Commerzbank AG — Share Issue/Capital Change 2013

Mar 13, 2013

Final repayment of SoFFin and AllianzSilent Participations

Analyst-Call 13 March 2013

Final repayment of SoFFin and Allianz Silent Participations

• Final step in our strategy to repay the Silent Participations as early as possible, taking advantage of the currently positive capital markets environment
• €2.5bn rights issue to redeem the Silent Participations raises our Basel III fullyphased-in CET1 ratio by c.1ppt to an expected 8.6%1)
• Anticipation of full application of Basel III rules: "lower quality" Silent Participations replaced by highest quality capital
• Improved capital structure enhances our future dividend payment ability, target Basel III fully phased-in CET 1 ratio of 9% expected to be reached already by year-end 2014
• SoFFin's shareholding in Commerzbank is expected to fall from currently 25% plus one share to below 20% in the course of the transaction

1)Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio, impact from capital increase and under Commerzbank estimates regarding final Basel III regime

Transaction rationale

F l l S F F i / u y r e p a y o n S A l l i i l t a n e n z P i i i t t a r c p a o n s		F ina l r d io f S F F in d A l l ia S i le Pa ic ip io t t t t e e m p n o o a n nz n r a ns Re f S F F in d A l l ia S i le Pa ic ip io € in l t t t t 2 1 4m p ay m e n o o a n nz n r a ns s av e s a nn a c ou p o n u t p ay m e n s
I B l I I I n c r e a s e a s e C E T i 1 t r a o s		A lre dy ig i f ic ly im d d i l r io d Ba l le i h t t t t t 2. 5 t a s n a n p ro ve a n s ro ng c a p a a s n e r c rre n s e ru s u u w C 1 2. 0 % -T ie 1 a d 2 0 1 2 t y o re r e a r-e n Tr io l i f C b k 's Ba l I I I fu l ly ha d- in C E T io by 1 1p t t t t t a ns a c n s o m m e rz a n s e p s e ra c p o a n 1) d 8. 6 % d l low fa l ia i h d 9 % Ba l I I I fu l ly ha d- in t t t t t ex p e c e a n a s s e r c o m p nc e w a rg e e s e p s e C E T 1 io t ra
E h f t n a n c e r e u u i i d d d t v e n p a y m e n i i b l t a y		Fu l l r f S i le Pa ic ip io d ing f fu S F F in d t t t t tu t t e p ay m e n o n r a ns a n s av o re c ou p o n p ay m e n s o o a n A l l ia im d iu d iv i d d b i l i -t t ty nz p ro ve s m e m e rm e n p ay m e n a Fa l ia i h Ba l I I I fu l ly ha d- in C E T 1 i l r io is d t t t t t t t t s e r c o m p nc e s e p s e a rg e c a p a a s ex p e c e o w l low C b k a l ie io f d iv i d d t t a o m m e rz a n n e a r r r e su m p n o e n p ay m e n s
F f l l o c u s u y o n i i t t e e c n g o p e r a e x u v t t s r a e g y		Tr io l low fu l l fo h iev ing ic ls d Inv ' Da t t t t t a ns a c n a s cu s o n a c s ra e g g o a a nn ou nc e a e s o rs y C Tr fo io f P bu ine d l w i h f irs t t t a ns rm a n o s s s m o e su c c e s s e s Le d bu ine d l in M i ls d b k t t t ve ra g e a n g ro w ou r s s s m o e e a n s a n f C Va lu ie d in d d N A t e- o r n e w ow n o

1)Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio, impact from capital increase and under Commerzbank estimates regarding final Basel III regime

Key transaction details

€ 2. 5 b i l t n c a p a i n c r e a s e	( ) Tr d i io l d is d ig h f fe ing i h d is he ic l e ig h ic T E R P t t t t t t t t t a na c ou n e r s o r w c ou n o o re a x r s p r e R ig h d is ing ha ho l d io in in in he t t t t t t t t t t s g ra n e o ex s re e rs e ns u re o p n o re a e re s c o m p a ny An f d i le d d he d f s b ip io io d t t t t no u nc e m e n o e a e rm s o ne ay a a o u s c r n p e r € b d d i by d ic f in io l b ks ia lu d i ing 2. 5 t t t t t t n p ro c e e s u n e rw r e n a s y n a e o e rn a na a n v vo m e u n e rw r d lo k- fo S F F in d C b k le f he ig h is 1 8 0 t t t t t t ay s c p r o a n o m m e rz a n p o s s e m e n o r s su e u
h 1 0 1 t s a r e c o u n : d i t r e c o n u	Re du io f n b f s ha d ing by f a ha l i t t t 1 0: 1 s t c n o m e r o re s ou s a n ay o re ve rs e re s p u w Nu b f s ha d ing b du d fro ly 8 2 9 8 2. 9 t t t t 5, t 5 › m e r o re s ou s a n o e re c e m cu rre n m o m Ne As Va lu ha inc fo l d t t t t › s e e p e r s re o re a s e e n Te hn ic l b la he ( b k ing fro he b i b d i l in he d is i bu b le i l t t t t t t t t c a a nc e s e m e a su re re o o m s s c r e c a p a o n o n- r a c a p a u ) io in t t t t ty re s e rv e o e ns re ra ns a c n c e r a u
A G M	To b he l d Ap i l ins d f M 1 9 2 0 1 3 2 2 2 0 1 3 t e o n r e a o ay G A M lve t o re s o o n S ha du io t t › re c ou n re c n C i l inc t › a p a re a s e S f a F F in la ha ho l d ha lre dy ig le d l o b i l m t t o a s rg e s s re e r s a a s na a p p ro va ov e c a p a e a su re s
S i F F o n	S F F in in d he io by fu l ly is ing i b ip io ig h d, in io i ke t t t t t t t t t t t t t o e n s o su p p o r ra ns a c n ex e rc s su s c r n r s a n p ro p o r n o s s a in C b k, i bu ing S i le Pa ic ip io f a im ly € 6 2 fo ha t t t t t t 5 o m m e rz a n c o n r n r a ns o p p ro a e m r s re s x A he b in ing f he b ip io io d he iu f b ks i l l p la im ly € 6 2 h f t t t t t t t 5 t e g n o s u s c r n p e r c o ns o r m o a n w c e a p p ro x a e m wo r o C b k s ha i h inv b ha l f o f S F F in t t o m m e rz a n re s w e s o rs o n e o S f F F in i l l he by ic ip in he i l inc i ho inv ing i l a d ive b k he lu t t t t t t t t t t o w re p a r a e c a p a re a s e w u e s n ew c a p a n re c e a c v a e o S f c i i le Pa ic ip io in he € 1. 6 b t t t t t t s n r a n a m ou n o n S fa f As F F in 's ha ho l d ing is d l l b low 2 0 % in he he io t t t t t t t a c o ns e q u e nc e o s re ex p e c e o o e c ou rs e o ra ns a c n

Transaction overview

1)Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio, impact from capital increase and under Commerzbank estimates regarding final Basel III regime

Expected timetable for rights issue and SoFFin share placement

1 3 Ma h rc	f f fe An € 2. 5 bn ig h ing t o ts › no un ce me n r o r
Ma h 1 8 rc	Pu b l ica ion f inv i ion A G M t ta t to › o
1 9 Ap i l r	A G M lve to › re so o n: Re du ion f he be f s ha d ing by f a 1 0: 1 s ha l i t t ts ta t › c o n um r o re s o u n w ay o re ve rse re sp € bn i l inc by f a d isc d ig h iss 2. 5 ta te ts › ca p re as e w ay o ou n r ue
( ) Un i l 2 6 Ap i l la t te t r s	G Re is ion f A M lu ion tra t t › g o re so s
Ma 7 y	Q l 1 2 0 1 3 ts t › res an no un ce me n u
M i d /e d Ma n y ( ) la 2 1 Ma te t s y	Pr l a d b l ica ion f s bs ip ion f fe tu t t › os p ec s a p p rov a n p u o u cr o r
M i d Ma to y ly Ju ea r ne	R ig h bs ip ion io d a d lac f p f So F F in ha ho l d ing ( ig h ) ts t t o t o ts › su cr p er n p em en ar s re ex -r
i M d Ma to y ly Ju ea r ne	R ig h d ing io d ts tra › p er
En d Ma /e ly Ju y ar ne	Se lem f r ig h f fe ing t t t o ts › en o r

Final redemption of SoFFin Silent Participation

Significantly improved Basel III capital ratios after the transaction

1)Under Commerzbank estimates regarding final Basel III regime 2) Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio and impact from capital increase

Already significant progress in de-leveraging and de-risking the bank

1)Pro-forma, Commerzbank plus Dresdner Bank

Commerzbank with strong position in core German banking products

S G t r o n g e r m a n e c o n o m y	C G in d d i l ie d lo f t t t t o n u e s ro ng a n re s n ev e p m e n o e rm a n e c o no m y S f G h d inc ing ly ive d ic d d in d ive he t t t t t t ro ng e xp o r g ro w a n re a s su p p o r o m e s e m a n m a r rs o e rm a n e c o no m y
S i i i t t r o n g p o s o n n G c o r e e r m a n i b k d t a n n g p r o u c s	ing Ro E in C Ba k a h iev d in ha l le ing 1 4 % 2 0 1 2 t o p e ra o re n c e a c ng Ne ic d d Inv ' Da t t t t 2 0 1 2 s ra e g a g e n a a nn ou nc e a e s o rs w y i l l b i io bu f irs in P C d N C A is ing 2 0 1 3 t t t t w e ra ns n y e a r, su c c e s s e s a n a re p ro m
	C P iv t t r a e u s o m e r s b he 1 1m 1, 2 0 0 t › c u s o m e rs ra nc s, , G No 1 o l ine -b ke in n ro r e rm a ny fo f Tr io he bu ine inc t t t › a ns rm a n o s s s o re a s e f i b i l i & f f ic ie t ty p ro a e nc y	M i l d b k t t t e s a n s a n M ke le d in G S M E b k ing t › a r a e r e rm a n a n S k d & h ig h f i b i l i t t t ty › ro ng ra c re c o r p ro a , h iev ing 2 9 % ing Ro E in 2 0 1 2 t a c o p e ra
	C l & E Eu t t e n r a a s e r n r o p e B R E Ba k No 4 in ive Po l is h ke t t t t › n a ra c m a r i h d ing 4m t t w c u s o m e rs a n g ro w Po fo l io l ig le d in t t t 2 0 1 2 r re a nm e n c o m p e › M ke le d ing l ine la fo t t › a r a o n p rm	C & M k t t o r p o r a e s a r e s C ie d inv b k ing t t t t › s o m e r o r n e e s m e n a n u d l m o e Ac h iev ing ing Ro E in 1) 1 6 % t 2 0 1 2 o p e ra ›
C i N A d- d w n o w n i t c o n n u e s	N C A i h Ea D ( inc l. N P L ) du io k- t t t t w s ro ng re c n ra c € b Ea D ( inc l. N P L ) du io in Q 9 4 2 0 1 2; t t n re c n s ro f in inc 2 0 1 3 t t t c o n u e s s e s a r o	d f € b inc d 2) 1 3 8 4 8 % 2 0 0 8 re c o r o n o r s e y e a r-e n in d- d icu la ly in C R E, tu t ng w ow n m o m e n m p a r r ,
C t t o s m a n a g e m e n k t o n r a c . O C S e 1) E xcl ffe ed tin Ro ct; ort rep op era g	Ba k ha d d i h € 9 6 du t t t t 7m n s ex c e e e c o s a rg e s w re Inv fo f i b i l i d f f ic ie t t t ty e s m e n p ro g ra m r p ro a a n e nc E 20 12 : 6 % 2) P fol ios fo erl in A BF ort nt rm y se g me	io in ing 2 0 1 2 2 0 1 1 t t c n o p e ra e xp e ns e s vs h i le ing b le b 2 0 1 3- 2 0 1 6 t t t t tw a rg e s a c o s s e e e n y w

›

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good profitability

Commerzbank with strong franchise in core banking products

CEE: Focus on our strengths

• › Strong market presence of BRE Bank in attractive growth market Poland with 4m customers
• › Portfolio realignment completed in 2012 with sale of PSB and Bank Forum

C A i l € 1. 8 b t g a p a n v :
2	2
0	0
1	1
1	2
1	1
5	2
%	%

Mittelstandsbank: Leveraging our success

Market leader in German SME banking with unrivalled regional coverage Market-leading foreign trade expertise, profiting from strong export trends Strong track record and 23%20111)

C A i t g a p v	l € 8 b 5 a n :
O i t p e r a	R E n g o
2 0 1 1	2 0 1 2
2 3 %	2 9 %

C&M: Client centric investment banking

• › Integrated investment banking model, serving C&M, MSB and PC clients 1)
• › €800m synergies from merger lifted, 56% RWA, 33% Credit VaR reduction achieved
• › Continue to focus on core strengths and further optimise efficiency and profitability

C i g a p	1) l € 1. 8 b t a n :	C S d l, ing & M M B m o e s e rv ,	C A i v g a p	1) l € 3 2 b t a n :
O i t p e r a	2) R E n g o	d P C l ie t a n c n s fro € 8 0 0 ie › m sy ne rg s m m e rg e r	O i t p e r a	3) R E n g o
2 0 1 1	2 0 1 2	f C l i d, 5 6 % R W A, 3 3 % d i t t e re Va R du io h iev d t re c n a c e	2 0 1 1	2 0 1 2
1 5 %	1 2 %	C in fo t t › o n e o cu s o n c o re u fu hs d he im is t t t t s re ng a n r r o p e	8 %	1 6 %

1)Average capital employed in FY 2012 2) Excl. sale of PSB effect; reported operating RoE 2011: 24%, 2012: 14% 3) Excl. OCS effect; reported operating RoE 2011: 15%, 2012: 6%

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

A i t g. c a p v In € bn	l l d i 2 0 1 2 a e m p o e n y	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 2- 2 0 1 6	S i l t t r a e g c g o a s	I ' D t n e s o r s a v y 2 0 1 6 t t a r g e s
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 t m o e o r s g n c a n i i f f i i d n c r e a s e n e c e n c y a n f i b i l i t t p r o a y	2) R E 1 2 % o > C I R 8 0 % <
M S B	5. 8		L d i › e v e r a g e a n g r o w u n q u e d f l b i a n s c c e s s s n e s s u u u d l m o e	2) R E 2 0 % o > C I R 4 5 % <
C E E	1. 8		S l i i h t t › e e c v e o r g a n c g r o w	2) R E 1 5 % o > C I R 5 5 % <
C & M	3. 2	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 l i l t g r o w s e e c v e y	2) R E 1 5 % o > C I R 5 6 % <
1) B for e B el III e as	RW A e ffe 2) P tin Ro cts tax re- op era g	E
Ma rtin Bl sin CE es g,	O; Ste ha n E els CF O 13 Ma rch p ng ,	20 13		12

Private Customers: Combining traditional values with modern technology results in a unique portfolio of services

i i i B l d 's l b k t t u n g o m o r r o w r e a a n	i i i I l h t t n a a c e v e m e n s
I d h f l l f l i b i l i f d i t t t t › n e g r a e a p p r o a c : u e x y o r e c f b k i i h i & d i i b h t t t a n n g a r c o m p e e n a c e n r a n c w v k t n e w o r	N l d l i h i f i t t t t › e w s a e s m o e w c u s o m e r s a s a c o n a s f k i l d, N t t e p e r o r m a n c e m e a s r e m p e m e n e e y u P S l d i Q 3 0 % 1 t r o m o e r c o r e a r e a y o v e r n
A h l d i t t t › m o n g e e a e r s n : c u r r e n a c c o u n s, f i i b k i i l d t n a n c n g, r o e r a g e, p r a e p e n s o n p a n s a n v h d i t t t o e r p r o u c c a e g o r e s	M k h f i G t t › a r e s a r e o r n e w m o r g a g e s n e r m a n y i d 6. 6 % i 2 0 1 2 4. 6 % i 2 0 1 1 t n c r e a s e o n s. n v ; i i W l h M i f l i Q 4 2 0 1 2 t t t. t- p o s v e e a g m n e n o w s n
f U i d i d d d l t t t › n q e o p e n a n n e p e n e n p r o c p a o r m u u : f i d i t a r n e s s a n c o m p e e n c e n e v e r y w a y	f U i h i t t t › n q e o p e n a r c e c r e o r m o r g a g e s u u : C b H l h d i 1, 2 0 0 b h o a y p a u n c e n r a n c e s
B i l d l l i h i h -t t t › u o n g e r m c u s o m e r r e a o n s p s w e r e i f i f i h t t t t, t t- t c s o m e r s a s a c o n c o m e s r s n o s o r e r m u i i i t t t s e c u r e s r a n s a c o n s	N d d i l "C l i C " t t t t › e w s r u c u r e a v c e o o e n o m p a s s i h d i t 7 0 % t t w r e c o m m e n a o n q u o a
S i i f i i f f i i i b l t t t g n c a n n c r e a s e o p r o a y G l o a d f f i i a n e c e n c y	f € 5 0 0 i l i d t t › m c o s s n e r g e s r e a s e a e r y i i f b 1 4 % 2 0 0 8 t t t n e g r a o n : o c o s a s e

Private Customers: Clearly defined milestones will contribute to our strategic and financial goals

	/ Im le 2 4 7 h- b i l i t ty p m e n re a c a	K P I 2 0 1 6 t t a r g e s
P d & t r o c s u i s e r c e s v	In by in io f t t t c re a s e cu s o m e r a wa re ne s s c o n u a n o fu l ly d b d & du ig t t t su c c e s s s a r e ra n p ro c c a m p a n C f n in l l-o ing d t t t- o n u e ro u o ew s av s- cu rre n a n , d ing d ho l is ic dv is t t t t ra -a c c ou n s a n cu s o m e r a o ry	I i f i t t t n c r e a s e c s o m e r s a s a c o n u : S N P 3 0 % t t e r o m o e r c o r e >
	h inc du io t t t t a p p ro a c o re a s e p ro c p e ne ra n	C G A d l t t r o w s s e s u n e r o n r o :
O l i & n n e i b l m o e	M ke fu l l p du f b he ls t t a ro c s p e c ru m o ra nc s a o i la b le l ine av a o n	A C € b 3 0 0 u n >
	M ke le d ing i d d t ty t a r a s e cu r s a n a r s	i W t n e w c u s o m e r s :
	Bu i l d ing l ine b k ing i d d lew d fro t n ew o n a n m a re a n n d e n	n i l l i 1 t t m o n n e n e w c u s o m e r s
	Ne b le & b i le t t w a m o a p p s	I n c r e a s e r e e n e s v u :
B h r a n c	f fo M lex i b le d ive ing ho t t t o re a n a ra c o p e n u rs r o u r l ie t c n s	R 1 0 % t e e n e s p e r c s o m e r + v u u
k t n e o r w	f n Q F irs i lo b h d l in 4 2 0 1 3 t t p s o ew ra nc m o e	I & i f f i i t n e s n c r e a s e e c e n c v y :
	Q l i f ic io f o b h l a d du t t u a a n o u r ra nc p e rs o nn e n p ro c	€ 1 b i i l 2 0 1 6 b b l t t t t t n n e s m e n s n s a e v u u
Q f l i i i t u a c a o n	ia l is t s p e c s Ba is fo fa ir & dv ic fo l ie	1) R E 1 2 % C I R 8 o > <
	t t t s r c o m p e e n a e r o r c n s u

Key Milestones in 2013

1)Pre-tax operating RoE

Mittelstandsbank: Leveraging our successful business model

1)Pre-tax operating RoE

Central & Eastern Europe: Focus on our strengths

1)Pre-tax operating RoE

Corporates & Markets: Client centric investment banking

1)Excl. OCS effect; reported operating RoE 2012 6% 2) Pre-tax operating RoE

Non-Core Assets with strong EaD reduction track record and high wind-down momentum

	O i l t t r s r a e g c g o a s u	F i h i i f l i i N C t t t r s a c e e m e n s n p o r o o s n o n v w	A
	V l i d b l i i f f l i t t › a u e- p r e s e r v n g r u n- o w n, a a n c n g s w p o r o o d i l l i i d i k i i i t t t t r e c o n, o s s r e a s a o n a n r s m g a o n u	1) ( in ) in Ea D l. N P L € bn c -6 % 1 7 8 1 6 6 1 6 3 1 6 0 1 5 1 6 8 6 4 6 2 5 9 5 5
	2) N C A i d- d d i l i t t t t t › w n o w n e x p e c e o u r n c a p a a c c r e v e f d 2 0 1 4 r o m o n w a r s	8 9 8 2 8 0 8 0 7 7 2 1 2 0 2 1 2 0 1 9
	A l d d l i i d- d f t › c c e e r a e a n v a u e p r e s e r v n g w n o w n o r i h i i k l k d h i h i l t t t t t a s s e s w n e g a v e r s o u o o a n g c a p a h c a r g e s	4 2 0 1 1 1 2 0 1 2 2 2 0 1 2 3 2 0 1 2 4 2 0 1 2 C R E Pu b l ic F ina S h ip F ina nc e nc e S f f i i i E D i l. N P L d i h d t t › n c a n a n c r e c o n a e a o u
	›	Q Q Q Q Q ( ) g l l d h i d i € b i Q l 2 0 1 2, 9 4 p a n a r e a y a c e v e n n n a o i f i i l t t t t t t e n a o n o c o n s s e n c a p a m a n a g e m e n h l l l t a c a c r o s s a a s s e c a s s e s S i d- d i l l i t t t › r o n g n o n m o m e n m p a r c a r w w u u y , C R E, i i 2 0 1 3 t c o n n u e s n S i i f i l d f l i d i l t t t g n c a n r e c e p o r o o s a n c a p a y u i h i l i i i k d t t c o n s m p o n e c o n a n n g r s s a n u w f F i i i l i t t › r s m a r g n e p a n s o n s o r p r o o n g a o n s x l o s s e s h i d a c e v e
I l m p e m a p p r o G l o a	n

1) Ship Finance: excluding DSB non-shipping loans, now part of SuK-Segment; Public Finance: since Q3/12 incl. former PRU PFI-Portfolio; CRE incl. former EH Retail 2)Positive capital effects from RWA reduction are expected to outweigh negative effects from operating losses according to current Commerzbank planning

Martin Blessing, CEO; Stephan Engels, CFO | 13 March 2013

Summary and Outlook

• Full repayment of SoFFin and Allianz Silent Participations, taking advantage of the currently positive capital markets environment
• €2.5bn rights issue to repay Silent Participations raises our Basel III fully phased-inCET 1 ratio by c.1ppt to an expected 8.6%1)
• Improved capital structure enhances our future dividend payment ability, target Basel III fully phased-in CET 1 ratio of 9% expected to be reached already by year-end 2014

SoFFin's shareholding in Commerzbank is expected to fall from currently 25% plus one share to below 20% in the course of the transaction

Revenues with solid start to Q1 in January and February, NCA run-down with further good progress

1)Pro-forma based on Q4 2012 Basel III fully phased-in CET 1 ratio, impact from capital increase and under Commerzbank estimates regarding final Basel III regime

Appendix

German home market with resilient economy

›German home market with strong growth after 2009 and resilient economic development even during Euro-crisis

• ›Commerzbank Research expects solid GDP growth in Germany of 1.0% in 2013e and 2.5% in 2014e
• › Especially our corporate franchise is well positioned to benefit from strong German exports and low LLP level driven by strong economic development and sound portfolio structure

Sources: Commerzbank C&M Research, Statistisches Bundesamt, IMF

CRE and Ship Finance default portfolios with high coverage ratios

Commercial Real Estate1)

NPL ratio 20%GermanySpainUKUSDefault-Portfolio and Ratios by Country€mCRECoverage 103%NPL ratio 27%Coverage 104%NPL ratio 35%Coverage 104%NPL ratio 9%Coverage 96%NPL ratio 14%Coverage 103%1309661,9492,032279/1,088/91,3371,376106/514/7603626509 1,051 ¹⁴ 2,672 5,056 7,6437,8582,286372,1921,646

Sh ip Fin anc e	4,4 82 4,2 72
Cov 95% era ge NP L ra tio 24%	1,2 11 2,7 89 272
Co ine nta r	2,1 57
Cov 93% era ge NP L ra tio 31%	2,0 13 521 /1,3 34/ 158
Ta nke r	1,1 04 1,0 56
Cov 96% era ge NP L ra tio 24%	/63 5/6 359 1
Bu lke r	579
Cov 103 % era ge NP L ra tio 16%	598 /42 4/3 138 6

1) In €m, as of 12/2012

Martin Blessing, CEO; Stephan Engels, CFO | 13 March 2013

Ship Finance 1)

NCA: Diversified portfolio of mainly long term assets

EaD (incl. NPL) per 31.12.2012, in €bn

		G E R	S U A	I T	S E	U K	P O R	Re t s	Su m
C i l o m m e r c a R l E t t e a s a e	fo Pe ing r rm	1 8. 7	1. 7	2. 2	3. 6	5. 2	1. 9	1 0. 4	4 3. 7	E D a	R W A	L L P
( ) l. R B e c x	N P L	1. 9	0. 6	0. 1	1. 9	1. 3	0. 2	1. 2	7. 2	5 0. 9	3 0. 3	0. 6
	Su m	2 0. 6	2. 3	2. 3	5. 5	6. 5	2. 1	1 1. 6	5 0. 9
		G E R	S U A	I T	S E	U K	P O R	Re t s	Su m
	F I	1 0. 2	0. 4	0. 4	3. 1	1. 5	0. 1	8. 4	2 4. 1
P b l i c u i F n a n c e	2) So ig ve re n	1 5. 5	4. 8	8. 6	2. 3	2. 6	0. 9	9. 8	4 4. 5	E D a	R W A	L L P
) ( i l. P F I 1 ) n c	Re t s	0. 0	3. 8	0. 1	0. 5	3. 5	0. 1	0. 4	8. 4
	N P L	0. 0	0. 0	0. 0	0. 0	0. 0	0. 0	0. 0	0. 0	0 7 7.	1 6. 0	0. 0
	Su m	5. 2 7	8. 9	9. 1	5. 9	7. 6	1. 1	1 8. 7	7 7. 0
D h t e s c e u		Co in ta n er	Ta	ke n r	Bu l	ke r	Re t s		Su m
S h i f f b k c s a n	Pe fo ing r rm	4. 8		3. 6	3. 0		3. 0	1	4. 4	E D a	R W A	L L P
( C i l. R n c	N P L	2. 2		1. 1	0. 6		0. 6		4. 5	1 8. 9	2 0. 2	0. 7
W h ) a r e o u s e	Su m	0 7.		4. 7	3. 6		3. 6	1	8. 9

1) Utility and infrastructure transactions (mostly UK) – taken over from PRU in mid-2012; without value-impairing securities2) Incl. regions

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