
7
7
6
Cu
la
ion
tra
t
rre
nc
y
ns
re
se
rve		 -3
5
5		 4
0
1
-
Co
l
i
da
d
P
&
L
te
ns
o		 6
3
8		 7
7
8
In
'
Ca
i
l w
i
ho
l
l
in
in
to
ta
t
t n
tro
te
ts
ve
s
rs
p
u
on
-co
n
g
re
s		 2
7,
4
2
5		 2
9,
4
3
2		 Ba
is
fo
Ro
E
f
i
t p
t
s
r
on
n
e
ro
S
No
l
l
ing
in
(
I
F
R
)
*
tro
te
ts
n-c
on
res		 2
0
7		 8
0
2
'
Ca
i
In
to
ta
l
ve
s
rs
p		 2
8,
1
4
5		 3
0,
2
3
4		 Ba
is
fo
in
Ro
E
d
Ro
E
t
-ta
s
r o
p
er
a
g
an
p
re
x
Ca
i
l
de
du
ion
dw
i
l
l a
d o
he
d
j
ta
t
t
tm
ts
p
c
s,
g
oo
n
r a
us
en		 4,
7
0
2
-
Ba
l
I
I c
i
l w
i
ho
hy
br
i
d
i
l
ta
t
t
ta
se
or
e
ca
p
u
ca
p		 2
3,
4
4
3
Hy
br
i
d c
i
l
ta
ap		 2,
7
4
6
Ba
l
I
I
T
ie
I c
i
l
ta
se
r
ap		 2
6,
1
8
9

* excluding: Revaluation reserve and cash flow hedges

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

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

Region UK / Asia

Michael H. Klein (Head)P: +49 69 136 24522M: [email protected]

Wennemar von BodelschwinghP: +49 69 136 43611M: [email protected]

Region Europe / US / Retail Investors

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

Ute Heiserer-JäckelP: +49 69 136 41874M: [email protected]

Simone NuxollP: +49 69 136 45660M: [email protected]

Strategic IR

Dirk Bartsch (Head) P: +49 69 136 2 2799 M: [email protected]

Michael DesprezP: +49 69 136 25136M: [email protected]

Volker von KrüchtenP: +49 69 136 25139 M: [email protected]

Maxim KutscherP: +49 69 136 43888 M: [email protected]

Florian NeumannP: +49 69 136 41367 M: [email protected]

Patricia NovakP: +49 69 136 46442M: [email protected]

[email protected]

IR Roadshows/ Events

Christina PerićP: +49-69 136 43886M: [email protected]

Quality Assurance / Due Diligence

Klaus-Dieter Schallmayer

P: +49-69 136 25154M: [email protected]

Eric StrutzCFO Frankfurt February 23rd, 2012

Disclaimer

Investor Relations

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about Commerzbank's beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates, projections and targets as they are currently available to the management of Commerzbank. Forward-looking statements therefore speak only as of the date they are made, and Commerzbank undertakes no obligation to update publicly any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, among others, the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which Commerzbank derives a substantial portion of its revenues and in which it hold a substantial portion of its assets, the development of assetprices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives and the reliability of its risk management policies.

In addition, this presentation contains financial and other information which has been derived from publicly available information disclosed by persons other than Commerzbank ("external data"). In particular, external data has been derived from industry and customer-related data and other calculations taken or derived from industry reports published by third parties, market research reports and commercial publications. Commercial publications generally state that the information they contain has originated from sources assumed to be reliable, but that the accuracy and completeness of such information is not guaranteed and that the calculations contained therein are based on a series of assumptions. The external data has not been independently verified by Commerzbank. Therefore, Commerzbank cannot assume any responsibility for the accuracy of the external data taken or derived from public sources.

Copies of this document are available upon request or can be downloaded from www.commerzbank.com/aktionaere/index.htm

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