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Commerzbank AG Investor Presentation 2014

Jan 22, 2014

81_ip_2014-01-22_f2867896-2d7d-44b8-9809-0b05bf3140a6.pdf

Investor Presentation

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NCA run-down ahead of targets - CET 1 phase-in ratio at 11.0%

13th German Corporate Conference

Achievements since our Investors' Day end of 2012

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Commerzbank with strong franchise in core banking products 1

Private Customers: Transforming the business Mittelstandsbank: Leveraging our success

  • › 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

  • › 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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1
%

Avg. Capital: €4.0bn

Operating RoE

6%

9M 2013

2012

6%

  • › 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

›

›

›

1)
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CEE: Focus on our strengths 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 profitability Avg. Capital: €3.1bn Operating RoE 2012 9M 2013 16% 16% 2) 3) 1) 1)

1) Average capital employed in 9M 2013 2) Excl. sale of PSB effect; reported operating RoE 2012: 14% 3) Excl. OCS effect; reported operating RoE 2012: 26%

Making fairness a reality for our customers: new products launched in all product segments 1

Source: PC-PK

PC: The turnaround has begun 1

Higher capital allocation to strong core banking franchise basis for strengthening our earnings capacity 1

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nu
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Achievements since our Investors' Day end of 2012

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Optimisation of capitalisation: Despite faster NCA run-down sizable net capital relief of €278m ytd 2013 2

2080 776825 19 16160Segment NCA, Exposure at Default (incl. NPL) €bnPublic Finance(incl. PFI) Dec201612439Dec201215155Sept 201216059Dec2008Sept 2013104-22%-57%Ship Finance1) 289Commercial Real Estate<90

  • ›Sizeable asset reduction in all NCA sub-segments: -22% since Investors' Day and -18% ytd 2013
  • ›Reasonable fair pricing of NPL assets highlighted by:
  • › Sale of UK CRE-portfolio of €5bn with a discount of only 3.5% on the book value
  • › Sale of 14 chemical tankers(volume of approx. €280m) with an overall positive net capital relief effect
  • ›Accelerated run-down in 2013 will impact revenue generation going forward
  • ›Investors' Day target could already be revised to significantly below €90bn until 2016

NCA: Diversified portfolio with large parts being German risk 2

EaD (incl. NPL) as of 30 Sep 2013, in €bn

NCA: Only €8bn of CRE and Shipping portfolio considered as higher risk after sale of the CRE UK portfolio 2

Risk of single exposures depend on LtVs, terms of charter/rental agreements and charterers/tenants credit worthiness

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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Basel III CET 1 comfortably above 9% under phase-in 3

Note: estimated impacts as of Q3 2013, numbers may not add up due to rounding

Commerzbank with excellent cost management track record 3

  • Original cost guidance of ≤ €7.6bn for FY 2012 clearly overachieved
  • 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 2013

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 units 3) Adjusted for integration charges and exit units 4) Adjusted for integration charges

Our financial goals for 2016 3

Our strategic agenda

1) Based on implicit tax rate.

Appendix

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

Focused growth: realisation of revenue potential in the Core Bank

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Our strategic agenda

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NCA: Diversified portfolio of mainly long term assets

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

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German economy 2014 – Economy defies politics (as yet)

Current development

  • › In October, both order intake and production dropped. Yet, readings for November and December should be much better.
  • › External demand has picked up again; the weak spot is still investment.
  • › The labor 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 the receding debt crisis will lead to less uncertainty among companies which should spur investments.
  • › Inflation will continue rising slowly. We expect inflation to average 1.7% 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

Commerzbank Group

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
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st i
ere
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me		 1,6
94		 1,7
84		 1,2
81		 4,7
59		 1,7
28		 1,3
56		 1,6
29		 1,4
83		 4,4
68		 15.
8		 -9.0
Pro
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fo
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loss
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es		 -21
2		 -40
4		 -43
0		 -1,0
46		 -61
4		 -26
7		 -53
7		 -49
2		 -1,2
96		 -14
.4		 8.4
Net
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sio
ere
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me
r pr
ns		 1,4
82		 1,3
80		 851 3,7
13		 1,1
14		 1,0
89		 1,0
92		 991 3,1
72		 16.
5		 -9.2
Net
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inco
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85		 764 847 808 785 2,4
40		 -7.9 -2.8
Net
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3		 317 -9 -74 234 -13
3.0		 -72
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9		 250 -6 -12
0		 136 10 353
.3		 213
.3
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8		 181
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Oth
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7		 -14
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78		 2,5
78		 2,3
70		 7,5
26		 2,3
49		 2,4
60		 2,3
14		 2,2
81		 7,0
55		 -3.8 -1.4
Re
aft
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LP
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66		 2,1
74		 1,94
0		 6,4
80		 1,73
5		 2,1
93		 1,7
77		 1,78
9		 59
5,7		 -7.8 0.7
Op
ting
era
ex
pen
ses		 1,7
90		 1,7
32		 1,7
32		 5,2
54		 1,7
75		 1,7
24		 1,6
99		 1,6
86		 5,1
09		 -2.7 -0.8
Op
ting
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26		 -40 469 78 103 650 -50
.5		 32.
1
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bra
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Res
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ng
exp
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Net
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of d
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sal
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ss
m s
gro
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5		 - - - - -10
0.0		 -
Pre
ult
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00		 -22
5		 -24 78 103 157 -51
.2		 32.
1
Av
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p		 28,
253		 29,
165		 29,
510		 28,
976		 29,
116		 28,
674		 28,
446		 28,
650		 28,
590		 -2.9 0.7
RW
A (
End
of
Per
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,94
1		 210
,15
0		 206
,31
1		 206
,31
1		 208
,13
5		 209
,79
6		 206
,28
9		 197
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7		 197
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7		 -4.4 -4.4
Cos
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(
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com
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4%		 67.
2%		 73.
1%		 69.
8%		 6%
75.		 70.
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4%		 73.
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Op
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ret
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urn
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%		 6.1
%		 2.8
%		 5.6
%		 -0.5
%		 6.5
%		 1.1
%		 1.4
%		 3.0
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Ret
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7.7		 4.8
%		 2.9
%		 5.1
%		 -3.1
%		 -0.3
%		 1.1
%		 1.4
%		 0.7
%

Core Bank

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 1,4
74		 1,5
97		 1,1
55		 4,2
26		 1,5
20		 1,1
86		 1,4
47		 1,4
24		 4,0
57		 23.
3		 -1.6
Pro
vis
ions
fo
r lo
loss
an
es		 -18 -11
6		 -47 -18
1		 -10
2		 -92 -19
0		 -24
9		 -53
1		 -42
9.8		 -31
.1
Net
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afte
ovi
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ere
nco
me
r pr
ns		 1,4
56		 1,4
81		 1,1
08		 4,0
45		 1,4
18		 1,0
94		 1,2
57		 1,1
75		 3,5
26		 6.0 -6.5
Net
iss
ion
inco
co
mm
me		 836 751 826 2,4
13		 735 828 789 779 2,3
96		 -5.7 -1.3
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 241 -24 294 511 -31
2		 360 -32 -39 289 -11
3.3		 -21
.9
Net
inv
nt i
est
me
nco
me		 10 20 109 139 237 -14 37 132 155 21.
1		 256
.8
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 34 14 10 11 21 42 31.
3		 90.
9
Oth
er i
nco
me		 -7 -34 -27 -68 -11 -82 7 -91 -16
6		 -23
7.0		 -1,4
00.
0
for
Re
be
e L
LP
ven
ues		 2,5
66		 2,3
16		 2,3
73		 7,2
55		 2,1
83		 2,2
88		 2,2
59		 2,2
26		 6,7
73		 -6.2 -1.5
Re
aft
er L
LP
ven
ues		 2,5
48		 2,2
00		 2,3
26		 7,0
74		 2,0
81		 2,1
96		 2,0
69		 1,9
77		 6,2
42		 -15
.0		 -4.4
Op
ting
era
ex
pen
ses		 1,6
80		 1,6
26		 1,6
41		 4,9
47		 1,6
73		 1,6
41		 1,6
04		 1,6
02		 4,8
47		 -2.4 -0.
1
Op
ting
ult
era
res		 868 574 685 2,1
27		 408 555 465 375 1,3
95		 -45
.3		 -19
.4
Imp
airm
f go
odw
ill a
nd
bra
nd
ent
s o
nam
es		 - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 - - - - - 493 -0 -0 493 - 41.
1
Net
in o
r lo
fro
ale
of d
ispo
sal
ga
ss
m s
gro
ups		 - -86 3 -83 -18
5		 - - - - -10
0.0		 -
Pre
-tax
fit
pro		 868 488 688 2,0
44		 223 62 465 375 902 -45
.5		 -19
.4
Av
ital
loye
d
era
ge
cap
em
p		 16,
323		 17,
996		 19,
457		 17,
466		 19,
500		 18,
616		 18,
795		 19,
318		 18,
910		 -0.7 2.8
A (
of
iod)
RW
End
Per		 146
,89
4		 138
,10
7		 141
,74
1		 141
,74
1		 140
,35
2		 144
,66
0		 144
,53
4		 140
,87
5		 140
,87
5		 -0.6 -2.5
Cos
t/in
(
%)
tio
com
e ra		 65.
5%		 70.
2%		 69.
2%		 68.
2%		 76.
6%		 71.
7%		 71.
0%		 72.
0%		 71.
6%
Op
(
%)
ting
ret
uity
era
urn
on
eq		 21.
3%		 12.
8%		 14.
1%		 16.
2%		 8.4
%		 11.
9%		 9.9
%		 7.8
%		 9.8
%
Ret
uity
of
-tax
fit (
%)
urn
on
eq
pre
pro		 21.
3%		 10.
8%		 14.
1%		 15.
6%		 4.6
%		 1.3
%		 9.9
%		 7.8
%		 6.4
%

Private Customers

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 471 448 447 1,3
66		 460 430 444 451 1,3
25		 0.9 1.6
Pro
vis
ions
fo
r lo
loss
an
es		 -8 -26 -45 -79 -16 -35 -27 -31 -93 31.
1		 -14
.8
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 463 422 402 1,2
87		 444 395 417 420 1,2
32		 4.5 0.7
Net
iss
ion
inco
co
mm
me		 416 368 408 1,1
92		 354 427 390 379 1,1
96		 -7.1 -2.8
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 1 - 1 2 1 1 - 1 2 - -
Net
inv
nt i
est
me
nco
me		 2 - -4 -2 -2 5 3 1 9 125
.0		 -66
.7
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 16 11 9 6 10 25 66.
7		 66.
7
Oth
er i
nco
me		 8 -18 -26 -36 -21 -14 -4 -17 -35 34.
6		 -32
5.0
Re
be
for
e L
LP
ven
ues		 905 801 832 2,5
38		 803 858 839 825 2,5
22		 -0.8 -1.7
Re
aft
er L
LP
ven
ues		 89
7		 775 787 2,4
59		 787 823 812 794 2,4
29		 0.9 -2.2
Op
ting
era
ex
pen
ses		 760 745 752 2,2
57		 762 754 758 752 2,2
64		 - -0.8
Op
ting
ult
era
res		 137 30 35 202 25 69 54 42 165 20.
0		 -22
.2
f go
Imp
airm
ent
odw
ill a
nd
bra
nd
s o
nam
es		 - - - - - - - - - - -
Res
truc
turi
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 35 202 25 69 54 42 165 20.
0		 -22
.2
Av
ital
loye
d
era
em		 3,9
76		 3,8
80		 4,0
03		 3,9
53		 3,8
19		 4,0
02		 3,9
21		 3,9
79		 3,9
67		 -0.6 1.5
ge
cap
p
RW
End
of
Per		 149 767 733 733 047 807 975 209 209 5.3
A (
iod)
Cos
t/in
tio		 28, 28, 27, 27, 29, 28, 28, 29, 29, 0.8
(
%)
com
e ra		 84.
0%		 93.
0%		 90.
4%		 88.
9%		 94.
9%		 87.
9%		 90.
3%		 91.
2%		 89.
8%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 13.
8%		 3.1
%		 3.5
%		 6.8
%		 2.6
%		 6.9
%		 5.5
%		 4.2
%		 5.5
%
Ret
uity
of
ult
(
%)
-tax
urn
on
eq
pre
res		 13.
8%		 3.1
%		 3.5
%		 6.8
%		 2.6
%		 6.9
%		 %
5.5		 4.2
%		 %
5.5

Mittelstandsbank

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 542 487 468 1,4
97		 457 457 432 426 1,3
15		 -9.0 -1.4
Pro
vis
ions
fo
r lo
loss
an
es		 35 -32 9 12 -42 -78 -14
7		 -10
6		 -33
1		 -1,2
77.
8		 27.
9
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 577 455 477 1,5
09		 415 379 285 320 984 -32
.9		 12.
3
Net
iss
ion
inco
co
mm
me		 271 272 260 803 261 280 273 262 815 0.8 -4.0
Net
tra
din
inco
and
t in
n h
edg
unt
ing
g
me
ne
com
e o
e a
cco		 -12 1 -13 -24 3 1 -27 33 7 353
.8		 222
.2
Net
inv
nt i
est
me
nco
me		 -1 -6 - -7 38 -12 -9 63 42 - 800
.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 3 - 1 6 7 100
.0		 500
.0
Oth
er i
nco
me		 -8 -8 -4 -20 5 2 26 -1 27 0
75.		 -10
3.8
Re
be
for
e L
LP
ven
ues		 792 746 714 2,2
52		 767 728 696 789 2,2
13		 10.
5		 13.
4
Re
aft
er L
LP
ven
ues		 82
7		 714 723 2,2
64		 725 650 549 683 1,88
2		 -5.5 24.
4
Op
ting
era
ex
pen
ses		 339 328 328 995 347 324 333 334 991 1.8 0.3
Op
ting
ult
era
res		 488 386 395 1,2
69		 378 326 216 349 891 -11
.6		 61.
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		 488 386 395 1,2
69		 378 326 216 349 891 -11
.6		 61.
6
Av
ital
loye
d
era
ge
cap
em
p		 5,9
74		 07
5,7		 66
5,7		 5,8
16		 5,6
37		 5,8
29		 5,9
03		 6,0
65		 5,9
32		 5.2 2.7
RW
A (
End
of
Per
iod)		 53,
971		 53,
191		 53,
516		 53,
516		 53,
814		 55,
364		 56,
802		 57,
354		 57,
354		 7.2 1.0
Cos
t/in
(
%)
tio
com
e ra		 42.
8%		 44.
0%		 45.
9%		 44.
2%		 45.
2%		 44.
5%		 47.
8%		 42.
3%		 44.
8%
Op
(
%)
ting
ret
uity
era
urn
on
eq		 32.
7%		 27.
1%		 27.
4%		 29.
1%		 26.
8%		 22.
4%		 14.
6%		 23.
0%		 20.
0%
Ret
uity
of
-tax
ult
(
%)
urn
on
eq
pre
res		 32.
7%		 27.
1%		 27.
4%		 29.
1%		 26.
8%		 22.
4%		 14.
6%		 23.
0%		 20.
0%

Central & Eastern Europe

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 124 126 129 379 129 103 99 111 313 -14
.0		 12.
1
Pro
vis
ions
fo
r lo
loss
an
es		 -18 -35 -28 -81 -24 -6 -36 -41 -83 -46
.4		 -13
.9
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 106 91 101 298 105 97 63 70 230 -30
.7		 11.
1
Net
iss
ion
inco
co
mm
me		 50 47 47 144 44 47 53 50 150 6.4 -5.7
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 34 23 15 72 5 23 28 33 84 120
.0		 17.
9
Net
inv
nt i
est
me
nco
me		 1 5 2 8 1 - 9 4 13 100
.0		 -55
.6
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		 - - - - - - - - - - -
Oth
er i
nco
me		 11 9 8 28 8 12 5 11 28 37.
5		 120
.0
Re
be
for
e L
LP
ven
ues		 220 210 201 631 187 185 194 209 588 4.0 7.7
Re
aft
er L
LP
ven
ues		 202 175 173 550 163 179 158 168 505 -2.9 6.3
Op
ting
era
ex
pen
ses		 115 116 121 352 121 104 106 105 315 -13
.2		 -0.9
Op
ting
ult
era
res		 87 59 52 198 42 75 52 63 190 21.
2		 21.
2
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 -83 -18
5		 - - - - -10
0.0		 -
Pre
ult
-tax
res		 87 -27 55 115 -14
3		 75 52 63 190 14.
5		 21.
2
Av
ital
loye
d
era
ge
cap
em
p		 1,8
93		 1,8
85		 1,6
01		 1,7
93		 1,6
73		 1,7
17		 1,6
59		 1,6
42		 1,6
73		 2.6 -1.0
RW
A (
End
of
Per
iod)		 16,
711		 15,
971		 15,
654		 15,
654		 15,
279		 14,
548		 14,
206		 14,
091		 14,
091		 -10
.0		 -0.8
Cos
t/in
tio
(
%)
com
e ra		 52.
3%		 2%
55.		 60.
2%		 8%
55.		 64.
7%		 56.
2%		 54.
6%		 50.
2%		 53.
6%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 18.
4%		 12.
5%		 13.
0%		 14.
7%		 10.
0%		 17.
5%		 12.
5%		 15.
3%		 15.
1%
Ret
uity
of
ult
(
%)
-tax
urn
on
eq
pre
res		 18.
4%		 -5.7
%		 13.
7%		 8.6
%		 -34
.2%		 17.
5%		 12.
5%		 15.
3%		 15.
1%

Corporates & Markets

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 295 535 -23 807 440 196 553 381 1,1
30		 1,7
56.
5		 -31
.1
fo
Pro
vis
ions
r lo
loss
an
es		 -27 -23 17 -33 -19 26 19 -43 2 -35
2.9		 -32
6.3
afte
Net
int
st i
ovi
sio
ere
nco
me
r pr
ns		 268 512 -6 774 421 222 572 338 1,1
32		 5,7
33.
3		 -40
.9
Net
iss
ion
inco
co
mm
me		 104 73 114 291 87 82 93 92 267 -19
.3		 -1.
1
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 85 -30
9		 307 -13
9		 -83 85 -12
6.5		 40.
3
Net
inv
nt i
est
me
nco
me		 3 1 121 125 83 -6 18 63 75 -47
.9		 250
.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		 6 3 3 12 - 2 6 2 10 -33
.3		 -66
.7
Oth
er i
nco
me		 -8 4 -31 -35 10 2 37 4 43 112
.9		 -89
.2
Re
be
for
e L
LP
ven
ues		 398 390 497 1,2
85		 311 583 568 459 1,6
10		 -7.6 -19
.2
aft
Re
er L
LP
ven
ues		 37
1		 367 514 1,25
2		 292 609 587 416 1,6
12		 -19
.1		 -29
.1
Op
ting
era
ex
pen
ses		 341 320 323 984 363 338 334 331 1,0
03		 2.5 -0.9
Op
ting
ult
era
res		 30 47 191 268 -71 271 253 85 609 -55
.5		 -66
.4
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		 30 47 191 268 -71 271 253 85 609 -55
.5		 -66
.4
Av
ital
loye
d
era
ge
cap
em
p		 3,2
44		 3,2
33		 3,0
81		 3,1
86		 3,2
85		 3,2
54		 3,2
86		 2,8
23		 3,1
21		 -8.4 -14
.1
RW
A (
End
of
Per
iod)		 32,
310		 26,
129		 29,
891		 29,
891		 29,
776		 33,
908		 31,
667		 28,
091		 28,
091		 -6.0 -11
.3
Cos
t/in
tio
(
%)
com
e ra		 85.
7%		 82.
1%		 65.
0%		 76.
6%		 116
.7%		 58.
0%		 58.
8%		 72.
1%		 62.
3%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 3.7
%		 5.8
%		 24.
8%		 11.
2%		 -8.6
%		 33.
3%		 30.
8%		 12.
0%		 26.
0%
of
(
%)
Ret
uity
-tax
ult
urn
on
eq
pre
res		 3.7
%		 5.8
%		 24.
8%		 11.
2%		 -8.6
%		 33.
3%		 30.
8%		 12.
0%		 26.
0%

Non-Core Assets

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 184 157 126 467 208 170 182 59 411 -53
.2		 -67
.6
Pro
vis
ions
fo
r lo
loss
an
es		 -17
8		 -30
1		 -38
3		 -86
2		 -51
2		 -17
5		 -34
7		 -24
3		 -76
5		 36.
6		 30.
0
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 6 -14
4		 -25
7		 -39
5		 -30
4		 -5 -16
5		 -18
4		 -35
4		 28.
4		 -11
.5
Net
iss
ion
inco
co
mm
me		 28 18 26 72 29 19 19 6 44 -76
.9		 -68
.4
Net
tra
din
inco
and
t in
n h
edg
unt
ing
g
me
ne
com
e o
e a
cco		 -21
5		 124 -70 -16
1		 -71 -43 23 -35 -55 50.
0		 -25
2.2
Net
inv
est
nt i
me
nco
me		 -20
3		 -54 -79 -33
6		 13 8 -15
7		 4 -14
5		 105
.1		 102
.5
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 - 10 8 - -
Oth
er i
nco
me		 27 -8 -6 13 -11 20 -12 11 19 283
.3		 191
.7
Re
be
for
e L
LP
ven
ues		 -18
0		 238 -3 55 166 172 55 55 282 1,9
33.
3		 -
Re
aft
er L
LP
ven
ues		 -35
8		 -63 -38
6		 -80
7		 -34
6		 -3 -29
2		 -18
8		 -48
3		 51.
3		 35.
6
Op
ting
era
ex
pen
ses		 98 89 91 278 102 83 95 84 262 -7.7 -11
.6
Op
ting
ult
era
res		 -45
6		 -15
2		 -47
7		 -1,0
85		 -44
8		 -86 -38
7		 -27
2		 -74
5		 43.
0		 29.
7
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		 -1,1
28		 -44
8		 -86 -38
7		 -27
2		 -74
5		 43.
0		 29.
7
Av
ital
loye
d
era
ge
cap
em
p		 10,
226		 10,
118		 10,
053		 10,
132		 9,6
17		 10,
058		 9,6
51		 9,3
32		 9,6
80		 -7.2 -3.3
RW
A (
End
of
Per
iod)		 66,
543		 63,
069		 64,
570		 64,
570		 67,
782		 65,
135		 61,
755		 56,
413		 56,
413		 -12
.6		 -8.7
Cos
t/in
tio
(
%)
com
e ra		 n/a 37.
4%		 n/a 505
.5%		 61.
4%		 48.
3%		 172
.7%		 152
.7%		 92.
9%
Op
ting
uity
(
%)
ret
era
urn
on
eq		 -17
.8%		 -6.0
%		 -19
.0%		 -14
.3%		 -18
.6%		 -3.4
%		 -16
.0%		 -11
.7%		 -10
.3%
of
(
%)
Ret
uity
-tax
ult
urn
on
eq
pre
res		 -19
.2%		 -6.4
%		 -19
.0%		 -14
.8%		 -18
.6%		 -3.4
%		 -16
.0%		 -11
.7%		 -10
.3%

Portfolio Restructuring Unit

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 36 30 - 66 - - - - - - -
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
inco
co
mm
me		 - - - - - - - - - - -
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
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 - - - - - - -
Op
ting
era
ex
pen
ses		 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
ispo
sal
ga
ss
m s
gro
ups		 - - - - - - - - - - -
Pre
-tax
ult
res		 164 20 - 184 - - - - - - -
-
Av
ital
loye
d
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
%		 - 17.
8%		 - - - - -
Ret
uity
of
ult
(
%)
-tax
urn
on
eq
pre
res		 38.
5%		 7.6
%		 - 17.
8%		 - - - - -

Others & Consolidation

in €
m		 Q1
201
2		 Q2
201
2		 Q3
201
2		 9M
201
2		 Q4
201
2		 Q1
201
3		 Q2
201
3		 Q3
201
3		 9M
201
3		 % y
oy		 % q
oq
Net
int
st i
ere
nco
me		 42 1 134 177 34 - -81 55 -26 -59
.0		 167
.9
fo
Pro
vis
ions
r lo
loss
an
es		 - - - - -1 1 1 -28 -26 - -2,9
00.
0
Net
int
st i
afte
ovi
sio
ere
nco
me
r pr
ns		 42 1 134 177 33 1 -80 27 -52 -79
.9		 133
.8
Net
iss
ion
inco
co
mm
me		 -5 -9 -3 -17 -11 -8 -20 -4 -32 -33
.3		 80.
0
Net
din
inco
and
t in
n h
edg
ing
tra
unt
g
me
ne
com
e o
e a
cco		 220 178 -22 376 -12 28 106 -23 111 -4.5 -12
1.7
Net
inv
nt i
est
me
nco
me		 5 20 -10 15 117 -1 16 1 16 110
.0		 -93
.8
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 - 4 3 - -1 -2 3 - -25
.0		 250
.0
Oth
er i
nco
me		 -10 -21 26 -5 -13 -84 -57 -88 -22
9		 -43
8.5		 -54
.4
Re
be
for
e L
LP
ven
ues		 251 169 129 549 115 -66 -38 -56 -16
0		 -14
3.4		 -47
.4
aft
Re
er L
LP
ven
ues		 25
1		 169 129 549 114 -65 -37 -84 -18
6		 -16
5.1		 -12
7.0
Op
ting
era
ex
pen
ses		 125 117 117 359 80 121 73 80 274 -31
.6		 9.6
Op
ting
ult
era
res		 126 52 12 190 34 -18
6		 -11
0		 -16
4		 -46
0		 -1,4
66.
7		 -49
.1
Imp
airm
f go
odw
ill a
nd
bra
nd
ent
s o
nam
es		 - - - - - - - - - - -
Res
turi
truc
ng
exp
ens
es		 - - - - - 493 - - 493 - -
fro
of d
Net
in o
r lo
ale
ispo
sal
ga
ss
m s
gro
ups		 - - - - - - - - - - -
Pre
ult
-tax
res		 126 52 12 190 34 -67
9		 -11
0		 -16
4		 -95
3		 -1,4
66.
7		 -49
.1
Av
ital
loye
d
era
ge
cap
em
p		 1,2
36		 3,2
91		 5,0
07		 2,7
19		 5,0
84		 3,8
15		 4,0
26		 4,8
09		 4,2
16		 -3.9 19.
4
RW
A (
End
of
Per
iod)		 15,
753		 14,
049		 14,
948		 14,
948		 12,
436		 12,
033		 12,
884		 12,
130		 12,
130		 -18
.9		 -5.9
Cos
t/in
(
%)
tio
com
e ra		 49.
8%		 69.
2%		 90.
7%		 65.
4%		 69.
6%		 n/a n/a n/a n/a
Op
(
%)
ting
ret
uity
era
urn
on
eq		 40.
8%		 6.3
%		 1.0
%		 9.3
%		 2.7
%		 -19
.5%		 -10
.9%		 -13
.6%		 -14
.5%
(
%)
Ret
uity
of
-tax
ult
urn
on
eq
pre
res		 40.
8%		 6.3
%		 1.0
%		 9.3
%		 2.7
%		 -71
.2%		 -10
.9%		 -13
.6%		 -30
.1%

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
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
3
2
0
1
3		 9
M
Eq
i
de
f
in
i
io
in
€m
ty
t
ns
u		 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,
9
5
9
Ca
i
l re
ta
p
se
rve		 1
5,
9
3
8		 1
2,
8
6
0
Re
ine
d e
ing
ta
ar
n
s		 1
0,
7
0
0		 1
0,
8
3
8
S
i
len
ic
ip
ion
So
F
F
in
/
A
l
l
ian
t p
t
t
ar
a
s
z		 0 1,
1
8
8
Cu
la
ion
tra
t
rre
nc
y
ns
re
se
rve		 1
8
0
-		 1
4
8
-
Co
l
i
da
d
P
&
L
*)
te
ns
o		 2
6		 3
8
'
Ca
i
i
in
in
In
to
ta
l w
t
ho
t n
tro
l
l
te
ts
ve
s
rs
p
u
on
-co
n
g
re
s		 2
7,
6
2
3		 2
7,
7
3
5		 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		 8
9
5		 8
5
5
In
'
Ca
i
l
to
ta
ve
s
rs
p		 2
8,
5
1
8		 2
8,
5
9
0		 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
6
1
-
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
u
ca
p		 2
4,
9
5
7
Hy
br
i
d c
i
l
ta
ap		 8
1
6
ie
i
Ba
l
I
I
T
I c
ta
l
se
r
ap		 2
5,
7
7
3

* 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 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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