Investors Day The current retail-banking strategy of Commerzbank for a changed environment

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1 Investors Day 2003 The current retail-banking strategy of Commerzbank for a changed environment Martin Blessing Member of the Board of Managing Directors Glashütten/Taunus, September 10, 2003

2 Turnaround achieved and strategy formulated growth is possible 1 Turnaround achieved in Retail Banking and business line is on course to attain targeted return Commerzbank with clear strategy for successful retail-banking operations Growth is possible Commerzbank can grow from internal resources

3 Turnaround in Retail Banking and business line is on course to attain targeted return ROE* Retail Banking segment in % 2 Already achieved/extrapolation Medium-term planning Targeted return 17.3% > 7% > 11% ~1/3 of planned improvement in results -14.9% 3.2% e 2004e 2005e ~ 600m ~2/3 of improvement achieved after two years * before taxes

4 Operating profit (pre-tax) e >150 1, ,064 Costs investors day september 10, 2003 Turnaround achieved through significant cost reductions and by holding earnings stable in difficult market environment Earnings (after risk) 2003 result in m 400m * between January 2002 and July ,840 1,841 1,787 1,691 3 Stable earnings despite: Halving of DAX* Key interest rates cut 2.5% since 2001 Branch closures (>200) Cost reductions: Branch capacity adjusted Indirect costs and cost-cutting offensive at head office

5 Costs in 2003 likely to match their 1999 level Development , in m 4 Income after provisioning Operating expenses 2,000 1, * (e) * adjusted for placing of comdirect bank shares

6 Quarterly figures for show clear, positive trend in m Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net interest income Provision for possible loan losses Net interest income after provisioning Net commission income and other income items Income Operating expenses Operating profit

7 Volume trend in Commerzbank s Retail and Private Banking in m Individual items Loans (average, m) - Home loans (fixed and floating) - Loans (floating interest rate) - Loans (fixed interest rate) - Consumer loans -Other Deposits (average, m) 12/00 36,222 23,605 2,946 8,075 1, ,607 12/01 37,386 24,185 2,897 8,655 1, ,049 12/02 37,591 24,114 2,544 9, ,377 6/03 37,048 23,604 2,035 9, ,153 6 Change 12/00-6/03: >10% >2% <2% <-2% <-10% - Sight 6,380 6,505 6,937 6,871 -Time 4,508 5,010 4,574 3,745 -Savings 9,555 9,822 10,365 11,169 - Savings certificates 1, Portfolio volume (on reporting date) 50,397 44,887 36,790 39,060 -Equities(DAX*) - Bonds - Investment funds (incl. COBAS) - Other (incl. structured products) 18,886 (6,400) 13,891 (5,200) 7,921 (2,900) 8,801 (3,220) 10,324 9,291 20,112 20,528 1,075 1,177 8,991 8,573 18,767 20,396 1,111 1,290 * Index level at end of period

8 Margin trend in Commerzbank s Retail and Private Banking 7 Annual averages in % Individual items Loans 12/00 12/01 12/02 6/03 Change 12/00-6/03: - Home loans (floating) >10% - Home loans (fixed) >2% - Loans (floating interest) - Loans (fixed interest) - Consumer loans <2% <-2% <-10% Deposits - Sight Time Savings

9 Turnaround achieved and strategy formulated growth is possible 8 Turnaround achieved in Retail Banking and business line is on course to attain targeted return Commerzbank with clear strategy for successful retail banking operations Growth is possible Commerzbank can grow from internal resources

10 Commerzbank well-positioned in important target segments Market shares, by customer group in % 9 Segments Positioning Retail customers Affluent customers ~2.9% ~6% Retail customers important for maintaining economies of scale Private-banking customers Business customers ~5% ~4-5% Above-average market shares in more profitable target segments Average ~3.5%

11 Strategy based on four key pillars of business model 10 Innovation Innovative highyielding full range Optimal use of all channels with maximal accessibility Products and services Sales channels Positioning Staff qualifications Process management Further qualification of staff to make them into managers and sales experts Optimized procedures and target costing Excellence

12 Customer-oriented intelligent mix of products and services designed to achieve high returns 11 Products and services Credit Securities Payments/Deposits Bancassurance Home loans on best market conditions Strengthening of short-term consumer loan business Consumer loans online Free choice of funds (open architecture) Continual product innovations, e.g. guaranteed funds, hedge funds, Best Start certificate New price models for accounts, cards and custody Interest bonus (+75,000 new customers since mid-july) Spar-Card with more cash dispenser functions Broader range of CommerzPartner services Insurance products combined with attractive credit offers

13 Sustained investment in balanced staff qualifications Existing and future qualifications 12 Sales qualifications Three-month intensive training per branch 75 new sales trainers to ensure sustained impact Specialist qualifications Improved specialist training Introduction of courses for specific areas and functions Present level Target level for qualifications Staff qualifications Management qualifications New weekly management instruments: -Sales management tool -Management discussion -Sales strategy discussion -Activity planning

14 Optimized process management for creating sales capacity and sales focus and also to improve quality 13 Organization Sales Central call-centre for sales support Commerzbank s customer call centre and Commerz- Partner combined Central EB* hotline Back office Credit processing centralized Process management Structuring of processes Goals&wishes form Uniform advisory processes Reduced flood of information 150 new processes Electronic lending transactions Processes shifted to back office * Electronic Banking

15 Innovative management of channels to secure market shares geared to growth Commerzbank s primary sales channels Customer Personal advice Branch Advisory centres Advisory units New 14 Sales channels Personal advice and comprehensive range of products and services Serving affluent, private-banking and business customers Focus on advice and great flexibility Lower administrative expenses 24-hour self-service Nationwide presence Accessibility CSG Internet branch Call-centre and telephone banking Banking services via internet Leading direct bank offering full banking services

16 New type of branch mainly for providing advice currently being tested in seven pilot branches + Flexible advisory units, maximum of three staff + Hardly any administrative work or cash transactions; focus on advice 15 Sales channels + Greater use of 24-hour selfservice technology (incl. free internet access and cash deposit machines) + New type of branch ensures nationwide presence If customers respond positively, roll-out planned nationwide in selected branches

17 Even after turnaround, important areas remain to be tackled 16 Structure of compensation Incentives Focus on selling Focus on customers Factors behind success of competitors Performance-based compensation Business steered by incentives Sales the main task Focus on acquiring new customers Status quo at Commerzbank Rigid compensation model for collectively negotiated salaries Incentives are the exception Sales staff have too many administrative tasks Focus on existing customers

18 Turnaround achieved and strategy formulated growth is possible 17 Turnaround achieved in Retail Banking and business line is on course to attain targeted return Commerzbank with clear strategy for successful retail banking operations Growth is possible Commerzbank can grow from internal resources

19 It is not size that is decisive result Customers (in 000s) Branches (total number) investors day september 10, 2003 Result (in m) 18 OUTSIDE-IN 3, ,800 4,300 2, ,000 1, ,

20 ...but rather permanent improvement of the business model Tapping growth potential New positioning for business customers Full exploitation of bancassurance Optimization of direct sales Development of new sales channels Nationwide presence improved by advisory units Products and services Sales channels 17% + X RoE 19 Achieving operative excellence Staff qualifications Process management Greater specialization of staff Implementation of performance standards Providing incentives for success Process excellence Sales excellence Outsourcing

21 20

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