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Commerzbank AG Investor Presentation 2015

Sep 30, 2015

81_ip_2015-09-30_663e42aa-724d-4456-9060-ba78f83eea40.pdf

Investor Presentation

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Doubling net result in H1 2015 at comfortable capital ratios

Bank of America Merrill Lynch 20th Annual Banking, Insurance & Diversified Financials CEO Conference

Commerzbank today with sound and robust Germany based business model

Operating Core Bank segments with increased results

PC turnaround achieved – well positioned for future challenges

Selective turnaround drivers

Upcoming success drivers

How to grow at stable revenue pools

  • › Simple and transparent (digital) product offerings that allow forcustomisation
  • › Leveraging on "smart data" towards effective 1 to 1 marketing
  • › Fast and customer driven digital innovations AND effective high quality personal advice

Digitisation in our PC business is already reality with increasing dynamics

1 Launch date: 26 October 2015

We are the long term strategic partner to the German Mittelstand at home and abroad

Leading market position

  • Unrivalled regional coverage in Germany
  • › 150 locations: high proximity to typical German Mittelstand
  • ›13% loan growth since YE 2012

Worldwide relationship model

  • › Global reach with some 70 locations in more than 50 countries
  • › 17% of Eurozone export LoC channelled through our books

Full customised product range

  • › Full range of corporate banking and capital market products
  • › More than 50% of C&M clientrevenues stem from MSB clients

Topics on the agenda

What to expect in German corporate banking going forward

  • › Strong and long lasting relationship with German Mittelstand remains key success factor
  • › Limited lending demand of cash rich Mittelstand in robust German economy - LLP level benefits
  • › Digitisation enters corporate banking and creates new opportunities

Digitisation enters Corporate Banking: Online and Mobile

New online portal for corporate customers

  • › Evolved user experience: Go-Live of the newonline portals for corporate customers and financial institutions in 14 different languages
  • › Consistent range of functions: establishedapplications enhanced with extendedfunctionalities set in a consistent portal frame

MSB Cash Management App

  • › Mobile App for the realtime retrieval of bookingsincluding third-party banks
  • ›Overview of up to 15 accounts
  • › Already more than 5,000 downloads since Go-Live (on March 30th, 2015) with very good customer ratings

NCA with significant asset run-down of €47bn in CRE and Ship Finance

Highlights on NCA run-down since year end 2012

  • › With remaining Exposure at Default of €27bn in CRE and Ship Finance already significantly below original target of €36bn for 2016.
  • ›Significant net capital relief due to the value preserving run-down strategy.
  • ›NPLs more than halved to €5.3bn and NPL ratio reduced from 8.1% to 7.1%.
  • › EaD in Ship Finance reduced from ~€20bn down to less than €11bn, coverage ratio excluding collateral improved from 33% to 58%.
  • ›Higher risk cluster in CRE almost completely eliminated from €10.6bn down to €0.4bn.
  • ›Adequate asset valuation proven by several portfolio sales.

Target 2016: €20bn of EaD in CRE and Ship Finance at an unchanged cumulated operating loss guidance 2013-2016 of ~€3bn

Comfortable Capital Ratios

1) Includes net profit of H1 2015 excl. dividend accrual 2) According to revised CRD4/CRR rules published 10 Oct 2014

Strong Group operating result of €1,070min H1 2015 – LLPssignificantly down – Revenues increased in all Core Bank divisions

Financial Outlook 2015

We will continue on our growth track in the Core Bank and aim to further grow revenues and market share by expanding our customer and asset base

We expect Loan Loss Provisions of less than €1bn for 2015 with lower LLPs in NCA as well as in the Core Bank

We expect expenses to be slightly above 7 billion Euros excluding European Bank levy

CET1 of 10.5% comfortable level for our business model – planning for a dividend 2015 and accruing accordingly

The economic environment since 2012 has generated significant headwinds

Source: Deutsche Bundesbank, Bloomberg, Commerzbank

1) Includes net profit of H1 2015 excl. dividend accrual 2) Post tax RoE for the Core Bank is not reported on a quarterly basis. Operating RoE Core Bank in H1 2015: 13.5%; Op. RoTE CoreBank: 15.8% 3) Leverage Ratio-Exposure according to revised CRD4/CRR rules published 10 Oct 2014

Appendix

Commerzbank financials at a glance

Gr
ou
p		 Q
2
2
0
1
4		 Q
1
2
0
1
5		 Q
2
2
0
1
5		 H
1
2
0
1
4		 H
1
2
0
1
5
Op
(
)
ing
l
€m
t
t
era
re
su		 2
5
7		 6
8
5		 3
8
5		 5
8
1		 1,
0
7
0
(
)
Ne
l
€m
t re
t
su		 1
0
0		 3
6
6		 2
8
0		 3
0
0		 1)
6
4
6
C
E
T
1 r
io
B
3 p
ha
-in
(
%
)
t
a
se		 1
1.
7		 1
1.
3		 1
2.
4		 1
1.
7		 2)
1
2.
4
C
(
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E
T
1 r
io
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3
fu
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ly
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d-
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%
t
a
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se		 9.
4		 9.
5		 1
0.
5		 9.
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1
0.
5
To
l a
(
€
bn
)
ta
ts
ss
e		 5
8
3		 6
0
5		 5
6
1		 5
8
3		 5
6
1
(
)
R
W
A
B
3
fu
l
ly
ha
d-
in
€
bn
p
se		 2
1
7		 2
2
2		 2
1
4		 2
1
7		 2
1
4
Le
io
(
fu
l
ly
ha
d-
in
ise
d r
les
)
(
%
)
t
ve
rag
e r
a
p
se
rev
u		 3.
3		 3.
7		 4.
0		 3.
3		 4.
0
Co
/
inc
io
(
%
)
t
t
s
om
e r
a		 1
7
7.		 6
9.
7		 2.
7
5		 6.
1
7		 1.
0
7
Ro
E o
f n
l
(
%
)
t re
t
e
su		 1.
5		 5.
5		 3.
9		 2.
3		 1)
4.
7
Ne
Ro
T
E
(
%
)
t		 1.
7		 6.
2		 4.
4		 2.
5		 1)
2
5.
Co
Ba
k
(
inc
l.
O
&
C
)
re
n		 Q
2
2
0
1
4		 Q
1
2
0
1
5		 Q
2
2
0
1
5		 H
1
2
0
1
4		 H
1
2
0
1
5
Op
ing
l
(
€m
)
t
t
era
re
su		 4
4
2		 1
7
7		 6
4
1		 9
4
0		 1,
4
1
2
Op
Ro
E
(
)
%		 9.
5		 1
5.
4		 1
1.
7		 1
0.
1		 1
3.
5
Op
Ro
T
E
(
%
)		 1
1.
3		 1
8.
2		 1
3.
6		 1
2.
0		 1
8
5.
C
I
R
(
)
%		 7
2.
2		 6
8.
8		 6
8.
3		 7
2.
5		 6
8.
5
N
C
A		 Q
2
2
0
1
4		 Q
5
1
2
0
1		 Q
5
2
2
0
1		 H
1
2
0
1
4		 H
5
1
2
0
1
Op
ing
l
(
€m
)
t
t
era
re
su		 -1
8
5		 8
6
-		 2
5
6
-		 3
5
9
-		 3
4
2
-
Ea
D
inc
l.
N
P
L v
lum
C
R
E a
d
S
h
ip
F
ina
(
€
bn
)
o
e -
n
nc
e		 3
7		 3
0		 2
7		 3
7		 3)
2
7

1)Attributable to Commerzbank shareholders 2) Includes net profit of H1 2015 excl. dividend accrual

Summary Q2 2015

Good operating result of €385m leads to €1.070m in H1 2015 and a net result of €646m – more than doubled compared to H1 2014 (€300m)

Core Bank revenues in Q2 2015 with increase of 8% y-o-y – in H1 2015 increase of 14% with all divisions above 2014 despite low interest rate environment

NCA with further organic run down of €1.0bn (6%) in CRE and €1.8bn (14%) in Ship Finance including €0.4bn due to FX effects (EUR/USD)

Positive run down and capital effects of the signed €2.9bn CRE portfolio and ship restructuring platform sales will be reflected in Q3 2015, while negative P&L effect of €98m already digested in Q2

Group LLPs of €280m – Expenses of €1.753m affected by ongoing investments for strategic and regulatory purposes as well as by FX-effects from weaker Euro

CET1 fully phased-in at comfortable level of 10.5% – Leverage ratio reached target of 4.0% –dividend accrual of 10ct per share as of H1 2015

Operating result by segment

in €m

Core Bank: LLP still at a low level – default portfolio further reduced

Highlights

  • ▲Low LLPs in Q2 2015 based on good portfolio quality and robust German economy
  • ▲Default portfolio further reduced at already low level
  • ▲NPL ratio of 1.4% reached lowest level ever

1) As % of EaD

NCA with significant asset run-down of €47bn in CRE and Ship Finance

CRE/Ship Finance: Exposure further reduced by €1.0bn in CRE and €1.8bn in Ship Finance

Note: Numbers may not add up due to rounding 1) As % of EaD2) Incl. CRE, Ship Finance and Public Finance

NCA: Diversified portfolio

EaD (incl. NPL) per 30 June 2015, in €bn

G
E
R		 S
U
A		 I
T		 P O
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Note: Numbers may not add up due to rounding1) Utility and infrastructure transactions (mostly UK) – taken over from PRU in mid-2012; without value-impairing securities 2) Claims in the category LaR Loans; 3) Incl. regions

NCA: Reduced exposures in all risk clusters

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

Default portfolios CRE and Ship Finance as of 30 June 2015

3
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RWA decrease due to NCA asset run down and slightly recovered Euro

Highlights

  • ► Decreasing credit risk (€4.6bn) due to proceeding reduction of the loan portfolio within the NCA segment and changes of FX-rates in particular USD
  • ►Diminished market risk (€2.1bn) due to consideration of hedge positions for credit spreads
  • ►Operational risk stable at group level

Note: Numbers may not add up due to rounding

CET1 ratio fully phased-in of 10.5% including dividend accrual

Highlights

  • ▲Successful capital increase in April 2015 has generated €1.4bn additional CET1 capital
  • ▲Dividend accrual of €125m / 10ct per share for H1 2015
  • ▲Positive effect of €0.4bn in pension liabilities due to higher discount rates
  • ► Revaluation reserve with decrease of €0.2bn due to widening of sovereign credit spreads while slightly recovered Euro reduces currency translation reserve by €0.1bn

Note: Numbers may not add up due to rounding1) Includes mainly DTA, shortfall and prudential valuation 2) Includes H1-profit

Key figures of Commerzbank share

3
1
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5		 1,
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0
7
Ma
ke
i
l
isa
ion
(
€
bn
)
t c
ta
t
r
ap		 1
3.
3		 1
2.
5		 1
4.
4
Ne
lue
ha
(
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re		 2
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2
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5
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/
(
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5.
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6
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9
6		 /
9.
9
1
1
4.
4
8		 /
1
0.
3
1
1
3.
3
9

1)Result for the quarter on accumulative basis 2) After reverse stock split 10:1 3) After restatements of hedge accounting and credit protection insurance

Current Commerzbank Bank- und Pfandbrief Ratings

Current Commerzbank Ratings

Ba
k
Ra
in
t
n
g
s
Co
R
is
k
As
te
ty
t
un
rp
ar
se
ss
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3		 -
Ba
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i
Ra
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1 p
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Ra
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t
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os
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a
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1		 b
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br
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t
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a		 A
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b
le
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s
Mo
P
fa
d
br
ie
fe
tg
r
ag
e
n		 - Aa
a		 A
A
A
b
le
ta
s

Changes in Bank Ratings:

  • › Fitch, 19/5/2015: Issuer Rating downgraded to "BBB" (from "A+") with positive Outlook (before negative)
  • › S&P, 9/6/2015: Issuer Rating downgraded to "BBB+" (before "A-"), stand-alone Rating upgraded to "bbb" (before "bbb-")
  • › Moody´s, 19/6/2015: Issuer Rating confirmed with "Baa1", Outlook stable (before negative). Launch of Bank Deposit Rating "Baa1" with positive Outlook and Counterparty RiskAssessment of "A3"

No changes in Pfandbrief Ratings

Commerzbank Group

in
€ m		 Q
1
20
14		 Q
2
20
14		 H1
20
14		 Q
3
20
14		 Q
4
20
14		 FY
20
14		 Q
1
20
15		 Q
2
20
15		 H1
20
15
To
tal
Re
ve
nu
es		 2,
26
0		 2,
24
1		 4,
50
1		 2,
40
6		 1,
84
7		 8,
4
75		 2,
78
2		 2,
41
8		 20
0
5,
/w
To
tal
int
d n
din
inc
net
st
et
tra
o
ere
an
g
om
e		 1,
53
8		 1,
42
6		 2,
96
4		 1,
59
5		 1,
44
1		 6,
00
0		 2,
01
7		 1,
50
9		 3,
52
6
/w
Ne
mis
sio
n in
t c
o
om
co
me		 81
5		 78
2		 1,
59
7		 79
9		 80
9		 3,
20
5		 90
0		 83
9		 1,
73
9
/w
Oth
inc
o
er
om
e		 -93 33 -60 12 -40
3		 -45
1		 -13
5		 70 -65
Pro
vis
ion
fo
sib
le l
n lo
r p
os
oa
ss
es		 -23
8		 -25
7		 -49
5		 -34
1		 -30
8		 -1,
144		 -15
8		 -28
0		 -43
8
Op
ting
era
ex
pe
ns
es		 1,
69
8		 1,
72
7		 3,
42
5		 1,
72
2		 1,
77
9		 6,
92
6		 1,
93
9		 1,
75
3		 3,
69
2
/w
Eu
n b
k le
o
rop
ea
an
vy		 - - - - - - 167 2 169
Op
ati
rof
it
er
ng
p		 32
4		 25
7		 58
1		 34
3		 -24
0		 68
4		 68
5		 38
5		 1,
07
0
Imp
air
dw
ill
nts
me
on
g
oo		 - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - 61 61 66 - 66
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - -
rof
it
Pre
-ta
x p		 32
4		 25
7		 58
1		 34
3		 -30
1		 62
3		 61
9		 38
5		 1,
00
4
Av
ital
loy
ed
era
g
e c
ap
em
p		 27
07
7
,		 27
28
5
,		 27
18
1
,		 27
45
4
,		 27
37
2
,		 27
29
7
,		 27
52
4
,		 29
37
2
,		 28
44
8
,
RW
A c
red
it r
isk
fu
lly
ha
d in
(e
nd
of
rio
d
)
p
se
pe		 173
06
9
,		 17
1,
01
8		 17
1,
01
8		 172
01
1
,		 172
45
7
,		 172
45
7
,		 176
02
4
,		 17
1,
39
9		 17
1,
39
9
RW
A
rke
t ri
sk
ful
ly
has
ed
in (
d o
f p
eri
od
)
ma
p
en		 20
117
,		 22
46
1
,		 22
46
1
,		 20
01
3
,		 20
05
5
,		 20
05
5
,		 22
47
1
,		 20
36
8
,		 20
36
8
,
RW
A o
ion
al r
isk
fu
lly
ha
d in
(e
nd
of
rio
d
)
rat
pe
p
se
pe		 25
07
3
,		 23
53
4
,		 23
53
4
,		 22
68
3
,		 21
56
0
,		 21
56
0
,		 23
05
3
,		 22
65
5
,		 22
65
5
,
RW
A f
ull
ha
d i
n (
d o
f p
iod
)
p
se
en
er
y		 21
8,
25
9		 21
01
3
7,		 21
01
3
7,		 21
4,
70
7		 21
4,
07
2		 21
4,
07
2		 22
1,
54
7		 21
4,
42
2		 21
4,
42
2
Co
/inc
(
)
atio
%
st
om
e r		 75
.1%		 77
.1%		 76
.1%		 71
.6%		 96
.3%		 79
.1%		 69
.7%		 72
.5%		 71
.0%
Op
(
)
ting
tur
ity
%
era
re
n o
n e
qu		 4.8
%		 3.8
%		 4.3
%		 5.0
%		 -3.
5%		 2.5
%		 10
.0%		 5.2
%		 7.5
%
Op
(
)
ting
tur
n t
ible
uity
%
era
re
n o
an
g
eq		 5.4
%		 4.2
%		 4.8
%		 5.6
%		 -3.
9%		 2.8
%		 11
.2%		 5.9
%		 8.4
%
Re
ity
of
lt (
)
tur
net
%
n o
n e
qu
re
su		 3.1
%		 1.5
%		 2.3
%		 3.4
%		 -3.
9%		 1.0
%		 5.5
%		 3.9
%		 4.7
%
Ne
ible
uity
(
)
t re
tur
n ta
%
n o
ng
eq		 3.4
%		 1.7
%		 2.5
%		 3.8
%		 -4.
4%		 1.1
%		 6.2
%		 4.4
%		 5.2
%

Core Bank

in
€ m		 Q
1
20
14		 Q
2
20
14		 H1
20
14		 Q
3
20
14		 Q
4
20
14		 FY
20
14		 Q
1
20
15		 Q
2
20
15		 H1
20
15
To
tal
Re
ve
nu
es		 2,
21
9		 2,
28
1		 4,
50
0		 2,
33
0		 1,
75
6		 8,
58
6		 2,
66
6		 2,
45
6		 5,
122
/w
To
tal
int
d n
din
inc
net
st
et
tra
o
ere
an
g
om
e		 1,
41
9		 1,
50
1		 2,
92
0		 1,
50
9		 1,
35
7		 5,
78
6		 1,
71
1		 1,
50
2		 3,
21
3
/w
Ne
t c
mis
sio
n in
o
om
co
me		 81
0		 77
7		 1,
58
7		 78
9		 80
3		 3,
179		 89
5		 83
3		 1,
72
8
/w
Oth
inc
o
er
om
e		 -10 3 -7 32 -40
4		 -37
9		 60 12
1		 18
1
Pro
vis
ion
fo
sib
le l
n lo
r p
os
oa
ss
es		 -10
4		 -19
3		 -29
7		 -90 -10
3		 -49
0		 -61 -13
8		 -19
9
Op
ting
era
ex
p
en
se
s		 1,
61
7		 1,
64
6		 3,
26
3		 1,
64
5		 1,
70
9		 6,
61
7		 1,
83
4		 1,
67
7		 3,
51
1
/w
Eu
n b
k le
o
rop
ea
an
vy		 - - - - - - 140 1 14
1
Op
ati
rof
it
er
ng
p		 49
8		 44
2		 94
0		 59
5		 -56 1,
47
9		 1
77		 64
1		 1,
41
2
Imp
air
dw
ill
nts
me
on
g
oo		 - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - - - - - - 50 - 50
Ne
ain
los
fro
ale
f d
isp
al g
t g
or
s
m s
o
os
rou
p
s		 - - - - - - - - -
rof
it
Pre
-ta
x p		 49
8		 44
2		 94
0		 59
5		 -56 1,
47
9		 72
1		 64
1		 1,
36
2
Av
ital
loy
ed
era
g
e c
ap
em
p		 18
56
3
,		 18
60
1
,		 18
58
2
,		 19
76
7
,		 19
88
2
,		 19
20
3
,		 19
96
5
,		 21
98
9
,		 20
97
7
,
RW
A c
red
it r
isk
fu
lly
ha
d in
(
d o
f p
eri
od
)
p
se
en		 122
69
5
,		 126
89
9
,		 126
89
9
,		 130
81
1
,		 133
84
3
,		 133
84
3
,		 136
99
0
,		 135
81
8
,		 135
81
8
,
RW
A
rke
t ri
sk
ful
ly
ha
d in
(
d o
f p
eri
od
)
ma
p
se
en		 14
98
7
,		 15
53
4
,		 15
53
4
,		 15
56
0
,		 15
24
4
,		 15
24
4
,		 17
95
8
,		 16
85
0
,		 16
85
0
,
RW
A o
tio
l ris
k f
ully
ha
d in
(
d o
f p
eri
od
)
p
era
na
p
se
en		 23
67
0
,		 22
26
8
,		 22
26
8
,		 21
41
9
,		 20
29
7
,		 20
29
7
,		 21
103
,		 20
58
9
,		 20
58
9
,
RW
A f
ull
ha
d i
n (
d o
f p
iod
)
y
p
se
en
er		 16
1,
35
2		 16
4,
70
1		 16
4,
70
1		 167
79
1
,		 16
9,
38
4		 16
9,
38
4		 17
6,
05
1		 17
3,
25
7		 17
3,
25
7
Co
/in
tio
(
)
st
%
co
me
ra		 72
.9%		 72
.2%		 72
.5%		 70
.6%		 97
.3%		 77
.1%		 68
.8%		 68
.3%		 68
.5%
Op
ting
ity
(
)
tur
%
era
re
n o
n e
qu		 10
.7%		 9.5
%		 10
.1%		 12
.0%		 -1.
1%		 7.7
%		 15
.4%		 11
.7%		 13
.5%
Op
(
)
ting
tur
n t
ible
uity
%
era
re
n o
an
g
eq		 12
.8%		 11
.3%		 12
.0%		 14
.2%		 -1.
3%		 9.1
%		 18
.2%		 13
.6%		 15
.8%

Private Customers

in
€ m		 Q
1
20
14		 Q
2
20
14		 H1
20
14		 Q
3
20
14		 Q
4
20
14		 FY
20
14		 Q
1
15
20		 Q
2
15
20		 H1
15
20
To
tal
Re
ve
nu
es		 87
4		 84
5		 1,
71
9		 86
4		 83
3		 3,
41
6		 91
4		 91
5		 1,
82
9
/w
To
tal
int
d n
din
inc
net
st
et
tra
o
ere
an
g
om
e		 45
0		 48
0		 93
0		 46
7		 46
6		 1,
86
3		 43
5		 46
8		 90
3
/w
Ne
mis
sio
n in
t c
o
om
co
me		 40
7		 36
1		 76
8		 37
7		 39
3		 1,
53
8		 45
9		 42
6		 88
5
/w
Oth
inc
o
er
om
e		 17 4 21 20 -26 15 20 21 41
fo
Pro
vis
ion
sib
le l
n lo
r p
os
oa
ss
es		 -36 -16 -52 -16 -11 -79 -13 -21 -34
Op
ting
era
ex
pe
ns
es		 72
7		 71
3		 1,
44
0		 72
9		 75
0		 2,
91
9		 74
0		 72
3		 1,
46
3
/w
Eu
n b
k le
o
rop
ea
an
vy		 - - - - - - 15 0 15
ati
rof
it
Op
er
ng
p		 11
1		 11
6		 22
7		 11
9		 72 41
8		 16
1		 17
1		 33
2
Imp
air
dw
ill
nts
me
on
g
oo		 - - - - - - - - -
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
rof
it
-ta
x p		 11
1		 11
6		 22
7		 11
9		 72 41
8		 16
1		 17
1		 33
2
Av
ital
loy
ed
era
g
e c
ap
em
p		 4,
26
6		 4,
33
2		 4,
29
9		 4,
21
7		 4,
15
1		 4,
24
1		 4,
144		 3,
95
3		 4,
04
9
RW
A c
red
it r
isk
fu
lly
ha
d in
(e
nd
of
rio
d
)
p
se
pe		 17
65
5
,		 18
47
5
,		 18
47
5
,		 17
84
2
,		 18
35
3
,		 18
35
3
,		 18
42
5
,		 18
57
9
,		 18
57
9
,
RW
A
rke
t ri
sk
ful
ly
ha
d in
(e
nd
of
riod
)
ma
p
se
pe		 83 90 90 93 45
7		 45
7		 72
8		 79
8		 79
8
RW
A o
ion
al r
isk
fu
lly
has
ed
in (
d o
f p
eri
od
)
rat
pe
p
en		 10
74
7
,		 10
45
9
,		 10
45
9
,		 9,
74
0		 9,
03
3		 9,
03
3		 6,
89
9		 6,
60
4		 6,
60
4
A f
d i
n (
f p
iod
)
RW
ull
ha
d o
y
p
se
en
er		 28
48
5
,		 29
02
3
,		 29
02
3
,		 27
67
5
,		 27
84
3
,		 27
84
3
,		 26
05
1
,		 25
98
1
,		 25
98
1
,
Co
/in
tio
(
%
)
st
co
me
ra		 83
.2%		 84
.4%		 83
.8%		 84
.4%		 90
.0%		 85
.5%		 81
.0%		 79
.0%		 80
.0%
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 10
.4%		 10
.7%		 10
.6%		 11
.3%		 6.9
%		 9.9
%		 15
.5%		 17
.3%		 16
.4%
Op
ting
ible
uity
(
%
)
tur
n t
era
re
n o
an
g
eq		 14
.9%		 15
.2%		 15
.1%		 16
.2%		 10
.0%		 14
.1%		 22
.4%		 25
.4%		 23
.9%

Mittelstandsbank

in
€ m		 Q
1
20
14		 Q
2
20
14		 H1
20
14		 Q
3
20
14		 Q
4
20
14		 FY
20
14		 Q
1
20
15		 Q
2
20
15		 H1
20
15
To
tal
Re
ve
nu
es		 71
8		 74
3		 1,
46
1		 74
4		 72
2		 2,
92
7		 76
0		 70
5		 1,
46
5
/w
To
tal
int
d n
din
inc
net
st
et
tra
o
ere
an
g
om
e		 44
3		 46
5		 90
8		 44
9		 43
9		 1,
79
6		 47
0		 46
3		 93
3
/w
Ne
t c
mis
sio
n in
o
om
co
me		 27
5		 26
3		 53
8		 26
6		 28
3		 1,
08
7		 29
1		 26
2		 55
3
/w
Oth
inc
o
er
om
e		 - 15 15 29 - 44 -1 -20 -21
Pro
vis
ion
fo
sib
le l
n lo
r p
os
oa
ss
es		 -57 -14
3		 -20
0		 -36 -10
6		 -34
2		 -35 -57 -92
Op
ting
era
ex
p
en
se
s		 32
2		 33
1		 65
3		 34
4		 36
5		 1,
36
2		 38
3		 35
4		 73
7
/w
Eu
n b
k le
o
rop
ea
an
vy		 - - - - - - 44 -0 44
Op
ati
rof
it
er
ng
p		 33
9		 26
9		 60
8		 36
4		 25
1		 1,
22
3		 34
2		 29
4		 63
6
Imp
air
dw
ill
nts
me
on
g
oo		 - - - - - - - - -
Re
uri
str
uct
ng
ex
p
en
se
s		 - - - - - - - - -
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
p
s		 - - - - - - - - -
rof
it
Pre
-ta
x p		 33
9		 26
9		 60
8		 36
4		 25
1		 1,
22
3		 34
2		 29
4		 63
6
Av
ital
loy
ed
era
g
e c
ap
em
p		 7,
33
5		 7,
54
5		 7,
44
0		 7,
63
8		 7,
95
3		 7,
61
8		 8,
19
1		 8,
09
4		 8,
142
RW
A c
red
it r
isk
fu
lly
has
ed
in (
d o
f p
eri
od
)
p
en		 58
08
5
,		 62
28
4
,		 62
28
4
,		 63
95
5
,		 66
78
9
,		 66
78
9
,		 66
60
0
,		 64
53
5
,		 64
53
5
,
(
)
RW
A
rke
t ri
sk
ful
ly
ha
d in
d o
f p
eri
od
ma
p
se
en		 87
4		 78
3		 78
3		 90
8		 82
7		 82
7		 1,
20
6		 1,
169		 1,
169
RW
A o
tio
l ris
k f
ully
ha
d in
(
d o
f p
eri
od
)
p
era
na
p
se
en		 3,
91
7		 3,
51
2		 3,
51
2		 3,
35
2		 3,
30
1		 3,
30
1		 3,
84
5		 3,
49
5		 3,
49
5
RW
A f
ull
ha
d i
n (
d o
f p
iod
)
y
p
se
en
er		 62
87
7
,		 66
57
9
,		 66
57
9
,		 68
21
5
,		 70
91
8
,		 70
91
8
,		 71
65
1
,		 69
19
9
,		 69
19
9
,
Co
/inc
(
)
atio
%
st
om
e r		 44
.8%		 44
.5%		 44
.7%		 46
.2%		 50
.6%		 46
.5%		 50
.4%		 50
.2%		 50
.3%
Op
(
)
ting
tur
ity
%
era
re
n o
n e
qu		 18
.5%		 14
.3%		 16
.3%		 19
.1%		 12
.6%		 16
.1%		 16
.7%		 14
.5%		 15
.6%
Op
ting
ible
uity
(
)
tur
n ta
%
era
re
n o
ng
eq		 20
.9%		 16
.0%		 18
.4%		 21
.4%		 14
.1%		 18
.0%		 18
.6%		 16
.2%		 17
.4%

Central & Eastern Europe

in
€ m		 Q
1
20
14		 Q
2
20
14		 H1
20
14		 Q
3
20
14		 Q
4
20
14		 FY
20
14		 Q
1
20
15		 Q
2
20
15		 H1
20
15
To
tal
Re
ve
nu
es		 22
4		 23
3		 45
7		 24
1		 22
5		 92
3		 25
4		 20
8		 46
2
/w
To
tal
int
d n
din
inc
net
st
et
tra
o
ere
an
g
om
e		 156 175 33
1		 179 16
1		 67
1		 155 148 30
3
/w
Ne
mis
sio
n in
t c
o
om
co
me		 57 59 116 51 48 21
5		 47 56 103
/w
Oth
inc
o
er
om
e		 11 -1 10 11 16 37 52 4 56
fo
Pro
vis
ion
sib
le l
n lo
r p
os
oa
ss
es		 -21 -38 -59 -37 -27 -12
3		 -23 -24 -47
Op
ting
era
ex
pe
ns
es		 105 11
1		 21
6		 11
1		 109 43
6		 115 120 23
5
/w
Eu
n b
k le
o
rop
ea
an
vy		 - - - - - - 5 0 5
Op
ati
rof
it
er
ng
p		 98 84 182 93 89 36
4		 116 64 18
0
Imp
air
dw
ill
nts
me
on
g
oo		 - - - - - - - - -
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		 - - - - - - - - -
rof
it
Pre
-ta
x p		 98 84 182 93 89 36
4		 116 64 18
0
Av
ital
loy
ed
era
g
e c
ap
em
p		 1,
69
3		 1,
71
0		 1,
70
1		 1,
73
3		 1,
75
2		 1,
72
2		 1,
84
3		 1,
93
5		 1,
88
9
in (
)
RW
A c
red
it r
isk
fu
lly
has
ed
d o
f p
eri
od
p
en		 12
21
3
,		 12
72
1
,		 12
72
1
,		 12
82
7
,		 13
26
4
,		 13
26
4
,		 14
39
1
,		 14
41
1
,		 14
41
1
,
RW
A m
ark
ris
k f
ully
ha
d in
(e
nd
of
rio
d
)
et
p
se
pe		 41
4		 40
0		 40
0		 59
8		 46
1		 46
1		 55
8		 48
3		 48
3
RW
A o
ion
al r
isk
fu
lly
ha
d in
(e
nd
of
rio
d
)
rat
pe
p
se
pe		 53
3		 38
6		 38
6		 41
6		 38
4		 38
4		 76
0		 78
1		 78
1
n (
)
RW
A f
ull
ha
d i
d o
f p
iod
y
p
se
en
er		 13
16
0
,		 13
50
7
,		 13
50
7
,		 13
84
0
,		 14
10
9
,		 14
109
,		 15
70
9
,		 15
67
5
,		 15
67
5
,
Co
/in
tio
(
%
)
st
co
me
ra		 46
.9%		 47
.6%		 47
.3%		 46
.1%		 48
.4%		 47
.2%		 45
.3%		 .7%
57		 50
.9%
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 23
.2%		 19
.6%		 21
.4%		 21
.5%		 20
.3%		 21
.1%		 25
.2%		 13
.2%		 19
.1%
Op
ting
ible
uity
(
%
)
tur
n t
era
re
n o
an
g
eq		 28
.7%		 24
.3%		 26
.5%		 26
.6%		 25
.0%		 26
.1%		 30
.8%		 16
.0%		 23
.2%

Corporates & Markets

in
€ m		 Q
1
20
14		 Q
2
20
14		 H1
20
14		 Q
3
20
14		 Q
4
20
14		 FY
20
14		 Q
1
20
15		 Q
2
20
15		 H1
20
15
To
tal
Re
ve
nu
es		 54
1		 50
4		 1,
04
5		 48
4		 44
3		 1,
97
2		 66
7		 53
1		 1,
198
/w
To
tal
int
d n
din
inc
net
st
et
tra
o
ere
an
g
om
e		 46
4		 40
3		 86
7		 36
8		 32
5		 1,
56
0		 1
57		 40
6		 97
7
/w
Ne
mis
sio
n in
t c
o
om
co
me		 76 10
1		 177 102 89 36
8		 104 99 20
3
/w
Oth
inc
o
er
om
e		 1 - 1 14 29 44 -8 26 18
Pro
vis
ion
fo
sib
le l
n lo
r p
os
oa
ss
es		 9 5 14 - 41 55 47 -11 36
Op
ting
era
ex
pe
ns
es		 33
6		 32
3		 65
9		 32
8		 36
4		 1,
35
1		 41
3		 33
5		 74
8
/w
Eu
n b
k le
o
rop
ea
an
vy		 - - - - - - 65 2 67
Op
ati
rof
it
er
ng
p		 21
4		 18
6		 40
0		 15
6		 120 67
6		 30
1		 18
5		 48
6
Imp
air
dw
ill
nts
me
on
g
oo		 - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - - - 50 - 50
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - -
Pre
rof
it
-ta
x p		 21
4		 18
6		 40
0		 15
6		 120 67
6		 25
1		 5
18		 43
6
Av
ital
loy
ed
era
g
e c
ap
em
p		 4,
55
2		 4,
66
9		 4,
61
1		 4,
59
5		 4,
42
7		 4,
56
1		 4,
62
4		 4,
81
8		 4,
72
1
fu
(e
of
)
RW
A c
red
it r
isk
lly
ha
d in
nd
rio
d
p
se
pe		 19
45
7
,		 22
08
9
,		 22
08
9
,		 19
74
7
,		 20
01
2
,		 20
01
2
,		 21
52
4
,		 21
02
1
,		 21
02
1
,
k f
(e
of
)
RW
A m
ark
et
ris
ully
ha
d in
nd
rio
d
p
se
pe		 10
37
2
,		 11
27
5
,		 11
27
5
,		 11
73
2
,		 10
89
7
,		 10
89
7
,		 11
92
0
,		 11
58
5
,		 11
58
5
,
RW
A o
ion
al r
isk
fu
lly
ha
d in
(e
nd
of
riod
)
rat
pe
p
se
pe		 5,
92
2		 5,
08
8		 5,
08
8		 5,
01
1		 4,
68
4		 4,
68
4		 5,
71
7		 5,
60
2		 5,
60
2
RW
A f
ull
ha
d i
n (
d o
f p
iod
)
y
p
se
en
er		 35
75
2
,		 38
45
3
,		 38
45
3
,		 36
49
0
,		 35
59
3
,		 35
59
3
,		 39
16
1
,		 38
20
8
,		 38
20
8
,
Co
/in
tio
(
)
st
%
co
me
ra		 62
.1%		 64
.1%		 63
.1%		 67
.8%		 82
.2%		 68
.5%		 61
.9%		 63
.1%		 62
.4%
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 18
.8%		 15
.9%		 17
.4%		 13
.6%		 10
.8%		 14
.8%		 26
.0%		 15
.4%		 20
.6%
Op
ting
ible
uity
(
%
)
tur
n t
era
re
n o
an
g
eq		 19
.4%		 16
.5%		 17
.9%		 14
.0%		 11
.2%		 15
.3%		 26
.9%		 15
.9%		 21
.3%

Non-Core Assets

in
€ m		 Q
1
20
14		 Q
2
20
14		 H1
20
14		 Q
3
20
14		 Q
4
20
14		 FY
20
14		 Q
1
15
20		 Q
2
15
20		 H1
15
20
To
tal
Re
ve
nu
es		 41 -40 1 76 91 168 116 -38 78
/w
To
tal
int
d n
din
inc
net
st
et
tra
o
ere
an
g
om
e		 119 -75 44 86 84 21
4		 30
6		 7 31
3
/w
Ne
t c
mis
sio
n in
o
om
co
me		 5 5 10 10 6 26 5 6 11
/w
Oth
inc
o
er
om
e		 -83 30 -53 -20 1 -72 -19
5		 -51 -24
6
Pro
vis
ion
fo
sib
le l
n lo
r p
os
oa
ss
es		 -13
4		 -64 -19
8		 -25
1		 -20
5		 -65
4		 -97 -14
2		 -23
9
Op
ting
era
ex
pe
ns
es		 81 81 162 77 70 30
9		 105 76 18
1
/w
Eu
n b
k le
o
rop
ea
an
vy		 - - - - - - 27 0 27
Op
ati
rof
it
er
ng
p		 -17
4		 -18
5		 -35
9		 -25
2		 -18
4		 -79
5		 -86 -25
6		 -34
2
Imp
air
dw
ill
nts
me
on
g
oo		 - - - - - - - - -
Re
uri
str
uct
ng
ex
pe
ns
es		 - - - - 61 61 16 - 16
Ne
ain
los
s f
le o
f d
isp
al g
t g
or
rom
sa
os
rou
ps		 - - - - - - - - -
Pre
rof
it
-ta
x p		 -17
4		 5
-18		 -35
9		 -25
2		 5
-24		 -85
6		 -10
2		 -25
6		 -35
8
Av
ital
loy
ed
era
g
e c
ap
em
p		 8,
51
4		 8,
68
4		 8,
59
9		 7,
68
7		 7,
49
0		 8,
09
4		 7,
55
9		 7,
38
3		 7,
47
1
fu
(e
of
)
RW
A c
red
it r
isk
lly
ha
d in
nd
rio
d
p
se
pe		 50
37
4
,		 44
119
,		 44
119
,		 41
199
,		 38
61
4
,		 38
61
4
,		 39
03
4
,		 35
58
0
,		 35
58
0
,
RW
A
rke
t ri
sk
ful
ly
ha
d in
(e
nd
of
riod
)
ma
p
se
pe		 5,
130		 6,
92
6		 6,
92
6		 4,
45
3		 4,
81
2		 4,
81
2		 4,
51
2		 3,
51
8		 3,
51
8
RW
A o
ion
al r
isk
fu
lly
has
ed
in (
d o
f p
eri
od
)
rat
pe
p
en		 1,
40
3		 1,
26
7		 1,
26
7		 1,
26
4		 1,
26
3		 1,
26
3		 1,
95
0		 2,
06
6		 2,
06
6
RW
A f
ull
ha
d i
n (
d o
f p
iod
)
y
p
se
en
er		 56
90
7
,		 52
31
2
,		 52
31
2
,		 46
91
6
,		 44
68
8
,		 44
68
8
,		 45
49
7
,		 41
16
4
,		 41
16
4
,
Op
ting
ity
(
%
)
tur
era
re
n o
n e
qu		 -8.
2%		 -8.
5%		 -8.
3%		 -13
.1%		 -9.
8%		 -9.
8%		 -4.
6%		 -13
.9%		 -9.
2%
Op
ting
ible
uity
(
%
)
tur
n t
era
re
n o
an
g
eq		 -8.
2%		 -8.
5%		 -8.
4%		 -13
.1%		 -9.
8%		 -9.
8%		 -4.
6%		 -13
.9%		 -9.
2%

Others & Consolidation

in
€ m		 Q
1
20
14		 Q
2
20
14		 H1
20
14		 Q
3
20
14		 Q
4
20
14		 FY
20
14		 Q
1
20
15		 Q
2
20
15		 H1
20
15
To
tal
Re
ve
nu
es		 -13
8		 -44 -18
2		 -3 -46
7		 -65
2		 71 97 168
/w
To
tal
int
d n
din
inc
net
st
et
tra
o
ere
an
g
om
e		 -94 -22 -11
6		 46 -34 -10
4		 80 17 97
/w
Ne
mis
sio
n in
t c
o
om
co
me		 -5 -7 -12 -7 -10 -29 -6 -10 -16
/w
Oth
inc
o
er
om
e		 -39 -15 -54 -42 -42
3		 -51
9		 -3 90 87
Pro
vis
ion
fo
sib
le l
n lo
r p
os
oa
ss
es		 1 -1 - -1 - -1 -37 -25 -62
Op
ting
era
ex
pe
ns
es		 127 168 29
5		 133 12
1		 54
9		 183 145 32
8
/w
Eu
n b
k le
o
rop
ea
an
vy		 - - - - - - 11 -0 11
ati
rof
it
Op
er
ng
p		 -26
4		 -21
3		 -47
7		 -13
7		 -58
8		 -1,
20
2		 -14
9		 -73 -22
2
Imp
air
dw
ill
nts
me
on
g
oo		 - - - - - - - - -
Re
str
uct
uri
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
rof
it
-ta
x p		 -26
4		 -21
3		 -47
7		 -13
7		 -58
8		 -1,
20
2		 -14
9		 -73 -22
2
Av
ital
loy
ed
era
g
e c
ap
em
p		 71
6		 34
6		 53
1		 1,
58
5		 1,
59
9		 1,
06
1		 1,
164		 3,
189		 2,
176
RW
A c
red
it r
isk
fu
lly
has
ed
in
(en
d o
f p
eri
od
)
p		 15
28
5
,		 11
33
0
,		 11
33
0
,		 16
44
0
,		 15
42
4
,		 15
42
4
,		 16
04
9
,		 17
27
3
,		 17
27
3
,
RW
A m
ark
ris
k f
ully
has
ed
in (
d o
f p
eri
od
)
et
p
en		 3,
24
4		 2,
98
6		 2,
98
6		 2,
22
9		 2,
60
1		 2,
60
1		 3,
54
7		 2,
81
5		 2,
81
5
RW
A o
ion
al r
isk
fu
lly
has
ed
in (
d o
f p
eri
od
)
rat
pe
p
en		 2,
55
1		 2,
82
3		 2,
82
3		 2,
90
0		 2,
89
5		 2,
89
5		 3,
88
2		 4,
107		 4,
107
RW
A f
ull
ha
d i
n (
d o
f p
iod
)
y
p
se
en
er		 21
07
9
,		 17
139
,		 17
13
9
,		 21
57
0
,		 20
92
0
,		 20
92
0
,		 23
47
8
,		 24
195
,		 24
19
5
,

Group equity composition

Ca
ita
l
p
Q
1 2
0
15
En
d o
f p
io
d
er
€b
n		 Ca
ita
l
p
Q
2 2
0
15
En
d o
f p
io
d
er
€b
n		 Ca
ita
l
p
Q
2 2
0
15
Av
era
g
e
€b
n
Co
(
)
ity
ier
1
B3
ita
l
ha
in
t
mm
on
eq
u
ca
p
p
se		 25
.1		 26
.6		 4) C
ET
1 r
io
ha
-in
at
p
se
:		 12
.4%
Tra
it
ion
d
j
tm
ts
ns
a
us
en		 4.0 4.1 1)
Co
ity
ier
1
B3
ita
l
(
fu
lly
ha
d-
in
)
t
mm
on
eq
u
ca
p
p
se		 21
.1		 22
.6		 22
.7		 4)
 C
Op
. R
ET
o
:		 6.
8
%		 C
ET
1 r
io
fu
lly
ha
d-
in:
at
p
se		 10
.5
%
DT
A		 1.2 1.1
De
du
ion
it
iza
ion
ct
t
s o
n s
ec
ur
s		 0.
3		 0.
3
De
du
ion
lat
d t
llin
int
ct
ntr
sts
s r
e
e
o n
on
-co
o
g
ere		 0.
4		 0.
4
IRB
ho
fa
ll
rt
s		 0.
9		 1.3
Ot
he
lat
d
j
tm
ts
r re
g
u
ory
a
us
en		 1.0 0.
9
Ta
ib
le
ity
ng
eq
u		 25
.0		 26
.6		 26
.3		 4)
 Op
. R
TE
o
:		 5.
9
%		 4)
Go
dw
ill a
nd
in
ib
le
tan
ts
o
g
as
se		 3.
1		 3.
1		 3.
1		 Pr
e-t
R
E:
ax
o		 5.
2%
IFR
S c
ita
l
ap		 28
.1		 29
.7		 29
.4		 4)
 Op
. R
E:
o		 5.
2%
Su
bs
ibe
d c
ita
l
cr
ap		 1.1 1.3
Ca
ita
l re
p
se
rve		 15
.9		 17
.2
Re
ine
d e
ing
ta
arn
s		 10
.2		 10
.9		 2),4
)
Cu
lat
ion
tra
rre
nc
y
ns
re
se
rve		 0.
1		 0.
0
Re
lua
ion
t
va
re
se
rve		 -0.
5		 -0.
7
Ca
h
flow
he
dg
s
es		 -0.
2		 -0.
2
Co
lida
te
d
P&
L
ns
o		 0.
4		 0.
3		 3)
S c
ita
it
ing
int
IFR
l w
ho
ut
tro
ll
sts
ap
no
n-c
on
ere		 27
.1		 28
.7		 28
.4		 4)
 Ro
E o
et
lt:
n n
res
u		 3.
9
%
(
S
)
No
tro
llin
int
sts
IFR
n-c
on
g
ere		 1.0 0.
9		 1.0 Ro
TE
lt:
t re
on
ne
su		 4.4
%		 4)

Note: Numbers may not add up due to rounding 1) Include mainly AT1 positions and phase-in impacts 2) Excluding consolidated P&L 3) Includes net profit of H1 2015 4) Excl dividend accrual

Glossary - Capital Allocation / RoE & RoTE Calculation

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Notes

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 any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, among others, the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which Commerzbank derives a substantial portion of its revenues and in which it hold a substantial portion of its assets, the development of assetprices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives and the reliability of its risk management policies.

In addition, this presentation contains financial and other information which has been derived from publicly available information disclosed by persons other than Commerzbank ("external data"). In particular, external data has been derived from industry and customer-related data and other calculations taken or derived from industry reports published by third parties, market research reports and commercial publications. Commercial publications generally state that the information they contain has originated from sources assumed to be reliable, but that the accuracy and completeness of such information is not guaranteed and that the calculations contained therein are based on a series of assumptions. The external data has not been independently verified by Commerzbank. Therefore, Commerzbank cannot assume any responsibility for the accuracy of the external data taken or derived from public sources.

Copies of this document are available upon request or can be downloaded from www.ir.commerzbank.com

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]

Christoph Wortig (Head of IR Communications)P: +49 69 136 52668M: [email protected]

Institutional Investors and Financial Analysts

Retail Investors

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

Maximilian BickerP: +49 69 136 28696M: [email protected] Florian Neumann P: +49 69 136 41367M: [email protected]

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

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

[email protected]

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