Commerzbank AG — Investor Presentation 2012

Feb 29, 2012

Strong decrease in RWAs and Total Assets

Commerzbank Group, in € bn

Risk-weighted Assets

Total Assets

1) proforma; 2) incl. effects of Basel 2.5 (€12bn)

Commerzbank – Figures, Facts, Targets

Investor Relations

4th Quarter 2011

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 February 22, 2012

Commerzbank – Figures, Facts, Targets

Content

Major strategic achieve ments in 2011
Summary 2011 ___ 2
Core bank revenues before LLP
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
B/S decrease and RWA reduction
Measures to fulfil EBA capital requirement _____ 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
Successful RWA management 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

Commerzbank with major strategic achievements in 2011

ofi Pr e t t ax pr (€ bn ) 4.5 2.0 -0. 8 2009 2010 2011	fi f C f € P t t b k 4 5 b i F Y 2 0 1 1 r e a x p r o o o r e a n o n n -
	I t ti j t f ll l t d ft l 1 0 0 0 d n e g r a o n p r o e c s u c c e s s u y c o m p e e a e r o n y a y s ,
Co Tie r I rati re o 10.0 % 9.9 % SoF Fin s ilent parti cipat ion Shar ehol ders ´ Capi tal 2010 2011	S i if i i f it l t t t t g n c a n m p r o v e m e n o c a p a s r u c u r e
Po rtf oli ed uct ion P F o r -18 % 109 98 89 Q4 Q2 Q4 2009 2010 2011	A l t d d i i f t t i b i c c e e r a e o w n s z n g o n o n s r a e g c u s n e s s e s -
Fu ndi Pla n 2 011 ng ~36 ~24 ~€1 0-1 2 Not to be Matu Fundin g refinan ring ced Plan	F d i l 2 0 1 1 d d u n n g p a n e x c e e e

Commerzbank in 2011 with strong performance in Core Bank and improved capitalization – Group weighed down by sovereign debt crisis

Core Bank revenues before LLP increased by €1.5bn* (+14%) in FY2011

in € ^m ABF & PRU Group Core Bank** Q4 10 12M 11 Q4 11 12M 10 Q4 10 Q4 11 12M 10 12M 11 Q4 10 Q4 11 12M 10 12M 11 -2,494 1,768 -1,059 184 3,375 12,383 10,903 2,831 3,015 2,316 12,671 9,889

* including liability management transactions in Q1 and Q4 2011

** incl. Others & Consolidations

Profit per quarter

Revenues before LLP

C b k o m m e r a n z	G ' r o p s u	i n c o m e	t t t s a e m e n
-----------------------------------------------------	---------------------------------	----------------------------	-------------------------------------------

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

Net interest income

Loan loss provisions by segment

Commerzbank Group, in € ^m

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

in € bn

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

B/S decrease and RWA reduction of 12% in FY2011 despite Basel 2.5, stable Core Tier 1 ratio

Measures to fulfil EBA capital requirement by June 2012 well underway

	V ol d ct io ts id k ts / pl t i ri fr hi k ts ai u m e r e u n o u e c o r e m a r e a n s o g r o w n p m a r y a n c s e m a r e r e m n › h d u n c a n g e
R W A t m a n a g e m e n	R is k f ri ti ti / f ol io al tr rt › a n s e r s e c u z a o n s p o s e s –
	M f k d is k t t t rt a n a g e m e n o m a r e a n c o n e r p a r › u y
	R W A ffi ci pi f ol la t al e e n c y, e. g. m a p n g o c e r ›
	f R h el ct d h b ri d ui t i st ts i D b 2 0 1 1 e p u r c a s e o s e e y e q y n r u m e n n e c e m e r ›
C it l a p a t	M f pi al d d io t t ct a n a g e m e n o c a e u n s ›
	P rf el d i h f pl t ts e o r m a n c e r a e p a m e n n s a r e s o r e m o e e s › y y
m a n a g e m e n	R st ct ri f pi t al i st ts e r n g o c a n r m e n › u u u
	F rt h r i t f pi t al tr ct u e m p r o v e m e n o c a s u u r e ›
	S O al D d B k H d rt i ct b 2 0 1 1 e s, e. g. r e s n e r a n e a q u a e rs n o e r ›
S l f a e o n o n t t i t s r a e c a s s e s	S al f 1 4. 4 % rti ci ti i P b k e o p a p a o n n r o m s v y a z a n ›
g	B R E B k d C di si d d gi ct tr t a n a n o m r e a r e c o n e r e s a e c ›
R t i d i	R ul t: Q 4 2 0 1 1 e s ›
e a n e e a r n n g s	( f ) R ul t: H 1 2 0 1 2 in cl rt h st e s u e r c o m e a s u r e s ›
	M ini ti at d e a s ur e s e

Segment reporting

Commerzbank Group, 1.1.-31.12.2011, 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 & nt l e ra E st a e rn E ro p e u	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 i i et nt st er e n c o m e	2, 0 2 7	2, 1 4 7	6 4 8	8 3 2	1, 0 2 1	4 9	-2 7	6, 7 2 4
L lo vi si o a n s s pr o o n s	-5 7	-1 8 8	-8 9	-1 4 6	-9 0 7	-5	2	-1 ,3 9 0
N et i nt st i er e n c o m e af te vi si r pr o o n s	1, 9 7 0	1, 9 8 6	5 5 9	6 8 6	11 4	4 4	-2 5	5, 3 3 4
N et is si in c o m m o n c o m e	1, 7 5 4	1, 0 8 6	21 7	3 0 0	2 6 0	-	-1 2 2	3, 4 9 5
N et tr di in et + a n g c o m e n fr in h d nt c o m e o m e g e a c c o u	-	-4 2	2 51	1, 0 6 9	1 2 3	-1 0 8	6 9 3	1, 9 8 6
N et i st nt i n v e m e n c o m e	-2	-5 1	7	3 0	-3 ,7 9 9	4	2 0 0	-3 ,6 11
C fr nt et i ur re n n c o m e o m 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	1 9	11	-	1 5	-8	-	5	4 2
O th et i er n n c o m e	2 2	-2	3 4	-1 2	-2 9	-7	1, 2 4 7	1, 2 5 3
fo In b vi si c o m e e re p ro o n s	3, 8 2 0	3, 1 7 6	1, 1 5 7	2, 2 3 4	-2 ,4 3 2	-6 2	1, 9 9 6	9, 8 8 9
O at in p er g e x p e n s e s	3, 3 8 8	1, 4 61	5 8 5	1, 5 0 5	5 7 2	6 3	4 1 8	9 9 2 7,
O ti fi t/l p e ra n g p ro o s s	3 7 5	1, 5 2 7	4 8 3	5 8 3	-3 ,9 11	-1 3 0	1, 5 8 0	5 0 7
of I ai nt 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	-	-	-	-	-	-	-	-
fi t/l P -t re a x p ro o s s	3 7 5	1, 5 2 7	4 8 3	5 8 3	-3 ,9 11	-1 3 0	1, 5 8 0	5 0 7

Value drivers

Commerzbank Group, 1.1.-31.12.2011, 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 y e m	3 3 7 5 ,	5 3 7 8 ,	1, 7 2 3	3 0 2 6 ,	5 3 9 8 ,	1, 0 0 2	1 0 3 3 2 ,	3 0 2 3 4 ,
( f R W A d e n o ri d ) p e o	2 3 6 9 7 ,	5 7 7 5 5 ,	1 9 9 5 5 ,	3 6 4 5 5 ,	0 9 2 7 5 ,	1 0 2 7 7 ,	1 4 9 4 7 ,	2 3 6 9 4 5 ,
C t/ in ti o s c o m e r a o in ti o p e r a n g b si ( % ) n e s s u	8 8 7	4 6 0	5 0 6	6 7 4				8 0 8
O ti t p e r a n g r e u r n ui ( % ) t o n e q y	1 1. 1	2 8 4	2 8 0	1 9 3	7 2 5 -			1. 7
A h d t v e r a g e e a c o u n	1 8 9 5 7 ,	5 4 9 8 ,	9 6 0 8 ,	1, 9 8 9	1, 7 1 7	3 2	1 8 ,1 1 6	5 5 9 1 7 ,

Operating profit of Core Bank on high level

Average capital employed within Commerzbank Group

Average, 1.1.-31.12.2011

34% 3% 18% 10% 6% 18% 11% Private Customers €3,375m Mittelstandsbank €5,378m Central & Eastern Europe €1,723m Corporates & Markets €3,026m Asset Based Finance €5,398m Portfolio Restructuring Unit €1,002m Others & Consolidation €10,332m €30,234m

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 v a e c u s o m e r a n n e r m a n y w a s a e › 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 h l ri b d i G it h t t t t 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 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 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 ›
P fi b il it D ri t r o a y v e r s	S i b l fi b ili it h h ti l b f t t t t t t u s a n a e s e g m e n p r o a y w g r o w p o e n a y m e a n s o › l f tr k t si ti d ff 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 : S t b l b t h h i t t i b si h il t a e r e e n e a s e r o g n e r e s n c o m e n e s s e a › v u u u w h ti b ili si is si i t t e s a m e m e s a n g c o m m o n n c o m e C si t t h ri f t ri t ti i b si 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 › f f ( f ) d l t h h K U N D E N k t m o e r o g p r o g r a m o o s c s o m e r o c s u u u u I h i it h l d i i d f fi ci l d h rt t n p a n e r s p w e a n g p r o v e r s o n a n a p r o u c s s u c › A lli W t t d B N P P ri b ü a s a n z s e n r o a n a a s , R d ti i R W A h il t t h ti d i l d i e c o n n s e a e s a m e m e e p a n n g e n n g › u w x 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 t t i G 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 T h t b k q u a y g r o w a n p r o a y : e c u s o m e r a n ,
1) di to st i at a c c or n g o w n e m e s	A b rt i ci ti i l -t t h t d 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 recovered in difficult market environment

	Q 4 1 0	Q 3 11	Q 4 11	1 2 M 1 0	1 2 M 1 1
Ø uit y ( € ) e q m	3, 4 51	3, 3 2 3	3, 4 3 4	3, 4 9 4	3, 3 7 5
O R E ( % ) p. o	-1 .5	8. 5	1 2. 7	1. 3	11 .1
CI R ( % )	9 6. 3	8 9. 1	9 3. 5	9 2. 4	8 8. 7

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

› Revenues before LLP nearly flat in FY2011, but significantly reduced y-o-y reflecting client reluctance in adverse market conditions

› Deposit margin significantly increased by 20 bp compared to 2010

›LLP release in Q4

› Costs 6% lower y-o-y, further cost reductions/ synergies of €260m in FY2012 planned

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 x m y o o u r c u s o m e r s 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 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 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 to st i 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 u r e a n g p o o n a s e s e a n s a n 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

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

P&L at a glance

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

›Revenues before LLP lower y-o-y due to effect from

restructured loans in Q4 10 and negative one-off effect in net trading income in Q4 11

Improved earnings quality with:

higher net interest income reflecting credit volume growth and increase in deposit margins

higher fee income supported by foreign trade business

›LLP negatively affected by few single cases in Q4

›

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	G C & L d i b k i tr l E t E 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 it h l 4 5 t t w a m o s m c u s o m e r s 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 b ki t a n n g a n e c a n n g C tr ti f 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 v e m a r e s n e r e g o n
P fi t b il it D ri 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 ti iz ti d tr t ri d t rt li ll p m a o n a n r e s c n g o p r o c p o o o a s e a s u u u w d l f b si d t 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 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 i G l t t r a e g c o a s di to st i at	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 rt h d l t f 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
1) a c c or n g o n e m e s w

Central & Eastern Europe benefitted from BRE Bank record result

Q 4 1 0	Q 3 11	Q 4 11	1 2 M 1 0	1 2 M 1 1
1, 6 4 2	1, 7 5 5	1, 7 4 4	1, 6 2 8	1, 7 2 3
17 .3	21 .0	4 9. 1	3. 3	2 8. 0
3. 5 7	3. 6 5	3 9. 0	5 7. 7	0. 6 5

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

› Q4 revenues before LLP increased y-o-y, including positive one-off effect of €154m

›BRE with record result in Q4

›LLP with significant decrease in 2011

› Cost base relatively stable despite business volume growth of BRE Bank

Corporates & Markets

C S b k ' t t i o m m e r a n s r a e g c z 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 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 d i d is t tr t rt 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 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 r a n g e s s u y – 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 F i E it M k & C d iti d F i d t t 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 rr e n e s u
P fi b il it D ri t r o a y v e r s	C lli h G 's si cl i fr h is t t t t 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 t h S A d E › 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 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 , S R h D t h R is k D ri ti P ll, T h E t l e s e a r c u r v e y e u s c e s e v a v e s o o m s o n x e , R h S ll t h E k S d i t d L A d e s e a r c u r v e y a s w e a s e u r o w e e y n c a e o a n s w a r s i 2 0 1 1 n f ( 2 0 1 1 ) I ti t h Y T h B k I t t B ki A d › 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 u r o w e e y n c a e o a n s w a r s f t h l t 4 ti o r e a s c o n s e c u v e y e a r s f C N l d i l t i it l M k 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 it ti is it l d b l h ll tr t t t 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 G si ti i i I R d F X is k l ti t n a n c e e r m a n p o o n n g n a n r m a n a g e m e n s o u o n 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 t tr t f i f h is u e r c e m e n s o n g c o r p o r a e n a n c e r a n c e ›

C&M affected by lower client activities

	Q 4 1 0	Q 3 11	Q 4 11	1 2 M 1 0	1 2 M 1 1
Ø uit y ( € ) e q m	3, 9 0 3	2, 7 81	3, 01 0	3, 8 5 4	3, 0 2 6
O R E ( % ) p. o	2 3. 0	5. 0	3. 6	2 0. 4	1 9. 3
CI R ( % )	6 4. 9	7 9. 0	7 9. 1	6 8. 3	6 7. 4

P&L at a glance

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

• › Positive operating result in Q4 despite worsened macroeconomic conditions and sovereign crisis; Q4'10 benefited from positive effects of restructured loans
• ›Restrained client activity in the light of high market volatility
• › Prudent cost management reflected in reduction of operating expenses by 8% in FY2011
• › Stringent RWA management - Basel 2.5 effects more than mitigated

Asset Based Finance 1)

C b k ' S t t i o m m e r z a n s r a e g c 2) P it i o s o n	C b k i f t h k l i A t B d F i 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 's E l d i ci l l t t b k o n e o r o p e e a n g c o m m e r a r e a e s a e a n 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 w o w e ›
P fi t b il it D ri r o a y v e r s	C tr ti i rt f li ti iz ti d d ri ki 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 › - F G P f d b ri f i f f d i rt t 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 › F rt h t i t t h h tr li i f iz ti 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 › O i i t ti f ll h i i ti iti it h i C b k n g o n g n e g r a o n o a s p p n g a c v e s w n o m m e r z a n › 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 - T ri l t f b si i ci l l t t i l i e m p o r a y s o p o n e w u n e s s n c o m m e r a r e a e s a e n n e › f it h E B A b d J 2 0 1 2 m e a s r e s e n o n e w u y u
2) S t t i G l r a e g c o a s 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	f T b 1 rt o e n o p a n e r o r › h b k' ci l l t t t rt e a n s c o m m e r a r e a e s a e p a n e r s › ri ti i d tr ff ri i d l f d t m a m e n u s y : o e n g a w e s c a e o p r o u c s › f ri t d i ti t ti l i t h i d i t 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 › l -t i t t o n g e r m n v e s m e n s i st at w n e m e s

Asset Based Finance weighed down by impairment on Greek bonds and further de-risking in Public Finance

O p e r in € m	ti a n g	fi t p r o						P & la L t a a g n c e
								in € m	Q 4 1 0	Q 3 1 1	Q 4 1 1	1 2 M 1 0	1 2 M 1 1
8 5 -	2 4 8 -	4 0 3 -		-1	3 8			fo R b L L P e v e n u e s e re	4 6	-1 ,0 9 7	-1 ,0 4 8	9 2 5	2, 4 3 2 -
			5 3 2 -					L L P	4 1 2 -	2 4 5 -	-1 9 7	-1 8 4 ,5	9 0 7 -
					9 2 -	1		O ti p e ra n g e x p e n s e s	1 6 6	1 4 3	1 3 1	6 0 9	5 7 2
						-1 ,4 9	-1 ,3 5 8 4	O ti fi t p e r a n g p r o	3 2 5 -	-1 ,4 9 4	-1 ,3 8 5	-1 ,2 6 8	3, 9 1 1 -
1	2Q	3Q 4Q	Q		2Q 1	3Q	4Q Q
	2 0	1 0				2 0 1 1
								Q 4 b f r e v e n u e s e o r e ›	L L P d o w	n y o y - -	d t u e o :
			Q 4 1 0	Q 3 11	Q 4 11	1 2 M 1 0	1 2 M 1 1	I ir t m p a m e n s o n -	G r e e c e
Ø uit e q	y ( € ) m		5, 8 2 9	5, 41 6	5, 3 6 8	6, 2 7 6	5, 3 9 8	R li d l e a z e o s s e s -	f t h r o m e	l f s a e o	P F a s s e	t s
O R p. o	E ( % )		-3 6. 5	-1 10 .3	-1 01 .2	-2 0. 2	-7 2. 5	L N II lti o w e r r e s u -	f n g r o m	t a s s e r e	d ti u c o n
CI R ( %	)		3 6 0. 9	n/ a	n/ a	6 5. 8	n/ a	€ L L P d d b 6 7 7 r e u c e y ›	i F Y m n	2 0 1 1

Core Bank segments*: more balanced profit contribution

Group equity definitions

f fi R ci li ti it d 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
	2 0	11
E ui ty d ef in iti in € q o n s m	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, 11 3	4, 2 61
C pi ta l r a e s er v e	11 ,1 5 8	7, 1 5 3
R et ai d ni n e e ar n g s	8, 1 8 4	8, 8 6 5
Si le ti ci io S F Fi n/ Al lia nt at p ar p n s o n z	2, 6 8 7	8, 7 7 6
C tr sl at io ur re n c y a n n re s er v e	-3 5 5	-4 01
C ol id at d P & L o n s e	6 3 8	7 7 8
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 7, 4 2 5	2 9, 4 3 2		B si f R E fi t/l et a s o r o o n n p r o o s s
N lli in (I F R S )* nt te st o n- c o ro n g re s	2 0 7	8 0 2
In ' C pi l st ta v e o rs a	2 8, 1 4 5	3 0, 2 3 4		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 h in ol id at d ni d wi ll; a n g e c o n s e c o m p a e s; g o o ol id at d et fit in ti of d ivi d d; c o n s e n p ro m u s p or o n e n ot h er s	-4 ,7 0 2
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 3, 4 4 3
H br id pi ta l y c a	2, 7 4 6
B el II T ie r I pi ta l a s c a	2 6, 1 8 9
* cl di R al io d h fl h d at e x u n g: e v u n re s er v e a n c a s o w e g e	s

Successful RWA management anticipating Basel 2.5/3 effects

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

* from todays perspective

Key figures of Commerzbank share

Commerzbank's shareholders

as of February 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 31.12.2011

Personnel data

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

1) since 2009 New Commerzbank

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 9, 2012	Interim Report Q1 2012
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

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