CommerzbankAnalyst presentation

Klaus-Peter Müller Chairman of the Board of Managing Directors

FrankfurtNovember 13, 2002

3

The “cost-cutting offensive plus“ is designedto achieve extra, far-reaching savings

measures“Cost-cutting offensive plus“ will

create the basis for sustained structural changesThe project focuses on

Group Management and Services divisionhead office in Frankfurt, operative units abroad and subsidiariespersonnel and non-personnel costs, complexity

targetcost-base 2003 below €5bn

4

New orientation in Investment banking

Stronger focus on the needs of our German and Europeancorporate customersReduction to a minimum, or transfer to commercial units, in New York, Prague, Singapore and TokyoShedding of at least 300 front-office jobsShedding of at least 150 back-office jobsImplementation of these changes will begin this year

Savings potential of about €150m

5

Further reduction of risk-weighted assets plannedin € bn

atat

372.1

459.7501.3

424.4

187.7220.2 203.6 178.0

1999 2000 2001 30.9.2002

Balance-sheet total Risk-weighted assets

6

Strong improvement in Commerzbank’sequity ratios (according to BIS)in %

5.6 5.7 6.06.7

9.7 9.9 10.311.5

1999 2000 2001 30.9.2002

Core capital ratio, incl. market-risk position Own funds ratio

8% minimum level forown-funds ratio

4% minimum level forcore capital ratio

7

Commerzbank’s net interest income perquarterin € m

905 929 859 888 873 861

721

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2001 2002

Reduction in Q3 2002 due to:a minus of €108m from the Rheinhyp transaction lower income from reinvested liabilitiesreduction of loan portfolioand further concentrationon sound-quality borrowers

8

Average margin in German corporate lending widening considerably

2000

1.16%

1.29%

1.23%

1.14%

1.07%1.05%

1.01%0.99%

1.03%

1.01%

1.03%

0.95%

1.00%

1.05%

1.10%

1.15%

1.20%

1.25%

1.30%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2001 2002

9

Development of risk provisioningper quarter, in € m

152 177242

356

risk provisioning 2001

254308

436

risk provisioning 2002

Risk provisioning: €927mTotal lending: €240mProvisioning ratio1: 0.39%

Risk provisioning1: €1.3bnTotal lending2: €181bnProvisioning ratio3: ≈0.70%

1) expected at year-end2) Total lending, excluding Rheinhyp3) Provisioning ratio: risk provision/total lending

10

Commerzbank’s domestic corporate lendingin € bn / as of September 2002

12.4

15.8

9.3

6.5

8.5

Multinationals

Public sector

Others

SMEs

Larger corporates

11

Projected earnings performance in Germancorporate business in 2002 (AG figures)in € m

400

-100

360

140

Larger corporates

240

800

160

Multinationals

500

Public sec

IncomeProvisioningOperating expensesOperating result

650

110

270

270

SMEs

300

10

150

140

Others

3020

tor

12

Net commission income and trading profit suffered from weak market conditionsin € m

312 290

58

313104 36

537

Q1 Q2 Q3 Q4 Q1 Q2 Q3

613 603 569 575 554 501482

Net commission income

2002

trading profit

2001

13

High value allowances reveal Commerzbank’s cautious approach

Net result on investments and securities portfolio -€531m in 3rd quarter (published figure)

of which €666m represents write-downs on investments and securities available for sale (e.g. T-Online)a counter-balancing gain on realized sales from the portfolio to produce a net write-down of €531m

All in all, substantial easing of the strain on the balance sheet as hidden burdens have been eliminated through write-downs

14

Cost-cutting offensive continues to make an impact

39,463 40,06738,665 38,017 37,176

40,391 39,481

1,229

1,308

1,398

1,4871,4591,430

1,479

Q1 Q2 Q3 Q4 Q1 Q2 Q3

Staff (end-quarterfigures)Operating expensesin € m

2001 2002

15

Profitability ratiosin %

68.576.3 82.4 78.5

0.41.8

9.65.8

1999 2000* 2001 30.9.2002

Cost/income ratio

ROE (before goodwillamortization)

*) excluding comdirect IPO

16

Facts on the issue of Corporate Governance

At the end of every year from now on, we will declare whether the recommendations of the commission have been met and which were not applied. We explicitly welcome and support the German corporate governance code, and naturally its goals and objectives as well.With two exceptions:1. Purchases and disposals of shares will only be disclosed if these

exceed 25,000 euros within any single 30-day period.2. The Bank’s risk committee will deal with risk-management issues – not

its audit committee.The implementation of the code is not a formal duty for us – it is a substantial element in a business policy geared to achieving a sustainable improvement of the shareholder value.

For more information, please contactCommerzbank Investor RelationsTel: 0049-69-1362-2338Fax: 0049-69-1362-9492E-mail: ir@commerzbank.com