Building a client centric Investment Bank

Building a client centric Investment Bank Corporates & Markets Investors Day 200

All business lines contributed to nine months performance Revenues after LLP (M 200) (in bn) Equity Markets & 0. Commodities Fixed Income & Currencies 0. Quarterly trend Strong revenue generator, supported by improved stock market Strong revenue generation, esp. in H1, strong performance with German and EU client base Corporate Finance Credit Portfolio Management & CRM 0. 0. Others -0.1 Total Revenues w/o wind down Wind down -0. Revenues M 200 1. 2.0 n/a n/a n/a Excellent start for combined Corporate Finance CPM part of FIC, CRM will be managed as a cost center Others currently not mapped to businesses Repositioning on track, 2.bn revenues before LLP ( 20m) targeted for 2012 200 affected by wind down of portfolios Total revenues as stated (M 200) 1

Wind down portfolios affected results PRU is set up as a center of competence for winding down structured credit portfolios. For asset classes which are not structured credits, the wind down takes place outside PRU in defined C&M books Asset Class Description M 200 Outlook Equity Markets & Commodities (EMC) Reduction of market risk esp. in dividend, implied volatility and correlation exposure Harmonisation of valuation models - 11m Wind down nearly finalized in 200 Fixed Income & Currencies (FIC) Reduction of outright volatility positions and interest rate exposure Exit of non-core products - 10m Vast majority will be completed in 200 LBO/ Infrastructure/ HYDD Wind down of illiquid infrastructure and LBO assets High Yield Distressed Debt - 22m Due to maturity of the assets and the absence of liquid markets, wind down will last until 2012 Σ - 0m 2

Stabilisation of revenues and exploitation of cost synergies are key Operating revenues Before LLP, in bn Focus on stability of revenue streams (customer driven revenues) 2. 200-0. * 1. M 0 2. 2012e EMC leverages CB product platform with much bigger client base FIC combines the traditional strength of both banks In Corporate Finance we benefit from the stronger position of the bank in Germany, increased client base and a wider product range Operating expenses in bn 2. Direct expenses Indirect expenses 1.0 1. 1. 0. 0. 1. 0. 0. Direct costs in front office were already significantly reduced in 200, (almost) full run rate will be achieved in 2010 Synergies in indirect expenses will become effective in 2011/2012 200 M 0 2012e * Wind down excl. LLP

C&M business model based on core pillars Equity Markets Commodities (EMC) Top European Equity Derivatives provider/#1 German Equity house Corporates & Markets Fixed Income & Currencies (FIC) Top counterparty for risk management solutions (IR/FX) particularly in Corporate Germany Client Relationship Management (CRM)* Corporate Finance (CF) Top German Corporate Finance House A provider of the full universe of banking services for the top 100 German Corporates and leading international Insurance companies Target 2012 Revenues 2.bn LLP 0.2bn Cost 1.bn Op. profit 0.bn Capital employed.bn FTE ~1,0 Op. RoE ~20% CIR ~0% COO and Research * CRM changed to cost center without separate P&L

Efficient management of resource is key to our new business approach Balance Sheet Management Balance sheet structure already significantly strengthened through reduction of non-core assets and stronger focus on German core client base Total assets reduced by 1% (12/0 vs 0/0) market values from derivatives positions highly dependent on interest rate environment Balance sheet targets defined for sub-management level to ensure stringent monitoring of run-down portfolios Capital Run-Down Management Management team strongly committed to wind down targets Efficient capital management and reduction of non-core, capital intensive businesses, e.g. in the US and Western Europe Expected impact of regulatory changes for market risk positions not significant due to conservative risk profile of C&M s target model 00 00-2% 0 0-11% -1% 200 100 0 -% ~20-2% -22% Dec 0 Mar 0 Jun 0 Sep 0 Target 2012 0 20 0 ~0-1% ~0 -% Dec 0 Mar 0 Jun 0 Sep 0 Target 2012 Securities/Loans Reverse Repos MtM Derivatives Market Risk RWA Credit Risk RWA Operational Risk RWA Asset volume based on F/O balance sheet calculations, all figures excl. PRU All figures in bn.

C&M will strive to be a strongly client-focused investment bank low Risk (Abs. VAR) Struct. Fin. Lev. Fin. Bond FX Sec. Fin. Rates DCM Bonds IR Hybrids & Derivatives Brokerage Flow M&A Flow Commodities DCM Loans EVF* ECM Strong client-centric business model, sales credits 0% of revenues in EMC, >% in FIC Full alignment with Group priorities: highly focused on serving client-franchises of Commerzbank Group ( product and solution provider ) Strong sales culture reflected in C&M setup: sales/trader ratio ~1,:1 in target organization (compared to CB stand alone ~0,:1) medium medium EMC FIC Corporate Finance Size = Revenue Potential * EVF: Exotic and vanilla funds trading EM & Credit Franchise (Client share) high Core characteristics of business model: - stable revenue streams with limited trading volatility - relatively low dependency on regulatory changes due to low risk profile

C&M is strongly connected to the bank s clients Retail/Private Corporate Institutional Corporate Finance IPO distribution channel Advisory and Execution Service Product Range: Syndicated Loans, Bonds, ECM, M&A Advisory, Execution and Distribution Product Range: Syndicated Loans, Bonds, ECM, M&A FIC Initiative launched to better channel fixed income and FX products via German retail network Risk management (FX and Rates) Risk management (FX and Rates) Distribution Investment products EMC Investment product for retail franchise (equity and commodity derivatives) Risk management products for Corp. (equities/ commodities), to a lesser extent also investment products Investment products (equity derivatives, commodities, cash equities) Connectivity low Connectivity very high

Stronger combined: Enhanced product expertise Levers FIC Wider client base originating from the combination of Dresdner s Institutionals and Commerzbank s Corporates Better channel fixed income and FX products via retail network Specialist knowledge in risk management and currencies Operate an international footprint in FX where 2 service is provided EMC Wider retail-franchise Increased Institutional client base Substantially increased our international distribution power for equity placements Strong product knowledge of the joint EMC workforce Expanded product offering Successes Client ranked Commerzbank on a stand alone basis # and Dreba # in 200 in the Deutsche Risk Derivative Poll. Combined we were ranked in the latest Deutsche Risk Derivative Poll: #1 for risk management #1 for currencies #2 in total Full service of Dresdner Branches with Flow products achieved Top player in equity- and commodity-linked EMTNs Derivatives Innovation Award 200

Stronger combined: Wider client portfolio Levers CF Increased deal share in the German Market achieved through combined forces Strong corporate and institutional customer franchise Increased client groups and wider product range (hybrids cap.) Corporate Finance advisory and execution for MSB CRM Servicing approx. 100 MNC and int. insurance companies New sector driven CRM approach to better suit needs of capital markets driven clients Much broader investment banking expertise of new CRM Combining long standing bilateral relationships Successes #1 Bookrunner and #1 mandated lead arranger German DCM loans # 1 Bookrunner German Covered Bonds and top German Corporate Bonds Most active bank in German equity capital markets in 200 and 200 with an outstanding track record in equity and equity-linked transactions Partner of choice for important debt and equity capital market mandates Substantial increase of IB gross revenues against lower risk capital levels for our clients Recognition as strong IB partner significantly increased among clients and competitors

Stronger thanks to our integration: one brand new possibilities Building a client centric Investment Bank Combined we can bank on a wider client portfolio and enhanced product expertise Partner of choice when it comes to the development and execution of smart solutions Diverse and creative teams servicing our clients Entrepreneurial approach, agility and risk awareness 10

Dresdner Bank integration: Great progress made in C&M Topic view Degree of completion Comment Restructuring / HR Implementation Clients Target org-structure in place and running Appointment up to the th management level 0% of global restructuring achieved All 0,000 DKIB clients allocated to MSB, ZFI and C&M; New client responsibilities defined and relationship transfer ongoing Brand migration on September 1st successful Relocation Relocation ongoing, timeline differs by location: London, NY and Asia almost finalized, Frankfurt ongoing IT-Integration Position migration 0% of the overall positions will be migrated by the end of 200, the remaining 0% will be migrated before Q 2010 11

Dresdner Bank integration: Great progress made in C&M Location view Degree of completion Comment Frankfurt Selection process for th management level communicated Interim reallocation ongoing (end of Nov 0), final moves into target location H1 2010 London Restructuring almost accomplished Relocation from four locations into one, single trading floor established New York Branch migration on track for completion by November 0th Move to WFC2 will be completed by year-end Asia Selection, HR- restructuring and relocation in the region nearly finalised Other Works council negotiations concluded for most of Europe 12

Building a client centric investment bank Strong and client centric business model Highly focused on servicing enlarged client base of Commerzbank Benefitting from market consolidation Increased deal share achieved through combined forces 0% of integration plan achieved FTE reduction by now ~ 1.200 1

Roadmap 2012: Our target Measures Main P&L items Target 2012 2010 2012 vs. 200 vs. 2010 I II Stabilisation of revenues Exploitation of cost synergies Revenues Operating expenses Operating profit 0.bn III Sustainability of results LLP CIR ~0% IV Release of balance sheet usage and equity tied up Capital employed RoE* ~20% RoE* * Operating RoE 1

Appendix: Segmental reporting 1

League Tables Syndicated Loan Market in Germany: Q1 Q 200 Germany MLA Rankings Q1 Q 200 Germany Bookrunner Rankings Q1 Q 200 Pos. Mandated Lead Arranger Amount (in $ m.) No. Share (in %) Pos. Bookrunner Amount (in $ m) No. Share (in %) 1 Commerzbank Group, 0 11. 1 Commerzbank Group, 1 1. 2 LBBW,1 1. 2 Deutsche Bank,00 11 10. UniCreditGroup,221 1. RBS,01.0 Deutsche Bank, 1. Nordea Bank AB,0 1. BNP Paribas,1. Citi 2,20 1. WestLB 2,1. LBBW 2,02.0 Citi 2,. UniCredit Group 1, 2. Calyon 2,. BNP Paribas 1,2 2. 10 Credit Suisse Barclays Capital 2, 2,2.. UBS, Mitsubishi UFJ Fin., Credit Suisse, Calyon, BayLaBa, Barclays Capital, Banco Santander 1,221 1 1. 1 m 0 m,. m 0 m 1,0 m USD,00 m,000 m Syndicated Credit Facility Snydicated Credit Facility Term Loan Facility Forward Start Facility Term Loan & Rev. Credit Facility Letter of Credit Facility Term Loan Facility MLA Bookrunner MLA, Bookrunner Facility Agent MLA Bookrunner MLA, Bookrunner Facility Agent MLA Bookrunner MLA Bookrunner MLA Facility Agent August 200 July 200 June 200 June 200 May 200 February 200 January 200 1

League Tables Syndicated Loan Market in Germany: 200-200 Germany: Bookrunners according to number of deals 200 200 200 Bank Name Amount $ (m) 1 Commerzbank Group,1.0 2 2 2 Deutsche Bank,12.0 2 1 1 Dresdner Kleinwort,11. UniCredit Group,0.2 1 0 HSH Nordbank 2,2.02 WestLB 2,0. RBS,0.1 11 11 BNP Paribas 1,.21 1 1 DZ Bank 1,11.2 JPMorgan 2,.0 2 1 LBBW 1,10. Iss. 1 1 1 11 %share.0 1.22.2.11. 2..2 2. 1.2. 1.2 Germany: Bookrunners according to volume 200 200 200 Bank Name Amount $ (m) 1 1 1 Deutsche Bank,12.0 2 12 12 UniCredit Group,0.2 Commerzbank Group,1.0 RBS,0.1 11 2 Dresdner Kleinwort,11. JPMorgan 2,.0 n/a HSH Nordbank 2,2.02 1 1 WestLB 2,0. 1 BNP Paribas 1,.21 10 2 Barclays Capital 1,. Iss. 1 11 1 1 2 %share 1.22.11.0.2.2.. 2. 2. 2.2 Germany: MLA according to number of deals 200 200 200 Bank Name Amount $ (m) 1 2 Commerzbank Group,. 1 1 1 Dresdner Kleinwort,110. UniCredit Group,.1 2 Deutsche Bank,0.2 21 22 HSH Nordbank,11. RBS,2. WestLB 2,2.12 1 BNP Paribas,. 1 LBBW 2,20.0 10 1 1 DZ Bank 1,. Iss. 0 0 2 2 2 1 1 11 11 10 %share..0.1 11.20.1.1...0 2.2 Germany: MLA according to volume 200 200 200 Bank Name 1 1 Deutsche Bank 2 1 UniCredit Group RBS 1 Commerzbank Group Dresdner Kleinwort 1 BNP Paribas 2 2 HSH Nordbank 12 1 Calyon 1 1 WestLB 10 11 2 JPMorgan Amount $ (m),0.2,.1,2.,.,110.,.,11. 2,.20 2,2.12 2,0.01 Iss. 2 2 1 0 0 11 2 1 %share 11.20.1.1..0..1... Source: Dealogic Loanware, according to their ranking criteria 0/01/200 Note: Eurohypo s transactions included in Commerzbank Group statistics 1

Corporate Bond League Tables 200 German Corporate Bonds All Corporate Bonds Pos. Bookrunner Amt. m Iss. %share Pos. Bookrunner Amt. m Iss. %share 1 2 10 11 12 1 1 Deutsche Bank RBS Commerzbank Group SG CIB BNP Paribas JPMorgan UniCredit Group Calyon DZ Bank Citi HSBC LBBW Bayerische Landesbank BoA Merrill Lynch 11,21.,0.,0.,0.,2.0,1.2,1.,00.00 2,2.00 2,.00 2,.00 2,.0 2,2. 1,1. 1 2 22 1 1 1 1 1 10 12 1.2.1..0.0..2.12.2.21...1 2. 1 2 10 11 12 1 1 BNP Paribas Deutsche Bank SG Corporate & RBS Calyon JPMorgan Barclays Capital HSBC Citi UniCredit Group BoA Merrill Lynch Banco Santander SA Commerzbank Group ING 2,2.1 2,2. 2,.1 2,00.0 1,. 1,1. 1,1.2 1,10. 10,.,.0,0.1,2.,.00,2. 11 12 121 10 0 2 1 0 0 10.0 10.........0 2. 2.1 2. 2.1 1 Morgan Stanley 1,1.00 1.2 1 Credit Suisse,2. 2 2.1 1 1 1 1 20 WestLB Intesa Sanpaolo ING Barclays Capital UBS Total 1,1.0 1,12.1 0.00 00.00 2.0,1.2 11 1. 1. 1. 1.2 1.2 100.00 1 1 1 1 20 Natixis UBS BBVA Goldman Sachs Intesa Sanpaolo Total,0.1,2.,0.2,.2,2. 21,2. 1 2 2 1 1 0 2.0 1.2 1. 1.2 1.20 100.00 Source: Dealogic DCM Analytics (as of October 1, 200) 1

Corporate Bond League Tables 200 Commerzbank and Dresdner Kleinwort separated German Corporate Bonds All Corporate Bonds Pos. Bookrunner Amt. m Iss. %share Pos. Bookrunner Amt. m Iss. %share 1 2 10 11 12 1 1 Deutsche Bank UniCredit Group SG CIB RBS Goldman Sachs BNP Paribas Calyon Commerzbank Barclays Capital HSBC DZ Bank LBBW Morgan Stanley ING,0.1,.1 2,.1 2,1. 2,1.00 2,00. 2,02.1 1,20. 1,1.1 1,.00 1,. 1,2.00.00 0.00 2 1 11 1. 10..,2.02..2.2.0.1..2 2.2 2. 1 2 10 11 12 1 1 Deutsche Bank RBS BNP Paribas Barclays Capital SG CIB JPMorgan HSBC UBS Calyon BoA Merrill Lynch Natixis UniCredit Group Credit Suisse ING 1,20. 1,0.1 1,. 12,10.00 11,. 11,20.00 10,0.,.,.,.,110.00,.1,2.,0.1 1 2 2 2 2 2 22 1 1 11. 10.0..1.1..2.00..1.2 2.1 2. 2.0 1 UBS.0 1.0 1 Goldman Sachs,0.00 10 2.0 1 WestLB 1 Citi 1 Bayerische Landesbank 1 BBVA 20 BoA Merrill Lynch Total Source: Dealogic DCM Analytics 1. 2.0 00.00 2. 2.00,10. 2 2 1 1.1 1. 1. 1.1 0.0 100.00 1 1 1 1 20 21 22 2 Citi Morgan Stanley Commerzbank BBVA Banco Santander SA DZ Bank LBBW Dresdner Kleinwort Total 2,.00 2,1. 1,20. 1,. 1,1.0 1,. 1,2.0 1,12.1 1,01. 1 11 1 10 2 1.1 1.2 1.2 1.11 1.0 0. 0.1 0. 100.00 1

Awards 200 (selection) Ranked #1 by Euromoney in 200 Commerzbank was named Best Bank in Germany for the second time by the specialist magazine Euromoney. The Award for Excellence was made in particular recognition of the development of the SME Bank segment. Commerzbank previously won the award in 200. The integration of the businesses formerly known as Dresdner Kleinwort is expected to be completed by the end of 200. By taking the best of both houses we are creating an investment banking platform that is stronger in competence and more excellent in our chosen areas than before. Michael Reuther, Board Member Corporates & Markets, 200 20

DCM Loans Transactions Highlights 200 21

The leading ECM franchise for equity and equity-linked transactions League tables Germany Equity transactions Bookrunner 200 (-mth) 1 Commerzbank 2 UniCredit Group Goldman Sachs Credit Suisse RBS Volume ( m) 11 0 2 1 # 2 2 Bookrunner 200 1 Commerzbank 2 Credit Suisse Deutsche Bank Morgan Stanley DZ Bank Volume ( m), 1 # Equity-linked transactions Bookrunner 200 (-mth) Volume ( m) 1 Morgan Stanley 2,2 2 Deutsche Bank 1 Commerzbank 2 Credit Suisse 1 JPMorgan 2 # Source: Dealogic; by number of transactions; full apportionment; only bookrunner positions 22

Zertifikate Award 200 For the third consecutive year, the jury elected Commerzbank to the best German certificate issuer in 200! Commerzbank won 1st prizes in of 10 main-categories: 1. Best issuer 200 1. Discount Certificates 1. Bonus Certificates 1. Leveraged Products and also 2nd prize for: 2. Service quality and rd prizes for:. Express Certificates. Innovation of the year 2

Glossary Equity Markets Commodities (EMC) Fixed Income & Currencies (FIC) Corporate Finance (CF) Cash Equity trading and sales Commodities Sales and Trading Broad Equity Derivatives Sales, Trading and Structuring activities (Vanilla & Exotics) Stock borrowing and lending services Focused on client driven trading activities in: - various bond products - interest rates swaps and derivatives - FX spot and derivatives Issuing bonds in DCM Loan origination and underwriting in DCM loans Arranging, Underwriting and debt management M&A advisory Credit Portfolio Management (CPM) Central management of loan assets 2

For more information, please contact Commerzbank s IR team: Jürgen Ackermann (Head of Investor Relations) P: + 1 22 M: juergen.ackermann@commerzbank.com Christina Perić (Assistant) P: + 1 222 M: christina.peric@commerzbank.com ir@commerzbank.com www.ir.commerzbank.com Equity IR Michael H. Klein (Head of Equity IR) P: + 1 222 M: michael.klein@commerzbank.com Sandra Büschken P: + 1 21 M: sandra.bueschken@commerzbank.com Dr. Frank Grobe P: + 2 00 M: frank.grobe@dresdner-bank.com Ute Heiserer-Jäckel P: + 1 1 M: ute.heiserer-jaeckel@commerzbank.com Simone Nuxoll P: + 1 0 M: simone.nuxoll@commerzbank.com Stefan Philippi P: + 1 21 M: stefan.philippi@commerzbank.com Financial Reporting / Fixed Income Klaus-Dieter Schallmayer (Head of FR/FI) P: +- 2 2 M: klaus-dieter.schallmayer @dresdner-bank.com Wennemar von Bodelschwingh P: + 1 11 M: wennemar.vonbodelschwingh @commerzbank.com Michael Desprez P: + 2 M: michael.desprez@dresdner-bank.com Karsten Swoboda P: + 1 22 M: karsten.swoboda@commerzbank.com Strategic Research Dirk Bartsch (Head of Strategic Research) P: + 1 2 2 M: dirk.bartsch@commerzbank.com Markus Bär P: + 1 M: markus.baer@commerzbank.com Ulf Plesmann P: + 1 M: ulf.plesmann@commerzbank.com

Disclaimer investor relations This presentation has been prepared and issued by Commerzbank AG. This publication is intended for professional and institutional customers. Any information in this presentation is based on data obtained from sources considered to be reliable, but no representations or guarantees are made by Commerzbank Group with regard to the accuracy of the data. The opinions and estimates contained herein constitute our best judgement at this date and time, and are subject to change without notice. This presentation is for information purposes, it is not intended to be and should not be construed as an offer or solicitation to acquire, or dispose of any of the securities or issues mentioned in this presentation. Commerzbank AG and/or its subsidiaries and/or affiliates (herein described as Commerzbank Group) may use the information in this presentation prior to its publication to its customers. Commerzbank Group or its employees may also own or build positions or trade in any such securities, issues, and derivatives thereon and may also sell them whenever considered appropriate. Commerzbank Group may also provide banking or other advisory services to interested parties. Commerzbank Group accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. This publication contains forward-looking statements on Commerzbank s business and earnings performance, which are based upon our current plans, estimates, forecasts and expectations. The statements entail risks and uncertainties, as there are a variety of factors which influence our business and to a great extent lie beyond our sphere of influence. Above all, these include the economic situation, the state of the financial markets worldwide and possible loan losses. Actual results and developments may, therefore, diverge considerably from our current assumptions, which, for this reason, are valid only at the time of publication. We undertake no obligation to revise our forward-looking statements in the light of either new information or unexpected events. Copies of this document are available upon request or can be downloaded from www.commerzbank.com/aktionaere/index.htm Germany: Commerzbank AG is registered in the Commercial Register at the Amtsgericht Frankfurt (local court) under the number HRB 2000 and is subject to supervision by the Bundesanstalt für Finanzdienstleistungen (BaFin), Lurgiallee 12, 0 Frankfurt Commerzbank 200. All rights reserved. Commerzbank AG GM-C Kaiserplatz 021 Frankfurt Tel.: + 1 222 2