Commerzbank AG — Investor Presentation 2011

Jan 10, 2011

Commerzbank – on track for sustainable profitability

Commerzbank: German Investment Seminar 2011

Key highlights

No. 1 for Germany's Mittelstand and second largest German retail bank

• Market leader for mid-sized German companies

• Second largest retail bank with 11 million German private clients and 1,200 German branches (post integration), top position in Wealth Management and online brokerage

Direct exposure to strongly performing German economy

Germany is Eurozone's economic engine, benefitting from strong demand for investment goods and its strong positioning in Asian markets

Turnaround achieved – delivering on synergy targets

Dresdner Bank integration well underway, with synergy levels ahead of plan and a target run rate of €2.4bn p.a.

Ongoing progress in proactive risk reduction on ABF and PRU targets

• Risk profile substantially improved: portfolio reduction to €71bn and €111bn as of Q3 2010 (vs. €86bn and €156bn in 2008) in Commercial Real Estate and Public Finance

• Portfolio Restructuring Unit in run-off with further write-back potential

Further improved capital position, Basel III effects manageable

Commerzbank with a solid operating profit of €116m in Q3 2010

In € m	Q 3 2 0 1 0	1) Q 2 2 0 1 0	1) Q 3 2 0 0 9	1) 9 M 2 0 1 0	1) * 9 M 2 0 0 9
R b f L L P e e n e s e o r e v u	2 9 2 2 ,	3 1 1 0 ,	3 4 3 9 ,	9 6 6 5 ,	8 8 0 2 ,
f P i i l l r o s o n s o r o a n o s s e s v	6 2 1 -	6 3 9 -	1, 0 3 5 -	1, 9 0 4 -	2 8 9 0 - ,
O i t p e r a n g e p e n s e s x	2 1 8 5 ,	2 2 2 8 ,	2 2 6 4 ,	6 6 2 2 ,	6 6 0 8 ,
O f / i i l t t p e r a n g p r o o s s	1 1 6	2 4 3	1 2 2	1, 1 3 0	6 9 6 -
N f i / l t t ** e p r o o s s	1 1 3	5 3 2	5 5 1, 0 -	1, 1 7 3	2, 6 8 0 -

Net interest income and commission income impacted by difficult market environment

• Strong client flow and favourable market conditions for structured products drove trading profit
• LLP benefited from write-backs in MSB, ongoing high provisioning level in ABF
• Cost base: synergy results partially offset by integration charges
• Net profit supported by tax credit in foreign locations

^* without first 12 days result of Dresdner Bank ** Net profit/loss attributable to Commerzbank shareholders1) Restatement for prior year and previous quarters 2010 due to change in reporting structure

Lower LLPs in the Core Bank, ongoing high risk charges in ABF

Integration progress on scheduleKey milestone in Q3: successful software harmonization

Cost synergies Personnel reductionIntegration charges

• End of September 2010 >45% of total synergy target of €2.4bn (2013 et seq.) achieved
• Forecast 2010 at €1.1bn
• Integration charges above plan in 2010 due to higher IT investments

• Total integration charges confirmed at €2.5bn

• 80% of overall reduction contracted (>6.900 FTE)

• Reduction of staff faster than planned

Cost base influenced by investments into integration,adjusted operating expenses down 4.4%

Net profit supported by tax credit in foreign locations

• Operating profit of €116m in Q3 2010
• Tax credit of €19m in foreign locations
• Post-tax profit of €135m
• 9m 2010 EPS of €0.99
• Revised financial outlook for Eurohypowill result in significant further writedown under German GAAP (however IFRS result will be unaffected)

Q3 2010 – Core Bank with continued profitability

Private Customers – integration well under way

Key achievements

• › Operating profit achieved - notwithstanding restructuring
• ›Stable number of 11 million customers
• ›Strong market position across all sub-segments
• ›Brand migration successfully completed

Value drivers

• › Successful completion of integration:
• -Realizing cost synergies
• Increased sales productivity
• ›Leverage of our market position

Strategic goals

• › Create the no. 1 bank for sophisticated private customers, positioned as leader in quality

• › Ensure above-average participation in long-term growth (e.g. demographics, development of savings ratio)

• › Positioned to benefit from improving capital markets

• › Interest income will rise as interest rates increase
• › Cost of risk expected to stabilize over medium term
• ›Significant cost savings through synergies

Mittelstandsbank – main profit driver

Key achievements

• MSB impressively resilient during the crisis and consistently delivering strong results
• Leading SME franchise in Germany with densest branch network
• Stable client base
• Significant reduction of concentration risks

Value drivers

• ›Realizing cost synergies
• ›Leverage potential of strong customer franchise

Strategic goals

• › Consolidation of our leading position as best "Mittelstandsbank" by
• increasing value added in mid/large cap client segment
• specific expansion of small cap client base
• serving our customers' international activities
• further increase of global market share in FI business

• increased efficiency and excellence for our customers

• › Stable financial platform even in difficult economic environment

• ›Market leadership with high revenue potential
• › Well-positioned with our sustainable business model

Mittelstandsbank – leading market position after integration of Dresdner Bank

	S l l C m a a p s ( ) € 2 1 2 t 5- 5 r n o e r m u v	M i d C a p s ( ) € 1 2 2 0 t 5 5 r n o e r m u v -	L C a r g e a p s ( ) € 2 0 t 5 r n o e r m u v >
M k h t a r e s a r e	6 % 4 % ~ ~ 2 0 0 8 2 0 1 0	1 8- 2 0 % ~ 1 1 % ~ 2 0 0 8 2 0 1 0	1 2 % ~ 7 % ~ 2 0 0 8 2 0 1 0
N b f u m e r o l i t c e n g r o p s u	2 8, 0 0 0 ~	2 9, 0 0 0 ~	1, 4 0 0 ~
M d i e m u l t e r m g o a s	D l i l i h i t t e e p e n c e n r e a o n s p s I k h t n c r e a s e m a r e s a r e	f D d k h t e e n m a r e s a r e G i l i t a n n e w c e n s I h f l l t n c r e a s e s a r e o a e w l i l t s e e c v e y	A l d h i h i f t t r e a y g p e n e r a o n o l i b t c e n a s e f I h l l t n c r e a s e s a r e o a e w

Central & Eastern Europe – demanding environment

Key achievements

• Strong underlying performance of BRE Bank
• Portfolio restructuring at Bank Forum in progress
• More than 4 million customers; 360,000 new customers since January 2010 (+ 10%)

Value drivers

• Focus on Private Client franchise
• Benefiting from improved economic conditions and normalizing risk provisioning
• Bank Forum strategic repositioning

Strategic goals

• Increasing profitability in corporate banking, focused growth in retail banking
• Reducing risk costs, strict cost management and development of new revenue streams

• Further development of business models, e.g. business mix, operational excellence

• › Attractive growth perspectives in CEE countries

• ›Cost base under control

Operating profit

• › Decreasing LLPs as market conditions improve and risk management measures take effect
• ›Leveraging off the platform

Corporates & Markets – "the German investment bank"

Key achievements

• › Client centric business model implemented, product provider for Group's franchise
• › Significantly improved risk profile and reduced earnings volatility
• ›Top German Equity, FIC & Corporate Finance house
• ›Integration almost completed

Value drivers

• ›Stabilization of revenues
• ›Exploitation of cost synergies
• ›Release of B/S usage and equity

Strategic goals

• › Boost German leadership in IR and FX risk management solutions
• › Enhance our strong European market position in equity derivatives
• ›Important role in German corporate finance (equity and debt)
• ›Selectively expanding the international client franchise

›Stabilisation of revenues

Operating profit

• ›Exploitation of cost synergies
• ›Sustainability of results
• › Release of balance sheet usage and equity tied up

Asset Based Finance – successful downsizing and de-risking

Key achievements

• › ABF division vigorously restructured and refocusedsince 2008
• › Asset volume and risk reduced despite extremely challenging conditions
• ›Integration of Ship Finance activities

Value drivers

• ›Winding down Public Finance portfolio
• ›Downsizing CRE asset & RWA base
• ›Further reduction of risks

Strategic goals

• › Becoming no. 1 partner for
• Commercial Real Estate: offering real estate financing and real estate asset management
• Maritime industry: offering ship financing and non-finance products

›Enhancing risk/return profile

Operating profit

in € ^m

• -Reducing funding requirements
• -Cost management
• -Sustaining client franchise

Further reduction of CRE and Public Finance portfolios

1) Volume includes Eurohypo portfolio and further assets assigned outside of Eurohypo at Commerzbank; 2) PF includes Eurohypo and EEPK portfolio

Portfolio Restructuring Unit – value maximization

Key achievements

• › Balance sheet reduction by more than 50% since Dec2009
• › Actively managed and downsized structured credit portfolio – in line with value maximization
• › Solid performance with €570m operating profit in first nine months

Value drivers

• ›Write-back potential on a large part of the portfolio
• › Portion of portfolio with loss potential reduced significantly

Strategic goal

• › Run-off unit including all ABS-related and structured credit portfolios
• ›Further downsizing planned

Tier 1 ratio further improved

¹⁾ 2008 pro-forma 2) incl. Q1 profit 3)incl. H1 profit

Commerzbank's next steps

Targets for 2010 exceeded

• Profitable core bank
• MSB continues to contribute significantly to overall group
• PC positive despite challenging conditions
• C&M and CEE with considerably improved performance (vs. 2009)
• Significantly reduced LLPs
• Downsizing and de-risking in ABF is continuing
• Integration process and targeted synergies continue to be a priority
• Group turnaround

Targets for 2011

• Private Customers
• H1 integration
• H2 reaping the synergies of a lower cost base in 2012
• Mittelstandsbank
• Set to grow by leveraging strong market position
• Risk reduction
• Further downsizing of noncore businesses (ABF and PRU)
• Lower operating expenses and higher operating profit than in 2010

Longer-term targets (2012 roadmap)

• €4 bn Group operating profit pre regulatory effects under stable market conditions

• Target CIR of below 60%
• Cost-synergies of €2.2 bn in 2012 (targeted synergies of €2.4 bn 2013 et seq.)
• Repayment of silent participation starting by 2012 at the latest

Impact of Basel III RWA effects under control – active managementcompensates regulatory effects

* RWA equivalents: Tier 1 capital deductions multiplied by 12.5

Germany is the economic engine of the Eurozone

Status quo

• Germany: the largest and most dynamic economy in the Eurozone
• Stable economic situation
• Low level of private sector debt
• Low inflation risk
• No bubbles, low spreads
• Favourable political environment
• Competitive banking landscape

2010

• › Germany recovering strongly from financial crisis
• › Germany currently benefits from strong demand for investment goods and its strong positioning in Asian markets
• › "Labour market miracle": level of unemployment already below precrisis level

2011 – 2012 expectation

• › Recovery will continue, no double dip expected in the US or in the Eurozone
• › Germany continue to 'outperform' within the Eurozone
• › Less dynamic world economy and ongoing consolidation efforts in the Eurozone will slow down growth
• ›Stabilization of inflation at a low level
• › ECB not expected to start to hike rates in 2011

Wide range of options for payback of SoFFin funds

C i l i ( € ) t a p a o v e r v e w m	th S 3 0 2 0 1 0 e p,
1 C i t o r e e q u y	1 3, 1 6 9	R i d t e a n e	C i l t a p a
S i l P i i i t t t e n a r c p a o n s	1 1 8 7, 7	i e a r n n g s	i n c r e a s e
I ' i l M I t t n v e s o r s c a p a e x	3 0, 3 4 7
2 M i i i ( I F R S ) t t t n o r y n e r e s s	7 7 3
3 D d i t e u c o n s	-3 4 7 7 ,	S f l a e o	C i l t a p a
T i 1 h b i d i l t e r y r c a p a	3, 4 7 7	t a s s e s	t m a n a g e m e n
B l I I T i 1 i l t a s e e r c a p a	3 1, 4 1 6

Successful implementation of Roadmap 2012 creates a wide range of options to repay SoFFin funds

1) Including subscribed capital, capital reserve, retained earnings, reserve from currency translation and P&L 2) Excluding revaluation reserve, cash flow hedges and consolidated profit 3) Including change in consolidated companies, goodwill, consolidated net profit minus portion of dividend and others

Commerzbank expects full year 2010 net profit of more than € 1bn

Commerzbank benefiting from the strong German economy

Main focus areas 2011:

PC – H1 Integration, H2 reaping the synergies of a lower cost base

MSB – set to grow by leveraging strong market leader position

Risk reduction – further down-sizing of non-core businesses (ABF and PRU)

Risk provisioning and operating expenses expected to be further reduced in 2011

Commerzbank with tailwind into 2011, operating profit is targeted to be above the level of 2010

Roadmap 2012 targets confirmed pre regulatory effects

Outlook – Commerzbank is well on track to achieve its 2012 goals

	M e a s r e s u	M	i P & L i t a n e m s		T t a r g e s
			2 0 1 0 2 0 0 9 v s.	2 0 1 2 2 0 1 0 v s.
I	E h d n a n c e f i b i l i t t p r o a y	R e v e n u e s			O i t p g P e r a n f i t r o € 4 b n >
I I	S y n e r g y l i i t r e a a o n z	O i t p e r a n g e x p e n s e s			C I R 4 0 % <
I I I	R i k s d i t r e u c o n	L L P
		N R E t e o			N R E t e o 1 2 % >

Appendix

Commerzbank Group

in € m	Q 1 20 0 9	Q 2 20 0 9	Q 3 20 0 9	9 M 20 0 9	Q 4 20 0 9	Q 1 20 10	Q 2 20 10	Q 3 20 10	9 M 20 10
Ne inte inc t t res om e	1, 69 2	1, 83 8	1, 76 9	5, 29 9	1, 89 0	1, 88 8	1, 85 9	1, 62 8	5, 37 5
Pro vis ion for lo lo s an ss es	84 4 -	-99 3	-1, 05 3	-2, 89 0	-1, 32 4	-64 4	-63 9	-62 1	-1, 90 4
Ne inte inc fte is ion t t res om e a r p rov s	84 8	84 5	71 6	2, 40 9	56 6	1, 24 4	1, 22 0	1, 00 7	3, 47 1
Ne mis ion in t c om s co me	86 3	96 0	96 5	2, 78 8	98 5	99 7	90 5	87 0	2, 2 77
Ne d ing in t tr a co me	-54 0	58	64 7	16 5	-57 4	83 6	31 6	42 2	1, 57 4
Ne inv inc t tm t es en om e	38 6	172	-54	50 4	-87	-11 9	60	-24	-83
Ot he lt r re su	-71	5	112	46	-68	22	-30	26	18
Re be for LL P ven ue e	2, 33 0	3, 03 3	3, 43 9	8, 80 2	2, 14 6	3, 62 4	3, 11 0	2, 92 2	9, 65 6
Re fte r L LP ven ue a	1, 48 6	2, 04 0	2, 38 6	91 2 5,	82 2	2, 98 0	2, 47 1	2, 30 1	752 7,
Op ing t era ex p en se s	2, 08 1	2, 26 3	2, 26 4	6, 60 8	2, 39 6	2, 20 9	2, 22 8	2, 18 5	6, 62 2
Op ing fit / los t era p ro s	-59 5	-22 3	122	-69 6	-1, 4 57	1 77	24 3	11 6	1, 130
Imp irm f g dw ill a nd br d n ts a en o oo an am es	0	70	64 6	71 6	52	0	0	0	0
Re str tur ing uc ex p en se s	28 9	21 6	90 4	1, 40 9	21 2	0	33	0	33
Pre fit / los -ta x p ro s	-88 4	-50 9	-1, 42 8	-2, 82 1	-1, 83 8	77 1	21 0	11 6	1, 09 7
Inv Ca ita l tor es s p	23 63 9 ,	25 74 1 ,	32 87 1 ,	27 41 7 ,	31 15 7 ,	30 28 3 ,	30 96 7 ,	31 22 2 ,	30 82 4 ,
RW A ( En d o f P io d ) er	31 5, 73 3	29 6, 57 9	29 2, 71 2	29 2, 71 2	28 0, 13 3	27 8, 88 6	29 0, 20 0	27 9, 59 7	27 9, 59 7
Co / ( ) st inc at io % om e r	89 .3%	74 .6%	65 .8%	75 .1%	11 1.6 %	61 .0%	71 .6%	74 .8%	68 .6%
Op ( ) ing ity % t tur era re n o n e q u	10 .1% -	-3. 5%	1.5 %	-3. 4%	-20 .2%	10 .2%	3.1 %	1.5 %	4.9 %
/ Re ity f p fit los ( % ) tur tax n o n e q u o re- p ro s	15 .0% -	-7. 9%	-17 .4%	-13 .7%	-23 .6%	10 .2%	2.7 %	1.5 %	4.7 %

Private Customers

in € m	Q 1 2 0 0 9	Q 2 2 0 0 9	Q 3 20 0 9	9 M 20 0 9	Q 4 2 0 0 9	Q 1 2 0 10	Q 2 2 0 10	Q 3 20 10	9 M 20 10
Ne inte inc t t res om e	55 1	55 1	52 7	1, 62 9	53 3	49 6	49 1	50 6	1, 49 3
Pro vis ion for lo lo s an ss es	-50	-54	-70	-17 4	-72	-66	-70	-64	-20 0
Ne inte inc fte is ion t t res om e a r p rov s	50 1	49 7	45 7	1, 45 5	46 1	43 0	42 1	44 2	1, 29 3
Ne mis ion in t c om s co me	51 3	54 0	56 7	1, 62 0	54 8	54 8	49 9	45 9	1, 50 6
Ne d ing in t tr a co me	-1	-5	3	-3	2	1	1	2	4
Ne inv inc t tm t es en om e	-1	-7	13	5	-9	9	5	4	18
Ot he lt r re su	-2	-15	-58	-75	-23	-48	5	-5	-48
Re be for LL P ven ue e	1, 06 0	1, 06 4	1, 05 2	3, 17 6	1, 05 1	1, 00 6	1, 00 1	96 6	2, 97 3
Re fte r L LP ven ue a	1, 01 0	1, 01 0	98 2	3, 00 2	97 9	94 0	93 1	90 2	2, 77 3
Op ing t era ex p en se s	97 1	95 1	93 7	2, 85 9	96 2	91 3	91 3	87 5	2, 70 1
Op ing fit / los t era p ro s	39	59	45	14 3	17	27	18	27	72
Imp irm f g dw ill a nd br d n ts a en o oo an am es	0	0	0	0	0	0	0	0	0
Re str tur ing uc ex p en se s	51	43	192	28 6	52	0	0	0	0
Pre fit / los -ta x p ro s	-12	16	-14 7	-14 3	-35	27	18	27	72
Av ita l em loy d era g e c ap p e	3, 33 2	3, 26 8	3, 25 2	3, 28 4	3, 17 3	3, 42 2	3, 45 8	3, 34 1	3, 40 7
RW A ( En d o f P io d ) er	31 42 8 ,	31 25 3 ,	31 52 4 ,	31 52 4 ,	30 26 5 ,	29 45 0 ,	30 10 0 ,	28 55 7 ,	28 55 7 ,
Co / inc io ( ) st at % om e r	91 .6%	89 .4%	89 .1%	90 .0%	91 .5%	90 .8%	91 .2%	90 .6%	90 .9%
Op ( ) t ing tur ity % era re n o n e q u	4.7 %	7.2 %	5.5 %	5.8 %	2.1 %	3.2 %	2.1 %	3.2 %	2.8 %
/ ( ) Re ity f p fit los % tur tax n o n e q u o re- p ro s	1.4 % -	2.0 %	-18 .1%	-5. 8%	-4. 4%	3.2 %	2.1 %	3.2 %	2.8 %

Mittelstandsbank

in € m	Q 1 2 0 0 9	Q 2 2 0 0 9	Q 3 20 0 9	9 M 20 0 9	Q 4 2 0 0 9	Q 1 2 0 10	Q 2 2 0 10	Q 3 20 10	9 M 20 10
Ne inte inc t t res om e	54 7	54 2	50 3	1, 59 2	55 6	51 8	55 4	49 6	1, 56 8
Pro vis ion for lo lo s an ss es	-90	-23 6	-33 0	-65 6	-29 8	-16 1	-94	78	-17 7
Ne inte inc fte is ion t t res om e a r p rov s	45 7	30 6	17 3	93 6	25 8	35 7	46 0	4 57	1, 39 1
Ne mis ion in t c om s co me	24 5	21 8	22 3	68 6	22 5	26 8	21 9	24 1	72 8
Ne d ing in t tr a co me	3	-49	-62	-10 8	-14	-4	50	-14	32
Ne inv inc t tm t es en om e	-1	0	1	0	1	-3	15	29	41
Ot he lt r re su	-53	-8	64	3	-71	45	-11	-9	25
Re be for LL P ven ue e	74 1	70 3	72 9	2, 17 3	69 7	82 4	82 7	74 3	2, 39 4
Re fte r L LP ven ue a	65 1	46 7	39 9	1, 51 7	39 9	66 3	73 3	82 1	2, 21 7
Op ing t era ex p en se s	33 1	34 1	33 9	1, 01 1	32 1	35 8	34 7	36 5	1, 07 0
Op ing fit / los t era p ro s	32 0	12 6	60	50 6	78	30 5	38 6	45 6	1, 147
Imp irm f g dw ill a nd br d n ts a en o oo an am es	0	0	0	0	0	0	0	0	0
Re str tur ing uc ex p en se s	17	8	50	75	-1	0	0	0	0
Pre fit / los -ta x p ro s	30 3	11 8	10	43 1	79	30 5	38 6	45 6	1, 147
Av ita l em loy d era g e c ap p e	5, 69 7	5, 38 4	5, 25 7	5, 44 6	5, 23 3	5, 47 1	5, 44 6	5, 66 6	5, 52 8
RW A ( En d o f P io d ) er	67 58 0 ,	66 58 7 ,	63 88 1 ,	63 88 1 ,	63 12 7 ,	63 45 9 ,	68 33 8 ,	65 94 3 ,	65 94 3 ,
Co / inc io ( ) st at % om e r	44 .7%	48 .5%	46 .5%	46 .5%	46 .1%	43 .4%	42 .0%	49 .1%	44 .7%
Op ( ) t ing tur ity % era re n o n e q u	22 .5%	9.4 %	4.6 %	12 .4%	6.0 %	22 .3%	28 .4%	32 .2%	27 .7%
/ Re ity f p fit los ( % ) tur tax n o n e q u o re- p ro s	21 .3%	8.8 %	0.8 %	10 .6%	6.0 %	22 .3%	28 .4%	32 .2%	27 .7%

Central and Eastern Europe

in € m	Q 1 2 0 0 9	Q 2 2 0 0 9	Q 3 20 0 9	M 9 20 0 9	Q 4 2 0 0 9	Q 1 2 0 10	Q 2 2 0 10	Q 3 20 10	M 9 20 10
Ne inte inc t t res om e	164	16 3	16 0	48 7	17 8	15 9	16 1	164	48 4
Pro vis ion for lo lo s an ss es	17 3 -	-20 2	-14 1	-51 6	-29 6	-94	-92	-12 7	-31 3
Ne inte inc fte is ion t t res om e a r p rov s	9 -	-39	19	-29	-11 8	65	69	37	17 1
Ne mis ion in t c om s co me	31	46	46	12 3	47	47	53	53	15 3
Ne t tr d ing in a co me	29	19	15	63	16	18	20	19	57
Ne inv inc t tm t es en om e	-5	-1	-3	-9	-5	-1	4	4	7
Ot he lt r re su	7	3	2	12	-7	3	9	9	21
Re be for LL P ven ue e	22 6	23 0	22 0	67 6	22 9	22 6	24 7	24 9	72 2
Re fte r L LP ven ue a	53	28	79	160	-67	132	155	122	40 9
Op ing t era ex p en se s	11 5	11 6	12 0	35 1	13 5	12 7	14 7	15 3	42 7
Op ing fit / los t era p ro s	-62	-88	-41	-19 1	-20 2	5	8	-31	-18
Imp irm f g dw ill a nd br d n ts a en o oo an am es	0	0	0	0	0	0	0	0	0
Re ing str tur uc ex p en se s	0	0	0	0	5	0	0	0	0
fit / Pre -ta los x p ro s	-62	-88	-41	-19 1	-20 7	5	8	-31	-18
Av ita l em loy d era g e c ap p e	1, 65 3	1, 59 7	1, 61 9	1, 62 3	1, 1 55	1, 59 8	1, 59 7	1, 67 5	1, 62 3
( f P ) RW A En d o io d er	19 21 3 ,	18 62 6 ,	19 06 6 ,	19 06 6 ,	18 35 6 ,	18 72 7 ,	19 70 1 ,	18 99 0 ,	18 99 0 ,
Co / ( ) inc io % st at om e r	50 .9%	50 .4%	54 .5%	51 .9%	59 .0%	56 .2%	59 .5%	61 .4%	59 .1%
Op ing ity ( % ) t tur era re n o n e q u	15 .0% -	-22 .0%	-10 .1%	-15 .7%	-52 .1%	1.3 %	2.0 %	-7. 4%	-1. 5%
Re ity f p fit / los ( % ) tur tax n o n e q u o re- p ro s	15 .0% -	-22 .0%	-10 .1%	-15 .7%	-53 .4%	1.3 %	2.0 %	4% -7.	-1. 5%

Corporates & Markets

in € m	Q 1 2 0 0 9	Q 2 2 0 0 9	Q 3 20 0 9	M 9 20 0 9	Q 4 2 0 0 9	Q 1 2 0 10	Q 2 2 0 10	Q 3 20 10	M 9 20 10
Ne inte inc t t res om e	17 7	19 6	26 3	63 6	144	21 2	20 4	13 3	54 9
Pro vis ion for lo lo s an ss es	25 4 -	33	-43	-26 4	-25	19	1	-17	3
Ne inte inc fte is ion t t res om e a r p rov s	77 -	22 9	22 0	37 2	11 9	23 1	20 5	11 6	2 55
Ne mis ion in t c om s co me	82	95	98	27 5	84	77	64	53	194
Ne t tr d ing in a co me	57 2	18 3	46	80 1	-12 7	44 8	18 7	31 3	94 8
Ne inv inc t tm t es en om e	-19	-6	28	3	24	-14	43	31	60
Ot he lt r re su	-15	18	6	9	-4	9	10	26	45
Re be for LL P ven ue e	79 7	48 6	44 1	1, 72 4	12 1	73 2	50 8	6 55	1, 79 6
Re fte r L LP ven ue a	54 3	51 9	39 8	1, 46 0	96	75 1	50 9	53 9	1, 79 9
Op ing t era ex p en se s	50 0	52 0	49 0	1, 51 0	46 6	41 0	39 6	43 9	1, 24 5
Op ing fit / los t era p ro s	43	-1	-92	-50	-37 0	34 1	11 3	10 0	4 55
Imp irm f g dw ill a nd br d n ts a en o oo an am es	0	0	21	21	2	0	0	0	0
Re ing str tur uc ex p en se s	62	63	79	20 4	-76	0	0	0	0
fit / Pre -ta los x p ro s	-19	-64	-19 2	-27 5	-29 6	34 1	11 3	10 0	55 4
Av ita l em loy d era g e c ap p e	4, 80 6	4, 2 55	4, 20 8	4, 52 2	4, 11 9	3, 84 5	3, 89 2	3, 87 7	3, 87 1
( f P ) RW A En d o io d er	66 102 ,	56 87 3 ,	57 20 5 ,	57 20 5 ,	52 67 2 ,	51 42 0 ,	53 20 0 ,	52 66 4 ,	52 66 4 ,
Co / ( ) inc io % st at om e r	62 .7%	10 7.0 %	11 1.1 %	87 .6%	38 5.1 %	56 .0%	78 .0%	79 .0%	69 .3%
Op ing ity ( % ) t tur era re n o n e q u	3.6 %	-0. 1%	-8. 7%	-1. 5%	-35 .9%	35 .5%	11 .6%	10 .3%	19 .1%
Re ity f p fit / los ( % ) tur tax n o n e q u o re- p ro s	1.6 % -	6% -5.	-18 .3%	-8. 1%	-28 .7%	35 .5%	11 .6%	10 .3%	19 .1%

Asset Based Finance

in € m	Q 1 2 0 0 9	Q 2 2 0 0 9	Q 3 20 0 9	9 M 20 0 9	Q 4 2 0 0 9	Q 1 2 0 10	Q 2 2 0 10	Q 3 20 10	9 M 20 10
Ne inte inc t t res om e	25 9	32 8	24 9	83 6	26 5	29 7	32 0	27 4	89 1
Pro vis ion for lo lo s an ss es	20 7 -	-35 9	-37 1	-93 7	-65 1	-32 5	-35 4	-49 3	-1, 172
Ne inte inc fte is ion t t res om e a r p rov s	52	-31	-12 2	-10 1	-38 6	-28	-34	-21 9	-28 1
Ne mis ion in t c om s co me	63	75	66	20 4	93	88	80	83	25 1
Ne d ing in t tr a co me	26 2	-73	69	25 8	-61	-4	30	-49	-23
Ne inv inc t tm t es en om e	-43	3	-2	-42	-45	-2	-15 8	-51	-21 1
Ot he lt r re su	3	-2	15	16	-80	13	-20	-21	-28
Re be for LL P ven ue e	54 4	33 1	39 7	1, 27 2	172	39 2	25 2	23 6	88 0
Re fte r L LP ven ue a	33 7	-28	26	33 5	-47 9	67	-10 2	-25 7	-29 2
Op ing t era ex p en se s	16 8	17 0	15 8	49 6	17 3	152	14 7	14 7	44 6
Op ing fit / los t era p ro s	16 9	-19 8	-13 2	-16 1	-65 2	-85	-24 9	-40 4	-73 8
Imp irm f g dw ill a nd br d n ts a en o oo an am es	0	70	62 4	69 4	51	0	0	0	0
Re str tur ing uc ex p en se s	0	47	16	63	4	0	33	0	33
Pre fit / los -ta x p ro s	16 9	-31 5	-77 2	-91 8	-70 7	-85	-28 2	-40 4	-77 1
Av ita l em loy d era g e c ap p e	7, 42 0	6, 85 3	6, 57 0	6, 94 8	6, 44 1	6, 43 7	6, 21 8	6, 32 5	6, 32 7
RW A ( En d o f P io d ) er	94 73 9 ,	88 59 3 ,	90 09 0 ,	90 09 0 ,	89 68 5 ,	88 08 7 ,	90 32 7 ,	85 53 9 ,	85 53 9 ,
Co / inc io ( ) st at % om e r	30 .9%	51 .4%	39 .8%	39 .0%	10 0.6 %	38 .8%	58 .3%	62 .3%	50 .7%
Op ( ) t ing tur ity % era re n o n e q u	9.1 %	-11 .6%	-8. 0%	-3. 1%	-40 .5%	-5. 3%	-16 .0%	-25 .5%	-15 .6%
/ ( ) Re ity f p fit los % tur tax n o n e q u o re- p ro s	9.1 %	-18 .4%	-47 .0%	-17 .6%	-43 .9%	-5. 3%	-18 .1%	-25 .5%	-16 .2%

Portfolio Restructuring Unit

in € m	Q 1 2 0 0 9	Q 2 2 0 0 9	Q 3 20 0 9	9 M 20 0 9	Q 4 2 0 0 9	Q 1 2 0 10	Q 2 2 0 10	Q 3 20 10	9 M 20 10
Ne inte inc t t res om e	72	65	52	18 9	63	23	10	29	62
Pro vis ion for lo lo s an ss es	-71	-16 9	-98	-33 8	11	-22	-28	-2	-52
fte Ne t inte t inc is ion res om e a r p rov s	1	-10 4	-46	-14 9	74	1	-18	27	10
Ne mis ion in t c om s co me	12	0	-2	10	1	-3	7	2	6
Ne d ing in t tr a co me	-1, 25 9	24	69 7	-53 8	-27 4	28 2	56	32 8	66 6
Ne inv inc t tm t es en om e	-13 5	-13 0	-10 5	-37 0	-62	-94	70	-9	-33
Ot he lt r re su	0	0	1	1	3	0	7	-3	4
Re be for LL P ven ue e	-1, 31 0	-41	64 3	-70 8	-26 9	20 8	15 0	34 7	70 5
fte Re r L LP ven ue a	-1, 38 1	-21 0	54 5	-1, 04 6	-25 8	186	122	34 5	65 3
Op ing t era ex p en se s	34	32	41	10 7	41	25	28	30	83
Op fit / t ing los era p ro s	-1, 41 5	-24 2	50 4	-1, 15 3	-29 9	16 1	94	31 5	57 0
Imp irm f g dw ill a nd br d n ts a en o oo an am es	0	0	0	0	0	0	0	0	0
Re ing str tur uc ex p en se s	3	-1	0	2	0	0	0	0	0
Pre fit / los -ta x p ro s	-1, 41 8	-24 1	50 4	-1, 15 5	-29 9	16 1	94	31 5	57 0
Av ita l em loy d era g e c ap p e	1, 94 4	1, 80 8	1, 67 5	1, 80 9	1, 53 2	1, 36 3	1, 25 0	1, 13 7	1, 25 0
RW A ( En d o f P io d ) er	19 99 0 ,	18 36 1 ,	16 11 3 ,	16 11 3 ,	11 112 ,	13 46 2 ,	12 23 4 ,	10 92 9 ,	10 92 9 ,
Co / inc io ( % ) st at om e r	/a n	/a n	6.4 %	/a n	/a n	12 .0%	18 .7%	8.6 %	11 .8%
Op ing ity ( % ) t tur era re n o n e q u	29 1.2 % -	-53 .5%	12 0.4 %	-85 .0%	-78 .1%	47 .2%	30 .1%	11 0.8 %	60 .8%
Re ity f p fit / los ( ) tur tax % n o n e q o re- p ro s u	29 1.8 % -	-53 .3%	12 0.4 %	-85 .1%	-78 .1%	47 .2%	30 .1%	11 0.8 %	60 .8%

Others & Consolidation

in € m	Q 1 2 0 0 9	Q 2 2 0 0 9	Q 3 20 0 9	M 9 20 0 9	Q 4 2 0 0 9	Q 1 2 0 10	Q 2 2 0 10	Q 3 20 10	M 9 20 10
Ne t inte t inc res om e	-78	-7	15	-70	15 1	18 3	11 9	26	32 8
Pro vis ion for lo lo s an ss es	1	-6	0	-5	7	5	-2	4	7
Ne inte inc fte is ion t t res om e a r p rov s	77 -	-13	15	-75	15 8	18 8	11 7	30	33 5
Ne mis ion in t c om s co me	-83	-14	-33	-13 0	-13	-28	-17	-21	-66
Ne d ing in t tr a co me	-14 6	-41	-12 1	-30 8	-11 6	95	-28	-17 7	-11 0
Ne t inv tm t inc es en om e	59 0	31 3	14	91 7	9	-14	81	-32	35
Ot he lt r re su	-11	9	82	80	114	0	-30	29	-1
Re be for LL P ven ue e	27 2	26 0	-43	48 9	14 5	23 6	12 5	-17 5	18 6
Re fte r L LP ven ue a	27 3	25 4	-43	48 4	152	24 1	123	-17 1	193
Op ing t era ex p en se s	-38	13 3	17 9	27 4	29 8	22 4	25 0	17 6	65 0
Op ing fit / los t era p ro s	31 1	12 1	-22 2	21 0	-14 6	17	-12 7	-34 7	-45 7
f g Imp irm ts dw ill a nd br d n a en o oo an am es	0	0	1	1	-1	0	0	0	0
Re ing str tur uc ex p en se s	15 6	56	56 7	77 9	22 8	0	0	0	0
Pre fit / los -ta x p ro s	15 5	65	-79 0	-57 0	-37 3	17	-12 7	-34 7	-45 7
Av ita l em loy d era g e c ap p e	1, 21 3 -	2, 28 0	10 29 0 ,	3, 78 5	9, 10 8	8, 14 7	9, 10 6	9, 20 2	8, 81 8
( f P ) RW A En d o io d er	16 68 1 ,	16 28 5 ,	14 83 3 ,	14 83 3 ,	14 91 6 ,	14 28 3 ,	16 30 1 ,	16 97 5 ,	16 97 5 ,
Co / ( ) inc io % st at om e r	/a n	51 .2%	/a n	56 .0%	20 5.5 %	94 .9%	20 0.0 %	-10 0.6 %	34 9.5 %
Op ing ity ( % ) t tur era re n o n e q u	102 .6% -	21 .2%	-8. 6%	7.4 %	-6. 4%	0.8 %	-5. 6%	-15 .1%	-6. 9%
Re ity f p fit / los ( % ) tur tax n o n e q u o re- p ro s	51 .1% -	11 .4%	-30 .7%	-20 .1%	-16 .4%	0.8 %	-5. 6%	-15 .1%	-6. 9%

Group equity definitions

Reconciliation of equity definitions

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

Equity basis for RoE

Basis for operating RoE and pre-tax RoE

* excluding:

Revaluation reserve

Cash flow hedges

Consolidated profit/loss

Balance Sheet Leverage Ratio

( i € ) n m	3 1. 1 2. 2 0 0 9	3 0. 0 9. 2 0 1 0
i E t q u y	2 6, 5 7 7	2 8, 0 7 4
T l A t t o a s s e s	8 4 4, 1 0 3	8 4 8, 3 1 3
D i i i t t t e r v a v e s n e n g	-6 3 2 5 ,	-6 0 2 9 ,
/ T d i l i b i l i i i t t t t r a n g a s s e s a e s n e n g	-1 9 3, 0 0 4	-2 2 6, 9 2 5
f D d i t t t e e r r e a e s n e n g x	-2 8 6 5 ,	-1 8 0 7 ,
O / h l i b i l i i i t t t t t e r a s s e s a e s n e n g	8 9 3 -7 ,	-6 0 1 7 ,
j T l A d d A t t t o a u s e s s e s	6 3 4, 2 6 8	6 0 7, 5 6 2
L R i t e e r a g e a o v	2 4	2 2

››››Done 2010YTD*6.5 bn7.6 bn14.1 bn~ 483315Maturing Capital Market Liabilities60–70%Not to berefinanced1/3Funding plan12 - 15~ 1 / 3Covered Bonds Unsecured Funding33 - 362 / 31 / 3²⁰¹⁰ Fundingplan ~ 2 / 3in € bn

2010 funding needs fulfilled by end of Q3

* As of 30 September 2010

• Funding needs 2010 fulfilled with total capital markets issuance of €14.1 bn
• Funding supported through strong retail and private placement franchise
• Successful 10 year unsecured benchmark transaction supports maturity profile
• Pfandbrief market continues to serve as a stable funding source
• › Funding needs for 2011 expected to be below funding 2010

Average maturity of unsecured issues lengthened in 2010

• › €1 bn senior unsecured benchmark with 10 year maturity placed in September – second long-dated benchmark in 2010 (7 year transaction in March)
• › Average maturity of new issuance significantly increased to 6.8 years vs. 4.3 years in 2009

• › Currency diversification, e.g. through USD, JPY, AUD, and NOK private placements

• › Pfandbrief funding continues in size

• • Successful public sector and mortgage Jumbos
• • €725 m Jumbo taps at attractive funding levels in Q3 2010
• -Constant flow of private placements
• ›Lettres de Gage benchmark by Eurohypo Lux

2011 funding plan: maturing debt exceeds planned new issuance

• Total funding plan of €10-12 bn to be covered mainly by private placements
• 2011 maturities of approx. €36 bn will lead to further reduction of the Group's capital markets exposure

PRU Structured Credit by Business Segment - Sept 2010

• Continue exits focussing increasingly on lower grade product if liquidity returns
• Overall the bank expects write-ups over the residual life of these assets, with future writedowns such as on US RMBSsand US CDOs of ABSs, which have already been writtendown substantially, being more than compensated by ^a positive performance from other assets
• Markets may remain volatile; exogenous events might impact liquidity and lead to a re-increase in spreads

( ) in € bn		No io l Va lu t na e		Ne As * t 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		Se 1 0 p-	Ju 1 0 n-	Se 1 0 p-	Ju 1 0 n-	Se 1 0 p-	Ju 1 0 n-	Se 1 0 p-	Ju 1 0 n-	Q 3 2 0 1 0	Se 1 0 p-
R M B S		7. 7	8. 7	2. 2	2. 8	5. 3	5. 8	1 8 2	8	1 6	3 1 %
C S M B		0. 7	0. 8	0. 5	0. 6	0. 5	0. 5	2 5	2 4	1 3	3 3 %
C D O		1 1. 3	1 2. 7	4. 1	4. 5	6. 9	6 7.	4 4 0	2 4 6	4 5	3 9 %
O he A B S t r		3. 7	4. 4	2. 8	3. 5	3. 0	3. 7	3 5	5 3	4	1 9 %
P F I / In fra		4. 3	4. 3	1. 9	2. 0	3. 9	4. 0	1 0 -	8 -	0	9 %
C I R C S		0. 7	0. 7	0. 5	0. 5	0. 0	0. 0	3 -	2 -	0	-
O t he rs		2. 8	3. 4	2. 2	2. 1	0. 2	0. 2	1 2 -	8 -	0	-
To l ta		3 1. 4	5. 3 1	1 4. 2	5. 1 9	1 9. 9	2 1. 7	5 6 7	3 1 3	7 9	3 7 %

* 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

• MtM of derivatives has to be adjusted to the creditworthiness of counterparties. This fair value is corrected through trading P&L via CDA.
• CDA in Q3/2010 decreased slightly by €6m to €616m, mainly driven by non-monoline counterparties. Monoline CDA increased by €5m to €414m as result of higher market credit spreads for the protected assets. The CDA coverage ratio for Monoline protection remained stable at 46%

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 corresponding changes in CDA.

1)CDAs referring to monoline and non-monoline counterparties

Leveraged Acquisition Finance (LAF)

Portfolio details*

• In Q1-Q3 2010 the portfolio was characterized by prepayments and amendments of existing transactions as well as by the funding of new transactions.
• The LAF market has gathered momentum; it confirms the expected process of normalization of this market-segment.
• Total LAF exposure slightly reduced to €3.8bn; minor provisions were established in the second and third quarter.
• Main exposure (~ €3.5bn) managed by C&M, only €244m by MSB (with 99% of the exposure in Germany).

Outlook:

• Due to their high leverage most companies in the portfolio are more susceptible to the economic environment than other corporates across the Bank.
• Particularly lagging business cycle sectors may experience difficulties in the current stage in the economic cycle if theirliquidity position becomes strained. We cannot rule out additional P&L impacts from rating downgrades and/or defaults even if the economic rebound stabilizes.
• New business still requires conservative structures and limited underwriting risks.

* excluding default portfolio

Default Portfolio (as of Sep. 30th, 2010)

Default portfolio and coverage ratios by segment

€m – exclusive/inclusive GLLP

incl. Others and Consolidation

Loan to Value figures in the CRE business(as of Sep. 30th, 2010)

¹LtVs based on market values; excl. margin lines and corporate loans; additional collateral not taken into account All figures relate to business secured by mortgages. Values in parantheses: December 2009

Risk provisions

Specific provisions for loan losses^≥ € ^{10 m}

O h t e r c a s e s € 1 0 m <		€ 1 0 ≥ m € 2 0 m <		€ 2 0 ≥ m € 5 0 m <		≥	€ 5 0 m		I d i i d l n v u a c a s e s € l 1 0 ≥ t t m o a
Y e a r	N t e L L P l t t o a € m	N t e L L P l t t o a € m	N b m e r u f o i t c o m m t m e n s	N t e L L P l t t o a € m	N b m e r u f o i t c o m m t m e n s	N t e L L P l t t o a € m	N b m e r u f o i t c o m m t m e n s	N t e L L P l t t o a € m	N b m e r u f o i t c o m m t m e n s	N L L P t e l t t o a € m
2 0 0 9	2, 1 0 7	6 2 5	4 8	4 9 5	2 2	9 6 0	1 0	2, 1 0 7	8 0	4, 2 1 4
Q Q 1- 3 2 0 1 0	7 8 8	3 3 1	2 9	6 4 4	2 5	1 4 1	6	1, 1 1 6	6 0	1, 9 0 4

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

Jürgen Ackermann (Head of Investor Relations)

P: +49 69 136 22338

M: juergen.ackermann@commerzbank.com

Equity IR

Michael H. Klein (Head of Equity IR)P: +49 69 136 24522M: michael.klein@commerzbank.com

Sandra BüschkenP: +49 69 136 23617M: sandra.bueschken@commerzbank.com

Ute Heiserer-JäckelP: +49 69 136 41874M: ute.heiserer-jaeckel@commerzbank.com

Simone NuxollP: +49 69 136 45660M: simone.nuxoll@commerzbank.com

Stefan PhilippiP: +49 69 136 45231M: stefan.philippi@commerzbank.com

Financial Reporting / Fixed Income Strategic Research

Klaus-Dieter Schallmayer (Head of FR/FI) P: +49-69 263 57628M: klaus-dieter.schallmayer@commerzbank.com

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

Michael DesprezP: +49 69 263 54357M: michael.desprez@commerzbank.com

ir@commerzbank.comwww.ir.commerzbank.com

Dirk Bartsch (Head of Strategic Research) P: +49 69 136 2 2799 M: dirk.bartsch@commerzbank.com

Ulf Plesmann

P: +49 69 136 43888 M: ulf.plesmann@commerzbank.com

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 and projections 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 assetprices 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