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Commerzbank AG Earnings Release 2014

Aug 7, 2014

81_ip_2014-08-07_dfc2cb42-db48-472d-8ba9-3917a9075cfb.pdf

Earnings Release

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Growing business volumes in Core Bank –original 2016 NCA target of €93bn already achieved

Analyst conference – Q2 2014 results

Stephan Engels | CFO | Frankfurt | 07 August 2014

Key Financial Facts Q2 2014

Group operating result of €257m in Q2 2014 leads to €581m for H1 2014 exceeding H1 2013 by 8%. Core bank with 3% revenue increase q-o-q. Growing business volumes in PC and MSB underpin strategic progress.

Group net result of €100m for Q2 2014 leads to €300m in H1 2014 compared to €-58m in H1 2013.

Capital accretive portfolio sales in CRE lead to substantial derisking in NCA – original 2016 EaDtarget of €93bn already achieved.

Low LLPs of €257m supported by €112m release as a result of the CRE portfolio sales. Costs almost stable at €1.7bn for the 6th consecutive quarter.

CET1 Basel III fully phased-in increased from 9.0% to 9.4%1).

1)Includes net profit of H1 2014

Stephan Engels | CFO | Frankfurt | 07 August 2014

Key financial figures at a glance

Stephan Engels | CFO | Frankfurt | 07 August 20143

Group operating result affected by CRE portfolio sales

Q2 2014 vs. Q1 2014

  • ▲Group revenues excluding the CRE portfolio sales increased by 7%
  • ▲ €-71m effect from CRE portfolio sales include €112m LLP releases in NPL portfolio which proves conservative valuation standards while impact of €-183m reflects small discount on performing loans and transaction costs
  • ▼Q2 2014 net result includes taxes of prior periods

1) Consolidated result attributable to Commerzbank shareholders 2) Excluding effect from sale of Spain, Portugal and Japan CRE portfolios

Almost stable total expenses for the 6th consecutive quarter

  • ►Total expenses almost at level Q1 2014
  • ▲Decreasing personnel expenses due to reduced FTE
  • ► As expected, operating costs increased due to several regulatory requirements (e.g. for AQR, Fatca, CRD IV-implementation), ongoing strategic investments and transaction costs from CRE portfolio sales

Low LLPs supported by €112m release from CRE portfolio sales

  • ▲LLP in CRE supported by asset run down as well as by releases from CRE portfolio sales
  • ►Ship Finance LLPs as expected
  • ▲Good portfolio quality in Core Bank

Core Bank: Revenue increase of 3% q-o-q

  • ▲ Revenue increase of 3%, with improvements in MSB, CEE and Treasury – slight reductions in PC (after seasonally higher Q1 2014) and C&M (after disposal gains in Q1 2014)
  • ►LLPs at the same level as in Q2 2013
  • ►Others & Consolidation of €-212m with improved Treasury result

Private Customers: Growing business volumes evidence the strategic progress

  • ▲Increased net interest income from rising volume of interest bearing assets and active margin management
  • ►Shift to volume-based securities business not yet fully compensate declining transaction based revenues
  • ▲95k net new clients mark a two-year record high in Q2 2014 thanks to successful marketing campaigns

PC divisional split

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  • ▲ Revenue increase due to positive development in loans and positive valuation effects of counterparty risks in derivative business
  • ►Decreasing net commission income especially from capital market products such as interest- and FX-hedges
  • ▲ Growth of loan volume in all business lines +5% q-o-q and +9% y-o-y with corporates in Germany above market development

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Financial Institutions – Revenues before LLP €m

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  • ▲ Positive development of all material revenue line items mainly driven by lower interest costs and increased income from loan business
  • ▲Volumes with continued upward trend in loans and retail deposits
  • ►Higher costs reflecting intensified promotional activity and project expenses related to the "One Bank Strategy"

Corporates & Markets: Profiting from a diversified business model across asset classes

Q2 2014 vs. Q1 2014

  • ▲Strong performance in Equities compensates for continued weakness in Fixed Income and Currencies
  • ▲Corporate Finance with strong operating revenues as client activity improved
  • ► Adjusted for the €42m gains from asset disposal in Structured Credit Legacy in Q1 2014, overall revenues with slight increase q-o-q

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

▼ Revenues and client demand remain under pressure due to historical lows in volatility both in interest rates and FX

EMC – Revenues before LLPs€m

  • ▲ Strong demand for off-theshelf and tailor-made equity derivatives products
  • ▼ Challenging environment for commodities product range, especially structured products

►

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

Core Bank: Higher LLPs in line with expectations –NPL ratio at good level of 1.6%

Risk Density1) of EaD

Stephan Engels | CFO | Frankfurt | 07 August 2014

  • ▲ Risk density in Core Bank stable below 30bp – very good portfolio quality in PC
  • ▲ Default portfolio unchanged despite growing business volumes – improved coverage and lower NPL ratio
  • ►LLPs at the level of Q2 2013 as expected

Default volume and coverage

NCA: Operating result Q2 2014 includes burden from CRE portfoliosales

Q2 2014 vs. Q1 2014

  • ▲ Sales of CRE portfolios in Spain, Portugal and Japan have been capital accretive by €204m due to the corresponding RWAreduction of €3.4bn though NCA had to digest €-101m P&L hit in Q2 2014
  • ►Difference to effect at Group level stems from Group internal close-out charges
  • ▲ LLP release of €112m in sold NPL book proves conservative valuation while revenue impact of €-203m reflects small discount on the performing loans sold

1)Excluding effect from sales of Spain, Portugal and Japan CRE portfolios

NCA: Q2 Portfolio reduction of €10bn equally reflects current run-down and CRE sales – EaD of € 92bn already below original target for 2016

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

  • ▲ CRE: Net LLP releases due to portfolio sales in Spain and Portugal
  • ►Ship Finance1): LLPs as expected
  • ▲ Default portfolio reduction driven by CRE portfolio sales: Spain (€1.1bn), Portugal (€0.3bn)

New EaD target of €~20bn for CRE and Ship Finance1) –Public Finance with held-to-maturity strategy

Higher risk cluster CRE reduced to less than €1bn after portfolio transactions

Common Equity Tier 1 ratio fully phased-in increased to 9.4%

Stephan Engels | CFO | Frankfurt | 07 August 2014

Leverage ratio well above regulatory threshold

Stephan Engels | CFO | Frankfurt | 07 August 2014

Outlook 2014

1)Deutsche Schiffsbank

Appendix

Stephan Engels | CFO | Frankfurt | 07 August 201423

German economy 2014/2015 – Economy defies politics (as yet)

Current development

  • › German economy has taken a breather. Real GDP probably stagnated or even fell slightly in Q2.
  • › This is mainly due to a special effect (mild winter pumping up construction in Q1, correction in Q2), but manufacturing has lost steam, too.
  • ›Labour market has improved further.
  • › Government is about to reregulate the economy which will push up labour costs significantly.

Our expectation for 2014/2015

  • › Despite the set-back in Q2 we expect the upswing to continue.
  • › The expansionary monetary policy will continue to mask the dampening impetus from politics. We are looking for a growth rate of 2% in 2014 and 2015, which will still be above EMU average.
  • › Underlying inflation will rise slowly. We expect inflation to average 1.2% in 2014 and at 2.2% in 2015.

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 due to cyclical and political reasons.
  • › Strong position in Asian markets and Emerging Markets in general.

Stephan Engels | CFO | Frankfurt | 07 August 2014

Hedging & Valuation Adjustments

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NCA: Diversified portfolio

EaD (incl. NPL) per 30 June 2014, in €bn

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Note: Numbers may not add up due to rounding 1) Utility and infrastructure transactions (mostly UK) – taken over from PRU in mid-2012; without value-impairing securities 2)Deutsche Schiffsbank 3) Claims in the category LaR 4) Incl. regions

NCA: Higher risk cluster CRE reduced to less than €1bn after sale of portfolios in Spain and Japan

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la
ls
%
t
te
ov
er
ag
e
ra
c
an
co
ra		 1
0
4		 (
)
1
0
3		 (
)
1
0
1		 1
0
2		 (
)
1
1
2		 1
0
3
(
)
N
P
L
io
%
t
ra		 1
5.
0		 (
)
1
5.
9		 1
5.
0		 (
)
1
3.
5		 7
1.
4		 (
)
2
3.
5		 1
4.
0
3
0
Ju
2
0
1
4
(
3
1
De
2
0
1
3
)
ne
c
1)
fa
fo
io
S
ip

De
l
l
F
by
h
€m
t p
t
ty
u
o
r
s
p
e		 To
l
ta		 C
in
ta
o
n
e
r		 Ta
ke
n
r		 Bu
l
ke
r		 To
l
ta
fa
De
l
lu
t v
u
o
m
e		 (
)
3,
5
0
5
3,
8
7
1		 (
)
1,
8
9
7
1,
9
5
6		 (
)
6
9
3
7
8
8		 (
)
4
7
6
5
8
1		 4,
4
8
2
Lo
lo
is
io
an
ss
p
ro
ns
v		 1,
2
8
6
(
1,
2
9
1
)		 2
(
6
6
8
)
7
5		 2
3
3
(
2
6
)
5		 1
2
(
1
0
)
5
5		 1,
2
1
1
G
L
L
P		 2
1
9
(
2
8
1
)		 1
1
0
(
1
8
)
7		 2
(
8
)
5
5		 4
2
(
3
2
)		 2
2
7
C
io
in
l.
G
L
L
P
l.
l
la
ls
(
)
t
te
%
ov
er
ag
e
ra
c
ex
c
co
ra		 (
)
4
3
4
1		 (
)
4
4
4
3		 (
)
4
1
4
0		 (
)
3
5
3
1		 3
3
C
l
la
ls
te
o
ra		 (
)
2,
0
9
7
2,
2
5
2		 (
)
1,
0
5
0
1,
1
0
6		 (
)
4
4
5
4
8
6		 (
)
3
6
4
3
7
4		 2,
7
8
9
C
io
in
l.
G
L
L
P
d
l
la
ls
(
)
%
t
te
ov
er
ag
e
ra
c
an
co
ra		 (
)
1
0
3
9
9		 (
)
9
9
1
0
0		 (
)
1
0
5
1
0
2		 (
)
1
1
1
9
6		 9
5
(
)
N
P
L
io
%
t
ra		 (
)
2
7.
2
2
7.
0		 (
)
3
5.
6
3
4.
6		 (
)
2
2.
5
2
3.
0		 (
)
1
9.
6
2
1.
3		 2
3.
7

1) Deutsche Schiffsbank

Stephan Engels | CFO | Frankfurt | 07 August 2014

Default Portfolio (30 June 2014)

Default portfolio and coverage ratios by segment

€m – excluding/including GLLP

Commerzbank financials at a glance

G
ro
p
u		 Q
2
2
0
1
3		 H
1
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 H
1
2
0
1
4
O
(
)
in
l
€m
t
t
p
e
ra
g
re
su		 7
4		 5
3
8		 3
2
4		 2
5
7		 5
8
1
1)
Ne
l
(
€m
)
t r
t
e
su		 4
0		 -5
8		 2
0
0		 1
0
0		 3
0
0
C
ie
1
io
B
2.
(
2
0
1
3
)
/
C
E
T
1
B
3
(
2
0
1
4
)
in
(
%
)
t
t
5
o
re
r
ra		 1
2.
1		 1
2.
1		 1
1.
3		 2)
1
1.
7		 2)
1
1.
7
C
(
)
E
T
1
io
B
3
fu
l
ly
ha
d
in
%
t
ra
p
s
e		 /
n
a		 /
n
a		 9.
0		 2)
9.
4		 2)
9.
4
To
l a
(
€
b
)
ta
ts
s
s
e
n		 6
3
7		 6
3
7		 5
7
4		 5
8
3		 5
8
3
R
W
A
B
2.
(
2
0
1
3
)
/
C
E
T
1
B
3
(
2
0
1
4
)
(
€
b
)
5
n		 2
0
6		 2
0
6		 2
1
8		 2
1
7		 2
1
7
Le
io
(
ha
in
%
)
t
ve
ra
g
e
ra
p
s
e-
,		 /
n
a		 /
n
a		 4.
1		 2)
4.
1		 2)
4.
1
C
Ba
k
(
in
l.
O
&
C
)
o
re
n
c		 Q
2
2
0
1
3		 H
1
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 H
1
2
0
1
4
O
(
)
in
l
€m
t
t
p
e
ra
g
re
su		 4
6
1		 1,
0
1
1		 4
9
6		 4
4
0		 9
3
6
O
Ro
E
(
)
%
p.		 1
1.
0		 1
2.
2		 1
0.
3		 9.
2		 9.
8
C
I
R
(
%
)		 1.
1
7		 1.
7
5		 2.
9
7		 2.
2
7		 2.
6
7
(
)
R
is
k
d
i
f
Ea
D
b
ty
e
ns
o
p
s		 2
7		 2
7		 2
9		 2
7		 2
7
(
)
L
T
D
io
%
t
ra		 7
4		 7
4		 7
6		 7
7		 7
7
N
C
A		 Q
2
2
0
1
3		 H
1
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 H
1
2
0
1
4
O
in
l
(
€m
)
t
t
p
e
ra
g
re
su		 -3
8
7		 -4
7
3		 -1
7
2		 -1
8
3		 -3
5
5
Ea
D
in
l.
N
P
L
lu
(
€
b
)
c
vo
m
e
n		 1
3
6		 1
3
6		 1
0
2		 9
2		 9
2
R
is
k
d
i
f
Ea
D
(
b
)
ty
e
ns
o
p
s		 0
7		 0
7		 8
6		 6
8		 6
8

1)Attributable to Commerzbank shareholders 2) Includes net profit of H1 2014

Stephan Engels | CFO | Frankfurt | 07 August 201430

Commerzbank Group

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 2,
4
5
5		 2,
3
1
0		 2,
2
8
1		 2,
2
2
9		 2,
2
6
0		 2,
2
4
1		 -3
0		 0.
8
-
/w
To
l n
int
d n
d
ing
inc
ta
t
t a
t
tra
o
e
er
es
n
e
om
e		 1,
6
7
1		 1,
6
1
8		 1,
4
0
9		 1,
3
8
1		 1,
5
3
8		 1,
4
2
6		 -1
1.
9		 7.
3
-
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 8
4
4		 8
0
5		 8
4
7		 3
7
7		 8
1
5		 8
2
7		 -2
9		 4.
0
-
/w
O
he
inc
t
o
r
om
e		 -6
0		 -1
1
3		 8
8		 7
5		 -9
3		 3
3		 1
0
0
>		 1
0
0
>
fo
Pro
is
ion
i
b
le
loa
los
v
r p
os
s
n
se
s		 -2
6
7		 -5
3
7		 -4
9
2		 -4
5
1		 -2
3
8		 -2
5
7		 5
2.
1		 8.
0
-
Op
ing
t
er
a
ex
p
en
se
s		 1,
2
4
7		 1,
6
9
9		 1,
6
8
6		 1,
6
8
8		 1,
6
9
8		 1,
2
7
7		 1.
6		 1.
7
Op
in
f
i
t
t
er
a
g
p
ro		 4
6
4		 7
4		 1
0
3		 9
0		 3
2
4		 5
2
7		 1
0
0
>		 2
0.
7
-
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
tru
tu
s
c
r
ex
p
en
se
s		 4
9
3		 - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
ro
up
s		 - - - - - - - -
Pr
f
i
ta
t
e-
x p
ro		 -2
9		 4
7		 1
0
3		 9
0		 3
2
4		 2
5
7		 1
0
0
>		 2
0.
7
-
- -
Av
ita
l e
loy
d
er
ag
e c
ap
mp
e		 2
6,
4
4
5		 2
6,
4
5
9		 2
6,
7
5
8		 2
6,
8
4
2		 2
7,
0
7
7		 2
7,
2
8
5		 3.
1		 0.
8
(
f
)
R
W
A
En
d o
Pe
io
d
r		 2
0
9,
7
9
6		 2
0
6,
2
8
8		 1
9
7,
2
8
7		 1
9
0,
5
8
8		 2
1
8,
2
5
9		 2
1
7,
0
1
3		 5.
2		 0.
6
-
Co
/
inc
io
(
)
t
t
%
s
om
e r
a		 7
0.
2
%		 7
3.
5
%		 7
3.
9
%		 7
5.
7
%		 7
5.
1
%		 7
7.
1
%
Op
ing
ity
(
%
)
t
tu
er
a
re
rn
on
eq
u		 0
%
7.		 1.
1
%		 1.
%
5		 1.
3
%		 4.
8
%		 3.
8
%
f p
(
)
Re
ity
lt
%
tu
-ta
rn
on
eq
u
o
re
x
res
u		 -0
4
%		 1.
1
%		 1.
5
%		 1.
3
%		 4.
8
%		 3.
8
%

Core Bank

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 2,
2
8
4		 2,
2
5
4		 2,
2
2
7		 2,
1
5
1		 2,
2
1
6		 2,
2
7
7		 1.
0		 2.
8
/w
To
l n
int
d n
d
ing
inc
ta
t
t a
t
tra
o
e
er
es
n
e
om
e		 1,
5
4
4		 1,
4
1
3		 1,
3
8
5		 1,
2
6
8		 1,
4
1
7		 1,
4
9
7		 5.
9		 5.
6
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 8
2
5		 7
8
7		 7
7
8		 7
5
7		 8
1
0		 7
7
7		 -1
3		 4.
1
-
/w
O
he
inc
t
o
r
om
e		 -8
5		 5
4		 6
4		 1
2
6		 -1
1		 3 -9
4.
4		 1
0
0
>
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -9
2		 -1
9
0		 -2
4
9		 -1
3
4		 -1
0
4		 -1
9
2		 -1
1		 8
4.
6
-
Op
ing
t
er
a
ex
p
en
se
s		 1,
6
4
2		 1,
6
0
3		 1,
6
0
3		 1,
5
9
9		 1,
6
1
6		 1,
6
4
5		 2.
6		 1.
8
Op
in
f
i
t
t
er
a
g
p
ro		 5
5
0		 4
6
1		 3
7
5		 4
1
8		 4
9
6		 4
4
0		 -4
6		 1
1.
3
-
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - -
Re
tru
tu
ing
s
c
r
ex
p
en
se
s		 4
9
3		 0 0 0 -0 0 1
0
0
>		 1
0
0
>
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
ro
up
s		 - - - - - - - -
f
i
Pr
ta
t
e-
x p
ro		 5
7		 4
6
1		 3
7
5		 4
1
8		 4
9
6		 4
4
0		 -4
6		 1
1.
3
-
- - - - - - - -
Av
ita
l e
loy
d
er
ag
e c
ap
mp
e		 1
6,
3
8
7		 1
6,
8
0
8		 1
7,
4
2
6		 1
7,
9
3
1		 1
9,
1
9
3		 1
9,
1
6
3		 1
4.
0		 0.
2
-
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
4
4,
6
6
0		 1
4
4,
3
3
5		 1
4
0,
8
4
7		 1
3
0
0
4
7,		 1
6
2,
0
2
1		 1
6
4,
3
3
7		 1
3.
7		 1.
4
Co
/
(
)
inc
io
%
t
t
s
om
e r
a		 7
1.
9
%		 7
1.
1
%		 7
2.
0
%		 7
4.
3
%		 7
2.
9
%		 7
2.
2
%		 - -
Op
ing
ity
(
)
t
tu
%
er
a
re
rn
on
eq
u		 1
3.
4
%		 1
1.
0
%		 8.
6
%		 9.
3
%		 1
0.
3
%		 9.
2
%		 - -
Re
ity
f p
lt
(
%
)
tu
-ta
rn
on
eq
o
re
res
u
x
u		 1.
4
%		 1
1.
0
%		 8.
6
%		 9.
3
%		 1
0.
3
%		 9.
2
%		 - -

Private Customers

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 8
8
5		 8
3
9		 8
2
5		 8
2
7		 8
4
7		 8
4
5		 0.
7		 3.
3
-
/w
To
l n
int
d n
d
ing
inc
ta
t
t a
t
tra
o
e
er
es
n
e
om
e		 4
3
1		 4
4
4		 4
5
2		 4
4
6		 4
5
0		 4
8
0		 8.
1		 6.
7
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 4
2
7		 3
9
0		 3
7
9		 3
6
5		 4
0
7		 3
6
2		 -7
2		 1
1.
1
-
/w
O
he
inc
t
o
r
om
e		 - 5 -6 1
6		 1
7		 3 -4
0.
0		 8
2.
4
-
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -3
5		 -2
7		 -3
1		 -1
5		 -3
6		 -1
6		 4
0.
7		 5
5.
6
Op
ing
t
er
a
ex
p
en
se
s		 4
7
5		 8
7
5		 3
7
5		 2
7
5		 2
6
7		 1
4
7		 8
-5		 1.
7
-
Op
in
f
i
t
t
er
a
g
p
ro		 6
9		 5
4		 4
1		 6
0		 1
1
2		 5
1
1		 1
0
0
>		 2.
7
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
tru
tu
s
c
r
ex
p
en
se
s		 - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
ro
up
s		 - - - - - - - -
Pr
f
i
ta
t
e-
x p
ro		 6
9		 5
4		 4
1		 6
0		 1
1
2		 1
1
5		 1
0
0
>		 2.
7
Av
ita
l e
loy
d
er
e c
e		 4,
0
0
1		 3,
9
2
0		 3,
9
7
9		 3,
9
8
6		 3,
9
8
2		 4,
0
3
6		 3. 1.
ag
ap
mp
f
R
W
A
En
d o
Pe
io
d		 2
8
0
3		 2
9
7
1		 2
2
0
5		 2
2
1
3		 2
4
8
5		 2
0
2
3		 0
0.
2		 4
1.
9
(
)
r		 8, 8, 9, 7, 8, 9,
Co
/
inc
io
(
)
t
t
%
s
om
e r
a		 8
7.
9
%		 9
0.
3
%		 9
1.
3
%		 9
0.
9
%		 8
3.
1
%		 8
4.
5
%		 - -
Op
ing
ity
(
%
)
t
tu
er
a
re
rn
on
eq
u		 6.
9
%		 %
5.
5		 4.
1
%		 6.
0
%		 1
1.
3
%		 1
1.
4
%		 - -
f p
(
)
Re
ity
lt
%
tu
-ta
rn
on
eq
u
o
re
x
res
u		 6.
9
%		 5.
5
%		 4.
1
%		 6.
0
%		 1
1.
3
%		 1
1.
4
%		 - -

Mittelstandsbank

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 %
oy
y		 %
q
oq
To
ta
l
Re
ve
nu
es		 7
2
7		 6
9
5		 7
9
0		 7
0
5		 7
1
6		 7
3
9		 6.
3		 3.
2
/w
To
l n
int
d n
d
ing
inc
ta
t
t a
t
tra
o
e
er
es
n
e
om
e		 4
5
7		 4
0
5		 4
8
5		 4
4
1		 4
4
0		 4
6
3		 1
4.
3		 2
5.
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 2
8
0		 2
7
2		 2
6
4		 2
5
0		 2
7
4		 2
6
4		 -2
9		 3.
6
-
/w
O
he
inc
t
o
r
om
e		 -1
0		 1
8		 6
8		 1
4		 2 1
2		 -3
3.
3		 1
0
0
>
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -7
8		 -1
4
7		 -1
0
6		 -1
3
9		 -5
7		 -1
4
2		 3.
4		 1
0
0
>-
Op
ing
t
er
a
ex
p
en
se
s		 3
2
4		 3
3
3		 3
3
5		 3
4
5		 3
2
2		 3
3
0		 -0
9		 2.
5
Op
in
f
i
t
t
er
a
g
p
ro		 3
2
5		 2
1
5		 3
4
9		 2
2
1		 3
3
7		 2
6
7		 2
4.
2		 2
0.
8
-
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
tru
tu
s
c
r
ex
p
en
se
s		 - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
ro
up
s		 - - - - - - - -
Pr
f
i
ta
t
e-
x p
ro		 3
2
5		 2
1
5		 3
4
9		 2
2
1		 3
3
7		 2
6
7		 2
4.
2		 2
0.
8
-
- -
Av
ita
l e
loy
d
er
ag
e c
ap
mp
e		 5,
8
2
9		 5,
9
0
3		 6,
0
6
5		 6,
1
6
5		 6,
6
2
4		 6,
8
5
8		 1
6.
2		 3.
5
R
W
A
(
En
d o
f
Pe
io
d
)
r		 3
6
4
5
5,		 6,
8
0
2
5		 3
4
5
7,
5		 4
6
5
7,
7		 6
1,
9
1
5		 6
6,
2
1
4		 1
6.
6		 6.
9
Co
/
inc
io
(
%
)
t
t
s
om
e r
a		 4
4.
6
%		 4
7.
9
%		 4
2.
4
%		 4
8.
9
%		 4
5.
0
%		 4
4.
7
%		 - -
Op
(
)
ing
ity
%
t
tu
er
a
re
rn
on
eq
u		 2
2.
3
%		 1
4.
6
%		 2
3.
0
%		 1
4.
3
%		 2
0.
4
%		 1
5.
6
%		 - -
Re
ity
f p
lt
(
%
)
tu
-ta
rn
on
eq
u
o
re
x
res
u		 2
2.
3
%		 1
4.
6
%		 2
3.
0
%		 1
4.
3
%		 2
0.
4
%		 1
6
%
5.		 - -

Central & Eastern Europe

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 %
oy
y		 %
q
oq
To
l
Re
ta
ve
nu
es		 1
8
5		 1
9
5		 2
1
2		 2
1
6		 2
2
4		 2
3
4		 2
0.
0		 4.
5
/w
To
l n
int
d n
d
ing
inc
ta
t
t a
t
tra
o
e
er
es
n
e
om
e		 1
2
9		 1
3
0		 1
4
7		 1
4
5		 1
6
5		 1
7
5		 3
4.
6		 1
2.
2
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 4
4		 5
0		 4
9		 5
5		 5
7		 5
9		 1
8.
0		 3.
5
/w
O
he
inc
t
o
r
om
e		 1
2		 1
5		 1
6		 1
6		 1
1		 - -1
0
0.
0		 1
0
0.
0
-
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -6 -3
6		 -4
1		 -3
6		 -2
1		 -3
8		 -5
6		 8
1.
0
-
Op
ing
t
er
a
ex
p
en
se
s		 1
0
4		 1
0
5		 1
0
6		 1
1
4		 1
0
5		 1
1
2		 6.
7		 6.
7
Op
in
f
i
t
t
er
a
g
p
ro		 5
7		 5
4		 6
5		 6
6		 9
8		 8
4		 5
5.
6		 1
4.
3
-
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
tru
tu
s
c
r
ex
p
en
se
s		 - - - - - - - -
fro
f
Ne
in
los
le
d
isp
l g
t g
a
or
s
m
sa
o
os
a
ro
up
s		 - - - - - - - -
Pr
f
i
ta
t
e-
x p
ro		 7
5		 5
4		 6
5		 6
6		 9
8		 8
4		 5
5.
6		 1
4.
3
-
Av
ita
l e
loy
d
er
ag
e c
ap
mp
e		 1,
7
1
7		 1,
6
5
9		 1,
6
4
2		 1,
5
9
8		 1,
5
6
1		 1,
5
7
6		 -5
0		 1.
0
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
4,
5
4
8		 1
4,
2
0
6		 1
4,
0
9
1		 1
3,
6
7
7		 1
3,
1
6
0		 1
3,
5
0
7		 -4
9		 2.
6
Co
/
inc
io
(
%
)
t
t
s
om
e r
a		 6.
2
%
5		 3.
8
%
5		 0.
0
%
5		 2.
8
%
5		 4
6.
9
%		 4
9
%
7.		 - -
Op
ing
ity
(
%
)
t
tu
er
a
re
rn
on
eq
u		 1
7.
5
%		 1
3.
0
%		 1
5.
8
%		 1
6.
5
%		 2
5.
1
%		 2
1.
3
%		 - -
Re
ity
f p
lt
(
)
tu
-ta
%
rn
on
eq
u
o
re
x
res
u		 1
7.
5
%		 1
3.
0
%		 1
5.
8
%		 1
6.
5
%		 2
5.
1
%		 2
1.
3
%		 - -

Corporates & Markets

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 5
8
4		 5
6
9		 4
6
0		 4
6
6		 5
4
3		 5
0
5		 -1
1.
2		 7.
0
-
/w
To
l n
int
d n
d
ing
inc
ta
t
t a
t
tra
o
e
er
es
n
e
om
e		 5
0
4		 4
1
5		 2
9
9		 3
4
5		 4
6
6		 4
0
5		 -2
4		 1
3.
1
-
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 8
3		 9
3		 9
1		 1
0
0		 6
7		 1
0
1		 8.
6		 3
2.
9
/w
O
he
inc
t
o
r
om
e		 -3 6
1		 7
0		 2
1		 1 -1 1
0
0
>-		 1
0
0
>-
fo
Pro
is
ion
i
b
le
loa
los
v
r p
os
s
n
se
s		 2
6		 1
9		 -4
3		 5
5		 9 5 -7
3.
7		 4
4.
4
-
Op
ing
t
er
a
ex
p
en
se
s		 3
3
8		 3
3
4		 3
3
2		 3
5
5		 3
3
6		 3
2
4		 -3
0		 3.
6
-
Op
in
f
i
t
t
er
a
g
p
ro		 2
2
7		 2
5
4		 8
5		 1
6
6		 2
1
6		 1
8
6		 -2
6.
8		 1
3.
9
-
Imp
irm
ts
dw
i
l
l
a
en
on
g
oo		 - - - - - - - -
Re
ing
tru
tu
s
c
r
ex
p
en
se
s		 - - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
ro
up
s		 - - - - - - - -
Pr
f
i
ta
t
e-
x p
ro		 2
7
2		 2
5
4		 8
5		 1
6
6		 2
1
6		 1
8
6		 -2
6.
8		 1
3.
9
-
Av
ita
l e
loy
d
er
ag
e c
ap
mp
e		 3,
2
5
4		 3,
2
8
6		 2,
8
2
3		 2,
8
8
7		 4,
3
7
6		 4,
3
7
3		 3
3.
1		 0.
1
-
R
W
A
(
En
d o
f
Pe
io
d
)
r		 3
3,
9
0
8		 3
1,
6
6
7		 2
8,
0
9
1		 2
7,
6
7
6		 3
7,
5
1
9		 3
9,
0
0
1		 2
3.
2		 3.
9
Co
/
inc
io
(
)
t
t
%
s
om
e r
a		 5
7.
9
%		 5
8.
7
%		 7
2.
2
%		 7
6.
2
%		 6
1.
9
%		 6
4.
2
%		 - -
Op
ing
ity
(
%
)
t
tu
er
a
re
rn
on
eq
u		 3
3.
4
%		 3
0.
9
%		 1
2.
0
%		 2
3.
0
%		 1
9.
%
7		 1
0
%
7.		 - -
Re
ity
f p
lt
(
)
tu
-ta
%
rn
on
eq
u
o
re
x
res
u		 3
3.
4
%		 3
0.
9
%		 1
2.
0
%		 2
3.
0
%		 1
9.
7
%		 1
7.
0
%		 - -

Non-Core Assets

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 %
oy
y		 %
q
oq
To
l
Re
ta
ve
nu
es		 1
7
1		 5
6		 5
4		 7
8		 4
4		 -3
6		 1
0
0
>-		 1
0
0
>-
/w
To
l n
int
d n
d
ing
inc
ta
t
t a
t
tra
o
e
er
es
n
e
om
e		 1
2
7		 2
0
5		 2
4		 1
1
3		 1
2
1		 1
-7		 1
0
0
>-		 1
0
0
>-
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 1
9		 1
8		 6 1
6		 5 5 -7
2.
2		 -
/w
O
he
inc
t
o
r
om
e		 2
5		 -1
6
7		 2
4		 -5
1		 -8
2		 3
0		 1
0
0
>		 1
0
0
>
Pro
is
ion
fo
i
b
le
loa
los
v
r p
os
s
n
se
s		 -1
7
5		 -3
4
7		 -2
4
3		 -3
1
7		 -1
3
4		 -6
5		 8
1.
3		 5
1.
5
Op
ing
t
er
a
ex
p
en
se
s		 8
2		 9
6		 8
3		 8
9		 8
2		 8
2		 -1
4.
6		 -
Op
in
f
i
t
t
er
a
g
p
ro		 -8
6		 -3
8
7		 -2
2
7		 -3
2
8		 -1
2
7		 -1
8
3		 5
2.
7		 6.
4
-
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
tru
tu
s
c
r
ex
p
en
se
s		 - - - - - - - -
fro
f
Ne
in
los
le
d
isp
l g
t g
a
or
s
m
sa
o
os
a
ro
up
s		 - - - - - - - -
Pr
f
i
ta
t
e-
x p
ro		 -8
6		 -3
8
7		 -2
7
2		 -3
2
8		 -1
7
2		 -1
8
3		 5
2.
7		 6.
4
-
Av
ita
l e
loy
d
er
ag
e c
ap
mp
e		 1
0,
0
5
8		 9,
6
5
1		 9,
3
3
2		 8,
9
1
1		 7,
8
8
4		 8,
1
2
2		 -1
5.
8		 3.
0
R
W
A
(
En
d o
f
Pe
io
d
)
r		 6
5,
1
3
5		 6
1,
7
5
5		 5
6,
4
1
3		 5
3,
5
8
4		 5
6,
2
3
9		 5
2,
6
7
6		 -1
4.
7		 6.
3
-
Co
/
inc
io
(
%
)
t
t
s
om
e r
a		 4
8.
0
%		 1
1.
4
%
7		 1
3.
%
5
7		 1
1
4.
1
%		 1
8
6.
4
%		 /a
n		 - -
Op
ing
ity
(
%
)
t
tu
er
a
re
rn
on
eq
u		 -3
4
%		 -1
6.
0
%		 -1
1.
7
%		 -1
4.
7
%		 -8
7
%		 -9
0
%		 - -
Re
ity
f p
lt
(
)
tu
-ta
%
rn
on
eq
u
o
re
x
res
u		 -3
4
%		 -1
6.
0
%		 -1
1.
7
%		 -1
4.
7
%		 -8
7
%		 -9
0
%		 - -

Others & Consolidation

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 %
y
oy		 %
q
oq
To
l
Re
ta
ve
nu
es		 0
-7		 -4
4		 -6
0		 -6
3		 -1
4
1		 -4
6		 -4
5		 6
4
7.
/w
To
l n
int
d n
d
ing
inc
ta
t
t a
t
tra
o
e
er
es
n
e
om
e		 2
3		 1
9		 2
9		 -1
0
9		 -9
5		 -2
6		 1
0
0
>-		 7
2.
6
/w
Ne
iss
ion
inc
t c
o
om
m
om
e		 -9 -1
8		 -5 -1
3		 -4 -9 5
0.
0		 1
0
0
>-
/w
O
he
inc
t
o
r
om
e		 -8
4		 -4
5		 -8
4		 9
5		 -4
2		 -1
1		 6
7
5.		 3.
8
7
Pro
is
ion
fo
i
b
le
loa
los
r p
os
s
n
se
s
v		 1 1 -2
8		 1 1 -1 1
0
0
>-		 1
0
0
>-
Op
ing
t
er
a
ex
p
en
se
s		 1
2
2		 7
3		 7
7		 3
3		 1
2
7		 1
6
5		 1
0
0
>		 2
9.
9
in
f
i
Op
t
t
er
a
g
p
ro		 -1
9
1		 -1
1
6		 -1
6
5		 -9
5		 -2
6
7		 -2
1
2		 -8
2.
8		 2
0.
6
Imp
irm
dw
i
l
l
ts
a
en
on
g
oo		 - - - - - - - -
Re
ing
tru
tu
s
c
r
ex
p
en
se
s		 4
9
3		 - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
ro
up
s		 - - - - - - - -
Pr
f
i
ta
t
e-
x p
ro		 -6
8
4		 -1
1
6		 -1
6
5		 -9
5		 -2
6
7		 -2
1
2		 -8
2.
8		 2
0.
6
Av
ita
l e
loy
d
er
ag
e c
ap
mp
e		 1,
8
6
5		 2,
0
4
0		 2,
9
1
7		 3,
2
9
6		 2,
6
0
5		 2,
3
1
9		 1
3.
7		 1
2.
5
-
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
2,
0
3
7		 1
2,
8
8
7		 1
2,
1
3
4		 1
0,
6
9
3		 2
0,
9
0
6		 1
6,
5
9
1		 2
8.
7		 2
0.
6
-
Co
/
(
)
t
inc
t
io
%
s
om
e r
a		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n		 - -
Op
ing
ity
(
)
t
tu
%
er
a
re
rn
on
eq
u		 -4
8.
2
%		 -2
2.
7
%		 -2
2.
6
%		 -1
1.
5
%		 -4
0.
3
%		 -3
6.
6
%		 - -
(
)
Re
ity
f p
lt
%
tu
-ta
rn
on
eq
o
re
res
u
x
u		 -1
7
2.
5
%		 -2
2.
7
%		 -2
2.
6
%		 -1
1.
5
%		 -4
0.
3
%		 -3
6.
6
%		 - -

Group equity definitions

C
i
l
ta
a
p
Q
1
2
0
1
4
En
d
f
o		 C
i
l
ta
a
p
Q
2
2
0
1
4
En
d
f
o		 C
i
l
ta
a
p
Y
T
D
Ju
2
0
1
4
n
Av
e
ra
g
e
€
b
n		 Pe
io
d
r		 1)
Pe
io
d
r
S
b
i
b
d
i
l
ta
u
s
c
r
e
c
a
p		 1.
1		 1.
1
C
i
l r
ta
a
p
e
s
e
rve		 1
9
5.		 1
9
5.
Re
in
d
in
ta
e
e
a
rn
g
s		 1
0.
5		 1
0.
4
C
la
io
tra
t
u
rre
nc
y
ns
n
re
s
e
rve		 -0
2		 -0
1
Re
lu
io
t
va
a
n
re
s
e
rve		 -1
1		 -1
0
C
f
h
lo
he
d
a
s
w
g
e
s		 -0
3		 -0
3
C
l
i
d
d
P
&
L
te
o
ns
o
a		 0.
2		 0.
3
S
I
F
R
i
l w
i
h
l
l
i
i
t
t
t
t
t
t
c
a
p
a
o
u
n
o
n-
c
o
n
r
o
n
g
n
e
r
e
s
s		 2
6.
2		 2
6.
4		 2
6.
3		 Ba
is
fo
Ro
E
l
t r
t
s
r
on
n
e
es
u
No
l
l
in
in
(
I
F
R
S
)
tro
te
ts
n-
c
o
n
g
re
s		 0.
9		 0.
9		 0.
9
I
F
R
S
i
l
t
c
a
p
a		 2
1
7.		 2
3
7.		 2
2
7.		 Ba
is
fo
in
Ro
E
d
Ro
E
t
-ta
s
r o
p
er
a
g
an
p
re
x
G
dw
i
l
l a
d
in
i
b
le
ta
o
o
n
ng
s		 -3
0		 -3
0
D
T
A
lo
ie
d
fo
d
s
s
e
s
c
a
rr
rw
a
r		 -1
5		 -1
5
De
du
io
i
iz
io
t
t
t
c
ns
o
n
s
e
cu
r
a
ns		 -0
4		 -0
3
De
du
io
la
d
l
l
in
in
t
te
to
tro
te
ts
c
ns
re
n
o
n-
c
o
n
g
re
s		 -0
5		 -0
5
Inv
in
f
in
ia
l e
i
ie
d
ha
tm
ts
t
t
e
s
e
n
a
nc
n
s
a
n
ow
n
s
re
s		 -0
2		 -0
1
O
he
la
d
j
2)
t
to
tm
ts
r r
e
g
u
ry
a
u
s
e
n		 -1
9		 -1
4
C
i
i
i
(
fu
i
)
1
B
3
l
l
ly
h
d-
ty
t
t
o
m
m
o
n
e
q
u
e
r
c
a
p
a
p
a
s
e
n		 1
9.
7		 2
0.
4		 Ba
is
fo
C
E
T
1
s
r		 B
3
fu
l
ly
ha
d-
in
io
t
p
se
ra
Tr
i
io
d
j
t
tm
ts
a
ns
n
a
s
e
n
u		 1
5.		 4.
9
C
(
)
i
i
1
i
l
h
i
ty
t
t
o
m
m
o
n
e
q
u
e
r
c
a
p
a
p
a
s
e
n		 2
4.
7		 2
5.
3		 fo
C
Ba
is
E
T
1
s
r		 B
3
ha
-in
io
t
p
se
ra

Note: Numbers may not add up due to rounding 1) Includes net profit of H1 2014 2) Include mainly capital deductions for shortfall, prudent valuation and defined benefit pension funds

Glossary - Capital Allocation / RoE Calculation

C
i
l
A
l
l
i
t
t
a
p
a
o
c
a
o
n		 Am
f a
i
l a
l
lo
d
bu
in
is
lcu
la
d
by
l
ip
ly
in
he
t o
ta
te
to
ts
te
t
t
ts
t
›
ou
n
ve
ra
g
e
ca
p
ca
s
es
s
se
g
m
en
ca
m
g
s
eg
m
en
c
ur
re
n
u
Y
T
D
Ba
l
R
W
A
(
P
C
€
bn
M
S
B
€
bn
C
E
E
€
bn
C
&
M
€
bn
O
&
C
€
bn
N
C
A
3
2
8.
8
6
3.
3
1
3.
3
3
8.
0
1
9.
2
av
er
ag
e
se
,
,
,
,
,
€
bn
)
by
io
f
5
7.
0
9
%
t
a
ra
o
In
d
d
i
io
la
i
l
de
du
io
l
lo
d
i
bu
b
le
bu
in
h
ic
h
l
in
t
to
ta
t
te
t
tr
ta
to
ts
ts
›
a
n
av
er
ag
e
re
g
u
ry
c
ap
c
ns
a
re
a
ca
a
s
es
s
se
g
m
en
w
re
su
(
C
S
C
C
O
C
in
d
i
l p
P
€
1.
4
bn
M
B
€
1.
0
bn
E
E
€
0.
4
bn
&
M
€
1.
0
bn
&
€
0.
1
bn
ta
t
cr
ea
se
av
er
ag
e
ca
p
er
s
eg
m
en
,
,
,
,
,
C
N
A
€
0.
4
bn
)
Ex
i
l
is
l
lo
d
O
he
&
C
l
i
da
io
ta
te
to
t
t
›
ce
ss
c
ap
a
ca
rs
on
so
n
Re
l
lo
io
f
€
bn
E
B
A
C
i
l
Bu
f
fe
ba
k
(
O
&
C
) -
io
ly
l a
f
€
bn
ig
d
1.
5
4
t
ta
to
to
ta
t o
to
›
a
ca
n
o
ap
r
c
or
e
n
p
re
v
us
m
ou
n
w
as
a
ss
ne
C
N
A
C
C
G
i
l a
l
lo
io
is
d
isc
lo
d
in
he
bu
in
in
f
ba
k
ta
t
t
t r
t
›
ap
ca
n
se
s
es
s
se
g
m
en
ep
or
g
o
om
m
er
z
n
ro
up
C
R
E
l
l
i
t
o
a
c
u
a
o
n		 As
f
Q
2
2
0
1
4
he
Ro
E
is
lc
la
d
lev
l o
f
I
F
R
S
i
l
t
te
ta
›
o
ca
on
a
n
av
er
ag
e
e
ca
p
u
D
i
f
fe
be
In
C
i
l a
d
I
F
R
S
C
i
l
is
ba
d
lu
io
d
h
f
low
he
dg
tw
to
ta
ta
t
›
re
nc
e
ee
n
ve
s
rs
ap
n
ap
se
on
re
va
a
n
re
se
rv
e
an
ca
s
es
(
) –
f
fe
f
C
f
fe
(
)
€
1.
4
bn
in
ba
k
dr
ive
by
l
lo
io
E
B
A
i
l
Bu
€
1.
5
bn
t
t
ta
re
ve
rs
e
e
c
co
re
n
n
re
a
ca
n
o
ap
r
C
lc
la
io
he
ke
da
d
f
lo
l a
d
in
io
l
f
in
ia
l
in
i
t
ts
t
t m
t s
ta
te
t
t
tu
te
›
a
u
n
re
p
re
se
n
c
ur
re
n
ar
n
r
o
ca
n
rn
a
na
an
c
s
s

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]

Christoph Wortig (Head of IR Communications)P: +49 69 136 52668

M: [email protected]

Institutional Investors and Financial Analysts

Michael H. KleinP: +49 69 136 24522M: [email protected]

Maximilian BickerP: +49 69 136 28696M: [email protected]

Retail Investors

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

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

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

Dirk Bartsch (Head of Strategic IR / Rating Agency Relations)P: +49 69 136 22799 M: [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, inter alia, 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 asset prices 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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