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THE NEW COMMERZBANK"Roadmap 2012": Focus, optimization, downsizingDeutsche Bank German & Austrian Corporate Conference 2009Martin Blessing, CEO June 24th, 2009

Our "Roadmap 2012"The challengewe faceOurresponseOurobjectiveOurstrategyMartin Blessing, CEO June 24th, 2009Severe financial and economic crisis and integration of Dresdner BankStrategic three-point program entitled "Roadmap 2012""Hausbank" for private and corporate customers in GermanyWe will focus:Create a "client-centric bank" with profitable core business areasWe will optimize:Scale down our credit business secured by mortgagesWe will downsize:Maximize value through active management of downsize-portfolios1

Key features of SoFFin IICornerstones of SoFFin IIEquity injection of 10bn, thereof 1.8 bn as shares 8.2 bn as silent participation (conditions following SoFFin I) Condition for silent participation:German Government has to hold 25% one share in new CommerzbankCommitmentsSale of Eurohypo AG within about 5 yearsSale of other subsidiaries:Bankhaus Reuschel & Co. KG, Privatinvest Bank AG, Kleinwort Benson Private Bank Ltd., Dresdner Van Moer CourtensS.A., Dresdner VPV N.V., Allianz Dresdner Bauspar AGReduction of group balance sheet total from currently 1,045 bn to approx. 900 bn by 2012 and following sale ofEurohypo to approx. 600 bnAcquisition ban until end of April 2012(Non-) price leadership commitmentCommerzbank's capitalization with a Tier 1 ratio of 10.2%* in upper third of peer group*** As of end-March; following Financial Market Stabilization Fund (SoFFin) II and silent participation of Allianz** SEB, KBC, SG, BNP, Deutsche Bank, Postbank, SCH, BBVA, Lloyds, Erste, Intesa, UnicreditMartin Blessing, CEO June 24th, 20092

Overview of our new strategyFOCUSCreation of a "client-centric bank" with profitable core business areas(Private Customers, Mittelstandsbank and CEE)Ability to generate stable earnings by focussing on core businessQuick integration of Dresdner Bank and cost leadershipSubstantial downsizing of investment banking and enhanced client-orientationConcentrate on client-oriented servicesProvide German-focused investment banking products and services with European footprintOPTIMIZATIONRedimensioning our asset-based credit business(Real Estate and Public Finance)Realign market leader EurohypoRetain healthy core business of CREContinue pursuit of downsizing strategy in public financeDOWNSIZINGValue maximization by active management of downsize-portfoliosRing-fence structured credit products, exotic credit and "credit flow" (proprietary credit trading)Actively manage portfolios in the Portfolio Restructuring Unit (PRU)Martin Blessing, CEO June 24th, 20093

Our new structureFOCUSOPTIMIZATIONDOWNSIZINGThe new tes &MarketsCEEOther andconsolidationReal Estate andPublic Finance› Structuredcreditproducts**› Exotic credit› "Credit Flow"(proprietarycredit trading)2008Op. profitin mTotal1,124810-1,591323709-909-5,910-5,444Pre tax RoE*in %2129-381936-10-255-20RWAin bn733458212110030337CIRin %438210252N/A95-1126* Indicative derivation on the basis of a model for future capital management; calculation of group RoE on the basis of the sum of segment capital (not on the basis of shareholders' capital)** Composition of PRU as of 31.12.2008Martin Blessing, CEO June 24th, 20094

Mittelstandsbank:Focus on German CustomersInitial situation in 2008Goal for 2012Strong year in 2008 with results of around 1,124 mCombined bank with largest SME portfolio in Germany and marketshares, depending on customer segment of 6 - 20%Financial institutions: holistic support for banks worldwide,specialist for challenging markets due to dense network ofrepresentationsImprovement of risk/return profile among mid-sized SMEsExpansion of cross-border business (in- and outbound) –withdrawal from local foreign businessFinancial institutions: leading provider for cash and tradeservices in Germany and one of the top 3 providers in EuropeGoal for 2012Pro-forma figures 2008Operating profit (in m)Further expansion of customer franchise, especially in businesswith smaller corporate clients1,124Operating profit (in m)Pre tax RoE* (in %)21Pre tax RoE* (in %)RWA (in bn)73RWA (in bn)CIR (in %)43CIR (in %) 1,500* Indicative derivation on the basis of a model for future capital management; calculation of group RoE on the basis of the sum of segment capital (not on the basis of shareholders' capital)Martin Blessing, CEO June 24th, 20095

Mittelstandsbank:First choice for small and mid-sized SMEsMarket share(gross income)SMEsMid-sized SMEsLarge corporate clients(Turnover of 2.5-12.5m)(Turnover of 12.5-250m)(Turnover of 250m)CoBa (old)CoBa (new)CoBa (old)CoBa (new)CoBa (old) 4% 6% 11% 18-20% 7%CustomerrelationshipsCoBa (new) dDreBaoldDoubleclientsCoBanewExpansion of customer relationships to increase the marketshare in this diversified segmentMartin Blessing, CEO June 24th, 2009CoBaoldDreBaoldDoubleclientsCoBanewSelective expansion of customerrelationships and increase in shareof walletCoBaoldDreBaoldDouble CoBaclients newAlready very high customerpenetration; increase in shareof wallet6

Private Customers:Market leader in GermanyInitial situation in 2008Goal for 2012In 2008 combined profit of over 800mOne bank with one brand for branch bank, combinedcustomer base and product offeringTwo brands for branch bankNo. 1 retail bank in Germany with closest customerproximitySeparated customer bases of combined more than 11mcustomersTwo separated branch networks with more than 1.500 locationsDifferent product offerings, systems and processesNo. 1 wealth manager in Germany with growing businessespecially with entrepreneursNo. 2 in direct banking with strengthened position byexpanded range of servicesTop 3 in retail credit with lean production factoryImproved cost efficiency due to platform synergiesGoal for 2012Pro-forma figures 2008Operating profit (in m)810Operating profit (in m)Pre tax RoE* (in %)29Pre tax RoE* (in %)RWA (in bn)34RWA (in bn)CIR (in %)82CIR (in %) 30 * Indicative derivation on the basis of a model for future capital management; calculation of group RoE on the basis of the sum of segment capital (not on the basis of shareholders' capital)Martin Blessing, CEO June 24th, 20097

Private Customers:Quantum step in market presenceMore than 11 m private customers in GermanyBranch network: Close to our customersCustomers (in m)Number of branches14.1Postbank 11 New CommerzbankDeutsche Bank* 10ING DibaHVBNew CommerzbankDeutsche BankPostbank8554.3HVB846Top 3 position in credit businessCustomer assets (in bn)Credit volumes (in bn)New Commerzbank230Deutsche Bank214HVB**ING Diba979175Source: Annual Report.2008* German customer base, total global customer base: 14,6m ** EstimateMartin Blessing, CEO June 24th, 20099866.7Market leader in investment businessPostbank Retail1,540Target: 1,200 branchesDeutsche Bank91Postbank77New Commerzbank***66ING Diba45HVB44*** Excluding retail portfolio Eurohypo8

Deposits grew by more than 26 billion euros y-o-yDeposit volume 1)in bnNumber of retail clientsin 000 3.1133.29110.62010.80511.02811.20911.292Mar 08Jun 08Sep 08Dez 08Mar 09Clients in PC (without Allianz Banking clients)Clients in CEEMartin Blessing, CEO June 24th, 2009 14.3%1)182185Mar 08Jun 08195Sep 08206208Dez 08Mar 09Only retail and corporate customers9

Corporates & Markets:Client business and risk reductionInitial situation in 2008Goal for 2012Combination of very different units of customer-orientedCommerzbank and product-oriented DKIBProvide German-focused investment banking products andservices with European footprintGlobal presence through multiple trading hubsClient-centric business model for core clients of the bank(no "bank in the bank")Efficient capital management and reduction of non-corecapital intense businessesStrong sales culture with cautious approach to risk takingBuilding on CBC&M chassis enhanced with selected DKIBelementsTwo trading-hubs strategy in Frankfurt and LondonGoal for 2012Pro-forma figures 2008Operating profit (in m)Pre tax RoE* (in %)RWA (in bn)CIR (in %)-1,591-3858102Operating profit (in m)Pre tax RoE* (in %) 20RWA (in bn)CIR (in %)* Indicative derivation on the basis of a model for future capital management; calculation of group RoE on the basis of the sum of segment capital (not on the basis of shareholders' capital)Martin Blessing, CEO June 24th, 200910

The new CBC&M is a client-focused investment banking housewith 1.7x revenues of C&M oldC&M oldCBC&M newMultiplesCBC&M target business modelProvide German-focused investmentbanking products and services withEuropean footprintClient-centric business modelfor core customers of the bank(no "bank in the bank")Goal 2012in bnExcl. PRUREVENUEx1.72.2SoP*PBTx2.0Efficient capital management andreduction of non-core, capitalintense businesses, e.g., US, WEStrong sales culture with cautiousapproach to risk takingBuilding on CoBa C&M chassisenhanced with selected DKIB elementsTwo trading-hubs strategy in Frankfurtand London* Normalized sum of Parts C&M old and DKIBMartin Blessing, CEO June 24th, 20090.9REG. CAPITALx1.43.0FTESoP*x1.4-1.5 1,500-1,700SoP*11

CEE:Portfolio optimizationInitial situation in 2008Goal for 2012Record result in 2008 with 10% increase vs. 2007;significant decline in profits in Q4 2008 due to financialmarket crisisExpectation: CEE will exhibit far stronger growth thanWestern Europe and US once the global recession hascome to an endSubstantial increase in loan loss provisions; risk-reductionmeasures taken at early stage show first results2009/2010: substantial risk reduction, focused cost-cutting,optimization funding – focus on profitable core business andefficiency gainsLaunch of efficiency programsGoal for 2012Pro-forma figures 2008Operating profit (in m)323Operating profit (in m) 350Pre tax RoE* (in %)19Pre tax RoE* (in %) RWA (in bn)21RWA (in bn) CIR (in %)52CIR (in %)* Indicative derivation on the basis of a model for future capital management; calculation of group RoE on the basis of the sum of segment capital (not on the basis of shareholders' capital)Martin Blessing, CEO June 24th, 200912

Real Estate and Public Finance:Value recovery and reduction of RWAInitial situation in 2008EUROHYPO (CRE)Broad coverage of more than 30 marketsacross the worldGrowth strategyHighly decentralized organization in GermanyNegative operating profit due to higher loanloss provisions and sub-prime write-downsGoal for 2012Downsizing of portfolio to 60 bn by 2012Reduction from more than 30 markets today to10 marketsTarget clients in Germany are professional realestate investors and developers from 15 mfinancing volume upwardsStrong redimensioning and increase inprofitability/efficiencyPUBLIC FINANCEGeneration of stable and predictablecontributions to earnings/high RoEs notpossibleMajor impact of Lehman insolvency andIcelandic banks on portfolioSHIPPINGHolistic offering of financial servicesDownsizing of portfolio to maximum 100 bn by2010; decrease of new businessFunding ensured by ability of using assets ascover fund; refinancing at matching maturitiesReduction in new businessFocus on Germany and GreeceMartin Blessing, CEO June 24th, 200913

Real Estate and Public Finance:Substantial downsizing of portfolio and significant "de-risking"RWAin bn100Public Finance*-25%12747Real Estate**7150Shipping171720082012e* Eurohypo (Public Finance) and other Public Finance** Eurohypo (CRE/ Retail) and other CRE (excluding shipping)Martin Blessing, CEO June 24th, 200914

Portfolio earmarked for downsizing:Active management of 38* bnGoalPortfolio earmarked for downsizingComprehensive spin-off of allABS-related and structured credit portfoliosStructured credit(ABS, MBS, CDOs, Conduits)Additionally all credit run-down portfoliosfrom C&M (focus on core activities)Structured, exotic credit derivatives(Bonds, loans trading, indices, other)Systematic reduction of assets to easepressure on P&L, separated from coreoperating business"Credit Flow": loan tradingNo spin-off of individual assets from corebusinessNot includedSLABS (Government wrapped student loans)Leveraged Acquisition FinancingClient driven ConduitsOther positionsCurrent total marketvalue of 38* bn* Composition of PRU as of Q1 2009Martin Blessing, CEO June 24th, 200915

"Roadmap 2012" and objectives for the new CommerzbankFOCUSOPTIMIZATIONDOWNSIZINGThe new tes &MarketsCEEOther andconsolidationReal Estate andPublic Finance› Structuredcredit products› Exotic credit› "Credit Flow"(proprietarycredit trading)2012eOp. profitin mTotal 1,500Pre tax RoE*in %After tax RoEin % 350 30-RWAin bnCIRin %- 20 -- 4,000-- 12 290 60* Indicative derivation on the basis of a model for future capital management; calculation of group RoE on the basis of the sum of segment capital (not on the basis of shareholders' capital)Martin Blessing, CEO June 24th, 200916

Our targets (1/3)Targets for 2009 achieved to dateTargets for 2009 to 2011Longer-term targetsCompletion of Dresdner Bank acquisition Reconciliation of interests and social compensation plan for headquartersin Frankfurt Recapitalization of the new Commerzbank (SoFFin) New strategic orientation: "Roadmap 2012" Integration process on time Martin Blessing, CEO June 24th, 200917

Our targets (2/3)Targets for 2009 achieved to dateTargets for 2009 to 2011Longer-term targetsReduction in operating expenses significantly under 8 bnEnd-2010Brand integration completed (Dreba and CoBa)End-2010Return to profitability (break-even before SoFFin)2011 at the latestPlanned reduction of silent participations subject tofavorable market conditions2011Martin Blessing, CEO June 24th, 200918

Our targets (3/3)Targets for 2009 achieved to dateTargets for 2009 to 2011Longer-term targets 4 bn in sustainable operating profit2012RoE target after tax 12%2012Reduction of RWAs to 290 bn (before sale of Eurohypo)2012Martin Blessing, CEO June 24th, 200919

DisclaimerDepartmentThis presentation has been prepared and issued by Commerzbank AG. This publication is intended forprofessional and institutional customersAny information in this presentation is based on data obtained from sources considered to be reliable, butno 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 aresubject to change without notice. This presentation is for information purposes, it is not intended to be andshould not be construed as an offer or solicitation to acquire, or dispose of any of the securities or issuesmentioned in this presentationCommerzbank AG and/or its subsidiaries and/or affiliates (herein described as Commerzbank Group) mayuse the information in this presentation prior to its publication to its customers. Commerzbank Group or itsemployees may also own or build positions or trade in any such securities, issues, and derivatives thereonand may also sell them whenever considered appropriate. Commerzbank Group may also provide bankingor other advisory services to interested partiesCommerzbank Group accepts no responsibility or liability whatsoever for any expense, loss or damagesarising out of, or in any way connected with, the use of all or any part of this presentation.Copies of this document are available upon request or can be downloaded n Blessing, CEO June 24th, 200920

For more information, please contact Commerzbank s IR team:Jürgen Ackermann (Head of IR)P: 49 69 136 22338M: [email protected] von BodelschwinghP: 49 69 136 43611M: [email protected] PhilippiP: 49 69 136 45231M: [email protected] BartschP: 49 69 136 22799M: dirk.bartsch[email protected] Heiserer-JäckelP: 49 69 136 41874M: [email protected] SwobodaP: 49 69 136 22339M: [email protected] KleinP: 49 69 136 24522M: [email protected] NuxollP: 49 69 136 45660M: mMartin Blessing, CEO June 24th, 200921

HVB Postbank Deutsche Bank New Commerzbank Target: 1,200 branches HVB** Postbank Retail Deutsche Bank New Commerzbank ING Diba HVB Postbank ING Diba New Commerzbank Deutsche Bank* HVB Postbank Deutsche Bank New Commerzbank*** ING Diba 14.1 11 10 6.7 4.3 986 855 846 9