Commerzbank AG — Investor Presentation 2015

Mar 26, 2015

Strategy execution since 2012 well under way in a demanding environment

Morgan Stanley European Financials Conference

Commerzbank is rigorously orienting its business model to the needs of the real economy

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Others & Consolidation

Incorporates items not allocated to the operating units and Group Treasury

Core Bank in 2014 with increased results in PC, MSB and CEE

Higher capital allocation to strong core banking franchise in order to strengthen our earnings capacity

A i l l d i Q 4 2 0 1 4 t v g. c a p a e m p o y e n In € bn		P l d h i a n n e c a n g e n i l l l i t t c a p a a o c a o n 2 0 1 3- 2 0 1 6	S i l t t r a e g c g o a s	R l 2 0 1 4 t e s s u
P C	3. 9		f T i h b i t r a n s o r m n g e s n e s s u d l f i i f i i t m o e o r s g n c a n n c r e a s e f f f i i i d i b i l i t t n e c e n c a n p r o a y y	2) O P 4 2 0 C I R 8 5	m %
S M B	7. 2		L d i d e v e r a g e a n g r o w u n q u e a n f l b i d l s c c e s s s n e s s m o e u u u	2) O P 1, 2 1 7 C I R 4 7	m %
C E E	1. 6		S l i i h t t e e c e o r g a n c g r o v w	2) O P 3 6 4 C I R 4 7	m %
C & M	4. 1	1)	C i i l f f i i t t o n n e c a p a e c e n c u y M i i f i b i l i d t t t a n a n p r o a y a n g r o w l i l t s e e c v e y	2) O P 6 7 5 C I R 6 9	m %

1)Before Basel III RWA effects 2) Operating profit (€)

Strategic agenda for the Private Customers segment

Selected growth measures

• › Increase in market share via state-of-the-art product offerings and proven quality of our customer advisory services
• › As of 2016 nearly all banking transactions possible anywhere and at any time
• › Certified advisory process and development of provider-independent advisory
• › Introduction of differing branch types depending on customer needs
• › Adjustment of capacities, flexibilisation of opening hours

Results 2014

We are creating a multichannel bank that combines modern technology and traditional values such as fairness and competence

Commerzbank with open architecture for mortgage businessin Germany

Provider-independent offers create value-added for customers and growth for the bank

Significant achievements in digitisation towards leadingmultichannel bank in Germany

Example digitisation: Online legitimation lowers barriers to acquire new customers

• ›Legitimize directly online …
• ›… by video chat via PC, tablet or smart phone
• ›App available in Google Play and App Store
• ›Suitable for most accounts
• ›Accredited by Federal Financial Supervisory Authority (BaFin)

Strategic agenda for Mittelstandsbank

Selected growth measures

• › Increase in market share, also through new customer campaigns
• › Increase in "share of wallet", also through scalability of business model
• › Development of international presence through expansion of existing sites and assessment of new sites
• › Strengthening of position as leading bank for trade financing in Europe
• › Expansion of payment transaction business

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

Highly decentralized headquarters of German Mittelstand addressed bystrong regional presence of Mittelstandsbank

Core client segments Mittelstandsbank

• › Mittelstand Germany: 2.5 up to 500 €m T/O
• Deeply rooted in Germany
• Strongly export-oriented
• › Großkunden & International: > 500 €m T/O
• International groups
• Connectivity approach and selected local business
• › Financial Institutions
• Domestic and foreign financial institutions

Characteristics of German Mittelstand

• ›Often family-owned (since generations)
• › Deeply rooted in Germany often with headquarters outside urban centers
• ›Often "hidden champion" with strong export orientation
• ›Often with production facilities abroad

Mittelstandsbank´s locations withinGermany

Worldwide relationship model with centrally managed client serviceteam– simplified illustration for inbound business

Sample products Mittelstandsbank

• ›Payment services
• ›Structured export finance
• ›Cross border sublimit
• ›Documentary business
• ›Trade financing

Sample productsCorporates & Markets

• ›FX hedging
• ›Interest rates hedging
• ›DCM bonds
• ›DCM loans

Simplified illustration for inbound business, outbound business managed conversely with our International Desk in Germany. Only sample of entire product portfolio.

Strategic agenda for Central & Eastern Europe

Selected growth measures

• › Focus on organic growth, acquisition of new customers and cross-selling at "mBank"
• › Long-term partnerships with AXA and Orange Polska
• › Integrated offering of corporate client business and investment banking with clear orientation to Mittelstand
• › Client-centric services with modern technology in Private Customers business
• › Leverage offering with advanced online platform

364m Operating profit (€)CIR47.2%

Results 2014

We want to further grow organically and consistently expand our revenuespotential with innovative technologies under a common brand

Strategic agenda for Corporates & Markets

Selected growth measures

• › Improvement in market and customer penetration, incl. expansion of capital market financing in bonds and syndicated loans sector
• › Expansion of risk hedging and investment business with institutional customers
• › Further increase in cost efficiency through process improvements
• › Ongoing high capital efficiency despite the effects of Basel 3 implementation

675m Operating profit (€)CIR68.5%

Results 2014

We are continuing to position ourselves as a major international niche player and represent risk-controlled and transparent investment banking

Strategic agenda for Non-Core Assets (NCA)

Value preserving run down

• › The Non-Core Assets segment comprises the business areas Commercial Real Estate, Public Finance and Deutsche Schiffsbank
• › We are experts with many years' experience in the management of complex portfolios in commercial real estate finance, public finance and ship finance
• › Over the coming years, we will be winding down the portfolios managed in this segment in a way which optimizes value, thus opening up additional development prospects for other Commerzbank segments

Results 2014

Our claim: We want to reduce the NCA portfolio in a value-oriented and risk-focused way

* Exposure at default

NCA with significant further asset run-down of 28% in the course of 2014

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

Group profit strongly affected by legal provisions for U.S. case (settledin March 2015)

Numbers may not add up due to roundings

1)attributable to Commerzbank shareholders

Loan loss provision significantly down – costs as expected below €7bn

Stability improved by own strength

Financial Outlook 2015

Despite the challenging environment we aim to grow revenues and market share in the Core Bank

We expect Loan Loss Provisions for the Group at the level of 2014 with lower LLPs in NCA due to the asset run-down

The economic environment since 2012 has generated significant headwinds - we strive to meet our targets

Bu d ie l d 2 0 1 4 v 2 0 1 2 n cu rv es s. y %		2 0 1 4	T 2 0 1 6 t a r g e s
1. 5 Ye d 2 0 1 2 ar en	C V l N A o m e u 1)) ( C R E & S h ip F ina nc e	€ b 3 2 n	€ b 2 0 n ~
1. 0	B l- C E T 3- 1 a s e - ( fu l ly ha d- in ) p se	9 3 %	1 0 % >
Ye d 2 0 1 4 ar en 5 0.	C I R C B k o r e a n ,	7 7 %	6 0 % ~
0. 0	R E C B k o o r e a n , 2)) ( t tax p os	6 0 %	1 0 % >
-0. 5 1y 2y 3y 4y 5y 6y 7y 8y 9y 1 0y	L R i t e e r a g e a o v 3)) ( fu l ly ha d- in p se	3 6 %	4 % ~ N e w
	1)

Deutsche Schiffsbank 2) Calculated on average tax ratio of 2012-2014, based on usage of groups tax expenses on Core Bank's result. 3) Leverage-Ratio-Exposure according adjustedCRD4/CRR rules as published 10.10.2014.

Source: Deutsche Bundesbank

Thank you !

Morgan Stanley European Financials Conference

Disclaimer

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Poland, elsewhere in Europe and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of assetprices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of Commerzbank'sstrategic initiatives, the reliability of Commerzbank's risk management policies, procedures and methods, and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to periodically update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.