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Commerzbank AG Earnings Release 2013

Nov 7, 2013

81_ip_2013-11-07_5027c1d6-c7c9-4dc7-9863-cf0fe47a1255.pdf

Earnings Release

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NCA run-down ahead of targets -CET 1 phase-in ratio at 11.0%

Analyst conference – Q3 2013 results

Stephan Engels | CFO | Frankfurt | 7 November 2013

Group operating result of €103m in Q3 2013 - Sale of €5bn UK CREportfolio completely reflected in P&L and balance sheet

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Our strategic agenda

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One year after our Investors' Day 2012: The implementation of our strategic agenda is bearing first fruits (2/2)

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1)Attributable to Commerzbank shareholders

Group operating result reflects sale of UK CRE-portfolio

Q3 2013 vs. Q2 2013

  • ►Group revenues almost stable despite faster run-down in interest earning assets in NCA
  • ▲LLP benefits from lower LLP level in NCA CRE (Q2 2013 including UK CRE sale)
  • ▲Operating costs for the second consecutive quarter below €1.7bn shows ongoing progress on cost management
  • ▲Significant de-risking in NCA by €12bn across all business units

1) Incl. sale of UK CRE-portfolio with P/L charges of €179m as communicated (Q2 2013: €134m LLP; Q3 2013 €-45m revenues) 2) Consolidated result attributable to Commerzbank shareholders

Adjusted revenues before LLP

Adjusted operating result

1) Net of hedges 2) Liability Management and Greece sov. impairment3) Q1 2012 and Q2 2012: NCA and PRU 411

Q3 13

-264

-433

-94

551

Q2 13

473

Core Bank's revenues almost stable despite seasonal weakness in capital market related revenues

Q3 2013 vs. Q2 2013

  • ▲ Successful sales initiatives in PC and German Mittelstand again with slight increase in loan volumes as margins remain stable - PC with record new customers
  • ► Positive revenue contribution from pre-payment of a corporate loan in MSB and C&M of €167m compensates lower revenues in C&M due to a dry-out of transactions during the US budget crisis particularly in late September
  • ►Revenues including provisions on Trust Preferred Securities of HF, compensated by a positive swing in CVA/DVA q-o-q

Core Bank: Balanced investment approach offset by active cost management

Q3 2013 vs. Q2 2013

  • ▲Higher investments, e.g. new brand positioning in PC, offset by ongoing efficiency measures
  • ►Higher personnel expenses due to increase in collective wages and salaries

1)C&M CIR excluding OCS effect and net CVA / DVA (net of hedges)

Core Bank: LLPs in line with expectation – NPL ratio remains stable below 2%

1) Risk Density = EL/EAD (on each segment)2) As % of EaD

▲Ongoing good portfolio quality (risk density) in Core Bank

► LLP increase in Q3 2013 driven by a normalization in C&M after releases in Q2 2013

▲Default volume stable despite higher LLP level

Stephan Engels | CFO | Frankfurt | 7 November 2013

Private Customers: Successful client capturing strategy continued

Q3 2013 vs. Q2 2013

  • ►Slight decrease in revenues (-1.7%) driven by lower security transactions in light of increased market uncertainties
  • ▲ Net interest income slightly up as loan volumes again increased (€0.4bn) and net interest income from deposits remains stable
  • ▲ Operating expenses continue to be stable. Ongoing investments in the brand, products and services will be financed through continued cost discipline, but increase in Q4 2013 expected

PC divisional split

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Direct Banking – Revenues before LLP

€m
  • ▲ Income in Q3 2013 on a stable level
  • ▲ New customers at +28k doubled vs Q2 2013 and strongest quarter since Q2 2012
8 8 8
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▲ Current account growth at +41k (+45% vs Q2 2012) and strongest net increase since the beginning of 2011

Mittelstandsbank: Revenues from direct customer business stable, positive revenue contribution from pre-payment of a corporate loan

Q3 2013 vs. Q2 2013

  • ▲ Q3 2013 revenues up thanks to pre-payment of a corporate loan as well as valuation effects of counterparty risks in derivatives business - revenues from customer business stable
  • ▲Reduced LLPs in Q3 2013 after higher provisioning of single cases in Q2 2013
  • ▲ After loan volume growth of 3% in Q2 2013 again slight increase in Mittelstand Germany by 2.5% - Großkunden & International as well as Financial Institutions almost stable

MSB divisional split

Mittelstand Germany – Revenues before LLP €m

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customer business► Positive revenue contribution from pre-payment of a corporate loan as well as

reduced negative valuation effects of counterparty risks in derivatives business

Financial Institutions – Revenues before LLP €m

Central & Eastern Europe: Rollout of new mBank banking platform already accomplished

Q3 2013 vs. Q2 2013

  • ▲Increase in net interest income, which benefits from management of interest margin and stable volumes
  • ▲ Cost basis stable, but slight increase expected in Q4 2013 due to the implementation of the new brand "mBank" replacing "BRE"

Corporates & Markets: Operating performance affected by unfavourable market conditions and normalised LLP

Q3 2013 vs. Q2 2013

  • ▼ Operating result excl. OCS effect and net CVA/DVA1) below exceptionally strong Q2 2013 due to lower revenues caused by seasonal effects and unfavourable market conditions in light of US debt crisis
  • ►LLP charges of €-43m in Q3 2013 after LLP releases of €19m in previous quarter resulting in q-o-q delta of €62m
  • ►Stable performance in all business lines of Corporate Finance over the year

1)Net of hedges. Since Q2 2013 spread-based calculation of CVA/DVA impact, before calculation was rating-based. 2) Excl. OCS effect and net CVA/DVA (net of hedges)

Corporates & Markets divisional split

EMC – Revenues before LLPs€m►▼103186108

  • Q3 2013Q2 2013Q3 2012
  • Stable y-o-y revenue development in EMC after exceptional Q2 2013
  • Lower q-o-q performance due to seasonal effects and reduced demand for commodities

FIC – Revenues before LLPs (excl. OCS effect, CVA/DVA1))▲

€m

Q-o-q and y-o-y improvement of Interest Rate Trading

▼ Difficult market conditions due to US debt ceiling and tapering discussion hamper performance of FX and Credit trading

1) Net of hedges. Since Q2 2013 spread based calculation of CVA/DVA impact, before calculation was rating based.

NCA: Successful de-risking with active portfolio run-down ahead of targets

Q3 2013 vs. Q2 2013

  • ▲Again sizable reduction in Exposure at Default: €-12bn in Q3 2013, including €5bn from realized sale of UK CRE portfolio
  • ▲Active portfolio run-down results in a net capital relief of about €208m in Q3 2013 (ytd 2013: €278m)
  • ▲Lower risk provisioning needs in CRE - unchanged FY 2013 guidance in Shipping
  • ►Consequently decline in interest-earning assets with negative impact on interest income going forward

NCA: Significant reduction of default volume after sale of the CRE UK portfolio - default volume in Shipping slightly lower than in Q4 2012

€bn

Note: Numbers may not add up due to rounding 1) Deutsche Schiffsbank2) As % of EaD

  • ▲ Sizable asset reduction in all NCA divisions (performing book): CRE: 19% (~€9bn); Ship Finance1): 6% (~€1bn); PF: 4% (~€3bn)
  • ▲ Ship Finance1) already close to original target of €14bn by 2016

NCA: Only €8bn of CRE and Shipping portfolio considered as higher risk after sale of the CRE UK portfolio

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Risk of single exposures depend on LtVs, terms of charter/rental agreements and charterers/tenants credit worthiness

Note: Numbers may not add up due to rounding 1) Incl. HF Retail portfolio of NCA 2) Deutsche Schiffsbank

Optimisation of capitalisation: Despite faster NCA run-down sizable net capital relief of €278m ytd 2013

Segment NCA, Exposure at Default (incl. NPL)€bn

  • › Sizeable asset reduction in all NCA sub-segments: -22% since Investors' Day and -18% ytd 2013
  • › Active management drives accelerated run-down in 2013 but will impact revenue generation going forward
  • › Investors' Day target could already be revised to significantly below €90bn until 2016

Note: Numbers may not add up due to rounding 1) Deutsche Schiffsbank

Basel 2.5 Core Tier 1 ratio improved to 12.7%

Total assets

€bn

› Total assets below €600bn for the first time since integration of Dresdner Bank

RWA

€bn

› RWA significantly lower due to rundown NCA

Core Tier 1 capital & ratio€bn

› Higher capital ratios in line with lower RWA

Basel III CET 1 comfortably above 9% under phase-in

Note: estimated impacts as of Q3 2013, numbers may not add up due to rounding

CRD4 Leverage ratio of 4.1% under phase-in and 3.2% fully phased-in -LtD-ratio below 100%

Commerzbank issues Pfandbriefe to reduce funding costs and diversify funding structure

Capital market funding history & outlook€bn

Senior Unsecured

  • ›Focus on private placements
  • ›€1.9bn senior unsecured funding until Q3 2013

Subordinated Bond

›USD 1.0bn lower Tier 2 (144a/Reg S) in Q3 2013

Covered Bonds

  • › Two inaugural covered bonds issued until Q3 2013 with attractive funding levels to reduce overall funding costs
  • › €500m 5Y inaugural SME structured covered bond as innovative structure to refinance SME business
  • › First Pfandbrief of Commerzbank AG; €500m 5Y public-sector Pfandbrief to refinance guaranteed export finance business of MSB
  • › In October 2013: First Mortgage Pfandbrief of Commerzbank AG; €500m 7Y at Euro MS flat to refinance PC loan business

Stephan Engels | CFO | Frankfurt | 7 November 2013

Outlook

Unchanged outlook: ongoing asset reduction and low interest rates expected to keep pressure on revenues in Q4 2013

LLP are expected to be higher than in FY 2012 due to accelerated NCA run-down and normalisation of LLP in Core Bank

We continue with our strict cost management whereby investments are funded by further cost efficiencies - costs will not exceed €7.0bn in FY 2013

NCA portfolio run-down will continue - accelerated run-down strategy affects revenue generation going forward

CET 1 Basel III fully phased-in planned to be at 9.0% by year-end 2014

Appendix: Segment reporting

Stephan Engels | CFO | Frankfurt | 7 November 201328

German economy 2013 – Fighting to stay on track

Current development

  • › German economy has grown again in 2013 H1. Sentiment indicators has trended upwards in recent months.
  • › External demand has picked up again; the weak spot is still investment
  • › The labor market has weathered the soft patch rather well so far. The unemployment rate remains below 7%.

Our expectation for 2013-2014

  • › The increase of leading indicators points to an ongoing recovery in H2. However, the uncertainty on the further fate of EMU is still depressing investment, which might dampen growth at least for the near future.
  • › Germany is expected, however, to continue to outperform EMU average
  • › The willingness of the ECB to buy peripheral bonds markedly has reduced the EMU break-up risk

Reasons for outperformance

  • ›No bubble in the housing market
  • › Low level of private sector debt translating to low refinancing cost
  • ›Less need for fiscal consolidation
  • › Improved competitiveness since start of EMU; however, the advantage is about to decline
  • › Strong position in Asian markets and Emerging Markets in general

Stephan Engels | CFO | Frankfurt | 7 November 2013

Significant items affecting group revenues and net income

Group revenues

€m

I
tem
s		 Q
1
2
0
1
2		 Q
2
2
0
1
2		 Q
3
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1
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Group net income

€m

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Note: All numbers for previous quarters are restated to conform to new financial disclosure as of 1 January 2013 for comparability 1) Net of hedges 2) Liability Mgmt / Greece sov. impairment

Full focus on implementation of our strategic agenda

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Full focus on implementation of our strategic agenda

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1)Simplified and schematic representation of progress towards 2016 target in Q3 2013

NCA: Diversified portfolio with large parts being German risk

EaD (incl. NPL) as of 30 Sep 2013, in €bn

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

NCA: Diversified portfolio of mainly long term assets

EaD (incl. NPL) per 30 Sep 2013, in €bn

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3.
7

1) Deutsche Schiffsbank

Commerzbank Group

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
20
13		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 1,
694		 1,
784		 1,
28
1		 4,
759		 1,
728		 1,
356		 1,
629		 1,
483		 4,
468		 15.
8		 9.0
-
Pro
vis
ion
s f
loa
n lo
or
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s		 -21
2		 -40
4		 -43
0		 -1,
046		 -61
4		 -26
7		 -53
7		 -49
2		 -1,
296		 -14
.4		 8.4
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 1,
482		 1,
380		 85
1		 3,
713		 1,
114		 1,
089		 1,
092		 99
1		 3,
172		 16.
5		 9.2
-
Net
iss
ion
inc
co
mm
om
e		 864 769 852 2,
485		 764 847 808 785 2,
440		 -7.
9		 2.8
-
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
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e a
cco		 164 84 224 472 -38
3		 317 -9 -74 234 -13
3.0		 722
.2
-
Net
inv
nt i
est
me
nco
me		 -17
6		 -23 30 -16
9		 250 -6 -12
0		 136 10 353
.3		 213
.3
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 11 7 16 34 12 8 11 31 50 93.
8		 181
.8
Oth
inc
er
om
e		 21 -43 -33 -55 -22 -62 -5 -80 -14
7		 -14
2.4		 1,
500
.0
-
Re
s b
efo
LL
P
ven
ue
re		 2,
578		 2,
578		 2,
370		 7,
526		 2,
349		 2,
460		 2,
314		 2,
281		 7,
055		 -3.
8		 1.4
-
Re
af
LLP
ter
ven
ues		 2,
366		 2,
174		 1,
940		 6,
480		 1,
735		 2,
193		 1,
777		 1,
789		 759
5,		 -7.
8		 0.7
Op
ting
era
ex
pen
ses		 1,
790		 1,
732		 1,
732		 5,
254		 1,
775		 1,
724		 1,
699		 1,
686		 5,
109		 -2.
7		 0.8
-
Op
ting
sul
t
era
re		 576 442 208 1,
226		 -40 469 78 103 650 -50
.5		 32
.1
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 34 9 - 43 - 493 - - 493 - -
Net
in o
r lo
fro
ale
of
dis
al g
ga
ss
m s
pos
rou
ps		 - -86 3 -83 -18
5		 - - - - -10
0.0		 -
Pre
lt
-ta
x r
esu		 542 347 21
1		 1,
100		 -22
5		 -24 78 103 157 -51
.2		 32
.1
Av
ital
loy
ed
era
ge
cap
em
p		 28
253
,		 29
165
,		 29
510
,		 28
976
,		 29
116
,		 28
674
,		 28
446
,		 28
650
,		 28
590
,		 -2.
9		 0.7
A (
of
)
RW
End
Pe
riod		 222
94
1
,		 210
150
,		 206
31
1
,		 206
31
1
,		 208
135
,		 209
796
,		 206
289
,		 197
287
,		 197
287
,		 -4.
4		 4.4
-
Co
st/i
tio
(
%)
nco
me
ra		 69.
4%		 67.
2%		 73.
1%		 69.
8%		 75.
6%		 70.
1%		 73.
4%		 73
.9%		 72.
4%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 8.2
%		 6.1
%		 2.8
%		 5.6
%		 -0.
5%		 6.5
%		 1.1
%		 1.4
%		 3.0
%
of
(
%)
Ret
uity
e-t
ult
urn
on
eq
pr
ax
res		 7.7
%		 4.8
%		 2.9
%		 5.1
%		 -3.
1%		 -0.
3%		 1.1
%		 1.4
%		 0.7
%

Core Bank

in €
m		 Q1
201
2		 Q2
20
12		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
20
13		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 1,
474		 1,
597		 1,
155		 4,
226		 1,
520		 1,
186		 1,
447		 1,
424		 4,
057		 23
.3		 1.6
-
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -18 -11
6		 -47 -18
1		 -10
2		 -92 -19
0		 -24
9		 -53
1		 -42
9.8		 31
.1
-
Net
int
st i
af
ter
ovi
sio
ere
nco
me
pr
ns		 1,
456		 1,
48
1		 1,
108		 4,
045		 1,
418		 1,
094		 1,
257		 1,
175		 3,
526		 6.0 6.5
-
Net
iss
ion
inc
co
mm
om
e		 836 75
1		 826 2,
413		 735 828 789 779 2,
396		 -5.
7		 1.3
-
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 24
1		 -24 294 51
1		 -31
2		 360 -32 -39 289 -11
3.3		 21
.9
-
Net
inv
est
nt i
me
nco
me		 10 20 109 139 237 -14 37 132 155 21
.1		 256
.8
Cu
nt i
ani
ted
fo
ing
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r us
eq
me		 12 6 16 34 14 10 11 21 42 31
.3		 90.
9
Oth
inc
er
om
e		 -7 -34 -27 -68 -11 -82 7 -91 -16
6		 -23
7.0		 1,
400
.0
-
efo
Re
s b
LL
P
ven
ue
re		 2,
566		 2,
316		 2,
373		 7,
255		 2,
183		 2,
288		 2,
259		 2,
226		 6,
773		 -6.
2		 1.5
-
Re
af
ter
LLP
ven
ues		 2,
548		 2,
20
0		 2,
326		 7,
074		 2,
08
1		 2,
196		 2,
069		 1,
97
7		 6,
242		 -15
.0		 4.4
-
Op
ting
era
ex
pen
ses		 1,
680		 1,
626		 1,
64
1		 4,
947		 1,
673		 1,
64
1		 1,
604		 1,
602		 4,
847		 -2.
4		 0.1
-
Op
ting
sul
t
era
re		 868 574 685 2,
127		 408 555 465 375 1,
395		 -45
.3		 19.
4
-
f g
Imp
airm
ent
ood
ill a
nd
bra
nd
s o
nam
es
w		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - 493 -0 -0 493 - 41
.1
Net
in o
r lo
fro
ale
of
dis
al g
ga
ss
m s
pos
rou
ps		 - -86 3 -83 -18
5		 - - - - -10
0.0		 -
rof
Pre
-ta
it
x p		 868 488 688 2,
044		 223 62 465 375 902 -45
.5		 19.
4
-
Av
ital
loy
ed
era
ge
cap
em
p		 16,
323		 17,
996		 19,
457		 17,
466		 19,
500		 18,
616		 18,
795		 19,
318		 18,
910		 -0.
7		 2.8
RW
A (
End
of
Pe
riod
)		 146
894
,		 138
107
,		 141
74
1
,		 141
74
1
,		 140
352
,		 144
660
,		 144
534
,		 140
875
,		 140
875
,		 -0.
6		 2.5
-
Co
st/i
(
%)
tio
nco
me
ra		 65.
5%		 70
.2%		 69.
2%		 68.
2%		 76.
6%		 71
.7%		 71.
0%		 72.
0%		 71.
6%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 21
.3%		 12.
8%		 14.
1%		 16.
2%		 8.4
%		 11.
9%		 9.9
%		 7.8
%		 9.8
%
Ret
uity
of
fit
(
%)
e-t
urn
on
eq
pr
ax
pro		 21
.3%		 10.
8%		 14.
1%		 15.
6%		 4.6
%		 1.3
%		 9.9
%		 7.8
%		 6.4
%

Private Customers

in €
m		 Q1
201
2		 Q2
201
2		 Q3
20
12		 9M
20
12		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
20
13		 9M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 47
1		 448 447 1,
366		 460 430 444 45
1		 1,
325		 0.9 1.6
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -8 -26 -45 -79 -16 -35 -27 -31 -93 31
.1		 14.
8
-
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 463 422 402 1,
287		 444 395 417 420 1,
232		 4.5 0.7
Net
iss
ion
inc
co
mm
om
e		 416 368 408 1,
192		 354 427 390 379 1,
196		 1
-7.		 2.8
-
Net
tra
din
inc
nd
net
inc
n h
edg
unt
ing
g
om
e a
om
e o
e a
cco		 1 - 1 2 1 1 - 1 2 - -
Net
inv
nt i
est
me
nco
me		 2 - -4 -2 -2 5 3 1 9 125
.0		 66
.7
-
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 7 3 6 16 11 9 6 10 25 66
.7		 66
.7
Oth
inc
er
om
e		 8 -18 -26 -36 -21 -14 -4 -17 -35 34
.6		 325
.0
-
efo
Re
s b
LL
P
ven
ue
re		 905 801 832 2,
538		 803 858 839 825 2,
522		 -0.
8		 1.7
-
Re
af
LLP
ter
ven
ues		 89
7		 775 787 2,
459		 787 823 812 794 2,
429		 0.9 2.2
-
Op
ting
era
ex
pen
ses		 760 745 752 2,
257		 762 754 758 752 2,
264		 - -0.
8
Op
ting
sul
t
era
re		 137 30 35 202 25 69 54 42 165 20
.0		 22
.2
-
Imp
airm
ent
f g
ood
ill a
nd
bra
nd
s o
w
nam
es		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - - - - - - -
Net
in o
r lo
fro
ale
of
dis
al g
ga
ss
m s
pos
rou
ps		 - - - - - - - - - - -
Pre
lt
-ta
x r
esu		 137 30 35 202 25 69 54 42 165 20
.0		 22
.2
-
Av
ital
loy
ed
era
ge
cap
em
p		 3,
976		 3,
880		 4,
003		 3,
953		 3,
819		 4,
002		 3,
92
1		 3,
979		 3,
967		 -0.
6		 1.5
RW
A (
End
of
Pe
riod
)		 28
149
,		 28
767
,		 27
733
,		 27
733
,		 29
047
,		 28
807
,		 28
975
,		 29
209
,		 29
209
,		 5.3 0.8
Co
st/i
tio
(
%)
nco
me
ra		 84.
0%		 93.
0%		 90
.4%		 88
.9%		 94.
9%		 87.
9%		 90.
3%		 91
.2%		 89
.8%
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 13.
8%		 3.1
%		 3.5
%		 6.8
%		 2.6
%		 6.9
%		 5.5
%		 4.2
%		 5.5
%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 13.
8%		 3.1
%		 3.5
%		 6.8
%		 2.6
%		 6.9
%		 5.5
%		 4.2
%		 5.5
%

Mittelstandsbank

in €
m		 Q1
20
12		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
20
12		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 542 487 468 1,
497		 457 457 432 426 1,
315		 -9.
0		 1.4
-
s f
Pro
vis
ion
loa
n lo
or
sse
s		 35 -32 9 12 -42 -78 -14
7		 -10
6		 -33
1		 -1,
277
.8		 27
.9
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 577 455 477 1,
509		 415 379 285 320 984 -32
.9		 12.
3
Net
iss
ion
inc
co
mm
om
e		 27
1		 272 260 803 26
1		 280 273 262 815 0.8 4.0
-
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 12
-		 1 -13 -24 3 1 -27 33 7 353
.8		 222
.2
Net
inv
nt i
est
me
nco
me		 -1 -6 - -7 38 -12 -9 63 42 - 800
.0
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 - - 3 3 3 - 1 6 7 100
.0		 500
.0
Oth
inc
er
om
e		 -8 -8 -4 -20 5 2 26 -1 27 75.
0		 103
.8
-
efo
Re
s b
LL
P
ven
ue
re		 792 746 714 2,
252		 767 728 696 789 2,
213		 10.
5		 13.
4
Re
af
LLP
ter
ven
ues		 82
7		 714 723 2,
264		 725 650 549 683 1,
882		 -5.
5		 24
.4
Op
ting
era
ex
pen
ses		 339 328 328 995 347 324 333 334 99
1		 1.8 0.3
Op
ting
sul
t
era
re		 488 386 395 1,
269		 378 326 216 349 89
1		 -11
.6		 61
.6
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - - - - - - -
Net
in o
r lo
fro
ale
of
dis
al g
ga
ss
m s
pos
rou
ps		 - - - - - - - - - - -
Pre
lt
-ta
x r
esu		 488 386 395 1,
269		 378 326 216 349 89
1		 -11
.6		 61
.6
Av
ital
loy
ed
era
ge
cap
em
p		 5,
974		 5,
707		 5,
766		 5,
816		 5,
637		 5,
829		 5,
903		 6,
065		 5,
932		 5.2 2.7
RW
A (
End
of
Pe
riod
)		 53
97
1		 53
191		 53
516		 53
516		 53
814		 55
364		 56
802		 57
354		 57
354		 7.2 1.0
Co
st/i
tio
(
%)
nco
me
ra		 ,
42
.8%		 ,
44
.0%		 ,
45
.9%		 ,
44
.2%		 ,
45
.2%		 ,
44
.5%		 ,
47
.8%		 ,
42
.3%		 ,
44
.8%
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 32
.7%		 27
.1%		 27
.4%		 29
.1%		 26
.8%		 22
.4%		 14.
6%		 23
.0%		 20
.0%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 32
.7%		 27
.1%		 27
.4%		 29
.1%		 26
.8%		 22
.4%		 14.
6%		 23
.0%		 20
.0%

Central & Eastern Europe

in €
m		 Q1
20
12		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
20
12		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 124 126 129 379 129 103 99 111 313 -14
.0		 12.
1
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -18 -35 -28 -81 -24 -6 -36 -41 -83 -46
.4		 13.
9
-
af
Net
int
st i
ter
ovi
sio
ere
nco
me
pr
ns		 106 91 101 298 105 97 63 70 230 -30
.7		 11.
1
Net
iss
ion
inc
co
mm
om
e		 50 47 47 144 44 47 53 50 150 6.4 5.7
-
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 34 23 15 72 5 23 28 33 84 120
.0		 17.
9
Net
inv
nt i
est
me
nco
me		 1 5 2 8 1 - 9 4 13 100
.0		 55
.6
-
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 - - - - - - - - - - -
Oth
inc
er
om
e		 11 9 8 28 8 12 5 11 28 37
.5		 120
.0
Re
s b
efo
LL
P
ven
ue
re		 220 210 201 631 187 185 194 209 588 4.0 7.7
Re
af
LLP
ter
ven
ues		 202 175 173 550 163 179 158 168 505 -2.
9		 6.3
Op
ting
era
ex
pen
ses		 115 116 121 352 121 104 106 105 315 -13
.2		 0.9
-
Op
ting
sul
t
era
re		 87 59 52 198 42 75 52 63 190 21
.2		 21
.2
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
nam
es
w		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - - - - - - -
Net
in o
r lo
fro
ale
of
dis
al g
ga
ss
m s
pos
rou
ps		 - -86 3 -83 -18
5		 - - - - -10
0.0		 -
Pre
lt
-ta
x r
esu		 87 -27 55 115 -14
3		 75 52 63 190 14.
5		 21
.2
Av
ital
loy
ed
era
ge
cap
em
p		 1,
893		 1,
885		 1,
60
1		 1,
793		 1,
673		 1,
717		 1,
659		 1,
642		 1,
673		 2.6
A (
of
)
RW
End
Pe
riod		 16,
71
1		 15,
97
1		 15,
654		 15,
654		 15,
279		 14,
548		 14,
206		 14,
09
1		 14,
09
1		 -10
.0		 1.0
-
0.8
Co
st/i
tio
(
%)
nco
me
ra		 52
.3%		 .2%
55		 60.
2%		 .8%
55		 64
.7%		 56
.2%		 54
.6%		 50
.2%		 53
.6%		 -
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 18.
4%		 12.
5%		 13.
0%		 14.
7%		 10.
0%		 17.
5%		 12.
5%		 15.
3%		 15.
1%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 18.
4%		 -5.
7%		 13.
7%		 8.6
%		 -34
.2%		 17.
5%		 12.
5%		 15.
3%		 15.
1%

Corporates & Markets

in €
m		 Q1
201
2		 Q2
201
2		 Q3
20
12		 9M
201
2		 Q4
20
12		 Q1
201
3		 Q2
201
3		 Q3
20
13		 9M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 295 535 -23 807 440 196 553 38
1		 1,
130		 1,
756
.5		 31
.1
-
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -27 -23 17 -33 -19 26 19 -43 2 -35
2.9		 326
.3
-
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 268 512 -6 774 42
1		 222 572 338 1,
132		 5,
733
.3		 40
.9
-
Net
iss
ion
inc
co
mm
om
e		 104 73 114 29
1		 87 82 93 92 267 -19
.3		 1.1
-
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 2
-		 -22
6		 313 85 -30
9		 307 -13
9		 -83 85 -12
6.5		 40
.3
Net
inv
nt i
est
me
nco
me		 3 1 121 125 83 -6 18 63 75 -47
.9		 250
.0
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 6 3 3 12 - 2 6 2 10 -33
.3		 66
.7
-
Oth
inc
er
om
e		 -8 4 -31 -35 10 2 37 4 43 112
.9		 89
.2
-
Re
s b
efo
LL
P
ven
ue
re		 398 390 497 1,
285		 311 583 568 459 1,
610		 -7.
6		 19.
2
-
Re
af
ter
LLP
ven
ues		 37
1		 36
7		 514 1,
252		 292 609 58
7		 416 1,
612		 -19
.1		 29
.1
-
Op
ting
era
ex
pen
ses		 34
1		 320 323 984 363 338 334 33
1		 1,
003		 2.5 0.9
-
Op
ting
sul
t
era
re		 30 47 191 268 -71 27
1		 253 85 609 -55
.5		 66
.4
-
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - - - - - - -
Net
in o
r lo
fro
ale
of
dis
al g
ga
ss
m s
pos
rou
ps		 - - - - - - - - - - -
Pre
lt
-ta
x r
esu		 30 47 191 268 -71 27
1		 253 85 609 -55
.5		 66
.4
-
Av
ital
loy
ed
era
ge
cap
em
p		 3,
244		 3,
233		 3,
08
1		 3,
186		 3,
285		 3,
254		 3,
286		 2,
823		 3,
121		 -8.
4		 14.
1
-
RW
A (
End
of
Pe
riod
)		 32
310
,		 26
129
,		 29
89
1
,		 29
89
1
,		 29
776
,		 33
908
,		 31
667
,		 28
09
1
,		 28
09
1
,		 -6.
0		 11.
3
-
Co
st/i
tio
(
%)
nco
me
ra		 85.
7%		 82.
1%		 65
.0%		 76.
6%		 116
.7%		 58
.0%		 58
.8%		 72
.1%		 62
.3%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 3.7
%		 5.8
%		 24
.8%		 11.
2%		 -8.
6%		 33
.3%		 30
.8%		 12.
0%		 26
.0%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 3.7
%		 5.8
%		 24
.8%		 11.
2%		 -8.
6%		 33
.3%		 30
.8%		 12.
0%		 26
.0%

Non-Core Assets

in €
m		 Q1
201
2		 Q2
201
2		 Q3
20
12		 9M
20
12		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
20
13		 9M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 184 157 126 467 208 170 182 59 41
1		 -53
.2		 67
.6
-
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -17
8		 -30
1		 -38
3		 -86
2		 -51
2		 -17
5		 -34
7		 -24
3		 -76
5		 36
.6		 30
.0
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 6 -14
4		 -25
7		 -39
5		 -30
4		 -5 -16
5		 -18
4		 -35
4		 28
.4		 11.
5
-
Net
iss
ion
inc
co
mm
om
e		 28 18 26 72 29 19 19 6 44 -76
.9		 68
.4
-
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 215
-		 124 -70 -16
1		 -71 -43 23 -35 -55 50
.0		 252
.2
-
Net
inv
nt i
est
me
nco
me		 -20
3		 -54 -79 -33
6		 13 8 -15
7		 4 -14
5		 105
.1		 102
.5
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 -1 1 - - -2 -2 - 10 8 - -
Oth
inc
er
om
e		 27 -8 -6 13 -11 20 -12 11 19 283
.3		 191
.7
efo
Re
s b
LL
P
ven
ue
re		 -18
0		 238 -3 55 166 172 55 55 282 1,
933
.3		 -
Re
af
LLP
ter
ven
ues		 -35
8		 -63 -38
6		 -80
7		 -34
6		 -3 -29
2		 -18
8		 -48
3		 51
.3		 35
.6
Op
ting
era
ex
pen
ses		 98 89 91 278 102 83 95 84 262 -7.
7		 11.
6
-
Op
ting
sul
t
era
re		 -45
6		 -15
2		 -47
7		 -1,
085		 -44
8		 -86 -38
7		 -27
2		 -74
5		 43
.0		 29
.7
Imp
airm
ent
f g
ood
ill a
nd
bra
nd
s o
w
nam
es		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 34 9 - 43 - - - - - - -
Net
in o
r lo
fro
ale
of
dis
al g
ga
ss
m s
pos
rou
ps		 - - - - - - - - - - -
Pre
lt
-ta
x r
esu		 -49
0		 -16
1		 -47
7		 -1,
128		 -44
8		 -86 -38
7		 -27
2		 -74
5		 43
.0		 29
.7
Av
ital
loy
ed
era
ge
cap
em
p		 10,
226		 10,
118		 10,
053		 10,
132		 9,
617		 10,
058		 9,
65
1		 9,
332		 9,
680		 -7.
2		 3.3
-
RW
A (
End
of
Pe
riod
)		 66,
543		 63,
069		 64,
570		 64
570
,		 67
782
,		 65,
135		 61,
755		 56
413
,		 56
413
,		 -12
.6		 8.7
-
Co
st/i
tio
(
%)
nco
me
ra		 n/a 37
.4%		 n/a 505
.5%		 61.
4%		 48
.3%		 172
.7%		 152
.7%		 92
.9%
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 -17
.8%		 -6.
0%		 -19
.0%		 -14
.3%		 -18
.6%		 -3.
4%		 -16
.0%		 -11
.7%		 -10
.3%
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 -19
.2%		 -6.
4%		 -19
.0%		 -14
.8%		 -18
.6%		 -3.
4%		 -16
.0%		 -11
.7%		 -10
.3%

Portfolio Restructuring Unit

in €
m		 Q1
201
2		 Q2
20
12		 Q3
20
12		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
20
13		 Q3
20
13		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 36 30 - 66 - - - - - - -
Pro
vis
ion
s f
loa
n lo
or
sse
s		 -16 13 - -3 - - - - - - -
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 20 43 - 63 - - - - - - -
Net
iss
ion
inc
co
mm
om
e		 - - - - - - - - - - -
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 138 -16 - 122 - - - - - - -
Net
inv
nt i
est
me
nco
me		 17 11 - 28 - - - - - - -
Cu
fo
nt i
ani
ted
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 - - - - - - - - - - -
Oth
inc
er
om
e		 1 -1 - - - - - - - - -
Re
s b
efo
LL
P
ven
ue
re		 192 24 - 216 - - - - - - -
Re
af
LLP
ter
ven
ues		 176 37 - 21
3		 - - - - - - -
Op
ting
era
ex
pen
ses		 12 17 - 29 - - - - - - -
Op
ting
sul
t
era
re		 164 20 - 184 - - - - - - -
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - - - - - - -
fro
of
Net
in o
r lo
ale
dis
al g
ga
ss
m s
pos
rou
ps		 - - - - - - - - - - -
Pre
lt
-ta
x r
esu		 164 20 - 184 - - - - - - -
-
Av
ital
loy
ed
era
ge
cap
em
p		 1,
704		 1,
052		 - 1,
378		 - - - - - - -
RW
A (
End
of
Pe
riod
)		 9,
504		 8,
975		 - - - - - - - - -
Co
st/i
tio
(
%)
nco
me
ra		 6.3
%		 70
.8%		 - 13.
4%		 - - - - -
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 38
.5%		 7.6
%		 - 17.
8%		 - - - - -
Ret
uity
of
ult
(
%)
e-t
urn
on
eq
pr
ax
res		 38
.5%		 7.6
%		 - 17.
8%		 - - - - -

Others & Consolidation

in €
m		 Q1
201
2		 Q2
201
2		 Q3
20
12		 9M
20
12		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
20
13		 9M
20
13		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 42 1 134 177 34 - -81 55 -26 -59
.0		 167
.9
Pro
vis
ion
s f
loa
n lo
or
sse
s		 - - - - -1 1 1 -28 -26 - -2,
900
.0
Net
int
st i
af
ovi
sio
ter
ere
nco
me
pr
ns		 42 1 134 177 33 1 -80 27 -52 -79
.9		 133
.8
Net
iss
ion
inc
co
mm
om
e		 -5 -9 -3 -17 -11 -8 -20 -4 -32 -33
.3		 80
.0
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 220 178 -22 376 -12 28 106 -23 111 -4.
5		 121
.7
-
Net
inv
nt i
est
me
nco
me		 5 20 -10 15 117 -1 16 1 16 110
.0		 93
.8
-
Cu
nt i
ani
ted
fo
sin
the
uity
tho
d
rre
nco
me
on
co
mp
es
acc
oun
r u
g
eq
me		 -1 - 4 3 - -1 -2 3 - -25
.0		 250
.0
Oth
inc
er
om
e		 -10 -21 26 -5 -13 -84 -57 -88 -22
9		 -43
8.5		 54
.4
-
Re
s b
efo
LL
P
ven
ue
re		 251 169 129 549 115 -66 -38 -56 -16
0		 -14
3.4		 47
.4
-
af
Re
ter
LLP
ven
ues		 25
1		 169 129 549 114 -65 -37 -84 -18
6		 -16
5.1		 127
.0
-
Op
ting
era
ex
pen
ses		 125 117 117 359 80 121 73 80 274 -31
.6		 9.6
Op
ting
sul
t
era
re		 126 52 12 190 34 -18
6		 -11
0		 -16
4		 -46
0		 -1,
466
.7		 49
.1
-
Imp
airm
f g
ood
ill a
nd
bra
nd
ent
s o
w
nam
es		 - - - - - - - - - - -
Res
ring
tru
ctu
ex
pen
ses		 - - - - - 493 - - 493 - -
fro
of
Net
in o
r lo
ale
dis
al g
ga
ss
m s
pos
rou
ps		 - - - - - - - - - - -
Pre
lt
-ta
x r
esu		 126 52 12 190 34 -67
9		 -11
0		 -16
4		 -95
3		 -1,
466
.7		 49
.1
-
Av
ital
loy
ed
era
em		 1,
236		 3,
29
1		 5,
007		 2,
719		 5,
084		 3,
815		 4,
026		 4,
809		 4,
216		 -3.
9		 19.
ge
cap
p
RW
A (
End
of
Pe
riod
)		 15,
753		 14,
049		 14,
948		 14,
948		 12,
436		 12,
033		 12,
884		 12,
130		 12,
130		 -18
.9		 4
5.9
Co
st/i
tio
(
%)
nco
me
ra		 49
.8%		 69.
2%		 90
.7%		 65
.4%		 69.
6%		 n/a n/a n/a n/a -
Op
(
%)
tur
era
re
n o
n e		 40
.8%		 6.3
%		 1.0
%		 9.3
%		 2.7
%		 -19
.5%		 -10
.9%		 -13
.6%		 -14
.5%
ting
ity
qu
Ret
of
ult
e-t		 40
.8%		 6.3
%		 1.0
%		 9.3
%		 2.7
%		 -71
.2%		 -10
.9%		 -13
.6%		 -30
.1%
uity
(
%)
urn
on
eq
pr
ax
res

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

* After deduction of distribution to silent participants

** excluding: Revaluation reserve and cash flow hedges

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 22799 M: [email protected]

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

Maximilian Bicker (UK / Non-Euro Europe / Asia / Fixed Income)P: +49 69 136 28696M: [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]

[email protected]

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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