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Full focus on implementation of our strategic agenda - again good progress in NCA run-down

Analyst conference Q1 2013 results

Stephan Engels | CFO | Frankfurt | 7 May 2013

Group operating result of 469m in Q1 2013 complete restructuring costs booked


Group revenues of 2.46bn 5% higher vs. Q4 2012 net commission income up 11% vs. Q4 2012 and nearly flat vs. Q1 2012, interest income remains subdued Group operating result of 469m incl. positive OCS effect of 25m, Core Bank with operating result of 556m vs. 408m in Q4 2012 Group pre-tax result of -24m includes complete restructuring charge of 493m, as already announced with Q4 2012 reporting; net result attr. to shareholders of -94m Good progress in NCA run-down using the positive market environment: 7.3bn EaD (incl. NPL) reduction in Q1 2013, 16.1bn EaD (incl. NPL) reduction (>10%) since 30 September 2012 Basel III phase-in ratio of 10.1% and fully phased-in at 7.5% at end of Q1

Note: All numbers for previous quarters are restated to conform to new financial disclosure as of 1 January 2013 for comparability Stephan Engels | CFO | Frankfurt | 7 May 2013 2

Commerzbank financials at a glance


Group Operating result (m) Core Tier 1 ratio B 2.5 (%) RWA (bn) Leverage ratio Core Bank (incl. O&C) Operating result (m) Op. RoE (%) CIR (%) Risk density of EaD (bps) LTD ratio (%) NCA
1)

Q1 2012 576 11.3 223 20 Q1 2012 866 21.2 65.5 28 81 Q1 2012 -454 171 41

Q4 2012 -40 12.0 208 19 Q4 2012 408 8.4 76.6 27 76 Q4 2012 -448 151 66

Q1 2013 469 11.5 210 20 Q1 2013 556 11.9 71.7 28 75 Q1 2013 -87 143 72

Operating result (m) EaD incl. NPL volume (bn) Risk density of EaD (bps)
1)

EBA-Buffer re-allocated as of Q4 2012 from O&C to NCA (restated in Q3 2012) 3

Stephan Engels | CFO | Frankfurt | 7 May 2013

Group revenues 5% higher in Q1 2013 vs. Q4 2012, LLPs and costs lower
Quarterly transition, Group
m

576 469
51

347

493

111 -40
Operating result Q1 2012 Operating result Q4 2012 Revenues LLP Costs Operating Restructuring result expenses Q1 2013

-24
Pre-tax result

70 -94
Tax, Minorities, etc. Net result 1)

Q1 2013 vs. Q4 2012 Strong fee business and improved trading income due to a recovery in client activity but lower net interest income Seasonally lower LLPs vs. Q4 2012 mainly driven by NCA Further improvement in operating costs reflects recently initiated efficiency measures Complete restructuring charges of 493m booked in Q1 2013, as announced with Q4 2012 reporting
1)

Consolidated result attributable to Commerzbank shareholders 4

Stephan Engels | CFO | Frankfurt | 7 May 2013

Core Bank: Strong net commission income in Q1 2013, NII still subdued amid low interest rate environment
Revenues
m
+5% -11% 2,564 2,182 2,289

Net commission income up 13% vs. Q4 2012 and only slightly below Q1 2012 NCI from securities & AM business with strong increase q-o-q and y-o-y, driven stronger client demand in PC and from capital markets products in MSB Y-o-y revenue development driven by strong treasury results in Q1 2012, which are not expected to recur in 2013

Q1 2012

Q4 2012

Q1 2013

Interest drivers bn
Claims on clients / banks1) Liabilities to clients / banks1)

Commission and Fee drivers


m
-1% 834

+13%

828 734

257 186 181

265 181

263
Securities & AM Payment transaction & foreign business Credit business Intermediary business Other

270 224

308

326

321

307

128
53 58

Q1 2012

Q4 2012

Q1 2013

NIM2)

1,11

1,08

0,91

102 37 50
Q4 2012

119 47 47
Q1 2013

Q1 2012
1)

w/o repos/ collaterals and central banks

2)

Net interest income excluding interest income on dealing positions 5

Stephan Engels | CFO | Frankfurt | 7 May 2013

Core Bank: Further improvement in operating costs due to recently initiated efficiency measures
Cost split
m
-2% -2% 1,680

Cost income ratio


%
95 88 84
1,672 1,641

PC

84
1,021

914

1,001

61

65 61

C&M CEE MSB

1)

659

758

640

52 43

46

56 45

Q1 2012

Q4 2012

Q1 2013

Pers. expenses

Operating expenses

Q1 2012

Q4 2012

Q1 2013

Q1 2013 vs. Q4 2012 Operating expenses further reduced, driven by recently initiated efficiency measures Seasonally higher personnel expenses in Q1 2013 vs. Q4 2012 but 2% below Q1 2012 Investments for the strategic agenda will kick-in during the next few quarters and add to the cost base

1)

C&M CIR excluding OCS effect 6

Stephan Engels | CFO | Frankfurt | 7 May 2013

Core Bank: Sound portfolio quality and NPL ratio below 2%


LLP split
m
-10% Addition to provisions 92 102 16 18 42 8

Default portfolio further reduced due to successful intensive care management


PC MSB CEE C&M

35

Low LLP figure for Q1 2012 driven by releases due to parameter updates LLPs in Core Bank benefitting from releases in C&M; LLP increases in PC and MSB as expected

18
27 -35

24
19

78 6 -26 Q1 2013

Reversals

Q1 2012

Q4 2012

Risk Density of EaD


bps

Default volume vs. coverage


m
8,597
1)

73 59 59
CEE

Default volume LLP Collaterals GLLP

6,662 3,918

6,799 5,186 3,264

6,242 4,991 3,219 1,302 470 Q1 2013 80 1.9

2,250 494 Q1 2012

28 28 29 17
Q1 2012
1)

28 27 27 20
Q4 2012
2) As

29 MSB 27 PC 28 Core Bank 22 C&M


Q1 2013 % of EaD

1,451 470 Q4 2012 76 2.1

Cov. ratio (%) NPL ratio (%)2)

77 2.8

Default portfolio incl. Bank Forum (0.8bn)

Stephan Engels | CFO | Frankfurt | 7 May 2013

Full focus on implementation of our strategic agenda


Segment Target Revenues per customer Net new customers Target 2016 +10% 1 million >300bn >30% +4% p.a. +8% p.a. >50% non-loan ratio >15% Progress towards target in Q11)

PC
Assets under control Net promoter score Revenue growth Growth in international revenues

MSB
Cross-selling New customers

1)

Simplified and schematic representation of progress towards 2016 target in Q1 2013 8

Stephan Engels | CFO | Frankfurt | 7 May 2013

Full focus on implementation of our strategic agenda


Segment Target Revenue growth Target 2016 +5% p.a. 115% +4% p.a. 150m p.a. Maintain Progress towards target in Q11)

CEE
Loan to deposit ratio Revenue growth

C&M

Front-to-back cost efficiency Maintain capital efficiency despite Basel III

1)

Simplified and schematic representation of progress towards 2016 target in Q1 2013 9

Stephan Engels | CFO | Frankfurt | 7 May 2013

Core Bank Q1 operating results


Private Customers Operating result
m

Mittelstandsbank Operating result


m
-33%

486

+180% -49%

137 25
Q1 2012 Q4 2012

70

Revenue growth in Q1 2013 vs. Q4 2012 due to seasonally stronger securities business
Q1 2012

-13%

374

325

Stable results from customer business, but positive effects from restructuring of loans in Q4 2012 did not recur in Q1 2013

Q1 2013

Q4 2012

Q1 2013

Central & Eastern Europe Operating result


m

Corporates & Markets Operating result


m
1)

+79% -14% 87 15 72 Q1 2012

42
Q4 2012

75

Operating result in Q1 2013 supported by releases in loan loss provisions and seasonally low costs
Reported

+32% 30 187 -157 49 -118 -69 271 25

246

Good start to 2013 driven by increased risk appetite from clients in equities and interest rate products
OCS effect Reported

Q1 2013

Effect from sale of PSB

Q1 2012

Q4 2012

Q1 2013

1)

Excluding OCS effect 10

Stephan Engels | CFO | Frankfurt | 7 May 2013

Private Customers: Revenue growth in Q1 2013 vs. Q4 2012 due to seasonally stronger securities business
Quarterly transition
m
137

+180%
19 54 25 70

10

Operating result Q1 2012


equity ( bn) Op. RoE (%) CIR (%) 4.0 13.8 84.0

Operating result Q4 2012


equity ( bn) Op. RoE (%) CIR (%) 3.8 2.6 94.9

Revenues

LLP

Costs

Operating result Q1 2013


equity ( bn) Op. RoE (%) CIR (%) 4.0 7.0 87.8

Q1 2013 vs. Q4 2012 Increasing revenues driven by seasonally stronger securities business and portfolio management activities, which significantly overcompensated weaker interest income As expected, uptick in loan loss provisions Flat operating costs in Q1 2013 vs. Q4 2012, but higher costs expected in the coming quarters due to increase in investments

Stephan Engels | CFO | Frankfurt | 7 May 2013

11

PC divisional split
Filialbank Revenues before LLP m
768 688 722

Q1 2012

Q4 2012

Q1 2013

Increasing client activities in securities business NII influenced by low interest rate environment overcompensated by better NCI Stable operating costs

Commerz Real Revenues before LLP m Higher NCI due to real estate transactions and increased fund management fees
51 39 50

Q1 2012

Q4 2012

Q1 2013

Higher business activities in Q1 2013 are reflected in higher volume of new transactions

Direct Banking Revenues before LLP m

86

81

86

Stable revenues in Q1 2013 incl. 7m net gains on financial assets NCI with slight increase vs. Q4 2012

Q1 2012

Q4 2012

Q1 2013

Stephan Engels | CFO | Frankfurt | 7 May 2013

12

Mittelstandsbank: Stable results from customer business, positive effects from restructuring of loans in Q4 2012 did not recur in Q1 2013
Quarterly transition
m
486 374 36

-13%
36

325 23

Operating result Q1 2012


equity ( bn) Op. RoE (%) CIR (%) 6.0 32.5 42.9

Operating result Q4 2012


equity ( bn) Op. RoE (%) CIR (%) 5.6 26.5 45.5

Revenues

LLP

Costs

Operating result Q1 2013


equity ( bn) Op. RoE (%) CIR (%) 5.8 22.3 44.6

Q1 2013 vs. Q4 2012 Increase in net commission income and higher loan margin compensated decrease in deposit margin Q4 2012 revenues benefitted from restructuring of loans, which did not recur in Q1 2013 Increase in LLPs in Q1 2013 vs. Q4 2012 in-line with expectations Decrease in expenses due to year-end effects in Q4 2012, higher costs expected in the coming quarters due to increase in investments Operating RoE of above 22% and CIR under 45%

Stephan Engels | CFO | Frankfurt | 7 May 2013

13

MSB divisional split


Mittelstand Germany Revenues before LLP m
411 364 382

Higher revenues from loan business partly offset by further declining deposit margin Increase in demand for capital market products

Corporate Banking & International Revenues before LLP m Stable results from direct customer business
274 286 244

Q1 2012

Q4 2012

Q1 2013

Q1 2012

Q4 2012

Q1 2013

Q4 2012 included positive effects from restructured loans which did not recur in Q1 2013

Financial Institutions Revenues before LLP m Customer business flow produces stable revenues at a high level
104 108 102

Other income in Q4 2012 benefitted from positive valuation effects

Q1 2012

Q4 2012

Q1 2013

Stephan Engels | CFO | Frankfurt | 7 May 2013

14

Central & Eastern Europe: Operating result supported by releases in loan loss provisions and low costs
Quarterly transition
m 87 15 +79%
17 42 18 75

Effect from sale of PSB

72

Operating result Q1 2012


equity ( bn) Op. RoE (%) CIR (%) 1.9 18.4 52.3

Operating result Q4 2012


equity ( bn) Op. RoE (%) CIR (%) 1.7 10.0 64.7

Revenues

LLP

Costs

Operating result Q1 2013


equity ( bn) Op. RoE (%) CIR (%) 1.7 17.5 56.2

Q1 2013 vs. Q4 2012 Lower net interest income after rate cuts of National Bank of Poland was offset by increase in trading income Loan Loss Provisions remain on a low level driven by successful restructurings Continued focus on cost management leads to lower operating expenses

Stephan Engels | CFO | Frankfurt | 7 May 2013

15

Corporates & Markets: Good start to 2013 driven by increased risk appetite from clients in equities and interest rate products
Quarterly transition
m OCS effect Op. result excl. OCS effect 30 187 49 -157 Operating result Q1 2012
equity ( bn) Op. RoE1) (%) CIR1) (%) 3.2 23.0 61.5

Reported 25 271 25
246

45 127

-118 -69 Operating result Q4 2012


equity ( bn) Op. RoE1) (%) CIR1) (%) 3.3 6.0 84.2
1)

Revenues

LLP

Costs

Operating result Q1 2013


equity ( bn) Op. RoE1) (%) CIR1) (%) 3.3 30.2 60.6

Q1 2013 vs. Q4 2012 Improved revenues in Q1 2013 vs. Q4 2012, favorably impacted by seasonality and return of client activity especially in equity derivatives and interest rates trading Loan loss provisions of 26m benefit from releases in Q1 2013 vs. LLPs of -19m in Q4 2012 Favourable q-o-q delta in operating costs due to year-end one-off effects included in Q4 2012
1)

Excl. OCS effect 16

Stephan Engels | CFO | Frankfurt | 7 May 2013

Corporates & Markets divisional split


Corporates Revenues before LLPs
m

EMC Revenues before LLPs


m

212 164 138

Q1 2012

Q4 2012

Q1 2013

Stable performance across most business lines Q-o-q delta primarily driven by positive effects from restructuring of loans in Q4 2012 which did not recur in Q1 2013

136

119

141

Q1 2012

Q4 2012

Q1 2013

Stable revenues across products with improvement of client activities in equity derivatives

FIC Revenues before LLPs


m

CPM Revenues before LLPs


m

256 56

201

Strong rebound of client activity in Interest Rates products Better q-o-q but lower y-o-y performance of FX and Credit Trading
47 88 122

Again favourable contribution of CPM Better y-o-y performance as Structured Credit Legacy with 40m revenues in Q1 2013 was reported as a part of PRU in Q1 2012

25

-157

-118

Q4 Q1 2012 2012 OCS effect

Q1 2013

Q1 2012

Q4 2012

Q1 2013

Stephan Engels | CFO | Frankfurt | 7 May 2013

17

NCA: Losses significantly reduced, successful asset disposal continues


Quarterly transition
m 20 -87

337

-454 Operating result Q1 2012


equity (bn) 10.2 EaD incl. NPL (bn) 171

-448 Operating result Q4 2012


equity (bn) EaD incl. NPL (bn) 9.6 151

4 Revenues LLP Costs Operating result Q1 2013


equity (bn) 10.1 EaD incl. NPL (bn) 143

Q1 2013 vs. Q4 2012 Stable revenues despite significant progress in portfolio wind-down driven by lower impairments and repricing of CRE loan prolongations Operating costs managed down in proportion to portfolio reduction Seasonally low LLPs in Q1 2013 with 175m on the level of Q1 2012 with 178m

Stephan Engels | CFO | Frankfurt | 7 May 2013

18

NCA: Good momentum in asset reduction continues without decrease in portfolio quality
LLP
m
-2% 512 Public Finance CRE Deutsche Schiffsbank 1) DSB parameter updates 178 145 383 151 175

NCA run-down mainly in CRE and Public Finance, EaD (incl. NPL) reduction of 7.3bn in Q1 2013 and 16.1bn since Q3 2012
-66%

Since Q1 2012 EaD (incl. NPL) reduced by 10% in Ship Finance, 20% in CRE and 10% in Public Finance CRE LLP due to releases low compared to previous quarters; Ship Finance LLP still on a high level, as expected LLP increase expected in the following quarters NPL volume and coverage
-5%

114 57
7

224
-9 Q4 2012

139 38 -2
Q1 2013

Q1 2012

EaD incl. NPL volume


bn
-13% 166 Public Finance CRE Deutsche 1) Schiffsbank 151 143

m
10,259 10,166 Default volume LLP Collaterals GLLP 3,325 12,128 12,146 3,884 11,836 11,709 3,744

82

77

74

6,508 333 Q1 2012

7,845 417 Q4 2012 100 8.1

7,556

409 Q1 2013 99 8.3

64 20
Q1 2012

55 19
Q4 2012

51
Cov. ratio (%)

99 6.0

18
Q1 2013

NPL ratio

(%)2)

1)

In Q1 2012 Deutsche Schiffsbank portfolio excluding 3.3bn DSB public finance assets

2)

As % of EaD 19

Stephan Engels | CFO | Frankfurt | 7 May 2013

Basel 2.5 Core Tier 1 ratio at 11.5%


RWA
bn RWA almost flat Q1 2013 vs. Q4 2012

Core Tier 1 capital & ratio


bn Lower Basel 2.5 Core Tier 1 capital mainly driven by first application of IAS 19 revised pension fund accounting which was already reflected in Basel III ratios in previous quarters
11.3% 12.0% 11.5%

+1% -6%

223 208

210

25.2

25.0

24.2

Q1 2012

Q4 2012

Q1 2013

Q1 2012

Q4 2012

Q1 2013

Stephan Engels | CFO | Frankfurt | 7 May 2013

20

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


Basel 2.5 CT 1 and Basel III CET 1 ratios
%

11.5 1.4
Capital deduction of securitisations

Pro-forma
10.1 2.6 7.5
Revaluation reserve DTA deduction SoFFin silent participation Minority interests

Basel 2.5 CT 1 as of Q1 2013 RWAs (bn) Basel 2.5 CT 1 and Basel III CET 1 capital (bn) 210 24.2

Basel III net effect

Basel III CET 1 phase-in as of Q1 2013 235 23.6

Fully phased-in effects

Basel III CET 1 fully phased-in as of Q1 2013 235

25 -0.5

-6.2

17.5

Note: estimated impacts as of Q1 2013, numbers may not add up due to rounding Stephan Engels | CFO | Frankfurt | 7 May 2013 21

Limited unsecured issuance in 2013 flexible funding approach to support franchise demand and diversify funding
Capital market funding history & outlook
bn

Senior Unsecured
Focus on private placements
21

0.7bn senior unsecured funding in Q1 2013

Covered Bonds
8
12 7 6 4

<10

0,5bn 5Y inaugural SME structured covered bond successfully issued Innovative structure to refinance SME business Attractive funding cost for the bank

2009

2010

2011

2012

2013 Medium Term Secured

LTRO
LTRO funding completely repaid in Q1 2013

Senior Unsecured

Stephan Engels | CFO | Frankfurt | 7 May 2013

22

Outlook

Unchanged outlook: ongoing asset reduction and low interest rates expected to put further pressure on revenues compared to 2012 Investments in strategic repositioning are expected to add to costs in the following quarters LLP guidance for FY 2013 unchanged: still expected to be slightly up vs. FY 2012 with higher Core Bank LLP and ship finance still on a high level Current pro-active NCA run-down to continue in positive market environment, asset reduction targets for 2016 unchanged Basel III CET1 phase-in ratio of 10.1% and fully phased-in ratio of 7.5% per end Q1 2013 before announced capital measures

Stephan Engels | CFO | Frankfurt | 7 May 2013

23

Appendix: Segment reporting

Stephan Engels | CFO | Frankfurt | 7 May 2013

24

German economy 2013 Fighting to stay on track


Current development
German economy has stabilized at start of 2013. However, recently there was a setback in sentiment indicators. Investment has probably improved somewhat recently, but external demand was weak. The labor market has weathered the soft patch rather well so far. The unemployment rate remains below 7%.

Our expectation for 2013-2014


The recent setback in leading indicators points to a slow recovery in the coming months. Germany is expected, however, to continue to outperform EMU average. The willingness of the ECB to buy peripheral bonds markedly has reduced the EMU break-up risk. Diminished uncertainty likely to lead to a revival of the German Economy in 2013; prospect of stronger growth in 2014.

Reasons for outperformance


No bubble in the housing market Low level of private sector debt translating to low refinancing cost. Less need for fiscal consolidation Steadily improved competitiveness since start of EMU; however, the advantage is about to decline Strong position in Asian markets and Emerging Markets in general.

DAX
(average p.a.)
8,000 6,586 6,190 6,843 8,200

Euribor
in % (average p.a.)

GDP
(Change vs previous year in %)
4.2 1.9 3.0 1.5 0.7 -0.5 0.57 0.29 0.53 -5.1 -4.4 2010 Germany 2011 Eurozone 0,5 -0.2 2.0

1.0

1.23 0.81

1.39

2010

2011

2012

2013e

2014e

2009

2010

2011

2012 2013e 2014e

2009

2012 2013e 2014e

Source: Commerzbank Economic Research Stephan Engels | CFO | Frankfurt | 7 May 2013 25

Significant items affecting group revenues and net income


Group revenues
m

Items Memo: Rev. bef. LLP (reported) Sale of PSB OCS Liability Mgmt. Greece sov. impairment

Q1 2012 2,578 15 -158 5 0

Q2 2012 2,578 7 15 0 0

Q3 2012 2,370 0 -71 0 0

Q4 2012 2,349 0 -119 0 0

Q1 2013 2,460 0 25 0 0

Notes Booked in: CEE C&M and NCA SuK NCA

Group net income


m

Items Memo: Net result (reported) Bank Forum, DTA impair. Restructuring charges

Q1 2012 355 -83 -34

Q2 2012 270 -86 -9

Q3 2012 67 -27 0

Q4 2012 -726 -745 0

Q1 2013 -94 0

Notes

- 493

Note: All numbers for previous quarters are restated to conform to new financial disclosure as of 1 January 2013 for comparability Stephan Engels | CFO | Frankfurt | 7 May 2013 26

79% of CRE and 74% of Ship Finance portfolio within lower and medium risk cluster
Cluster Commercial Real Estate
EaD in bn
1)

Q1/13

Q4/12

Ship Finance 2)
EaD in bn

Q1/13

Q4/12

higher risk

UK Spain Hungary Others

4.4 3.6 0.3 1.0

9.2 (21%)

10.6 (23%)

Bulk Carrier (Capesize/VLOC) Container < 2,000 TEU Container 2,000 4,000 TEU Product-/Chemical Tanker

1.1 0.5 0.8 1.3

3.6 (27%)

3.7 (26%)

medium risk

Italy Portugal USA Others

2.0 1.8 1.5 2.5

7.8 (18%)

8.3 (18%)

Bulk Carrier (Handysize/-max) Bulk Carrier Panamax Container 4,000 8,000 TEU Crude Oil Tanker

1.2 0.5 1.7 1.4

4.8 (36%)

5.0 (35%)

lower risk

Germany France Poland Other

20.7 3.1 1.3 1.5

26.6 (61%)

28.2 (60%)

Container > 8,000 TEU Gas Tanker Yards Other (Cruise, Car Carrier, Offshore, Other)

1.7 0.7 <0.1 2.6

5.1 (38%)

5.5 (39%)

Risk of single exposures depend on LtVs, terms of charter/rental agreements and charterers/tenants credit worthiness
1)

Incl. HF Retail portfolio of NCA

2)

Deutsche Schiffsbank 27

Stephan Engels | CFO | Frankfurt | 7 May 2013

NCA: Diversified portfolio of mainly long term assets


EaD (incl. NPL) per 31.03.2013, in bn

GER

USA 1.5 0.5 2.0

IT 2.0 0.2 2.2

ES 3.6 1.7 5.3

UK 4.4 1.3 5.7

POR 1.8 0.3 2.0

Rest 9.7 0.8 10.4

Sum 43.7 7.3 50.9

Commercial Real Estate

Performing NPL Sum

20.7 2.5 23.2

EaD 50.9

RWA 29.4

LLP <0.1

GER FI 9.6 10.9 3.5 0.0 24.0 Container Performing NPL Sum 4.7 2.1 6.8

USA 0.4 4.5 4.2 0.0 9.1

IT 0.4 8.6 0.1 0.0 9.1

ES 3.1 2.1 0.6 0.0 5.8 Bulker 2.8 0.6 3.4

UK 1,8 2.2 3.3 0.0 7.3

POR 0.1 0.9 0.1 0.0 1.1 Rest 2.8 0.6 3.4

Rest 7.9 7.0 2.9 0.0 17.8

Sum 23.3 36.2 14.7 0.0 74.2 Sum 13.7 4.6 18.3

Public Finance (incl. PFI1))

Sovereign2) Rest NPL Sum

EaD 74.2

RWA 16.7

LLP 0.0

Deutsche Schiffsbank (incl. CR Warehouse)

Tanker 3.4 1.2 4.7

EaD 18.3

RWA 18.7

LLP 0.1

1)

Utility and infrastructure transactions (mostly UK) taken over from PRU in mid-2012; without value-impairing securities

2)

Incl. regions 28

Stephan Engels | CFO | Frankfurt | 7 May 2013

Revenues before LLP adjusted for significant items


Group
Adjusted revenues before LLP
m
2,716 2,556 2,441 2,468 2,436

Core Bank
Adjusted revenues before LLP
m
2,701 2,294 2,428 2,300 2,264

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

NCA1
Q1 12
2)

Q2 12
2,578 7 15 0 0 2,556

Q3 12
2,370 0 -71 0 0 2,441

Q4 12
2,349 0 -119 0 0 2,468

Q1 13
2,460 0 25 0 0 2,435

Adjusted revenues before LLP


m

Rev. bef. LLP (reported) Sale of PSB OCS Liability Mgmt. Greece sov. impairment Adjusted Rev. bef. LLP

2,578 15 -158 5 0 2,716

238 13 -177
Q1 12 Q2 12 Q3 12

168

171

Q4 12

Q1 13

1)

Q1 12 and Q2 12: NCA and PRU

2) after

restatement Q1 2013 29

Stephan Engels | CFO | Frankfurt | 7 May 2013

Core Bank adjusted operating result


Group
Adjusted operating result
m
714

Core Bank
Adjusted operating result
m
1,003

740 420 279 79 444 551 526 531

Q1 12
Operating result (reported) Sale of PSB OCS Liability Mgmt. Greece sov. impairment Adjusted operating result 576 15 -158 5 0 714

Q2 12
442 7 15 0 0 420

Q3 12
208 0 -71 0 0 279

Q4 12
-40 0 -119 0 0 79

Q1 13
469 0 25 0 0 444

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

NCA1
Adjusted operating result
m

Net result (reported) Bank Forum, DTA impair. Restructuring charges Adjusted net result

355 -83 -34 472

270 -86 -9 365

67 -27 0 94

-726 -745 0 19

-94 0 493 399

-151 -453
Q1 12 Q2 12

-87 -461
Q3 12

-447
Q4 12 Q1 13

1)

Q1 12 and Q2 12: NCA and PRU 30

Stephan Engels | CFO | Frankfurt | 7 May 2013

Commerzbank Group
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 1,694 -212 1,482 864 164 -176 11 21 2,578 2,366 1,790 576 34 542 Q2 2012 1,784 -404 1,380 769 84 -23 7 -43 2,578 2,174 1,732 442 9 -86 347 Q3 2012 1,281 -430 851 852 224 30 16 -33 2,370 1,940 1,732 208 3 211 Q4 2012 1,728 -614 1,114 764 -383 250 12 -22 2,349 1,735 1,775 -40 -185 -225 Q1 2013 1,356 -267 1,089 847 317 -6 8 -62 2,460 2,193 1,724 469 493 -24 % yoy -20.0 -25.9 -26.5 -2.0 93.3 96.6 -27.3 -395.2 -4.6 -7.3 -3.7 -18.6 1,350.0 -104.4 % qoq -21.5 56.5 -2.2 10.9 182.8 -102.4 -33.3 -181.8 4.7 26.4 -2.9 1,272.5 100.0 89.3

Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)

28,253 222,941 69.4% 8.2% 7.7%

29,165 210,150 67.2% 6.1% 4.8%

29,510 206,311 73.1% 2.8% 2.9%

29,116 208,135 75.6% -0.5% -3.1%

28,674 209,796 70.1% 6.5% -0.3%

1.5 -5.9

-1.5 0.8

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Core Bank
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax profit Q1 2012 1,473 -18 1,455 834 241 10 12 -6 2,564 2,546 1,680 866 866 Q2 2012 1,598 -116 1,482 750 -24 20 6 -34 2,316 2,200 1,627 573 -86 487 Q3 2012 1,155 -47 1,108 827 294 109 16 -28 2,373 2,326 1,641 685 3 688 Q4 2012 1,520 -102 1,418 734 -312 237 14 -11 2,182 2,080 1,672 408 -185 223 Q1 2013 1,187 -92 1,095 828 360 -14 10 -82 2,289 2,197 1,641 556 493 63 % yoy -19.4 -411.1 -24.7 -0.7 49.4 -240.0 -16.7 -1,266.7 -10.7 -13.7 -2.3 -35.8 -92.7 % qoq -21.9 9.8 -22.8 12.8 215.4 -105.9 -28.6 -645.5 4.9 5.6 -1.9 36.3 100.0 -71.7

Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax profit (%)

16,323 146,894 65.5% 21.2% 21.2%

17,996 138,107 70.3% 12.7% 10.8%

19,457 141,741 69.2% 14.1% 14.1%

19,499 140,352 76.6% 8.4% 4.6%

18,616 144,660 71.7% 11.9% 1.4%

14.0 -1.5

-4.5 3.1

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Private Customers
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 471 -8 463 416 1 2 7 8 905 897 760 137 137 Q2 2012 448 -26 422 368 3 -19 800 774 745 29 29 Q3 2012 446 -45 401 409 1 -4 6 -25 833 788 752 36 36 Q4 2012 462 -16 446 353 1 -2 11 -21 804 788 763 25 25 Q1 2013 431 -35 396 427 1 5 9 -15 858 823 753 70 70 % yoy -8.5 -337.5 -14.5 2.6 150.0 28.6 -287.5 -5.2 -8.2 -0.9 -48.9 -48.9 % qoq -6.7 -118.8 -11.2 21.0 350.0 -18.2 28.6 6.7 4.4 -1.3 180.0 180.0

Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)

3,976 28,149 84.0% 13.8% 13.8%

3,880 28,767 93.1% 3.0% 3.0%

4,003 27,733 90.3% 3.6% 3.6%

3,819 29,047 94.9% 2.6% 2.6%

4,002 28,807 87.8% 7.0% 7.0%

0.7 2.3

4.8 -0.8

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Mittelstandsbank
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 542 35 577 270 -12 -1 -9 790 825 339 486 486 Q2 2012 487 -32 455 272 1 -6 -7 747 715 327 388 388 Q3 2012 468 9 477 258 -13 3 -3 713 722 329 393 393 Q4 2012 454 -42 412 261 3 38 3 5 764 722 348 374 374 Q1 2013 457 -78 379 280 1 -12 2 728 650 325 325 325 % yoy -15.7 -322.9 -34.3 3.7 108.3 -1,100.0 122.2 -7.8 -21.2 -4.1 -33.1 -33.1 % qoq 0.7 -85.7 -8.0 7.3 -66.7 -131.6 -100.0 -60.0 -4.7 -10.0 -6.6 -13.1 -13.1

Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)

5,974 53,971 42.9% 32.5% 32.5%

5,707 53,191 43.8% 27.2% 27.2%

5,766 53,516 46.1% 27.3% 27.3%

5,637 53,814 45.5% 26.5% 26.5%

5,829 55,364 44.6% 22.3% 22.3%

-2.4 2.6

3.4 2.9

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Central & Eastern Europe


in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 124 -18 106 50 34 1 11 220 202 115 87 87 Q2 2012 126 -35 91 47 23 5 9 210 175 116 59 -86 -27 Q3 2012 129 -28 101 47 15 2 8 201 173 121 52 3 55 Q4 2012 129 -24 105 44 5 1 8 187 163 121 42 -185 -143 Q1 2013 103 -6 97 47 23 12 185 179 104 75 75 % yoy -16.9 66.7 -8.5 -6.0 -32.4 -100.0 9.1 -15.9 -11.4 -9.6 -13.8 -13.8 % qoq -20.2 75.0 -7.6 6.8 360.0 -100.0 50.0 -1.1 9.8 -14.0 78.6 100.0 152.4

Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)

1,893 16,711 52.3% 18.4% 18.4%

1,885 15,971 55.2% 12.5% -5.7%

1,601 15,654 60.2% 13.0% 13.7%

1,673 15,279 64.7% 10.0% -34.2%

1,717 14,548 56.2% 17.5% 17.5%

-9.3 -12.9

2.6 -4.8

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Corporates & Markets


in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 295 -27 268 104 -2 3 6 -8 398 371 341 30 30 Q2 2012 536 -23 513 72 -226 1 3 3 389 366 320 46 46 Q3 2012 -24 17 -7 114 313 121 3 -29 498 515 323 192 192 Q4 2012 442 -19 423 87 -309 83 10 313 294 363 -69 -69 Q1 2013 196 26 222 82 307 -6 2 2 583 609 338 271 271 % yoy -33.6 196.3 -17.2 -21.2 15,450.0 -300.0 -66.7 125.0 46.5 64.2 -0.9 803.3 803.3 % qoq -55.7 236.8 -47.5 -5.7 199.4 -107.2 -80.0 86.3 107.1 -6.9 492.8 492.8

Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)

3,244 32,310 85.7% 3.7% 3.7%

3,233 26,129 82.3% 5.7% 5.7%

3,081 29,891 64.9% 24.9% 24.9%

3,285 29,776 116.0% -8.4% -8.4%

3,254 33,908 58.0% 33.3% 33.3%

0.3 4.9

-1.0 13.9

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Non-Core Assets
in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 185 -178 7 30 -215 -203 -1 26 -178 -356 98 -454 34 -488 Q2 2012 156 -301 -145 19 124 -54 1 -8 238 -63 88 -151 9 -160 Q3 2012 126 -383 -257 25 -70 -79 -5 -3 -386 91 -477 -477 Q4 2012 208 -512 -304 30 -71 13 -2 -11 167 -345 103 -448 -448 Q1 2013 169 -175 -6 19 -43 8 -2 20 171 -4 83 -87 -87 % yoy -8.6 1.7 -185.7 -36.7 80.0 103.9 -100.0 -23.1 196.1 98.9 -15.3 80.8 -100.0 82.2 % qoq -18.8 65.8 98.0 -36.7 39.4 -38.5 281.8 2.4 98.8 -19.4 80.6 80.6

Average capital employed RWA (End of Period) Cost/income ratio (%) Operating return on equity (%) Return on equity of pre-tax result (%)

10,226 66,543 n/a -17.8% -19.1%

10,118 63,069 37.0% -6.0% -6.3%

10,053 64,570 n/a -19.0% -19.0%

9,617 67,782 61.7% -18.6% -18.6%

10,058 65,135 48.5% -3.5% -3.5%

-1.6 -2.1

4.6 -3.9

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Portfolio Restructuring Unit


in m Net interest income Provisions f or loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 36 -16 20 138 17 1 192 176 12 164 164 Q2 2012 30 13 43 -16 11 -1 24 37 17 20 20 Q3 2012 Q4 2012 Q1 2013 % yoy -100.0 100.0 -100.0 -100.0 -100.0 -100.0 -100.0 -100.0 -100.0 -100.0 -100.0 % qoq -

Average capital employed RWA (End of Period)

1,704 9,504

1,052 8,975

-100.0 -100.0

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Others & Consolidation


in m Net interest income Provisions for loan losses Net interest income after provisions Net commission income Net trading income and net income on hedge accounting Net investment income Current income on companies accounted for using the equity method Other income Revenues before LLP Revenues after LLP Operating expenses Operating result Impairments of goodw ill and brand names Restructuring expenses Net measurement gain/loss on the prospective selling price of disposal groups Pre-tax result Q1 2012 41 41 -6 220 5 -1 -8 251 251 125 126 126 Q2 2012 1 1 -9 178 20 -20 170 170 119 51 51 Q3 2012 136 136 -1 -22 -10 4 21 128 128 116 12 12 Q4 2012 33 -1 32 -11 -12 117 -13 114 113 77 36 36 Q1 2013 1 1 -8 28 -1 -1 -83 -65 -64 121 -185 493 -678 % yoy -100.0 -97.6 -33.3 -87.3 -120.0 -937.5 -125.9 -125.5 -3.2 -246.8 -638.1 % qoq -100.0 200.0 -96.9 27.3 333.3 -100.9 -538.5 -157.0 -156.6 57.1 -613.9 -1,983.3

Average capital employed RWA (End of Period)

1,236 15,753

3,291 14,049

5,007 14,948

5,084 12,436

3,815 12,033

208.6 -23.6

-25.0 -3.2

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Group equity definitions


Reconciliation of equity definitions Reconciliation of equity definitions
Q1 2013
Equity definitions in m Subscribed capital Capital reserve Retained earnings Silent participations SoFFin / Allianz Currency translation reserve Consolidated P&L*) Investors Capital without non-controlling interests Non-controlling interests (IFRS)**) Investors Capital Capital deductions, goodwill and other adjustments Basel II core capital without hybrid capital Hybrid capital Basel II Tier I capital
* After deduction of distribution to silent participants ** excluding: Revaluation reserve and cash flow hedges

Equity basis for RoE


3M
Average 5,827 8,733 10,990 2,376 -105 -2 27,819 855 28,674

End of Period 5,827 8,732 10,948 2,376 -77 -147 27,659 857 28,516 -4,350 24,166 2,284 26,450

Basis for RoE on net result

Basis for operating RoE and pre-tax RoE

Stephan Engels | CFO | Frankfurt | 7 May 2013

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For more information, please contact Commerzbanks IR team:

Tanja Birkholz (Head of Investor Relations / Executive Management Board Member) P: +49 69 136 23854 M: tanja.birkholz@commerzbank.com

Jrgen Ackermann (Europe / US) P: +49 69 136 22338 M: juergen.ackermann@commerzbank.com Dirk Bartsch (Strategic IR) P: +49 69 136 22799 M: dirk.bartsch@commerzbank.com

Ute Heiserer-Jckel (Retail Investors) P: +49 69 136 41874 M: ute.heiserer-jaeckel@commerzbank.com

Simone Nuxoll (Retail Investors) P: +49 69 136 45660 M: simone.nuxoll@commerzbank.com

Michael H. Klein (UK / Non-Euro Europe / Asia / Fixed Income) P: +49 69 136 24522 M: michael.klein@commerzbank.com ir@commerzbank.com www.ir.commerzbank.com

Stephan Engels | CFO | Frankfurt | 7 May 2013

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Disclaimer

Investor Relations This release 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 managements 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 asset prices and market volatility, in particular as a result of the ongoing European debt crisis, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives to improve its business model, particularly to reduce its public finance portfolio in Private Customers, the reliability of its risk management policies, procedures and methods, risks arising as a result of regulatory change and other risks. Forwardlooking 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.

Stephan Engels | CFO | Frankfurt | 7 May 2013

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