Commerzbank – Well positioned for future growthDeutsche Bank German Corporate Conference

Klaus-Peter Müller, Chief Executive Officer

Frankfurt, June 21, 2007

1June 21th, 2007

Excellent start in 2007

1 before LLP; 3 annualized

• High profit level in the underlying business

• Operating profit without disposal gains significantly up

• Considerable rise in commission income

• Stable cost level despite significant investment programs

• Continued profit growth at Mittelstand and CRE; strong quarter for PBC and C&M

Q1`07 vs. Q1`06

-5.4%Operating profit, in € m 908

Revenues1, in € m +5.2%2,428

Net RoE, in %3

CIR, in %

-6.7ppts

+4.5ppts

19.6

56.0

+54.7%831

+24.7%2,351

+5.8ppts

-5.2ppts

17.1

57.9

Clean2 Q1`07 vs. Q1`06

2 Clean: without net result on participations

2June 21th, 2007

Agenda

1. Commerzbank’s achievements

2. Current positioning / strategy

3. Growth potential

3June 21th, 2007

Significant increase in operating profit in the last yearsOperating profit1)

in € m

Profit due to sale of participationsOperating profit adjusted for disposal of participations 1) Based on pro-forma integration of Eurohypo

2) Disposal of participations not considered

192559

906

1,784

2,134

20022) 20032) 2004 2005 2006

1,011

2,050

2,715

4June 21th, 2007

Operating revenues and expensesin € m

Strong cost discipline and management of revenue-related expenses

Total revenues after LLP Cost income ratio, in %

5,1554,511 4,493 4,662

5,204

5,340 5,5045,070

6,419

7,832

2002 2003 2004 2005 2006

Operating expenses

81.1

70.9

59.767.2

73.3

Q1 `0756.0

5June 21th, 2007

Breakdown of main income itemsQ1 2007

Net interest income• Stable lending margins• Higher deposit margins• Improved loan quality

Commission income• Continued focus on commission

generating business• Active credit portfolio management

Trading profit• Sustainable trading profit – driven by

client business• Low risk and low volatility

Stable, high quality earnings

14%

47%39%

Net interest income 1,045

Commission income 847

Trading profit 301

Q1 2007

1,060

772

320

Q1 2006

6June 21th, 2007

Comfortable capital level

Risk-weighted assets vs. Tier I capital ratio and own funds ratioin € bn

1) since Q1 2006 including Eurohypo

143 147 150

232 228 235231

141

231

7.1 6.9 6.68.0

6.4 6.4 6.5 6.7 6.9

12.3 12.1 11.4 12.510.6 10.3 11.0 11.1 11.0

31.3. 30.6. 30.9. 31.12. 31.3. 30.6. 30.9. 31.12. 31.3.

Risk-weighted assets Tier I ratio (%), incl. market risk positionOwn funds ratio (%), incl. market risk position

2005 2006 20071)

7June 21th, 2007

Focus on core competencies

Selective acquisitions3.• Strengthening retail platform via SchmidtBank• Complement of business mix via Eurohypo

Disposals1.

• Significant reduction of participation portfolio (e.g. sale of international asset management business)

• Sale of non-strategic participations, e.g. KEB, Heidelberger Druck, Banca Intesa, MAN

Additional shareholder value

Strengthening core divisions2.

• Restored profitability in retail business• Major turnaround in corporate bank• De-risked and profitable Investment Banking

Efficiency4.• Optimized credit & back office processes• Streamlined cost structure across the group

Achievments

8June 21th, 2007

Agenda

1. Commerzbank’s achievements

2. Current positioning / strategy

3. Growth potential

9June 21th, 2007

Well diversified business mix

Private & Business Customers Mittelstand Corporates &

Markets Commercial Real Estate

Public Finance & Treasury

Equity allocation within Group as of 03/20071)

19% 40%

38%

1) Remaining 3% equity allocation in segment Others & Consolidation

Three strong pillars with balanced equity allocation and high profit contribution

Commerzbank Group

Best Retail Bank in Germany

The best nationwide Bank for SME Customers

(Mittelstand)

Europe´s leadingspecialist for Real Estate and Public

Finance

10June 21th, 2007

Positioning

CREPT

CIB

PBC

• No 3 German Retail bank with more than 6 m customers:High market share among affluent clients

• No 1 in Online Brokerage• No 2 home finance provider• Among top 3 in Private Banking

Core segments: Well positioned in defined segments

• Approx. 40% of German “(S)ME“-clients and 80% of large customers with CB account. No 1 Mittelstandsbank in Germany

• Top 10 player in CEE (BRE one of the leading banks in Poland andNo 1 Internet bank)

• C&M: sustainable earnings stream thanks to customer-related business

• No 1 producer of structured retail products at the world’s biggest retail exchange EUWAX

• Leading in Commercial Real Estate in Europe• Leading Public Finance institution in Germany and Luxembourg• Leading Pfandbrief issuer in the European market

11June 21th, 2007

Integrated business model with mutual synergy effects

Integrated platform across divisions and subsidiaries

• Joint customer approach of PBC and Mittelstand

• C&M provides structured products and services to our Retail and SME customers

• Integrated value chain with real estate financing and real estate asset management products

• Refinancing advantage through joint capital market approach (CBK able to use EHY AAA-rated Pfandbrief platform)

• Joint Group treasury operations, risk management and financial controlling

• EHY benefits from customer access domestically and internationally

PFT

Mittel-stand

C&M

PBC

CRE

12June 21th, 2007

Core region: strong foothold in Germany and focused international business

30

Focus Germany

Focused international business• Accompanying German corporates in their international business• Strong presence in main international real estate markets• Seizing growth opportunities in selected regions, i.e. CEE

70

Claims on customersin %

Germany

Abroad

Year end 2006 Commerzbank Group

30

76

Employeesin % 24

32

68

Revenues after provisioningin %

13June 21th, 2007

Agenda

1. Commerzbank’s achievements

2. Current positioning / strategy

3. Growth potential

14June 21th, 2007

Anorganic growth

Ongoing organicgrowth and profitabilityincrease

Current

Balanced approach of profitability and growth

Lever 1

Lever 2

Growth

Profi-tability

• Ongoing efficiency enhancement in all divisions - strict cost management

• Optimizing capital structure via active capital management

• Following active portfolio management

• Significant investment programs to enhance organic growth in our core divisions

• Expanding in regions and products with competitive strengths

• High exposure to strong German economy leads to …

… increased growth momentum … upside potential given conservative

risk management approach

15June 21th, 2007

German GDPReal, seasonally adjusted, q-o-q change in %

Strong momentum in German economy

• German economy achieved 2.8% growth in 2006 (best result since 2000), economy remains stable in Q1 2007 with growth of 0.5% – no significant negative effects of VAT increase

• German companies with noticeably increased competitiveness

• Exports rose by 12.6% in 2006 and 9.3% in 1Q 2007 q-o-q

• Unemployment decreased significantly• Domestic demand has been picking up

Outlook: • Corporate tax reform to cut rate below 30%• Optimistic outlook in real estate after phase

of consolidation

German ifo1) indexseasonally adjusted monthly figures

-0.6%

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

2003 2004 2005 2006

1) ifo Business Climate Index is a widely observed early indicator for economic development in Germany

80.0

85.0

90.0

95.0

100.0

105.0

110.0

2003 2004 2005 2006

2007

2007

16June 21th, 2007

Main growth initiatives within GroupPB

C

• Investments in marketing campaign and new products for retail banking customer growth of 250,000 by 2009

• Development of strategies for continuous growth of AuM and customers in private banking• Enhanced sales of banking products and expansion in advisory for comdirect customer growth

of 550,000 by 2009• Continue growth initiative “alpha” to achieve doubling of AuM at cominvest to €100bn by 2011

MSB

C

&M

C

RE

PFT

• Large customers: closer cooperation of corporate and investment bank• Improving portfolio and customer management at Mittelstandsbank• Expansion of mBank to Slovakia and Czech Republic

• Maintain market leadership in Germany in equity derivatives• Further development link with corporate banking in interest rates• Increase cross-selling of IB products in business segment multinational clients

• Completion of RE value chain by integrating RE asset management activities (CGG, CLI)• Continue international growth (USA and selectively in Asia) and introduction of new products • Growth initiative CGG with focus on new products and improved institutional sales

• Integrated public finance business model to achieve leading position in Europe for further growth

• Treasury operation merged – further optimisation of funding structures

17June 21th, 2007

Commerzbank - building on strong position in CEE

• Top 10 player in CEE• BRE Bank one of the leading banks in Poland (mBank No 1 Internet bank)

Position in CEE

• Russia: CB Eurasija(100% subsidiary) & Promsvyazbank 15.3%

• Czech: Branch PragueOffices in Brno, Ostrava

• Slovakia: Branch Bratislava• Hungary CB Budapest Zrt.

(100% subsidiary)

Leader in mortgage loans: Third largest provider of new mortgage loans in Q1 2007 with a market share of 9.4%mBank & MultiBank: 1.6m clients by year end 2006 – year end 2007 target: 2m clientsBusiness expansion: 606 new corporate customers gained in Q1 2007 up 22% y-o-yPlans to open 20 further business offices

• Implementing successful mBank business model in Czech and Slovakia• Enhancing our position as Germanys leading trade finance bank• Accompanying the CEE expansion of our Mittelstand clients

Strategic initiatives

• Poland: BRE Bank (72.14% participation)

Main operating

units

BRE Bank’s positioning

18June 21th, 2007

2006

11.2%

1) RoE after tax and minorities, adjusted for one-off positions

RoE1) targets on track

2005

9.6%RoE:

2007

?

Well positioned to continue profitable growth

Note: 2005 CB stand alone, 2006 pro forma integration of Eurohypo

19June 21th, 2007

AppendixGroup equity definitions

20June 21th, 2007

Group equity definitions

Reconciliation of equity definitions

Basis for RoE on net profit

Equity basis for RoE

Basis for operating RoE and pre-tax RoE

* excluding:• Revaluation reserve• Cash flow hedges• Consolidated profit

Equity definitions in € m Mar-2007

Subscribed capital 1,708

Capital reserve 5,707

Retained earnings 5,165

Reserve from currency translation -143

Investors‘ capital without minorities 12,437

Minority interests (IFRS)* 1,105

Investors‘ Capital 13,542

Change in consolidated companies; goodwill; consolidated net profit minus portion of dividend; others

-443

BIS core capital without hybrid capital 13,099

Hybrid capital 3,018

BIS Tier I capital 16,117

21June 21th, 2007

Notes

Jürgen Ackermann (Head of IR)P: +49 69 136 22338M: juergen.ackermann@commerzbank.com

Sandra Büschken (Deputy Head of IR)P: +49 69 136 23617M: sandra.bueschken@commerzbank.com

Wennemar von BodelschwinghP: +49 69 136 43611M: wennemar.vonbodelschwingh@commerzbank.com

Ute Heiserer-JäckelP: +49 69 136 41874M: ute.heiserer-jaeckel@commerzbank.com

Simone NuxollP: +49 69 136 45660M: simone.nuxoll@commerzbank.com

Stefan PhilippiP: +49 69 136 45231M: stefan.philippi@commerzbank.com

Andrea Flügel (Assistant)P: +49 69 136 22255M: andrea.fluegel@commerzbank.com

www.commerzbank.com/ir

For more information, please contact:

June 21th, 2007

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