Commerzbank AG

Investor Presentation • Feb 13, 2025

Agenda

We made great progress and can build on a very strong momentum

Constant increase in profitability since 2020, combined with a positive share price development and attractive capital returns

A business model deeply rooted in Germany with very good product and customer coverage, reflected in solid customer ratings and market shares

An experienced team that has delivered and is highly motivated
$-11.7 \% 9.2 \%$
Net RoTE (\%)

$82 \% \mid 59 \%$
CIR (\%)
$<6>15$
Share price (€)

$2020 \mid 2024$

Strength of our business model provides excellent baseline for future growth

Corporate Clients

No. 1 bank for German Mittelstand
Leading bank for German trade finance

Global presence in more than 40 countries

PSBC Germany

Leading universal bank with nationwide branch network and 24/7 multi-channel offering

First-class advice for Private and SmallBusiness Customers
comdirect as best direct bank in Germany and best online broker

mBank

Most efficient digital bank in Poland

Innovative mobile banking offering

Very attractive customer base

Commerzbank creates value for all stakeholder groups

Investors

Achieve competitive Net RoTE of 15\% in combination with attractive capital return

Customers

Financing growth and transformation as well as creating sustainable wealth

Employees
Employee participation in the company's success and creation of attractive jobs

Well substantiated and ambitious targets based on prudent assumptions

6

Commerzbank. Momentum. Growth and Transformation

We build on our proven strengths to grow profitably

We strengthen our customer focus by enhancing our digital sales channels

We raise our capital efficiency by portfolio optimisation and securitisation

We increase our operational productivity by modernising processes and by efficiently using technology and shoring

We enhance the motivation and performance of our employees

We build on our proven strengths to grow profitably

Scaling already proven growth areas

$>$ Asset and Wealth Management drive AuM growth and 7\% CAGR in NCI
$>$ Expand market leadership in Mittelstand
$>$ Continue growth based on best-in-class digital platform of mBank

Grow market share in selected areas

$>$ Loan growth ( $+5 \%$ CAGR) above market leveraging our strong and increasing deposit base and low cost of risk (25bp 2028)

Growth of small business clients by enhanced offering
$>$ Profitable growth in retail banking as well as repricing

We further accelerate the growth path of mBank

Continue to leverage on our strong business model, which generated RoE of $\sim 15 \%$ ( 40\% excl. FX loan provisions) 2024

Scaling successful retail and corporate client franchise

Sustainable growth in market shares and expansion of business volumes
Continued leadership in technology innovation through state-of-the-art process digitalisation and unique solutions, e.g., in the area of e-commerce
$>$ Maintaining excellent CIR

Effective management of legacy FX loan portfolio

$>$ Vast majority of remaining cost of legal risk related to FX loans to be booked by the end of 2025
$>$ mBank already settled CHF 23k loan agreements and reduced the number of outstanding contracts by more than $80 \%$ to 16 k

We strengthen our customer focus by enhancing digital sales channels

Expand our digital and remote sales offering

Further increase digital sales (currently $>55 \%$ ) for Commerzbank brand and expand growth of comdirect as digital primary bank
Increase outbound-sales activities of PSBC advisory centre by utilising Al to assist agents and further reduce admin tasks
Develop CC direct bank and digital product offerings through extension of Mittelstand direct bank model to structured outbound sales and set up remote product specialists across all client groups

Increase flexibility and efficiency of sales force

Active management of branch capacity based on customer preferences

Further diversification through additional distribution partnerships building on successful examples, such as platform channels for distribution of mortgages

We increase capital efficiency by portfolio optimisation and securitisation

Focus on capital-efficient products and customers

$>$ Focus on capital-accretive new business through targeted product offering and pricing

Increase efficiency of risk-weighted assets in the back-book
$>$ Reduction of RWA by improved data quality

Business-driven growth of RWAs

$>$ Main driver is the organic growth in loan volumes with an overall CAGR of 5\%
$>€ 13$ bn RWA reduction through SRTs by 2028 with a focus on corporate clients

Prepare for regulatory changes

$>$ Impact of "Basel IV" already covered by prebooked RWA
$>$ Capital-efficient and cost-effective implementation of "Basel IV" and other regulatory requirements

We increase our operational productivity

Modernisation of our platform infrastructure

Accelerated transformation of our platform technology in a futureoriented and scalable manner and reduction of legacy applications
Consistent optimisation of our delivery organisation, e.g., through reduction of external dependencies

Optimisation of processes, products, and service supply

Simplification of processes with a focus on standardisation, automation and digitalisation
Creation of synergies through streamlining product and service offerings

Further improvement of the workforce composition

Socially responsible FTE reduction by utilising early retirement schemes, natural attrition and re-/upskilling
Overall stable FTE with growth in front office and shoring locations compensating for FTE reduction mainly in Germany
Pre-alignment with works council reached

3,900 FTE

Gross reduction

50.5bn p.a.

Cost efficiencies

50.7bn

Restructuring costs

Cost-income ratio (\%)

2024
2028

We optimise our offerings and digital capabilities with strong partnerships

Expanding product partnerships

Utilising partnerships to accelerate innovation cycles and time to market

Build on existing payment partnerships: e.g., with Worldline for payment processing and Global Payments for digital solutions
Offer best-in-class products through partnerships: e.g., VISA for innovative card and wallet offering and Allianz for insurance solutions

Develop innovative technology

Develop innovative products and services in profound partnership with Google and Microsoft

In addition, extended partnership with Google with focus on joint strategic product development

Overview of relevant
strategic partnerships

We explore sharpening our value proposition with selective bolt-on M\&A

Organic growth for capital return

We stick to our communicated payout policy
If our strategic objectives can be achieved more quickly through appropriate acquisitions, we reserve the right to be flexible in the use of our capital

Possible targeted add-on acquisitions

Expand Asset Management to further increase fee business
Explore acquisitions in banking to increase market share and expand the product and service offering based on our 2-brand strategy

Explore investments in joint ventures and technology

Focused technology acquisitions to optimise the cost base by joint solutions with industry and service partners
We remain one of the leading players in terms of FinTech investments

Prerequisites for bolt-on M\&A

Net RoTE accretive with $15 \%$ hurdle rate after 2 years

EPS accretive
Small impact on CET1 ratio

Fast integration possible

We enhance the motivation and performance of our employees

Improved performance culture

$>$ Strengthened performance-based leadership

Increased recognition of demonstrated performance, ownership and employee development

Investing in employees and skills

$>$ Modern, technology-supported workplaces and work processes to empower employees
$>$ Continuation of attractive junior programs and further recruitment of young talents

Employees participate in the success of the bank

$>$ New employee share plan

Employee Engagement
Index (\%)

Increased financial targets in all years towards 2028

Substantial capital generation and high capital return potential

• 2024 capital distribution of €1.7bn ( $71 \%$ payout ratio)
• Starting in 2025, 100\% payout planned every year, subject to successful strategy execution and macroeconomic development ${ }^{3}$
• In 2025, calculation of 100\% payout excludes effect of restructuring charge. Therefore, payout ratio $>100 \%$ of reported net result expected
• Target 2025 CET1 ratio of $\geq 14.0 \%$
• Planned capital return consists of share buybacks and steadily increasing dividends

We delivered on the Strategy 2024 as a basis for future growth

We are the bank for Germany

We are the bank...

Corporate Clients Growth and Transformation

Clients

We do more business with our existing clients and acquire new clients as well as leverage our international network and grow in NBFI business

Products
We scale our key products in Financial Markets (platforms), Cash \& Trade and Loans, complemented by Structured Solutions \& Investments (SSI)

Capital

We increase our capital efficiency through stringent RWA management, increase cross-sell and capital relief instruments (significant risk transfer)

Costs

We improve our cost efficiency through further digitisation, leaner back office organisation and E2E process optimisation using AI

We enhance our established coverage model and grow our client base

Adaption of German client franchise (CAGR 2\%)

Grow business in Germany with large corporate clients and strengthening our role in sustainable transformation by enhanced advisory approach for ESG financing incl. ESG project financing
Extend the MSB direct bank model to structured outbound sales and remote product specialists across all client groups to advise on complex products also for new clients

Leverage global network (CAGR 4\%)

Expand our business in focused international locations (CH, US, Asia) supported by expanding the digital offering

Enhance the Institutional business (CAGR 6\%)

Grow business with asset managers and leasing companies
$>$ Secured financing of FI and NBFI
Deepen product offering to Emerging Market banks

Revenue growth of $€ 0.6 \mathrm{bn}$ is net of revenue decrease from deposits ( $€ 0.5 \mathrm{bn}$ )

We further expand our proven growth vectors

Platform business Capital Markets

Leverage digital product offering, Al-based model and advanced data analytics for productivity and sales
Roll out Al supported pricing for $>80 \%$ of our capital markets asset classes

Expand Transaction Banking offering

Boost market share in Austria and Switzerland through additional product offering
Establish direct clearing in CHF and enhance cash management offering to institutional clients

Integrate Structured Solutions and Investments ${ }^{1}$

Use of excess capital and liquidity to generate additional income
Client-related liquidity optimisation and (secured) financing

1) See appendix slide 70 for pro forma after shift from Others \& Consolidation to Corporate Clients

Awards for Commerzbank's expertise

Best FX bank for Germany

For the second consecutive year leading FX bank for frontier markets

Germany's top trade finance provider for the 5th time in a row

We invest in capital-efficient products and increase capital relief instruments

Expansion of capital-efficient product offering

Growth in existing Private ABS business with its key corporate clients on bilateral or small club deal basis ( $+€ 6 \mathrm{bn})$
$>$ Launch second Leverage Finance co-investment fund and self-managed Leverage Finance Senior Loan Fund ( $+€ 2 b n$ )

Significant Risk Transfer (SRT)

Accelerate securitisations with CBK-originated assets to free up capital and credit limits and enable further credit growth in strategic areas ( $€ 10$ bn less total RWA with revenue impact of $\sim € 100 \mathrm{~m}$ )

Active portfolio management

New business thresholds and strict continued monitoring of client group with efficiency level below 3\%, strengthening of collateral data accuracy, disciplined limit management and pricing ( $€ 4$ bn less total RWA)
$>$ Optimisation of existing Structured Solutions and Investments portfolio

We optimise end-to-end processes and improve our cost efficiency

Active cost management to maintain effective CIR

Streamline organisational setup to strengthen our cost-effective operating model approach
Simplify processes across divisions, optimise core processes front to back and accelerate digitisation of processes
$>$ Reduction of administrative expenses

Targeted use of GenAl to boost efficiency

Increase efficiencies by integrating automated AI solutions into sales processes, using Al-supported workflow tools, increase productivity by reducing manual activities to date
Combine data, product know-how and activity to deliver an optimised and efficient approach to our clients

Corporate Clients - focus on capital-efficient growth

We delivered on the Strategy 2024 as a basis for future growth

We are the bank for Germany

Today, we are the bank for Private and Small-Business Customers ...

in Germany
No. 1	Commerzbank as "Beste Filialbank" voted by €uro Magazin
No. 1	comdirect as "Beste Direktbank"

with 2 strong brands

focus on value, personal advice and access to a comprehensive offering and wide range of services digital bank for price-sensitive (young) professionals and "digital-only" customers

with loyal customers

No. 1 3/4 of all Commerzbank customers and 1/2 of all comdirect customers name us as their primary bank

Customer loyalty of Private and SmallBusiness Customers increased significantly compared to 2023, especially personal advice is highly appreciated
KUBIX 2024
covering all their needs

Comprehensive offering, e.g. investing, saving, payment \& credit for all customer groups, e.g., Self-Advice, Retail, Small Business, Wealth Management and Ultra High Net Worth

PSBC Germany Growth and Transformation

Clients

We combine an increase in share of wallet with additional growth, leveraging our clearly differentiated 2-brand offering

We introduce our new advisory model resulting in more time for our customers

Products

We further digitise processes to scale the share of digital sales, further strengthening our omnichannel approach

We grow our lending business and add dedicated target group offerings for Small-Business Customers

NCI

We significantly increase our net commission income in particular through our Asset Management, Brokerage and Payments business

Costs

We maintain strict cost discipline, further optimising organisational efficiency, actively managing our branch network and continuously optimising our sales interface

We build on our proven strengths to grow profitably

Clearly differentiated 2-brand offering for scalable growth

Commerzbank: product offering for all customers who focus on value, personal advice and access to a wide range of services
comdirect: performance broker for demanding trading customers as well as digital primary bank for price-sensitive (young) professionals and "digital-only" customers, democratising investing
$>$ Clear price and product differentiation enables maximisation of share of wallet as well as optimisation of margins

Expansion of the overall lending business and growth of SBC

Increase new business volume, maintaining strong mortgage portfolio
Grow loan business with (U)HNWI for large investments
Simplify and scale loan processes for Small-Business Customers (SBC) and leverage dedicated offerings for healthcare professionals, craftsmen, consulting professionals across different products

We increase NCI by strengthening Asset Management and payments

Continued growth in Asset and Wealth Management

Establish comprehensive Asset Management platform for middle- and back office to further accelerate efficient growth (CAGR Asset Management revenues $>15 \%$ )
Systematic expansion of Asset Management product range across all asset classes, also through further complementary acquisitions
Increase share of wallet through new advisory model, enabling advisors to spend more time with wealthy clients

Modernisation of payment business

Leverage joint venture Commerz Globalpay, which offers digital payment solutions for Small-Business Customers including smartphone applications

Further expansion of digital payment options
Strategic partnership with VISA, driving an innovative card and wallet offering

We further strengthen our productivity and leverage technology

Increase of organisational efficiency and optimisation of the sales interface

$>$ Use synergies in business processes across both brands
$>$ Extend sales channels with partnerships and cooperations
$>$ Active branch management based on customer preferences to optimise costs in combination with targeted investments in modernisation

Expand omnichannel offering, providing the right product in the right channel at the right price

$>$ Expansion of digital sales and strengthening of remote advisory centre as active sales channel
$>$ Leverage data and technology for intelligent, on-demand routing in the optimum channel and targeted offerings in line with customer preferences
$>$ Utilisation of AI solutions to accelerate efficiency in combination with further digitalisation of end-to-end processes

PSBC Germany - focus on growth in net commission income

We face external challenges from a risk perspective

We have a robust portfolio in both business segments

3
High lending standards as important component of our risk management strategy

Industry-oriented approach for credit risk management with deep sector and country knowledge

Highly diversified corporates portfolio with focus on our home markets Germany and Poland

Stable quality of residential real estate portfolio with high resilience

Corporates portfolio 2024 by industries
(Kbn)

We have a rock-solid balance sheet

Adequately provisioned portfolio with TLA of $€ 228 \mathrm{~m}$ available to cover secondary crisis effects

Very low NPE ratio of only $1.1 \%$ in a challenging macroeconomic environment

Average cost of risk of $\sim 30$ bp through the cycle despite crisis mode from 2020 to 2022

Group portfolio 2024 in stages

NPE ratio (\%)

2018
2019
2020
2021
2022
20232024

Cost of Risk (bp)

1) Including 20bp Covid-TLA

Risk management continues to be a pillar of strength

• Strict risk management framework covering the risk appetite of strategic initiatives within existing limits
• Improved risk/return profile in all product areas in both credit and capital markets businesses
• Demanding environment in Germany with stagnant growth in 2025 and increasing insolvencies

Even with diverse challenges ahead, we still expect risk result at around €850m / 29bp in 2025

We expect a normalised Cost of Risk of 25bp including growth initiatives in 2028

Cost of Risk
(bp)

We are the bank's backbone for a stable and digital customer experience

DELIVERY ORGANISATION

• Increase revenues and efficiency by delivering digital products and E2E selfservices to our customers while generating automated sales leads
• Improve customer experience through implementation and scaling of modern technologies and digitalisation while ensuring operational stability and high performance
• Protect our customers and the bank from cyber attacks while managing data for sales and central functions
  

OPERATIONS

• Enable front-line success through flawless, high-quality processing of all products and services for domestic and international customers
• Drive cost efficiency through strategic sourcing while growing hubs in nearshore and offshore locations
• Maximising operational performance through continuous process optimisation and standardisation as well as efficient production controlling

We delivered on Strategy 2024 as basis for future growth and transformation

Growth and Transformation

Products and processes

We improve customers' (digital) experience, e.g., by scaling and modernising frontends and customer contact points of comdirect and Commerzbank,
by increasing digital customer support, and by optimising customer-related processes to reduce costs while achieving faster processing times by digitalising processes

Technology

We drive innovation and reduce costs by scaling cloud and Al to significantly improve our products, services and support functions. Specifically, we will invest $€ 140 \mathrm{~m}$ from 2025 to 2028 to minimise fraud losses (negative revenues) and increase cost efficiency by overall $€ 300 \mathrm{~m}$ cumulated from 2025 to 2028
Furthermore, we aim to streamline our IT landscape and shall accelerate time to market by optimising and (partially) automating the software development lifecycle, increasing efficiency by an average of $15 \%$

Organisation and skills

We substantially increase shoring and internalisation with a focus on nearand offshore locations to drive cost efficiency and tap into talent pools globally while mitigating the demographic situation

The expansion of internal tech skills through internalisation not only contributes to cost savings but also reduces dependency on external suppliers

We combine forces with our strategic partners Google and Microsoft

The substantial benefits of our collaborations with strategic partners ...
... have already been proven by use cases, e.g., Al empowered salesforce

Increase in innovation power by including our partners actively in our strategy process

Accelerated development and implementation of innovative solutions

Internal employee upskilling

Savings and increased flexibility of costs

We are driving the bank's digital transformation

We continuously invest to meet our customers' needs while balancing transformation and regulatory requirements

We reduce production costs in a price-running environment and drive innovation with a stable change budget


per person-day (€)
2024
2028
2024
2028

Employee satisfaction as one of the most important strategic goals

We will be more attractive for staff and talent

Provide a modern working environment

"Future Work" project to redesign office space to meet the needs of our employees
Offering one of the most flexible working environments in Germany
The smart working environment is complemented by modern and Al-supported digital services

Introduction of an employee share program

Further increase of identification with Commerzbank and its performance across all areas and levels of the bank
Investment into the program expected to be around $€ 14 \mathrm{~m}$ in 2025

We increase efficiency in a responsible way

Overall stable development at 36,700 FTE with more allocated capacities in sales and in shoring locations abroad
$>$ Efficiency gains by means of AI, process optimisation and shoring enable gross reduction of 3,900 FTE mainly in Germany until end of 2027
$>$ Shoring ensures continued access to cost-efficient talent pools in nearshore as well as offshore locations and increases flexibility
$>$ Use of early retirement schemes and natural attrition as well as re-skilling (to new profiles) to shape the transformation process in a socially responsible manner
$>$ The average age in Germany would rise from 45 years to 49 years without action. With our measures, we will reduce the average age to 44 years and the age structure is becoming much more balanced

We focus on growth while ensuring cost efficiency with overall stable staff

Commerzbank Group FTE

(k)

Prudent assumptions signalling upside potential

Ambitious financial goals - clearly exceeding cost of capital by 2027

Net RoTE (\%)

Cost-income ratio (\%)

Net result (€bn)
2024
2025
2026
2027
2028

Steady revenue growth despite expected lower rates environment

NII and NFV depending on interest rates - assumed range of average ECB rate $2.15 \%$ - $2.35 \%$

Net interest income with strong increase despite lower rates

Strong loan growth in Corporate Clients

Further strong growth in net commission income

Revenue growth in all client-facing businesses towards 2028

Revenues

$(€ b n)$

Stable cost development before value-accretive initiatives

Costs
$(\in b n)$

RWA increase by 2028 due to volume growth - "Basel IV" effects managed

RWA EoP

$(\in b n)$

1) Revenues excluding FX loan provisions mBank (2024: €1bn)

We expect an $\sim 6 \%$ CAGR in operating result

Operating result

$(\in b n)$

Strong set of targets 2028

Momentum, growth and transformation - Our clear value creation path

We have outperformed and delivered a record 2024 result

We have a clear plan to further grow profitably

We are further increasing our operational productivity

We will manage our capital even more efficiently

We will deliver a competitive RoTE

We plan to further increase distributions to shareholders

€2.7bn

Net Result 2024
$4 \%$
Revenue ${ }^{1}$ growth CAGR 2024-2028
€0.5bn
Cost efficiencies
$7.8 \%$
RWA efficiency 2028
$15 \%$
Net RoTE 2028
100\%
Planned payout ratio

Delivering our strategy with low execution risk

Creating substantial value for our shareholders

Acting in alignment with all our stakeholders

Appendix

Capital Return Policy

Capital return

Commerzbank is committed to consistently return capital to shareholders, targeting a regular distribution significantly above $50 \%$, but not exceeding the IFRS net profit after AT1 coupon payments, minority interests, excluding extraordinary, non-recurring items

Return consists of share buyback ${ }^{1}$ and dividend approved at AGM of following year

The payout will also depend on the economic conditions and business opportunities. Commerzbank aims to at least maintain and steadily increase the dividend per share. Share buybacks will be applied for any remaining capital to be returned within the payout ratio

CET1 ratio

A prerequisite for a dividend is a CET1 ratio of at least MDA +250 bp after distribution

Prerequisite for a share buyback is a CET1 ratio of at least $13.5 \%$ after distribution ${ }^{1}$

In case the CET1 ratio is expected to remain well above $13.5 \%$ in the medium term, an extraordinary distribution above the IFRS net profit will be considered as an option ${ }^{1}$; this is subject to macro-economic developments and a successful strategy execution

Accounting of derivatives leads to offset between NFV and NII

Net interest income / net fair value offset in Others \& Consolidation

(A) Strong fixed rate funding base

Structurally very strong deposit franchise and capital markets funding results in large fixed rate funding base

The funding costs are accounted for in NII
(B) Variable rate investments

Many assets are at variable rates, e.g., central bank deposits and floating rate corporate loans

The investments are accounted for in NII
(C) Swap fixed/float

Funding and investments are generally swapped to floating rates
The swaps are accounted for in NFV

Net effect

There is an economically offsetting relationship between the variable interest rate cashflows from derivatives and variable rate cashflow from cash investments, however, accounted for in different line items (NII and NFV)

In principle full offset between NFV and NII in O\&C

Simplified, illustrative example of €20bn fixed rate funding that is hedged and placed at ECB

• In principle, and everything else being equal, the effects of changes in short-term rates are offset between the swap and floating-rate investments, but in different line items (NII vs. NFV)
• There are other positions that contribute significantly to NII and NFV in O\&C and that may materially change from quarter to quarter
• The size of the position may also fluctuate significantly as new business is conducted

In 2024 the offset between NII and NFV in O\&C was 80\%
With more closely matching of fixed-rate funding and investments, the offset will likely reduce in 2025

Transfer of Structured Solutions and Investments to CC

2024 in $€ \mathrm{~m}$	Corporate Clients	SSI	Corporate Clients incl. SSI
Revenues	4,724	243	4,966
Risk Result	$-564$	$-35$	$-598$
Operating Expenses	2,097	106	2,204
Compulsory Contribution	2	0	2
Operating result	2,060	102	2,162
Assets (€bn)	151	103	253
RWA eop (€bn)	80	14	94
RWA efficiency	$5.9 \%$		$5.3 \%$
CIR	$44 \%$		$44 \%$
RoCET $(13.5 \%$ RWA $)^{1}$	$19 \%$		$17 \%$

1) RoCET (12.7\% RWA): CC $20.2 \%$ and CC including SSI $18.2 \%$

• Structured Solutions and Investments (SSI) currently part of O\&C
• €6bn RWA in SSI from legacy hold-to-collect assets (from former NCA unit) with low revenue contribution
• €8bn RWA in SSI from investing excess capital not used by customer segments
• SSI subject to CC RWA efficiency targets for new business after transfer

For more information, please contact our IR team

mail: ir@commerzbank.com / internet: Commerzbank AG - Investor Relations

Financial calendar 2025	9 May 2025	15 May 2025	6 August 2025	6 November 2025
	Q1 2025 results	AGM	Q2 2025 results	Q3 2025 results

Disclaimer

This presentation contains forward-looking statements. Forwardlooking 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 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 Commerzbank AG - Capital Markets Day

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