Commerzbank AG — Investor Presentation 2012

Nov 8, 2012

Core Bank with solid result in challenging times

Stephan Engels | CFO | Frankfurt/Main | 8 November 2012

Group Operating profit of €216m – Core Bank with solid result

Group operating profit of €216m – negatively affected by NCAEfficiency gains are paying-off – Group CIR below 70%RWA almost flat q-o-q at €206bn, Core Tier I ratio at 12.2%Operating profit in Core Bank with €692m up by 19% q-o-q, partly supported by one-off effects Slight increase in NCI in light of positive market sentiment, while NII margin remains subdued

Commerzbank Financials at a glance

G r o u p	Q 3 2 0 1 1	Q 2 2 0 1 2	Q 3 2 0 1 2
O f ( ) i i € t t p e r a n g p r o m	8 5 5 -	4 1 5	2 1 6
C T i I i B 2. ( % ) t 5 o r e e r r a o	9. 4	1 2. 2	1 2. 2
R W A ( € b ) n	2 4 4	2 1 0	2 0 6
1 ) ( ) L i % t e v e r a g e r a o	2 2	1 9	1 9
C B k ( i l. O & C ) o r e a n n c	Q 3 2 0 1 1	Q 2 2 0 1 2	Q 3 2 0 1 2
O f ( ) i i € t t p e r a n g p r o m	8 6 8	5 8 0	6 9 2
O ( ) R E % p. o	1 6. 4	1 2. 6	1 2. 9
C I R ( ) %	6 4. 7	7 0. 0	6 8. 9
R i k d i f E D ( b ) t s e n s y o a p s	3 1	2 8	2 7
( ) L T D i % t r a o	8 5	8 7	7 7
N C A	Q 3 2 0 1 1	Q 2 2 0 1 2	Q 3 2 0 1 2
O f ( ) i i € t t p e r a n g p r o m	1, 5 1 1 -	1 4 9 -	4 7 6 -
2 ) E D l ( € b ) a o m e n v u	1 9 2	1 5 5	1 4 8
R i k d i f E D ( b ) t s e n s o a p s y	3 6	5 1	5 8

1)

excl. trading assets. 2) EaD performing book only.

Group revenues decline due to NCA development

Q3 vs. Q2 2012

• ▲Revenues of Core Bank higher due to market driven business
• ▼Decline in NCA resulting from valuation effects on derivatives and hedge positions
• ► Slight net LLP increase on Group level – higher net LLP in CRE hot spot markets not fully compensated by net releases in MSB and C&M
• ▲Costs remain stable despite headwinds thanks to efficiency gains
• ▼Higher tax charge due to revaluation of DTA in UK business units

1)consolidated result attributable to Commerzbank shareholder.

Core Bank: slight increase in NCI in light of positive market sentiment

• ▲ NCI benefitting from current positive market sentiment in securities business, mainly in PC – sustainability of pick up uncertain
• ► NII impacted by one-offs; margin remains on low level. Pressure due to 1) lower deposit margins 2) high liquidity buffer and 3) deposit growth while loan business stable
• ▼ Trading income with increase in FIC being significantly overcompensated by lower contribution of Treasury result and negative OCS impact

Core Bank: initiated cost measures are paying-off

Q3 vs. Q2 2012

• ▲Costs down 14% y-o-y – about 1/2 from realized cost synergies and 1/2 from additional cost measures
• ▲ Core Bank CIR of 69% on a good track – further reductions in operating expenses could mostly compensate for increase in personnel expenses (reflecting collectively agreed wage increase)

Core Bank: LLP on very low level – increase expected

Risk Density of EaDbps

• ▲ Good portfolio quality - default portfolio significantly reduced due to exclusion of Bank Forum and successful restructuring measures in MSB
• ▲ LLP on very low level in Q3 – MSB and C&M with net releases

Default volume vs. coverage

► LLP increase expected in Q4 mainly driven by normalising LLP on corporate portfolios

Core Bank with solid operating result

Private Customers: revenues still on a low level but increase insecurities business

Q3 vs. Q2 2012

• ▲ Increasing revenues due to higher number of securities transactions and volumes as well as transaction revenues in Commerz Real
• ▲Net new customers of 63,000 and Assets under Control up by €3bn
• ►Only slight increase in expenses despite collectively agreed salary

PC divisional split

Filialbank – Revenues before LLP €m

›

›

• Stable NII supported by increasing loan margins while deposit margins suffer from low interest rates
• Increasing NCI benefitting from securities business –
• sustainability of pick up uncertain
• Q3 2012› Continuing growth of new business mortgages›Net new customers of 42,000

Asset Management & Leasing – Revenues before LLP

€m

• › Increasing operating revenues largely attributed to transaction gains from asset sales
• › Underlying revenues from running business stable

Direct Banking – Revenues before LLP €m

›

• › Stable revenue development in NII and NCI
• › Higher transaction fees compensate lower trading activities
• Net new customers of 21,000

Mittelstandsbank: robust German economy reflected in low LLP level and net releases

Q3 vs.Q2 2012

• ▼ Revenues with stable development in loan and foreign trade business but suffering from low interest rates and decreasing demand for capital market products
• ▲Net release of LLP due to robust German economy

MSB divisional split

Mittelstand Germany – Revenues before LLP €mbefore LLP €m379 ^{376 412} 254› Stable revenues from German Mittelstand (loan and foreign trade

business)

Corporate Banking & International – Revenues

• › Stable loan and foreign trade business
• › Declining deposit margin and demand for capital market products

Financial Institutions – Revenues before LLP €m

›

Q3 2012

Q2 2012

Q1 2012

1	1	1
0	1	0
4	0	3
Q	Q	Q
1	2	3
2	2	2
0	0	0
1	1	1
2	2	2

• › Revenues almost stable at a sound level due to loan and foreign trade business
• Net trading income Q1 and Q3 suffered from valuation effects

Central & Eastern Europe: stable revenues in BRE and continuing growth of deposit volume

Q3 vs.Q2 2012

• ► CEE Division: Revenues in BRE stable - Bank Forum weaker (closing of sale finalised end of October)
• ▲ BRE: Balance sheet management on track, new deposits of €1.0bn and almost stable interest margins; successful placement of €0.5bn EMTN bonds

Corporates & Markets: improved market sentiment contributes to operating result

Q3 vs.Q2 2012

• ▲Underlying revenues show improvement q-o-q mainly in FIC
• ► Negative OCS effect of €-57m and OIS adjustment of €-45m overcompensated by gains on investments of €121m
• ► Figures for the first time including former PRU (now Structured Credit Legacy) contributing €61m (€35m revenues before LLP, €34m net release LLP and €8m costs)

Corporates & Markets divisional split

Continued steady performance of Corporate Finance driven by higher revenues in DCM Loans quarter-on-quarter and consistent performance in DCM Bonds and Structured Finance

EMC – Revenues before LLP€m

1	1	1
3	1	0
6	0	8
Q	Q	Q
1	2	3

2012

2012

› EMC Q3 revenues are stable compared to Q2 as client demand for medium to longterm investment products improved

FIC – Revenues before LLP

• Improvement in Credit and FX trading supported by more stable market environment towards the end of Q3
• Net impact by valuation adjustments of approx. €-45m, mainly in Rates Trading caused by using overnight index swap (OIS) in line with industry standards

CPM – Revenues before LLP€m

2012

4 7	5 7	1 0 8
Q 1 2 0 1 2	Q 2 2 0 1 2	Q 3 2 0 1 2

• › CPM as an integrated centre of competence of loan and counterparty credit exposure management
• › €35m in revenues contributed by inclusion of Structured Credit Legacy (former PRU assets)

1)OCS effect of -€2m in EMC

NCA: Q3 negatively affected by valuation effects and higher LLP

Q3 vs. Q2 2012

• ▼ Revenue decline mainly caused by negative trading result, reflecting valuation effects on derivatives and hedge positions
• ▼Increase in LLP driven by CRE hot spot markets – Deutsche Schiffsbank LLP remain on a high level
• ► Increase in average equity reflects re-allocation of capital underlying the EBA sovereign buffer from O&C to NCA1)

1)EBA-Buffer re-allocated as of Q4 2011 from O&C to NCA (restated in Q3 2012).

NCA: continued portfolio reduction in PF and CRE

• ▼ LLP increase in NCA of 27% q-o-q with ongoing high LLP in Deutsche Schiffsbank and LLP increase in CRE as expected
• ▲ Portfolio reduction of 5% in NCA q-o-q (-4% in PF and -6% in CRE)

In light of turbulent market we have significantly increased ourliquidity reserve

• › Historically high liquidity reserve reflects very conservative approach
• › Central bank eligible assets with broad diversification
• › Due to significantly reduced risk of Euro break-up normalisation in liquidity management
• › Payback of LTRO I in Q1 2013 envisaged

1)including cash components.

Conclusion and Outlook

Current positive market sentiment is fragile, revenues will remain under pressure

Further efficiency gains in FY 2012 with expenses on group-level of ≤€7.2bn

Operating profit in Q4 expected to be below Q3 – net profit in Q4 i.a. affected bysale of Bank Forum as announced

Core Tier I ratio under Basel III phase-in comfortably >9%

Appendix: Segment reporting

Stephan Engels | CFO | Frankfurt/Main | 8 November 2012²⁰

German economy has slowed down – but still outperforming Eurozone

Current development

• › German economy has slowed down significantly since fall 2011.
• › Investment in machinery and equipment in particular have lost steam, pointing to the uncertainty regarding the future of EMU as the main reason for the slow-down.
• › Weak leading indicators are signaling the risk of a GDP decline in Q4
• › Downward-trend of unemployment has stopped.

DAX

(average p.a.)

Our expectation for 2012/2013

• › A still growing demand from outside the Euro area and expansionary monetary policy will prevent Germany to fall into a recession as the peripherals did already.
• › Willingness of the ECB to buy peripheral bonds will reduce EMU break-up risk.
• › Less uncertainty will lead to a revival of the German Economy in the course of 2013; chance of strong growth in 2014.

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; however, the advantage is about to decline
• Germany benefits from its strong positioning in Asian markets and Emerging Markets in general

GDP

(Change vs previous year in %)

Euribor

in % (average p.a.)

Default Portfolio (Q3 2012)

Default portfolio and coverage ratios by segment

€m – excluding/including GLLP

1 Gr ou p 8 % / 9 %					8, 8 0 1 7 1 1 7 8
6 1	6, 9 9 9		9, 3 2 0	8 9 5	7,
iva Cu Pr te to s m er s 8 1 % / 9 2 %	1, 2 0 5 1, 1 1 0 4 1 9 / 5 5 4 / 1 3 7
M i ls ds ba k t te ta n n 6 9 % / 7 7 %	2, 8 2 7 2, 2 1 6 9 / / 2 2 3 1, 4 4 5 4 5
Ce l & Ea Eu tra te n s rn ro p e 2 0 % / 2 % 1 1 4	1, 1 1 6 3 8 6 1, 5 9 8 / 7 3 8 / 5 0
Co & M ke te ts rp or a s ar % / 0 % 4 7 5	2, 1 2 0 1, 0 4 9 9 3 9 / 5 7 / 5 2
No Co As ts n- re se 9 5 % / 9 9 %	3, 5 9 3	7, 4 2 6	1 1, 5 1 1, 4 3 9 7	5 5 1 5
De fa l lum t v o e u	Lo los is ion an s p ro v	s	Co l la ls te ra	G L L P

Commerzbank Group

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 20 12	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% qo q
Ne t in inc ter est om e	1, 72 7	1, 79 0	1, 58 9	5, 106	1, 61 8	1, 42 9	1, 33 3	1, 37 9	4, 14 1	-13 .2	3.5
Pro vis ion s f loa n lo or ss es	-31 8	-27 8	-41 3	-1, 00 9	-38 1	-21 2	-40 4	-43 0	-1, 04 6	4.1	6.4
Ne t in inc fte isio ter est om e a r p rov ns	1, 40 9	1, 51 2	1, 176	4, 09 7	1, 23 7	1, 21 7	92 9	94 9	3, 09 5	-19 .3	2.2
Ne mis sio n in t c om co me	1, 02 0	92 8	844	2, 79 2	70 3	84 3	75 7	84 0	2, 44 0	-0. 5	11. 0
Ne ad ing inc nd inc n h ed ing t tr net unt om e a om e o ge ac co	51 9	57 6	35 3	1, 44 8	53 8	45 7	55 5	146	1, 158	-58 .6	73 .7 -
Ne t in inc stm ent ve om e	12	-95 4	-1, 26 7	-2, 20 9	-1, 40 2	-17 6	-23	30	-16 9	-10 2.4	23 0.4 -
Cu inc nie d f ing th ity tho d nt nte rre om e o n c om pa s a cc ou or us e e qu me	-	13	16	29	13	11	7	16	34	0.0	128 .6
Oth inc er om e	33 8	10	59	40 7	84 6	21	-43	-33	-55	-15 5.9	23 .3 -
Re be for e L LP ven ues	3, 61 6	2, 36 3	1, 59 4	3 7, 57	2, 31 6	2, 585	2, 58 6	2, 37 8	54 9 7,	49 .2	8.0 -
Re af LL P ter ven ues	3, 29 8	2, 085	1, 18 1	6, 56 4	1, 935	2, 37 3	2, 182	1, 94 8	6, 50 3	64 .9	10. 7 -
Op ting era ex pe nse s	2, 154	2, 03 0	2, 03 6	6, 22 0	1, 77 2	1, 78 9	1, 73 1	1, 73 2	5, 25 2	-14 .9	0.1
Op ting ofit era pr	1, 144	55	-85 5	34 4	163	58 4	45 1	21 6	1, 25 1	-12 5.3	52 .1 -
Imp air of odw ill a nd bra nd nts me go nam es	-	-	-	-	-	-	-	-	-	-	-
Re uri str uct ng ex pe nse s	-	-	-	-	-	34	9	-	43	-	100 .0 -
in/l Ne he ive lling ice of dis al g t m ent n t ect ea su rem ga os s o pro sp se pr pos rou ps	-	-	-	-	-	-	-86	3	-83	-	-
Pre rof it -ta x p	1, 144	55	-85 5	34 4	163	0 55	35 6	21 9	1, 125	-12 5.6	38 .5 -
Av ital loy ed era ge ca p em p	32 41 4 ,	31 54 6 ,	28 78 8 ,	30 91 6 ,	28 188 ,	28 56 6 ,	29 58 8 ,	29 95 9 ,	29 37 1 ,	4.1	1.3
RW A ( End of Pe riod )	24 8, 26 9	23 9, 48 9	24 4, 178	24 4, 178	23 6, 59 4	22 2, 94 1	21 0, 150	20 6, 31 1	20 6, 31 1	-15 .5	1.8 -
Co st/ ( %) inc atio om e r	59 .6%	85 .9%	127 .7%	82 .1%	76 .5%	69 .2%	66 .9%	72 .8%	69 .6%
Op ting ity ( %) tur era re n o n e qu	14. 1%	0.7 %	-11 .9%	1.5 %	2.3 %	8.2 %	6.1 %	2.9 %	5.7 %
Re ity of rof it ( %) tur -ta n o n e qu pre x p	14. 1%	0.7 %	-11 .9%	1.5 %	2.3 %	7.7 %	4.8 %	2.9 %	5.1 %

Core Bank

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 20 12	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% qo q
Ne t in inc ter est om e	1, 44 8	1, 54 2	1, 35 7	4, 34 7	1, 38 7	1, 23 8	1, 138	1, 22 1	3, 59 7	-10 .0	7.3
Pro vis ion s f loa n lo or ss es	-83	-50	-17 5	-30 8	-17 4	-18	-11 6	-47	-18 1	-73 .1	59 .5 -
Ne t in inc fte isio ter est om e a r p rov ns	1, 365	1, 49 2	1, 182	4, 03 9	1, 21 3	1, 22 0	1, 02 2	1, 174	3, 41 6	-0. 7	14. 9
Ne mis sio n in t c om co me	970	86 8	804	2, 642	71 9	813	73 8	81 5	2, 36 6	1.4	10. 4
Ne t tr ad ing inc nd net inc n h ed unt ing om e a om e o ge ac co	544	45 3	61 1	1, 608	36 3	503	45 4	24 6	1, 20 3	-59 .7	45 .8 -
Ne t in inc stm ent ve om e	34	-8	104	130	51	10	20	109	139	4.8	44 5.0
Cu nt i ies ed for ing th ity tho d unt rre nco me on co mp an ac co us e e qu me	8	20	16	44	7	12	6	16	34	0.0	166 .7
Oth inc er om e	333	24	61	41 8	912	-6	-34	-28	-68	-14 5.9	17. 6 -
Re be for e L LP ven ues	3, 33 7	2, 89 9	2, 95 3	9, 189	3, 43 9	2, 57 0	2, 32 2	2, 37 9	7, 27 1	-19 .4	2.5
af Re ter LL P ven ues	3, 25 4	2, 84 9	2, 778	8, 88 1	3, 26 5	2, 552	2, 20 6	2, 332	7, 09 0	-16 .1	5.7
Op ting era ex pe nse s	2, 014	1, 90 1	1, 91 0	5, 825	1, 66 6	1, 67 9	1, 62 6	1, 64 0	4, 945	-14 .1	0.9
Op ofit ting era pr	1, 24 0	94 8	86 8	3, 056	1, 59 9	873	58 0	69 2	2, 145	-20 .3	19. 3
Imp air of odw ill a nd bra nd nts me go na me s	-	-	-	-	-	-	-	-	-	-	-
Re uri str uct ng ex pe nse s	-	-	-	-	-	-	-	-	-	-	-
Ne ain /los n th tive lling ice of dis al g t m nt g eas ure me s o e p ros pec se pr pos rou ps	-	-	-	-	-	-	-86	3	-83	-	-
Pre rof it -ta x p	1, 24 0	94 8	86 8	3, 056	1, 59 9	873	49 4	69 5	2, 062	-19 .9	40 .7
Av ital ed	24 32 7	24 00 3	21 165	23 165	07 8	636	41 9	90 6	86 1	-6. 0
loy era ge ca p em p of RW End Pe riod	, 167 644	, 16 34 4	, 163 92 8	, 163 92 8	16, 157 32 9	16, 146 894	18, 138 107	19, 141 74 1	17, 14 74 1	-13 .5	8.1 2.6
A ( ) Co st/	,	1,	,	,	,	,	,	,	1,
inc atio ( %) om e r	60 .4%	65 .6%	64 .7%	63 .4%	48 .4%	65 .3%	70 .0%	68 .9%	68 .0%
Op ting ity ( %) tur era re n o n e qu	20 .4%	15. 8%	16. 4%	17. 6%	39 .8%	21 .0%	12. 6%	12. 9%	16. 0%
of rof it ( %) Re tur ity -ta n o n e qu pre x p	20 .4%	15. 8%	16. 4%	17. 6%	39 .8%	21 .0%	10. 7%	14. 0%	15. 4%

Private Customers

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 20 12	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% qo q
Ne t in inc ter est om e	51 4	53 4	51 3	1, 56 1	54 6	47 3	44 9	44 9	1, 37 1	-12 .5	0.0
Pro vis ion s f loa n lo or ss es	-45	-38	-33	-11 6	55	-8	-26	-45	-79	36 .4	73 .1
Ne t in inc fte isio ter est om e a r p rov ns	46 9	49 6	48 0	1, 44 5	60 1	46 5	42 3	40 4	1, 29 2	-15 .8	4.5 -
Ne mis sio n in t c om co me	60 1	48 2	43 4	1, 51 7	36 3	41 6	36 8	40 9	1, 193	-5. 8	11. 1
Ne ad ing inc nd inc n h ed ing t tr net unt om e a om e o ge ac co	1 -	-2	8	5	-5	1	-0	1	2	-87 .5	-
Ne t in inc stm ent ve om e	-1	5	-1	3	-8	2	0	-4	-2	30 0.0	-
Cu inc nie d f ing th ity tho d nt nte rre om e o n c om pa s a cc ou or us e e qu me	6	5	6	17	3	7	3	6	16	0.0	100 .0
Oth inc er om e	-11	4	49	42	21	7	-18	-26	-37	-15 3.1	44 .4
Re be for e L LP ven ues	1, 108	1, 02 8	1, 00 9	3, 145	92 0	90 6	80 2	83 5	2, 54 3	-17 .2	4.1
Re af LL P ter ven ues	1, 063	99 0	97 6	3, 02 9	975	89 8	776	790	2, 46 4	-19 .1	1.8
Op ting era ex pe nse s	92 8	87 7	88 8	2, 69 3	83 5	75 7	74 3	74 9	2, 24 9	-15 .7	0.8
Op ting ofit era pr	135	113	88	33 6	140	14 1	33	41	21 5	-53 .4	24 .2
Imp air of odw ill a nd bra nd nts me go nam es	-	-	-	-	-	-	-	-	-	-	-
Re uri str uct ng ex pe nse s	-	-	-	-	-	-	-	-	-	-	-
in/l Ne he ive lling ice of dis al g t m ent n t ect ea su rem ga os s o pro sp se pr pos rou ps	-	-	-	-	-	-	-	-	-	-	-
Pre rof it -ta x p	135	113	88	33 6	140	14 1	33	41	21 5	-53 .4	24 .2
Av ital loy ed era ge ca p em p	4, 24 3	4, 09 2	4, 06 9	4, 134	4, 21 7	3, 976	3, 88 0	4, 00 3	3, 95 3	-1. 6	3.2
RW A ( End of Pe riod )	31 46 9 ,	29 133 ,	30 952 ,	30 952 ,	29 46 8 ,	28 149 ,	28 76 7 ,	27 73 3 ,	27 73 3 ,	-10 .4	3.6 -
Co st/ ( %) inc atio om e r	83 .8%	85 .3%	88 .0%	85 .6%	90 .8%	83 .6%	92 .6%	89 .7%	88 .4%
Op ting ity ( %) tur era re n o n e qu	12. 7%	11. 0%	8.7 %	10. 8%	13. 3%	14. 2%	3.4 %	4.1 %	7.3 %
Re ity of rof it ( %) tur -ta n o n e qu pre x p	12. 7%	11. 0%	8.7 %	10. 8%	13. 3%	14. 2%	3.4 %	4.1 %	7.3 %

Mittelstandsbank

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 20 12	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% qo q
Ne t in ter est inc om e	53 4	60 6	55 1	1, 69 1	56 3	54 3	48 8	46 9	1, 50 0	-14 .9	3.9 -
s f Pro vis ion loa n lo or ss es	-11	28	-58	-41	-14 9	35	-32	9	12	-11 5.5	128 .1 -
Ne t in inc fte isio ter est om e a r p rov ns	52 3	634	49 3	1, 65 0	41 4	8 57	45 6	47 8	1, 51 2	-3. 0	4.8
Ne mis sio n in t c om co me	29 2	27 9	27 1	84 2	27 4	27 0	27 2	25 8	80 0	-4. 8	5.1 -
Ne t tr ad ing inc nd net inc n h ed unt ing om e a om e o ge ac co	18	-6	-1	11	-50	-13	1	-13	-25	120 0.0	140 0.0 -
Ne t in inc stm ent ve om e	-10	-17	-10	-37	-8	-1	-6	-	-7	-10 0.0	100 .0 -
Cu inc nie d f ing th ity tho d nt nte rre om e o n c om pa s a cc ou or us e e qu me	2	5	2	9	2	-	-	3	3	50 .0	-
Oth inc er om e	1	-2	-5	-6	2	-8	-7	-4	-19	-20 .0	42 .9 -
for Re be e L LP ven ues	83 7	86 5	80 8	2, 51 0	78 3	79 1	74 8	71 3	2, 25 2	-11 .8	4.7 -
Re af LL P ter ven ues	82 6	89 3	750	2, 46 9	634	82 6	716	722	2, 26 4	-3. 7	0.8
Op ting era ex pe nse s	39 3	37 8	40 0	1, 17 1	34 4	33 8	32 6	32 7	99 1	-18 .2	0.3
Op ting ofit era pr	43 3	51 5	35 0	1, 29 8	29 0	48 8	39 0	39 5	1, 27 3	12. 9	1.3
of Imp air nts odw ill a nd bra nd me go nam es	-	-	-	-	-	-	-	-	-	-	-
Re uri str uct ng ex pe nse s	-	-	-	-	-	-	-	-	-	-	-
Ne in/l he ive lling ice of dis al g t m ent n t ect ea su rem ga os s o pro sp se pr pos rou ps	-	-	-	-	-	-	-	-	-	-	-
rof Pre -ta it x p	43 3	51 5	35 0	1, 29 8	29 0	48 8	39 0	39 5	1, 27 3	12. 9	1.3
Av ital loy ed era ge ca p em p	7, 23 5	6, 75 0	6, 92 5	6, 97 0	6, 92 1	5, 974	5, 70 7	5, 76 6	5, 81 6	-16 .7	1.0
RW A ( End of Pe riod )	65 27 6 ,	65 914 ,	67 47 7 ,	67 47 7 ,	60 33 9 ,	53 97 1 ,	53 19 1 ,	53 51 6 ,	53 51 6 ,	-20 .7	0.6
Co st/ inc atio ( %) om e r	47 .0%	43 .7%	49 .5%	46 .7%	43 .9%	42 .7%	43 .6%	45 .9%	44 .0%
Op ( %) ting tur ity era re n o n e qu	23 .9%	30 .5%	20 .2%	24 .8%	16. 8%	32 .7%	27 .3%	27 .4%	29 .2%
Re ity of rof it ( %) tur -ta n o n e qu pre x p	23 .9%	30 .5%	20 .2%	24 .8%	16. 8%	32 .7%	27 .3%	27 .4%	29 .2%

Central & Eastern Europe

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 20 12	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% qo q
Ne t in inc ter est om e	137	147	150	43 4	139	120	12 1	120	36 1	-20 .0	0.8 -
Pro vis ion s f loa n lo or ss es	-27	-9	-26	-62	-24	-18	-35	-28	-81	7.7	20 .0 -
fte Ne t in ter est inc isio om e a r p rov ns	110	138	124	37 2	115	102	86	92	28 0	-25 .8	7.0
Ne mis sio n in t c om co me	48	50	48	146	41	50	47	47	144	-2. 1	0.0
Ne ad ing inc nd inc n h ed ing t tr net unt om e a om e o ge ac co	24	22	32	78	169	38	28	24	90	-25 .0	14. 3 -
Ne t in inc stm ent ve om e	-1	-0	6	5	-4	1	5	2	8	-66 .7	60 .0 -
Cu d f nt inc nie nte ing th ity tho d rre om e o n c om pa s a cc ou or us e e qu me	-	-	-	-	-	-	-	-	-	-	-
Oth inc er om e	10	6	10	26	10	11	9	8	28	-20 .0	11. 1 -
Re be for e L LP ven ues	21 8	22 5	24 6	68 9	35 5	22 0	21 0	20 1	63 1	-18 .3	4.3 -
af Re ter LL P ven ues	19 1	21 6	22 0	62 7	33 1	20 2	175	173	55 0	-21 .4	1.1 -
Op ting era ex pe nse s	13 1	133	130	39 4	137	115	116	12 1	35 2	-6. 9	4.3
Op ofit ting era pr	60	83	90	23 3	194	87	59	52	198	-42 .2	11. 9 -
Imp air of odw ill a nd bra nd nts me go nam es	-	-	-	-	-	-	-	-	-	-	-
Re uri str uct ng ex pe nse s	-	-	-	-	-	-	-	-	-	-	-
in/l of Ne t m ent n t he ect ive lling ice dis al g ea su rem ga os s o pro sp se pr pos rou ps	-	-	-	-	-	-	-86	3	-83	-	-
Pre rof it -ta x p	60	83	90	23 3	194	87	-27	55	115	-38 .9	30 3.7 -
Av ital loy ed era ge ca p em p	1, 74 5	1, 81 0	1, 83 9	1, 79 8	1, 85 3	1, 893	1, 88 5	1, 60 1	1, 79 3	-13 .0	15. 1 -
A ( of ) RW End Pe riod	16, 084	16, 51 1	16, 21 1	16, 21 1	17, 004	16, 71 1	15, 97 1	15, 654	15, 654	-3. 4	2.0 -
Co st/ inc atio ( %) om e r	60 .1%	59 .1%	52 .8%	57 .2%	38 .6%	52 .3%	55 .2%	60 .2%	55 .8%
Op ting ity ( %) tur era re n o n e qu	13. 8%	18. 3%	19. 6%	17. 3%	41 .9%	18. 4%	12. 5%	13. 0%	14. 7%
it ( %) Re tur ity of -ta rof n o n e qu pre x p	13. 8%	18. 3%	19. 6%	17. 3%	41 .9%	18. 4%	-5. 7%	13. 7%	8.6 %

Corporates & Markets

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 20 12	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% qo q
Ne t in inc ter est om e	160	22 5	14 1	52 6	30 6	119	113	143	37 5	1.4	26 .5
Pro vis ion s f loa n lo or ss es	0	-31	-59	-90	-56	-27	-23	17	-33	-12 8.8	173 .9 -
Ne t in inc fte isio ter est om e a r p rov ns	160	194	82	43 6	25 0	92	90	160	34 2	95 .1	77 .8
Ne mis sio n in t c om co me	48	92	78	21 8	82	83	60	102	24 5	30 .8	70 .0
Ne ad ing inc nd inc n h ed ing t tr net unt om e a om e o ge ac co	45 6	37 0	20 2	1, 02 8	41	195	20 8	157	56 0	-22 .3	24 .5 -
Ne t in inc stm ent ve om e	4	26	4	34	-4	3	1	12 1	125	29 25 .0	120 00 .0
Cu inc nie d f ing th ity tho d nt nte rre om e o n c om pa s a cc ou or us e e qu me	-	11	2	13	2	6	3	3	12	50 .0	0.0
Oth inc er om e	11	-14	21	18	-30	-9	4	-29	-34	-23 8.1	82 5.0 -
Re be for e L LP ven ues	67 9	71 0	44 8	1, 83 7	39 7	39 7	38 9	49 7	1, 28 3	10. 9	27 .8
Re af LL P ter ven ues	67 9	67 9	38 9	1, 74 7	34 1	37 0	36 6	51 4	1, 25 0	32 .1	40 .4
Op ting era ex pe nse s	43 9	39 8	35 4	1, 19 1	31 4	34 0	32 1	32 3	984	-8. 8	0.6
Op ting ofit era pr	24 0	28 1	35	55 6	27	30	45	19 1	26 6	44 5.7	32 4.4
Imp air of odw ill a nd bra nd nts me go nam es	-	-	-	-	-	-	-	-	-	-	-
Re uri str uct ng ex pe nse s	-	-	-	-	-	-	-	-	-	-	-
in/l Ne he ive lling ice of dis al g t m ent n t ect ea su rem ga os s o pro sp se pr pos rou ps	-	-	-	-	-	-	-	-	-	-	-
Pre rof it -ta x p	24 0	28 1	35	6 55	27	30	45	19 1	26 6	44 5.7	32 4.4
Av ital loy ed era ge ca p em p	4, 20 4	3, 77 7	3, 49 5	3, 82 5	3, 1 75	3, 244	3, 23 3	3, 08 1	3, 186	-11 .8	4.7 -
RW A ( End of Pe riod )	40 28 7 ,	36 66 1 ,	37 104 ,	37 104 ,	35 56 4 ,	32 31 0 ,	26 129 ,	29 89 1 ,	29 89 1 ,	-19 .4	14. 4
Co st/ ( %) inc atio om e r	64 .7%	56 .1%	79 .0%	64 .8%	79 .1%	85 .6%	82 .5%	65 .0%	76 .7%
Op ting ity ( %) tur era re n o n e qu	22 .8%	29 .8%	4.0 %	19. 4%	2.9 %	3.7 %	5.6 %	24 .8%	11. 1%
Re ity of rof it ( %) tur -ta n o n e qu pre x p	22 .8%	29 .8%	4.0 %	19. 4%	2.9 %	3.7 %	5.6 %	24 .8%	11. 1%

Non-Core Assets

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 20 12	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% qo q
Ne t in inc ter est om e	27 4	23 5	22 5	73 4	20 7	186	158	158	50 2	-29 .8	0.0
Pro vis ion s f loa n lo or ss es	-23 6	-23 1	-25 5	-72 2	-18 1	-17 8	-30 1	-38 3	-86 2	50 .2	27 .2
fte Ne t in ter est inc isio om e a r p rov ns	38	4	-30	12	26	8	-14 3	-22 5	-36 0	65 0.0	57 .3
Ne mis sio n in t c om co me	50	60	40	150	-16	30	19	25	74	-37 .5	31 .6
Ne ad ing inc nd inc n h ed ing t tr net unt om e a om e o ge ac co	86 -	51	-39	-74	197	-21 5	124	-10 0	-19 1	156 .4	180 .6 -
Ne t in inc stm ent ve om e	-40	-93 9	-1, 37 1	-2, 35 0	-1, 44 6	-20 3	-54	-79	-33 6	-94 .2	46 .3
Cu inc nie d f ing th ity tho d nt nte rre om e o n c om pa s a cc ou or us e e qu me	-8	-7	-	-15	6	-1	1	-	-	-	100 .0 -
Oth inc er om e	5	-13	-2	-10	-60	26	-8	-5	13	150 .0	37 .5 -
Re be for e L LP ven ues	195	-61 3	-1, 147	-1, 56 5	-1, 112	-17 7	24 0	-1	62	-99 .9	100 .4 -
af Re ter LL P ven ues	-41	-84 4	-1, 402	-2, 28 7	-1, 29 3	-35 5	-61	-38 4	-80 0	-72 .6	52 9.5
Op ting era ex pe nse s	118	113	109	34 0	98	98	88	92	27 8	-15 .6	4.5
Op ofit ting era pr	-15 9	-95 7	-1, 51 1	-2, 62 7	-1, 39 1	-45 3	-14 9	-47 6	-1, 07 8	-68 .5	21 9.5
Imp air of odw ill a nd bra nd nts me go nam es	-	-	-	-	-	-	-	-	-	-	-
Re uri str uct ng ex pe nse s	-	-	-	-	-	34	9	-	43	-	-
Ne in/l he ive lling ice of dis al g t m ent n t ect ea su rem ga os s o pro sp se pr pos rou ps	-	-	-	-	-	-	-	-	-	-	-
Pre rof it -ta x p	-15 9	-95 7	-1, 51 1	-2, 62 7	-1, 39 1	-48 7	-15 8	-47 6	-1, 12 1	-68 .5	20 1.3
Av ital loy ed era ge ca p em p	6, 92 7	6, 41 5	6, 644	6, 66 2	10, 57 8	10, 22 6	10, 118	10, 05 3	10, 132	51 .3	0.6 -
A ( of ) RW End Pe riod	71 30 8 ,	69 30 4 ,	71 01 2 ,	71 01 2 ,	68 49 3 ,	66 54 3 ,	63 06 9 ,	64 57 0 ,	64 57 0 ,	-9. 1	2.4
Co st/ inc atio ( %) om e r	60 .5%	n/a	n/a	n/a	n/a	n/a	36 .7%	n/a	44 8.4 %
Op ting ity ( %) tur era re n o n e qu	-9. 2%	-59 .7%	-91 .0%	-52 .6%	-52 .6%	-17 .7%	9% -5.	-18 .9%	-14 .2%
of rof it ( %) Re tur ity -ta n o n e qu pre x p	-9. 2%	-59 .7%	-91 .0%	-52 .6%	-52 .6%	-19 .0%	-6. 2%	-18 .9%	-14 .8%

Portfolio Restructuring Unit

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 201 2	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% q oq
Net int st i ere nco me	5	13	7	25	24	5	37	-	42	-	-
Pro vis ion s f loa n lo or sse s	1	3	17	21	-26	-16	13	-	-3	-	-
Net int st i af ovi sio ter ere nco me pr ns	6	16	24	46	-2	-11	50	-	39	-	-
Net iss ion inc co mm om e	0	0	-0	-0	0	0	-0	-	-0	-	-
Net tra din inc nd net inc n h edg unt ing g om e a om e o e a cco	61	72	-21 9	-86	-22	169	-23	-	146	-	-
Net inv nt i est me nco me	18	-7	-0	11	-7	17	11	-	28	-	-
Cu nt i ani ted fo sin the uity tho d rre nco me on co mp es acc oun r u g eq me	-	-	-	-	-	-	-	-	-	-	-
Oth inc er om e	-0	-1	-0	-1	-6	1	-1	-	-0	-	-
Re be for e L LP ven ues	84	77	-21 2	-51	-11	192	24	-	216	-	-
Re af ter LLP ven ues	85	80	-19 5	-30	-37	176	37	-	21 3	-	-
Op ting era ex pen ses	22	16	17	55	8	12	17	-	29	-	-
Op ting ofit era pr	63	64	-21 2	-85	-45	164	20	-	184	-	-
f g Imp airm ent ood ill a nd bra nd s o nam es w	-	-	-	-	-	-	-	-	-	-	-
Re urin str uct g e xpe nse s	-	-	-	-	-	-	-	-	-	-	-
Net in/l th tive lling ice of dis al g ent me asu rem ga oss on e p ros pec se pr pos rou ps	-	-	-	-	-	-	-	-	-	-	-
rof Pre -ta it x p	63	64	-21 2	-85	-45	164	20	-	184	-	-
Av ital loy ed era ge cap em p	1, 159	1, 128	978	1, 089	1, 533	1, 704	1, 052	-	1, 378	-10 0.0	100 .0 -
RW A ( End of Pe riod )	9, 316	8, 84 1	9, 238	9, 238	10, 772	9, 504	8, 975	-	-	-10 0.0	100 .0 -

Others & Consolidation

in € m	Q1 20 11	Q2 20 11	Q3 20 11	9M 20 11	Q4 20 11	Q1 20 12	Q2 20 12	Q3 20 12	9M 20 12	% y oy	% qo q
Ne t in inc ter est om e	103	30	2	135	-16 7	-17	-33	40	-10	190 0.0	22 1.2 -
Pro vis ion s f loa n lo or ss es	0	-0	1	1	0	0	-0	-0	-0	-10 0.0	-
Ne t in inc fte isio ter est om e a r p rov ns	103	30	3	136	-16 7	-17	-33	40	-10	123 3.3	22 1.2 -
Ne mis sio n in t c om co me	-19	-35	-27	-81	-41	-6	-9	-1	-16	-96 .3	88 .9 -
Ne ad ing inc nd inc n h ed ing t tr net unt om e a om e o ge ac co	47	69	37 0	48 6	20 8	28 2	21 7	77	57 6	-79 .2	64 .5 -
Ne t in stm ent inc ve om e	42	-22	105	125	75	5	20	-10	15	-10 9.5	150 .0 -
Cu inc nie d f ing th ity tho d nt nte rre om e o n c om pa s a cc ou or us e e qu me	-	-1	6	5	-0	-1	-	4	3	-	-
Oth inc er om e	32 2	30	-14	33 8	90 9	-7	-22	23	-6	-26 4.3	20 4.5 -
Re be for e L LP ven ues	49 5	71	44 2	1, 00 8	984	25 6	173	133	56 2	-69 .9	23 .1 -
Re af LL P ter ven ues	49 5	71	44 3	1, 00 9	984	25 6	173	133	562	-70 .0	23 .1 -
Op ting era ex pe nse s	123	115	138	37 6	36	129	120	120	36 9	-13 .0	0.0
Op ting ofit era pr	37 2	-44	30 5	63 3	94 8	127	53	13	193	-95 .7	75 .5 -
Imp air of odw ill a nd bra nd nts me go nam es	-	-	-	-	-	-	-	-	-	-	-
Re str uct uri ng ex pe nse s	-	-	-	-	-	-	-	-	-	-	-
Ne in/l he ive lling ice of dis al g t m ent n t ect ea su rem ga os s o pro sp se pr pos rou ps	-	-	-	-	-	-	-	-	-	-	-
rof Pre -ta it x p	37 2	-44	30 5	63 3	94 8	127	53	13	193	-95 .7	75 .5 -
Av ital loy ed era ge ca p em p	6, 90 1	7, 57 5	4, 83 7	6, 43 8	-66 4	1, 54 9	3, 71 4	5, 45 6	3, 113	12. 8	46 .9
RW A ( End of Pe riod )	14, 52 7	13, 125	12, 183	12, 183	14, 954	15, 3 75	14, 04 9	14, 94 8	14, 94 8	22 .7	6.4

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			E	i b i f R E t q u y a s s o r o
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 e n o n s u y Eq i d f in i io in €m ty t u e ns	Q 3 2 0 1 2 En d f o Pe io d r	9 M Av e ra g e
Su bs i be d i l ta cr ca p	8 2 8 5,	4 3 5, 5
C i l r ta ap es er ve	1 1, 6 8 7	1 1, 1 9 5
Re ine d ing ta ea rn s	8, 9 0 0	9, 1 8 7
S i len ic ip ion S F F in / A l l ian t p t t ar a s o z	2, 3 7 6	2, 4 9 3
Cu la ion tra t rre nc y ns re se rve	-1 8 0	-2 3 7
C l i da d P & L te 1) on so	6 0 0	4 1 3
In ' C i l w i ho l l in in to ta t t n tro te ts ve s rs a p u o n- c o n g re s	2 9, 2 0 2	2 8, 5 8 5		f f B i R E i t t a s s o r o o n n e p r o
No l l ing in ( I F R S ) tro te ts 2) n- co n re s	8 3 6	8 6 7
In ' C i l to ta ve s rs a p	3 0, 0 3 8	2 9, 3 7 1		i f i B R E d R E t t a s s o r o p e r a n g o a n p r e- a x o
C i l de du ion dw i l l a d he d j ta t t tm ts ap c s, g oo n o r a us en	-4 7 9 3 ,
Ba l I I c i l w i ho hy b i d i l ta t t ta s e o re c a p u r c a p	2 5, 2 4 5
Hy br i d i l ta ca p	2, 2 6 5
ie i Ba l I I T I c l ta s e r a p	2 7, 5 1 0

2) excluding: Revaluation reserve and cash flow hedges1)After deduction of estimated pro-rated distribution to silent participants

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

Tanja Birkholz (Head of Investor Relations / Executive Management Board Member)P: +49 69 136 23854M: tanja.birkholz@commerzbank.com

Jürgen Ackermann (Europe / US)P: +49 69 136 22338M: juergen.ackermann@commerzbank.com

Dirk Bartsch (Strategic IR)P: +49 69 136 22799 M: dirk.bartsch@commerzbank.com Ute Heiserer-Jäckel (Retail Investors)P: +49 69 136 41874M: ute.heiserer-jaeckel@commerzbank.com

Simone Nuxoll (Retail Investors)P: +49 69 136 45660M: simone.nuxoll@commerzbank.com

Michael H. Klein (UK / Non-Euro Europe / Asia / Fixed Income)P: +49 69 136 24522M: michael.klein@commerzbank.com

ir@commerzbank.comwww.ir.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, 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 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.

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