Commerzbank AG — Investor Presentation 2012

May 13, 2012

Commerzbank with strong capital ratios

Commerzbank Group, in %

Commerzbank – Figures, Facts, Targets

Investor Relations

1st 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 presentation can also be found on Commerzbank's website, in German and English.

• German: www.commerzbank.de Investor Relations Analysten Handouts
• English: www.commerzbank.com Investor Relations Analyst Handouts

Completed on May 8, 2012

Commerzbank – Figures, Facts, Targets

Content

Highlights Q1 2012 Summary Q1 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 EBA capital target fulfilled ______ 11
Segment reporting Value drivers ____ 12
Operating profit by segment Average capital employed ______ 13

Private Customers ______ 14
Mittelstandsbank _______ 15
Central & Eastern Europe ______ 16
Corporates & Markets ___ 17
Asset Based Finance ___ 18
Core Bank segments Group equity definitions __ 19
Pro forma Basel 3 capital ratio Long-term funding profile ______ 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

Solid start with €584m Group operating profit despite challenging market environment

		G r o p u		C	**
i € n m	Q 1 2 0 1 1	Q 4 2 0 1 1	Q 1 2 0 1 2	Q 1 2 0 1 1	Q 4 2 0 1 1	Q 1 2 0 1 2
fo R b L L P e v e n u e s e re	3, 6 1 6	2, 3 1 6	2, 5 8 5	3, 2 7 5	3, 3 7 5	2, 5 1 0
L L P	-3 1 8	3 8 1 -	2 1 2 -	7 8 -	-1 7 6	-1 7
O ti p e ra n g e p e n s e s x	2, 1 4 5	1, 2 7 7	1, 8 9 7	1, 9 8 7	1, 6 3 2	1, 6 4 8
O ti fi t p e r a n g p r o	1, 1 4 4	1 6 3	5 8 4	1, 2 1 9	1, 5 6 7	8 4 5
N et fit * p ro	9 8 5	3 1 6	3 6 9

• › Revenues compared to Q1 2011 influenced by:
• ›Positive one-off effect from liability management in Q1 2011 of €358m
• ›Negative OCS effect in Q1 2012 of €158m
• ›Volume reduction due to ongoing de-leveraging, low interest rates and muted client activity
• ›LLP benefitting from robust German economy and restructurings in ABF
• ›Costs decreased by 17% y-o-y, benefitting from cost synergies and additional cost measures

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

EBA capital target fulfilled ahead of plan – solid start in 2012

	E B A it l f lf ill d h d f l t t c a p a a r g e u e a e a o p a n
	S li d ti fi t f € 5 8 4 d € 8 4 5 i C b k b t h i l d i o g r o u p o p e r a n g p r o o m a n m n o r e a n o n c u n g , ti l ti f f t f d it d ( O C S ) f € 1 5 8 n e g a v e v a u a o n e e c r o m o w n c r e s p r e a o m
2	S f l d ri k i d d i l f d ri h P R U t t rt t u c c e s s u e s n g a n s p o s a o n o n c o r e a s s e s u n g e q u a e r n e - - – G S t t t i l d i it b ill i d k P I b d l d a s s e s c u o s n g e g o n s a n r e e o n s s o -
2	R W A f h d d b € 1 4 b € 2 2 3 b C T i I ti f 1 1 3 % d f Q 1 rt t u e r r e u c e y n o n o r e e r r a o o p e r e n o –
	N f rt h f d i d i 2 0 1 2 t d it t h d i t o e r n n g n e e n s r o n g e p o s g r o a n o n g o n g n o n c o r e a s s e u u w – - d ti r e c o n u

Revenue development driven by non-recurring items and de-risking of balance sheet

* incl. Others & Consolidations

55 -855 163 584 24 1,144 985 316 369 -687 Q1 Q2 Q3 Q4 Q1 1) attributable to CBK's shareholders Operating profit/loss Net profit/loss 1) 2011 2012

Profit per quarter

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

Net interest income

Loan loss provisions by segment

Commerzbank Group, in € ^m

1) Q1 2011: €-1m included in Others & Consolidation; Q1 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

Profitability ratios

Development of business volumes

1) after provisions; 2) including effects of Basel 2.5

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

1) including effects of Basel 2.5

Strong capital position with 11.3% Core Tier I ratio – further improvement amid €14bn RWA reduction during Q1 to €223bn

Total Assets

in € bn

› Further reduction in non-core assets compensated by increase in liquid assets due to conservative liquidity management strategy

in € bn

RWA

› RWA development in Q1 mainly driven by intended asset reduction, securitizations and collateral management

Core Tier 1 and Tier 1 ratio

in %

›

Strengthening of capital ratios due to retained earnings, lower capital deduction positions and liability management

EBA capital target of originally €5.3bn fulfilled – Liability Management in Q1 improved capital structure further

Segment reporting

Commerzbank Group, 1.1.-31.3.2012, in € ^m

	P ri at v e C st o m e rs u	M itt el st d a n s b k a n	C & nt l e ra E st a e rn E u ro p e	C te o rp o ra s & M rk et a s	A et s s B d a s e Fi n a n c e	fo P rt li o o R st e ru c tu ri n g U ni t	O & th e rs C ol i o n s d at io n	T ot al
N et i nt st i er e n c o m e	4 5 3	5 4 2	1 2 0	11 9	2 0 6	5	-1 6	1, 4 2 9
L lo vi si o a n s s pr o o n s	-6	3 5	-1 8	-2 7	-1 7 9	-1 6	-1	-2 1 2
N i i et nt st er e n c o m e af vi si te r pr o o n s	4 4 7	5 7 7	1 0 2	9 2	2 7	-1 1	-1 7	1, 2 1 7
N et is si in c o m m o n c o m e	3 8 3	2 7 0	5 0	8 3	6 3	-	-6	8 4 3
N et tr di in et + a n g c o m e n in h d nt c o m e o n e g e a c c o u	1	-1 3	3 8	1 9 5	-2 1 5	1 6 9	2 8 2	4 5 7
N et i st nt i n v e m e n c o m e	2	-1	1	3	-2 0 3	1 7	5	-1 7 6
C i nt ur re n c o m e o n fo ni nt d c o m p a e s a c c o u e r si th ui ty et h d n g e e q m o u	7	-	-	6	-1	-	-1	11
O th i er n c o m e	-1	-8	11	-9	3 3	1	-6	2 1
In b fo vi si c o m e e re p ro o n s	8 4 5	7 9 0	2 2 0	3 9 7	-1 1 7	1 9 2	2 5 8	2, 5 8 5
O at in p er g e p e n s e s x	7 2 7	3 3 8	11 5	3 4 0	1 2 9	1 2	1 2 8	1, 7 8 9
O ti fi t/l p e ra n g p ro o s s	11 2	4 8 7	8 7	3 0	-4 2 5	1 6 4	1 2 9	5 8 4
I ai nt of d wi ll 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	-	-	-	-	3 4	-	-	3 4
P -t fi t/l re a x p ro o s s	11 2	4 8 7	8 7	3 0	-4 5 9	1 6 4	1 2 9	5 5 0

Value drivers

Commerzbank Group, 1.1.-31.3.2012, in € ^m

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

Solid operating profit in Core bank

Operating profit, in € ^m

Corporates & Markets

Asset Based Finance

Portfolio Restructuring Unit

Average capital employed within Commerzbank Group

Average, 1.1.-31.3.2012

Private Customers

C b k ' S t t i 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 a e c s o m e r a n n e r m a n a s a e › v u y w b f b 1 1 ill i ri t t t t c u s o m e r a s e o a o u m o n p v a e c u s o m e r s : O f t h l t ri t t b d i G 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 1 O d ir t: N li B k c o m e c r. n n e r o e r › O f t h l d i W lt h M i G it h l 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 e c o e r a g e w v H i h ti it f ri b ki tt t t g a r a c v y o r p v a e a n n g c u s o m e r s › 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 ›
fi P t b il it D ri r o a e r s y v	S fi f t i b l t t b ili t it h t h t ti l b s a n a e s e g m e n p r o a g r o p o e n a m e a n s o › u y w w y l f k si ti d ff tr t t e v e r a g e o s o n g m a r e p o o n a n s y n e r g y e e c s : L rl t d b t d o w e r r e v e n u e s n e a y c o m p e n s a e y c o s m e a s u r e s a n › Q l L L P i 1 2 0 1 2 o n w 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 C ti it h l d i rt h A lli W ü t t o o p e r a o n e a n g p a n e r s s c a s a n s e n r o › w u z , d B N P P ri b a n a a s R d ti i R W A h il t t h ti d i l d i e u c o n n s w e a e s a m e m e e x p a n n g e n n g › b si u n e s s R li si t h t i l d e a n g e c o s s y n e r g e s p a n n e ›
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 t d ri t t b 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 › fi C li t t h d t b ili t T h t B k q a g r o a n p r o a e s o m e r a n u y w y : u ,
1) di to st i at a c c or n g o n e m e s w	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: lower revenues nearly compensated by cost measures and low LLP

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

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

• › Revenues before LLP affected by ongoing low client activity in securities business and low interest rates
• › Customer business focused on deposits – growth of ~€7bn in first quarter
• › Costs decreased by 18% y-o-y, about half of the reduction from realisation of cost synergies and lower integration costs and the remainder from additional cost measures realised in Q1

Mittelstandsbank

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 " 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 s e o n e c o r e r e g o n o › u 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 › fi rt h i , i t ti l l d it l k t rt is p a n e r s p n e r n a o n a p r o e a n c a p a m a r e e p e e x O f h 3 b k i f i d i i h E t t t t n e o e o p a n s n o r e g n r a e s e r v c e s n e u r o z o n e › ll i E t tr ti rl d i d 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 b il it D ri t 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 u n e s s m o e w g m a r e p e n e a o n a n s o n g › i it t t p r o m o o r c s o m e r s x y u u C f d , i ti l ti b d i d t 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 u c s a n o u r n e g r a e r e a o n s p a p p r o a c P f si l i d d si f t h rl d i d r o e s o n a g a n c e a n p r o c e s n g o e o e e p o s r e s › u w w x u d i ti l d f l f t tr t a n n e r n a o n a a e o w s o o u r c u s o m e r s
S t t i G l r a e g c o a s 1) di i to st at a c c or n g o w n e m e 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 r e a n g p o o n a s e s e a n s a n › u y : G h I si h f ll i h i d /l cl i t t t t r o w n c r e a n g o u r s a r e o w a e n e m a r g e c a p e n › - t & i i ll cl i t s e g m e n g a n n g n e w s m a c a p e n s 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

Mittelstandsbank: continues to generate strong results thanks to excellent franchise with German corporates

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

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

• ›Revenues before LLP 6% lower y-o-y but 1% higher q-o-q
• ›€1.7bn loan growth in Germany y-o-y
• ›LLP benefited from releases
• › Lower equity allocation driven by reduced exposure to financial institutions, successful securitizations and collateral management

Central & Eastern Europe

C b k ' S t t i o m m e r z a n s r a e g c 1) P it i o s o n	L d i G b k i C tr l & E t E it h l t e a n g e r m a n a n n e n a a s e r n u r o p e w a m o s 4 5 t rt i l rl t h h t h P li h B R E B k m c s o m e r s p a c a r o g e o s a n u u y u F si C b k' k ci i f ll i t 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 f tr ti ti t tt ti k t i t h i 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 e m a r e s n e r e g o n v
P fi t b il it D ri r o a y v e r s	fi F si t b l b si o c n g o n p r o a e c o r e n e s s u u O ti iz ti d ri f d f li ll tr t t rt p m a o n a n r e s u c u n g o p r o u c p o o o a s w e a s d l t f b si d e v e o p m e n o n e w u n e s s a n r e v e n u e s o u r c e s f R is k d ti d rt li ti iz ti r e c o n a n p o o o o p m a o n u O i ff i ci f ll b si it n g o n g e e n c y m e a s u r e s o r a u n e s s u n s
S G t t i l r a e g c o a s 1) di i to st at a c c or n g o w n e m e s	I si fi t b ili t i t b ki f d t h i t il 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 n r e a , b ki a n n g R d ci is k i d d l f t tr t t t t 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 F rt h d l t b si d ls b si i d e r e e o p m e n o n e s s m o e e g n e s s m a n u v u u x , ti l ll o p e r a o n a e x c e e n c e F si k t i h i h C b k lr d h o c u n g o n c o r e m a r e s n w c o m m e r z a n a e a y a s f ti ti d t h i t t ti l d i t c o m p e e a a n a g e s o r e r e s e e s p o e n a o r m e m o v v w u l b h -t t o n g e r m a o v e a v e r a g e g r o w

Central & Eastern Europe with strong BRE-Bank result

	Q 1 11	Q 2 11	Q 3 11	Q 4 11	Q 1 12
Ø uit y ( € ) e q m	1, 7 4 5	1, 81 0	1, 8 3 9	1, 8 5 3	1, 8 9 3
O ( % ) R E p. o	13 .8	18 .3	1 9. 6	41 .9	18 .4
CI R ( % )	6 0. 1	9. 1 5	2. 8 5	3 8. 6	2. 3 5

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

› Revenues before LLP include non-recurring effect related to PSB of €15m in Q1 2012 and €154m in Q4 2011

› Even excluding one-off effect revenues stable in local currency compared to Q1 2011

Corporates & Markets

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

Corporates & Markets: recovery in client activity compared to H2 2011 offset by own credit spread effect

Asset Based Finance 1)

C S b k ' t t i o m m e r a n s r a e g c z 2) P it i o s o n	C b k i f h k l i A B d F i t t o m m e r z a n s o n e o e e y p a y e r s n s s e a s e n a n c e : › f t h l d i ci l l t t b k i 4 E o n e o e e a n g c o m m e r a r e a e s a e a n s n u r o p e a n › tr i c o n e s u
	f h l it h t t t t t o n e o e o p r e a e s a e a s s e m a n a g e r s w › i t l € 3 7 b t d t a p p r o x m a e y n a s s e s u n e r m a n a g e m e n f f t h l d i h i i b k rl d i d o n e o e e a n g s p n a n c e a n s o e › w w
P fi b il it D ri t r o a y v e r s	C ti i f li ti is ti d d ri ki tr rt o n c e n a o n o n o n g o n g p o o o o p m a o n a n e s n g › - – d i t t h E U ir t t i d d E h d t h a c c o r n g o e r e q u e m e n s o w n o w n u r o y p o a n e - N C b si f C ci l R l E t t d P b li F i o n o r e n e s s o o m m e r a e a s a e a n c n a n c e u u -
	F h i h h li i f iz ti rt t t t tr u e r c o s m p r o v e m e n s r o u g s e a m n n g o o r g a n a o n › d ri t h i d i d f E h u n g e w n n g o w n o u r o y p o f I t ti ll ci l l t t ti iti it h i t h n e g r a o n o a c o r e c o m m e r a r e a e s a e a c e s n e › v w b k c o r e a n F G P f d b ri f i rt t f f d i o c u s o n e r m a n a n e a s m p o a n s o u r c e o u n n g › O f C i i t ti ll h i i ti iti it h i b k n g o n g n e g r a o n o a s p p n g a c e s n o m m e r a n › v w z A G f l ti f lti d h tr t ; s u c c e s s u p e n e a o n o m u p r o u c a p p r o a c -
2) S t t i G l r a e g c o a s	T b i f rt o e a p r e m u m p a n e r o r: › t h b k' ci l l t t rt i 4 l t d k t e a n s c o m m e r a r e a e s a e p a n e r s n s e e c e m a r e s › ri ti i d ff ri i d f d tr t m a m e n u s y : o e n g a w e r a n g e o p r o u c s › ri t d i ti t ti l i t h i f d i t l p v a e a n n s u o n a n v e s o r s s e a r c n g o r m e u m o o n g › t i t t e r m n e s m e n s v W i d i d f E h N C b si d b d n n g o w n o u r o y p o o n o r e u n e s s u n e r a n e w r a n › -
1) i cl di P bli Fi 2 ) di to n u n g u c n a n c e; a c c or n g o w	b i i i Q 3 2 0 1 2 e g n n n g n st i at n e m e s

De-leveraging in ABF continued – Greek PSI bonds sold in Q1

›

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

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

› LLP reduced by 26% y-o-y driven by CRE, partly compensated by Ship Finance

Q1 operating profit influenced by:

› realised losses from de-leveraging in PF and negative valuation effects from corresponding derivatives

›sale of Greek PSI bonds

Core Bank segments* with solid operating contribution

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 q	it b si f R E u y a s o r o
E ui ty d ef in iti in € q o n s m	Q 1 2 0 1 2 E d f ri d n o p e o	A v e ra g e
S b ib d pi ta l u s cr e c a	5, 5 9 3	5, 2 3 3
C pi ta l r a e s er v e	11 ,6 0 4	11 ,2 7 0
R et ai d ni n e e ar n g s	8, 8 8 5	8, 8 4 1
Si le ti ci io S F Fi n/ Al lia nt at p ar p n s o n z	2, 4 6 5	2, 6 2 9
C tr sl at io ur re n c y a n n re s er v e	-3 0 7	-3 21
C ol id at d P & L* o n s e	3 2 8	1 5 6
In ' C pi l it h ol li in st ta ut nt te st v e o rs a w o n o n- c o r n g re s	2 8, 5 5 9	2 7, 8 0 8		B si f R E et fi t a s o r o o n n p r o
N lli in (I F R S ) nt te st o n- c o ro n g re s	7 9 2	7 5 8
In ' C pi l st ta v e o rs a	2 9, 3 1 5	2 8, 5 6 6		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 l d d cti d wi ll d h dj ta ot st nt a e u o n s, g o o a n er a u m e s	-4 ,1 8 5
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, 1 6 6
H br id pi ta l y c a	2, 1 9 8
B el II T ie r I pi l ta a s c a	2 7, 3 6 4

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

Pro forma Basel 3 capital ratio -10% per 01/01/2013*

› Basel 3 CET1 of ุ10%* expected by 01/01/2013 under phase-in including expected RWA development during H2 2012

* before effects from retained earnings, inkl. SoFFin silent participation

Strong long-term funding profile, no further issuance into capital markets needed in 2012*

		F d i n n g u	l 2 0 1 2 p a n	C ti d t d ti i o n n u e a s s e r e u c o n ›			A B F n
in € b n				1. 3			d P R U l t d b E B A a n a c c e e r a e y , m e a s u r e s
~1 5	~1 3	2. 5 ~	1. 0			›	D t t d ti d d si t e o a s s e r e c o n a n e p o u u t h d f it l k t g r o w n o n e e o r c a p a m a r e s f d i t i t i tr l -t u n n g o m a n a n s o n g o n g e r m f d i fi l u n n g p r o e
~1 5	~1 3					›	€ 1 b 5 5 i d n s e n o r n s e c r e y u u b h k f ll l d i e n c m a r s c c e s s p a c e n u u y F b h d tr f d i e r u a r y s o w e s o n g u n n g b ili ti f C b k d c a p a e s o o m m e r z a n a n i d f d i d i si fi ti m p r o v e u n n g v e r c a o n
M at in ur g C pi l M k ta et a ar Li bil iti a e s * B d a s e o n c ur re	N ot t b o e fi d re n a n c e nt O ut lo k o	P -f di re u n n g in 2 01 1 C d B d o v er e o n s	B h k e n c m ar F b 2 01 2 e U n s e c ur e	P ri at v e pl nt a c e m e s in Q 1 2 01 2 d F di n n g u	A d di ti al o n fu di n n g ot nt ial t p e o et m e fr hi a n c s e d d e m a n	›	A d d iti l f d i i 2 0 1 2 l t o n a n n g n o n o u y t fr h is d d f m e e a n c e e m a n o C b k d t o m m e r z a n a n o u s e iti f d i si fi ti rt o p p o u n e s o r v e r c a o n

Conclusion and Outlook

* before effects from retained earnings, inkl. SoFFin silent participation

Key figures of Commerzbank share

Commerzbank's shareholders

as of May 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 31.3.2012

Personnel data

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

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

May 23, 2012	Annual General Meeting
August 9, 2012	Interim Report Q2 2012
November 8, 2012	Interim Report Q3 2012
End-March 2013	Annual Report 2012
Early-May 2013	Interim Report Q1 2013

Commerzbank AG Head Office Kaiserplatz Frankfurt am Main

www.commerzbank.com Postal address 60261 Frankfurt am Main

Group Management Investor Relations Head: Tanja Birkholz Assistant: Nicole Schaller

Jürgen Ackermann Dirk Bartsch Wennemar von Bodelschwingh Michael Desprez Ute Heiserer-Jäckel Michael Klein Volker von Krüchten Maxim Kutscher Florian Neumann Patricia Novak Simone Nuxoll Christina Peric Klaus-Dieter Schallmayer Assistants: Anna Binder Katja Schlett

Tel. +49 (0)69 / 136-2 22 55 Fax +49 (0)69 / 136-2 94 92 Mail ir@commerzbank.com