Commerzbank AG — Investor Presentation 2012

Aug 9, 2012

Cost base benefitting from cost synergies and additional cost measures effective in H1 2012

Commerzbank – Figures, Facts, Targets

Investor Relations

2nd Quarter 2012

Authorised by "Bundesanstalt für Finanzdienstleistungsaufsicht" and by the Financial Services Authority; regulated by the Financial Services Authority for the conduct of UK business.

This publication appears four times a year to accompany the quarterly results and the annual financial statements.

This publication can also be found on Commerzbank's website, in German and English.

German: www.commerzbank.de Investor Relations Investor Relations Publikation English: www.commerzbank.com Investor Relations Investor Relations Publication

Completed on August 8, 2012

Commerzbank – Figures, Facts, Targets

Content

Highlights Q2 2012 Summary Q2 2012 ______ 2
Revenue development
Profit per quarter ________ 3
Commerzbank Group's income statement Net interest income ______ 4
Loan loss provisions by segment Breakdown of net
commission income _____ 5
Net trading income and net result from hedge accounting Operating expenses _____ 6
Profitability ratios Development of business volumes ______ 7
Claims on customers Probability of default rating ______ 8
Breakdown of assets Breakdown of liabilities ___ 9
Revaluation reserve RWA, Tier 1 capital ratio, total capital ratio and
core Tier 1 capital ratio __ 10
Strong capital position Commerzbank significantly exceeds EBA capital requirement ______ 11
Segment reporting Value drivers ____ 12
Core Bank segments impacted by further deteriorating markets New Segment structure of Commerzbank Group ___ 13

Private Customers ______ 14
Mittelstandsbank _______ 15
Central & Eastern Europe ______ 16
Corporates & Markets ___ 17
Asset Based Finance Portfolio Restructuring Unit _____ 18
Group equity definitions Average capital employed within Commerzbank Group ___ 19
Basel 3 CET 1 ratio No further issuance into capital markets needed in 2012 _______ 20
Conclusion and Outlook Key figures of Commerz bank share _____ 21
Commerzbank's shareholders Equity and market capitalization _ 22
Performance of the Commerzbank share Trading volume of the Commerzbank share ____ 23
Offices of Commerzbank Group worldwide Personnel data ________ 24

All figures – if not stated otherwise – according to IAS/IFRS

Group operating profit in H1 2012 of €1,035m and €1,404m in Core Bank reflecting deteriorating market environment

	G r o u p					C B o re				k a n	**
in € m	Q 2 20 11	Q 1 20 12	Q 2 20 12	6 M 20 11	6 M 20 12	Q 2 20 11	Q 1 20 12	Q 2 20 12	6 M 20 11	6 M 20 12
R be fo LL P ev en ue s re	2, 36 3	2, 58 5	2, 58 6	5, 97 9	5, 17 1	2, 83 0	2, 51 0	2, 27 5	6, 10 5	4, 78 5
LL P	-2 78	-2 12	-4 04	-5 96	-6 16	-4 8	-1 7	-1 17	-1 26	-1 34
O rat in pe g ex pe ns es	2, 03 0	1, 78 9	1, 73 1	4, 18 4	3, 52 0	1, 87 1	1, 64 9	1, 59 8	3, 84 9	3, 24 7
O ti of it pe ra n g pr	55	58 4	45 1	1, 19 9	1, 03 5	91 1	84 4	56 0	2, 13 0	1, 40 4
R tru ct uri es ng e xp en se s	-	34	9	-	43	-	-	-	-	-
S al of B k Fo e an ru m	-	-	-8 6	-	-8 6	-	-	-8 6	-	-8 6
Pr ta of it e- x pr	55	55 0	35 6	1, 19 9	90 6	91 1	84 4	47 4	2, 13 0	1, 31 8
N et fit * p ro	24	36 9	27 5	1, 00 9	64 4

›Revenues in H1 2012 influenced by:

weakened deposit margins and transaction volumes in PC

reduced loan book in C&M and low client flows in EMC and FIC

asset run down in ABF

› LLP still on low level especially core bank benefitting from resilient German economy – increase in Ship Finance LLP

›Cost base benefitting from cost synergies and additional cost measures effective in H1 2012

* consolidated result attributable to Commerzbank shareholders ** incl. Others & Consolidation

With strong Core Tier 1 ratio of 12.2% well prepared for Basel 3

Strong Core Tier 1 ratio of 12.2% and EBA capital target overfulfilled by €2.8bn - well prepared for Basel 3 capital requirements

H1 group operating profit of €1,035m and €1,404m in Core bank*, affected by deteriorating markets, subdued client activity and low interest rate environment

Core bank segments MSB and CEE with solid operating performance, C&M and PC affected by difficult market conditions

Commercial Real Estate, Public and Ship Finance transferred to the new segment NCA

Sale of Bank Forum; negative P&L contribution of €86m in Q2 - a further €200m to be charged at closing but already reflected in capital as currency translation reserve

* both including negative valuation effect from own credit spread (OCS) of €142m

Revenue development driven by further decreased interest rates and subdued client activity

* incl. Others & Consolidations

Profit per quarter

	1. 1. 3 0. 6. 2 0 1 2 -	1. 1. 3 0. 6. 2 0 1 1 -	C h	a n g e
	i € n m	in € m	in € m	in %
N t i nt st i e e r e n c o m e	2, 7 6 2	3, 5 1 7	7 5 5 -	2 1. 5 -
L lo vi si o a n s s p r o o n s	6 1 6 -	5 9 6 -	2 0 -	3. 4
N t i i ft r l lo vi si nt st e e r e n c o m e a e o a n s s p r o o n s	2, 1 4 6	2, 9 2 1	7 7 5 -	2 6. 5 -
N is si in t e c o m m o n c o m e	1, 6 0 0	1, 9 4 8	3 4 8 -	-1 7. 9
N t tr di i t i f h d nt + e a n g n c o m e n e n c o m e r o m e g e a c c o u	1, 0 1 2	1, 0 9 5	8 3 -	7. 6 -
N t i st nt i e n v e m e n c o m e	-1 9 9	9 4 2 -	7 4 3	7 8. 9 -
C t i f ni d f nt nt rr e n e n c o m e r o m c o m p a e s a c c o e o r u u si h ui th d t ty u n g e e q m e o	1 8	1 3	5	3 8. 5
O th t i e r n e n c o m e	2 2 -	3 4 8	3 7 0 -
In b f l l vi si c o m e e o r e o a n o s s p r o o n s	1 1 5, 7	9 9 5, 7	8 0 8 -	-1 3. 5
O ti p e r a n g e x p e n s e s	3, 5 2 0	4, 1 8 4	6 6 4 -	-1 5. 9
O ti fi t l p e r a n g p r o o r o s s	1, 0 3 5	1, 1 9 9	-1 6 4	-1 3. 7
I ai nt f d ill d b d m p r m e s o g o o w a n r a n n a m e s	-	-	-
R ri st ct e ru n g e p e n s e s u x	4 3	-	4 3
N t nt ai r l th ct iv e m e a s u r e m e g n o o s s o n e p r o s p e e el li ri f di al s n g p c e o s p o s g r o u p s	8 6 -	-	8 6 -
fi P -t t l r e a x p r o o r o s s	9 0 6	1, 1 9 9	2 9 3 -	2 4. 4 -
T in a x e s o n c o m e	2 0 9	1 3 7	7 2	5 2. 6
C li d t d fi t l o n s o a e p r o o r o s s	6 9 7	1, 0 6 2	3 6 5 -	3 4. 4 -
ri b bl ol li i tt ut t nt nt st a a e o n o n c o r n g e r e s - -	5 3	5 3	0	0. 0
C tt ri b ut bl t B K h h ol d a a e o s a r e e rs -	6 4 4	1, 0 0 9	3 6 5 -	3 6. 2 -

Net interest income

Commerzbank Group, in € ^m

Loan loss provisions by segment

Commerzbank Group, in € ^m

1) Q2 2011: €1m included in Others & Consolidation; Q2 2012: €-1m included in Others & Consolidation

Breakdown of net commission income

Net trading income and net income from hedge accounting

Commerzbank Group, in € ^m

Operating expenses

Commerzbank Group, in € ^m

Profitability ratios

Development of business volumes

1) after provisions

Claims on customers1)

Commerzbank Group

Probability of Default-Rating of Commerzbank

Breakdown of assets

Commerzbank Group, in € ^m

Balance-sheet total

Breakdown of liabilities

Commerzbank Group, in € ^m

Balance-sheet total

Revaluation reserve

in € bn

RWA, Tier I capital ratio, total capital ratio and core Tier I capital ratio

Strong capital position with 12.2% Core Tier I ratio – €13bn RWA reduction during Q2 to €210bn

Commerzbank significantly exceeds EBA capital requirement by €2.8bn

Segment reporting

Commerzbank Group, 1.1.-30.6.2012, in € ^m

	P ri at v e C st u o m e rs	M itt el st d a n s b k a n	C E E	C te o rp o ra s & M rk et a s	A B F	P R U	O & th e rs C ol i o n s d at io n	T ot al
N i i et nt st er e n c o m e	8 81	1, 0 31	2 4 1	2 3 2	3 8 5	4 2	0 -5	2, 7 6 2
L lo vi si o a n s s pr o o n s	-3 4	3	3 -5	0 -5	9 -4 7	-3	-	-6 1 6
af N et i nt st i te er e n c o m e r lo lo vi si a n s s pr o o n s	8 4 7	1, 0 3 4	1 8 8	1 8 2	-9 4	3 9	-5 0	2, 1 4 6
N et is si in c o m m o n c o m e	7 2 6	5 4 2	9 7	1 4 3	1 0 6	-	-1 4	1, 6 0 0
N et tr di in et + a n g c o m e n in fr h d nt c o m e o m e g e a c c o u	1	-1 2	6 6	4 0 3	-9 1	1 4 6	4 9 9	1, 0 1 2
N i i et st nt n v e m e n c o m e	3	-7	6	4	-2 8 5	2 8	2 5	-1 9 9
C nt et i fr ur re n n c o m e o m ni nt d fo c o m p a e s a c c o e r u si th ui ty et h d u n g e e q m o	1 0	-	-	9	-	-	-1	1 8
O th et i er n n c o m e	-2 0	-1 5	2 0	-5	2 8	-	-3 0	-2 2
In b fo L L P c o m e e re s	1, 6 0 1	1, 5 3 9	4 3 0	7 8 6	1 7 0	2 1 6	4 2 9	5, 1 7 1
O at in p er g e x p e n s e s	1, 4 4 1	6 6 4	2 31	6 61	2 4 4	2 9	2 5 0	3, 5 2 0
O ti fi t r l p e ra n g p ro o o s s	1 2 6	8 7 8	1 4 6	7 5	-5 5 3	1 8 4	1 7 9	1, 0 3 5
I ai of d wi ll nt m p r m e s g o o d br d a n a n n a m e s	-	-	-	-	-	-	-	-
R st ct in e ru ur g e x p e n s e s	-	-	-	-	4 3	-	-	4 3
n/ N et nt ai lo m e a s ur e m e g s s th cti ell in o n e pr o s p e v e s g ic of d is al pr e p o s g ro p s u	-	-	-8 6	-	-	-	-	-8 6
P -t fi t r l re a x p ro o o s s	1 2 6	8 7 8	6 0	7 5	-5 9 6	1 8 4	1 7 9	9 0 6

Value drivers

Commerzbank Group, 1.1.-30.6.2012

	P ri t v a e C t s o m e r s u	M it t el t d s a n s b k a n	C E E	C t o r p o r a e s & M k t a r e s	A B F	P R U	O & t h e r s C ol i o n s d ti a o n	T t al o
A pi t al v e r a g e c a pl d ( € ) e m o e m y	3 3 6 7 ,	8 5 4 5 ,	1, 8 8 9	3 2 4 7 ,	6 3 9 4 ,	1, 3 8 7	6 6 0 1 ,	2 9 0 9 0 ,
R W A ( d f e n o ri d ) p e o	2 7 2 3 9 ,	5 3 ,1 9 1	1 5 9 7 1 ,	2 6 4 5 4 ,	6 4 5 9 6 ,	8 9 7 5 ,	1 3 7 2 4 ,	2 1 0 ,1 5 0
O ti p e r a n g t/ in ti c o s c o m e r a o ( % )	9 0 0	4 3 .1	5 3 7	8 4 .1				6 8 .1
O ti t p e r a n g r e u r n 1 ) ( % ) ui t o n e q y	6 7	3 0 0	1 5 5	4 6	-1 7 3			7 .1
S ff ( t a a v e r a g e t) h d e a c o u n	1 8 0 0 0 ,	4 2 5 5 ,	8 9 9 5 ,	1, 8 6 4	1, 4 6 7	2 5	1 1 9 7 5 ,	3 3 6 5 7 ,

1) annualized

Core Bank segments* impacted by further deteriorating markets

	P ri t C t t t l d t v a e u s o m e r s : c o s m a n a g e m e n c o u n o k t c o m p e n s a e w e a e r r e v e n u e s	O fit ti pe ra ng p ro in € m 1 9 5 6 M 11	1 2 6 6 M 12
	M it l d b k li d ti b fi i t t tt e s a n s a n : s o o p e r a n g r e v e n u e s e n e n g f G f ll t h i r o m e x c e e n e r m a n r a n c s e	9 4 8 6 M 11	8 7 8 6 M 12
	C & t l E t E B R E it h b i t h d e n r a a s e r n u r o p e : w u s n e s s g r o w a n ti d t t t, l f B k F c o n n e s r o n g c o s m a n a g e m e n s a e o a n o r m u u	1 4 3 6 M 11	1 4 6 6 M 12
	C t & M k t li t t ri b i d l o r p o r a e s a r e s c e n c e n c s n e s s m o e : u - f f t d b d d li t ti it i d k t a e c e y r e u c e c e n a c v y n a v e r s e m a r e s	5 2 1 2 9 4 92 6 M 11	7 5 21 7 -1 4 2 6 M 12
* O cl. e x	& C ** fl fit ef th ol id at io ig d; h wi ll nl b ct d in b ta er s o n s n s n e c ar g e s o y e re e e p ro or e x	O w	C di S d t n re pr e a

New Segment structure of Commerzbank Group

P C	M S B	C E E	C & M	N C A	O h t e r s
P ri at Cl ie nt v e s W al th e M nt a n a g e m e Di ct B ki re a n n g C R al o m m e rz e	M S B G er m a n y L C at & ar g e or p or e s In io al te at rn n Fi ci al n a n In st it ut io n s	B R E B k a n B k F * a n or u m	E ui ty M k et & q ar s C di ti o m m o e s Fi d In & x e c o m e C ci ur re n e s C at Fi or p or e n a n c e Cl ie nt R el at io hi n s p M nt a n a g e m e R h e s e ar c C di t P rt f ol io re o M nt ** a n a g e m e	C ia l R al o m m e rc e E st at e P bl ic F in u a n c e D ut h e s c e S hi ff b k c s a n	G S t ro u p u p p or F ct io u n n s G T ro u p re a s ur y
S h in b nt e g m e c a n g e s	ol d
Fi f 3 0/ 0 6/ 2 0 g u re s a s o	1 2
R W A (€ b n)	R W A (€ b n)	R W A (€ b n)	R W A (€ b n)	R W A (€ b n)	R W A (€ b n)
2 8. 8	5 3. 2	1 6. 0	3 1. 0	6 7. 5	1 3. 7
E A D (€ b n)	E A D (€ b n)	E A D (€ b n)	E A D (€ b n)	E A D (€ b n)	E A D (€ b n)
6 7	1 1 5	2 3	6 3	1 8 5	3 1

* Sale of Bank Forum (signed) ** incl. PRU assets without PFI

Private Customers

C b k ' S i t t o m m e r z a n s r a e g c 1) P it i o s o n	S d l t ri t t b k i G it h t b l e c o n a r g e s p v a e c u s o m e r a n n e r m a n y w a s a e › f t b b t 1 1 ill i ri t t c s o m e r a s e o a o m o n p a e c s o m e r s u u v u : O f G t h l t ri t t b d i it h n e o e a r g e s p v a e c u s o m e r r a n s n e r m a n y w › h i h ti id (t t: 1, 2 0 0 b h ) g n a o n w e c o v e r a g e a r g e r a n c e s d ir t: N 1 O li B k c o m e c r. n n e r o e r › O f h l d i W lt h M i G it h l t n e o e e a n g e a a n a g e r s n e r m a n y w a a r g e › ti i d n a o n w e c o v e r a g e H i h tt ti it f ri t b ki t g a r a c o r p a e a n n g c s o m e r s › v y v u T 3 i d f b si t o p p r o v e r o r u n e s s c u s o m e r s ›
P fi t b il it D ri r o a y v e r s	I f t fi t b ili t b f l i t h tr n c r e a s e o s e g m e n p r o a y y m e a n s o e v e r a g n g e s o n g › k t si ti d ff t m a r e p o o n a n s n e r g e e c s y y : L d h ll i k i Q 2 2 0 1 2 t t o w e r r e v e n u e s u e o c a e n g n g m a r e s n › C ti it h l d i rt h A lli W t t ü o o p e r a o n w e a n g p a n e r s s u c a s a n z s e n r o › , d B N P P ri b a n a a s C si h ri f ri ti i b si t t t t o n s e n a n c o n g o c u s o m e r o e n a o n n u n e s s › d l t h h f K U N D E N f k ( t f ) m o e r o u g p r o g r a m o o u s c u s o m e r o c u s
S G t t i l r a e g c o a s	T b G 's N 1 b k f h is ti d ri b t t t o e e r m a n y o a n o r s o p c a e p v a e c u s o m e r s y › li t t h d fi t b ili t q u a y g r o w a n p r o a y : , O " C t t h t B k
1) di to st i at a c c or n g o w n e m e s	" r c s o m e r s s e e s a s e s o m e r a n › u u u u A b i ci ti i l h d rt -t t t o v e a v e r a g e p a p a o n n o n g e r m g r o w r e n s › -

Private Customers: cost management could not compensate weaker revenues

	Q 2 11	Q 1 12	Q 2 12	6 M 1 1	6 M 1 2
Ø y ( € ) uit e q m	3, 8 8 6	3, 7 8 3	3, 6 9 0	3, 9 4 5	3, 7 3 6
O R E ( % ) p. o	8. 1	11 .8	1. 5	9. 9	6. 7
CI R ( % )	8 8. 1	8 6. 0	9 4. 4	8 6. 5	9 0. 0

P	& L t la a a g n c e
	in € m	Q 2 1 1	Q 1 1 2	Q 2 1 2	6 M 1 1	6 M 1 2
	R b fo L L P e v e n u e s e re	9 5 9	8 4 5	7 5 6	2, 0 0 4	1, 6 0 1
	L L P	3 5 -	6 -	2 8 -	7 6 -	3 4 -
	O ti p e ra n g e x p e n s e s	8 4 5	7 2 7	7 1 4	1, 7 3 3	1, 4 4 1
	O fi ti t p e r a n g p r o	7 9	1 1 2	1 4	1 9 5	1 2 6

› Decrease in revenues before LLP due to low interest rates and ongoing subdued client activities in securities business

› Customer business focused on deposits – growth of €8bn in H1

›Focus on further strategic development

Mittelstandsbank

C S b k ' t t i o m m e r a n s r a e g c z 1) P it i o s o n	G " " f f L d i M it t ls t d b k d t h i e a n g e r m a n e a n s a n o c u s e o n e c o r e r e g o n o › G d b d b si it h G ti it e r m a n y a n c r o s s o r e r u n e s s w e r m a n c o n n e c v y - D if f ti ti f ti t t h h l -t b si e r e n a o n r o m c o m p e o r s r o u g o n g e r m u n e s s › h i ( k d cl ), i ti l fi l d rt t t p a n e r s p a c r o s s m a r e o w n c y e s n e r n a o n a p r o e a n it l k t rt is c a p a m a r e e x p e e O f t h t 3 b k i f i t d i i t h E n e o e o p a n s n o r e g n r a e s e r c e s n e r o o n e › v u z ll i E ti rl d i d t tr a s w e a s n u r o p a y m e n a n s a c o n s w o w e
P fi t b il it D ri r o a y v e r s	P fi t b l b si d l it h h i h k t tr ti d tr r o a e n e s s m o e g m a r e p e n e a o n a n s o n g › u w i it t t p r o x m y o o u r c u s o m e r s C t f d , i ti l ti b d i d u s o m e r o c u s e n n o v a v e s o u o n s a s e o n o u r w e r a n g e › f d t d i t t d l ti h i h o p r o c s a n o r n e g r a e r e a o n s p a p p r o a c u u
	P f si l i d d si f h rl d i d t r o e s o n a g u a n c e a n p r o c e s n g o e w o w e e x p o s u r e s › d i t ti l tr d f l f i si l l b l t a n n e r n a o n a a e o w s o o u r n c r e a n g y g o a c u s o m e r s
S i G l t t r a e g c o a s	S tr t h i l d i si ti b t " M it t ls t d b k " b e n g e n n g o u r e a n g p o o n a s e s e a n s a n y : G f /l t h I si h ll t i t h i d cl i t r o n c r e a n g o r s a r e o a e n e m a r g e c a p e n › w u w - i i ll cl i ll f ri f h t, t t rt s e g m e n g a n n g n e w s m a c a p e n s a s w e a s o s e n g u e r i t ti l t h n e r n a o n a g r o w ff & E i ci ll I si li t i t e n c e c e e n c e n c r e a n g q a n c s o m e r p r o c e s s e s › y x u y u – d ff i ci ll f h d i d d t rt t a n c o s e e n c y a s w e a s u e r e e p e n n g p r o u c a n i d tr rt is i l f n u s y e x p e e n o u r s a e s o r c e s
1) di to st i at a c c or n g o w n e m e s

Mittelstandsbank: solid operating revenues benefitting from excellent German franchise

	Q 2 11	Q 1 12	Q 2 12	6 M 1 1	6 M 1 2
Ø uit y ( € ) e q m	6, 7 5 3	5, 9 7 7	5, 71 3	6, 9 9 5	5, 8 4 5
O R E ( % ) p. o	3 0. 5	3 2. 7	2 7. 3	2 7. 1	3 0. 0
CI R ( % )	4 3. 7	4 2. 7	4 3. 6	4 5. 3	4 3. 1

Q 2 1 1	Q 1 1 2	Q 2 1 2	6 M 1 1	6 M 1 2
8 6 5	9 1 7	4 8 7	1, 0 2 7	1, 3 9 5
2 8	3 5	3 2 -	1 7	3
3 7 8	3 3 8	3 2 6	7 7 1	6 6 4
5 1 5	4 8 8	3 9 0	9 4 8	8 7 8

• › Revenues before LLP decreased by 5.4% q-o-q mainly due to weakening of deposit margin in the light of low interest rates – Q2 2011 including positive contribution from restructured loans
• › Increase in LLP in Q2, but still on low level benefitting from robust German economy

Central & Eastern Europe

C b k ' S i t t o m m e r z a n s r a e g c 1) P it i o s o n	G C & L d i b k i tr l E t E it h t h e a n g e r m a n a n n e n a a s e r n r o p e m o r e a n u w 4 i l rl h h h P li h B R E B k t rt t t m c u s o m e r s p a c u a y r o u g e o s a n F si C b k' k t ci i f ll i o c u n g o n o m m e r z a n s e y c o m p e e n e s n u s e r v c e b ki d d ir t b ki a n n g a n e c a n n g C ti f ti ti k i h i tr t tt t t o n c e n a o n o o p e r a o n s o n m o s a r a c v e m a r e s n e r e g o n S tr li i f i l t l f B k F e a m n n g o n o n c o r e r e g o n a a s s e s e g s a e o a n o r u m - , ( ) si i g n n g
P fi b il it D ri t r o a y v e r s	F si fi t b l b si o c u n g o n p r o a e c o r e u n e s s O f f f ti iz ti d t rt li ll d l t p m a o n o p r o c p o o o a s e a s e e o p m e n o n e u w v w b si d u n e s s a n r e v e n u e s o u r c e s R is k d ti d rt f li ti iz ti r e u c o n a n p o o o o p m a o n O ff f i i ci ll b si it n g o n g e e n c m e a s r e s o r a n e s s n s y u u u
S t t i G l r a e g c o a s 1) di to st i at a c c or n g o w n e m e s	F h i si fi b ili i b ki f d h rt t t t t u e r n c r e a n g p r o a y n c o r p o r a e a n n g o c u s e g r o w , i t il b ki n r e a a n n g R d ci is k t tr i t t t d d l t f e u n g r c o s s s c c o s m a n a g e m e n a n e v e o p m e n o , tr n e w r e v e n u e s e a m s F rt h d l t f b si d ls b si i d u e r e v e o p m e n o u n e s s m o e e g u n e s s m x a n , ti l ll o p e r a o n a e c e e n c e x F si k P l d i h i h C b k lr d t o c u n g o n c o r e m a r e o a n n w c o m m e r z a n a e a y h ti ti d t d h i t t ti l f d i a s c o m p e v e a v a n a g e s a n w e r e s e e s p o e n a o r m e u m t l -t b t h o o n g e r m a o e a e r a g e g r o v v w

Central & Eastern Europe: BRE Bank with business growth and stable cost basis, sale of Bank Forum

	Q 2 11	Q 1 12	Q 2 12	6 M 1 1	6 M 1 2
Ø uit y ( € ) e q m	1, 81 0	1, 8 9 3	1, 8 8 5	1, 7 7 8	1, 8 8 9
O ( % ) R E p. o	18 .3	1 8. 4	1 2. 5	16 .1	1 5. 5
CI R ( % )	9. 1 5	2. 3 5	2 5 5.	9. 6 5	3. 5 7

P & L la t a a g n c e
in € m	Q 2 1 1	Q 1 1 2	Q 2 1 2	6 M 1 1	6 M 1 2
R b fo L L P e v e n u e s e re	2 2 5	2 2 0	2 1 0	4 4 3	4 3 0
L L P	9 -	-1 8	3 5 -	3 6 -	5 3 -
O ti p e ra n g e x p e n s e s	1 3 3	1 1 5	1 1 6	2 6 4	2 3 1
O ti fi t p e r a n g p r o	8 3	8 7	5 9	1 4 3	1 4 6

• ›Revenues in CEE stable adjusted for PSB put option
• › BRE Bank with growth in deposits and loans q-o-q – cost base stable
• › Sale of Bank Forum (signed; charges will only be reflected in profit before tax)

Corporates & Markets

C b k ' S t t i o m m e r z a n s r a e g c P it i o s o n	I B ki it h it h k t t rt tr t t t n v e s m e n a n n g p a n e r w s o n g c o m m m e n o o m e m a r e › d h i d E i b k d b i l b l t tr t a n e w e r u r o p e a n r e g o n a c e u p y a s a e g c g o a , p r e s e n c e : C li t- tr i b si d l b il t l -t l ti h i › e n c e n c u n e s s m o e u o n o n g e r m r e a o n s p s a s ll d t d i d tr t rt is w e a s p r o u c a n n u s y s e c o r e x p e e P d t ri k t d d i t d ri t t d i d k › r u e n s m a n a g e m e n n o e c a e p r o p e a r y r a n g e s s – D i si fi d b si d l it h f i ill C tr t t › v e r e u n e s s m o e w o u r s a e g c p a r s : o r p o r a e F i E it M k & C d iti F i d I & t n a n c e q u y a r e s o m m o e s x e n c o m e , , C ci d C d it P rt f li M t u rr e n e s a n r e o o o a n a g e m e n
fi P t b il it D ri r o a y v e r s	C G 's fr lli t t h t si cl i t h is r o s s s e n g o e r o u p e x e n v e e n a n c e › - A k l d d d t rt is c n o w e g e p r o u c e x p e e : › N N 1 si ti h S A d T h E l t t › u m e r o u s o p o o n s a c r o s s e c o p e w a r s o m s o n x e , S 2 0 1 2 R h E F X P ll i d t h E e s e a r c u r v e y u r o m o n e y o n a n e u r o m o n e y , R t il S tr t d P d t A d E F i d I e a u c u r e r o u c w a r s u r o m o n e y x e n c o m e , R h S D h R is k D ri ti P ll t e s e a r c u r v e y e u s c e s e v a v e s o , f I ti t h Y T h B k I t t B ki A d 2 0 1 1 › n n o a o n o e e a r, e a n e r n e s m e n a n n g a r s v v w N 1 f G L t t h E k S d i t d L A d › o o r e r m a n o a n s a e u r o w e e y n c a e o a n s w a r s f h l f ti l d f t t o r e a s o u r c o n s e c u v e y e a r s n u m e r o u s a c c o a e s o r o u r , C i l t i it l M k t t ti n v o v e m e n n a p a a r e s r a n s a c o n s S tr it t t ti is it l d b l h t ll o n g c o m m m e n o o p m e c a p a a n a a n c e s e e u s a g e a s w e › t tr t a s o u r c o s s u c u r e
S t t i G l r a e g c o a s	E h si ti i i C d it, I R d F X is k t l ti & n a n c e p o o n n g n r e a n r m a n a g e m e n s o u o n s › f h d l si ti i f l i l tf rt tr u e r e v e o p p o o n n g o e e c o n c p a o r m s S tr t h E k t l d h i i it d ri ti e n g e n r o p e a n m a r e e a e r s p n e q e a e s › u u y v v F rt h i f tr t f i f h is u e r r e n o r c e s o n c o r o r a e n a n c e r a n c e ›
	g p

Corporates & Markets: client centric business model affected by reduced client activity in adverse markets

O ti p e r a in € m	n g p r o	fi t		O C w n	S di t re pr	d e a		P & L la t a a g n c e
								in € m	Q 2 1 1	Q 1 1 2	Q 2 1 2	6 M 1 1	6 M 1 2
2 4 0 7	2 81 2 2	3 5			3 0			R b fo L L P e e n e s e re v u	1 0 7	3 9 7	3 8 9	1, 3 8 9	8 6 7
2 3 3	2 9 5	17 9	2 7		1 8 8	4 5		L L P	3 1 -	2 7 -	2 3 -	3 1 -	5 0 -
			7 5 4 8 -			16 2 9		O ti p e ra n g e x p e n s e s	3 9 8	3 4 0	3 2 1	8 3 7	6 6 1
		-1 4 4			-1 5 8			O ti fi t p e r a n g p r o	2 8 1	3 0	4 5	5 2 1	7 5
1	2Q 2 0	3Q 4Q 1 1	Q		2Q 1 2 0	Q 1 2		O ti fi t p e r a n g p r o e x. O C S	2 5 9	1 8 8	2 9	4 9 2	2 1 7
							›	P si ti O ti o v e p e r a n g r	lt d e s u e	it d s p e e	i e p e n n g	f S o o v e	i r e g n
		Q 2 11	Q 1 12	Q 2 12	6 M 1 1	6 M 1 2		C if fi D b t ri si d d e s a n	lt c m a r u	k t d e c o n	iti i o n s n	Q 2 2 0 1	2
Ø uit y ( e q	€ ) m	3, 7 7 7	3, 2 4 4	3, 2 4 9	3, 9 9 0	3, 2 4 7	›	M ri l d ti i t a e a r e u c o n n tr l ft l c o n o a e r c o m e	d t c o s s ti f i o n o n	t u e o c o t ti e r a o	ti d n n u e n	i tr s n g e n	t t c o s
O R E p. o	( % )	2 9. 8	3. 7	5. 5	2 6. 1	4. 6		p		g
CI R ( % )		5 6. 1	8 5. 6	8 2. 5	6 0. 3	8 4. 1	›	R W A d ti i l i r e c o n n n u i b l h o n g o n g a a n c e s	it h e c w t e e m a n	ti a o s u u a g e m e n	is k r a p p t	h r o a c a	d n

ABF result with lower de-leveraging losses – as expected LLP in ship finance increased

	Q 2 11	Q 1 12	Q 2 12	6 M 1 1	6 M 1 2
Ø uit y ( € ) e q m	6, 6 2 0	6, 4 0 5	6, 3 3 9	6, 8 9 3	6, 3 9 4
O R E ( % ) p. o	-5 5. 6	-2 6. 3	-8 .1	-3 0. 7	-1 7. 3
CI R ( % )	n/ a	n/ a	4 0. 4	n/ a	14 3. 5

P	& L t la a a g n c e
	in € m	Q 2 1 1	Q 1 1 2	Q 2 1 2	6 M 1 1	6 M 1 2
	R b fo L L P e v e n u e s e re	5 4 4 -	-1 1 7	2 8 7	2 8 7 -	1 7 0
	L L P	2 3 3 -	-1 7 9	3 0 0 -	4 7 4 -	4 7 9 -
	O ti p e ra n g e p e n s e s x	1 4 3	1 2 8	1 1 6	2 9 7	2 4 4
	O fi ti t p e r a n g p r o	-9 2 0	4 2 4 -	-1 2 9	-1 ,0 5 8	5 5 3 -

Q2 operating profit influenced by:

reduced impact from de-leveraging losses in PF, Q2 11: impairment on Greek sovereign bonds; Q1 12: complete sale of remaining Greek bond portfolio positive valuation effects from derivatives

› LLP in Q2 mainly driven by Ship Finance; only partly compensated by declining charges in CRE

Portfolio Restructuring Unit with good result amid downsizing

›

-

O p e r a in € m	ti n g p r	fi t o
					1 6 4
6 3	6 4
						2 0
			-4 5
		-2 1 2
1	2Q	3Q	4Q Q		Q 1	Q 2
	2 0	1 1			2 0	1 2
		Q 2	11 Q 1	12 Q 2	12 6 M 1 1	6 M 1 2

	Q 2 11	Q 1 12	Q 2 12	6 M 1 1	6 M 1 2
Ø uit y ( € ) e q m	1, 12 8	1, 7 0 4	1, 0 5 2	1, 14 4	1, 3 7 8
O R E ( % ) p. o	2 2. 7	3 8. 5	7. 6	2 2. 2	2 6. 7
CI R ( % )	2 0. 8	6. 2	7 0. 8	2 3. 6	1 3. 4

2 Q 2 1 2	6 M 1 1	6 M 1 2
9 2 2 4	1 6 1	2 1 6
-1 6 1 3	4	3 -
1 2 1 7	3 8	2 9
6 4 2 0	1 2 7	1 8 4
1	1 1 1

› Further positive operating result in Q2, following a strong performance in Q1 in light of increased market liquidity

› Remaining assets of €8.7bn will be integrated into and managed by C&M (€7.2bn) and NCA (PFI: €1.5bn)

Group equity definitions

R ci li ti f it d fi it i e c o n a o n o e q u y e n o n s			E it b si f R E q u y a s o r o
E ui d ef in iti in € ty q o n s m	Q 2 2 0 1 2 E d f ri d n o p e o	6 M A v e ra g e
S b ib d pi l ta u s cr e c a	5, 8 2 8	5, 4 2 1
C pi ta l r a e s er v e	11 ,6 71	1 0, 9 9 0
R et ai d ni n e e ar n g s	8, 8 9 3	9, 2 9 7
Si le nt ti ci at io S F Fi n/ Al lia p ar p n s o n z	2, 3 7 6	2, 5 4 4
C sl io tr at ur re n c y a n n re s er v e	-2 0 3	-2 8 7
C ol id d P & L* at o n s e	5 61	3 3 5
In st ' C pi ta l it h ut nt ol li in te st e o rs a o n o n- c o r n g re s v w	2 9, 1 2 6	2 8, 3 0 9	f fi B si R E et t a s o r o o n n p r o
N nt lli in te st (I F R S ) o n- c o ro n g re s	7 8 9	7 6 8
In st ' C pi ta l v e o rs a	2 9, 9 1 5	2 9, 0 7 7	B si f ti R E d -t R E a s o r o p e ra n g o a n p re a x o
C pi ta l d d cti d wi ll d ot h dj st nt a e u o n s, g o o a n er a u m e s	-4 ,2 7 0
B el II pi ta l it h ut h b ri d pi ta l a s c o re c a w o y c a	2 5, 6 4 5
H br id pi ta l y c a	2, 2 6 4
B el II T ie r I pi ta l a s c a	2 7, 9 0 9

* After deduction of estimated pro-rated distribution to silent participants;** excluding: Revaluation reserve and cash flow hedges

Average capital employed within Commerzbank Group

Average, 1.1.-30.6.2012

Planned development of RWA and Basel 3 effect in € bn Core Tier 1 12.2% RWA per 01/01/2013(e) ~235-240 Expected RWA development in the remainder of 2012 & Basel 3 net effect ~25-30 RWA per 30/06/2012 RWA management H1 2012 RWA per 31/12/2011 9.9% Basel 2.5 Basel 3 >10% Basel 3 Common Equity Tier 1 of >10% under phase-in and 7.7% fully-loaded expected by 01/01/2013 CET 1 210 237 27

Basel 3 CET 1 ratio of >10% per 01/01/2013

No further issuance into capital markets needed in 2012

Key figures of Commerzbank share

Commerzbank's shareholders

as of 30.6.2012

Equity and market capitalization

Performance of the Commerzbank share

Month-end figures, January 2010 = 100

Trading volume1) of the Commerzbank share

Offices of Commerzbank Group wordwide

as of 30.6.2012

Personnel data

C G b k o m m e r z a n r o u p	2 0 0 9	2 0 1 0	2 0 1 1	3 0 6 2 0 1 2
E l m p o y e e s	6 2 6 1 7 ,	9 ,1 0 1 5	8 ,1 6 0 5	6 2 2 1 5 ,
in G e r m a n y	4 6 ,4 7 8	4 5, 3 0 1	4 4 ,4 7 4	4 3 ,1 2 7
b d a r o a	1 6 ,1 9 3	1 3, 8 0 0	1 3, 6 8 6	1 3 0 9 4 ,

Disclaimer

Reservation regarding forward-looking statements

This publication contains forward-looking statements on Commerzbank's business and earnings performance, which are based upon our current plans, estimates, forecasts and expectations. The statements entail risks and uncertainties, as there are a variety of factors which influence our business and to a great extent lie beyond our sphere of influence. Above all, these include the economic situation, the state of the financial markets worldwide and possible loan losses. Actual results and developments may, therefore, diverge considerably from our current assumptions, which, for this reason, are valid only at the time of publication. We undertake no obligation to revise our forward-looking statements in the light of either new information or unexpected events.

2012/2013 Financial Calendar

November 8, 2012	Interim Report Q3 2012
End-March 2013	Annual Report 2012
Early-May 2013	Interim Report Q1 2013
Early-August 2013	Interim Report Q2 2013
Early-November 2013	Interim Report Q3 2013

Commerzbank AG Head Office Kaiserplatz Frankfurt am Main

www.commerzbank.com Postal address

60261 Frankfurt am Main

Group Management

Investor Relations Tel. +49 (0)69 / 136-2 22 55 Fax +49 (0)69 / 136-2 94 92

Mail ir@commerzbank.com