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Commerzbank AG Investor Presentation 2014

Feb 13, 2014

81_ip_2014-02-13_a364edb2-b94d-4147-8851-34911a080771.pdf

Investor Presentation

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

Analyst conference – preliminary Q4 2013 results

Stephan Engels | CFO | Frankfurt | 13 February 2014

Full Year

Balance Sheet

Segments q-o-q

Appendix: Segment reporting

Key Financial Facts FY 2013

€78m net profit under IFRS in the transition year 2013 despite €493m restructuring charges which have been fully booked in 2013 – net profit Commerzbank AG under German GAAP €166m

€35bn run-down of NCA portfolio supported by strong market opportunities, thereof €6.9bn in the higher risk cluster and €2.6bn in NPL – net capital relief of €205m

Ongoing good portfolio quality in Core Bank – NPL ratio in Core Bank below 2%

Despite investments, operating expenses further down by ~3.3% y-o-y to €6.8bn and below original target

Strengthening of capital structure through repayment of silent participations

Basel III CET1 fully phased-in ratio improved by 140bps from 7.6% to 9.0%, year-end target 2014 already achieved, Basel III CET1 under phase-in stands at 11.6%

Commerzbank financials at a glance

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1)Attributable to Commerzbank shareholders

Stephan Engels | CFO | Frankfurt | 13 February 20144

Growth initiatives in the Core Bank successfully implemented

Our strategic agenda

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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

Stephan Engels | CFO | Frankfurt | 13 February 20146

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)

Full Year

Balance Sheet

Segments q-o-q

Appendix: Segment reporting

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

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

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

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

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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

Full Year

Balance Sheet

Segments q-o-q

Appendix: Segment reporting

Private Customers: Third consecutive quarter with operating profit above previous year

Q4 2013 vs. Q3 2013

  • ▲Stable revenues despite seasonally weaker commission income
  • ▲Continuously increasing net new customers (+65k q-o-q; ~245k FY 2013 )
  • ▲Share of managed securities accounts increased in branch business
  • ▲ Operating expenses continue to be stable – ongoing investments in the brand, products and services will be financed through continued cost discipline

PC divisional split

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Q4 2013 vs. Q3 2013

  • ▲In Q4 2013 higher NII from loans compensated by ongoing pressure on deposit margins
  • ►Revenues in Q3 2013 benefitted from the prepayment of a corporate loan, which was not repeated in Q4 2013
  • ►Increase in LLP in Q4 2013 driven by one larger single case
  • ▲ Growth in lending volume also continues in Q4 2013 with +2,5% vs. previous quarter across all divisions against the market trend –Commerzbank awarded as winner in the latest survey on customer satisfaction1)

1)Deutsche Institut für Service-Qualität (DISQ)

MSB divisional split

Financial Institutions – Revenues before LLP €m

1
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  • ▲ Stable revenues from direct customer business with increased lending volume
  • ► Negative valuation effects of counterparty risks in derivatives business

Central & Eastern Europe: Strong operating profit and successful implementation of the new brand "mBank"

Q4 2013 vs. Q3 2013

  • ▲ Positive development of interest margin and stable volumes lead to increasing net interest income – loan to deposit ratio further improved to 111%1)
  • ► As expected seasonally higher costs, on top partly influenced by rebranding costs and higher contribution to bank guarantee fund

Corporates & Markets: Performance better than expected within traditionally weak Q4

Q4 2013 vs. Q3 2013

  • ► Sound operating performance, particularly in Corporate Finance and Equity Markets & Commodities, but also LLP releases, and CVA releases from close out of SCL (former PRU positions) lead to a strong Q4 2013 result
  • ▲Capital and RWA reduction successful

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

Strong quarter for most product areas, in particular in DCM Bonds and DCM Loans

Non-recurrence of effects from restructuring of loans in Q4 2012 and Q3 2013 leads to decline in revenues y-o-y

€m103 94119▲▲

EMC – Revenues before LLPs

  • Improved performance in Equity Flow and Structured Investment Products
  • Improved underlying operating performance y-o-y
  • ► Positive one-off effect on investments in Q4 2012

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

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

Risk Density1) of EaD

Stephan Engels | CFO | Frankfurt | 13 February 2014

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

▲LLP increase in MSB as expected – releases in C&M

NCA: EaD in NCA significantly below year-end target supported by strong market opportunities

Q4 2013 vs. Q3 2013

  • ▲Again sizable portfolio reduction in Exposure at Default (incl. NPL): decline by €-8bn q-o-q to €116bn
  • ▲Portfolio wind-down compensates for operating loss – full year positive net capital effect of €205m
  • ▲Continued reduction of NPL exposures in CRE and shipping in Q4 2013
  • ▲Increase in LLP q-o-q mainly due to CRE Spain, but significantly lower risk costs y-o-y
  • ►Higher operating revenues in Q4 2013, in particular NII – further shrinking portfolio will weigh on interest income going forward

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

EaD incl. NPL volume€bn

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

Accelerated targets for NCA –portfolio expected to be €~75bn in 2016

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

Stephan Engels | CFO | Frankfurt | 13 February 2014

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

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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Stephan Engels | CFO | Frankfurt | 13 February 2014

Full Year

Balance Sheet

Segments q-o-q

Appendix: Segment reporting

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

Stephan Engels | CFO | Frankfurt | 13 February 2014

Hedging & Valuation Adjustments

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Full focus on implementation of our strategic agenda

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NCA: Diversified portfolio with large parts being German risk

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

1)

NCA: Diversified portfolio of mainly long term assets

EaD (incl. NPL) per 31 Dec 2013, 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 Schiffsbank 3) Claims in the category LaR4) Incl. regions

Default Portfolio (31 Dec 2013)

Default portfolio and coverage ratios by segment

€m – excluding/including GLLP

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1) Deutsche Schiffsbank

Stephan Engels | CFO | Frankfurt | 13 February 2014

Commerzbank Group

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Core Bank

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Private Customers

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7		 39
0		 37
9		 36
5		 1,
56
1		 3.1 3.7
-
Ne
ad
ing
inc
nd
inc
n h
ed
ing
t tr
net
unt
om
e a
om
e o
ge
ac
co		 1 - 1 1 3 1 - 1 - 2 -10
0.0		 100
.0
-
Ne
t in
inc
stm
ent
ve
om
e		 2 - -4 -2 -4 5 3 1 -7 2 >-1
00		 100
>-
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 7 3 6 11 27 9 6 10 8 33 -27
.3		 20
.0
-
Oth
inc
er
om
e		 8 -19 -24 -21 -56 -14 -4 -17 16 -19 >1
00		 100
>
Re
s b
efo
LL
P
ven
ue
re		 90
5		 80
1		 83
3		 80
3		 3,
34
2		 85
8		 83
9		 82
5		 82
8		 3,
35
0		 3.1 0.4
af
Re
ter
LL
P
ven
ues		 89
7		 775 788 78
7		 3,
24
7		 82
3		 812 794 81
3		 3,
24
2		 3.3 2.4
To
tal
ex
pe
nse
s		 76
0		 74
5		 3
75		 76
2		 3,
02
0		 4
75		 8
75		 2
75		 3
75		 3,
01
7		 -1.
2		 0.1
Op
ting
lt
era
re
su		 137 30 35 25 22
7		 69 54 42 60 22
5		 >1
00		 42
.9
Imp
air
nts
of
od
ill a
nd
bra
nd
me
go
w
na
me
s		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
nse
s		 - - - - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
-ta
ult
x r
es		 137 30 35 25 22
7		 69 54 42 60 22
5		 >1
00		 42
.9
- -
Av
ital
loy
ed
era
ge
ca
p
em
p		 3,
97
6		 3,
88
0		 4,
00
3		 3,
81
9		 3,
91
9		 4,
00
2		 3,
92
1		 3,
97
9		 3,
98
6		 3,
97
2		 4.4 0.2
RW
A (
End
of
Pe
riod
)		 28
149
,		 28
76
7
,		 27
73
3
,		 29
04
7
,		 29
04
7
,		 28
80
7
,		 28
97
5
,		 29
20
9
,		 27
21
3
,		 27
21
3
,		 -6.
3		 6.8
-
Co
st/
inc
atio
(
%)
om
e r		 84
.0%		 93
.0%		 90
.4%		 94
.9%		 90
.4%		 87
.9%		 90
.3%		 91
.2%		 90
.9%		 90
.1%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 13
.8%		 3.1
%		 3.5
%		 2.6
%		 5.8
%		 6.9
%		 %
5.5		 4.2
%		 6.0
%		 %
5.7
(
%)
Re
tur
ity
of
-ta
ult
n o
n e
qu
pre
x r
es		 13
.8%		 3.1
%		 3.5
%		 2.6
%		 5.8
%		 6.9
%		 5.5
%		 4.2
%		 6.0
%		 5.7
%

Mittelstandsbank

in
€ m		 Q1
20
12		 Q2
20
12		 Q3
20
12		 Q4
20
12		 12
M
20
12		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 % y
oy		 %
qo
q
Ne
t in
inc
ter
est
om
e		 54
1		 48
6		 46
7		 45
5		 1,
94
9		 45
6		 43
2		 42
4		 41
8		 1,
73
0		 -8.
1		 1.4
-
To
tal
int
d n
din
inc
net
st
et
tra
ere
an
g
om
e		 52
9		 48
7		 45
4		 45
8		 1,
92
8		 45
7		 5
40		 45
7		 44
0		 75
1,
9		 -3.
9		 3.7
-
s f
Pro
vis
ion
loa
n lo
or
ss
es		 35 -32 9 -42 -30 -78 -14
7		 -10
6		 -13
9		 -47
0		 >-1
00		 31
.1
-
Ne
t in
inc
fte
isio
ter
est
om
e a
r p
rov
ns		 57
6		 45
4		 47
6		 41
3		 1,
91
9		 37
8		 28
5		 31
8		 27
9		 1,
26
0		 -32
.4		 12
.3
-
Ne
mis
sio
n in
t c
om
co
me		 27
1		 27
2		 25
9		 26
1		 1,
06
3		 28
0		 27
2		 26
3		 25
0		 1,
06
5		 -4.
2		 4.9
-
Ne
ad
ing
inc
nd
inc
n h
ed
ing
t tr
net
unt
om
e a
om
e o
ge
ac
co		 12
-		 1 -13 3 -21 1 -27 33 22 29 >1
00		 33
.3
-
Ne
t in
inc
stm
ent
ve
om
e		 -1 -6 - 38 31 -12 -9 63 12 54 -68
.4		 81
.0
-
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 - - 3 3 6 - 1 6 1 8 -66
.7		 83
.3
-
Oth
inc
er
om
e		 -8 -9 -3 6 -14 2 26 -1 1 28 -83
.3		 100
>
Re
s b
efo
LL
P
ven
ue
re		 79
1		 74
4		 71
3		 76
6		 3,
01
4		 72
7		 69
5		 78
8		 70
4		 2,
91
4		 -8.
1		 10
.7
-
Re
af
LL
P
ter
ven
ues		 82
6		 712 722 724 2,
98
4		 64
9		 54
8		 682 56
5		 2,
44
4		 -22
.0		 17
.2
-
To
tal
ex
pe
nse
s		 33
9		 32
7		 32
9		 34
7		 1,
34
2		 32
4		 33
3		 33
5		 34
5		 1,
33
7		 -0.
6		 3.0
Op
ting
lt
era
re
su		 48
7		 38
5		 39
3		 37
7		 1,
64
2		 32
5		 21
5		 34
7		 22
0		 1,
107		 -41
.6		 36
.6
-
Imp
air
of
odw
ill a
nd
bra
nd
nts
me
go
na
me
s		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
nse
s		 - - - - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
ult
-ta
x r
es		 48
7		 38
5		 39
3		 37
7		 1,
64
2		 32
5		 21
5		 34
7		 22
0		 1,
107		 -41
.6		 36
.6
-
- -
Av
ital
loy
ed
era
ge
ca
p
em
p		 5,
974		 5,
70
7		 5,
76
6		 5,
63
7		 5,
77
1		 5,
82
9		 5,
90
3		 6,
06
5		 6,
165		 5,
99
0		 9.4 1.7
RW
A (
End
of
Pe
riod
)		 53
97
1
,		 53
19
1
,		 53
51
6
,		 53
81
4
,		 53
81
4
,		 36
4
55
,		 56
80
2
,		 35
4
57
,		 74
6
57
,		 74
6
57
,		 7.3 0.7
Co
st/
(
%)
inc
atio
om
e r		 42
.9%		 44
.0%		 46
.1%		 45
.3%		 44
.5%		 44
.6%		 47
.9%		 42
.5%		 49
.0%		 45
.9%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 32
.6%		 27
.0%		 27
.3%		 26
.7%		 28
.5%		 22
.3%		 14
.6%		 22
.9%		 14
.3%		 18
.5%
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 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
20
12		 Q2
20
12		 Q3
20
12		 Q4
20
12		 12
M
20
12		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 % y
oy		 %
qo
q
Ne
t in
inc
ter
est
om
e		 124 126 129 129 50
8		 103 98 11
1		 117 42
9		 -9.
3		 5.4
To
tal
int
d n
din
inc
net
st
et
tra
ere
an
g
om
e		 158 149 144 134 58
5		 126 126 144 142 53
8		 6.0 1.4
-
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -18 -35 -28 -24 -10
5		 -6 -36 -41 -36 -11
9		 -50
.0		 12
.2
Ne
t in
inc
fte
isio
ter
est
om
e a
r p
rov
ns		 106 91 10
1		 105 40
3		 97 62 70 81 31
0		 -22
.9		 15
.7
Ne
mis
sio
n in
t c
om
co
me		 50 47 47 44 188 47 53 50 56 20
6		 27
.3		 12
.0
Ne
ad
ing
inc
nd
inc
n h
ed
ing
t tr
net
unt
om
e a
om
e o
ge
ac
co		 34 23 15 5 77 23 28 33 25 109 >1
00		 24
.2
-
Ne
t in
stm
ent
inc
ve
om
e		 1 5 2 1 9 - 9 4 6 19 >1
00		 50
.0
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 - - - - - - - - - - - -
Oth
inc
er
om
e		 11 9 8 8 36 11 6 11 11 39 37
.5		 -
Re
s b
efo
LL
P
ven
ue
re		 22
0		 21
0		 20
1		 187 81
8		 184 194 20
9		 21
5		 80
2		 15
.0		 2.9
Re
af
LL
P
ter
ven
ues		 20
2		 175 173 163 713 178 158 168 179 68
3		 9.8 6.5
To
tal
ex
pe
nse
s		 115 116 12
1		 12
1		 47
3		 103 106 105 115 42
9		 -5.
0		 9.5
Op
ting
lt
era
re
su		 87 59 52 42 24
0		 75 52 63 64 25
4		 52
.4		 1.6
Imp
air
of
odw
ill a
nd
bra
nd
nts
me
go
na
me
s		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
nse
s		 - - - - - - - - - - - -
Ne
t g
ain
los
s f
le o
f d
isp
al g
or
rom
sa
os
rou
ps		 - -86 3 -18
5		 -26
8		 - - - - - 100
.0		 -
Pre
ult
-ta
x r
es		 87 -27 55 -14
3		 -28 75 52 63 64 25
4		 >1
00		 1.6
- -
Av
ital
loy
ed
era
ge
ca
p
em
p		 1,
89
3		 1,
88
5		 1,
60
1		 1,
67
3		 1,
76
3		 1,
71
7		 1,
65
9		 1,
64
2		 1,
59
8		 1,
65
4		 -4.
5		 2.7
-
RW
A (
End
of
Pe
riod
)		 16
71
1
,		 15
97
1
,		 15
65
4
,		 15
27
9
,		 15
27
9
,		 14
54
8
,		 14
20
6
,		 14
09
1
,		 13
67
7
,		 13
67
7
,		 -10
.5		 2.9
-
Co
st/
inc
atio
(
%)
om
e r		 52
.3%		 .2%
55		 60
.2%		 64
.7%		 .8%
57		 56
.0%		 54
.6%		 50
.2%		 53
.5%		 53
.5%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 18
.4%		 12
.5%		 13
.0%		 10
.0%		 13
.6%		 17
.5%		 12
.5%		 15
.3%		 16
.0%		 15
.4%
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 18
.4%		 7%
-5.		 13
.7%		 -34
.2%		 -1.
6%		 17
.5%		 12
.5%		 15
.3%		 16
.0%		 15
.4%

Corporates & Markets

in
€ m		 Q1
20
12		 Q2
20
12		 Q3
20
12		 Q4
20
12		 12
M
20
12		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 % y
oy		 %
qo
q
Ne
t in
inc
ter
est
om
e		 29
6		 53
7		 -23 44
1		 1,
25
1		 197 55
4		 38
2		 68
5		 1,
81
8		 55
.3		 79
.3
To
tal
net
int
st
d n
et
tra
din
inc
ere
an
g
om
e		 29
4		 31
1		 29
0		 132 1,
02
7		 50
4		 41
5		 29
9		 34
6		 1,
56
4		 >1
00		 15
.7
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -27 -23 17 -19 -52 26 19 -43 55 57 >1
00		 100
>
Ne
t in
inc
fte
isio
ter
est
om
e a
r p
rov
ns		 26
9		 51
4		 -6 42
2		 1,
199		 22
3		 57
3		 33
9		 74
0		 1,
87
5		 75
.4		 100
>
Ne
t c
mis
sio
n in
om
co
me		 104 73 115 87 37
9		 82 94 92 99 36
7		 13
.8		 7.6
Ne
ad
ing
inc
nd
inc
n h
ed
ing
t tr
net
unt
om
e a
om
e o
ge
ac
co		 2
-		 -22
6		 31
3		 -30
9		 -22
4		 30
7		 -13
9		 -83 -33
9		 -25
4		 -9.
7		 100
>-
Ne
t in
inc
stm
ent
ve
om
e		 3 1 12
1		 83 20
8		 -6 18 63 -3 72 >-1
00		 100
>-
Cu
d f
nt
inc
nie
nte
ing
th
ity
tho
d
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 6 3 3 - 12 2 6 2 2 12 - -
Oth
inc
er
om
e		 -8 3 -30 10 -25 2 36 5 22 65 >1
00		 100
>
Re
s b
efo
LL
P
ven
ue
re		 39
9		 39
1		 49
9		 31
2		 1,
60
1		 58
4		 56
9		 46
1		 46
6		 2,
08
0		 49
.4		 1.1
Re
af
LL
P
ter
ven
ues		 372 36
8		 51
6		 29
3		 1,
54
9		 61
0		 58
8		 41
8		 52
1		 2,
137		 77
.8		 24
.6
To
tal
ex
pe
nse
s		 34
1		 31
9		 32
4		 36
3		 1,
34
7		 33
8		 33
4		 33
2		 35
5		 1,
35
9		 -2.
2		 6.9
Op
ting
lt
era
re
su		 31 49 192 -70 20
2		 27
2		 25
4		 86 166 8
77		 >1
00		 93
.0
Imp
air
of
od
ill a
nd
bra
nd
nts
me
go
w
na
me
s		 - - - - - - - - - - - -
Re
str
uct
uri
ng
ex
pe
nse
s		 - - - - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
ult
-ta
x r
es		 31 49 192 -70 20
2		 27
2		 25
4		 86 166 77
8		 >1
00		 93
.0
- -
Av
ital
loy
ed
era
ge
ca
p
em
p		 3,
24
4		 3,
23
3		 3,
08
1		 3,
28
5		 3,
21
1		 3,
25
4		 3,
28
6		 2,
82
3		 2,
88
7		 3,
06
3		 -12
.1		 2.3
RW
A (
End
of
Pe
riod
)		 32
31
0
,		 26
129
,		 29
89
1
,		 29
6
77
,		 29
6
77
,		 33
90
8
,		 31
66
7
,		 28
09
1
,		 27
67
6
,		 27
67
6
,		 1
-7.		 1.5
-
Co
st/
inc
atio
(
%)
om
e r		 85
.5%		 81
.6%		 64
.9%		 116
.3%		 84
.1%		 57
.9%		 58
.7%		 72
.0%		 76
.2%		 65
.3%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 3.8
%		 6.1
%		 24
.9%		 -8.
5%		 6.3
%		 33
.4%		 30
.9%		 12
.2%		 23
.0%		 25
.4%
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 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
20
12		 Q2
20
12		 Q3
20
12		 Q4
20
12		 12
M
20
12		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 % y
oy		 %
qo
q
Ne
t in
inc
ter
est
om
e		 184 157 126 20
8		 67
5		 170 182 59 11
1		 52
2		 -46
.6		 88
.1
To
tal
int
d n
rad
ing
inc
net
st
et t
ere
an
om
e		 -31 28
1		 56 137 44
3		 127 20
5		 24 113 46
9		 -17
.5		 100
>
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -17
8		 -30
1		 -38
3		 -51
2		 -1,
37
4		 -17
5		 -34
7		 -24
3		 -31
7		 -1,
08
2		 38
.1		 30
.5
-
Ne
t in
inc
fte
isio
ter
est
om
e a
r p
rov
ns		 6 -14
4		 -25
7		 -30
4		 -69
9		 -5 -16
5		 -18
4		 -20
6		 -56
0		 32
.2		 12
.0
-
Ne
mis
sio
n in
t c
om
co
me		 28 18 25 29 100 19 19 6 15 59 -48
.3		 100
>
Ne
ad
ing
inc
nd
inc
n h
ed
ing
t tr
net
unt
om
e a
om
e o
ge
ac
co		 21
5
-		 124 -70 -71 -23
2		 -43 23 -35 2 -53 >1
00		 100
>
Ne
t in
inc
stm
ent
ve
om
e		 -20
3		 -54 -79 13 -32
3		 8 -15
7		 4 -19 -16
4		 >-1
00		 100
>-
Cu
d f
nt
inc
nie
nte
ing
th
ity
tho
d
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 -1 1 - -2 -2 -2 - 10 -1 7 50
.0		 100
>-
Oth
inc
er
om
e		 27 -8 -6 -11 2 20 -12 10 -29 -11 >-1
00		 100
>-
efo
Re
s b
LL
P
ven
ue
re		 -18
0		 23
8		 -4 166 22
0		 172 55 54 79 36
0		 -52
.4		 46
.3
Re
af
LL
P
ter
ven
ues		 -35
8		 -63 -38
7		 -34
6		 -1,
154		 -3 -29
2		 -18
9		 -23
8		 -72
2		 31
.2		 25
.9
-
To
tal
ex
pe
nse
s		 98 89 90 102 37
9		 83 95 82 91 35
1		 -10
.8		 11
.0
Op
ting
lt
era
re
su		 -45
6		 -15
2		 -47
7		 -44
8		 -1,
53
3		 -86 -38
7		 -27
1		 -32
9		 -1,
07
3		 26
.6		 21
.4
-
Imp
air
of
od
ill a
nd
bra
nd
nts
me
go
w
na
me
s		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
nse
s		 34 9 - - 43 - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
ult
-ta
x r
es		 -49
0		 -16
1		 -47
7		 -44
8		 -1,
57
6		 -86 -38
7		 -27
1		 -32
9		 -1,
07
3		 26
.6		 21
.4
-
- -
Av
ital
loy
ed
era
ge
ca
p
em
p		 10
22
6
,		 10
118
,		 10
05
3
,		 9,
61
7		 10
00
3
,		 10
05
8
,		 9,
65
1		 9,
33
2		 8,
91
1		 9,
48
8		 -7.
3		 4.5
-
RW
A (
End
of
Pe
riod
)		 66
54
3
,		 63
06
9
,		 64
0
57
,		 67
78
2
,		 67
78
2
,		 65
135
,		 61
75
5
,		 56
41
3
,		 53
58
4
,		 53
58
4
,		 -20
.9		 5.0
-
Co
st/
(
%)
inc
atio
om
e r		 n/a 37
.4%		 n/a 61
.4%		 172
.3%		 48
.3%		 172
.7%		 15
1.9
%		 115
.2%		 97
.5%
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 -17
.8%		 -6.
0%		 -19
.0%		 -18
.6%		 -15
.3%		 -3.
4%		 -16
.0%		 -11
.6%		 -14
.8%		 -11
.3%
Re
ity
of
ult
(
%)
tur
-ta
n o
n e
qu
pre
x r
es		 -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
20
12		 Q2
20
12		 Q3
20
12		 Q4
20
12		 12
M
20
12		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 % y
oy		 %
qo
q
Ne
t in
ter
est
inc
om
e		 36 30 - - 66 - - - - - - -
To
tal
int
d n
din
inc
net
st
et
tra
ere
an
g
om
e		 174 14 - - 188 - - - - - - -
Pro
vis
ion
s f
loa
n lo
or
ss
es		 -16 13 - - -3 - - - - - - -
Ne
t in
inc
fte
isio
ter
est
om
e a
r p
rov
ns		 20 43 - - 63 - - - - - - -
Ne
mis
sio
n in
t c
om
co
me		 - - - - - - - - - - - -
Ne
ad
ing
inc
nd
inc
n h
ed
ing
t tr
net
unt
om
e a
om
e o
ge
ac
co		 138 -16 - - 122 - - - - - - -
Ne
t in
inc
stm
ent
ve
om
e		 17 11 - - 28 - - - - - - -
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 - - - - - - - - - - - -
Oth
inc
er
om
e		 1 -1 - - - - - - - - - -
efo
Re
s b
LL
P
ven
ue
re		 192 24 - - 21
6		 - - - - - - -
Re
fte
r L
LP
ven
ue
s a		 176 37 - - 21
3		 - - - - - - -
To
tal
ex
pe
ns
es		 12 17 - - 29 - - - - - - -
Op
ting
lt
era
re
su		 164 20 - - 184 - - - - - - -
Imp
air
of
odw
ill a
nd
bra
nd
nts
me
go
na
me
s		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
-ta
ult
x r
es		 164 20 - - 184 - - - - - - -
-
Av
ital
loy
ed
era
ge
ca
p
em
p		 1,
70
4		 1,
05
2		 - - 1,
37
8		 - - - - - - -
A (
of
)
RW
End
Pe
riod		 9,
50
4		 8,
97
5		 - - - - - - - - - -
Co
st/
(
%)
inc
atio
om
e r		 6.3
%		 70
.8%		 - - 13
.4%		 - - - - -
Op
(
%)
ting
tur
ity
era
re
n o
n e
qu		 38
.5%		 7.6
%		 - - 13
.4%		 - - - - -
(
%)
Re
tur
ity
of
-ta
ult
n o
n e
qu
pre
x r
es		 38
.5%		 7.6
%		 - - 13
.4%		 - - - - -

Others & Consolidation

in
€ m		 Q1
20
12		 Q2
20
12		 Q3
20
12		 Q4
20
12		 12
M
20
12		 Q1
20
13		 Q2
20
13		 Q3
20
13		 Q4
20
13		 12
M
20
13		 % y
oy		 %
qo
q
Ne
t in
ter
est
inc
om
e		 42 -1 136 35 21
2		 - -81 56 -97 -12
2		 >-1
00		 100
>-
To
tal
int
d n
din
inc
net
st
et
tra
ere
an
g
om
e		 25
5		 172 110 23 56
0		 23 19 30 -10
9		 -37 >-1
00		 100
>-
Pro
vis
ion
s f
loa
n lo
or
ss
es		 - - - -1 -1 1 1 -28 1 -25 >1
00		 100
>
fte
Ne
t in
ter
est
inc
isio
om
e a
r p
rov
ns		 42 -1 136 34 21
1		 1 -80 28 -96 -14
7		 >-1
00		 100
>-
Ne
mis
sio
n in
t c
om
co
me		 -4 -10 -2 -11 -27 -8 -20 -5 -10 -43 9.1 100
.0
-
Ne
ad
ing
inc
nd
inc
n h
ed
ing
t tr
net
unt
om
e a
om
e o
ge
ac
co		 21
3		 173 -26 -12 34
8		 23 100 -26 -12 85 - 53
.8
Ne
t in
stm
ent
inc
ve
om
e		 5 20 -10 117 132 -1 16 1 18 34 -84
.6		 100
>
Cu
inc
nie
d f
ing
th
ity
tho
d
nt
nte
rre
om
e o
n c
om
pa
s a
cc
ou
or
us
e e
qu
me		 -1 - 4 - 3 -1 -2 3 - - - -10
0.0
Oth
inc
er
om
e		 -10 -18 22 -14 -20 -83 -57 -88 37 -19
1		 >1
00		 100
>
Re
s b
efo
LL
P
ven
ue
re		 24
5		 164 124 115 64
8		 -70 -44 -59 -64 -23
7		 >-1
00		 8.5
-
af
Re
ter
LL
P
ven
ues		 24
5		 164 124 114 64
7		 -69 -43 -87 -63 -26
2		 >-1
00		 27
.6
To
tal
ex
pe
nse
s		 125 119 115 80 43
9		 122 73 80 29 30
4		 -63
.8		 63
.8
-
Op
ting
lt
era
re
su		 120 45 9 34 20
8		 -19
1		 -11
6		 -16
7		 -92 -56
6		 >-1
00		 44
.9
of
Imp
air
nts
odw
ill a
nd
bra
nd
me
go
na
me
s		 - - - - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
nse
s		 - - - - - 49
3		 - - - 49
3		 - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - - - - -
Pre
-ta
ult
x r
es		 120 45 9 34 20
8		 -68
4		 -11
6		 -16
7		 -92 -1,
05
9		 >-1
00		 44
.9
- -
Av
ital
loy
ed
era
ge
ca
p
em
p		 1,
17
1		 3,
22
0		 4,
93
3		 00
6
5,		 2,
89
4		 3,
73
7		 3,
94
2		 4,
71
6		 4,
914		 4,
32
7		 -1.
8		 4.2
RW
A (
End
of
Pe
riod
)		 15
75
3
,		 14
04
9
,		 14
94
8
,		 12
43
6
,		 12
43
6
,		 12
03
3
,		 12
88
4
,		 12
130
,		 10
69
3
,		 10
69
3
,		 -14
.0		 11
.8
-
Co
st/
(
%)
inc
atio
om
e r		 51
.0%		 72
.6%		 92
.7%		 69
.6%		 67
.7%		 n/a n/a n/a n/a n/a
Op
ting
ity
(
%)
tur
era
re
n o
n e
qu		 41
.0%		 5.6
%		 0.7
%		 2.7
%		 7.2
%		 -20
.4%		 -11
.8%		 -14
.2%		 -7.
5%		 -13
.1%
of
(
%)
Re
tur
ity
-ta
ult
n o
n e
qu
pre
x r
es		 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
e
n
o
n
s
u
y		 E
i
b
i
f
R
E
t
q
a
s
s
o
r
o
u
y
i
i
i
f
i
f
i
i
i
R
l
d
t
t
t
e
c
o
n
c
a
o
n
o
e
q
u
y
e
n
o
n
s		 Q
4
2
0
1
3		 1
2
M
2
0
1
3
i
f
in
i
io
in
Eq
de
€
ty
t
u
ns
m		 f
io
En
d
Pe
d
o
r		 Av
er
ag
e
Su
bs
i
be
d
i
l
ta
cr
ca
p		 1,
1
3
9		 2,
3
9
5
Ca
i
l r
ta
p
es
er
ve		 1
9
2
8
5,		 1
3,
6
9
5
Re
ine
d
in
ta
ea
rn
g
s		 1
0,
8
0
5		 1
0,
6
9
7
S
So
/
i
le
ic
ip
io
F
F
in
A
l
l
ia
t p
t
t
n
ar
a
ns
nz		 0 9
1
4
Cu
la
io
tra
t
rre
nc
y
ns
n
re
se
rve		 -1
9
3		 -1
8
5
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
-c
on
g
re
s		 2
5
3
2
7,		 2
6
2
4
7,		 Ba
is
fo
Ro
E
l
t r
t
s
r
o
n
ne
e
su
No
l
l
in
in
(
I
F
R
S
)
**
tro
te
ts
)
n-
co
n
g
re
s		 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
e
ra
g
a
n
p
re
x
Ca
i
l
de
du
io
dw
i
l
l a
d
he
d
j
ta
t
t
tm
ts
p
c
ns
g
oo
n
o
r a
us
en
,		 -3
9
5
7
,
i
i
i
i
Ba
l
I
I c
ta
l w
t
ho
t
hy
br
d
ta
l
se
or
e
ca
p
ca
p
u		 2
4,
8
8
7
Hy
br
i
d
i
l
ta
ca
p		 8
1
9
Ba
l
I
I
T
ie
I c
i
l
ta
se
r
ap		 2
5,
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]

Stephan Engels | CFO | Frankfurt | 13 February 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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