Commerzbank - Figures, Facts, Targets Investor Relations

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					  Strong underlying performance

                                              +17.3%             2,268


                            1,933                      1,927
                                                                  375
                                       1,781
                              124                       173
                                        73

                                                                  717
                              810                       732
                                        735

    Trading profit


    Net commission income
                                                                 1,176
                              999       973             1,022

    Net interest income


                            Q3/2007   Q4/2007      Q1/2008      Q2/2008




Commerzbank – Figures, Facts, Targets
Investor Relations
2nd Quarter 2008
This publication appears four times a year
to accompany the quarterly results and
the annual financial statements.


This presentation can also be found on
Commerzbank’s web site, in German and English.

German: www.commerzbank.de
        Investor Relations
        Analysten-Handouts

English: www.commerzbank.com
         Investor Relations
         Analyst Handouts


Completed on August 5, 2008
Commerzbank – Figures, Facts, Targets
                                                                                      Content

Key data of first half year 2008                        Breakdown of results
Profit per quarter ____________________ 2               by segment
                                                        Value drivers ______________________ 14
Strong results but affected
by financial crisis                                     Strong underlying business
Commerzbank with focus on                               in our core divisions
Germany and selected regions _________ 3                Equity allocation ___________________ 15

Group Structure                                         Private & Business Customers ________ 16
Domestic and international rankings _____ 4
                                                        Mittelstandsbank ___________________ 17
Commerzbank Group’s
income statement                                        Central & Eastern Europe ____________ 18
Net interest income__________________ 5
                                                        Corporates & Markets _______________ 19
Provision for possible loan
losses by segment
                                                        Commercial Real Estate _____________ 20
Commerzbank Group’s
LLP ratio __________________________ 6
                                                        Public Finance & Treasury____________ 21
Breakdown of net
commission income                                       Growing stable client business
Trading profit _______________________ 7                Best Mittelstandsbank
                                                        in Germany _______________________ 22
Operating expenses
Clean operating profit ________________ 8               Outlook
                                                        Financial target on track _____________ 23
Profitability ratios
Key figures of                                          Equity and market capitalization
Commerzbank share_________________ 9                    Commerzbank’s shareholders _________ 24

Development of business volumes                         Performance of the
Claims on customers ________________ 10                 Commerzbank share
                                                        Trading volume of the
                                                        Commerzbank share ________________ 25
Rating of exposure at default
Revaluation reserve _________________ 11
                                                        cominvest: Assets under Mangement
                                                        Almost 1 m retail customers
Breakdown of assets                                     gained in 2008 _____________________ 26
Breakdown of liabilities _______________12
                                                        Offices of Commerzbank Group
Risk-weighted assets vs. Tier I                         worldwide
capital ratio and own funds ratio                       Personnel data ____________________ 27
Group equity definitions ______________ 13




All figures – if not stated otherwise – according to IAS/IFRS
Key data of first half year 2008


                                               2006       2007 H1 2007 H1 2008               Comments

 Operating profit (€ m)                        2,649      2,513     1,983          919       Strong underlying level

 Cost/income ratio (%)                          59.6       64.2         53.9      64.1       Affected by impairments

 Operating RoE (%) 1)                           21.8       18.7         29.5      12.6       Burdened by financial crisis

 RoE of consol. surplus (%) 1) 2)               14.2       15.4         22.2      16.4       Impacted by capitalisation of tax-
                                                                                             loss carry-forwards

 Core capital ratio (%) 3)                          6.7     6.9          6.9          7.4    In upper target range

 EPS (€)                                        2.44       2.92         2.10      1.67       On satisfactory level despite market
                                                                                             turmoils

 Dividend (per share in €)                      0.75       1.00            .            .    Dynamic dividend growth

                              Core financial figures reflect strong underlying business

1) annualized; 2) attributable to CBK’s shareholders; 3) adjusted to Basel II




Profit per quarter
Commerzbank Group, in € m
                                                                    1,075
    960
                                                            908
                                                                                                                           817
          743                                                              768
                700
                                        652                       609

                                                                                                                       484
                                                                                                             435
                                              359                               361
                            337                                                       339
                      285                                                                                          280
                                  217                                                             201
                                                                                            169




      Q1         Q2     Q3               Q4                  Q1          Q2        Q3         Q4               Q1          Q2
                   2006                                                        2007                                 2008

          Operating profit                     Consolidated surplus 1)

     1) attributable to CBK’s shareholders




                                                                    -2-
Strong results but affected by financial crisis

     Net Profit 1)                                                   Net RoE 1)
     in € m                            817                            in %              24.7              24.4
                    768

            609                                                                 19.7



                             280                                                                  8.4




         Q1/07 Q2/07         Q1/08 Q2/08                                   Q1/07 Q2/07         Q1/08 Q2/08
        1) attributable to CBK‘s shareholders                        1) annualized; attributable to CBK‘s shareholders



     CIR                                                              EPS
     in %                                                                in €
                              68.4
                                                                                        1.17             1.24
                                       60.5
            56.0    51.9                                                        0.93


                                                                                                 0.43




           Q1/07   Q2/07     Q1/08    Q2/08                                     Q1/07   Q2/07    Q1/08   Q2/08




Commerzbank with focus on Germany and selected regions

  Focus Germany
                                                                  Revenues after Claims on
                                                                  provisioning   customers                               34
                                                                  in %                    in %
                                                                                                                 66
                                                                                25
                                                                                          Operating profit
                                                                     75                   in %                           25
                                                                                                                 75

                                                                         Abroad
                                                                                          Employees
                                                                         Germany          in %                           25

                                                                                                                 75
                                                                  Year end 2007 CB Group



  Focus international business
  › Accompanying German corporates in their international business
  › Seizing profitable growth opportunities in selected regions, i.e. CEE, via rollout of distinctive
    product lines and successful distribution platform




                                                      -3-
Group structure
as of August 2008

                                                       Commerzbank
                                                          CEO: Blessing

                COO: Annuscheit                          CRO: Hartmann                           CFO: Strutz

    Private and                                   Central &                                                       Public
                            Mittel-                                    Corporates &         Commercial
     Business                                      Eastern               Markets                                Finance &
                         standsbank                                                         Real Estate
    Customers                                      Europe                                                       Treasury
  › Private Banking     › Corporate             Eastern European      › Corporates &       › Commercial Real   › Group Treasury
                         Banking                holding company:        Markets             Estate
  › Private and                                                                                                › Public Finance
   Business             › Financial             › BRE Bank SA         › Western Europe     › Commerz Real AG
   Customers             Institutions           › Bank Forum          › North- and Latin
  › Retail Credit       › Asia/Oceania          › CBK Zrt. Budapest     America
  › comdirect bank AG   › Scandinavia           › CBK (Eurasija)      › Africa
                                                  SAO, Moscow
  › Asset Management                            › Prague Branch
                                                › Bratislava Branch
                                                › CEE participa-
                                                  tions


      Kassow                Beumer                 Blessing                Reuther           Knobloch             Reuther




Commerzbank Group: Domestic and international rankings

                                                             Germany
                                      ›   No. 1 Commercial real estate bank
                                      ›   No. 1 Online brokerage
                                      ›   No. 1 Open end real estate fund
                                      ›   No. 1 Equity derivatives
                                      ›   No. 2 German bank by total assets
                                      ›   No. 2 Public sector financing
                                      ›   No. 2 Mittelstandsbank
                                      ›   No. 2 Residential real estate financing
                                      ›   No. 3 Retail bank with more than 5.7 m customers


                                                          International
                                      ›   No. 1 Pfandbrief issuer
                                      ›   No. 1 for covered bonds in the European market
                                      ›   No. 1 Bookrunner of real estate loans in the European market
                                      ›   No. 4 Bookrunner of real estate loans in the Global market
                                      ›   No. 9 Bookrunner of real estate loans in the US market
                                      ›   Strong market position in CEE, i.e. Poland (BRE among top 5) and Ukraine
                                          (Bank Forum among top 10)




                                                                  -4-
Commerzbank Group‘s income statement

                                                               1.1.-30.6.2008         1.1.-30.6.2007                   Change

                                                                   in € m                 in € m           in € m                in %
  Net interest income                                               2,198                  2,048               150                  7.3

  Provisions for possible loan losses                                  -589                 -311               -278             89.4
  Net interest income after provisioning                            1,609                  1,737               -128              -7.4
  Net commission income                                             1,449                  1,605               -156              -9.7
  Trading profit                                                       548                   682               -134             -19.6
  Net investment income                                                -112                  487               -599                   .
  Other result                                                         120                   156                -36             -23.1
  Total income                                                      3,614                  4,667          -1,053                -22.6
  Operating expenses                                                2,695                  2,684                11                  0.4
  Operating profit                                                     919                 1,983          -1,064                -53.7
  Restructuring expenses                                                25                       -              25                    .
  Pre-tax profit                                                       894                 1,983          -1,089                -54.9
  Taxes on income                                                      -306                  550               -856                   .
  Consolidated surplus                                              1,200                  1,433               -233             -16.3
  - attributable to minority interests                                 103                    56                47              83.9
  - attributable to CBK’s shareholders                              1,097                  1,377               -280             -20.3




Net interest income
Commerzbank Group, in € m
                                                               3,937                     4,020

                                                                                                       3,541
                                         3,167
                                                                              3,059

                                                       2,646

                                                                                                                      2,198

                                                                                         2,048                    +7.3%
   Net interest income                                                                                                              1,609
   before provisioning                                                                                 1,737
                                                                                                                                    -7.4%
   Provision for possible                                                 1)
                                                                       878
   loan losses
                                                 521                                                                          589
                                                                                                 479
   Net interest income
   after provisioning                                                                                                    +89.4%
                                                                                                 311
  H1 2007
                                             2005                   2006                         2007                 1.1.-30.6.2008
1) including one-off provisions of €293m




                                                                 -5-
Provision for possible loan losses, by segment
Commerzbank Group, in € m

                                                       6 878

                                                                       28
                                                                   148
          Public Finance & Treasury                                    -11
                                                7                                        6 479                  6 589
          Commercial Real Estate                                   121                              -4
                                                                                                                             5
                                                                                                   115
          Corporates & Markets
                                                                                                   135                           2)
          Central & Eastern Europe                                                                                      348
                                                                                                   56
          Mittelstandsbank                                                   1)                    -68
                                                                   585                                                      94
          Private and Business
          Customers                                                                                240                      43
                                                                                                                            19
                                                                                                                            80

                                                       2006                              2007              1.1.-30.6.2008
    1) including one-off provision of €293m; 2) of which €250m one-off effect




Commerzbank Group’s LLP ratio
Value adjustments and loan losses 1997-2007, in %
                                                                 0.77

                                                                                  0.66
                                                                                            0.63                            0.63

   0.50           0.50
                                                                                                         0.48
                                                0.39                              0.50    0.52
   0.46                                 0.35                      0.48
                               0.30                                                                             0,41

                                                                                                    0.32        0.31
                                        0.29        0.28
                0.21
                            0.15                                                                                             0.15


     1997       1998       1999        2000         2001         2002             2003     2004     2005        2006    2007
                                  1)                        2)
             provisioning ratio           write-off ratio
    1) Net provision for risks as percentage of total lending; 2) Write-offs as a percentage of total lending




                                                                 -6-
Breakdown of net commission income
Commerzbank Group, in € m


                                                         6 1,605
     Securities business                                                                  6 1,449

     Asset Management
                                                                         601
     Foreign commercial business                                                                     507
     and payments transactions
     Real-estate credit business
                                                                         379                         217 1)
     Guarantees
                                                                                                     256
     Income from syndicated                                              231
     business
     Trust transactions                                                  136                         161
                                                                               94
                                              85                                2                     57
     Other commissions                         2                          66
                                                                         105                         155

                                                   1.1.-30.6.2007                   1.1.-30.6.2008
   generated abroad                                     29.4%                             17.9%
   1) impacted by deconsolidation of Jupiter/CCR




Trading profit
Commerzbank Group, in € m                                 381                              375
                337
         320
                               286                 301




                       168                                                          173

                                                                   124

                                                                          73


                    1,111                                       879

          Q1     Q2  Q3        Q4                  Q1      Q2 Q3          Q4        Q1   Q2
                  2006                                      2007                     2008




                                                          -7-
Operating expenses
Commerzbank Group, in € m
                                          4,662                               5,204                                5,366                          2,695
                                                                       3,128                            3,082

                                    2,667



                                                                                                                    1,968
                                                                                 1,741
                                                1,560                                                                                      1,502
   Personnel expenses                                                                                    1,599
                                                                                                                                           -6.1%
                                                                                                                                                    1,040
   Other expenses                                                                                                                                 +12.7%
                                                                                                                    923
                                                         435
                                                                                             335                             316                            -5.6%
   Depreciation on fixed                                                                                                                                     153
   and intangible assets
                                                                                                                             162
   H1 2007
                                                2005                            2006                                2007                   1.1.-30.6.2008




Clean operating profit at outstanding €908m


                                                         312
                                  149


                                                                                                                                                  -424



                                                                1075                                                        -146
                                         908                                   -180                                                         908

    Clean                  759                    763
    operating profit                                                                                 -278             581
                                                                        541
                                                                                               447                                                        484
    One-offs                                                                                                                        435
                                                                                      361

    Stated                                                                                                   169
    operating profit


         One-Offs in € m         Q1 07                  Q2 07                 Q3 07                  Q4 07                  01 08                 Q2 08
         MSB/PBC                                                                      +105                    -26
         CEE                             +23                                                                                         +38                   +20
         C&M                                                     -44                  -163                   -196                   -160                   -40
         CRE                                                                          -128                    -60                    -84                  -369
         PFT                                                                                                 -150                    -70                   -35
         O&C                             +126                   +356                   +7                    +154                   +130
         Total                           +149                   +312                  -180                   -278                   -146                  -424




                                                                         -8-
Profitability ratios
in %


                                                             67.2
                                                                                                  64.2                64.1
                                                                           59.6




                                                                           21.8
                                                                                                  18.7
                                                             17.2
                                                                                                                             1)
                                                                                                                      12.6
              Cost/income ratio in operating
              business

              Operating return on equity


                                                             2005          2006                   2007         1.1.-30.6.2008
       1) annualized




Key figures of Commerzbank share
in €

                                        4.04
                                                              3.83
                                                                                          3.02
       2.91
                                                              2.92
                                        2.44
       1.97                                                                        2.10

                                                             1.00                                           1.67
                                        0.75                                                                       1.40
       0.50



       2005                             2006                 2007

              Operating Result per share
                                   1)                                          1.1.-30.6.2007             1.1.-30.6.2008
              Earnings per share
                                   2)
              Dividend per share                                             Earnings per share     Operating result per share



  1) incl. restructuring expenses; 2) excluding tax credit



                                                             2005          2006                   2007               30.6.2008
 Number of shares issued in m                                656.8         657.2                  657.2                   657.2

 Average number of shares outstanding in m                   604.0         656.3                  656.6                   656.9




                                                                     -9-
Development of business volumes
Commerzbank Group, in € bn

                                                   608.3                  616.5                615.2



                            444.9



                                                                294.5                  289.4             291.4
   Balance-sheet total                                   231.5                    237.4
                                                                                                    218.6
                                           153.7
   Risk-weighted assets         149.7

   Claims on customers


                              31.12.2005              31.12.2006             31.12.2007           30.6.2008




Claims on customers
Commerzbank Group

    in € bn                                   153.7                       294.5                  289.4
                                Foreign




     Corporate and retail
     customers                                         24.3%                       25.6%                 29.3%

     Public authorities                                  2.4%
                                                                                     4.5%
                                                                                                         4.3%

                                                       28.6%                        23.9%
     Corporate customers                                                                                 25.4%
                                Domestic




     Retail customers
                                                       25.4%                        25.1%
                                                                                                         23.3%

     Public authorities
                                                       19.3%                         20.9%               17.7%


                                            31.12.2005                  31.12.2006             31.12.2007




                                                      - 10 -
Rating of exposure at default (EaD)
as of 30.6.2008, in %

                                                                            77.6

      Private and Business Customers

     Mittelstandsbank, CEE, Corporates &                      53.2
                                                                     52.8
     Markets
      Commercial Real Estate,                                                        34.7
                                                                                            34.0
      Public Finance & Treasury

                                                                                                   18.7

                                                                                                           7.7 8.7
                                           1.7 3.7 0.3                                                               2.9   2.1 0.6 0.3    0.6 0.1 0.0

                                                 R0                  R1                     R2                 R3              R4             R5
                                                                                        Rating (Exposure)


     as of 30.6.2007, in %                 R0                  R1                      R2                    R3               R4               R5
     PBC                                   3.8                51.3                    32.7                   8.5              3.0              0.7
     Mittelstandsbank, CEE, C&M            5.1                50.7                    32.1                  10.9              1.0              0.2
     CRE, PF&T                             0.6                74.8                    21.6                   2.4              0.5              0.1




Revaluation reserve
in € bn

                                                      2.0
                                                                                                                            Major participations
                                  1.7       1.7                                                                             of Commerzbank
          1.6
                          1.5                                  1.5                                                          as of 30.6.2008:

                  1.1
                                                                                                                            5-10%:
                                                                            0.9
                                                                                                                            Linde*

                                                                                                                            1-5%:
                                                                                                                            Generali
                                                                                                                            Hochtief*
                                                                                                                            Mediobanca*
          31.3.   30.6.   30.9.   31.12.    31.3.     30.6.    30.9.        31.12.                 31.3.   30.6.
                                                                                                                            ThyssenKrupp*
                                                                                                   -0.3
                                                                                                                            *indirectly
                                                                                                         -0.6
                     2006                                2007                                          2008




                                                                       - 11 -
Breakdown of assets
Commerzbank Group, in € m


  Balance-sheet total                                  616,474                615,223
    Liquid funds                           5,157                     3,503
                                          74,043                    56,342

    Claims on banks (after
    provisioning)
                                         283,469
                                                                   285,202
    Claims on customers (after
    provisioning)

    Assets held for dealing
    purposes/financial investments       229,791
                                                                   242,945

    Other assets
                                           24,014                   27,231

                                                      31.12.2007              30.6.2008




Breakdown of liabilities
Commerzbank Group, in € m

                                                      616,474                    615,223

    Balance-sheet total
                                       125,120                      120,988
      Liabilities to banks

                                       159,187                      164,775
      Liabilities to other creditors


      Securitized liabilities
                                       205,649                      181,155

      Own funds
                                                                     30,002
                                        30,592

      Other liabilities                95,926                       118,303


                                                   31.12.2007                  30.6.2008




                                             - 12 -
Risk-weighted assets vs. Tier I capital ratio and own funds ratio
in € bn
                                                            Basel I                                                               Basel II
                                                                                                  253
                          232                                     235             239                           237
        231                              228          231
                                                                                                                              212             219




                                         11.0        11.1                         11.1                                        11.5            11.3
       10.6               10.3                                   11.0                             10.2         10.8

        6.4               6.4            6.5          6.7         6.8             6.9             6.6           6.9            7.5             7.4



       31.3.              30.6.          30.9.       31.12.      31.3.            30.6.     30.9.             31.12.         31.3.            30.6.
                                  2006                                                 2007                                            2008

               Risk-weighted assets                         Tier I ratio (%)                 Own funds ratio (%)




Group equity definitions
          Reconciliation of equity definitions                                                     Equity basis for RoE

Equity definitions in € m                                          Jun 2008       Jan-Jun 2008

Subscribed capital                                                      1,708             1,708
Capital reserve                                                         5,712             5,709
Retained earnings                                                       5,930             5,991
Reserve from currency translation                                         60                 -9

Investors‘ capital without minorities                                 13,410             13,399          Basis for RoE on net profit

Minority interests (IFRS)*                                              1,230             1,143

Investors‘ Capital                                                    14,640             14,542          Basis for operating RoE and pre-tax RoE

Change in consolidated companies; goodwill;
consolidated net profit minus portion of dividend;                    -1,599
others

Basel II core capital without hybrid capital                          13,041

Hybrid capital                                                          3,104

Basel II Tier I capital                                               16,145

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




                                                                         - 13 -
Breakdown of results by segment
Commerzbank Group, 1.1.-30.6.2008, in € m
                            Private and    Mittel-   Central &     Corporates        Commer-          Public     Others/      Total
                             Business     stands-     Eastern      & Markets         cial Real      Finance &    Consoli-
                            Customers      bank       Europe                          Estate        Treasury      dation

  Net interest income           672          588        273                218           425            -38          60        2,198
  Provisions for possible
                                -80          -19         -43               -94          -348             -5              -      -589
  loan losses
  Net interest income           592          569        230                124            77            -43          60        1,609
  after provisioning
  Net commission
  income                        800          289        103                 78           203             -8         -16        1,449

  Trading profit                  -5           3          69               519             2            -39          -1          548
  Net investment income           -9          -5          60              -121          -203            32          134         -112
  Other result                     -           8           4                 3            12            30           63          120
  Total income                1,378          864        466                603            91            -28         240        3,614
  Operating expenses          1,074          387        251                521           256            90          116        2,695
  Operating profit              304          477        215                 82          -165           -118         124          919
  Restructuring
  expenses                         -            -          -                     -             -        25               -           25

  Pre-tax profit                304          477        215                 82          -165           -143         124          894




Value drivers
Commerzbank Group, 1.1.-30.6.2008

                            Private and    Mittel-   Central &    Corporates         Commer-         Public     Others/      Total
                             Business     stands-     Eastern     & Markets          cial Real     Finance &    Consoli-
                            Customers      bank       Europe                          Estate       Treasury      dation


  Average equity tied-up
                              1,555        2,704      1,500           2,324           3,426          1,124      1,909        14,542
  (€ m)


  Operative return
                                39.1        35.3       28.7                7.1          -9.6         -21.0           .         12.6
  on equity (%) 1)


  Cost/income ratio in
                                73.7        43.8       49.3               74.7         58.3         -391.3           .         64.1
  operating business (%)


  Return on equity of
                                39.1        35.3       28.7                7.1          -9.6         -25.4           .         12.3
  pre-tax profit (%) 1)


  staff (average number)     11,875        4,362      7,760           1,932           1,581           429       9,157        37,096


  1) annualized




                                                                 - 14 -
Strong underlying business in our core divisions
Operating profit in € m
  Private & Business Customers                              Mittelstandsbank                  Central & Eastern Europe

                                                                 385
                                                                 285
   145                           147 157                                                                              123
                                                                                232 245                                      92
         104 85                                     189 205            200                    77    64    73           85
                      67                                                                                       59            72



    Q1    Q2    Q3    Q4          Q1    Q2                                                    Q1    Q2    Q3   Q4     Q1     Q2
                                                     Q1     Q2   Q3     Q4      Q1    Q2
           2007                   2008                      2007                 2008                2007              2008

         Corporates & Markets                           Commercial Real Estate                Public Finance & Treasury

         209                                                                                   77
   174                                 172
                                                                 212
                                                    164 153                                                                  61
                                110                                     106     141 147
                                       132                                                          18
                 7    -16                                        84 46                                                       26
                                                                                57
    Q1    Q2    Q3    Q4
                      Q4         Q1    Q2            Q1     Q2   Q3      Q4     Q1    Q2       Q1    Q2   Q3    Q4     Q1    Q2
                                 -50                                                                                   -74
               -156                                                                                       -53 -132    -144
                                                                                     -222
           2007 -204               2008                      2007                2008                2007               2008
    Impairments in context of US-subprime and/or one-offs




Equity allocation within Commerzbank Group
Average, 1.1.-30.6.2008


                                                                                 13%           11%
               Private and Business Customers
               €1,555m
               Mittelstandsbank                                        8%
               €2,704m                                                                                          19%
               Central & Eastern Europe
               €1,500m                                                                € 14,542 m

               Corporates & Markets
               €2,324m
               Commercial Real Estate                                                                          10%
               €3,426m                                                 23%

               Public Finance & Treasury
               €1,124m
                                                                                            16%
               Others and Consolidation
               €1,909m




                                                                       - 15 -
Private & Business Customers

                                                         › One of the leading retail banks in Germany with more than 5.7
    Commerzbank’s Strategic                                million customers:
    Position                                               - No. 1 for Business Customers
                                                           - Among Top 3 in Private Banking
                                                           - No. 1 in Online Banking and Online Brokerage
                                                           - No. 1 in Retail Credit
                                                           - No. 5 in Asset Management

                                                         › Focused investments in branch network, comdirect and cominvest
    Profitability Drivers                                › Ongoing efficiency programs for Branch of the Future, Retail
                                                           Credit Administration, IT and Back Office (Service to Perform)
                                                         › Increased profitability of the loan book by higher quality of new
                                                           business and risk-return oriented credit portfolio management


                                                         › Achieve organic growth in revenues, customers and assets under
    Strategic Goals                                        management
                                                         › Extend earnings momentum, contain cost increase by running
                                                           efficiency programs, reduce risk costs and focused investment for
                                                           growth
                                                         › Increased profitability is reflected in a medium term operating
                                                           RoE-target (Basel II) of > 37% by 2010




Private & Business Customers – a record quarter
Operating profit                                                 Main P&L items
in € m
                                                                 in € m                    Q2`07      Q1`08     Q2`08      H1`07      H1`08
                                                                 Net interest income         318        329       343       637        672
              145                           147 157              Risk provisioning            -66       -40        -40      -139        -80
                    104 85                                       Commission income           380        395       405       810        800
                               67
                                                                 Trading profit                 1        -1         -4         2         -5
                                                                 Net investment income          1        -4         -5         3         -9
              Q1    Q2 Q3      Q4           Q1  Q2
                                                                 Operating expenses          531        532       542      1,064      1,074
                     2007                    2008
                                                                 Operating profit            104        147       157       249        304


                       Q2`07    Q2`08        H1`07      H1`08

Ø equity (€ m)         2,498        1,536    2,514       1,555       NII up by 8% y-o-y given strong growth of deposit business
Op. RoE* (%)            16.7         40.9        19.8     39.1       CI increased 7% y-o-y in view of new tax law for capital gains

CIR (%)                 75.7         73.3        73.3     73.7       Moderate cost increase of 2% y-o-y despite growth initiatives

                                                        10.5%        166,000 net new customers in Q2 as a sign of accelerating growth
Ø Q2 equity                                                          momentum
allocation within
Group                                                                Operating RoE again improved to over 40%

*annualized




                                                                          - 16 -
Mittelstandsbank


                                                             › “Best Mittelstandsbank” in Germany
    Commerzbank’s Strategic                                  › Leading European Bank and “entry point” into the European
    Position                                                   payment market



                                                             › Product innovation in credit and derivatives business
    Profitability Drivers                                    › Improved credit and sales processes
                                                             › Optimisation of worldwide responsibilities for standard products



                                                             › Leverage our leading position in Germany by new financial
    Strategic Goals                                            engineering products and services
                                                             › Sharpen our advisory service in specific client segments
                                                             › Expand new business abroad especially in export and trade finance
                                                             › Encourage entrepreneurial spirit among our staff via a new bonus
                                                               and incentive scheme




Mittelstand – a sustainable value driver
Operating profit                                                     Main P&L items
in € m                   385
                                                                     in € m                    Q2`07      Q1`08       Q2`08   H1`07    H1`08
                         285
                                                232 245              Net interest income         263        289        299     514        588
          189 205              200
                                                                     Risk provisioning             -9       -11          -8     -28       -19
                                                                     Commission income           132        145        144     276        289
                                                                     Trading profit                 0         5          -2      1          3
                                                                     Net investment income          0        -2          -3      0         -5
              Q1    Q2    Q3       Q4           Q1     Q2
                                                                     Operating expenses          185        194        193     373        387
                     2007                        2008
                                                                     Operating profit            205        232        245     395        477
   One-off

                         Q2`07      Q2`08        H1`07      H1`08

Ø equity (€ m)           2,265          2,723    2,232       2,704       Strong market position leads to higher NII
                                                                         Risk provisions at continued low level
Op. RoE* (%)                36.2         36.0        35.4     35.3
                                                                         Stable growth of commission income despite difficult market
CIR (%)                     46.4         43.3        46.9     43.8       environment
                                                            18.6%        Cost discipline maintained, notwithstanding growth program and
Ø Q2 equity
allocation within
                                                                         regulatory requirements
Group

*annualized




                                                                              - 17 -
Central & Eastern Europe

                                                            › Set up of new segment – Central & Eastern Europe - emphasizes
    Commerzbank’s Strategic
                                                              the significance of this growing market for CB
    Position
                                                            › BRE Bank established as No. 3 of the leading banks in Poland




                                                            › BRE Bank with continuous profitable growth in corporate and retail
    Profitability Drivers                                     banking
                                                            › Acquisition of new clients by cross border collaboration within CB
                                                              group


                                                            › Extend CEE presence in target markets
    Strategic Goals                                         › Successful integration of Bank Forum
                                                            › Extension of product range and expanding on existing common
                                                              product lines group wide




CEE – the growth story continued

Operating profit                                                    Main P&L items
in € m
                                                                    in € m                     Q2`07    Q1`08      Q2`08    H1`07      H1`08
                                                                    Net interest income          97       122       151       179       273
                                                                    Risk provisioning            -16      -17        -26       -27       -43
                                                123 92
              77    64    73                                        Commission income            43        47        56        86       103
                                   59            85 72
                                                                    Trading profit               30        34        35        50         69

              Q1    Q2    Q3       Q4           Q1    Q2            Net investment income          1       39        21        25         60
                                                                    Operating expenses           92       105       146       174       251
                     2007                        2008
                                                                    Operating profit             64       123        92       140       215
   One-off

                         Q2`07      Q2`08       H1`07      H1`08        BRE Bank maintained profitable growth trend in corporate and retail
                                                                        banking
Ø equity (€ m)              818         1,643        793    1,500
                                                                             – Number of customers rose to 2.4 m
Op. RoE* (%)                31.3         22.4     35.3       28.7            – Ongoing growth of mBank in Czech Republic and Slovakia
CIR (%)                     53.5         55.3     51.0       49.3            – €20m gain due to merger of Skarbiec Emeytura & PTE Aegon
                                                           11.2%        Beside BRE Bank - rise in commission income due to good
Ø Q2 equity                                                             performance at CB Eurasija and CB Budapest
allocation within
Group                                                                   Integration of Bank Forum well on track

*annualized




                                                                             - 18 -
Corporates & Markets

                                                              › No. 1 producer of structured retail products at the world’s biggest
    Commerzbank’s Strategic                                     retail exchange EUWAX
    Position                                                  › Pan-European warrant house with leading positions in France, The
                                                                Netherlands, Belgium and Portugal
                                                              › Strong position in FX business


                                                              › Strong and well established retail and corporate customer franchise
    Profitability Drivers                                     › Stable revenue streams, very limited exposure to directional market
                                                                risk, no dedicated prop activities
                                                              › Growing business with institutional clients


                                                              › Build on Commerzbank’s strong domestic and European position
                                                                across all client groups
    Strategic Goals                                           › Further improve market penetration of institutional customer
                                                                segment
                                                              › Focus on regions and products with competitive strengths




Corporates & Markets – with excellent trading profit
Operating profit                                                      Main P&L items
in € m             209
          174                                       172               in € m                     Q2`07      Q1`08     Q2`08      H1`07     H1`08
                                                110 132
                                                                      Net interest income           96       113        105          197       218
                          7                                           Risk provisioning            -10        -52        -42         -23        -94
                                -16                                   Commission income             61         43        35          106        78
                                                -50
                                                                      Trading profit               327       220        299          616       519
                         -156                                         Net investment income          1       -120         -1           8       -121
                                -204
              Q1    Q2    Q3       Q4           Q1      Q2            Operating expenses           269       255        266          526       521
                     2007                         2008
                                                                      Operating profit             209        -50       132          383        82
   One-offs

                         Q2`07          Q2`08    H1`07       H1`08        Corporates & Markets delivered strong result in a tough market
                                                                          environment
Ø equity (€ m)           2,233          2,332    2,215        2,324
                                                                          Excellent trading profit (+36% q-o-q) mainly driven by strong Fixed
Op. RoE* (%)                37.4         22.6         34.6      7.1       Income business
CIR (%)                     55.1         60.5         56.4     74.7       Equity Derivatives with traditionally strong 2nd quarter
                                                             16.0%        Credit Trading back on track
Ø Q2 equity
allocation within                                                         VaR slightly lower q-o-q at €8.0m despite higher market volatility
Group                                                                     – no aggressive risk taking

*annualized
                                                                          Impairments down to a level of €40m




                                                                               - 19 -
Commercial Real Estate
                                                         › Commerzbank is
    Commerzbank’s Strategic
                                                           - the leading commercial real estate bank in Europe
    Position
                                                           - European market leader for real estate loan syndications and
                                                             CMBS
                                                         › With Commerz Real, Commerzbank is one of the globally leading
                                                           real estate asset managers with more than €30bn real estate
                                                           assets under management

                                                         › Flexibility of the “buy and manage” business model as strategic
    Profitability Drivers                                  advantage in the actual markets by permitting on-balance business
                                                         › In the light of current market situation, concentration on low risk new
                                                           business
                                                         › Benefiting from margin increase and less competition
                                                         › Germany: Continuing profitability increase of portfolio by repricing the
                                                           back book and extensive portfolio management (esp. non core-port-
                                                           folio)
                                                         › Strong home base in the German market as starting point for further
                                                           international expansion in attractive emerging markets
                                                         › Cost improvements through streamlining the Eurohypo organisation

                                                         › No. 1 partner for commercial real estate globally
    Strategic Goals                                      › Providing an integrated value chain with real estate financing and
                                                           real estate asset management products




CRE – strongly influenced by follow-on effects of financial crisis
Operating profit                                                  Main P&L items
in € m                  212
              164 153                        141 147              in € m                       Q2`07      Q1`08     Q2`08      H1`07     H1`08
                              106
                                                                  Net interest income            211       210        215        422          425
                         84     46           57                   Risk provisioning              -39        -50      -298        -78      -348
                                                                  Commission income               95       108         95        195          203
                                                                  Trading profit                  17          2          0        34            2
                                                  -222            Net investment income            1        -84      -119          1      -203
              Q1    Q2 Q3       Q4           Q1 Q2                Operating expenses             138       121        135        278          256
                     2007                     2008
                                                                  Operating profit               153         57      -222        317      -165
   One-offs

                        Q2`07    Q2`08        H1`07      H1`08        New business down by two thirds to €7.7bn in H1 08 (H1 07 at
                                                                      €22.5bn) due to selective approach and weaker markets
Ø equity (€ m)          4,281        3,365    4,232       3,426
                                                                      Slight increase in CRE portfolio to €75bn leads to increased NII
Op. RoE* (%)             14.3        -26.4     15.0        -9.6
                                                                      Follow-on effects of financial crisis weighed down performance
CIR (%)                  41.8         64.0     41.3        58.3            – Additional one-off LLP of €250m on a loan initially slated for
                                                         23.0%               syndication
Ø Q2 equity                                                                – Impairments on US RMBS of €119m
allocation within
Group                                                                 Solid credit quality as over 92% of CRE portfolio is investment grade

*annualized
                                                                      Clean operating RoE at 16.8% (H1 ’08)




                                                                           - 20 -
Public Finance & Treasury

                                                             ›   Leading Pfandbrief issuer in the Euromarket
    Commerzbank’s Strategic                                  ›   Major Public Finance player in Europe
    Position                                                 ›   Well positioned in current liquidity situation
                                                             ›   Potential to generate additional liquidity in case of stress scenarios

                                                             ›   Actively managed high-quality credit portfolio
    Profitability Drivers                                    ›   Well diversified Pfandbriefe issuance franchise
                                                             ›   Market value oriented Treasury management
                                                             ›   Allocation of non volatile Treasury earnings into other business
                                                                 segments

                                                             › Realign Public Finance business in Commerzbank Group
    Strategic Goals                                          › Integrate Essenhyp into Eurohypo and optimise Public Finance
                                                               business model
                                                             › Further portfolio diversification through international focus
                                                             › Explore cross selling potential within Commerzbank Group
                                                             › Increased focus on PPP and infrastructure projects
                                                             › Finalization of approval process of Group-internal liquidity model to
                                                               replace current Grundsatz II regulation




PFT – improved performance in Q2
Operating profit                                                     Main P&L items
in € m
              77                                                      in € m                      Q2`07       Q1`08      Q2`08       H1`07   H1`08
                                                       61
                    18                                                Net interest income             11        -57          19         79     -38
                                                       26
                                                                      Risk provisioning               -7          -5          0        -12      -5
                         -53                    -74                   Commission income               -7          -4         -4        -13      -8
                               -132            -144                   Trading profit                   2        -83          44        -32    -39
                                                                      Net investment income           43         17          15        122     32
              Q1    Q2    Q3      Q4            Q1     Q2
                                                                      Operating expenses              27         28          62         53     90
                    2007                         2008
                                                                      Operating profit                18       -144          26         95   -118
   One-off

                         Q2`07     Q2`08        H1`07       H1`08

Ø equity (€ m)           1,175         1,082     1,173      1,124         Improvement in NII due to Essenhyp being back on more
Op. RoE* (%)                6.1          9.6         16.2    -21.0        normalized levels again (loss making positions closed in Q1)
                                                                          One-off costs of €35m resulting from final expenses linked to
CIR (%)                    51.9         70.5         33.1   -391.3        Essenhyp integration
                                                            7.4%          Essenhyp integration well on track
Ø Q2 equity
allocation within                                                         Solid liquidity situation within Group, liquidity ratio at 1.21
Group

*annualized




                                                                               - 21 -
Growing stable client business
                                                               Op. RoE
                                                            H1‘07       H1‘08
                                                   19.8%                          39.1%        Continuing profitable growth
     PBC


                                                   35.4%                          35.3%        Sustainable value driver
     MSB


                                                   35.3%                          28.7%        Profitability trend continued
     CEE


                                                   34.6%                           7.1%
     C&M                                                                                       Strong underlying performance


     CRE                                           15.0%                          -9.6%        Follow-on effects from financial crisis


                                                   16.2%                          -21.0%
     PFT                                                                                       Significantly downsizing portfolios




Best Mittelstandsbank in Germany based on customer survey
    2004                                     2005                                    2006                            2007
    Savings banks                            Savings banks
                                                                                     Commerzbank (2.67)              Commerzbank (2.38)
    Cooperative banks                        Cooperative banks
                                                                                     Savings banks (2.88)            Savings banks (2.60)
    HypoVereinsbank                          Commerzbank
                                                                                     Dresdner Bank (2.88)            Cooperative banks (2.68)
    Dresdner Bank                            HypoVereinsbank                         Cooperative banks (2.93)        Deutsche Bank (2.83)
    Commerzbank                              Dresdner Bank
                                                Dresdner Bank                        HypoVereinsbank (2.96)          Dresdner Bank (3.17)
                                             Deutsche Bank                           Deutsche Bank (3.37)            HypoVereinsbank (3.22)
    Deutsche Bank
 Source: Corporate Survey „Bankenrating 2007“ conducted by „Arbeitsgemeinschaft selbständiger Unternehmer - (ASU)“




 Eurohypo:                                                                                Commerzbank:
 Best Global                                                                              Best Bank in
 Commercial Bank                                                                          Germany
 in Real Estate
                                                                                          Commerzbank wins
                                                                                          Euromoney Award
                                                                                          for Excellence 2008




              Source: Euromoney




                                                                                 - 22 -
Outlook


           › Strong performance of PBC, Mittelstandsbank and CEE franchise


           › Well positioned for further growth in Germany and CEE



           › Disciplined M&A approach to add value for shareholders



           › Maintaining outlook for 2008 given in May



            › Commerzbank remains on track to achieve 2010 targets




Commerzbank: Financial target on track
Return on Equity


                                                                   2010e
                                                                Long-term
                                                   2007    sustainable RoE goal
                                      2006
                            2005                   15.4%           >15%
                                     14.2%
             RoE:           12.8%                          (reaching international
                                                                 standards)


             Set targets:    > 8      > 10          > 12


                            9          9            9




                                         - 23 -
Equity and market capitalization
Commerzbank Group, in € bn



                                                                  19.0
                                              17.1                              17.3
                                                                         16.1
                                                          15.3                         15.4
                                       13.5
                                                                                              12.4




      Equity 1)

      Market capitalization

                                      31.12.2005         31.12.2006      31.12.2007    30/6/2008

   1) as shown in balance-sheet




Commerzbank‘s shareholders
as of 30.6.2008



        Institutional Investors 76.9% 1)

        Generali 8.8% 2)

        Private Investors 14.3%




   1) of which 9% domestic; 2) directly and indirectly




                                                         - 24 -
Performance of the Commerzbank share
Month-end figures, January 2005 = 100

    250



    200



    150



    100



     50
                     2005                     2006                     2007                   2008*

                  Commerzbank share price        DJ Euro Stoxx Banks          CDAX (Banks)
             *) until August 1, 2008




Trading volume of the Commerzbank share
in € bn

                                                                              16.3


                                                               13.0                  13.2   13.1
                                                                      12.0

                                              9.6                                              10.0
                                                     8.9 8.6
                                        8.3




  On 30.6.2008, the Commerzbank
  share had an index weighting
  of 1.86% in the DAX index and
  2.24% in the DJ Euro Stoxx Banks.


                                        Q1 Q2 Q3 Q4             Q1 Q2 Q3 Q4                  Q1 Q2
                                                2006                     2007                2008




                                                     - 25 -
cominvest: Assets under management
in € bn


                                                                                                                  63.6
                                                                                        62.6
                                                                     61.6      61.8
                                                                                                         60.6
                                                         59.2
                                       58.1
                          57.1
    55.9
               55.0




    31.3.      30.6.      30.9.       31.12.             31.3.       30.6.     30.9.   31.12.            31.3.    30.6.
                  2006                                                   2007                                2008




Almost 1 million retail customers gained in 2008
Number of retail clients in `000


                                                                            Growth momentum undepinned by strong
                              +23%                                          client growth
                                               8,467
                                                                            Number of retail clients improved by 23%
                                  7,544         278                         since End of 2006
                  7,135
     6,873                                                                  German franchise expanded by 10%, focus
                                               2,423                        on affluent client sector
                                     2,045
      1,634           1,826                                                 Strong business expansion at BRE Bank –
                                                                            client base grew by almost 50% within the
                                                                            last 1 ½ years

                                     5,499     5,766
      5,239           5,309




     Dec `06      Jun `07            Dec `07   Jun `08
     Clients of Bank Forum
     Clients of BRE Bank
     Clients in PBC




                                                            - 26 -
Offices of Commerzbank Group worldwide
as of 30.6.2008


                                                      2% 3%
                                                 2%

              Commerzbank

              BRE                 20%

              Bank Forum
                                                      1,575 offices
              Eurohypo
                                                                       54%
              comdirect

              Others
                                    19%




Personnel data


      Commerzbank Group                  2005                 2006     2007    30.6.2008

      Employees                         33,056             35,975     36,767     41,622
      ² in Germany                      25,304             27,250     27,646     27,571
      ² abroad                           7,752                8,725    9,121     14,051
                      1)
      ² Headoffice                      12,528             12,380     12,693     12,364
      ² Branches                        12,121             11,947     12,110     12,247
      ² Subsidiaries                     8,407             11,648     11,964     17,011

      1) including back offices




                                             - 27 -
notes




        - 28 -
Disclaimer

Reservation regarding forward-looking statements
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.
       2008/2009 Financial Calendar


       September 24, 2008        Investors’ Day

       November 5, 2008          Interim Report Q3 2008

       February 18, 2009         Annual results press conference 2008

       End-March 2009            Annual Report 2008

       Early in May 2009         Interim Report Q1 2009

       May 15, 2009              Annual General Meeting

       Early in August 2009      Interim Report Q2 2009




Commerzbank AG
Head Office
Kaiserplatz
Frankfurt am Main

www.commerzbank.com

Postal address
60261 Frankfurt am Main


Group Communications
Investor Relations
Jürgen Ackermann
Wennemar von Bodelschwingh
Sandra Büschken
Ute Heiserer-Jäckel
Michael Klein
Simone Nuxoll
Stefan Philippi
Karsten Swoboda

Tel.   +49 (0)69 / 136-2 22 55
Fax    +49 (0)69 / 136-2 94 92
Mail   ir@commerzbank.com