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Commerzbank AG Investor Presentation 2011

May 6, 2011

81_ip_2011-05-06_2afbdc1a-bd66-4c98-9e76-96802fa0f56b.pdf

Investor Presentation

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Commerzbank –Excellent start into 2011

Analyst conference - Q1 2011 results

Eric Strutz CFO Frankfurt May 6th, 2011

Agenda

1 G
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6 A
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Excellent start into 2011 with more than €1.1bn operating profit

without Q1 2011 Net profit ** Conversion into ordinary shares conditional upon, in particular, AGM approval

Strong operating performance of the Core Bank

in
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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

All key milestones of the integration project successfully accomplished

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Integration project successfully completed by end of May – remaining activities (archiving & decommissioning of Dresdner Bank systems and retail branch consolidation) to be managed in respective business units

Financial integration targets achieved faster than planned

  • End of Q1 2011 >50% of total synergy target 2014 of €2.4bn achieved
  • Forecast 2011: >€1.5bn
  • Plan 2012: >€2.1bn

Integration charges

  • 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

Further strengthening of Core Tier 1 ratio to 11.0%

Tier 1 / Core Tier 1 ratio Comments 11.0%*CT1 ratio03/11RWA management q-o-q 0.8%Capital increasewithinliability management 0.2%CT1 ratio12/1010.0%CT1 ratio03/109.4%Tier 1 ratio03/1112.7%

  • › RWA decrease of €19bn q-o-q to €248bn (+80bps increase in CT1 ratio)
  • › Capital increase within liability management (+20bps increase in CT1 ratio)
  • ›Q1 2011 Net profit of €1bn takes Core Tier 1 ratio to 11.4% on a pro-forma basis

* without Q1 2011 Net profit

Agenda

1 G
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2 F
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3 R
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4 &
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5 C
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6 A
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Q1 2011: Strong revenue growth in the Core Bank y-o-y

Revenues before LLPin €m

* incl. Others & Consolidations

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

Provisions for loan losses in €m

  • MSB and C&M benefited from reversals in loan loss provisions
  • Improved LLP in ABF; continued difficult CRE market in Spain
  • Guidance 2011: ≤ €2.3bn
  • Core Bank*: ≤€1.2bn
  • ABF & PRU: ≤€1.1bn

Cost base still influenced by integration

  • Operating expenses in Q1 further affected by integration
  • Accruals of performance related payments increased by €34m y-o-y

Operating profit and Net profit

  • Operating profit of €1,144m in Q1 2011
  • Operating profit of Core Bank up by 75% y-o-y
  • Tax charge of €135m
  • Minorities of €24m
  • Net profit of €985m*
  • Q1 2011 EPS of €0.73**

Agenda

1 G
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2 F
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3 R
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4 B
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5 C
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All core segments profitable in Q1 2011

Eric Strutz CFO Frankfurt May 6th, 2011 13

Private Customers with significantly improved performance driven by higher deposit margins and commission income

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6

›Revenues before LLP +4.4% y-o-y

›Positive Q1 trend in deposit margins and commission income

› Costs decreased by 2.6% y-o-y; further synergies are still to come

›Customer base stable at 11 million customers

Mittelstandsbankwith tailwind from German economy

&
P
L
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a
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in
€
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› Commission income at record level (€285m) in Q1 › LLP decreased significantly due to improved economy ›Operating profit increased by 32% y-o-y

Central Eastern Europe gains momentum

Operating profit in € m6 7 -31 7178 Q1 Q2 Q3 Q4 Q1 20102011

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  • ›Once again lower LLP in Poland and Ukraine
  • ›BRE contribution to CEE profit: roughly 90%
  • ›Bank Forum on the way to stabilization
  • ›90,000 net new customers in Q1; total: 4.3m customers

Corporates & Markets with good start in 2011

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›C&M in Q1 2011 on a solid level

  • ›Strong start in Corporate Finance despite absence of major deals
  • ›FIC in line with expectations despite less favorable trading environment
  • ›EMC with best quarter since Dresdner Bank acquisition

Others & Consolidation

P&L at a glance

Q
1
1
0		 Q
2
1
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3
1
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4
1
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7
  • › Liability management in Q1 2011 with pre-tax P&L effect of €358m
  • ›Treasury with additional operating profit of €110m
  • ›Integration charges almost halved to €55m

ABF & PRU

Asset Based Finance still affected by de-risking

8
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Q
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1

Operating profit

in €m

Q
1
1
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(
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P &
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a
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in
€
m		 Q
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1
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2
1
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3
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4
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6		 2
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7
L
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8
-

›ABF portfolio reduction continues on plan

  • ›CRE exposure reduced by €9bn to €66bn y-o-y
  • ›PF exposure reduced by €21bn to €104bn y-o-y
  • › LLP approx. one quarter of FY expectations; roughly half of total LLP of €241m in CRE Spain

›RWA reduced by €15bn to €74bn y-o-y

Portfolio Restructuring Unit with further balance sheet reduction

P&L at a glance

€
in
m		 Q
1
1
0		 Q
2
1
0		 Q
3
1
0		 Q
4
1
0		 Q
1
1
1
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v
e
n
u
e
s
e
o
r
e		 2
0
8		 1
5
0		 3
4
7		 1
3
8		 8
4
L
L
P		 2
2
-		 2
8
-		 2
-		 1
0
-		 1
O
i
t
p
e
r
a
n
g
e
x
p
e
n
s
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s		 2
5		 2
7		 3
1		 2
3		 2
2
O
t
i
f
i
t
p
e
r
a
n
g
p
r
o		 1
6
1		 9
5		 3
1
4		 1
0
5		 6
3
Q
1
1
0		 Q
2
1
0		 Q
3
1
0		 Q
4
1
0		 Q
1
1
1
Ø
i
(
€
)
ty
eq
u
m		 1,
3
6
3		 1,
2
0
5		 1,
1
3
7		 1,
0
9
3		 9
8
1
Op
Ro
E
(
%
)		 4
2
7.		 3
0.
4		 1
1
0.
4		 3
8.
4		 2
5.
7
C
(
%
)
I
R		 1
2.
0		 1
8.
0		 8.
9		 1
6.
7		 2
6.
2
  • ›Pro-active restructuring and opportunistic sales of structured assets
  • ›Further momentum in economic development and improved liquidity
  • ›Balance sheet reduction of 26% y-o-y and 11% q-o-q to €12.5bn
  • ›Equity allocation reduced by 28% y-o-y

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
&
O
l
i
t
l
k
o
n
c
s
o
n
o
o
u
u

Capital base further improved

Core Tier 1 and Tier 1 ratioin %RWAin € bn Total Assetsin € bn -11%-18% + 190 bps 697754846Mar 2010 Dec 2010 Mar 2011 248279 268Mar 2010 Dec 2010 Mar 2011 Decrease since end of December mainly due to m-t-m effects in derivatives and ABFOngoing active management in reducing RWA Significantly improved 9.9Mar 201112.7*Dec 201011.910.8Mar 2010Core Tier 1target range 7-8%10.0 11.0* 9.4

* without Q1 2011 Net profit

Significantly improved capital structure after capital increase

* Core Tier 1 capital excl. SoFFin Silent Participation

Eric Strutz CFO Frankfurt May 6th, 2011 24

Successful first step of capital increase of €5.7bn

Eric Strutz CFO Frankfurt May 6th, 2011 25

Capital markets funding plan 2011: 2/3 completed in Q1 2011

Funding plan 2011 in € bn 4.62.6Not to berefinanced~€24bnMaturing Capital Market Liabilities~€36bn~€22bn~€14bnFunding plan 2011 ~€10-12bn~50%~50%Covered Bonds Unsecured Funding Done Q1 2011€7.2bn

  • Funding plan 2011 ~2/3 completed as of 31 March

  • › Average maturity of new issues 6.7 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

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
t
b
d
i
i
i
e
s
s
s
o
n
u
y
v
4 B
l
h
t,
i
t
l
&
f
d
i
a
a
n
c
e
s
e
e
c
a
p
a
n
n
g
u
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

FY 2011: Operating result expected to exceed 2010 significantly*

* Under stablemarket conditions

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
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
l
k
t
o
n
c
u
s
o
n
u
o
o
6 A
d
i
p
p
e
n
x

Appendix: Economic environment

Eric Strutz CFO Frankfurt May 6th, 2011 30

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

  • › 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

0.81

2009 2010

Euribor

1.23

in % (average p.a.)

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

2.73

1.59

2011e 2012e

(Change vs previous year in %)

DAX

Appendix: Portfolio Restructuring Unit (PRU) & Leveraged Acquisition Finance (LAF)

PRU Structured Credit by Business Segment - March 2011

Breakdown by asset and rating classes Details & Outlook

  • Cautiously optimistic on market developments with allowance for volatility along the way. US monetary policy continues to support markets but policy reversal possible as labour market and economy strengthening
  • Asset reduction primarily achieved through opportunistic sales and proactive asset management
  • Asset values remain dependent on macroeconomic development in the US and Europe
  • Possibility of market volatility remains due to peripherical European sovereign debt crisis
(
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
C
I e
f
fe
t
c
(
in
€
)
m		 *

M
D
R
Se
ts
g
m
en		 M
-1
1
ar		 De
1
0
c-		 M
-1
1
ar		 De
1
0
c-		 M
-1
1
ar		 De
1
0
c-		 Q
1
2
0
1
1		 F
Y
2
0
1
0		 Q
1
2
0
1
1		 M
-1
1
ar
S
R
M
B		 4.
8		 5.
1		 2.
0		 2.
1		 2.
8		 3.
0		 4 1
9
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9
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2
%
C
M
B
S		 0.
6		 0.
7		 0.
4		 0.
5		 0.
4		 0.
5		 5
-		 2 1
5
-		 3
3
%
C
D
O		 1
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2		 1
1.
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8		 4.
2		 6.
2		 6.
7		 7
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2
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%
O
t
he
A
B
S
r		 2.
8		 3.
3		 2.
1		 2.
4		 2.
4		 2.
8		 2
8		 9
3		 7 1
4
%
/
fra
P
F
I
In		 4.
2		 4.
3		 1.
3		 1.
4		 3.
7		 3.
8		 4
9
-		 2
8
-		 0 1
2
%
C
I
R
C
S		 0.
7		 0.
7		 0.
4		 0.
3		 0.
0		 0.
0		 1
-		 3
-		 0 -
O
t
he
rs		 3.
0		 3.
6		 2.
5		 3.
2		 0.
3		 0.
2		 3
7		 1
6
-		 0 -
To
ta
l		 2
6.
3		 2
9.
0		 1
2.
5		 1
4.
1		 1
5.
8		 1
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1		 8
5		 7
6
6		 9
2
-		 4
0
%

* 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)

CDA and Counterparty Risk from Monolines

Details

MtMof derivatives has to be adjusted to the creditworthiness of counterparties. This fair value is corrected through trading P&L via CDA.

CDA in Q1/2011 decreased significantly by €64m to €449m, mainly driven by non-monoline counterparties. Monoline CDA decreased by €27.5m to €360m as result of lower Market Values (-€57m). The CDA coverage ratio for Monoline protection remains stable at 49%

Outlook

  • Full write-down of protection from critical monoline counterparties has already been realised prior to 2010
  • There are no significant charges from remaining monoline counterparties expected going forward. However, CDS spreads are likely to be volatile which might lead to changes in CDA accordingly

1) CDAsreferring to monoline and non-monoline counterparties

Leveraged Acquisition Finance (LAF)

Appendix: Risk figures

Eric Strutz CFO Frankfurt May 6th, 2011 36

Default Portfolio (Q1 2011)

Loan to Value figures in the CRE business (Q1 2011)

Loan to Value – Spain 1

Loan to Value – USA1

stratified representation

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

Loan to Value – CRE total1

stratified representation

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

Appendix: P&L

Eric Strutz CFO Frankfurt May 6th, 2011 39

Net interest income and Commission income

Net trading income and Net investment income

Appendix: Segment reporting

Eric Strutz CFO Frankfurt May 6th, 2011 42

Commerzbank Group

in
€
m		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
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Q
0
1
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1
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1
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0
1
1
Ne
t
in
ter
t
inc
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om
e		 1,
8
8
6		 1,
8
5
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3
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6
8
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5
4		 1,
7
2
7
Pro
is
ion
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v
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r
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s		 6
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4
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1		 -5
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9
9
,		 -3
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8
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t
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ter
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ter
is
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5
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9
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m
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d
ing
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dg
ing
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P
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P
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1
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2
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8
Op
t
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s		 2,
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8
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8
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1
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Op
t
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f g
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Pre
f
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9
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2
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5
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9
8
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1
4
R
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(
En
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/
(
%
)
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inc
t
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a		 %
6
1.
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7
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6		 %
7
4.
8		 %
7
1.
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6
9.
3		 %
5
9.
6
Op
t
ing
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i
ty
(
%
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q
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5
%		 3.
3
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%
Re
tur
i
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f p
-ta
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(
%
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p
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0.
2
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7
%		 1.
5
%		 3.
3
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4
%		 1
4.
1
%

Private Customers

in
€
m		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0		 1 2
Q
0
1
1
Ne
in
inc
t
ter
t
es
om
e		 4
8
9		 4
8
6		 5
0
0		 5
0
7		 1,
9
8
2		 4
9
2
Pro
is
ion
fo
loa
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v
s
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s		 6
6
-		 0
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4
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6
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7
3
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5
1
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m
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9
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9
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inv
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Im
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f g
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(
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Co
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(
%
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9
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0
%
5.
Op
(
%
)
t
ing
tur
i
ty
er
a
re
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n e
q
u		 %
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6		 %
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8		 %
-1
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3		 %
1
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5
Re
tur
i
ty
f p
-ta
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t
(
%
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6
%		 1.
5
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8
%		 -1
5
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3
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3.
5
%

Mittelstandsbank

in
€
m		 1 2
Q
0
1
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Q
0
1
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Q
0
1
0		 4 2
Q
0
1
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1
2
0
1
0		 1 2
Q
0
1
1
Ne
in
inc
t
ter
t
es
om
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2
3		 5
5
4		 4
8
2		 5
2
2		 2,
0
8
1		 5
1
5
Pro
is
ion
fo
loa
los
v
s
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s		 1
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7		 -8
f
Ne
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6
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8
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7
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5
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cc
ou
n		 4
-		 5
0		 -1
4		 -8 2
4		 1
6
Ne
inv
inc
t
tm
t
es
en
om
e		 3
-		 1
5		 2
9		 1
4
7		 1
8
8		 -1
6
Cu
inc
ies
d
fo
ing
he
i
ho
d
t
te
t
ty
t
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 - - - 3
0		 3
0		 2
O
t
he
inc
r
om
e		 4
4		 -1
0		 -1
0		 -1
0		 1
4		 2
Re
be
for
L
L
P
ve
nu
es
e		 8
3
2		 8
3
0		 7
2
7		 9
3
1		 3,
3
2
0		 8
0
4
Re
f
L
L
P
ter
ve
nu
es
a		 6
7
1		 7
3
6		 7
9
6		 8
3
8		 3,
0
4
1		 7
9
6
Op
ing
t
er
a
ex
p
en
se
s		 3
5
7		 3
4
8		 3
6
6		 3
7
2		 1,
4
4
3		 3
8
1
Op
t
ing
f
i
t
er
a
p
ro		 3
1
4		 3
8
8		 4
3
0		 4
6
6		 1,
5
9
8		 4
1
5
Im
irm
f g
dw
i
l
l a
d
br
d n
ts
p
a
en
o
oo
n
an
am
es		 - - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 - - - - - -
Pre
-ta
f
i
t
p
ro
x		 3
1
4		 3
8
8		 4
3
0		 4
6
6		 1,
5
9
8		 4
1
5
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 5,
5
0
0		 5,
4
9
7		 5,
7
1
5		 5,
6
1
7		 5,
5
8
2		 5,
4
3
5
R
W
A
(
En
d o
f
Pe
io
d
)
r		 6
3,
9
6
4		 6
8,
9
8
5		 6
6,
6
0
4		 6
7,
4
4
0		 6
7,
4
4
0		 5
9,
7
7
4
Co
/
inc
io
(
%
)
t
t
s
om
e r
a		 4
2.
9
%		 4
1.
9
%		 0.
3
%
5		 4
0.
0
%		 4
3.
%
5		 4
7.
4
%
Op
(
%
)
t
ing
tur
i
ty
er
a
re
n o
n e
q
u		 %
2
2.
8		 %
2
8.
2		 %
3
0.
1		 %
3
3.
2		 %
2
8.
6		 %
3
0.
5
Re
tur
i
ty
f p
-ta
f
i
t
(
%
)
n o
n e
q
u
o
re
x
p
ro		 2
2.
8
%		 2
8.
2
%		 3
0.
1
%		 3
3.
2
%		 2
8.
6
%		 3
0.
5
%

Central & Eastern Europe

€
in
m		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0		 1 2
Q
0
1
1
Ne
t
in
ter
t
inc
es
om
e		 1
5
9		 1
6
1		 1
6
4		 1
9
0		 6
7
4		 1
5
7
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 9
4
-		 -9
2		 -1
2
7		 -4
8		 -3
6
1		 -3
0
Ne
in
inc
f
is
ion
t
ter
t
ter
es
om
e a
p
rov
s		 6
5		 6
9		 3
7		 1
4
2		 3
1
3		 1
2
7
Ne
iss
ion
inc
t c
om
m
om
e		 4
7		 3
5		 3
5		 5
5		 2
0
8		 5
5
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 1
8		 2
0		 1
9		 1
6		 7
3		 2
6
Ne
t
inv
tm
t
inc
es
en
om
e		 1
-		 4 4 -1
1		 -4 4
Cu
t
inc
ies
te
d
fo
ing
t
he
i
ty
t
ho
d
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
me
u		 - - - - - -
O
t
he
inc
r
om
e		 3 9 9 7 2
8		 1
0
Re
be
for
L
L
P
ve
nu
es
e		 2
2
6		 2
4
7		 2
4
9		 2
5
7		 9
9
7		 2
2
5
f
Re
ter
L
L
P
ve
nu
es
a		 1
3
2		 1
5
5		 1
2
2		 2
0
9		 6
1
8		 2
2
2
Op
t
ing
er
a
ex
p
en
se
s		 1
2
6		 1
4
8		 1
5
3		 1
3
8		 5
6
5		 1
4
4
Op
ing
f
i
t
t
er
a
p
ro		 6 7 -3
1		 1
7		 3
5		 8
7
Im
irm
ts
f g
dw
i
l
l a
d
br
d n
p
a
en
o
oo
n
an
am
es		 - - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 - - - - - -
Pre
-ta
f
i
t
x
p
ro		 6 7 -3
1		 7
1		 5
3		 7
8
Av
i
l e
loy
d
ta
er
ag
e c
ap
mp
e		 1,
9
9
5		 1,
9
8
5		 1,
6
4
7		 1,
6
4
3		 1,
6
2
9		 1,
6
9
7
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
8,
7
4
5		 1
9,
7
1
9		 1
9,
0
0
8		 1
9,
1
0
5		 1
9,
1
0
5		 1
9,
4
2
2
Co
t
/
inc
t
io
(
%
)
s
om
e r
a		 5
5.
8
%		 5
9.
9
%		 6
1.
4
%		 5
3.
7
%		 5
7.
7
%		 5
7.
1
%
Op
t
ing
tur
i
ty
(
%
)
er
a
re
n o
n e
q
u		 1.
5
%		 1.
8
%		 -7
4
%		 1
7.
3
%		 3.
3
%		 1
8.
6
%
Re
i
f p
f
i
(
%
)
tur
ty
-ta
t
n o
n e
q
u
o
re
x
p
ro		 1.
5
%		 1.
8
%		 -7
4
%		 1
7.
3
%		 3.
3
%		 1
8.
6
%

Corporates & Markets

in
€
m		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0		 1 2
Q
0
1
1
Ne
in
inc
t
ter
t
es
om
e		 2
0
8		 1
9
8		 1
4
1		 2
2
0		 7
6
7		 1
6
0
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 1
9		 0 -6 1
4		 2
7		 0
f
Ne
t
in
ter
t
inc
ter
is
ion
es
om
e a
p
rov
s		 2
2
7		 1
9
8		 1
3
5		 2
3
4		 7
9
4		 1
6
0
Ne
t c
iss
ion
inc
om
m
om
e		 7
5		 6
4		 5
5		 6
0		 2
5
4		 4
8
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 4
4
8		 1
8
7		 3
1
3		 2
1
2		 1,
1
6
0		 4
5
6
Ne
inv
inc
t
tm
t
es
en
om
e		 1
4
-		 4
3		 3
1		 1
6
0		 2
2
0		 4
Cu
inc
ies
d
fo
ing
he
i
ho
d
t
te
t
ty
t
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 - - 1 1
0		 1
1		 -
O
t
he
inc
r
om
e		 8 1
1		 2
5		 -6
4		 -2
0		 1
0
Re
be
for
L
L
P
ve
nu
es
e		 7
2
5		 5
0
3		 5
6
6		 5
9
8		 2,
3
9
2		 6
7
8
Re
f
L
L
P
ter
ve
nu
es
a		 7
4
4		 5
0
3		 5
6
0		 6
1
2		 2,
4
1
9		 6
7
8
Op
ing
t
er
a
ex
p
en
se
s		 4
1
1		 3
9
4		 4
3
9		 3
8
9		 1,
6
3
3		 4
3
8
Op
t
ing
f
i
t
er
a
p
ro		 3
3
3		 1
0
9		 1
2
1		 2
2
3		 7
8
6		 2
4
0
Im
irm
f g
dw
i
l
l a
d
br
d n
ts
p
a
en
o
oo
n
an
am
es		 - - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 - - - - - -
Pre
-ta
f
i
t
p
ro
x		 3
3
3		 1
0
9		 1
2
1		 2
2
3		 7
8
6		 2
4
0
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 3,
8
4
9		 3,
8
8
1		 3,
8
8
2		 3,
8
6
7		 3,
8
7
0		 3,
4
2
3
R
W
A
(
En
d o
f
Pe
io
d
)
r		 5
1,
4
6
5		 5
3,
2
4
9		 5
2,
7
8
7		 4
7,
8
5
3		 4
7,
8
5
3		 4
2,
0
1
3
Co
/
inc
io
(
%
)
t
t
s
om
e r
a		 6.
7
%
5		 7
8.
3
%		 7
7.
6
%		 6
1
%
5.		 6
8.
3
%		 6
4.
6
%
Op
(
%
)
t
ing
tur
i
ty
er
a
re
n o
n e
q
u		 %
3
4.
6		 %
1
1.
2		 %
1
2.
5		 %
2
3.
1		 %
2
0.
3		 %
2
8.
0
Re
tur
i
ty
f p
-ta
f
i
t
(
%
)
n o
n e
q
u
o
re
x
p
ro		 3
4.
6
%		 1
1.
2
%		 1
2.
5
%		 2
3.
1
%		 2
0.
3
%		 2
8.
0
%

Asset Based Finance

€
in
m		 1 2
Q
0
1
0		 2 2
Q
0
1
0		 3 2
Q
0
1
0		 4 2
Q
0
1
0		 M 2
1
2
0
1
0		 1 2
Q
0
1
1
Ne
t
in
ter
t
inc
es
om
e		 2
9
9		 3
1
8		 2
8
4		 2
6
0		 1,
1
6
1		 2
9
6
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 3
2
5
-		 -3
5
4		 -4
9
3		 -4
1
2		 -1
5
8
4
,		 -2
4
1
Ne
in
inc
f
is
ion
t
ter
t
ter
es
om
e a
p
rov
s		 2
6
-		 -3
6		 -2
0
9		 -1
5
2		 -4
2
3		 5
5
Ne
iss
ion
inc
t c
om
m
om
e		 8
8		 8
0		 8
3		 6
7		 3
2
7		 8
1
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 4
-		 3
0		 -4
9		 -5
5		 -7
8		 -8
6
Ne
t
inv
tm
t
inc
es
en
om
e		 2
-		 -1
5
8		 -5
1		 -1
4
1		 -3
5
2		 -4
2
Cu
t
inc
ies
te
d
fo
ing
t
he
i
ty
t
ho
d
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
me
u		 2
-		 2 -9 -1
1		 -2
0		 -8
O
t
he
inc
r
om
e		 1
3		 -1
9		 -2
5		 -8
3		 -1
1
4		 1
6
Re
be
for
L
L
P
ve
nu
es
e		 3
9
2		 2
3
5		 2
3
3		 4
6		 9
2
4		 2
5
7
f
Re
ter
L
L
P
ve
nu
es
a		 6
7		 -1
0
1		 -2
6
0		 -3
6
6		 -6
6
0		 1
6
Op
t
ing
er
a
ex
p
en
se
s		 1
5
2		 1
4
7		 1
4
4		 1
6
6		 6
0
9		 1
5
4
Op
ing
f
i
t
t
er
a
p
ro		 8
5
-		 -2
4
8		 -4
0
4		 3
2
-5		 -1
2
6
9
,		 -1
3
8
Im
irm
ts
f g
dw
i
l
l a
d
br
d n
p
a
en
o
oo
n
an
am
es		 - - - - - -
Re
tru
tur
ing
s
c
ex
p
en
se
s		 - 3
3		 - - 3
3		 -
Pre
-ta
f
i
t
x
p
ro		 8
5
-		 -2
8
1		 -4
0
4		 -5
3
2		 -1
3
0
2
,		 -1
3
8
Av
i
l e
loy
d
ta
er
ag
e c
ap
mp
e		 6,
4
6
1		 6,
2
4
2		 6,
3
0
5		 0
8
5,
7		 6,
1
9
0		 4
2
5,
5
R
W
A
(
En
d o
f
Pe
io
d
)
r		 8
8,
4
0
2		 9
0,
6
4
2		 8
5,
8
5
4		 7
9,
0
8
9		 7
9,
0
8
9		 7
3,
8
9
1
Co
t
/
inc
t
io
(
%
)
s
om
e r
a		 3
8.
8
%		 5
8.
1
%		 6
1.
8
%		 3
6
0.
9
%		 6
5.
9
%		 5
9.
9
%
Op
t
ing
tur
i
ty
(
%
)
er
a
re
n o
n e
q
u		 5.
3
%
-		 -1
5.
9
%		 -2
5.
4
%		 -3
7.
3
%		 -2
0.
5
%		 -1
0.
0
%
Re
i
f p
f
i
(
%
)
tur
ty
-ta
t
n o
n e
q
u
o
re
x
p
ro		 5.
3
%
-		 -1
8.
0
%		 -2
5.
4
%		 -3
7.
3
%		 -2
1.
0
%		 -1
0.
0
%

Portfolio Restructuring Unit

in
€
m		 Q
1 2
0
1
0		 Q
2 2
0
1
0		 Q
3 2
0
1
0		 Q
4 2
0
1
0		 M 2
1
2
0
1
0		 Q
1 2
0
1
1
Ne
t
in
ter
t
inc
es
om
e		 2
3		 1
0		 2
9		 2
0		 8
2		 5
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 2
2
-		 -2
8		 -2 -1
0		 -6
2		 1
f
Ne
t
in
ter
t
inc
ter
is
ion
es
om
e a
p
rov
s		 1 -1
8		 2
7		 1
0		 2
0		 6
Ne
t c
iss
ion
inc
om
m
om
e		 3
-		 7 2 -6 -0 0
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 2
8
2		 5
6		 3
2
8		 1
2
1		 7
8
7		 6
1
Ne
t
inv
tm
t
inc
es
en
om
e		 9
4
-		 7
0		 -9 4 -2
9		 1
8
Cu
inc
ies
d
fo
ing
he
i
ho
d
t
te
t
ty
t
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 - - - - - -
O
he
inc
t
r
om
e		 0
-		 7 -3 -1 3 -0
Re
be
for
L
L
P
ve
nu
es
e		 2
0
8		 1
5
0		 3
4
7		 1
3
8		 8
4
3		 8
4
Re
f
L
L
P
ter
ve
nu
es
a		 1
8
6		 1
2
2		 3
4
5		 1
2
8		 7
8
1		 8
5
Op
t
ing
er
a
ex
p
en
se
s		 2
5		 2
7		 3
1		 2
3		 1
0
6		 2
2
Op
f
t
ing
i
t
er
a
p
ro		 1
6
1		 9
5		 3
1
4		 1
0
5		 6
7
5		 6
3
Im
irm
f g
dw
i
l
l a
d
br
d n
ts
p
a
en
o
oo
n
an
am
es		 - - - - - -
Re
ing
tru
tur
s
c
ex
p
en
se
s		 - - - - - -
Pre
-ta
f
i
t
p
ro
x		 1
6
1		 9
5		 3
1
4		 1
0
5		 6
7
5		 6
3
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 1,
3
6
3		 1,
2
5
0		 1,
1
3
7		 1,
0
9
3		 1,
2
1
1		 9
8
1
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
3,
4
6
7		 1
2,
2
3
9		 1
0,
9
3
4		 9,
8
8
5		 9,
8
8
5		 9,
3
1
5
Co
t
/
inc
t
io
(
%
)
s
om
e r
a		 1
2.
0
%		 1
8.
0
%		 8.
9
%		 1
6.
7
%		 1
2.
6
%		 2
6.
2
%
Op
ing
i
(
%
)
t
tur
ty
er
a
re
n o
n e
q
u		 4
2
%
7.		 3
0.
4
%		 1
1
0.
4
%		 3
8.
4
%		 %
5
5.
7		 2
%
5.
7
f p
f
(
%
)
Re
tur
i
ty
-ta
i
t
n o
n e
q
u
o
re
x
p
ro		 %
4
7.
2		 %
3
0.
4		 %
1
1
0.
4		 %
3
8.
4		 %
5
5.
7		 %
2
5.
7

Others & Consolidation

in
€
m		 Q
1 2
0
1
0		 Q
2 2
0
1
0		 Q
3 2
0
1
0		 Q
4 2
0
1
0		 M 2
1
2
0
1
0		 Q
1 2
0
1
1
Ne
t
in
ter
t
inc
es
om
e		 1
8
5		 1
2
6		 3
3		 -3
7		 3
0
7		 1
0
2
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 5 -1 2 -0 6 1
f
Ne
t
in
ter
t
inc
ter
is
ion
es
om
e a
p
rov
s		 1
9
0		 1
2
5		 3
5		 -3
7		 3
1
3		 1
0
3
Ne
t c
iss
ion
inc
om
m
om
e		 2
9
-		 -1
7		 -2
1		 1 -6
6		 -1
8
Ne
t
tra
d
ing
inc
d n
t
inc
he
dg
t
ing
om
e a
n
e
om
e o
n
e a
cc
ou
n		 9
5		 -2
8		 -1
7
7		 1
0
1		 -9 4
7
Ne
t
inv
tm
t
inc
es
en
om
e		 1
4
-		 8
1		 -3
2		 1
9		 5
4		 4
3
Cu
inc
ies
d
fo
ing
he
i
ho
d
t
te
t
ty
t
rre
n
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
me		 - 1 -1 4 4 -
O
he
inc
t
r
om
e		 3 -3
3		 3
5		 3
7		 8
7		 3
2
2
Re
be
for
L
L
P
ve
nu
es
e		 2
4
0		 1
3
0		 -1
6
3		 1
6
1		 3
6
8		 4
9
6
Re
f
L
L
P
ter
ve
nu
es
a		 2
4
5		 1
2
9		 -1
6
1		 1
6
1		 3
7
4		 4
9
7
Op
t
ing
er
a
ex
p
en
se
s		 2
2
6		 2
5
0		 1
7
7		 2
2
5		 8
7
8		 1
2
7
Op
f
t
ing
i
t
er
a
p
ro		 1
9		 -1
2
1		 -3
3
8		 -6
4		 -5
0
4		 3
7
0
Im
irm
f g
dw
i
l
l a
d
br
d n
ts
p
a
en
o
oo
n
an
am
es		 - - - - - -
Re
ing
tru
tur
s
c
ex
p
en
se
s		 - - - - - -
Pre
-ta
f
i
t
p
ro
x		 1
9		 -1
2
1		 -3
3
8		 -6
4		 -5
0
4		 3
7
0
Av
i
ta
l e
loy
d
er
ag
e c
ap
mp
e		 8,
0
0
0		 8,
9
5
2		 9,
0
3
4		 1
0,
0
7
1		 9,
0
1
4		 1
1,
9
2
5
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
2,
2
2
5		 1
4,
0
9
9		 1
4,
6
8
6		 1
4,
2
8
8		 1
4,
2
8
8		 1
4,
4
9
2

Group equity definitions

Reconciliation of equity definitions

Reconciliation of equity definitions

Equity basis for RoE

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

Basis for RoEon net profit

Basis for operating RoE and pre-tax RoE

* 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]

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

[email protected] www.ir.commerzbank.com

Ulf Plesmann

P: +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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