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Commerzbank AG Investor Presentation 2011

Jun 10, 2011

81_ip_2011-06-10_aa0a1ee8-1d15-4672-9fbf-3bc015ea47ff.pdf

Investor Presentation

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Commerzbank – Excellent start into 2011

Goldman Sachs - European Financials Conference

Excellent start into 2011 with more than €1.1bn operating profit

without Q1 2011 Net profit

Strong operating performance of the Core Bank in Q1 2011

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Strong revenue growth in the Core Bank y-o-y (+8%)

  • Ongoing low LLP in the Core Bank, reduced provisioning need in ABF
  • Cost base still influenced by integration
  • Operating profit supported by positive P&L effect of liability management measures

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

Key milestones of integration successfully accomplished

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Financial integration targets achieved faster than planned

Integration charges

  • End of Q1 2011 >50% of total synergy target 2014 of €2.4bn achieved
  • Forecast 2011: >€1.5bn

  • Plan 2012: >€2.1bn

  • Integration charges in Q1 2011 driven by IT migration

  • Plan 2011: ~€200m
  • Total integration charges confirmed at €2.5bn

Cost synergies Personnel reduction

  • More than 80% of overall reduction contracted (>7,400 FTE)
  • Reduction of staff faster than planned

Capital base further improved

Total Assets

in € bn

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

RWA

in € bn

Ongoing active management in reducing RWA

Core Tier 1 and Tier 1 ratio

in %

Significantly improved

Mar 2011Dec 2010Mar 2010

* without Q1 2011 Net profit

Capital markets funding plan 2011: 75% completed (30.04.2011)

Funding plan 2011* in € bn

Average maturity of new issues ~6.4 years, above 2010 average

  • Senior unsecured funding mainly via private placements
  • Lower tier II benchmark and retail placement
  • 5 and 10 year Pfandbrief benchmarks by Eurohypo

*Volumes based on GM-T data

Reduction of SoFFin Silent Participation by roughly 90%

25% +

1 share

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Significantly improved capital structure after capital increase

* Core Tier 1 capital excl. SoFFin Silent Participation

Q1 2011 – Core bank continues to be profitable

Private Customers with significantly improved performance

Positioning

  • ›Second largest private customer bank in Germany
  • ›Customer base stable at 11 million customers
  • › Market share of German private customer business: ~7%, leading among affluent customers
  • ›~ €260bn assets under control

  • › Two strong brands for branch- and direct banking business: Commerzbank and comdirect

  • › Successful completion of integration:

  • -Further realization of cost synergies
  • -Increased sales productivity
  • › Quality initiative to further enhance customer satisfaction
  • › Leverage of our market position following the integration

Commerzbank – one of the leading retail Bank in Germany

…is leading in affluent private customer business.

Source: Commerzbank

Mittelstandsbank with tailwind from German economy

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Positioning

  • Market leader in Germany with 18 20% market share (mid caps)
  • Specialized product expertise and broad regional coverage with >150 branches for corporate clients
  • International approach for cross-border corporate clients with connectivity to the German market
  • 1/3 of Germanys import-/export finance runs via Commerzbank

  • Full service approach for Financial Institutions supported by 40 representative offices worldwide

  • ›Leverage our leading market position

  • ›Develop new sources of growth
  • ›Realizing cost synergies

Strong market position, serving 60,000 client groups

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Central Eastern Europe gains momentum

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Positioning

  • Leading German bank in CEE with over 4.3 Mio customers
  • BRE Bank No 3 in the Polish market
  • mBank one of the largest direct banks in CEE
  • Focus on corporate Banking, retail banking and client based investment banking
  • Leading position in financing international trade flows of German clients towards CEE

  • Bank Forum under way to stabilization

  • Selective and profitable growth in CEE core markets with above average growth potential

  • Further growth in Retail Banking with focus on affluent clients
  • Leverage operational excellence and increase profitability in Corporate Banking

Corporates & Markets with good start in 2011

  • ›Client-driven business model
  • ›Strongly connected to the Group´s client base
  • › Strong focus on the existing German and international client franchise

  • › Top German Equity House and strong FIC & Corporate Finance business

  • › Extension of sales coverage & advisory for Financial institutions

  • ›Increase penetration of Multinational Corporates
  • ›Increase of footprint in Asia
  • ›Enhance utilization of existing client base
  • ›Optimizing capital and balance sheet usage

Asset Based Finance still affected by de-risking

Optimization: Asset Based Finance

109-49%<80<100156Dec2014eDec2012eDec 2010Dec 2008Mar2011104

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

Risk-oriented portfolio phase-out during the entire duration

No new business (only management of cover pool)

CRE portfolio development (EaD in € bn)2,3

  • Selective new business
  • Reduced prolongation quota
  • Non-scheduled repayments
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* including default portfolio ** including GLLP

1) PF includes public finance portfolios of Eurohypo and EEPK 2) Volume incl. Eurohypo portfolio, AM Leasing and further assets at Commerzbank 3) excl. default portfolio

Portfolio Restructuring Unit with further balance sheet reduction

Top achievements

  • Further Balance sheet reduction of 26% y-o-y to €12.5bn
  • Pro-active restructuring and opportunistic sales of structured assets

  • Further momentum due to economic development and improved liquidity

  • › Write-back potential my exist on a large part of the portfolio

  • › Portion of portfolio with loss potential significantly reduced

Roadmap 2012 targets remain in place

(1) Pre regulatory effects (i.e. bank levies) and under stable market conditions

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

DAX

Current development

  • › Strong upswing of German economy is going on, based primarily on external demand and corporate investment
  • › Real GDP is approaching pre-Lehman level
  • › "Labour market miracle": level of unemployment significantly below pre-crisis level
  • › Number of corporate defaults peaked already

Euribor

2011 – 2012 expectation

  • › Upswing will continue, 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 in 2011, but will still take into account problems of the peripheral countries

GDP

FY 2011: Operating result expected to exceed 2010 significantly*

* Under stable market conditions

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

Jürgen Ackermann (Head of Investor Relations) P: +49 69 136 22338

M: [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]

Dirk Bartsch (Head) P: +49 69 136 2 2799 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

Disclaimer

Investor Relations

This release contains statements concerning the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of the company as well as expected future net income per share, restructuring costs and other financial developments and information. These forward-looking statements are based on 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. 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.The information contained herein is not for release, publication or distribution in whole or in part in or into the United States. These materials do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of Commerzbank described herein have not been and will not be registered under the Securities Act, or the laws of any State, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable State laws. Commerzbank does not intend to register any portion of the offering in the United States or conduct a public offering of securities in the United States.

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

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