Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Building a client centric Investment BankCorporates & Markets – Investors’ Day 2009
1Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
“Others” currently not mapped to businesses
All business lines contributed to nine months performance
Strong revenue generator, supported by improved stock market
Strong revenue generation, esp. in H1, strong performance with German and EU client base
Excellent start for combined Corporate Finance
CPM part of FIC, CRM will be managed as a cost center
Repositioning on track, €2.5bn revenues before LLP (€250m) targeted for 2012
2009 affected by wind down of portfolios
Total revenues as stated (9M 2009)
Quarterly trend
0.3
0.6
0.8
0.5
Wind down -0.5
Revenues9M 2009 1.5
Total Revenues
w/o wind down
2.0
Others -0.1
CreditPortfolio
Management & CRM
CorporateFinance
FixedIncome &
Currencies
EquityMarkets &
Commodities
Revenues after LLP (9M 2009)(in € bn)
n/a
n/a
n/a
2Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
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 9M 2009 Outlook
Σ - €508m
Fixed Income & Currencies (FIC)
- €103m Vast majority will be completed in 2009Reduction of outright volatility positions and interest rate exposure
Exit of non-core products
Equity Markets & Commodities (EMC)
- €181m Wind down nearly finalized in 2009
Reduction of market risk esp. in dividend, implied volatility and correlation exposure
Harmonisation of valuation models
LBO/Infrastructure/HYDD
- €225mDue to maturity of the assets and the absence of liquid markets, wind down will last until 2012
Wind down of illiquid infrastructure and LBO assets
High Yield Distressed Debt
3Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Stabilisation of revenues and exploitation of cost synergies are key
Focus on stability of revenue streams (customer driven revenues)
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
Direct costs in front office were already significantly reduced in 2009, (almost) full run rate will be achieved in 2010
Synergies in indirect expenses will become effective in 2011/2012
2.61.7
2.5
-0.3
2012e9M 092008
0.650.76
1.0
2012e
1.45
0.8
9M 09
0.75
2008
2.3
1.3
1.5
Direct expensesIndirect expenses
* Wind down excl. LLP
Operating revenuesBefore LLP, in € bn
Operating expensesin € bn
*
4Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Revenues €2.5bn
LLP €0.25bn
Cost €1.45bn
Op. profit €0.8bn
Capital employed €3.8bn
FTE ~1,650
Op. RoE ~20%
CIR ~60%
* CRM changed to cost center without separate P&L
Target 2012
COO and Research
Client Relationship Management (CRM)*
A provider of the full universe of banking services for the top 100 German Corporates and leading international Insurance companies
Equity Markets Commodities (EMC)
Fixed Income & Currencies (FIC)
Corporate Finance (CF)
Top 3 European Equity Derivatives provider/#1 German Equity house
Top counterparty for risk management solutions (IR/FX) –particularly in Corporate Germany
Top German Corporate Finance House
Corporates & Markets
C&M business model based on 3 core pillars
5Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
0
20
40
60
80
Dec 08 Mar 09 Jun 09 Sep 09 Target 2012
Market Risk RWA Credit Risk RWA Operational Risk RWA
Efficient management of resource is key to our new business approach
Balance sheet structure already significantly strengthened through reduction of non-core assets and stronger focus on German core client base
Total assets reduced by 15% (12/08 vs 09/09) – 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
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
Balance Sheet Management Capital Run-Down Management
Asset volume based on F/O balance sheet calculations, all figures excl. PRU All figures in € bn.
~50
-17%
-9%0
100
200
300
400
Dec 08 Mar 09 Jun 09 Sep 09 Target 2012
Securities/Loans Reverse Repos MtM Derivatives
-6%
-25%
-22%
-27%
~240
-11%-18%
~50
6Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
C&M will strive to be a strongly client-focused investment bank
EMC FIC Corporate Finance Size = Revenue Potential
Strong client-centric business model, sales credits 90% of revenues in EMC, >75% 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 ~1,3:1 in target organization (compared to CB stand alone ~0,9:1)
Core characteristics of business model:
- stable revenue streams with limited trading volatility
- relatively low dependency on regulatory changes due to low risk profile
* EVF: Exotic and vanilla funds trading
medium
low
medium
Rates
Bond
EM & Credit
Sec. Fin.
Flow
Brokerage
Lev. Fin.
Struct. Fin.
M&A
EVF*
DCM Loans
ECM
DCM Bonds
Flow
IR Hybrids & Derivatives
Com-mo-dities
FX
Risk(Abs. VAR)
Franchise (Client share) high
7Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Advisory, Execution and Distribution
Product Range: Syndicated Loans, Bonds, ECM, M&A
Advisory and Execution Service
Product Range: Syndicated Loans, Bonds, ECM, M&A
IPO – distribution channelCorporate Finance
Risk management (FX and Rates)
Distribution
Investment products
Risk management (FX and Rates)
Initiative launched to better channel fixed income and FX products via German retail network
FIC
Investment products (equity derivatives, commodities, cash equities)
Institutional
Risk management products for Corp. (equities/ commodities), to a lesser extent alsoinvestment products
Corporate
Investment product for retail franchise (equity and commodity derivatives)
EMC
Retail/Private
C&M is strongly connected to the bank’s clients
Connectivity very highConnectivity low
8Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Levers
Successes
Stronger combined: Enhanced product expertise
Client ranked Commerzbank on a stand alone basis #9 and Dreba #4 in 2008 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 2009
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
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 24–7 service is provided
FIC EMC
9Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Levers
Successes
Stronger combined: Wider client portfolio
#1 Bookrunner and #1 mandated lead arranger German DCM loans
# 1 Bookrunner German Covered Bonds and top 3 German Corporate Bonds
Most active bank in German equity capital markets in 2008 and 2009 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
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
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
CF CRM
10Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
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 developmentand execution of smart solutions
Diverse and creative teams servicing our clients
Entrepreneurial approach, agility and risk awareness
11Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Relocation ongoing, timeline differs by location: London, NY and Asia almost finalized, Frankfurt ongoing Relocation
Position migration
Target org-structure in place and running
Appointment up to the 4th management level
90% of global restructuring achieved
Restructuring / HR Implementation
All 40,000 DKIB clients allocated to MSB, ZFI and C&M; New client responsibilities defined and relationship transfer ongoing
Brand migration on September 1st successfulClients
70% of the overall positions will be migrated by the end of 2009, the remaining 30% will be migrated beforeQ3 2010
Comment
IT-Integration
Degree of completion
Dresdner Bank integration: Great progress made in C&MTopic view
12Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Selection, HR- restructuring and relocation in the region “nearly” finalisedAsia
Works council negotiations concluded for most of EuropeOther
Branch migration on track for completion by November 30th
Move to WFC2 will be completed by year-endNew York
Selection process for 4th management level communicated
Interim reallocation ongoing (end of Nov 09), final moves into target location H1 2010
Frankfurt
Restructuring almost accomplished
Relocation from four locations into one, single trading floor establishedLondon
CommentDegree of completion
Dresdner Bank integration: Great progress made in C&MLocation view
13Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
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
80% of integration plan achieved
FTE reduction by now ~ 1.200
14Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Measures
Revenues
Operating expenses
LLP
Capital employed
RoE*
2010 2012
Operatingprofit
€0.8bn
CIR~60%
RoE*~20%
Stabilisation of revenues
Exploitation of costsynergies
Sustainability of results
Release of balance sheetusage and equity tied up
I
II
III
IV
Roadmap 2012: Our target
Main P&L items Target 2012
vs. 2009 vs. 2010
* Operating RoE
15Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Appendix: Segmental reporting
16Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
League Tables Syndicated Loan Market in Germany: Q1–Q3 2009
3.542,327Barclays Capital10
3.742,484Credit Suisse9
3.862,558Calyon8
4.352,873Citi7
4.382,916WestLB6
4.793,144BNP Paribas5
Germany MLA Rankings Q1–Q3 2009
5.3183,578Deutsche Bank4
11.8307,934Commerzbank Group1
6.4144,316LBBW2
18
No.
4,221
Amount(in $ m.)
6.3UniCreditGroup3
Share(in %)Mandated Lead ArrangerPos.
2.931,955UniCredit Group7
2.731,832BNP Paribas8
1.811,221UBS, Mitsubishi UFJ Fin., Credit Suisse, Calyon, BayLaBa, Barclays Capital, Banco Santander
9
3.052,025LBBW6
3.412,250Citi5
Germany Bookrunner Rankings Q1–Q3 2009
4.513,033Nordea Bank AB4
13.3188,964Commerzbank Group1
10.4117,004Deutsche Bank2
3
No.
4,017
Amount(in $ m)
6.0RBS3
Share(in %)BookrunnerPos.
€ 9,000 m
Term LoanFacility
MLAFacility Agent
January 2009
€ 1,550 m
Term Loan &Rev. Credit Facility
MLABookrunner
May 2009
€ 8,744.56 m
Term LoanFacility
MLABookrunner
June 2009
€ 550 m
Forward StartFacility
MLA, BookrunnerFacility Agent
June 2009
€ 178 m
Syndicated CreditFacility
MLABookrunner
August 2009
€ 340 m
Snydicated CreditFacility
MLA, BookrunnerFacility Agent
July 2009
USD 4,500 m
Letter of Credit Facility
MLABookrunner
February 2009
17Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
League Tables Syndicated Loan Market in Germany: 2006 - 2008
Source: Dealogic Loanware, according to their ranking criteria 09/01/2009 Note: Eurohypo’s transactions included in Commerzbank Group statistics
2.7561,899.21BNP Paribas111185.9274,088.16RBS667
1.6241,115.32DZ Bank161893.7342,576.40JPMorgan579
2.9582,036.47WestLB8563.6692,527.02HSH Nordbank0155
1.7241,190.57LBBW16259
11151516
Iss.
4,907.283,611.939,125.094,491.40
Amount $ (m)Germany: Bookrunners according to number of deals
7.11UniCredit Group444
6.50Commerzbank Group33113.22Deutsche Bank222
Dresdner Kleinwort
Bank Name
1
2006
5.2312
%share20072008
2.9582,036.47WestLB141583.6692,527.02HSH Nordbankn/a367
2.7561,899.21BNP Paribas61892.2821,573.95Barclays Capital7210
3.7342,576.40JPMorgan4565.23153,611.93Dresdner Kleinwort2115
7161115
Iss.
4,088.164,491.404,907.289,125.09
Amount $ (m)Germany: Bookrunners according to volume
5.92RBS544
13.22Deutsche Bank1117.11UniCredit Group12122
Commerzbank Group
Bank Name
9
2006
6.5063
%share20072008
5.44113,758.78BNP Paribas13883.68152,542.12WestLB556
3.30112,280.50LBBW81882.28101,575.75DZ Bank161410
8.14155,623.54RBS7664.51233,115.85HSH Nordbank22215
24263030
Iss.
7,730.726,334.165,110.885,497.98
Amount $ (m)Germany: MLA according to number of deals
11.20Deutsche Bank234
7.96Commerzbank Group3217.40Dresdner Kleinwort111
UniCredit Group
Bank Name
4
2006
9.1743
%share20072008
3.9682,735.20Calyon181284.51233,115.85HSH Nordbank25427
3.68152,542.12WestLB151793.6372,508.01JPMorgan21110
5.44113,758.78BNP Paribas71367.40305,110.88Dresdner Kleinwort355
30152624
Iss.
5,497.985,623.546,334.167,730.72
Amount $ (m)Germany: MLA according to volume
7.96Commerzbank Group814
11.20Deutsche Bank1319.17UniCredit Group1462
RBS
Bank Name
5
2006
8.1493
%share20072008
18Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Corporate Bond League Tables 2009
Source: Dealogic DCM Analytics (as of October 13, 2009)
…
1.324900.00Barclays Capital191.453990.00ING181.6561,129.17Intesa Sanpaolo17
1.265862.50UBS20
1.6751,137.50WestLB16
100.0011768,313.25Total
3.4392,346.50LBBW123.41122,326.67Bayerische Landesbank132.3361,591.67BoA Merrill Lynch14
5.12143,500.00Calyon84.28142,925.00DZ Bank9
5.29183,613.33UniCredit Group7
3.4892,375.00HSBC11
6.78144,631.25JPMorgan6
4.21102,875.00Citi10
7.09174,842.08BNP Paribas5
1.7261,175.00Morgan Stanley15
German € Corporate Bonds
8.04225,490.83SG CIB4
16.424311,216.33Deutsche Bank18.91186,083.33RBS2
27
Iss.
5,770.83
Amt. € m
8.45Commerzbank Group3
%shareBookrunnerPos.
…
1.23183,343.52Goldman Sachs191.66244,504.92BBVA181.82254,927.73UBS17
1.20173,249.75Intesa Sanpaolo20
2.03315,508.15Natixis16
100.00403271,323.97Total
2.91417,882.93Banco Santander SA122.35306,375.00Commerzbank Group132.17305,882.86ING14
5.585815,140.44HSBC83.965410,755.45Citi9
5.597715,174.29Barclays Capital7
2.94347,970.15BoA Merrill Lynch11
5.747215,581.69JPMorgan6
3.08398,349.70UniCredit Group10
6.988018,936.54Calyon5
2.15295,825.68Credit Suisse15
All € Corporate Bonds
8.4810323,007.30RBS4
10.6013128,772.81BNP Paribas110.5312728,572.94Deutsche Bank2
121
Iss.
26,484.61
Amt. € m
9.76SG Corporate & 3
%shareBookrunnerPos.
19Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Corporate Bond League Tables 2008 – Commerzbank and Dresdner Kleinwort separated
Source: Dealogic DCM Analytics
…
1.183426.67BBVA191.382500.00Bayerische Landesbank181.562562.50Citi17
0.901325.00BoA Merrill Lynch20
1.713616.67WestLB16
100.006736,130.58Total
3.4281,235.00LBBW122.423875.00Morgan Stanley132.354850.00ING14
5.3291,920.83Commerzbank85.3081,914.17Barclays Capital9
5.6272,029.17Calyon7
3.8371,383.33DZ Bank11
5.7372,070.83BNP Paribas6
5.1571,859.00HSBC10
6.0262,175.00Goldman Sachs5
1.903687.50UBS15
German € Corporate Bonds
6,6282,391.67RBS4
19.64257,094.41Deutsche Bank110.39153,754.17UniCredit Group2
11
Iss.
2,654.17
Amt. € m
7.35SG CIB3
%shareBookrunnerPos.
0.9371,383.33DZ Bank210.91101,362.30LBBW220.7661,132.19Dresdner Kleinwort23
…
1.11191,654.63BBVA191.2991,920.84Commerzbank181.62112,417.83Morgan Stanley17
1.0871,617.50Banco Santander SA20
1.81142,695.00Citi16
100.00288149,301.57Total
2.91224,349.17UniCredit Group122.87164,288.83Credit Suisse132.06143,079.17ING14
4.00265,966.67UBS83.86235,763.33Calyon9
6.924810,330.87HSBC7
3.42255,110.00Natixis11
7.544611,250.00JPMorgan6
3.61275,386.53BoA Merrill Lynch10
7.815511,664.37SG CIB5
2.04103,047.00Goldman Sachs15
All € Corporate Bonds
8.135212,140.00Barclays Capital4
11.675717,420.99Deutsche Bank110.096415,064.17RBS2
71
Iss.
14,599.68
Amt. € m
9.78BNP Paribas3
%shareBookrunnerPos.
20Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
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 2006.
Ranked #1 by Euromoney in 2008
The integration of the businesses formerly known as Dresdner Kleinwort is expected to be completed by the end of 2009.
“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 MemberCorporates & Markets, 2009
Awards 2009 (selection)
21Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
DCM Loans Transactions Highlights 2009
22Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Source: Dealogic; by number of transactions; full apportionment; only bookrunner positions
2165RBS5
Equity transactions
2268Credit Suisse4
5439Commerzbank13191UniCredit Group23
#
90
Volume (€m)
Goldman Sachs3
Bookrunner 2009 (9-mth)
3195DZ Bank53484Morgan Stanley4
8835Commerzbank15788Credit Suisse24
#
3,798
Volume (€m)
Deutsche Bank3
Bookrunner 2008
3326JPMorgan5
Equity-linked transactions
4414Credit Suisse4
52,263Morgan Stanley15491Deutsche Bank24
#
426
Volume (€m)
Commerzbank3
Bookrunner 2009 (9-mth)
League tables Germany
The leading ECM franchise for equity and equity-linked transactions
23Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Zertifikate Award 2009
For the third consecutive year, the jury electedCommerzbank to the best German best German certificatecertificate issuerissuerin 2009!
Commerzbank won 1st prizes in 4 of 10 main-categories:
1. Best 1. Best issuerissuer 20092009
1. Discount Certificates1. Discount Certificates
1. Bonus Certificates1. Bonus Certificates
1. 1. LeveragedLeveraged ProductsProducts
and also 2nd prize for:
2. Service quality
and 3rd prizes for:
3. Express Certificates
3. Innovation of the year
24Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Corporate Finance(CF)
Issuing bonds in DCMLoan origination and underwriting in DCM loansArranging, Underwriting and debt managementM&A advisory
Credit Portfolio Management (CPM)
Fixed Income & Currencies(FIC)
Equity Markets Commodities(EMC)
Glossary
Cash Equity trading and salesCommodities Sales and TradingBroad 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
Central management of loan assets
For more information, please contact Commerzbank´s IR team:
Jürgen Ackermann (Head of Investor Relations)P: +49 69 136 22338M: [email protected]
Christina Perić (Assistant)P: +49 69 136 22255 M: [email protected]
Michael H. Klein (Head of Equity IR)P: +49 69 136 24522M: [email protected]
Sandra BüschkenP: +49 69 136 23617M: [email protected]
Dr. Frank GrobeP: +49 69 263 50780M: [email protected]
Ute Heiserer-JäckelP: +49 69 136 41874M: [email protected]
Simone NuxollP: +49 69 136 45660M: [email protected]
Stefan PhilippiP: +49 69 136 45231M: [email protected]
Klaus-Dieter Schallmayer (Head of FR/FI)P: +49-69 263 57628M: [email protected]
Wennemar von BodelschwinghP: +49 69 136 43611M: [email protected]
Michael DesprezP: +49 69 263 54357M: [email protected]
Karsten SwobodaP: +49 69 136 22339M: [email protected]
Dirk Bartsch (Head of Strategic Research)P: +49 69 136 2 2799 M: [email protected]
Markus BärP: +49 69 136 43886 M: [email protected]
Ulf PlesmannP: +49 69 136 43888 M: [email protected]
Financial Reporting / Fixed IncomeEquity IR Strategic Research
26Michael Reuther Member of the Board of Managing Directors Frankfurt/Main November 25th, 2009
Disclaimerinvestor 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 32000 and is subject to supervision by the Bundesanstalt für Finanzdienstleistungen (BaFin), Lurgiallee 12, 60439 Frankfurt© Commerzbank 2009. All rights reserved.
Commerzbank AG GM-CKaiserplatz60261 FrankfurtTel.: + 49 69 136 222 55