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Commerzbank AG Investor Presentation 2011

Aug 10, 2011

81_ip_2011-08-10_36eae82f-31fe-4171-ae8c-02f7d8305a54.pdf

Investor Presentation

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Commerzbank – Continued operating strength of the Core Bank

Analyst conference – Q2 2011 results

Agenda

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

Continued operating strength of the Core Bank with operating profit of €913m in Q2

Significantly improved operating profit of the Core Bank compared to last year

G
r
o
p
u		 C
o
r
e		 **
B
k
a
n
€ m
in		 Q
2
2
0
1
0		 Q
1
2
0
1
1		 Q
2
2
0
1
1		 H
1
2
0
1
1		 Q
2
2
0
1
0		 Q
2
2
0
1
1		 H
1
2
0
1
0		 H
1
2
0
1
1
fo
Re
be
L
L
P
ve
nu
es
re		 3,
1
1
0		 3,
6
1
6		 2,
3
6
3		 9
9
5,
7		 2,
0
8
7		 2,
8
3
1		 3
2
5,
7		 6,
1
0
6
L
L
P		 6
3
9
-		 3
1
8
-		 2
7
8
-		 5
9
6
-		 2
5
7
-		 4
8
-		 5
5
4
-		 1
2
6
-
Op
ing
t
er
a
e
xp
en
se
s		 2,
2
2
8		 2,
1
4
5		 2,
0
3
0		 4,
1
8
4		 2,
0
4
5		 1,
8
0
7		 4,
0
8
6		 3,
8
4
8
Op
t
ing
f
i
t
er
a
p
ro		 2
4
3		 1,
1
4
4		 5
5		 1,
1
9
9		 3
9
7		 9
1
3		 1,
0
9
2		 2,
1
3
2
Ne
t p
f
i
t
*
ro		 3
5
2		 9
8
5		 2
4		 1,
0
0
9		 5
3
9		 8
8
2		 1,
1
7
1		 1,
9
4
2

Q2 revenues before LLP in the Core Bank increased by 5% y-o-y

  • Ongoing low LLP in the Core Bank, slightly reduced provisioning need in ABF
  • Overall cost base decreased by 6% q-o-q and 9% y-o-y due to realisation of cost synergies
  • Operating profit in Q2 affected by €760m impairment on Greek sovereign bonds

* Consolidated result attributable to Commerzbank shareholders ** incl. Others & Consolidations

Sound Core Tier 1 ratio at 9.9%

Tier 1 / Core Tier 1 ratio

  • › SoFFin Silent Participation of €3.3bn repaid out of excess capital
  • › One-off payment to SoFFin of €1.03bn booked against equity
  • › RWA decrease by €9bn q-o-q to €239bn
  • ›Equity Tier 1 ratio at 9.1%

Agenda

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

Q2 revenues before LLP in the Core Bank increased by 5% y-o-y

Revenues before LLPin € m

* incl. Others & Consolidations

Ongoing low LLP in the Core Bank, reduced provisioning need in ABF y-o-y

Provisions for loan lossesin € m

  • Core Bank benefits from solid economic environment
  • LLP in ABF & PRU on previous quarter level
  • New Guidance 2011: < €1.8bn
  • €760m impairment on Greek sovereign bonds booked in Net investment income
  • • Revaluation Reserve improved by €0.3bn q-o-q
  • •Net effect on capital of -€0.3bn

Cost base decreased by 6% q-o-q

  • Lower operating expenses post Customer and Product Data Migration
  • Realisation of synergies according to plan
  • Reduction of FTE as planned
  • CIR of Core Bank improved in Q2 to 66% (-10 ppt y-o-y)
  • Bank levy in H1 2011 of €9m

Operating profit and Net profit

  • Impairment on Greek sovereign bonds
  • Operating profit of €55m in Q2 2011
  • Tax charge of €2m
  • Minorities of €29m
  • Net profit of €24m*
  • H1 2011 EPS of €0.45**
  • NAV per share at €4.08***

* Consolidated result attributable to Commerzbank shareholders ** based on 2.04bn shares (average shares outstanding in H1 2011) *** based on 5.11bn shares **** incl. Others & Consolidations

Agenda

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

All segments of the Core Bank with significantly improved result

Private Customers benefits from lower costs

Q
2
1
0		 Q
1
1
1		 Q
2
1
1		 H
1
1
0		 H
1
1
1		 ›
Ø
i
(
€ m
)
ty
eq
u		 3,
8
5
5		 3,
4
2
3		 3,
3
3
1		 3,
4
0
5		 3,
3
7
7		 ›
Op
Ro
E
(
%
)		 1.
5		 1
3.
6		 9.
5		 2.
0		 1
1.
5		 ›
C
I
R
(
%
)		 9
1.
7		 8
0
5.		 8
8.
1		 9
1.
4		 8
6.
5
P &
L
l
t
a
a
g
a
n
c
e
in
€ m		 Q
2
1
0		 Q
1
1
1		 Q
2
1
1		 H
1
1
0		 H
1
1
1
R
b
f
L
L
P
e
v
e
nu
e
s
e
o
r
e		 9
9
7		 1,
0
4
5		 9
9
5		 1,
9
9
8		 2,
0
0
4
L
L
P		 0
7
-		 4
1
-		 3
5
-		 1
3
6
-		 6
7
-
O
i
t
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e
r
a
n
g
e
x
p
e
n
s
e
s		 9
1
4		 8
8
8		 8
4
5		 1,
8
2
6		 1,
7
3
3
O
t
i
f
i
t
p
e
r
a
n
g
p
r
o		 1
3		 1
1
6		 7
9		 3
6		 1
9
5
  • H1 revenues before LLP (excl. exit units) +4% y-o-y
  • Increasing deposit margins supported NII
  • Costs (excl. exit units) 3% lower y-o-y, further synergies are still to come
  • ›Customer base stable at 11 million

Mittelstandsbank profits from stable German economy

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

P&L at a glance

in
€ m		 Q
2
1
0		 Q
1
1
1		 Q
2
1
1		 H
1
1
0		 H
1
1
1
f
R
b
L
L
P
e
v
e
nu
e
s
e
o
r
e		 8
3
0		 8
0
4		 8
3
9		 1,
6
6
2		 1,
6
4
3
L
L
P		 9
4
-		 8
-		 2
5		 2
5
5
-		 1
7
O
t
i
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 3
4
8		 3
8
1		 3
6
3		 7
0
5		 7
4
4
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 3
8
8		 4
1
5		 5
0
1		 7
0
2		 9
1
6

›Revenues before LLP increased by 1% y-o-y mainly due to

  • improved fee business
  • effects from restructured loans
  • › LLP decreased significantly y-o-y due to further improved economy and LLP releases
  • ›Operating profit increased by 29% y-o-y (+21% q-o-q)
O
t
p
e
r
a
in
€
m		 i
n
g
p
r
o		 f
i
t		 7
1		 7
8		 9
9
6 7
Q
1		 Q
2		 -3
1
Q
3		 Q
4		 Q
1		 Q
2
2 0
1
0		 2
0		 1
1
Q
2
1
0		 Q
1
1
1		 Q
2
1
1		 H
1
1
0		 H
1
1
1
Ø
(
€ m
)
i
ty
eq
u		 1,
5
9
8		 1,
6
7
9		 1,
7
0
8		 1,
5
9
9		 1,
6
9
4
Op
(
%
)
Ro
E		 1.
8		 1
8.
6		 2
3.
2		 1.
6		 2
0.
9
C
I
R
(
%
)		 5
9.
9		 5
7.
1		 5
8.
5		 5
7.
9		 5
7.
8
P &
L
l
t
a
a
g
a
n
c
e
in
€ m		 Q
2
1
0		 Q
1
1
1		 Q
2
1
1		 H
1
1
0		 H
1
1
1
R
b
f
L
L
P
e
v
e
nu
e
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e
o
r
e		 2
4
7		 2
2
5		 2
3
5		 4
3
7		 0
5
5
L
L
P		 9
2
-		 3
0
-		 6
-		 1
8
6
-		 3
6
-
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 1
4
8		 1
4
4		 1
4
8		 2
7
4		 2
9
2
O
t
i
f
i
t
p
e
r
a
n
g
p
r
o		 7 7
8		 9
9		 1
3		 1
7
7
  • › CEE revenues show the good development of net interest and commission income at BRE
  • › €177m operating profit in H1 due to effiency achievements and reduced LLP
  • › H1: BRE contributed €158m operating profit
  • › Plus 158,000 net new customers in H1; CEE with overall more than 4.3m customers

Corporates & Markets – Best H1 since combining the banks

›

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

P&L at a glance

in
€ m		 Q
2
1
0		 Q
1
1
1		 Q
2
1
1		 H
1
1
0		 H
1
1
1
R
b
f
L
L
P
e
e
nu
e
s
e
o
r
e
v		 5
0
3		 6
7
8		 7
1
2		 1,
2
2
8		 1,
3
9
0
L
L
P		 0 0 3
1
-		 1
9		 3
1
-
O
t
i
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 3
9
4		 4
3
8		 4
0
0		 8
0
5		 8
3
8
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 1
0
9		 2
4
0		 2
8
1		 4
4
2		 2
1
5
  • › Sound performance in Corporate Finance and EMC; solid results in FIC despite difficult markets
  • › Exceptional positive result in Q2 2011 due to lower LLP and singular larger transactions (i.e. effects from restructured loans)
  • › Lower running costs q-o-q, commencing investments in preparation of new regulatory environment
  • Substantial reduction of equity resulting from systematic reduction of non-core portfolios and risk optimization

Corporates & Markets divisional split

  • › Corporate Finance with exceptional performance through a few larger capital markets transactions
  • › Particularly good result in origination and financing solutions
  • ›No significant provisioning needs
  • ›EMC with best H1 since combining the operations
  • › Revenues per quarter >25% higher than first two quarters 2010
  • › Increased demand through our various distribution channels
  • ›H1 revenues y-o-y 2% higher despite sovereign debt crisis
  • ›Market driven volatility of client turn-over
  • › Proactive risk management capabilities demonstrated throughout extended market turmoil

Others & Consolidation

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

›Treasury with operating profit of €70m in Q2

›Cost down due to lower integration charges q-o-q

ABF & PRU

Asset Based Finance hit by impairment on Greece

CIR (%) 58.3 59.9 n/a 46.4 n/a

in
€ m		 Q
2
1
0		 Q
1
1
1		 Q
2
1
1		 H
1
1
0		 H
1
1
1
R
b
f
L
L
P
e
v
e
nu
e
s
e
o
r
e		 2
2
5		 2
5
7		 4
5
5
-		 6
4
4		 2
8
8
-
L
L
P		 3
4
5
-		 2
4
1
-		 2
3
3
-		 6
9
7
-		 4
4
7
-
O
i
t
p
e
r
a
n
g
e
x
p
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n
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s		 1
4
7		 1
5
4		 1
4
4		 2
9
9		 2
9
8
O
t
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f
i
t
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e
r
a
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g
p
r
o		 2
4
9
-		 1
3
8
-		 9
2
2
-		 3
3
4
-		 1,
0
6
0
-

›Revenues before LLP down q-o-q due to:

› lower NII resulting from asset reduction and higher refinancing costs

  • ›impairment on Greek sovereign bonds of €760m
  • ›Risk provisions down y-o-y

P&L at a glance

›RWA reduction of €19bn y-o-y (-21%)

Portfolio reduction in Asset Based Finance

PF portfolio development (EaD in € bn)1,3

C
R
E		 f
l
i
t
p
o
r
o
o		 d
l
e
v
e
o		 (
t
p
m
e
n		 E
D
a		 i
€
n		 2,
3
b
)
n
------------- ------------------------------------------- ---------------------------- ---------------------------- ------------- ------------- ------------------------
J
2
0
1
0
u
n		 J
2
0
1
1
u
n
R
W
A
(
in
€
bn
)		 9
0		 1
7
L
L
P
(
Y
t
D,
in
€
)
m		 6
7
9		 4
7
4
C
R
E
t
he
f
reo
–
S
h
i
F
i
t
he
f
p
n
a
n
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reo
–		 4
9
5
9
1		 4
0
1
5
7
L
L
P
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i
*)
(
%
f
Ea
D
r
a
o
o		 0.
5
6		 0.
4
8
C
R
E
t
he
f
reo
–
S
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F
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f
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–		 1.
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2
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8
9		 1.
0
9
0.
5
3
D
f
l
f
l
i
t
t
(
in
€
bn
)
e
a
u
p
o
r
o
o		 9.
8		 1
0.
7
**
C
t
i
o
e
r
a
g
e
r
a
o
(
%
)
v		 1
0
2		 1
0
1

* including default portfolio ** including GLLP

1) incl. PF portfolios of EH and EEPK; incl. non impaired parts of Greek bonds in LaR and AfS 2) incl. EH portfolio, AM Leasing and further assets at Commerzbank 3) excl. default portfolio

B/S reduction in Portfolio Restructuring Unit on track

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

P&L at a glance

in
€ m		 Q
2
1
0		 Q
1
1
1		 Q
2
1
1		 H
1
1
0		 H
1
1
1
R
b
f
L
L
P
e
v
e
nu
e
s
e
o
r
e		 1
0
5		 8
4		 7
7		 3
8
5		 1
6
1
L
L
P		 2
8
-		 1 3 0
5
-		 4
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
e
s		 2
7		 2
2		 1
6		 2
5		 3
8
O
t
i
f
i
t
p
e
r
a
n
g
p
r
o		 9
5
6
3		 6
4		 2
5
6		 1
2
7
  • › Balance sheet reduction of 29% y-o-y and 10% q-o-q to €11.2bn
  • › Pro-active restructuring and opportunistic sales of structured assets lead to an operating profit of €64m in Q2
  • ›Additional gains through OCI of €24m q-o-q
  • ›Equity consumption reduced by 26% y-o-y

Agenda

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

Further decrease in B/S - sound Core Tier 1 ratio

Total Assets

in € bn

Decrease since end of December mainly due to m-t-m effects in derivatives and ABF run-down

RWA

in € bn

Ongoing active management in reducing RWA

Core Tier 1 and Tier 1 ratio

  • in %
  • Equity T1 ratio per June 2011 at 9.1%

Jun 2011Dec 2010Jun 2010

Funding plan 2011 already fulfilled in H1

  • Funding needs 2011 already covered
  • Issuance opportunities in H2 will be seized to further strengthen long-term funding profile

  • US MTN programme established for USD issuance

  • Unsecured funding mainly done via private placements

  • 10-year €1.25 bn Lower Tier II benchmark
  • 3 benchmark Pfandbriefe issued by Eurohypo (3, 5 and 10 years)
  • ›Average maturity of new issues: 6 years

Agenda

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

Outlook

f
f
H
i
h
k
t
t
i
t
l
l
i
t
h
i
d
b
t
i
i
i
l
l
i
d
t
h
g
m
a
r
e
u
n
c
e
r
a
n
y
o
o
w
n
g
e
s
o
v
e
r
e
g
n
e
c
r
s
s
w
p
r
o
v
e
u
r
e
r
h
l
l
c
a
e
n
g
e
s
f
f
f
f
P
A
B
F
d
d
t
t
h
d
l
t
t
h
E
d
b
t
e
r
o
r
m
a
n
c
e
o
e
p
e
n
e
n
o
n
r
e
r
e
e
o
p
m
e
n
o
e
r
o
p
e
a
n
e
u
v
u
i
i
c
r
s
s
M
f
C
B
k
i
i
b
G
d
l
l
b
l
d
t
t
t
t
o
m
e
n
u
m
o
o
r
e
a
n
n
a
c
g
v
e
n
r
o
u
s
e
r
m
a
n
e
c
o
n
o
m
y
a
n
w
e
a
a
n
c
e
b
i
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u
s
n
e
s
s
m
x
S
f
f
t
l
i
i
t
i
d
t
i
t
d
d
r
o
n
g
o
c
s
o
n
r
e
a
n
g
c
o
s
s
n
e
r
g
e
s
r
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c
o
n
o
n
o
n-
c
o
r
e
a
s
s
e
s
a
n
e
u
z
y
u

,
i
i
k
i
r
s
n
g
C
b
k
i
i
d
d
l
i
R
d
2
0
1
2
*
t
t
t
t
t
o
m
m
e
r
a
n
s
c
o
m
m
e
o
e
e
r
o
n
o
a
m
a
p
a
r
g
e
s
z
v

* Under stable market conditions which are currently only given to a limited extent and pre-regulatory effects

Agenda

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

Germany is the economic engine of the Eurozone

Reasons for outperformance

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

Current development

  • › Upswing of German economy is going on, based primarily on external demand and corporate investment, but first signs of a gradual calming down.
  • ›Real GDP above pre-Lehman level
  • › "Labour market miracle": level of unemployment significantly below pre-crisis level
  • › Number of corporate defaults peaked already

2011 – 2012 expectation

  • › Upswing will go on at a lower pace, Germany still 'outperformer' within EMU
  • › Growth still mainly driven by external demand and corporate investment
  • › Private consumption will strengthen somewhat
  • › First signs of a gradual pick-up of inflation, starting from a very low level
  • › ECB expected to hike rates further, but will still take into account problems of the peripheral countries

GDP

PRU Structured Credit by Business Segment - June 2011

  • Resolution of current US debt ceiling and European peripheral country concerns is key to further market recovery
  • Asset specific fundamentals supporting market recovery on track but with allowance for further volatility along the way
  • Expected future investor demand for PRU assets as investors shift their focus from sovereign bonds

Asset reduction primarily achieved through opportunistic sales and proactive asset management

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

* Net Assets includes both "Buy" and "Sell" Credit Derivatives; all are included on a Mark to Market basis; ** Risk Exposure only includes "Sell" Credit derivatives. The exposure is then calculated as if we hold the long Bond (Notional less PV of derivative); *** Markdown-Ratio = 1-(Risk Exposure / Notional value)

Default Portfolio (Q2 2011)

Default portfolio and coverage ratios by segment

€m – excluding/includingGLLP

incl. Others and Consolidation

Loan to Value figures in the CRE business (Q2 2011)

Loan to Value – USA1

stratified representation

Loan to values based on market values; exclusive margin lines and corporate loans; additional collateral not taken into account.

Loan to Value – Spain 1

stratified representation

Loan to Value – CRE total 1 stratified representation

All figures relate to business secured by mortgages. Values in parentheses: December 2010.

Appendix: Segment reporting

Commerzbank Group

in
€ m		 1 20
Q
10		 2 20
Q
10		 M20
6
10		 3 20
Q
10		 4 20
Q
10		 1 20
Q
11		 2 20
Q
11		 M20
6
11
Ne
t in
t in
ter
es
co
me		 1,
8
8
6		 1,
85
3		 3,
73
9		 1,
6
3
3		 1,
6
8
2		 1,
72
7		 1,
79
0		 3,
5
17
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -6
44		 -6
3
9		 -1,
28
3		 -6
21		 95
-5		 -3
18		 -27
8		 9
6
-5
fte
Ne
t in
ter
t in
is
ion
es
co
me
a
r p
rov
s		 1,
24
2		 1,
21
4		 2,
45
6		 1,
0
12		 1,
0
87		 1,
40
9		 1,
5
12		 2,
9
21
Ne
t c
mis
ion
in
om
s
co
me		 9
97		 9
05		 1,
9
0
2		 87
0		 87
5		 1,
0
20		 9
28		 1,
9
48
Ne
t tr
d
ing
in
d n
et
inc
n h
dg
ntin
a
co
me
an
om
e o
e
e a
cc
ou
g		 8
3
6		 3
16		 1,
15
2		 42
2		 3
8
4		 5
19		 57
6		 1,
0
95
Ne
t in
stm
t in
ve
en
co
me		 -1
19		 6
0		 -5
9		 -24 19
1		 12 -95
4		 -9
42
Cu
inc
ies
d
for
ing
th
ity
tho
d
nt
te
rre
om
e o
n c
om
p
an
ac
co
un
us
e e
qu
me		 2 6 8 -5 3
2		 - 13 13
Ot
he
r in
co
me		 22 -3
0		 -8 26 -14
9		 3
3
8		 10 3
48
Re
be
for
LL
P
ven
ue
s
e		 3,
6
24		 3,
11
0		 6,
73
4		 2,
9
22		 3,
0
15		 3,
6
16		 2,
3
6
3		 5,
97
9
Re
fte
r L
LP
ven
ue
s a		 2,
98
0		 2,
47
1		 5,
45
1		 2,
30
1		 2,
42
0		 3,
29
8		 2,
08
5		 5,
38
3
Op
ting
era
ex
p
en
se
s		 2,
20
9		 2,
22
8		 4,
43
7		 2,
18
5		 2,
16
4		 2,
15
4		 2,
0
3
0		 4,
18
4
Op
fit
ting
era
p
ro		 77
1		 24
3		 1,
0
14		 116 25
6		 1,
144		 55 1,
19
9
Imp
irm
ts
f g
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - 3
3		 3
3		 - - - - -
Pre
-ta
fit
x p
ro		 77
1		 21
0		 9
8
1		 116 25
6		 1,
144		 55 1,
19
9
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 3
0,
28
3		 3
0,
9
67		 3
0,
6
25		 3
1,
22
2		 3
1,
45
2		 3
2,
41
4		 3
1,
5
46		 3
1,
9
8
0
RW
A
(
En
d o
f P
io
d
)
er		 27
8,
8
8
6		 29
0,
20
0		 29
0,
20
0		 27
9,
5
97		 26
7,
5
0
9		 24
8,
26
9		 23
9,
48
8		 23
9,
48
8
Co
st
/
inc
at
io
(
%
)
om
e r		 6
1.0
%		 71
.6
%		 65
.9
%		 74
.8
%		 71
.8
%		 5
9.
6
%		 85
.9
%		 70
.0
%
Op
ting
tur
ity
(
%
)
era
re
n o
n e
qu		 10
.2
%		 3.
1
%		 6.
6
%		 1.5
%		 3.
3
%		 14
.1
%		 0.7
%		 7.5
%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
qu
o
re-
p
ro		 10
.2
%		 2.7
%		 6.
4
%		 1.5
%		 3.
3
%		 14
.1
%		 0.7
%		 7.5
%

Private Customers

in
€ m		 1 20
Q
10		 2 20
Q
10		 M20
6
10		 3 20
Q
10		 4 20
Q
10		 1 20
Q
11		 2 20
Q
11		 M20
6
11
Ne
t in
t in
ter
es
co
me		 48
9		 48
6		 97
5		 0
0
5		 07
5		 49
2		 14
5		 1,
0
0
6
for
Pro
vis
ion
lo
lo
s
an
ss
es		 -6
6		 -70 -13
6		 -6
4		 -46 -41 -35 -76
Ne
t in
ter
t in
fte
is
ion
es
co
me
a
r p
rov
s		 42
3		 41
6		 8
3
9		 43
6		 46
1		 45
1		 47
9		 9
3
0
Ne
t c
mis
ion
in
om
s
co
me		 5
47		 49
7		 1,
0
44		 45
8		 43
9		 5
6
9		 45
5		 1,
0
24
Ne
t tr
d
ing
in
d n
et
inc
n h
dg
ntin
a
co
me
an
om
e o
e
e a
cc
ou
g		 1 1 2 2 -3 -1 -2 -3
Ne
t in
t in
stm
ve
en
co
me		 9 5 14 4 13 1 1 2
Cu
inc
ies
d
for
ing
th
ity
tho
d
nt
te
rre
om
e o
n c
om
p
an
ac
co
un
us
e e
qu
me		 4 3 7 4 -1 6 5 11
Ot
he
r in
co
me		 -49 5 -44 -5 -71 -22 -14 -3
6
Re
be
for
LL
P
ven
ue
s
e		 1,
0
0
1		 9
97		 1,
9
9
8		 9
6
3		 8
8
4		 1,
0
45		 95
9		 2,
0
0
4
Re
fte
r L
LP
ven
ue
s a		 93
5		 92
7		 1,
86
2		 89
9		 83
8		 1,
00
4		 92
4		 1,
92
8
Op
ting
era
ex
p
en
se
s		 9
12		 9
14		 1,
8
26		 87
5		 85
1		 8
8
8		 8
45		 1,
73
3
Op
ting
fit
era
p
ro		 23 13 3
6		 24 -13 116 79 19
5
Imp
irm
f g
dw
ill a
nd
br
d n
ts
a
en
o
oo
an
am
es		 - - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - - -
Pre
-ta
fit
x p
ro		 23 13 3
6		 24 -13 116 79 19
5
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 3,
5
22		 3,
55
8		 3,
5
40		 3,
44
0		 3,
46
4		 3,
42
3		 3,
3
3
1		 3,
37
7
RW
A
(
En
d o
f P
io
d
)
er		 3
0,
76
3		 3
1,
41
4		 3
1,
41
4		 29
87
1
,		 29
9
95
,		 29
19
7
,		 27
05
2
,		 27
05
2
,
Co
st
/
inc
at
io
(
%
)
om
e r		 9
1.1
%		 9
1.7
%		 9
1.4
%		 9
0.
9
%		 9
6.
3
%		 85
.0
%		 8
8.
1
%		 8
6.5
%
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 2.6
%		 1.5
%		 2.0
%		 2.8
%		 -1.
5
%		 13
.6
%		 9.5
%		 11
.5
%
Re
ity
f p
fit
(
%
)
tur
tax
n o
n e
qu
o
re-
p
ro		 2.6
%		 1.5
%		 2.0
%		 2.8
%		 -1.
%
5		 13
.6
%		 9.5
%		 11
%
.5

Mittelstandsbank

in
€ m		 1 20
Q
10		 2 20
Q
10		 M20
6
10		 3 20
Q
10		 4 20
Q
10		 1 20
Q
11		 2 20
Q
11		 M20
6
11
Ne
t in
ter
t in
es
co
me		 5
23		 55
4		 1,
07
7		 48
2		 5
22		 5
15		 5
8
9		 1,
10
4
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -16
1		 -9
4		 -25
5		 6
9		 -9
3		 -8 25 17
Ne
t in
ter
t in
fte
is
ion
es
co
me
a
r p
rov
s		 3
6
2		 46
0		 8
22		 55
1		 42
9		 5
07		 6
14		 1,
12
1
Ne
t c
mis
ion
in
om
s
co
me		 27
2		 22
1		 49
3		 24
0		 25
0		 28
5		 27
4		 55
9
Ne
d
ing
in
d n
inc
n h
dg
ntin
t tr
et
a
co
me
an
om
e o
e
e a
cc
ou
g		 -4 0
5		 46 -14 -8 16 -6 10
Ne
t in
t in
stm
ve
en
co
me		 -3 15 12 29 14
7		 -16 -17 -3
3
Cu
nt
inc
ies
te
d
for
ing
th
ity
tho
d
rre
om
e o
n c
om
p
an
ac
co
un
us
e e
qu
me		 - - - - 3
0		 2 5 7
Ot
he
r in
co
me		 44 -10 3
4		 -10 -10 2 -6 -4
Re
be
for
LL
P
ven
ue
s
e		 8
3
2		 8
3
0		 1,
6
6
2		 72
7		 9
3
1		 8
0
4		 8
3
9		 1,
6
43
Re
fte
r L
LP
ven
ue
s a		 67
1		 73
6		 1,
40
7		 79
6		 83
8		 79
6		 86
4		 1,
66
0
Op
ting
era
ex
p
en
se
s		 35
7		 3
48		 70
5		 3
6
6		 37
2		 3
8
1		 3
6
3		 74
4
Op
ting
fit
era
p
ro		 3
14		 3
8
8		 70
2		 43
0		 46
6		 41
5		 5
0
1		 9
16
f g
Imp
irm
ts
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - -
Pre
fit
-ta
x p
ro		 3
14		 3
8
8		 70
2		 43
0		 46
6		 41
5		 5
0
1		 9
16
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 5,
5
05		 5,
5
0
2		 5,
5
0
4		 5,
72
1		 5,
6
22		 5,
45
9		 5,
13
0		 5,
29
5
RW
A
(
En
d o
f P
io
d
)
er		 6
4,
0
37		 6
9,
05
7		 6
9,
05
7		 6
6,
67
6		 67
5
12
,		 6
0,
19
9		 6
1,
12
8		 6
1,
12
8
Co
/
inc
io
(
%
)
st
at
om
e r		 42
.9
%		 41
.9
%		 42
.4
%		 5
0.
3
%		 40
.0
%		 47
.4
%		 43
.3
%		 45
.3
%
Op
(
%
)
ting
tur
ity
era
re
n o
n e
qu		 22
.8
%		 28
.2
%		 25
%
.5		 3
0.
1
%		 3
3.
2
%		 3
0.
%
4		 3
9.
1
%		 3
4.6
%
f p
fit
(
%
)
Re
tur
ity
tax
n o
n e
qu
o
re-
p
ro		 %
22
.8		 %
28
.2		 %
25
.5		 %
3
0.
1		 %
3
3.
2		 %
3
0.
4		 %
3
9.
1		 %
3
4.6

Central & Eastern Europe

in
€ m		 Q
1 20
10		 Q
2 20
10		 M20
6
10		 Q
3 20
10		 Q
4 20
10		 Q
1 20
11		 Q
2 20
11		 M20
6
11
Ne
t in
ter
t in
es
co
me		 15
9		 16
1		 3
20		 16
4		 19
0		 15
7		 16
6		 3
23
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -9
4		 -9
2		 -18
6		 -12
7		 -48 -3
0		 -6 -3
6
Ne
t in
t in
fte
is
ion
ter
es
co
me
a
r p
rov
s		 65 6
9		 13
4		 37 142 12
7		 16
0		 28
7
Ne
mis
ion
in
t c
om
s
co
me		 47 3
5		 10
0		 3
5		 55 55 55 11
0
Ne
t tr
d
ing
in
d n
et
inc
n h
dg
ntin
a
co
me
an
om
e o
e
e a
cc
ou
g		 18 20 3
8		 19 16 26 22 48
Ne
t in
stm
t in
ve
en
co
me		 -1 4 3 4 -11 4 0 4
Cu
nt
inc
ies
te
d
for
ing
th
ity
tho
d
rre
om
e o
n c
om
p
an
ac
co
un
us
e e
qu
me		 - - - - - - - -
Ot
he
r in
co
me		 3 9 12 9 7 10 10 20
Re
be
for
LL
P
ven
ue
s
e		 22
6		 24
7		 47
3		 24
9		 25
7		 25
2		 25
3		 05
5
Re
fte
r L
LP
ven
ue
s a		 13
2		 155 28
7		 122 20
9		 22
2		 24
7		 46
9
Op
ting
era
ex
p
en
se
s		 12
6		 14
8		 27
4		 15
3		 13
8		 144 14
8		 29
2
Op
ting
fit
era
p
ro		 6 7 13 -3
1		 71 78 9
9		 17
7
Imp
irm
ts
f g
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - -
fit
Pre
-ta
x p
ro		 6 7 13 -3
1		 71 78 9
9		 17
7
Av
ita
l em
d
era
e c
e		 1,
5
9
9		 1,
5
9
8		 1,
5
9
9		 1,
67
4		 1,
6
43		 1,
67
9		 1,
70
8		 1,
6
9
4
loy
g
ap
p
RW
A
En
d o
f P
io
d		 18
74
7		 19
72
2		 19
72
2		 19
0
11		 19
10
7		 19
42
5		 19
8
0
6		 19
8
0
6
(
)
er
Co
/
%
inc
io		 ,
%
.8		 ,
%
9.
9		 ,
%
.9		 ,
%
6
1.4		 ,
%
3.7		 ,
%
.1		 ,
%
8.5		 ,
.8
(
)
st
at
om
e r		 55 5 57 5 57 5 %
57
Op
ting
tur
ity
(
%
)
era
re
n o
n e
qu		 1.5
%		 1.8
%		 1.6
%		 -7.
4
%		 17
.3
%		 18
.6
%		 23
.2
%		 20
.9
%
Re
tur
ity
f p
tax
fit
(
%
)
n o
n e
qu
o
re-
p
ro		 1.5
%		 1.8
%		 1.6
%		 -7.
4
%		 17
.3
%		 18
.6
%		 23
.2
%		 20
.9
%

Corporates & Markets

€ m
in		 1 20
Q
10		 2 20
Q
10		 M20
6
10		 3 20
Q
10		 4 20
Q
10		 1 20
Q
11		 2 20
Q
11		 M20
6
11
Ne
t in
ter
t in
es
co
me		 20
8		 19
8		 40
6		 14
1		 22
0		 16
0		 22
6		 3
8
6
Pro
vis
ion
for
lo
lo
s
an
ss
es		 19 0 19 -6 14 0 -3
1		 -3
1
Ne
t in
ter
t in
fte
is
ion
es
co
me
a
r p
rov
s		 22
7		 19
8		 42
5		 13
5		 23
4		 16
0		 19
5		 35
5
Ne
t c
mis
ion
in
om
s
co
me		 75 6
4		 13
9		 55 6
0		 48 9
2		 14
0
Ne
d
ing
in
d n
inc
n h
dg
ntin
t tr
et
a
co
me
an
om
e o
e
e a
cc
ou
g		 44
8		 18
7		 6
35		 3
13		 21
2		 45
6		 37
0		 8
26
Ne
t in
stm
t in
ve
en
co
me		 -14 43 29 3
1		 16
0		 4 26 3
0
Cu
nt
inc
ies
te
d
for
ing
th
ity
tho
d
rre
om
e o
n c
om
p
an
ac
co
un
us
e e
qu
me		 - - - 1 10 - 11 11
Ot
he
r in
co
me		 8 11 19 25 -6
4		 10 -13 -3
Re
be
for
LL
P
ven
ue
s
e		 72
5		 5
0
3		 1,
22
8		 5
6
6		 5
9
8		 67
8		 71
2		 1,
3
9
0
Re
fte
r L
LP
ven
ue
s a		 74
4		 50
3		 1,
24
7		 56
0		 61
2		 67
8		 68
1		 1,
35
9
Op
ting
era
ex
p
en
se
s		 41
1		 3
9
4		 8
05		 43
9		 3
8
9		 43
8		 40
0		 8
3
8
Op
ting
fit
era
p
ro		 3
3
3		 10
9		 44
2		 12
1		 22
3		 24
0		 28
1		 5
21
f g
Imp
irm
ts
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - -
Pre
fit
-ta
x p
ro		 3
3
3		 10
9		 44
2		 12
1		 22
3		 24
0		 28
1		 5
21
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 3,
85
2		 3,
8
8
4		 3,
8
6
8		 3,
8
85		 3,
87
0		 3,
42
6		 3,
0
6
4		 3,
24
5
RW
A
(
En
d o
f P
io
d
)
er		 5
1,
5
0
2		 5
3,
28
5		 5
3,
28
5		 5
2,
8
24		 47
8
9
0
,		 42
05
7
,		 3
8,
18
6		 3
8,
18
6
Co
/
inc
io
(
%
)
st
at
om
e r		 6.7
%
5		 78
.3
%		 65
.6
%		 .6
%
77		 65
.1
%		 6
4.6
%		 6.
2
%
5		 6
0.
3
%
Op
(
%
)
ting
tur
ity
era
re
n o
n e
qu		 %
3
4.6		 %
11
.2		 %
22
.9		 %
12
.5		 %
23
.1		 %
28
.0		 %
3
6.7		 %
3
2.1
f p
fit
(
%
)
Re
tur
ity
tax
n o
n e
qu
o
re-
p
ro		 %
3
4.6		 %
11
.2		 %
22
.9		 %
12
.5		 %
23
.1		 %
28
.0		 %
3
6.7		 %
3
2.1

Asset Based Finance

€ m
in		 1 20
Q
10		 2 20
Q
10		 M20
6
10		 3 20
Q
10		 4 20
Q
10		 1 20
Q
11		 2 20
Q
11		 M20
6
11
Ne
t in
ter
t in
es
co
me		 29
8		 3
19		 6
17		 28
3		 26
0		 29
6		 25
5		 55
1
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -3
25		 -35
4		 -67
9		 -49
3		 -41
2		 -24
1		 -23
3		 -47
4
Ne
t in
ter
t in
fte
is
ion
es
co
me
a
r p
rov
s		 -27 -35 -6
2		 -21
0		 -15
2		 55 22 77
Ne
t c
mis
ion
in
om
s
co
me		 8
8		 8
0		 16
8		 8
3		 76 8
1		 87 16
8
Ne
d
ing
in
d n
inc
n h
dg
ntin
t tr
et
a
co
me
an
om
e o
e
e a
cc
ou
g		 -4 3
0		 26 -49 -55 -8
6		 2
5		 -3
4
Ne
t in
stm
t in
ve
en
co
me		 -2 -15
8		 -16
0		 -5
1		 -14
1		 -42 -9
3
6		 -97
8
Cu
nt
inc
ies
te
d
for
ing
th
ity
tho
d
rre
om
e o
n c
om
p
an
ac
co
un
us
e e
qu
me		 -2 2 - -9 -11 -8 -7 -15
Ot
he
r in
co
me		 14 -21 -7 -24 -8
3		 16 4 20
Re
be
for
LL
P
ven
ue
s
e		 3
9
2		 25
2		 6
44		 23
3		 46 25
7		 -5
45		 -28
8
Re
fte
r L
LP
ven
ue
s a		 67 -10
2		 -35 -26
0		 -36
6		 16 -77
8		 -76
2
Op
ting
era
ex
p
en
se
s		 15
2		 14
7		 29
9		 14
3		 16
7		 15
4		 144 29
8
Op
ting
fit
era
p
ro		 -85 -24
9		 -3
3
4		 -40
3		 -5
3
3		 -13
8		 -9
22		 -1,
0
6
0
f g
Imp
irm
ts
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - 3
3		 3
3		 - - - - -
Pre
fit
-ta
x p
ro		 -85 -28
2		 -3
67		 -40
3		 -5
3
3		 -13
8		 -9
22		 -1,
0
6
0
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 6,
44
1		 6,
22
2		 6,
3
3
1		 6,
3
3
0		 5,
6
8
8		 5,
5
20		 5,
0
6
0		 5,
29
0
RW
A
(
En
d o
f P
io
d
)
er		 8
8,
13
7		 9
0,
37
7		 9
0,
37
7		 85
5
8
9
,		 78
8
24
,		 73
5
8
0
,		 71
3
8
4
,		 71
3
8
4
,
Co
/
inc
io
(
%
)
st
at
om
e r		 3
8.
8
%		 8.
3
%
5		 46
.4
%		 6
1.4
%		 3
6
3.
0
%		 9.
9
%
5		 /a
n		 /a
n
Op
(
%
)
ting
tur
ity
era
re
n o
n e
qu		 %
-5
.3		 %
-16
.0		 %
-10
.6		 %
-25
.5		 %
-37
.5		 %
-10
.0		 %
-72
.9		 %
-40
.1
f p
fit
(
%
)
Re
tur
ity
tax
n o
n e
qu
o
re-
p
ro		 %
-5
.3		 %
-18
.1		 %
-11
.6		 %
-25
.5		 %
-37
.5		 %
-10
.0		 %
-72
.9		 %
-40
.1

Portfolio Restructuring Unit

€ m
in		 1 20
Q
10		 2 20
Q
10		 M20
6
10		 3 20
Q
10		 4 20
Q
10		 1 20
Q
11		 2 20
Q
11		 M20
6
11
Ne
t in
ter
t in
es
co
me		 23 10 3
3		 29 20 5 13 18
Pro
vis
ion
for
lo
lo
s
an
ss
es		 -22 -28 -5
0		 -2 -10 1 3 4
Ne
t in
ter
t in
fte
is
ion
es
co
me
a
r p
rov
s		 1 -18 -17 27 10 6 16 22
Ne
mis
ion
in
t c
om
s
co
me		 -3 7 4 2 -6 0 0 0
Ne
t tr
d
ing
in
d n
et
inc
n h
dg
ntin
a
co
me
an
om
e o
e
e a
cc
ou
g		 28
2		 6
5		 3
3
8		 3
28		 12
1		 6
1		 72 13
3
Ne
t in
stm
t in
ve
en
co
me		 -9
4		 70 -24 -9 4 18 -7 11
Cu
nt
inc
ies
te
d
for
ing
th
ity
tho
d
rre
om
e o
n c
om
p
an
ac
co
un
us
e e
qu
me		 - - - - - - - -
Ot
he
r in
co
me		 -0 7 7 -3 -1 -0 -1 -1
Re
be
for
LL
P
ven
ue
s
e		 20
8		 15
0		 35
8		 3
47		 13
8		 8
4		 77 16
1
Re
fte
r L
LP
ven
ue
s a		 18
6		 122 30
8		 34
5		 128 85 80 165
Op
ting
era
ex
p
en
se
s		 25 27 5
2		 3
1		 23 22 16 3
8
Op
ting
fit
era
p
ro		 16
1		 95 25
6		 3
14		 10
5		 6
3		 6
4		 12
7
Imp
irm
ts
f g
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - -
Pre
fit
-ta
x p
ro		 16
1		 95 25
6		 3
14		 10
5		 6
3		 6
4		 12
7
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 1,
3
6
4		 1,
25
0		 1,
3
07		 1,
13
8		 1,
0
9
3		 9
8
1		 9
44		 9
6
2
RW
A
(
En
d o
f P
io
d
)
er		 13
46
8
,		 12
24
0
,		 12
24
0
,		 10
9
35
,		 9,
8
8
6		 9,
3
16		 8,
8
41		 8,
8
41
Co
/
inc
io
(
%
)
st
at
om
e r		 12
.0
%		 18
.0
%		 14
%
.5		 8.
9
%		 16
%
.7		 26
.2
%		 20
.8
%		 23
.6
%
Op
(
%
)
ting
tur
ity
era
re
n o
n e
qu		 %
47
.2		 %
3
0.
4		 %
3
9.
2		 %
11
0.
4		 %
3
8.
4		 %
25
.7		 %
27
.1		 %
26
.4
Re
tur
ity
f p
tax
fit
(
%
)
n o
n e
qu
o
re-
p
ro		 47
.2
%		 3
0.
4
%		 3
9.
2
%		 11
0.
4
%		 3
8.
4
%		 25
.7
%		 27
.1
%		 26
.4
%

Others & Consolidation

€ m
in		 1 20
Q
10		 2 20
Q
10		 M20
6
10		 3 20
Q
10		 4 20
Q
10		 1 20
Q
11		 2 20
Q
11		 M20
6
11
Ne
t in
ter
t in
es
co
me		 18
6		 12
5		 3
11		 3
4		 -37 10
2		 27 12
9
Pro
vis
ion
for
lo
lo
s
an
ss
es		 5 -1 4 2 -0 1 -1 0
Ne
t in
ter
t in
fte
is
ion
es
co
me
a
r p
rov
s		 19
1		 124 3
15		 3
6		 -37 10
3		 26 12
9
Ne
t c
mis
ion
in
om
s
co
me		 -29 -17 -46 -21 1 -18 -35 -5
3
Ne
d
ing
in
d n
inc
n h
dg
ntin
t tr
et
a
co
me
an
om
e o
e
e a
cc
ou
g		 95 -28 67 -17
7		 10
1		 47 6
8		 11
5
Ne
t in
stm
t in
ve
en
co
me		 -14 8
1		 67 -3
2		 19 43 -21 22
Cu
nt
inc
ies
te
d
for
ing
th
ity
tho
d
rre
om
e o
n c
om
p
an
ac
co
un
us
e e
qu
me		 - 1 1 -1 4 - -1 -1
Ot
he
r in
co
me		 2 -3
1		 -29 3
4		 73 3
22		 3
0		 35
2
Re
be
for
LL
P
ven
ue
s
e		 24
0		 13
1		 37
1		 -16
3		 16
1		 49
6		 6
8		 5
6
4
Re
fte
r L
LP
ven
ue
s a		 24
5		 130 37
5		 -16
1		 16
1		 49
7		 67 56
4
Op
ting
era
ex
p
en
se
s		 22
6		 25
0		 47
6		 17
8		 22
4		 12
7		 114 24
1
Op
ting
fit
era
p
ro		 19 -12
0		 -10
1		 -3
3
9		 -6
3		 37
0		 -47 3
23
f g
Imp
irm
ts
dw
ill a
nd
br
d n
a
en
o
oo
an
am
es		 - - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - - -
Pre
fit
-ta
x p
ro		 19 -12
0		 -10
1		 -3
3
9		 -6
3		 37
0		 -47 3
23
Av
ita
l em
loy
d
era
g
e c
ap
p
e		 8,
0
0
0		 8,
95
2		 8,
47
6		 9,
0
3
4		 10
07
2
,		 11
9
25
,		 12
3
0
9
,		 12
11
7
,
RW
A
(
En
d o
f P
io
d
)
er		 12
23
1
,		 14
10
5
,		 14
10
5
,		 14
6
9
2
,		 14
29
4
,		 14
49
3
,		 13
0
9
1
,		 13
0
9
1
,

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

* excluding: Revaluation reserve and cash flow hedges

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

Jürgen Ackermann (Head of Investor Relations)

P: +49 69 136 22338M: [email protected]

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

Sandra BüschkenP: +49 69 136 23617M: [email protected]

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

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

Stefan Philippi P: +49 69 136 45231M: [email protected]

Equity / Fixed Income IR Financial Reporting / Rating Strategic Research

Klaus-Dieter Schallmayer (Head) P: +49-69 136 25154M: klaus-dieter.schallmayer @commerzbank.com

Wennemar von Bodelschwingh P: +49 69 136 43611M: wennemar.vonbodelschwingh @commerzbank.com

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

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

[email protected] www.ir.commerzbank.com

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

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

Ulf PlesmannP: +49 69 136 43888 M: [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 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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