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Commerzbank AG Investor Presentation 2014

May 7, 2014

81_ip_2014-05-07_3986a196-7a9d-4cc2-983d-9586d1892728.pdf

Investor Presentation

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Group operating result of €324m and NCA assets reduced down to €102bn

Analyst conference – Q1 2014 results

Stephan Engels | CFO | Frankfurt | 07 May 2014

Key Financial Facts Q1 2014

Group net profit of €200m in Q1 2014 after €64m in Q4 2013 and €-98m in Q1 2013 whileGroup operating result of €324m compares to €90m in Q4 2013 and €464m in Q1 2013

Core bank operating result at €496m with revenues up 3% q-o-q characterized by encouraging results in PC and CEE while subdued markets hamper C&M and Treasury business

Capital accretive NCA asset run down of €5bn supported by €0.7bn sale of U.S. CRE and complemented by ~€9bn internal transfer of high quality mainly short term PF assets to Treasury

Costs remain at €1.7bn despite rising regulatory costs – low Q1 LLPs of €238m

CET1 fully phased-in stable at 9.0% - Basel III RWA came in as expected

Commerzbank financials at a glance

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1)Attributable to Commerzbank shareholders 2) Preliminary figures due to outstanding technical standard releases

Group net result significantly better than Q4 2013

  • ▲ All business segments contribute to a revenue increase in the Core Bank of 3% overcompensating the subdued market conditions in interest rate trading and Treasury business
  • ►LLP in Q1 2014 as expected
  • ▲Costs remain stable covering further investments into growth initiatives as well as rising regulatory costs

1) Consolidated result attributable to Commerzbank shareholders

Stable total expenses in Q1 2014

  • ►Total expenses on level Q4 2013
  • ▲Rising regulatory costs (e.g. for AQR) have been compensated by ongoing efficiency measures
  • ► Increasing costs expected for upcoming quarters due to ongoing strategic investments as well as additional regulatory requirements

LLP in Q1 as expected - good portfolio quality in Core Bank

  • ▲Ongoing good portfolio quality in Core Bank
  • ►LLP on comparable level to Q1 2013
  • ▲LLP in 2014 expected to be below 2013 level

Core Bank: All business segments with increase in operating result

  • ▲Revenues in all business segments improved with PC and CEE on encouraging track
  • ►MSB benefited from lower LLPs while C&M had a solid start into 2014
  • ▼Others & Consolidation with lower Treasury result and with rising burdens from regulatory requirements

Private Customers: Encouraging improvement in volume and quality of revenues while cost measures take effect

  • ▲ Considerably better NCI in light of realignment of securities business – highest earnings level of recurring commission income since mid of 2011 (assets in premium and managed accounts +16% q-o-q to a share of 28%)
  • ▲Again significant number of net new customers (Q1 2014: +43k)
  • ►CIR at the lowest level since integration of Dresdner Bank – FTE down 3% q-o-q and 7% y-o-y

PC divisional split

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Mittelstandsbank: Stable revenues and loan volumes despite headwind from rather low client activities

  • ▲ Increased net interest income from loans compensated for ongoing pressure on deposit margins due to the low interest rate environment
  • ▲Loan volume in Mittelstand Germany with slight growth in Q1 2014 period against market trend
  • ►Continued high management commitment on further volume and revenue growth

MSB divisional split

Financial Institutions – Revenues before LLP

€m

Central & Eastern Europe: Strong operating momentum continues

  • ▲Strong operating result and ongoing positive revenue trend are supported by business strategy
  • ▲Continued volume growth at stable interest margins
  • ▲Prudent cost management leads to a CIR of 47% despite organic growth and investments in "One Bank" strategy
  • ▲Cooperation with 'Orange Polska' offers additional access to mobile customers in Poland

Corporates & Markets: Solid performance within a difficult market environment

Q1 2014 vs. Q4 2013

  • ▲ Substantial increase in revenues driven by strong demand for investment products within EMC and support of a single asset appreciation within CPM (€42m)
  • ►FIC sees q-o-q improvement but y-o-y decline due to difficult market conditions
  • ►LLP release of €9m significantly below Q4 2013 release of €55m

1)Net of hedges. Since Q2 2013 spread-based calculation of CVA/DVA impact, before calculation was rating-based. 2) Excl. OCS effect and net CVA/DVA (net of hedges)

Corporates & Markets divisional split

FIC – Revenues before LLPs (excl. OCS effect, CVA/DVA1))

2014

CPM – Revenues before LLPs (excl. CVA/DVA1))€m

2013

2013

▲ Strong contribution by SCL due to disposals followed by a single asset appreciation (€42m)

1) Net of hedges. Since Q2 2013 spread based calculation of CVA/DVA impact, before calculation was rating based.

Core Bank: Default portfolio further reduced

Risk Density1) of EaD

bps

▲Ongoing good portfolio quality (risk density) in Core Bank

▲Improved coverage and NPL ratio

► Seasonally lower LLP; normalization expected in the next quarters

1)

Stephan Engels | CFO | Frankfurt | 07 May 2014

NCA: Asset run down keeps pace – EaD at €102bn

  • ▲Ongoing active portfolio reduction of €5bn across all business areas (CRE: €-3.5bn; Ship Finance1): €-0.9bn; PF: €-0.6bn)
  • ▲€0.7bn EaD of CRE sale U.S. reflected in Q1 2014 – net capital relief of €20m
  • ▲ Wind-down additionally supported by intra-group transfer of high quality mainly short term ~€9bn Public Finance portfolio to Group Treasury
  • ►Following the shrinking portfolio the revenue stream is likely to further weaken in the course of the year
1) Deutsche Schiffsbank

NCA: Default portfolio further reduced in CRE and Shipping by €0.8bn

Note: Numbers may not add up due to rounding 1) Deutsche Schiffsbank2) As % of EaD

  • ▲ Default portfolio reduction mainly due to CRE sale in Spain (€0.5bn) and active downsizing in Ship Finance (€0.15bn)
  • ►CRE: LLP mainly driven by three single cases; higher LLP compared to Q1 2013 due to lower releases
  • ►Shipping: Lower LLP driven by a release due to parameter update according to IFRS requirements (~€50m)

NCA: Majority of assets of lower risk – active downsizing with focus on CRE and Shipping, PF mainly managed as held-to-maturity portfolio

The Public Finance portfolio of €56bn roughly consists of two clusters

  • mainly liquid assets with low discounts in market value (e.g. German "Bundesländer", Swiss and Belgian sovereigns)
  • less liquid assets with higher discounts in market value (e.g. Euro exit risk, U.S. sub-sovereigns)

Besides market opportunities both clusters are adequate for a hold strategy taking advantage from pull to par effects

While NPLs are managed in regular risk management procedures full focus of management lies on the €7bn higher risk assets in CRE and Ship Finance as well as prudent management of medium risk assets

2016 target of ~€75bn remains unchanged

NCA: Higher risk cluster in the performing book of CRE and Ship Finance2) again reduced in Q1 2014 – €5.6bn y-o-y

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Stephan Engels | CFO | Frankfurt | 07 May 201419

CET1 fully phased-in stable at 9.0% – Basel III RWA at €25bn came in as expected

Note: Estimated impacts as of Q1 2014, numbers may not add up due to rounding

Basel III phase-in Common Equity Tier 1 ratio at 11.3% –Total capital ratio of 14.8%

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CRD4 Leverage ratio of 4.1% under phase-in and 3.3% fully phased-in

Well diversified capital market funding –limited funding needs

Diversified funding structure

  • › Commerzbank benefits from a continuing strong funding situation. Due to ongoing NCA asset run-down and strong deposit base only limited funding needs
  • › Secured funding instruments (Pfandbrief, SME Structured Covered Bond) are well established. €500m Public-sector Pfandbriefe with maturity 2019 were placed at Mid-Swap flat

Outlook 2014

We are staying on track to grow business volumes in the Core Bank though market driven headwinds such as lower credit demand, subdued client activity and low interest rate environment remain

We confirm our forecasted LLP to stay below 2013 level while outlook for Ship Finance remains unchanged

We will continue our value preserving asset run down path in NCA

After successful Basel III implementation we reconfirm our 2016 target for CET 1 Basel III fully phased-in beyond 10% however we do not expect a linear development

Appendix

Stephan Engels | CFO | Frankfurt | 07 May 201425

German economy 2014 – Economy defies politics (as yet)

Current development

  • › Rising orders and improved sentiment indicators point to an ongoing recovery of the economy
  • › External demand has picked up again, and investment seems to have turned the corner
  • › The labour market has improved recently
  • › Government is about to reregulate the economy which will push up labour costs significantly

Our expectation for 2014

  • › 2014 should turn out better than 2013 because of the turn-around in investment and the pick-up of demand in the trading partner countries
  • › Underlying inflation will continue rising slowly. We expect inflation to average 1.5% in 2014 and at 2.1% in 2015
  • › The expansionary monetary policy will continue to mask the dampening impetus from politics. We are looking for a growth rate of 2% in 2014 and 2015

Reasons for outperformance

  • ›No bubble in the housing market
  • › Low level of private sector debt translating to low refinancing cost
  • ›Less need for fiscal consolidation
  • › Improved competitiveness since start of EMU; however, the advantage is about to decline due to cyclical and political reasons.
  • › Strong position in Asian markets and Emerging Markets in general

GDP

(Change vs previous year in %)

Euribor

in % (average p.a.)

Hedging & Valuation Adjustments

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NCA: Diversified portfolio

EaD (incl. NPL) per 31 March 2014, in €bn

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Note: Numbers may not add up due to rounding 1) Utility and infrastructure transactions (mostly UK) – taken over from PRU in mid-2012; without value-impairing securities 2) Deutsche Schiffsbank3) Claims in the category LaR 4) Incl. regions

Default Portfolio (31 March 2014)

Default portfolio and coverage ratios by segment

€m – excluding/including GLLP

Default portfolios CRE and Ship Finance1) as of 31 March 2014

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1) Deutsche Schiffsbank

Stephan Engels | CFO | Frankfurt | 07 May 2014

Commerzbank Group

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ing
t tr
et
nt
a
om
e a
n
om
e o
n
e a
cc
ou		 1 - 1 - 1 - -
Ne
inv
inc
t
tm
t
es
en
om
e		 5 3 1 -8 2 -6
0.
0		 >1
0
0
Cu
inc
ies
d
fo
ing
he
ity
ho
d
nt
te
t
et
rre
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
m		 9 6 1
0		 8 9 - 1
2.5
Ot
he
inc
r
om
e		 -1
4		 -4 -17 1
6		 6 >1
0
0		 6
2.5
-
fo
Re
be
L
L
P
ve
nu
es
re		 8
5
8		 8
3
9		 8
2
5		 8
27		 8
7
4		 1.
9		 5.
7
Re
fte
L
L
P
ve
nu
es
a
r		 8
2
3		 8
1
2		 9
4
7		 8
1
2		 8
3
8		 1.
8		 3.
2
To
l e
ta
xp
en
se
s		 4
75		 8
75		 3
75		 2
75		 2
6
7		 -3
.7		 3.
5
-
Op
ing
lt
t
era
re
su		 6
9		 5
4		 4
1		 6
0		 1
1
2		 6
2.
3		 8
6.
7
Imp
irm
f g
dw
i
l
l a
d
bra
d n
ts
a
en
o
oo
n
n
am
es		 - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - -
Pre
lt
-ta
x r
es
u		 6
9		 5
4		 4
1		 6
0		 1
1
2		 6
2.
3		 8
6.
7
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 4,
0
0
1		 3,
9
2
0		 3,
9
7
9		 3,
9
8
6		 3,
8
2
3		 -4
.5		 4.
1
-
(
f
)
R
W
A
En
d o
Pe
io
d
r		 2
8,
8
0
3		 2
8,
9
7
1		 2
9,
2
0
5		 27
2
1
3
,		 2
8,
4
8
5		 -1
1		 4.7
Co
/
inc
io
(
)
st
at
%
om
e r		 8
7.
9
%		 9
0.
3
%		 9
1.
3
%		 9
0.
9
%		 8
3.
1
%
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 6.
9
%		 %
5.
5		 4.
1
%		 6.
0
%		 1
1.7
%
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
o
re-
re
su
u		 6.
9
%		 %
5.
5		 4.
1
%		 6.
0
%		 1
1.7
%

Mittelstandsbank

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 %
y
oy		 %
q
oq
Ne
int
inc
t
st
ere
om
e		 45
6		 4
3
2		 4
25		 4
1
9		 4
3
6		 -4
4		 4.
1
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
ere
an
om
e		 4
5
7		 4
0
5		 4
5
8		 4
4
1		 4
4
0		 -3
.7		 0.
2
-
Pro
is
ion
fo
loa
los
s
r
n
se
s
v		 8
-7		 -1
47		 -1
0
6		 -1
3
9		 -5
7		 2
6.
9		 9.
0
5
Ne
int
inc
fte
is
ion
t
st
ere
om
e a
r p
rov
s		 3
7
8		 2
8
5		 3
1
9		 2
8
0		 3
7
9		 0.
3		 3
5.
4
Ne
t c
iss
ion
inc
om
m
om
e		 2
8
0		 27
3		 2
6
4		 25
1		 27
4		 -2
1		 9.
2
Ne
d
ing
inc
d n
inc
he
dg
ing
t tr
et
nt
a
om
e a
n
om
e o
n
e a
cc
ou		 1 -27 3
3		 2
2		 4 >1
0
0		 8
1.
8
-
Ne
inv
inc
t
tm
t
es
en
om
e		 -1
2		 -9 6
3		 1
2		 -2 8
3.
3		 1
0
0
>-
Cu
inc
ies
d
fo
ing
he
ity
ho
d
nt
te
t
et
rre
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
m		 - 1 6 1 1 - -
Ot
he
inc
r
om
e		 2 2
6		 -1 1 2 - 1
0
0.
0
Re
be
fo
L
L
P
ve
nu
es
re		 7
27		 6
9
6		 7
9
0		 7
0
6		 7
1
5		 -1
.7		 1.
3
fte
Re
L
L
P
ve
nu
es
a
r		 6
4
9		 5
4
9		 6
8
4		 5
6
7		 6
5
8		 1.
4		 1
6.
0
To
ta
l e
xp
en
se
s		 3
2
4		 3
3
3		 3
3
5		 3
45		 3
2
1		 -0
9		 7.
0
-
Op
t
ing
lt
era
re
su		 3
25		 2
1
6		 3
4
9		 2
2
2		 3
3
7		 3.
7		 5
1.
8
f g
Imp
irm
dw
i
l
l a
d
bra
d n
ts
a
en
o
oo
n
n
am
es		 - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - -
Pre
lt
-ta
x r
es
u		 3
25		 2
1
6		 3
4
9		 2
2
2		 3
3
7		 3.
7		 1.
8
5
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 5,
8
2
9		 5,
9
0
3		 6,
0
6
5		 6,
1
6
5		 6,
5
27		 1
2.
0		 5.
9
R
W
A
(
En
d o
f
Pe
io
d
)
r		 5
5,
3
6
4		 5
6,
8
0
2		 5
7,
3
5
4		 5
7,
7
4
6		 6
1,
9
5
1		 1
1.
9		 7.
3
Co
/
inc
io
(
%
)
st
at
om
e r		 4
4.
6
%		 47
8
%		 4
2.
4
%		 4
8.
9
%		 4
4.
9
%
Op
(
)
ing
ity
%
t
tur
era
re
n o
n e
q
u		 2
2.
3
%		 1
4.
6
%		 2
3.
0
%		 1
4.
4
%		 2
0.
7
%
Re
ity
f p
lt
(
)
tur
tax
%
n o
n e
q
u
o
re-
re
su		 2
2.
3
%		 1
4.
6
%		 2
3.
0
%		 1
4.
4
%		 2
0.
7
%

Central & Eastern Europe

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 %
y
oy		 %
q
oq
Ne
int
inc
t
t
er
es
om
e		 1
0
6		 1
0
2		 1
1
4		 1
2
0		 1
3
2		 2
4.5		 1
0.
0
To
l n
int
d n
d
ing
inc
ta
et
t a
et
tra
er
es
n
om
e		 1
2
9		 1
3
0		 1
47		 1
4
5		 1
5
6		 2
0.
9		 7.
6
fo
Pro
is
ion
loa
los
v
s
r
n
se
s		 -6 -3
6		 -4
1		 -3
6		 -2
1		 1
0
0
>-		 4
1.7
Ne
int
inc
fte
is
ion
t
t
er
es
om
e a
r p
rov
s		 1
0
0		 6
6		 3
7		 8
4		 1
1
1		 1
1.
0		 3
2.
1
Ne
iss
ion
inc
t c
om
m
om
e		 4
4		 5
0		 4
9		 5
5		 5
7		 2
9.
5		 3.
6
Ne
d
ing
inc
d n
inc
he
dg
ing
t tr
et
nt
a
om
e a
n
om
e o
n
e a
cc
ou		 2
3		 2
8		 3
3		 25 2
4		 4.
3		 4.
0
-
Ne
inv
inc
t
tm
t
es
en
om
e		 - 9 4 6 2 - -6
6.
7
Cu
inc
ies
d
fo
ing
he
ity
ho
d
nt
te
t
et
rre
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
m
u		 - - - - - - -
Ot
he
inc
r
om
e		 1
2		 6 1
2		 1
0		 9 -25
0		 1
0.
0
-
Re
be
fo
L
L
P
ve
nu
es
re		 1
8
5		 1
9
5		 2
1
2		 2
1
6		 2
2
4		 2
1.
1		 3.
7
Re
fte
L
L
P
ve
nu
es
a
r		 17
9		 15
9		 17
1		 1
8
0		 2
0
3		 1
3.
4		 1
2.
8
To
l e
ta
xp
en
se
s		 1
0
4		 1
0
5		 1
0
6		 1
1
4		 1
0
5		 1.
0		 7.
9
-
Op
ing
lt
t
era
re
su		 75 5
4		 6
5		 6
6		 9
8		 3
0.
7		 4
8.
5
f g
Imp
irm
dw
i
l
l a
d
bra
d n
ts
a
en
o
oo
n
n
am
es		 - - - - - - -
Re
str
tur
ing
uc
ex
p
en
se
s		 - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - -
Pre
lt
-ta
x r
es
u		 75 4
5		 6
5		 6
6		 9
8		 3
0.
7		 4
8.
5
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 1,
7
17		 1,
6
5
9		 1,
6
4
2		 1,
5
9
8		 1,
6
0
7		 -6
4		 0.
6
R
W
A
(
En
d o
f
Pe
io
d
)
r		 1
4,
5
4
8		 1
4,
2
0
6		 1
4,
0
9
1		 1
3,
6
77		 1
3,
5
17		 -7
1		 1.
2
-
Co
/
inc
io
(
%
)
st
at
om
e r		 6.
2
%
5		 3.
8
%
5		 0.
0
%
5		 2.
8
%
5		 4
6.
9
%
Op
(
)
ing
ity
%
t
tur
era
re
n o
n e
q
u		 17
.5
%		 1
3.
0
%		 15
8
%		 1
6.
5
%		 2
4.
4
%
Re
ity
f p
lt
(
)
tur
tax
%
n o
n e
q
u
o
re-
re
su		 17
.5
%		 1
3.
0
%		 15
8
%		 1
6.
5
%		 2
4.
4
%

Corporates & Markets

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 %
oy
y		 %
q
oq
Ne
int
inc
t
t
er
es
om
e		 19
6		 5
5
5		 3
8
2		 6
8
4		 14
7		 -25
.0		 78
.5
-
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
ere
an
om
e		 5
0
3		 4
1
6		 2
9
9		 3
4
5		 4
6
5		 -7
.6		 3
4.8
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 26 19 -43 5
5		 9 -6
5.
4		 8
3.
6
-
Ne
int
inc
fte
is
ion
t
t
er
es
om
e a
r p
rov
s		 22
2		 74
5		 3
3
9		 73
9		 15
6		 -29
.7		 78
.9
-
Ne
iss
ion
inc
t c
om
m
om
e		 8
2		 9
3		 9
0		 10
0		 76 -7
.3		 24
.0
-
Ne
d
ing
inc
d n
inc
he
dg
ing
t tr
et
nt
a
om
e a
n
om
e o
n
e a
cc
ou		 3
0
7		 -13
9		 -8
3		 -3
3
9		 3
18		 3.
6		 >1
0
0
Ne
inv
inc
t
tm
t
es
en
om
e		 -6 18 6
3		 -3 -5 16
.7		 6
6.
7
-
Cu
inc
ies
d
fo
ing
he
ity
ho
d
nt
te
t
et
rre
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
m		 2 6 2 2 2 - -
Ot
he
inc
r
om
e		 3 3
5		 5 21 4 3
3.
3		 8
1.0
-
Re
be
fo
L
L
P
ve
nu
es
re		 5
8
4		 5
6
8		 4
5
9		 4
6
5		 5
4
2		 -7
2		 1
6.
6
Re
fte
L
L
P
ve
nu
es
a
r		 6
10		 5
8
7		 41
6		 5
20		 5
5
1		 -9
.7		 6.
0
To
l e
ta
xp
en
se
s		 3
3
8		 3
3
4		 3
3
2		 3
5
4		 3
3
6		 -0
.6		 5.
1
-
Op
ing
lt
t
era
re
su		 27
2		 25
3		 8
4		 16
6		 21
5		 -2
1.0		 29
.5
Imp
irm
f g
dw
i
l
l a
d
bra
d n
ts
a
en
o
oo
n
n
am
es		 - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - -
fro
f
Ne
t g
in
los
le
d
isp
l g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - -
Pre
lt
-ta
x r
es
u		 27
2		 25
3		 8
4		 16
6		 21
5		 -2
1.0		 29
.5
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 3,
25
4		 3,
28
6		 2,
8
23		 2,
8
8
7		 4,
3
44		 3
3.
5		 5
0.
5
R
W
A
(
En
d o
f
Pe
io
d
)
r		 3
3,
9
0
8		 3
1,
6
6
7		 28
0
9
1
,		 27
6
76
,		 3
7,
5
11		 10
.6		 3
5.
5
Co
/
inc
io
(
%
)
st
at
om
e r		 5
7.9
%		 5
8.
8
%		 72
.3
%		 76
.1%		 6
2.0
%
Op
(
)
t
ing
tur
ity
%
era
re
n o
n e
q
u		 3
3.
4%		 3
0.
8
%		 11
.9
%		 23
.0
%		 19
.8
%
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
u
o
re-
re
su		 3
3.
4%		 3
0.
8
%		 11
.9
%		 23
.0
%		 19
.8
%

Non-Core Assets

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 %
y
oy		 %
q
oq
Ne
int
inc
t
st
ere
om
e		 17
0		 18
2		 5
9		 11
1		 6
1		 -6
4.1		 45
.0
-
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
ere
an
om
e		 1
27		 2
0
5		 2
4		 1
1
3		 1
2
1		 -4
.7		 7.1
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 -17
5		 -3
47		 -24
3		 -3
17		 -13
4		 23
.4		 5
7.7
Ne
int
inc
fte
is
ion
t
st
ere
om
e a
r p
rov
s		 -5 -16
5		 -18
4		 -20
6		 -73 10
0
>-		 6
4.6
Ne
iss
ion
inc
t c
om
m
om
e		 19 19 6 15 5 -73
.7		 6
6.
7
-
Ne
t tr
d
ing
inc
d n
et
inc
he
dg
nt
ing
a
om
e a
n
om
e o
n
e a
cc
ou		 43
-		 23 -3
5		 2 6
0		 >1
0
0		 >1
0
0
Ne
inv
inc
t
tm
t
es
en
om
e		 8 -15
7		 4 -19 -8
8		 10
0
>-		 10
0
>-
Cu
inc
ies
d
fo
ing
he
ity
ho
d
nt
te
t
et
rre
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
m
u		 -2 - 10 -1 - 10
0.
0		 10
0.
0
Ot
he
inc
r
om
e		 20 -12 10 -29 6 -70
.0		 >1
0
0
Re
be
fo
L
L
P
ve
nu
es
re		 17
2		 5
5		 5
4		 7
9		 4
4		 -7
4.
4		 4
4.
3
-
fte
Re
L
L
P
ve
nu
es
a
r		 -3 -29
2		 -18
9		 -23
8		 -9
0		 10
0
>-		 6
2.2
To
ta
l e
xp
en
se
s		 8
3		 9
5		 8
2		 9
1		 8
2		 -1
.2		 9.
9
-
Op
ing
lt
t
era
re
su		 -8
6		 -3
8
7		 -27
1		 -3
29		 -17
2		 -10
0.
0		 47
.7
Imp
irm
f g
dw
i
l
l a
d
bra
d n
ts
a
en
o
oo
n
n
am
es		 - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 - - - - - - -
Ne
in
los
fro
le
f
d
isp
l g
t g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - -
Pre
lt
-ta
x r
es
u		 -8
6		 -3
8
7		 -27
1		 -3
29		 -17
2		 -10
0.
0		 47
.7
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 10
0
5
8
,		 9,
6
5
1		 9,
3
3
2		 8,
9
11		 8,
3
5
4		 -16
.9		 6.
3
-
R
W
A
(
En
d o
f
Pe
io
d
)
r		 6
13
5,
5		 6
1,
75
5		 6,
41
3
5		 3,
8
4
5
5		 6,
23
9
5		 -13
.7		 0
5.
Co
/
inc
io
(
%
)
st
at
om
e r		 48
.3
%		 17
2.7
%		 15
1.9
%		 11
5.
2%		 18
6.
4%
Op
ing
ity
(
)
t
tur
%
era
re
n o
n e
q
u		 -3
.4%		 -16
.0
%		 -1
1.6
%		 -14
.8
%		 -8
.2%
Re
ity
f p
lt
(
%
)
tur
tax
n o
n e
q
o
re-
re
su
u		 -3
.4%		 -16
.0
%		 -1
1.6
%		 -14
.8
%		 -8
.2%

Others & Consolidation

in
€
m		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 Q
1
2
0
1
4		 %
y
oy		 %
q
oq
Ne
int
inc
t
st
ere
om
e		 1 -8
2		 5
5		 -9
7		 -9
4		 1
0
0
>-		 3.
1
To
l n
int
d n
d
ing
inc
ta
et
st
et
tra
ere
an
om
e		 2
4		 1
8		 2
9		 -1
0
9		 -9
3		 1
0
0
>-		 1
4.7
Pro
is
ion
fo
loa
los
v
s
r
n
se
s		 1 1 -2
8		 1 1 - -
fte
Ne
t
int
st
inc
is
ion
ere
om
e a
r p
rov
s		 2 -8
1		 27 -9
6		 -9
3		 1
0
0
>-		 3.
1
Ne
iss
ion
inc
t c
om
m
om
e		 -8 -2
0		 -4 -1
3		 -5 3
7.5		 6
1.5
Ne
d
ing
inc
d n
inc
he
dg
ing
t tr
et
nt
a
om
e a
n
om
e o
n
e a
cc
ou		 2
3		 1
0
0		 -2
6		 -1
2		 1 -9
5.
7		 >1
0
0
Ne
inv
inc
t
tm
t
es
en
om
e		 -1 1
6		 1 1
9		 3
5		 >1
0
0		 >1
0
0
Cu
inc
ies
d
fo
ing
he
ity
ho
d
nt
te
t
et
rre
om
e o
n c
om
p
an
ac
co
un
r u
s
eq
u
m		 -1 -2 3 - 1 >1
0
0		 -
Ot
he
inc
r
om
e		 -8
5		 -5
5		 -8
8		 3
9		 -9
5		 -1
1.
8		 1
0
0
>-
fo
Re
be
L
L
P
ve
nu
es
re		 -7
1		 -4
3		 -5
9		 -6
4		 -1
3
9		 -9
5.
8		 1
0
0
>-
Re
fte
L
L
P
ve
nu
es
a
r		 -7
0		 -4
2		 -8
7		 -6
3		 -1
3
8		 -9
7.
1		 1
0
0
>-
To
l e
ta
xp
en
se
s		 1
2
1		 7
4		 7
8		 3
2		 1
2
8		 5.
8		 >1
0
0
Op
ing
lt
t
era
re
su		 -1
9
1		 -1
1
6		 -1
6
5		 -9
5		 -2
6
6		 -3
9.
3		 1
0
0
>-
Imp
irm
f g
dw
i
l
l a
d
bra
d n
ts
a
en
o
oo
n
n
am
es		 - - - - - - -
Re
ing
str
tur
uc
ex
p
en
se
s		 4
9
3		 - - - - -1
0
0.
0		 -
fro
f
Ne
t g
in
los
le
d
isp
l g
a
or
s
m
sa
o
os
a
rou
p
s		 - - - - - - -
Pre
lt
-ta
x r
es
u		 -6
8
4		 -1
1
6		 -1
6
5		 -9
5		 -2
6
6		 6
1.
1		 1
0
0
>-
Av
ita
l e
loy
d
era
g
e c
ap
mp
e		 1,
5
8
6		 2,
0
4
0		 2,
9
17		 3,
2
9
6		 2,
4
2
3		 5
2.
8		 2
6.
5
-
(
f
)
R
W
A
En
d o
Pe
io
d
r		 1
2,
0
3
7		 1
2,
8
8
7		 1
2,
1
3
4		 1
0,
6
9
3		 2
0,
5
5
7		 7
0.
8		 9
2.
2
Co
/
inc
io
(
%
)
st
at
om
e r		 /a
n		 /a
n		 /a
n		 /a
n		 /a
n
Op
ing
ity
(
%
)
t
tur
era
re
n o
n e
q
u		 -4
8.
2
%		 -2
2.7
%		 -2
2.
6
%		 -1
1.5
%		 -4
3.
9
%
(
)
Re
ity
f p
lt
%
tur
tax
n o
n e
q
u
o
re-
re
su		 -17
2.5
%		 -2
2.7
%		 -2
2.
6
%		 -1
1.5
%		 -4
3.
9
%

Memoran-

Group equity definitions

du
Ite
m
m
in
€m		 Ca
ita
l
p
Q4
20
13
f P
iod
En
d o
er		 Ca
ita
l Im
ct
p
pa
fr
De
lta
om
ain
RW
A m
ly
du
o B
el
III
e t
as
(
9%
RW
A)
on		 Ca
ita
l Im
ct
p
pa
fro
m
tio
Re
-A
llo
ca
n
of
Bu
ffe
r		 Ca
ita
l Im
ct
p
pa
Ot
he
rs
(e.
g.
Pru
de
nti
al
Va
lua
tio
n,
Ex
d
cte
pe
)
Lo
ss
es		 Ca
ita
l
p
Q1
20
14
f P
iod
En
d o
er		 Ca
ita
l
p
Q1
20
14
YT
D A
ve
rag
e		 De
lta
RW
A
in
€b
n
(
the
f
reo
+€
25
.3b
n
du
e t
o
Ba
l II
I)
se
Gr
ou
p
Su
bs
cri
be
d c
ita
l
ap
Ca
ita
l re
p
se
rve
Re
tai
d e
ing
ne
arn
s
Cu
tra
lat
ion
rre
nc
y
ns
re
se
rve
Re
lua
tio
va
n r
es
erv
e
Ca
sh
flo
he
dg
w
es
Co
oli
da
ted
P&
L
ns
S c
IFR
ita
l w
ith
t n
ntr
oll
ing
in
ter
ts
ap
ou
on
-co
es
No
llin
int
(
IFR
S)
tro
sts
n-c
on
g
ere
IFR
S c
ita
l
ap
1
Ca
ita
l d
ed
tio
dw
ill a
nd
ot
he
dju
stm
ts
p
uc
ns
, g
oo
r a
en
1
Ba
l III
uit
tie
r I
wi
tho
ut
hy
br
id
ita
l
se
co
mm
on
eq
y
ca
p
1
Hy
bri
d c
ita
l
ap
1
Ba
l III
uit
tie
r I
ita
l
se
co
mm
on
eq
y
ca
p		 1,
13
9
15
92
8
,
10
9
57
,
-19
2
-1,
19
5
-35
7
81
25
98
3
,
95
0
26
93
3
,
-2,
04
6
24
88
7
,
81
9
25
70
6		 1,
13
9
15
92
8
,
10
47
3
,
-21
3
-1,
05
3
-31
7
20
0
26
15
7
,
89
4
27
05
1
,
-3,
14
4
23
90
7
,
83
1
24
73
8		 1,
13
9
15
92
8
,
10
61
1
,
-20
7
-1,
14
3
-33
7
15
6
26
14
7
,
93
0
27
07
7
,		 Ba
sis
fo
r R
oE
ult
t r
on
ne
es
Ba
sis
fo
ing
Ro
E
rat
r o
pe
d p
Ro
E
tax
an
re-
, ,
Se
ts
gm
en
Cu
Pri
te
sto
va
me
rs		 3,
84
3		 +1
15		 -6 3,
95
2		 3,
82
3		 +1
.3
Mit
tel
sta
nd
sb
k
an		 6,
15
6		 +3
78		 +8
3		 6,
61
8		 6,
52
7		 +4
.2
Ce
al
& E
n E
ntr
ter
as
uro
pe		 1,
59
7		 -14 +1
5		 1,
59
8		 1,
60
7		 Ba
sis
fo
rat
ing
Ro
E
r o
pe		 -0.
2
Co
&
Ma
rke
rat
ts
rpo
es		 2,
76
9		 +8
85		 +6
86		 4,
34
0		 4,
34
4		 of
the
ts
se
gm
en		 +9
.8
Ot
he
d C
lid
ati
rs
an
on
so
on		 3,
83
6		 +8
88		 +1
50
0
,		 -3,
58
4		 2,
63
9		 2,
42
3		 +9
.9
Co
Ba
nk
re		 18
20
1
,		 25
+2
1
,		 50
+1
0
,		 5
-2,
80		 19
14
7
,		 18
72
3
,		 5.0
+2
n-C
No
As
ts
ore
se		 8,
73
2		 +2
39		 -1,
50
0		 +4
33		 7,
90
4		 8,
35
4		 +2
.7
S c
Gr
IFR
ita
l
ou
p
ap		 26
93
3
,		 +2
49
0
,		 - -2,
37
2		 27
05
1
,		 27
07
7
,		 +2
7.7

Glossary - Capital Allocation / RoE Calculation

C
i
l
A
l
l
i
t
t
a
p
a
o
c
a
o
n		 f c
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lo
d
bu
in
is
lc
la
d
by
l
ip
ly
in
he
Ba
l
3
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W
A
t o
ta
te
to
ts
te
t
t
ts
t
›
ou
n
ap
ca
s
es
s
se
g
m
en
ca
u
m
u
g
s
eg
m
en
c
ur
re
n
se
(
C
S
C
C
O
C
C
)
f
P
€
2
8.
5
bn
M
B
€
6
2
bn
E
E
€
1
3.
5
bn
&
M
€
3
7.
5
bn
&
€
2
0.
6
bn
N
A
€
5
6.
2
bn
by
io
9
%
t
a
ra
o
,
,
,
,
,
In
d
d
i
io
la
i
l
de
du
io
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bu
b
le
bu
in
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ic
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t
tr
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to
ts
ts
›
a
n
re
g
u
ry
c
ap
c
ns
a
re
a
ca
a
s
es
s
se
g
m
en
w
re
su
cr
ea
se
i
l p
(
P
C
€
1.
4
bn
M
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€
1.
0
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C
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E
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&
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)
ta
t
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,
,
Ex
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l
is
l
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d
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l
i
da
io
ta
te
to
t
t
›
ce
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c
ap
a
ca
o
rs
a
n
co
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o
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f
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(
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f
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in
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l
lo
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t
ta
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t m
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p
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se
n
c
ur
re
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ar
n
r
o
ca
n
rn
a
na
an
c
s
s
u

For more information, please contact Commerzbank's IR team:

Tanja Birkholz (Head of Investor Relations / Executive Management Board Member)P: +49 69 136 23854M: [email protected]

Institutional Investors andFinancial Analysts

Michael H. KleinP: +49 69 136 24522M: [email protected]

Maximilian BickerP: +49 69 136 28696M: [email protected] Retail Investors

Ute Heiserer-JäckelP: +49 69 136 41874M: [email protected]

Simone NuxollP: +49 69 136 45660M: [email protected]

Dirk Bartsch (Head of Strategic IR / Rating Agency Relations)P: +49 69 136 22799 M: [email protected]

[email protected]

Stephan Engels | CFO | Frankfurt | 07 May 2014

Disclaimer

Investor Relations

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include, inter alia, 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 asset prices 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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