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Commerzbank AG Investor Presentation 2013

Sep 25, 2013

81_ip_2013-09-25_21c8b655-1b7d-4f7a-8ec5-f9a0ed9dcf54.pdf

Investor Presentation

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Revenues in Core Bank stabilising accelerated de-risking in NCA

18th Annual Banking & Insurance CEO Conference 2013

In a challenging market environment solid results in the Core Bank -NCA run-down target significantly reduced to below €90bn in 2016

In 2012 strategic realignment of Commerzbank transforming the business model for significant increase in efficiency and profitability – first signs which prove growth in new businesses

  • Core Bank with solid adjusted operating result of €1.0bn in H1 2013 (RoE of 10.9%); in Q2 2013 NPL ratio below 2% and Loan-to-Deposit ratio of 74%
  • Excellent cost management track record with a reduction in cost base by more than €2bn since Dresdner Bank integration in 2009, thereof €1bn in 2012 - Group costs should not exceed €7bn in 2013

Non-Core wind-down (incl. agreed sale of UK CRE) of €158bn EaD (-55%) since 2008 (incl. NPL), thereof €20bn reduction in H1 2013 with no adverse selection,still 73 % of Shipping and 87% CRE portfolio in medium and lower risk assets

Basel III fully phased in CET 1 ratio of 8.4% (pro forma based on Q2 2013); CRD4 leverage ratio (phase-in) as of the end H1 2013 at 4.0%

H1 2013: Group operating result of €547m affected by acceleratedde-risking in NCA - revenues in Core Bank stabilising

Increase in LLPs due to UK CRE-portfolio and higher LLPs in Core Bank as expected

Group net result attributable to shareholders in H1 2013 of €-51m vs. €625m in H1 2012 affected by restructuring expenses

In NCA portfolio reduction €15bn in H1 2013, thereof €7bn in CRE, Shipping €2bn and €6bn in PF - in addition, sale of €5bn UK CRE-portfolio being effective in H2 2013

Note: All numbers for previous quarters are restated to conform to new financial disclosure as of 1 January 2013 for comparability

Commerzbank with strong franchise in core banking products

1)

Private Customers: Transforming the business

  • › Strong retail franchise with significant increase in market coverage after merger: 1,200 branches and 11m clients
  • › Comdirect is No. 1 online broker in Germany
  • › Top-3 position in German Wealth Management
  • › Transformation of business initiated, first signs of improvement

CEE: Focus on our strengths

  • › Strong market presence of BRE Bank in attractive growth market Poland with 4m customers
  • › Portfolio realignment completed in 2012 with sale of PSB and Bank Forum
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Avg. Capital: €4.0bn

Operating RoE

6%

H1 2013

6%

2012

Mittelstandsbank: Leveraging our success

  • › Market leader in German SME banking with unrivalled regional coverage 1)
  • › Market-leading foreign trade expertise, profiting from strong export trends
  • › Strong track record and good profitability

›

›

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C&M: Client centric investment banking

Integrated investment banking model, serving C&M, MSB and PC clients €800m synergies from merger lifted, 56% RWA, 33% Credit VaR reduction achieved Continue to focus on core strengths and further optimise efficiency and profitabilityAvg. Capital: €3.3bn16% 32% 2012 H1 2013 Operating RoEOperating RoE2) 3) 1)1)

1) Average capital employed in H1 2013 2) Excl. sale of PSB effect; reported operating RoE 2012: 14% 3) Excl. OCS effect; reported operating RoE 2012: 6%

In Q2 Group revenues stabilizing – in Core Bank slight increase adjusted for OCS und CVA/DVA

1)Adusted for OCS, CVA/DVA effects, sale of PSB 2) Q1 2012 and Q2 2012: NCA and PRU

Martin Blessing | CEO | London | 25 September 2013

Q2 13

9

Q1 13

Q4 12

Q4 12

241

Q3 12

Q2 12

NCA2)

2,278

Core Bank

2,434

2,322

2,206

1)

2,345

Taking into account the changed market environment, Commerzbankset up its new strategic agenda

Focused growth: realisation of revenue potential in the Core Bank1

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Our measures are taking effect – example PC1

Commerzbank with excellent cost management track record2

1) Arithmetic sum of Commerzbank and Dresdner Bank figures as reported as of December 31st, 2007 2) Adjusted for first 12 days Dresdner Bank effect, integration charges and exit units3)Adjusted for integration charges and exit units 4) Adjusted for integration charges

Successful reduction of key figures3

NCA: Diversified portfolio with large parts being German risk3

EaD (incl. NPL) per June 30th, 2013, in €bn

Sale of UK CRE-portfolio of €5bn, as one of the largest transactions in CRE loans in Europe, has been successfully completed3

NCA: planning scenario provides exposure reduction of over 40%1) by 2016, leading to significant RWA relief3

1) Starting point as of Sep 30, 2012. 2) 9% capital ratio; Basel III phase-in of negative revaluation reserve not taken into account.

Higher capital allocation to strong core banking franchise basisfor strengthening our earnings capacity3

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Note: estimated impacts as of Q2 2013, numbers may not add up due to rounding

CRD4 Leverage ratio of 4.0% under phase-in and 3.2% fully phased-in -LtD-ratio below 100%

Outlook 2013

Unchanged outlook: ongoing asset reduction and low interest rates expected to keep pressure on revenues compared to 2012

We continue with our strict cost management whereby investments are funded by further cost efficiencies - costs should not exceed €7.0bn in FY 2013

LLP are expected to be higher than in FY 2012 due to accelerated NCA run-down and normalisation of LLP in Core Bank

NCA portfolio anticipated to be below €125bn at year-end 2013 and significantly below €90bn in 2016

CRD4 leverage ratio is expected to be at 4.3% (phase-in) and 3.5% (fully phased-in) by year-end 2013 - CET 1 Basel III fully phased-in planned to be 9.0% by year-end 2014

Our financial goals for 2016

Our strategic agenda

1) Based on implicit tax rate.

Revenues in Core Bank stabilising accelerated de-risking in NCA

18th Annual Banking & Insurance CEO Conference 2013

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.

Copies of this document are available upon request or can be downloaded from www.commerzbank.com/aktionaere/index.htm

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