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Commerzbank AG Investor Presentation 2014

Mar 26, 2014

81_ip_2014-03-26_dc885d03-2ed9-4091-aa8f-19d3599b985f.pdf

Investor Presentation

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CET1 fully phased-in of 9% already achieved –new targets for NCA and capital

10th Annual European Financials Conference

Achievements since our Investors' Day end of 2012

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Commerzbank with strong franchise in core banking products1

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

Operating RoE

2013

6%

2012

6%

Mittelstandsbank: Leveraging our success

  • › Market leader in German SME banking with unrivalled regional coverage
  • › 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: €3.1bnOperating RoE2012 2013 16% 23% 3) 1)1)

1) Average capital employed in 2013 2) Excl. sale of PSB effect; reported operating RoE 2012: 14% 3) Excl. OCS effect; reported operating RoE 2013 25%

We are delivering on our promise: fair and competent1

Free current account with Satisfaction Guarantee

Asset Management Products (VMM)

Outstanding advisory with the ClientCompass

Best mortgage financing with CobaHyp

Launch of new premium product range

24/7 service hotline

New Preferred Loan with Satisfaction Guarantee

Launch of new custody account models

Adjustment of cashier and branch opening hours

Employees as customers

Individual Asset Management private and business customers starting at 250,000 EUR

Open choice of funds: only the best funds

Business customer account with Satisfaction Guarantee

Starter account for young customers

New business model for pensions

TOP cooperations/ special offers

New sales management

New brand appearance

Source: PC-PK

PC: The turnaround has begun1

Higher capital allocation to strong core banking franchise basis for strengthening our earnings capacity1

Achievements since our Investors' Day end of 2012

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Accelerated targets for NCA – portfolio expected to be €~75bnin 20162

Note: Numbers may not add up due to rounding 1) Deutsche Schiffsbank

NCA: Diversified portfolio with large parts being German risk 2

EaD (incl. NPL) as of 31 Dec 2013, in €bn

Martin Blessing | CEO | London | 26 March 20149

1)

NCA: Higher risk cluster in the performing book of CRE & Ship Finance1) nearly halved from €14.3bn to €7.4bn in 20132

Note: Numbers may not add up due to rounding 1) Incl. HF Retail portfolio of NCA 2) Deutsche Schiffsbank

Achievements since our Investors' Day end of 2012

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Successful reduction of key figures

9.0% target on CET 1 fully phased-in ratio achieved one year earlier 3

Note: Estimated impacts as of Q4 2013, numbers may not add up due to rounding

Commerzbank with excellent cost management track record3

Operating expenses

€bn

  • Total expenses down by 3% y-o-yto €6.8bn – cost reduction of more than 30% since 2007 On-going disciplined cost management to fund investments
  • Programmes to optimise clientcentric processes and to bundle the cost and revenue controlling have been implemented
  • Despite investments costs should not exceed €7bn in FY 2014

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

Outlook 2014

We will further grow business volumes in our Core Bank – nevertheless low interest rate environment and subdued corporate investment activity continue to weigh on earnings

We will continue with our strategic initiatives whereby investments are funded by ongoing cost efficiencies – costs in 2014 expected to be above 2013 level, but will not exceed €7bn

LLP in 2014 expected to be below 2013 level – LLP in Shipping expected to remain unchanged

We aim to run-down NCA faster than previously projected – new 2016 EaD target of €~75bn provided that favourable conditions continue beyond 2013

Basel III CET1 fully phased-in planned to be >10% by year-end 2016

Strategic Agenda: Our financial goals for 2016

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>

1) Based on implicid tax rate

Appendix

Commerzbank financials at a glance

Gr
ou
p		 Q
4
2
0
1
2		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 F
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1
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Op
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1)
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t r
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(
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0
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(
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(
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2
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1
3
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0
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,
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inc
l.
N
P
L v
lum
(
€
bn
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o
e		 1
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2
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1
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5
1		 1
1
6
R
is
k
de
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f
Ea
D
(
bp
)
ty
ns
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s		 6
6		 7
6		 7
0		 6
6		 7
0

1)Attributable to Commerzbank shareholders

Group net result better than previous year despite burden of restructuring charges

FY 2013 vs. FY 2012

  • ▲ In a challenging low interest rate environment, revenues in core segments nearly stable (excl. OCS / Net CVA/DVA), but decrease in Others & Consolidation due to lower Treasury income, one-off gain in net investment income in 2012 and provisions on Trust Preferred Securities
  • ►Expected higher LLP as normalisation in Core Bank overcompensated reduced provisioning needs in NCA-CRE
  • ▲Investments funded by ongoing progress in cost efficiency – headcount reduction faster than expected

1) Consolidated result attributable to Commerzbank shareholders

Continued strong cost management – costs did not exceed €7.0bn including investments on successful strategic realignment

FY 2013 vs. FY 2012

  • ▲Total expenses down by 3% y-o-y to €6.8bn – cost reduction of more than 30% since 2007
  • ▲Lower personnel expenses from faster FTE run-down
  • ▲General price increases, regulatory costs and investments could be compensated by ongoing efficiency measures
  • ►Costs in 2014 expected to be above 2013 level, but will not exceed €7bn

As expected moderate increase in LLP – normalised risk provisioning trend in Core Bank, NCA benefits from lower LLP in CRE

FY 2013 vs. FY 2012

  • ▲ Ongoing good portfolio quality in Core Bank, but as expected normalisation in LLP in Core Bank as releases have ceased, especially in MSB
  • ▲In line with run-down, decreasing trend in NCA-CRE
  • ►Q4 2013 positively affected by releases in C&M
  • ▲LLP in 2014 expected to be below 2013 level – LLP in Ship Finance expected to remain unchanged

1)Incl. €134m LLP due to sale of UK CRE-portfolio 2) Incl. Others & Consolidations 3) Incl. PRU LLP (Q1 2012: € -16m; Q2 2012: € +13m)

Core Bank segments FY 2013 (1/2)

Core Bank segments FY 2013 (2/2)

Basel 2.5 Core Tier 1 ratio improved to 13.1% –total capital ratio of 19.2%

T
l
t
t
o
a
a
s
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e
s
€
b
n		 R
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A
€
b
n		 C
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&
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b
n		 T
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b
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n		 R
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4
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6
3
6
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5
0		 -8
%
2
0
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1
9
1		 1
2.
0
%
1
3.
1
%
2
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0
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4.
9		 1.
4
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+
p
1
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8
F
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0
1
2
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2
0
1
3		 F
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2
0
1
2
F
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2
0
1
3		 F
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2
0
1
2
F
Y
2
0
1
3		 F
Y
2
0
1
2
F
Y
2
0
1
3

CRD4 Leverage ratio of 4.3% under phase-in and 3.3% fully phased-in

Well diversified capital market funding –limited funding needs

Diversified funding structure

  • ›Commerzbank AG established as Pfandbrief issuer for refinancing of strategic PC and MSB business and funding diversification
  • ›SME Structured Covered Bond (SCB) program established as innovative funding tool
  • ›Issuance of \$1.0bn Tier 2 benchmark (144a/Reg S) to strengthen capital structure and diversify investor base
  • ›Limited senior funding needs mainly covered by private placements

Note: Numbers may not add up due to rounding 1) Hypothekenbank Frankfurt

NCA: Higher risk cluster in the performing book of CRE & Ship Finance1) nearly halved from €14.3bn to €7.4bn in 2013

Note: Numbers may not add up due to rounding 1) Incl. HF Retail portfolio of NCA 2) Deutsche Schiffsbank

NCA: Diversified portfolio of mainly long term assets

EaD (incl. NPL) per 31 Dec 2013, in €bn

G
E
R		 U
S
A		 I
T		 E
S		 P
O
R		 Re
t
s		 Su
m
C
i
l
o
m
m
e
r
c
a
R
l
E
t
t		 fo
Pe
ing
r
rm		 1
5.
1		 1.
0		 1.
9		 3.
0		 1.
3		 7.
7		 3
0.
0		 E
D
a		 R
W
A
e
a
s
a
e		 3)
N
P
L		 2.
4		 0.
3		 0.
1		 1.
8		 0.
3		 0.
8		 5.
7		 3
5.
6		 2
2.
1
Su
m		 1
5
7.		 1.
2		 2.
0		 4.
8		 1.
7		 8.
5		 3
5.
6
G
E
R		 U
S
A		 I
T		 E
S		 P
O
R		 Re
t
s		 Su
m
F
I		 6.
9		 0.
3		 0.
4		 2.
6		 0.
2		 8.
4		 1
8.
8
P
b
l
i
c
u
F
i		 4)
So
ig
ve
re
n		 1
0.
6		 3.
7		 8.
5		 2.
1		 0.
8		 8.
7		 3
4.
4		 E
D
a		 R
W
A
n
a
n
c
e
)
(
i
l.
P
F
I
1
)
n
c		 O
he
t
Re
rs
t
s		 2.
4		 3.
7		 0.
1		 0.
6		 0.
1		 6.
0		 1
2.
9
3)
N
P
L		 0.
0		 0.
0		 0.
0		 0.
0		 0.
0		 0.
0		 0.
0		 6
6.
1		 1
6.
1
Su
m		 1
9.
9		 7.
7		 9.
0		 5.
3		 1.
2		 2
3.
0		 6
6.
1
S
h
i
p		 Co
in
ta
n		 Ta
er		 ke
n
r		 Bu
l
ke
r		 Re
t
s		 Su
m
)
F
i
2
n
a
n
c
e		 Pe
fo
ing
r
rm		 3.
8		 2.
9		 2.
2		 1.
5		 1
0.
5		 E
D
a		 R
W
A
(
C
i
l.
R
n
c		 3)
N
P
L		 2.
0		 0.
8		 0.
6		 0.
5		 3.
9		 1
4.
4		 1
5.
1
W
h
)
a
r
e
o
u
s
e		 Su
m		 5.
8		 3.
7		 2.
8		 2.
0		 1
4.
4

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 Schiffsbank 3) Claims in the category LaR4) Incl. regions

NCA: Again sizable asset reduction across all divisions -Ship Finance1) run-down target 2016 already achieved

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

  • ▲ Sizable asset reduction in all NCA divisions year-to-date: CRE: 35% (~€19bn); Ship Finance1): 24% (~€4.5bn); PF: 14% (~€11bn)
  • ▲ Default portfolio q-o-q mainly reduced by sale in Ship Finance1) (chemical tanker) and successful restructurings in a selectively improving market environment
  • ▲ Sale in CRE (Spain) in NPL volume will be considered in Q1 2014 figures

Core Bank: Further significant decrease in NPL in 2013 and improved coverage ratios –NPL ratio below 2%

1) Risk Density = EL/EAD (on each segment)2) As % of EaD

Martin Blessing | CEO | London | 26 March 2014

  • ▲Ongoing good portfolio quality (risk density) in Core Bank
  • ▲LLP increase in MSB as expected – releases in C&M

30

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 weathered the soft patch rather well so far. The unemployment rate remains below 7%.

Our expectation for 2014

  • › 2014 should turn out better than 2013 as investment will be increased and the demand in the trading partner countries will pick up
  • › Underlying inflation will continue rising slowly. We expect inflation to average 1.5% in 2014
  • › The expansionary monetary policy will continue to mask the dampening impetus from politics. We are looking for a growth rate of 1.7% in 2014

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
  • › Strong position in Asian markets and Emerging Markets in general

Hedging & Valuation Adjustments

€m Q
1
1
2		 Q
2
1
2		 Q
3
1
2		 Q
4
1
2		 F
Y
1
2		 Q
1
1
3		 Q
2
1
3		 Q
3
1
3		 Q
4
1
3		 F
Y
1
3
P
C		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 0 -0 0 0 0 0 -0 0 -0 -0
M
S
B		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 -2 -3 -5 -1 -1
0		 -0 -3
4		 1
3		 2
1		 -1
C
E
E		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 - 7 - - 7 - -7 6 -1 -2
C
&
M		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 -1
5
9		 2
7		 -6
2		 -1
4
0		 -3
3
5		 4
1		 -2
0		 -2
5		 6
8		 6
4
O
&
C		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 5 1 6 2 1
4		 4
1		 -2
5		 -2
9		 -2
9		 -4
2
C
o
re
Ba
k
n		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 -1
6
5		 3
2		 -6
1		 -1
3
9		 -3
2
4		 8
2		 -8
6		 -3
6		 6
0		 2
0
N
C
A
&
P
R
U		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 2
9		 -4
2		 -6
1		 -5
7		 -1
2
9		 8 4
6		 -8 -3
4		 1
2
G
ro
u
p		 O
C
S
&
Ne
C
V
A
/
D
V
A
t		 -1
2
6		 -1
0		 -1
2
2		 -1
9
5		 -4
5
3		 9
0		 -4
0		 -4
4		 2
6		 3
2

Note: Numbers may not add up due to rounding

Default portfolios CRE and Ship Finance1) as of 31 Dec 2013

3
1
De
2
0
1
2
c
C

De
fa
l
fo
l
io
R
E
by
€m
t p
t
try
u
or
c
ou
n		 To l
ta		 Ge rm
an
y		 Sp in
a		 S
U		 To
l
ta
De
fa
l
lum
t v
u
o
e		 5,
6
6
2		 (
6,
0
5
7
)		 2,
3
7
1		 (
2,
4
9
6
)		 1,
7
9
6		 (
1,
7
1
6
)		 2
8
3		 (
3
6
5
)		 7,
6
4
3
Lo
los
is
ion
an
s p
rov
s		 1,
8
8
2		 (
2,
1
3
)
5		 6
6
2		 (
6
8
2
)		 1
8
7		 (
3
)
7
7		 5
5		 (
2
)
7		 2,
6
2
7
G
L
L
P		 1
1
9		 (
1
1
)
7		 3
0		 (
3
2
)		 1
8		 (
1
)
5		 5 (
)
5		 1
3
0
Co
io
inc
l.
G
L
L
P
l. c
l
la
ls
(
)
t
te
%
ve
ra
g
e
ra
ex
c
o
ra		 3
5		 (
)
3
7		 2
9		 (
)
2
9		 4
1		 (
)
4
4		 2
1		 (
)
2
1		 3
7
Co
l
la
ls
te
ra		 3,
8
4
7		 (
)
3,
9
9
8		 1,
6
9
2		 (
)
1,
7
8
9		 1
1
0
1		 (
)
9
9
1		 2
5
7		 (
)
3
6
5		 5,
0
5
6
Co
io
inc
l.
G
L
L
P
d c
l
la
ls
(
)
t
te
%
ve
ra
g
e
ra
an
o
ra		 1
0
3		 (
)
1
0
3		 1
0
1		 (
)
1
0
0		 1
0
2		 (
)
1
0
2		 1
1
2		 (
)
1
2
1		 1
0
3
N
P
L r
io
(
)
t
%
a		 1
5.
9		 (
)
1
5.
4		 1
3.
5		 (
)
1
2.
6		 3
7.
1		 (
)
3
3.
8		 2
3.
5		 (
)
2
6.
6		 1
4.
0
ta
l
(
)
4,
3
9
4
(
)
1,
3
0
5
(
)
2
9
7		 Co
n
1,
9
5
6
6
6
8
1
7
8		 in
ta
er
(
)
2,
0
0
7
(
)
6
2
7
(
)
1
7
4		 Ta
7
8
8
2
5
6
5
8		 ke
n
r
(
)
1,
2
7
8
(
)
3
4
6
(
)
4
5		 Bu
5
8
1
1
5
0
3
2		 l
ke
r
(
)
5
3
1
(
)
1
3
3
(
)
6
8		 To
ta
l
4,
4
8
2
1,
2
1
1
2
7
2
(
3
6
)		 4
3		 (
4
0
)		 4
0		 (
3
1
)		 3
1		 (
3
8
)		 3
3
(
2,
9
)
5
5		 1,
1
0
6		 (
1,
1
6
3
)		 4
8
6		 (
8
9
)
7		 3
4
7		 (
3
3
2
)		 2,
8
9
7
(
9
6
)		 1
0
0		 (
9
8
)		 1
0
2		 (
9
2
)		 9
6		 (
1
0
0
)		 9
5
(
2
9
)
7.		 3
4.		 (
3
3.
4
)		 2
3.		 (
3
3.
1
)		 2
1.		 (
1
8
)
7.		 2
3.
7
6 0 3

Commerzbank Group

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 1,6
94		 1,7
84		 1,2
81		 1,7
28		 6,4
87		 1,3
56		 1,6
29		 1,4
83		 1,6
80		 6,1
48		 -2.8 13.
3
int
adi
inc
To
tal
net
st
and
t tr
ere
ne
ng
om
e		 1,8
51		 1,8
63		 1,5
01		 1,3
45		 6,5
60		 1,6
68		 1,6
14		 1,4
06		 1,3
78		 6,0
66		 2.5 2.0
-
Pro
vis
ions
fo
r lo
loss
an
es		 -21
2		 -40
4		 -43
0		 -61
4		 -1,6
60		 -26
7		 -53
7		 -49
2		 -45
1		 -1,7
47		 26.
5		 8.3
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 1,4
82		 1,3
80		 851 1,1
14		 4,8
27		 1,0
89		 1,0
92		 991 1,2
29		 4,4
01		 10.
3		 24.
0
Net
issi
inco
co
mm
on
me		 865 768 852 764 3,2
49		 847 808 785 775 3,2
15		 1.4 1.3
-
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 157 79 220 -38
3		 73 312 -15 -77 -30
2		 -82 21.
1		 100
>-
Net
inv
nt i
est
me
nco
me		 -17
6		 -23 30 250 81 -6 -12
0		 136 7 17 -97
.2		 94.
9
-
Cur
t in
ies
ted
fo
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 11 7 16 12 46 8 11 31 10 60 -16
.7		 67.
7
-
Oth
er i
nco
me		 21 -43 -33 -22 -77 -62 -5 -80 58 -89 >10
0		 100
>
Re
be
for
e L
LP
ven
ues		 2,5
72		 2,5
72		 2,3
66		 2,3
49		 9,8
59		 2,4
55		 2,3
08		 2,2
78		 2,2
28		 9,2
69		 -5.2 2.2
-
Re
aft
er L
LP
ven
ues		 2,3
60		 2,1
68		 1,93
6		 1,73
5		 8,1
99		 2,1
88		 1,7
71		 1,78
6		 1,7
77		 7,52
2		 2.4 0.5
-
Tot
al e
xpe
nse
s		 1,7
90		 1,7
32		 1,7
32		 1,7
75		 7,0
29		 1,7
24		 1,6
99		 1,6
86		 1,6
88		 6,7
97		 -4.9 0.1
Op
ting
ult
era
res		 570 436 204 -40 1,1
70		 464 72 100 89 725 >10
0		 11.
0
-
Imp
airm
ent
f go
odw
ill a
nd
bra
nd
s o
nam
es		 - - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 34 9 - - 43 493 - - - 493 - -
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - -86 3 -18
5		 -26
8		 - - - - - 100
.0		 -
Pre
ult
-tax
res		 536 341 207 -22
5		 859 -29 72 100 89 232 >10
0		 11.
0
-
- -
Av
ital
loye
d
era
ge
cap
em
p		 28,
188		 29,
094		 29,
436		 29,
038		 28,
939		 28,
596		 28,
362		 28,
557		 28,
461		 28,
494		 -2.0 0.3
-
RW
A (
End
of
Per
iod)		 222
,94
1		 210
,15
0		 206
,31
1		 208
,13
5		 208
,13
5		 209
,79
6		 206
,28
9		 197
,28
7		 190
,58
8		 190
,58
8		 -8.4 3.4
-
Cos
t/in
(
%)
tio
com
e ra		 69.
6%		 67.
3%		 73.
2%		 75.
6%		 71.
3%		 70.
2%		 73.
6%		 74.
0%		 75.
8%		 73.
3%
Op
(
%)
ting
ret
uity
era
urn
on
eq		 8.1
%		 6.0
%		 2.8
%		 -0.6
%		 4.0
%		 6.5
%		 1.0
%		 1.4
%		 1.3
%		 2.5
%
(
%)
Ret
uity
of
-tax
ult
urn
on
eq
pre
res		 7.6
%		 4.7
%		 2.8
%		 -3.1
%		 3.0
%		 -0.4
%		 1.0
%		 1.4
%		 1.3
%		 0.8
%

Core Bank

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 1,4
74		 1,5
97		 1,1
55		 1,5
20		 5,7
46		 1,1
86		 1,4
47		 1,4
24		 1,5
69		 5,6
26		 3.2 10.
2
Tot
al n
et i
d n
rad
ing
inco
nte
t an
et t
res
me		 1,7
08		 1,5
68		 1,4
45		 1,2
08		 5,9
29		 1,5
41		 1,4
09		 1,3
82		 1,2
65		 5,5
97		 4.7 8.5
-
Pro
vis
ions
for
loa
n lo
sse
s		 -18 -11
6		 -47 -10
2		 -28
3		 -92 -19
0		 -24
9		 -13
4		 -66
5		 -31
.4		 46.
2
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 1,4
56		 1,4
81		 1,1
08		 1,4
18		 5,4
63		 1,0
94		 1,2
57		 1,1
75		 1,4
35		 4,9
61		 1.2 22.
1
Net
iss
ion
inco
co
mm
me		 837 750 827 735 3,1
49		 828 789 779 760 3,1
56		 3.4 2.4
-
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 234 -29 290 -31
2		 183 355 -38 -42 -30
4		 -29 2.6 100
>-
Net
inv
nt i
est
me
nco
me		 10 20 109 237 376 -14 37 132 26 181 -89
.0		 80.
3
-
Cur
t in
ies
ted
fo
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 12 6 16 14 48 10 11 21 11 53 -21
.4		 47.
6
-
Oth
er i
nco
me		 -7 -34 -27 -11 -79 -82 7 -90 87 -78 >10
0		 100
>
Re
be
for
e L
LP
ven
ues		 2,5
60		 2,3
10		 2,3
70		 2,1
83		 9,4
23		 2,2
83		 2,2
53		 2,2
24		 2,1
49		 8,9
09		 -1.6 3.4
-
Re
aft
er L
LP
ven
ues		 2,5
42		 2,1
94		 2,3
23		 2,0
81		 9,1
40		 2,1
91		 2,0
63		 1,9
75		 2,0
15		 8,2
44		 -3.2 2.0
Tot
al e
xpe
nse
s		 1,6
80		 1,6
26		 1,6
42		 1,6
73		 6,6
21		 1,6
41		 1,6
04		 1,6
04		 1,5
97		 6,4
46		 -4.5 0.4
-
Op
ting
ult
era
res		 862 568 681 408 2,5
19		 550 459 371 418 1,7
98		 2.5 12.
7
f go
Imp
airm
ent
odw
ill a
nd
bra
nd
s o
nam
es		 - - - - - - - - - - - -
Res
truc
turi
ng
exp
ens
es		 - - - - - 493 -0 - - 493 - -
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - -86 3 -18
5		 -26
8		 - - - - - 100
.0		 -
Pre
fit
-tax
pro		 862 482 684 223 2,2
51		 57 459 371 418 1,3
05		 87.
4		 12.
7
- -
Av
ital
loye
d
era
ge
cap
em
p		 16,
258		 17,
925		 19,
383		 19,
421		 17,
558		 18,
538		 18,
711		 19,
225		 19,
550		 19,
006		 0.7 1.7
RW
A (
End
of
Per
iod)		 146
,89
4		 138
,10
7		 141
,74
1		 140
,35
2		 140
,35
2		 144
,66
0		 144
,53
4		 140
,87
5		 137
,00
4		 137
,00
4		 -2.4 2.7
-
Cos
t/in
tio
(
%)
com
e ra		 65.
6%		 70.
4%		 69.
3%		 76.
6%		 70.
3%		 71.
9%		 71.
2%		 72.
1%		 74.
3%		 72.
4%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 21.
2%		 12.
7%		 14.
1%		 8.4
%		 14.
3%		 11.
9%		 9.8
%		 7.7
%		 8.6
%		 9.5
%
Ret
uity
of
fit (
%)
-tax
urn
on
eq
pre
pro		 21.
2%		 10.
8%		 14.
1%		 4.6
%		 12.
8%		 1.2
%		 9.8
%		 7.7
%		 8.6
%		 6.9
%

Private Customers

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 471 449 446 460 1,8
26		 430 444 451 446 1,7
71		 -3.0 1.1
-
Tot
al n
et i
d n
rad
ing
inco
nte
t an
et t
res
me		 472 449 447 461 1,8
29		 431 444 452 446 1,7
73		 -3.3 1.3
-
Pro
vis
ions
fo
r lo
loss
an
es		 -8 -26 -45 -16 -95 -35 -27 -31 -15 -10
8		 6.3 51.
6
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 463 423 401 444 1,7
31		 395 417 420 431 1,6
63		 -2.9 2.6
Net
iss
ion
inco
co
mm
me		 416 368 408 354 1,5
46		 427 390 379 365 1,5
61		 3.1 3.7
-
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 1 - 1 1 3 1 - 1 - 2 -10
0.0		 100
.0
-
Net
inv
nt i
est
me
nco
me		 2 - -4 -2 -4 5 3 1 -7 2 >-1
00		 100
>-
Cur
t in
ies
ted
fo
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 7 3 6 11 27 9 6 10 8 33 -27
.3		 20.
0
-
Oth
er i
nco
me		 8 -19 -24 -21 -56 -14 -4 -17 16 -19 >10
0		 100
>
for
Re
be
e L
LP
ven
ues		 905 801 833 803 3,3
42		 858 839 825 828 3,3
50		 3.1 0.4
Re
aft
er L
LP
ven
ues		 897 775 788 787 3,2
47		 823 812 794 813 3,2
42		 3.3 2.4
Tot
al e
xpe
nse
s		 760 745 753 762 3,0
20		 754 758 752 753 3,0
17		 -1.2 0.1
Op
ting
ult
era
res		 137 30 35 25 227 69 54 42 60 225 >10
0		 42.
9
Imp
airm
f go
odw
ill a
nd
bra
nd
ent
s o
nam
es		 - - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 - - - - - - - - - - - -
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - - - - - - - - - - - -
Pre
-tax
ult
res		 137 30 35 25 227 69 54 42 60 225 >10
0		 42.
9
- -
Av
ital
loye
d
era
ge
cap
em
p		 3,9
76		 3,8
80		 4,0
03		 3,8
19		 3,9
19		 4,0
02		 3,9
21		 3,9
79		 3,9
86		 3,9
72		 4.4 0.2
A (
iod)
RW
End
of
Per		 28,
149		 28,
767		 27,
733		 29,
047		 29,
047		 28,
807		 28,
975		 29,
209		 27,
213		 27,
213		 -6.3 6.8
-
Cos
t/in
tio
(
%)
com
e ra		 84.
0%		 93.
0%		 90.
4%		 94.
9%		 90.
4%		 87.
9%		 90.
3%		 91.
2%		 90.
9%		 90.
1%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 13.
8%		 3.1
%		 3.5
%		 2.6
%		 5.8
%		 6.9
%		 5.5
%		 4.2
%		 6.0
%		 5.7
%
Ret
uity
of
ult
(
%)
-tax
urn
on
eq
pre
res		 13.
8%		 3.1
%		 3.5
%		 2.6
%		 5.8
%		 6.9
%		 %
5.5		 4.2
%		 6.0
%		 %
5.7

Mittelstandsbank

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 541 486 467 455 1,9
49		 456 432 424 418 1,7
30		 -8.1 1.4
-
Tot
al n
et i
nte
t an
d n
et t
rad
ing
inco
res
me		 529 487 454 458 1,9
28		 457 405 457 440 1,7
59		 -3.9 3.7
-
fo
Pro
vis
ions
r lo
loss
an
es		 35 -32 9 -42 -30 -78 -14
7		 -10
6		 -13
9		 -47
0		 >-1
00		 31.
1
-
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 576 454 476 413 1,9
19		 378 285 318 279 1,2
60		 -32
.4		 12.
3
-
Net
iss
ion
inco
co
mm
me		 271 272 259 261 1,0
63		 280 272 263 250 1,0
65		 -4.2 4.9
-
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 12
-		 1 -13 3 -21 1 -27 33 22 29 >10
0		 33.
3
-
Net
inv
nt i
est
me
nco
me		 -1 -6 - 38 31 -12 -9 63 12 54 -68
.4		 81.
0
-
Cur
t in
ies
ted
fo
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 - - 3 3 6 - 1 6 1 8 -66
.7		 83.
3
-
Oth
er i
nco
me		 -8 -9 -3 6 -14 2 26 -1 1 28 -83
.3		 100
>
Re
be
for
e L
LP
ven
ues		 791 744 713 766 3,0
14		 727 695 788 704 2,9
14		 -8.1 10.
7
-
aft
Re
er L
LP
ven
ues		 826 712 722 724 2,9
84		 649 548 682 565 2,4
44		 -22
.0		 17.
2
-
Tot
al e
xpe
nse
s		 339 327 329 347 1,3
42		 324 333 335 345 1,3
37		 -0.6 3.0
Op
ting
ult
era
res		 487 385 393 377 1,6
42		 325 215 347 220 1,1
07		 -41
.6		 36.
6
-
Imp
airm
f go
odw
ill a
nd
bra
nd
ent
s o
nam
es		 - - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 - - - - - - - - - - - -
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - - - - - - - - - - - -
Pre
ult
-tax
res		 487 385 393 377 1,6
42		 325 215 347 220 1,1
07		 -41
.6		 36.
6
-
- -
Av
ital
loye
d
era
ge
cap
em
p		 5,9
74		 07
5,7		 66
5,7		 5,6
37		 71
5,7		 5,8
29		 5,9
03		 6,0
65		 6,1
65		 5,9
90		 9.4 1.7
RW
A (
End
of
Per
iod)		 53,
971		 53,
191		 53,
516		 53,
814		 53,
814		 364
55,		 56,
802		 354
57,		 746
57,		 746
57,		 7.3 0.7
Cos
t/in
tio
(
%)
com
e ra		 42.
9%		 44.
0%		 46.
1%		 45.
3%		 44.
5%		 44.
6%		 47.
9%		 42.
5%		 49.
0%		 45.
9%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 32.
6%		 27.
0%		 27.
3%		 26.
7%		 28.
5%		 22.
3%		 14.
6%		 22.
9%		 14.
3%		 18.
5%
(
%)
Ret
uity
of
-tax
ult
urn
on
eq
pre
res		 32.
6%		 27.
0%		 27.
3%		 26.
7%		 28.
5%		 22.
3%		 14.
6%		 22.
9%		 14.
3%		 18.
5%

Central & Eastern Europe

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 124 126 129 129 508 103 98 111 117 429 -9.3 5.4
Tot
al n
et i
d n
rad
ing
inco
nte
t an
et t
res
me		 158 149 144 134 585 126 126 144 142 538 6.0 1.4
-
Pro
vis
ions
fo
r lo
loss
an
es		 -18 -35 -28 -24 -10
5		 -6 -36 -41 -36 -11
9		 -50
.0		 12.
2
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 106 91 101 105 403 97 62 70 81 310 -22
.9		 15.
7
Net
iss
ion
inco
co
mm
me		 50 47 47 44 188 47 53 50 56 206 27.
3		 12.
0
Net
tra
din
inco
and
t in
n h
edg
unt
ing
g
me
ne
com
e o
e a
cco		 34 23 15 5 77 23 28 33 25 109 >10
0		 24.
2
-
Net
inv
est
nt i
me
nco
me		 1 5 2 1 9 - 9 4 6 19 >10
0		 50.
0
Cur
t in
ies
ted
fo
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 - - - - - - - - - - - -
Oth
er i
nco
me		 11 9 8 8 36 11 6 11 11 39 37.
5		 -
Re
be
for
e L
LP
ven
ues		 220 210 201 187 818 184 194 209 215 802 15.
0		 2.9
Re
aft
er L
LP
ven
ues		 202 175 173 163 713 178 158 168 179 683 9.8 6.5
Tot
al e
xpe
nse
s		 115 116 121 121 473 103 106 105 115 429 -5.0 9.5
Op
ting
ult
era
res		 87 59 52 42 240 75 52 63 64 254 52.
4		 1.6
Imp
airm
f go
odw
ill a
nd
bra
nd
ent
s o
nam
es		 - - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 - - - - - - - - - - - -
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - -86 3 -18
5		 -26
8		 - - - - - 100
.0		 -
Pre
ult
-tax
res		 87 -27 55 -14
3		 -28 75 52 63 64 254 >10
0		 1.6
- -
Av
ital
loye
d
era
ge
cap
em
p		 1,8
93		 1,8
85		 1,6
01		 1,6
73		 1,7
63		 1,7
17		 1,6
59		 1,6
42		 1,5
98		 1,6
54		 -4.5 2.7
-
RW
A (
End
of
Per
iod)		 16,
711		 15,
971		 15,
654		 15,
279		 15,
279		 14,
548		 14,
206		 14,
091		 13,
677		 13,
677		 -10
.5		 2.9
-
Cos
t/in
(
%)
tio
com
e ra		 52.
3%		 55.
2%		 60.
2%		 64.
7%		 57.
8%		 56.
0%		 54.
6%		 50.
2%		 53.
5%		 53.
5%
Op
(
%)
ting
ret
uity
era
urn
on
eq		 18.
4%		 12.
5%		 13.
0%		 10.
0%		 13.
6%		 17.
5%		 12.
5%		 15.
3%		 16.
0%		 15.
4%
Ret
uity
of
ult
(
%)
-tax
urn
on
eq
pre
res		 18.
4%		 -5.7
%		 13.
7%		 -34
.2%		 -1.6
%		 17.
5%		 12.
5%		 15.
3%		 16.
0%		 15.
4%

Corporates & Markets

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 296 537 -23 441 1,2
51		 197 554 382 685 1,8
18		 55.
3		 79.
3
Tot
al n
et i
d n
rad
ing
inco
nte
t an
et t
res
me		 294 311 290 132 1,0
27		 504 415 299 346 1,5
64		 >10
0		 15.
7
Pro
vis
ions
fo
r lo
loss
an
es		 -27 -23 17 -19 -52 26 19 -43 55 57 >10
0		 100
>
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 269 514 -6 422 1,1
99		 223 573 339 740 1,8
75		 75.
4		 100
>
Net
iss
ion
inco
co
mm
me		 104 73 115 87 379 82 94 92 99 367 13.
8		 7.6
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 2
-		 -22
6		 313 -30
9		 -22
4		 307 -13
9		 -83 -33
9		 -25
4		 -9.7 100
>-
Net
inv
est
nt i
me
nco
me		 3 1 121 83 208 -6 18 63 -3 72 >-1
00		 100
>-
Cur
t in
ies
ted
fo
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 6 3 3 - 12 2 6 2 2 12 - -
Oth
er i
nco
me		 -8 3 -30 10 -25 2 36 5 22 65 >10
0		 100
>
Re
be
for
e L
LP
ven
ues		 399 391 499 312 1,6
01		 584 569 461 466 2,0
80		 49.
4		 1.1
Re
aft
er L
LP
ven
ues		 372 368 516 293 1,54
9		 610 588 418 521 2,1
37		 8
77.		 24.
6
Tot
al e
xpe
nse
s		 341 319 324 363 1,3
47		 338 334 332 355 1,3
59		 -2.2 6.9
Op
ting
ult
era
res		 31 49 192 -70 202 272 254 86 166 778 >10
0		 93.
0
Imp
airm
f go
odw
ill a
nd
bra
nd
ent
s o
nam
es		 - - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 - - - - - - - - - - - -
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - - - - - - - - - - - -
Pre
ult
-tax
res		 31 49 192 -70 202 272 254 86 166 778 >10
0		 93.
0
- -
Av
ital
loye
d
era
ge
cap
em
p		 3,2
44		 3,2
33		 3,0
81		 3,2
85		 3,2
11		 3,2
54		 3,2
86		 2,8
23		 2,8
87		 3,0
63		 -12
.1		 2.3
RW
A (
End
of
Per
iod)		 32,
310		 26,
129		 29,
891		 29,
776		 29,
776		 33,
908		 31,
667		 28,
091		 27,
676		 27,
676		 -7.1 1.5
-
Cos
t/in
tio
(
%)
com
e ra		 85.
5%		 81.
6%		 64.
9%		 116
.3%		 84.
1%		 57.
9%		 58.
7%		 72.
0%		 76.
2%		 65.
3%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 3.8
%		 6.1
%		 24.
9%		 -8.5
%		 6.3
%		 33.
4%		 30.
9%		 12.
2%		 23.
0%		 25.
4%
of
(
%)
Ret
uity
-tax
ult
urn
on
eq
pre
res		 3.8
%		 6.1
%		 24.
9%		 -8.5
%		 6.3
%		 33.
4%		 30.
9%		 12.
2%		 23.
0%		 25.
4%

Non-Core Assets

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 184 157 126 208 675 170 182 59 111 522 -46
.6		 88.
1
Tot
al n
et i
d n
rad
ing
inco
nte
t an
et t
res
me		 -31 281 56 137 443 127 205 24 113 469 -17
.5		 100
>
Pro
vis
ions
fo
r lo
loss
an
es		 -17
8		 -30
1		 -38
3		 -51
2		 -1,3
74		 -17
5		 -34
7		 -24
3		 -31
7		 -1,0
82		 38.
1		 30.
5
-
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 6 -14
4		 -25
7		 -30
4		 -69
9		 -5 -16
5		 -18
4		 -20
6		 -56
0		 32.
2		 12.
0
-
Net
iss
ion
inco
co
mm
me		 28 18 25 29 100 19 19 6 15 59 -48
.3		 100
>
Net
tra
din
inco
and
t in
n h
edg
unt
ing
g
me
ne
com
e o
e a
cco		 215
-		 124 -70 -71 -23
2		 -43 23 -35 2 -53 >10
0		 100
>
Net
inv
est
nt i
me
nco
me		 -20
3		 -54 -79 13 -32
3		 8 -15
7		 4 -19 -16
4		 >-1
00		 100
>-
Cur
t in
ies
ted
fo
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 -1 1 - -2 -2 -2 - 10 -1 7 50.
0		 100
>-
Oth
er i
nco
me		 27 -8 -6 -11 2 20 -12 10 -29 -11 >-1
00		 100
>-
Re
be
for
e L
LP
ven
ues		 -18
0		 238 -4 166 220 172 55 54 79 360 -52
.4		 46.
3
Re
aft
er L
LP
ven
ues		 -35
8		 -63 -38
7		 -34
6		 -1,
154		 -3 -29
2		 -18
9		 -23
8		 -72
2		 31.
2		 25.
9
-
Tot
al e
xpe
nse
s		 98 89 90 102 379 83 95 82 91 351 -10
.8		 11.
0
Op
ting
ult
era
res		 -45
6		 -15
2		 -47
7		 -44
8		 -1,5
33		 -86 -38
7		 -27
1		 -32
9		 -1,0
73		 26.
6		 21.
4
-
Imp
airm
f go
odw
ill a
nd
bra
nd
ent
s o
nam
es		 - - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 34 9 - - 43 - - - - - - -
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - - - - - - - - - - - -
Pre
ult
-tax
res		 -49
0		 -16
1		 -47
7		 -44
8		 -1,5
76		 -86 -38
7		 -27
1		 -32
9		 -1,0
73		 26.
6		 21.
4
-
- -
Av
ital
loye
d
era
ge
cap
em
p		 10,
226		 10,
118		 10,
053		 9,6
17		 10,
003		 10,
058		 9,6
51		 9,3
32		 8,9
11		 9,4
88		 -7.3 4.5
-
RW
A (
End
of
Per
iod)		 66,
543		 63,
069		 64,
570		 67,
782		 67,
782		 65,
135		 61,
755		 56,
413		 53,
584		 53,
584		 -20
.9		 5.0
-
Cos
t/in
tio
(
%)
com
e ra		 n/a 37.
4%		 n/a 61.
4%		 172
.3%		 48.
3%		 172
.7%		 151
.9%		 115
.2%		 97.
5%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 -17
.8%		 -6.0
%		 -19
.0%		 -18
.6%		 -15
.3%		 -3.4
%		 -16
.0%		 -11
.6%		 -14
.8%		 -11
.3%
Ret
uity
of
-tax
ult
(
%)
urn
on
eq
pre
res		 -19
.2%		 -6.4
%		 -19
.0%		 -18
.6%		 -15
.8%		 -3.4
%		 -16
.0%		 -11
.6%		 -14
.8%		 -11
.3%

Portfolio Restructuring Unit

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 36 30 - - 66 - - - - - - -
Tot
al n
et i
nte
t an
d n
et t
rad
ing
inco
res
me		 174 14 - - 188 - - - - - - -
fo
Pro
vis
ions
r lo
loss
an
es		 -16 13 - - -3 - - - - - - -
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 20 43 - - 63 - - - - - - -
Net
iss
ion
inc
co
mm
om
e		 - - - - - - - - - - - -
Net
din
inc
nd
inc
n h
edg
ing
tra
net
unt
g
om
e a
om
e o
e a
cco		 138 -16 - - 122 - - - - - - -
Net
inv
nt i
est
me
nco
me		 17 11 - - 28 - - - - - - -
Cur
t in
ies
ted
fo
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 - - - - - - - - - - - -
Oth
er i
nco
me		 1 -1 - - - - - - - - - -
Re
be
for
e L
LP
ven
ues		 192 24 - - 216 - - - - - - -
Re
aft
er L
LP
ven
ues		 176 37 - - 213 - - - - - - -
Tot
al e
xpe
nse
s		 12 17 - - 29 - - - - - - -
Op
ting
ult
era
res		 164 20 - - 184 - - - - - - -
Imp
airm
f go
odw
ill a
nd
bra
nd
ent
s o
nam
es		 - - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 - - - - - - - - - - - -
Net
in o
r lo
fro
ale
of d
isp
l gr
ga
ss
m s
osa
oup
s		 - - - - - - - - - - - -
Pre
ult
-tax
res		 164 20 - - 184 - - - - - - -
-
Av
ital
loy
ed
era
ge
cap
em
p		 1,7
04		 1,0
52		 - - 1,3
78		 - - - - - - -
RW
A (
End
of
Per
iod)		 9,5
04		 8,9
75		 - - - - - - - - - -
Cos
t/in
tio
(
%)
com
e ra		 6.3
%		 70.
8%		 - - 13.
4%		 - - - - -
Op
ting
uity
(
%)
ret
era
urn
on
eq		 38.
5%		 7.6
%		 - - 13.
4%		 - - - - -
Ret
uity
of
ult
(
%)
-tax
urn
on
eq
pre
res		 38.
5%		 7.6
%		 - - 13.
4%		 - - - - -

Others & Consolidation

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 Q4
201
2		 12M
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 Q4
201
3		 12M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 42 -1 136 35 212 - -81 56 -97 -12
2		 >-1
00		 100
>-
Tot
al n
et i
d n
rad
ing
inco
nte
t an
et t
res
me		 255 172 110 23 560 23 19 30 -10
9		 -37 >-1
00		 100
>-
Pro
vis
ions
fo
r lo
loss
an
es		 - - - -1 -1 1 1 -28 1 -25 >10
0		 100
>
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 42 -1 136 34 211 1 -80 28 -96 -14
7		 >-1
00		 100
>-
Net
iss
ion
inco
co
mm
me		 -4 -10 -2 -11 -27 -8 -20 -5 -10 -43 9.1 100
.0
-
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 213 173 -26 -12 348 23 100 -26 -12 85 - 53.
8
Net
inv
est
nt i
me
nco
me		 5 20 -10 117 132 -1 16 1 18 34 -84
.6		 100
>
Cur
fo
t in
ies
ted
ing
the
uity
tho
d
ren
com
e o
n c
om
pan
acc
oun
r us
eq
me		 -1 - 4 - 3 -1 -2 3 - - - -10
0.0
Oth
er i
nco
me		 -10 -18 22 -14 -20 -83 -57 -88 37 -19
1		 >10
0		 100
>
Re
be
for
e L
LP
ven
ues		 245 164 124 115 648 -70 -44 -59 -64 -23
7		 >-1
00		 8.5
-
Re
aft
er L
LP
ven
ues		 245 164 124 114 647 -69 -43 -87 -63 -26
2		 >-1
00		 27.
6
Tot
al e
xpe
nse
s		 125 119 115 80 439 122 73 80 29 304 -63
.8		 63.
8
-
Op
ting
ult
era
res		 120 45 9 34 208 -19
1		 -11
6		 -16
7		 -92 -56
6		 >-1
00		 44.
9
Imp
airm
ent
f go
odw
ill a
nd
bra
nd
s o
nam
es		 - - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 - - - - - 493 - - - 493 - -
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - - - - - - - - - - - -
Pre
ult
-tax
res		 120 45 9 34 208 -68
4		 -11
6		 -16
7		 -92 -1,0
59		 >-1
00		 44.
9
- -
Av
ital
loye
d
era
ge
cap
em
p		 1,1
71		 3,2
20		 4,9
33		 5,0
06		 2,8
94		 3,7
37		 3,9
42		 4,7
16		 4,9
14		 4,3
27		 -1.8 4.2
RW
A (
End
of
Per
iod)		 15,
753		 14,
049		 14,
948		 12,
436		 12,
436		 12,
033		 12,
884		 12,
130		 10,
693		 10,
693		 -14
.0		 11.
8
-
Cos
t/in
tio
(
%)
com
e ra		 51.
0%		 72.
6%		 92.
7%		 69.
6%		 67.
7%		 n/a n/a n/a n/a n/a
Op
ting
uity
(
%)
ret
era
urn
on
eq		 41.
0%		 5.6
%		 0.7
%		 2.7
%		 7.2
%		 -20
.4%		 -11
.8%		 -14
.2%		 %
-7.5		 -13
.1%
Ret
uity
of
ult
(
%)
-tax
urn
on
eq
pre
res		 41.
0%		 5.6
%		 0.7
%		 2.7
%		 7.2
%		 -73
.2%		 -11
.8%		 -14
.2%		 -7.5
%		 -24
.5%

Group equity definitions

R
i
l
i
i
f
i
d
f
i
i
i
t
t
t
e
c
o
n
c
a
o
n
o
e
q
u
y
e
n
o
n
s		 E
i
b
i
f
R
E
t
q
u
y
a
s
s
o
r
o
R
i
l
i
i
f
i
d
f
i
i
i
t
t
t
e
c
o
n
c
a
o
n
o
e
q
e
n
o
n
s
u
y		 Q
4
2
0
1
3		 1
2
M
2
0
1
3
Eq
i
de
f
in
i
io
in
€m
ty
t
u
ns		 En
d
f
Pe
io
d
o
r		 Av
er
ag
e
Su
bs
i
be
d c
i
l
ta
cr
ap		 1,
1
3
9		 2,
3
9
5
Ca
i
l re
ta
p
se
rve		 1
9
2
8
5,		 1
3,
6
9
5
Re
ine
d e
ing
ta
ar
n
s		 1
0,
8
0
5		 1
0,
6
9
7
S
So
/
i
len
ic
ip
ion
F
F
in
A
l
l
ian
t p
t
t
ar
a
s
z		 0 9
1
4
Cu
la
ion
tra
t
rre
nc
ns
re
se
rve
y		 -1
9
3		 1
5
8
-
Co
l
i
da
d
P
&
L
*)
te
ns
o		 7
8		 6
3
In
'
Ca
i
l w
i
ho
l
l
in
in
to
ta
t
t n
tro
te
ts
ve
s
rs
p
u
on
-co
n
g
re
s		 2
7,
5
3
2		 2
7,
6
2
4		 Ba
is
fo
Ro
E
l
t r
t
s
r
on
n
e
es
u
No
l
l
ing
in
(
I
F
R
S
)
**)
tro
te
ts
n-c
on
res		 9
3
4		 8
0
7
'
Ca
i
In
to
ta
l
ve
s
rs
p		 2
8,
4
6
6		 2
8,
4
9
4		 Ba
is
fo
in
Ro
E
d
Ro
E
t
-ta
s
r o
p
er
a
g
an
p
re
x
Ca
i
l
de
du
ion
dw
i
l
l a
d o
he
d
j
ta
t
t
tm
ts
p
c
s,
g
oo
n
r a
us
en		 3,
5
7
9
-
Ba
l
I
I c
i
l w
i
ho
hy
br
i
d
i
l
ta
t
t
ta
se
or
e
ca
p
ca
p
u		 2
4,
8
8
7
Hy
br
i
d c
i
l
ta
ap		 8
1
9
Ba
l
I
I
T
ie
I c
i
l
ta
se
r
ap		 5,
2
7
0
6

* After deduction of distribution to silent participants ** Excluding: Revaluation reserve and cash flow hedges

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]

Jürgen Ackermann (Europe / US)P: +49 69 136 22338M: [email protected]

Dirk Bartsch (Strategic IR) P: +49 69 136 22799 M: [email protected]

Michael H. Klein (UK / Non-Euro Europe / Asia / Fixed Income)P: +49 69 136 24522M: [email protected]

Maximilian Bicker (UK / Non-Euro Europe / Asia / Fixed Income)P: +49 69 136 28696M: [email protected]

Ute Heiserer-Jäckel (Retail Investors)P: +49 69 136 41874M: [email protected]

Simone Nuxoll (Retail Investors)P: +49 69 136 45660M: [email protected]

[email protected]

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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