Commerzbank AG — Earnings Release 2012

Feb 15, 2013

Commerzbank 2012: strategic realignment set on course

Press conference – preliminary 2012 results

Agenda

1.	O i v e r v e w

• 2.Financial highlights
• 3.Results by division
• 4.Capital & funding
• 5.Update strategic agenda
• 6.Outlook

Commerzbank in FY2012 at a glance

• Strategic realignment of Commerzbank initiated with new targets and strategicagenda, new brand positioning, realignment of PC and establishment of NCA
• Good start to Non-Core wind-down with €30bn EaD (incl. NPL) reduction already achieved in FY2012, reducing NCA portfolio by 17% vs. year-end 2011
• €1.0bn cost reduction achieved, reaching cost level of €7.0bn, significantly below original target of €7.6bn
• EBA capital requirement significantly overachieved, CT 1 ratio increased from 9.9% to 12.0%, Basel III fully phased in CET 1 of 7.6% at year-end
• Group operating result of €1.2bn significantly improved y-o-y, Core Bank with solid adjusted operating result of €2.8bn in 2012

Revenues before LLP adjusted for extraordinary effects showstable and development in Group and Core Bank

FY 2011 and Q1 12 and Q2 12: NCA and PRU

Core Bank with solid adjusted operating result of €2.8bn in 2012

FY 2011 and Q1 12 and Q2 12: NCA and PRU

Core Bank with solid adjusted operating result, significant costreduction in FY2012

• ▲ Solid adjusted operating result of €2.8bn achieved in a volatile market environment with lower client activity and falling interest rates
• ▼ Revenues weaker y-o-y as interest income declines amid 4%/€26bn balance sheet reduction and lower interest rates, commission income driven by still low level of market confidence
• ▲ Core bank LLPs on a low level and €199m below FY2011, benefiting from strong German economy and sound portfolio
• ▲Significant y-o-y cost efficiencies of €871m realized thanks to stringent cost management

Variable Compensation 2012 decreased by 17.2 % compared to 2011

Proportioning of variable Compensation 2012€m

*Permanent Staff (FTE) contains Tariff- and Non-Tariff-FTE.

** Variable Comp.= CIP (AT,- Mgmt-, IB-Model), Deferral-Effect according to IFRS, Individual variable Payment (Non-Tariff, Mgmt, IB), Individual Variable Payment (Tariff), Equity-BasedCompensation, Supplementary / Exceptional Variable Payments, Social Security (Var. Compens. Related), Release of Accruals for Var. Comp. Previous Period

*** Others = Release of Accruals for Var. Comp. Previous Period -15, Deferral-Effect according to IFRS -9, Individual Variable Payment (Non-Tariff, Mgmt, IB) +16, Social Security (Var. Compens. Related) +13, Individual Variable Payment Tariff (additional payment for 2008) +7, Supplementary / Exceptional Variable Payments +6, Equity-Based Compensation +4.

Agenda

• 1.Overview
• 2.Financial highlights
• 3.Results by division
• 4.Capital & funding
• 5.Update strategic agenda
• 6.Outlook

Group operating result influenced by negative OCS effect and higher LLPs in-line with previous company guidance

• ► Revenue development in Q4 vs. Q3 includes €-47m delta in OCS effect (€-119m in Q4 vs. €-71m in Q3); seasonally weaker commission and trading income compensated by better net investment income
• ▲ Q4 LLPs bring full year 2012 in-line with previous company guidance, positive development in Core Bank but higher LLPs in NCA Ship Finance
• ▼ Net result negatively influenced by €-560m DTA impairment and €-185m effect from Bank Forum sale, which was already reflected in capital position

1)consolidated result attributable to Commerzbank shareholders

Core Bank: stable net interest income in Q4 vs. Q3

• ▲Almost stable net interest income development in Q4 vs. Q3, but still on a low level
• ►Commission income seasonally weaker Q4 vs. Q3 but stable y-o-y
• ► Other revenues include €715m from liability management and €75m OCS effect in Q4/2011 and €-118m OCS effect in Q4/2012

Core Bank: With costs nearly flat in Q4 vs. Q3, full year €871m below FY2011

Q4 vs. Q3 2012

• ▲Costs in Q4 vs. Q3 nearly flat, despite normal seasonal effects and kick off of new brand positioning
• ▲No cost increase in H2-2012 compared to H1-2012
• ▲FY2012 cost level of €6.6bn in Core Bank: significant reduction of €871m compared to FY2011 costs of €7.5bn

1)C&M CIR excluding OCS effect

Core Bank: LLP still on a low level benefitting from sound portfolio structure and robust German economy

• ▲ FY 2012 LLPs in Core Bank of €283m again on a low level and €199m below FY 2011, benefitting from continuation of benign risk environment and releases in MSB
• ▲Good portfolio quality – Risk density expected to remain low
• ▲Default portfolio further reduced – NPL ratio on a very low level

Agenda

• 1.Overview
• 2.Financial highlights
• 3.Results by division
• 4.Capital & funding
• 5.Update strategic agenda
• 6.Outlook

Core Bank FY2012 operating results

Private Customers – Operating result€m

• Significant cost reduction of 15% y-o-y in PC
• Falling interest rates and lower client activity weigh on revenues, resulting in lower operating result

Mittelstandsbank – Operating result€m

MSB with another record result in FY2012 driven by cost discipline and very low LLP levels, lower NII due to falling interest rates

Core Bank FY2012 operating results

Central & Eastern Europe – Operating result€m

• CEE with a solid result in FY2012, lower NII partlycompensated by continuous cost management
• BRE for the first time with more than 4 million clients

Corporates & Markets – Operating result€m

Excl. OCS effect significantly improved operating result despite 16% RWA reduction, driven by sound cost control and low LLPs

1)excl. effect from sale of PSB

NCA: Significant Portfolio reduction

• Prior year operating loss driven by elevated impairment charges on Greek Sovereign bonds exposure completely disposed of in 2012
• NCA run-down mainly in CRE and Public Finance, EaD (incl. NPL) reduction of €9bn in Q4
• NCA reduction target for 2016 confirmed

Agenda

• 1.Overview
• 2.Financial highlights
• 3.Results by division
• 4.Capital & funding
• 5.Update strategic agenda
• 6.Outlook

Core Tier 1 ratio at 12.0% – RWA almost flat Q4 vs. Q3

Core Tier 1 capital & ratio

€bn

› Significant increase of 210bps in CT1 ratio y-o-y, small decreaseQ4 vs. Q3 due to RWA development and DTA impairment in Q4

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

Note: estimated impacts as of January 2013

Limited unsecured issuance in 2012

Capital Market Funding History & Outlook€bn

• › Ongoing asset reduction and good deposit base limits capital market funding need
• › Capital market funding depending on franchise demand and as an opportunity for funding diversification
• ›Strong liquidity profile maintained
• › LTRO I already paid back in January, LTRO II expected to be fully paid back in February

Agenda

• 1.Overview
• 2.Financial highlights
• 3.Results by division
• 4.Capital & funding
• 5.Update strategic agenda
• 6.Outlook

Update strategic agenda

Strategic agenda 2013

P i t r v a e C t u s o m e r s	H E i f d i i l b k i L h f h T A N 1 t t › : x p a n s o n o g a a n n g : a u n c o p o o H 2 L h f b h F i f l h i b h t t t › a n c o n e r a n c s r a e g r s a g s p r a n c o p e n s : u w y :
M i l d t t t e s a n s b k a n	f H 1 I i h d i i l b i l t t t t t t › n v e s m e n n c a s m a n a g e m e n a n n e r n a o n a u s n e s s p a o r m : , i f i f h l f d i b i ( M l i ) t t t t t o p e n n g o a n e w p r o c e s s n g c e n r e o r e e e r o c r e u s n e s s a a y s a H I i i i i d h h i i i f i 2 t t t t t t › : n a v e s n o r e r o e n a n c e e a c q u s o n o n e w c u s o m e r s n S i l M E d f h i f l i i h i i t t t t t t p a r c a r s a n r e r e p a n s o n o r e a o n s e s n g c s o m e r s u u x w x u
C & t o r p o r a e s M k t a r e s	O C f f f H 1 T l i l i h i h i E t › c e n c e a r n g e n a n c e o e r n g o c o m p r e e n s e r o p e a n : : v u f f l i l d i l i t t t t t c e a r n g a s p a r o a r e g u a o r y p r o u c s u e o r o u r c e n s C F Y i d i i d l d h i d i t t t t t t › o n n u e n v e s m e n n o e v e o p m e n a n e n a n c n g o u r r a n g : l f f l i t t p a o r m s o r o u r c e n s
C l & E t t e n r a a s e r n E r o p e u	H N l i b k i l f f B k d i d i f G 1 t t t › : e w o n n e- a n n g p a o r m o r m a n a n n r o u c o n o a n e w r o u p l o g o O f f H 2 B k h i l i i d b h k, t t t t t t t t › n e a n r e r m p e m e n a o n o a n n e g r a e r a n c n e o r s a r : u w – b d i d h B k b d t r e r a n n g u n e r e m a n r a n

Agenda

• 1.Overview
• 2.Financial highlights
• 3.Results by division
• 4.Capital & funding
• 5.Update strategic agenda
• 6.Outlook

Outlook 2013

Transformation of Commerzbank is main focus for 2013 with implementation of growth investments into products, markets and clients, cost measures and new brand positioning

Ongoing asset reduction in NCA and low interest rate environmentwill put further pressure on revenues in 2013

Loan loss provisions in FY2013 expected to be slightly up vs. FY2012

Already announced cost measures include headcount reduction of 4,000 to 6,000 FTE through 2016. Restructuring charges of about €500m to be booked in Q1 2013

Basel III CET1 phase-in ratio is expected to remain comfortably above 9%

Appendix

Commerzbank Group

in € m	Q1 201 1	Q2 201 1	Q3 201 1	Q4 201 1	12M 201 1	Q1 201 2	Q2 201 2	Q3 201 2	Q4 201 2	12M 201 2	% y oy	% q oq
Net int st i ere nco me	1.7 27	1.7 90	1.5 89	1.6 18	6.7 24	1.4 29	1.3 33	1.3 79	1.3 98	5.5 39	-13 ,6	1,4
Pro vis ions fo r lo loss an es	-31 8	-27 8	-41 3	-38 1	-1.3 90	-21 2	-40 4	-43 0	-61 4	-1.6 60	61, 2	42, 8
Net int st i afte ovi sio ere nco me r pr ns	1.4 09	1.5 12	1.1 76	1.2 37	5.3 34	1.2 17	929	949	784	3.8 79	-36 ,6	17, 4 -
Net iss ion inco co mm me	1.0 20	928	844	703	3.4 95	843	757	840	751	3.1 91	6,8	-10 ,6
Net din inco and t in n h edg ing tra unt g me ne com e o e a cco	519	576	353	538	1.9 86	457	555	146	-37	1.1 21	-10 6,9	125 ,3 -
Net inv nt i est me nco me	12	-95 4	-1.2 67	-1.4 02	-3.6 11	-17 6	-23	30	250	81	-11 7,8	733 ,3
Cur t in ies ted fo ing the uity tho d ren com e o n c om pan acc oun r us eq me	-	13	16	13	42	11	7	16	12	46	-7,7	25, 0 -
Oth er i nco me	338	10	59	846	1.2 53	21	-43	-33	-22	-77	-10 2,6	-33 ,3
Re be fore LL P ven ues	3.6 16	2.3 63	1.5 94	2.3 16	9.8 89	2.5 85	2.5 86	2.3 78	2.3 52	9.9 01	1,6	1,1 -
Re aft er L LP ven ues	3.2 98	2.0 85	1.18 1	1.93 5	8.4 99	2.3 73	2.1 82	1.94 8	1.73 8	8.2 41	-10 ,2	10, 8 -
Op ting era ex pen ses	2.1 54	2.0 30	2.0 36	1.7 72	7.9 92	1.7 89	1.7 31	1.7 32	1.7 73	7.0 25	0,1	2,4
Op ting ult era res	1.1 44	55	-85 5	163	507	584	451	216	-35	1.2 16	-12 1,5	116 ,2 -
Imp airm f go odw ill a nd bra nd ent s o nam es	-	-	-	-	-	-	-	-	-	-	-	-
Res truc turi ng exp ens es	-	-	-	-	-	34	9	-	0	43	-	-
in/lo Net ent the ctiv ellin rice of dis al g me asu rem ga ss on pro spe e s g p pos rou ps	-	-	-	-	-	-	-86	3	-18 5	-26 8	-	-
Pre -tax ult res	1.1 44	55	-85 5	163	507	550	356	219	-22 0	905	-23 5,0	-20 0,5
Av ital loye d era ge cap em p	32. 414	31. 546	28. 788	28. 188	30. 234	28. 566	29. 588	29. 959	29. 663	29. 444	5,2	1,0 -
A ( iod) RW End of Per	248 .26 9	239 .48 9	244 .17 8	236 .59 4	236 .59 4	222 .94 1	210 .15 0	206 .31 1	208 .13 5	208 .13 5	-12 ,0	0,9
Cos t/in tio ( %) com e ra	59, 6%	85, 9%	127 ,7%	76, 5%	80, 8%	69, 2%	66, 9%	72, 8%	75, 4%	71, 0%
Op ting uity ( %) ret era urn on eq	14, 1%	0,7 %	-11 ,9%	2,3 %	1,7 %	8,2 %	6,1 %	2,9 %	-0,5 %	4,1 %
Ret uity of ult ( %) -tax urn on eq pre res	14, 1%	0,7 %	-11 ,9%	2,3 %	1,7 %	% 7,7	4,8 %	2,9 %	-3,0 %	3,1 %

Core Bank

in € m	Q1 201 1	Q2 201 1	Q3 201 1	Q4 201 1	12M 201 1	Q1 201 2	Q2 201 2	Q3 201 2	Q4 201 2	12M 201 2	% y oy	% q oq
Net int st i ere nco me	1.4 48	1.5 42	1.3 57	1.3 87	5.7 34	1.2 38	1.1 38	1.2 21	1.2 11	4.8 08	-12 ,7	0,8 -
Pro vis ions fo r lo loss an es	-83	-50	-17 5	-17 4	-48 2	-18	-11 6	-47	-10 2	-28 3	-41 ,4	117 ,0
Net int st i afte ovi sio ere nco me r pr ns	1.3 65	1.4 92	1.1 82	1.2 13	5.2 52	1.2 20	1.0 22	1.1 74	1.1 09	4.5 25	-8,6	5,5 -
Net iss ion inco co mm me	970	868	804	719	3.3 61	813	738	815	721	3.0 87	0,3	11, 5 -
Net din inco and t in n h edg ing tra unt g me ne com e o e a cco	544	453	611	363	1.9 71	503	454	246	16	1.2 19	-95 ,6	93, 5 -
Net inv nt i est me nco me	34	-8	104	51	181	10	20	109	237	376	364 ,7	117 ,4
Cur fo t in ies ted ing the uity tho d ren com e o n c om pan acc oun r us eq me	8	20	16	7	51	12	6	16	14	48	100 ,0	12, 5 -
Oth er i nco me	333	24	61	912	1.3 30	-6	-34	-28	-10	-78	-10 1,1	64, 3 -
Re be fore LL P ven ues	3.3 37	2.8 99	2.9 53	3.4 39	12. 628	2.5 70	2.3 22	2.3 79	2.1 89	9.4 60	-36 ,3	8,0 -
Re aft er L LP ven ues	3.2 54	2.8 49	2.7 78	3.2 65	12. 146	2.5 52	2.2 06	2.3 32	2.0 87	9.1 77	-36 ,1	10, 5 -
Op ting era ex pen ses	2.0 14	1.9 01	1.9 10	1.6 66	7.4 91	1.6 79	1.6 26	1.6 40	1.6 75	6.6 20	0,5	2,1
Op ting fit era pro	1.2 40	948	868	1.5 99	4.6 55	873	580	692	412	2.5 57	-74 ,2	40, 5 -
Imp airm ent f go odw ill a nd bra nd s o nam es	-	-	-	-	-	-	-	-	-	-	-	-
Res turi truc ng exp ens es	-	-	-	-	-	-	-	-	-	-	-	-
Net in/lo the ctiv ellin rice of dis al g ent me asu rem ga ss on pro spe e s g p pos rou ps	-	-	-	-	-	-	-86	3	-18 5	-26 8	-	-
Pre fit -tax pro	1.2 40	948	868	1.5 99	4.6 55	873	494	695	227	2.2 89	-85 ,8	67, 3 -
Av ital loye d era ge cap em p	24. 327	24. 003	21. 165	16. 078	21. 393	16. 636	18. 419	19. 906	20. 046	18. 063	24, 7	0,7
RW A ( End of Per iod)	167 .64 4	161 .34 4	163 .92 8	157 .32 9	157 .32 9	146 .89 4	138 .10 7	141 .74 1	140 .35 2	140 .35 2	-10 ,8	1,0 -
Cos t/in tio ( %) com e ra	60, 4%	65, 6%	64, 7%	48, 4%	59, 3%	65, 3%	70, 0%	68, 9%	76, 5%	70, 0%
Op ting uity ( %) ret era urn on eq	20, 4%	15, 8%	16, 4%	39, 8%	21, 8%	21, 0%	12, 6%	13, 9%	8,2 %	14, 2%
Ret uity of fit ( %) -tax urn on eq pre pro	20, 4%	15, 8%	16, 4%	39, 8%	21, 8%	21, 0%	10, 7%	14, 0%	4,5 %	12, 7%

Private Customers

in € m	Q1 201 1	Q2 201 1	Q3 201 1	Q4 201 1	12M 201 1	Q1 201 2	Q2 201 2	Q3 201 2	Q4 201 2	12M 201 2	% y oy	% q oq
Net int st i ere nco me	514	534	513	546	2.1 07	473	449	449	464	1.8 35	-15 ,0	3,3
Pro vis ions fo r lo loss an es	-45	-38	-33	55	-61	-8	-26	-45	-16	-95	-12 9,1	64, 4 -
Net int st i afte ovi sio ere nco me r pr ns	469	496	480	601	2.0 46	465	423	404	448	1.7 40	-25 ,5	10, 9
Net iss ion inco co mm me	601	482	434	363	1.8 80	416	368	409	353	1.5 46	-2,8	-13 ,7
Net din inco and t in n h edg ing tra unt g me ne com e o e a cco	1 -	-2	8	-5	-0	1	-0	1	1	3	-12 0,0	-
Net inv est nt i me nco me	-1	5	-1	-8	-5	2	0	-4	-2	-4	-75 ,0	-
Cur fo t in ies ted ing the uity tho d ren com e o n c om pan acc oun r us eq me	6	5	6	3	20	7	3	6	11	27	266 ,7	83, 3
Oth er i nco me	-11	4	49	21	63	7	-18	-26	-20	-57	-19 5,2	23, 1 -
fore Re be LL P ven ues	1.1 08	1.0 28	1.0 09	920	4.0 65	906	802	835	807	3.3 50	-12 ,3	3,4 -
aft Re er L LP ven ues	1.06 3	990	976	975	4.0 04	898	776	790	791	3.2 55	-18 ,9	0,1
Op ting era ex pen ses	928	877	888	835	3.5 28	757	743	749	761	3.0 10	-8,9	1,6
Op ting ult era res	135	113	88	140	476	141	33	41	30	245	-78 ,6	26, 8 -
Imp airm ent f go odw ill a nd bra nd s o nam es	-	-	-	-	-	-	-	-	-	-	-	-
Res turi truc ng exp ens es	-	-	-	-	-	-	-	-	-	-	-	-
Net in/lo the ctiv ellin rice of dis al g ent me asu rem ga ss on pro spe e s g p pos rou ps	-	-	-	-	-	-	-	-	-	-	-	-
Pre ult -tax res	135	113	88	140	476	141	33	41	30	245	-78 ,6	26, 8 -
Av ital loye d era ge cap em p	4.2 43	4.0 92	4.0 69	4.2 17	4.1 55	3.9 76	3.8 80	4.0 03	3.8 19	3.9 19	-9,4	4,6 -
RW A ( End of Per iod)	31. 469	29. 133	30. 952	29. 468	29. 468	28. 149	28. 767	27. 733	29. 047	29. 047	-1,4	4,7
Cos t/in tio ( %) com e ra	83, 8%	85, 3%	88, 0%	90, 8%	86, 8%	83, 6%	92, 6%	89, 7%	94, 3%	89, 9%
Op ting uity ( %) ret era urn on eq	12, 7%	11, 0%	8,7 %	13, 3%	11, 5%	14, 2%	3,4 %	4,1 %	3,1 %	6,3 %
Ret uity of ult ( %) -tax urn on eq pre res	12, 7%	11, 0%	8,7 %	13, 3%	11, 5%	14, 2%	3,4 %	4,1 %	3,1 %	6,3 %

Mittelstandsbank

in € m	Q1 201 1	Q2 201 1	Q3 201 1	Q4 201 1	12M 201 1	Q1 201 2	Q2 201 2	Q3 201 2	Q4 201 2	12M 201 2	% y oy	% q oq
Net int st i ere nco me	534	606	551	563	2.2 54	543	488	469	454	1.9 54	-19 ,4	3,2 -
fo Pro vis ions r lo loss an es	-11	28	-58	-14 9	-19 0	35	-32	9	-42	-30	-71 ,8	566 ,7 -
afte Net int st i ovi sio ere nco me r pr ns	523	634	493	414	2.0 64	578	456	478	412	1.9 24	-0,5	-13 ,8
Net iss ion inco co mm me	292	279	271	274	1.1 16	270	272	258	261	1.0 61	-4,7	1,2
Net din inco and t in n h edg ing tra unt g me ne com e o e a cco	18	-6	-1	-50	-39	-13	1	-13	3	-22	-10 6,0	123 ,1 -
Net inv nt i est me nco me	-10	-17	-10	-8	-45	-1	-6	-	38	31	5,0 -57	#DI V/0 !
Cur t in ies ted fo ing the uity tho d ren com e o n c om pan acc oun r us eq me	2	5	2	2	11	-	-	3	3	6	50, 0	-
Oth er i nco me	1	-2	-5	2	-4	-8	-7	-4	5	-14	150 ,0	225 ,0 -
Re be fore LL P ven ues	837	865	808	783	3.2 93	791	748	713	764	3.0 16	-2,4	7,2
Re aft er L LP ven ues	826	893	750	634	3.1 03	826	716	722	722	2.9 86	13, 9	0,0
Op ting era ex pen ses	393	378	400	344	1.5 15	338	326	327	346	1.3 37	0,6	5,8
Op ting ult era res	433	515	350	290	1.5 88	488	390	395	376	1.6 49	29, 7	4,8 -
Imp airm f go odw ill a nd bra nd ent s o nam es	-	-	-	-	-	-	-	-	-	-	-	-
Res truc turi ng exp ens es	-	-	-	-	-	-	-	-	-	-	-	-
in/lo of Net ent the ctiv ellin rice dis al g me asu rem ga ss on pro spe e s g p pos rou ps	-	-	-	-	-	-	-	-	-	-	-	-
Pre ult -tax res	433	515	350	290	1.5 88	488	390	395	376	1.6 49	29, 7	4,8 -
Av ital loye d era ge cap em p	7.2 35	6.7 50	6.9 25	6.9 21	6.9 58	5.9 74	5.7 07	5.7 66	5.6 37	5.7 71	-18 ,5	2,2 -
A ( of iod) RW End Per	65. 276	65. 914	67. 477	60. 339	60. 339	53. 971	53. 191	53. 516	53. 814	53. 814	-10 ,8	0,6
Cos t/in tio ( %) com e ra	47, 0%	43, 7%	49, 5%	43, 9%	46, 0%	42, 7%	43, 6%	45, 9%	45, 3%	44, 3%
Op ting uity ( %) ret era urn on eq	23, 9%	30, 5%	20, 2%	16, 8%	22, 8%	32, 7%	27, 3%	27, 4%	26, 7%	28, 6%
Ret uity of ult ( %) -tax urn on eq pre res	23, 9%	30, 5%	20, 2%	16, 8%	22, 8%	32, 7%	27, 3%	27, 4%	26, 7%	28, 6%

Central & Eastern Europe

in € m	Q1 201 1	Q2 201 1	Q3 201 1	Q4 201 1	12M 201 1	Q1 201 2	Q2 201 2	Q3 201 2	Q4 201 2	12M 201 2	% y oy	% q oq
Net int st i ere nco me	137	147	150	139	573	120	121	120	121	482	-12 ,9	0,8
Pro vis ions fo r lo loss an es	-27	-9	-26	-24	-86	-18	-35	-28	-24	-10 5	0,0	-14 ,3
Net int st i afte ovi sio ere nco me r pr ns	110	138	124	115	487	102	86	92	97	377	-15 ,7	5,4
Net iss ion inco co mm me	48	50	48	41	187	50	47	47	44	188	7,3	6,4 -
Net din inco and t in n h edg ing tra unt g me ne com e o e a cco	24	22	32	169	247	38	28	24	13	103	-92 ,3	45, 8 -
Net inv est nt i me nco me	-1	-0	6	-4	1	1	5	2	1	9	-12 5,0	50, 0 -
Cur t in ies ted fo ing the uity tho d ren com e o n c om pan acc oun r us eq me	-	-	-	-	-	-	-	-	-	-	-	-
Oth er i nco me	10	6	10	10	36	11	9	8	8	36	-20 ,0	0,0
Re be fore LL P ven ues	218	225	246	355	1.0 44	220	210	201	187	818	-47 ,3	7,0 -
Re aft er L LP ven ues	191	216	220	331	958	202	175	173	163	713	-50 ,8	5,8 -
Op ting era ex pen ses	131	133	130	137	531	115	116	121	121	473	-11 ,7	0,0
Op ting ult era res	60	83	90	194	427	87	59	52	42	240	-78 ,4	19, 2 -
Imp airm f go odw ill a nd bra nd ent s o nam es	-	-	-	-	-	-	-	-	-	-	-	-
Res turi truc ng exp ens es	-	-	-	-	-	-	-	-	-	-	-	-
Net in/lo the ctiv ellin rice of dis al g ent me asu rem ga ss on pro spe e s g p pos rou ps	-	-	-	-	-	-	-86	3	-18 5	-26 8	-	-
Pre ult -tax res	60	83	90	194	427	87	-27	55	-14 3	-28	-17 3,7	360 ,0 -
Av ital loye d era ge cap em p	1.7 45	1.8 10	1.8 39	1.8 53	1.8 12	1.8 93	1.8 85	1.6 01	1.6 73	1.7 63	-9,7	4,6
RW A ( End of Per iod)	16. 084	16. 511	16. 211	17. 004	17. 004	16. 711	15. 971	15. 654	15. 279	15. 279	-10 ,1	2,4 -
Cos t/in tio ( %) com e ra	60, 1%	59, 1%	52, 8%	38, 6%	50, 9%	52, 3%	55, 2%	60, 2%	64, 7%	57, 8%
Op ting uity ( %) ret era urn on eq	13, 8%	18, 3%	19, 6%	41, 9%	23, 6%	18, 4%	12, 5%	13, 0%	10, 0%	13, 6%
Ret uity of -tax ult ( %) urn on eq pre res	13, 8%	18, 3%	19, 6%	41, 9%	23, 6%	18, 4%	-5,7 %	13, 7%	-34 ,2%	-1,6 %

Corporates & Markets

in € m	Q1 201 1	Q2 201 1	Q3 201 1	Q4 201 1	12M 201 1	Q1 201 2	Q2 201 2	Q3 201 2	Q4 201 2	12M 201 2	% y oy	% q oq
Net int st i ere nco me	160	225	141	306	832	119	113	143	171	546	-44 ,1	19, 6
Pro vis ions fo r lo loss an es	0	-31	-59	-56	-14 6	-27	-23	17	-19	-52	-66 ,1	211 ,8 -
Net int st i afte ovi sio ere nco me r pr ns	160	194	82	250	686	92	90	160	152	494	-39 ,2	5,0 -
Net iss ion inco co mm me	48	92	78	82	300	83	60	102	74	319	-9,8	27, 5 -
Net din inco and t in n h edg ing tra unt g me ne com e o e a cco	456	370	202	41	1.0 69	195	208	157	-26	534	-16 3,4	116 ,6 -
Net inv est nt i me nco me	4	26	4	-4	30	3	1	121	83	208	-21 75, 0	31, 4 -
Cur t in ies ted fo ing the uity tho d ren com e o n c om pan acc oun r us eq me	-	11	2	2	15	6	3	3	0	12	-10 0,0	100 ,0 -
Oth er i nco me	11	-14	21	-30	-12	-9	4	-29	11	-23	-13 6,7	137 ,9 -
Re be fore LL P ven ues	679	710	448	397	2.2 34	397	389	497	313	1.5 96	-21 ,2	37, 0 -
Re aft er L LP ven ues	679	679	389	341	2.0 88	370	366	514	294	1.54 4	-13 ,8	42, 8 -
Op ting era ex pen ses	439	398	354	314	1.5 05	340	321	323	363	1.3 47	15, 6	12, 4
Op ting ult era res	240	281	35	27	583	30	45	191	-69	197	-35 5,6	136 ,1 -
Imp airm f go odw ill a nd bra nd ent s o nam es	-	-	-	-	-	-	-	-	-	-	-	-
Res turi truc ng exp ens es	-	-	-	-	-	-	-	-	-	-	-	-
Net in/lo the ctiv ellin rice of dis al g ent me asu rem ga ss on pro spe e s g p pos rou ps	-	-	-	-	-	-	-	-	-	-	-	-
Pre ult -tax res	240	281	35	27	583	30	45	191	-69	197	-35 5,6	136 ,1 -
Av ital loye d era ge cap em p	4.2 04	3.7 77	3.4 95	3.7 51	3.8 07	3.2 44	3.2 33	3.0 81	3.2 85	3.2 11	-12 ,4	6,6
RW A ( End of Per iod)	40. 287	36. 661	37. 104	35. 564	35. 564	32. 310	26. 129	29. 891	29. 776	29. 776	-16 ,3	0,4 -
Cos t/in tio ( %) com e ra	64, 7%	56, 1%	79, 0%	79, 1%	67, 4%	85, 6%	82, 5%	65, 0%	116 ,0%	84, 4%
Op ting uity ( %) ret era urn on eq	22, 8%	29, 8%	4,0 %	2,9 %	15, 3%	3,7 %	5,6 %	24, 8%	-8,4 %	6,1 %
Ret uity of -tax ult ( %) urn on eq pre res	22, 8%	29, 8%	4,0 %	2,9 %	15, 3%	3,7 %	5,6 %	24, 8%	-8,4 %	6,1 %

Non-Core Assets

in € m	Q1 201 1	Q2 201 1	Q3 201 1	Q4 201 1	12M 201 1	Q1 201 2	Q2 201 2	Q3 201 2	Q4 201 2	12M 201 2	% y oy	% q oq
Net int st i ere nco me	274	235	225	207	941	186	158	158	187	689	-9.7	18. 4
Pro vis ions fo r lo loss an es	-23 6	-23 1	-25 5	-18 1	-90 3	-17 8	-30 1	-38 3	-51 2	-1,3 74	182 .9	33. 7
Net int st i afte ovi sio ere nco me r pr ns	38	4	-30	26	38	8	-14 3	-22 5	-32 5	-68 5	-13 50. 0	44. 4
Net iss ion inco co mm me	50	60	40	-16	134	30	19	25	30	104	-28 7.5	20. 0
Net din inco and t in n h edg ing tra unt g me ne com e o e a cco	86 -	51	-39	197	123	-21 5	124	-10 0	-53	-24 4	-12 6.9	47. 0 -
Net inv nt i est me nco me	-40	-93 9	-1,3 71	-1,4 46	-3,7 96	-20 3	-54	-79	13	-32 3	-10 0.9	116 .5 -
Cur t in ies ted fo ing the uity tho d ren com e o n c om pan acc oun r us eq me	-8	-7	-	6	-9	-1	1	-	-2	-2	-	-
Oth er i nco me	5	-13	-2	-60	-70	26	-8	-5	-12	1	-80 .0	140 .0
Re be fore LL P ven ues	195	-61 3	-1,1 47	-1,1 12	-2,6 77	-17 7	240	-1	163	225	-11 4.7	164 00. 0 -
aft Re er L LP ven ues	-41	-84 4	-1,4 02	-1,2 93	-3,5 80	-35 5	-61	-38 4	-34 9	-1, 149	-73 .0	9.1 -
Op ting era ex pen ses	118	113	109	98	438	98	88	92	98	376	0.0	6.5
Op ting ult era res	-15 9	-95 7	-1,5 11	-1,3 91	-4,0 18	-45 3	-14 9	-47 6	-44 7	-1,5 25	-67 .9	6.1 -
f go Imp airm ent odw ill a nd bra nd s o nam es	-	-	-	-	-	-	-	-	-	-	-	-
Res turi truc ng exp ens es	-	-	-	-	-	34	9	-	0	43	-	-
Net in/lo the ctiv ellin rice of dis al g ent me asu rem ga ss on pro spe e s g p pos rou ps	-	-	-	-	-	-	-	-	-	-	-	-
Pre -tax ult res	-15 9	-95 7	-1,5 11	-1,3 91	-4,0 18	-48 7	-15 8	-47 6	-44 7	-1,5 68	-67 .9	6.1 -
Av ital d	27	15	44	578	41	226	118	053	17	003	-9.1
loye era ge cap em p RW End of Per	6,9 308	6,4 304	6,6 012	10, 493	7,6 493	10, 543	10, 069	10, 570	9,6 782	10, 782	-1.0	4.3 - 5.0
A ( iod) Cos t/in	71,	69, n/a	71, n/a	68, n/a	68, n/a	66, n/a	63,	64, n/a	67,	67,
tio ( %) com e ra	60. 5%						36. 7%		60. 1%	167 .1%
Op ting uity ( %) ret era urn on eq	-9.2 %	-59 .7%	-91 .0%	-52 .6%	-52 .6%	-17 .7%	-5.9 %	-18 .9%	-18 .6%	-15 .2%
Ret uity of ult ( %) -tax urn on eq pre res	-9.2 %	-59 .7%	-91 .0%	-52 .6%	-52 .6%	-19 .0%	-6.2 %	-18 .9%	-18 .6%	-15 .7%

For more information, please contact

Simon SteinerHead of Media Relations Financials & GroupP: +49 69 136-46646M: simon.steiner@commerzbank.com

Melek Öztürk

AssistanceP: +49 69 136-22830M: melek.oeztuerk@commerzbank.com

Nils HappichP: +49 69 136-44986M: nilshendrik.happich@commerzbank.com Karsten SwobodaP: +49 69 136-22339M: karsten.swoboda@commerzbank.com Kathrin WetzelP: +49 69 136-44011M: kathrin.wetzel@commerzbank.com

Disclaimer

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, in particular as a result of the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiativesto improve its business model, particularly to reduce its public finance portfolio in Private Customers, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forwardlooking 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.