European Financials Conference: Navigating the Sea of Change

Commerzbank

Dr. Eric StrutzChief Financial Officer

Puerto Banus - Spain June 9, 2005

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German banks suffering from sluggish German economy

Total operating revenues of German private-sector banks

43.7

50.2

36.140.1

53.4

1.0

-0.10.1

1.6

0.8

2.9

2000 2001 2002 2003 2004 2005e

Operating revenues GDP in %

- 6.0%

- 13.0%

- 17.3%+ 11.1%

in € bn Operating revenues before provisioning further down by 1.2%

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Turnaround story of CommerzbankGa

inin

g op

erat

ing

stre

ngth

Gaining financial strength

2001 2002 2003 2004 2005Q3 Q4

� Revaluation of participation portfolio� Capital increase

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

�Cost-cutting initiative II

�Sale of CAMI and Montgomery

� Asset Management: “Shrink to Grow” � Retail Banking: “Play to win”

� “Rightsizing” Securities� New operating structure

� Mittelstand: “Move to the top”

� Retail Banking: “Grow to win”� Acquisition of SchmidtBank

�Cost-cutting initiative I

�Loan-portfolio check

� Accelerated disposals of non-core assets� Increasing reserves in key balance-sheet items

� Clear, direct reporting lines � New management impetus

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Implemented measures show results

Financial strength

1,5051,603

1,240

189

-769

1,430

5.7 6.0 7.3 7.3 7.5 7.2

2000 2001 2002 2003 2004 Q1 2005

Revaluation reserves Tier 1 ratio in %

in € m

Operating strength

1,043

559192

441

2,350*

4,4614,511

5,155

5,8855,475

2000 2001 2002 2003 2004

Operating profit Operating expenses

in € m

* Including €1,216m one-off from comdirect´s IPO

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Turnaround taking hold in 3 out of 4 core activitiesOperating profit in € m

-147

3

256

-2962001 2002 2003 2004

Securities

384

258

-243

53

2001 2002 2003 2004

Retail banking

137

90

44

13

2001 2002 2003 2004

Asset management

605

355

832

453

2001 2002 2003 2004

Corporate customers and institutions

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#5 German Asset Manager

Quality leader in UK and France

Commerzbank with a clear strategic profile

Private & Business

Customers

#3 German Retail Bank� 5m customers

� #1 in Online Banking

� #2 in Private Banking

Asset Management

Mittelstands-bank

#2 Mittelstandsbank� 16% market share inGermany´s global trade

� > 40% (S)MEs run an account with CB

Top 10 player in CEE

International Corporate Banking

#2 German Financial Institution Group� Partner for 6,000 financial institutions

Successful niche strategy in USA

Corporates & Markets

#3 Distributor of structured products (in Germany and France)

#2 MLM in LBO Finance in Germany

PCAM CIB

Commerzbank

1111 operating RoE Source: Q1 2005 figures

RoE1: 14.7%

CIR: 78.5%

RoE: 27.8%

CIR: 72.0%

RoE: 9.2%

CIR: 56.1%

RoE: 9.9%

CIR: 55.4%

RoE: 21.6%

CIR: 68.0%

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Commerzbank’s main achievements

� Successful transformation � Focused strategy� Considerable reduction of risk exposure

� Top 2 Mittelstandsbank in Germany� Top 3 Retail bank in Germany � Top 10 in Central/Eastern Europe

1. Strong capital base

2. Operating strength

3. Leading market positions

� Well-capitalized balance sheet� Strong Tier 1 ratio� Significant increase in revaluation and other

reserves

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Commerzbank’s core objectives

4. Quality leader in products supplied to distribution platform

1. Becoming the best German retail bank

2. Developing into the best bank for Germany´s Mittelstand

3. Building on Top 10 position in CEE

5. Tight cost/productivity management

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Commerzbank uses selective acquisitions to sharpen its profile

String-of-pearls acquisitions

SchmidtBank� 350,000 retail customers� 70 branches� 2,000 corporate customers

BRE Bank� 1m retail customers� 52 branches and well established

internet banking platform (retail)� 23 branches (corporate) � 20% of top 500 corporates run

an account with BRE

Strategic fit

growth

synergies

� 9% more clients in relation to cost increase of 3% � Expanding position in

Northern Bavaria and Saxony

� Excellent access to region with high growth potential � High-quality client base � Building on Top 10 position in CEE

growth

synergies

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Germany still in early stage of national consolidation

time

1. 1. 1. 1. Stand-alone restructuring

process

2.2.2.2. String-of-pearls

acquisition strategy

3.3.3.3. 3-5 National champions in each country

4.4.4.4. 3-5 European champions on a joint distribution

platform

5. 5. 5. 5. 3-5 Global players

global

Germany Commerzbank US ScandinaviaFrance UK

For more information, please contact:Commerzbank Investor Relations

Tel. +49 (69) 136 22 33 8

ir@commerzbank.com

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/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 orguarantees 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./ Copies of this document are available upon request or can be downloaded from www.commerzbank.com/aktionaere/index.html.