Frankfurt, September 21, 2006

Investors´ DAY

Clear objectives for the futureClear objectives for the futureClear objectives for the futureClear objectives for the future

Klaus-Peter MüllerChairman of the Board of Managing Directors

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Disclaimer

/ investor relations /

All presentations shown at Investors’ Day contain pro forma results for Q1 2006 and Q1-Q4 2005 to fully reflect the integration effect of Eurohypo. The pro forma results include Eurohypo results as if integrated as from January 1st, 2005 (incl. full refinancing costs), capital increase as if carried out before January 2005 (instead of November 2005) and issue of hybrid capital as if it took place before January 2005 (instead of March 2006). It shows segments’ quarterly results in the new Group structure and segments’ equity employed based on new calculation method./This presentation has been prepared and issued by Commerzbank AG. This publication is intended for professional and institutional investors./Any information in this presentation is based on data obtained from sources considered to be reliable, but no representations or guarantees are made by Commerzbank Group with regard to the accuracy of the data. The opinions and estimates contained herein constitute our best judgement at this date and time, and are subject to change without notice. This presentation is for information purposes; it is not intended to be and should not be construed as an offer or solicitation to acquire, or dispose of any of the securities or issues mentioned in this presentation./Commerzbank AG and/or its subsidiaries and/or affiliates (herein described as Commerzbank Group) may use the information in this presentation prior to its publication to its customers. Commerzbank Group or its employees may also own or build positions or trade in any such securities, issues, and derivatives thereon and may also sell them whenever considered appropriate. Commerzbank Group may also provide banking or other advisory services to interested parties./Commerzbank Group accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation./Copies of this document are available upon request or can be downloaded from www.commerzbank.com/aktionaere/index.html

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2. Clear Strategic Positioning

Targets4.

1. Improved Performance

Management Agenda: Growth & Profitability3.

Agenda

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CB-share vs. MSCINet earnings per share*in €

Dividend per sharein €

Commerzbank has delivered a strong track record of growth and value creation for shareholders

* 2005, 2006 pro forma full integration of Eurohypo

0.00

2003

0.25

2004

0.50

2005 2006e

Target >0.5

Investors’ Day 2006

Full year 2006p

2005

2.00

2004

0.61

2003-4.26

1H 2006

1.59

Jan.

03

Jul.

03

Jan.

04

Jul.

04

Jan.

05

Jul.

05

Jan.

06

Jul.

06

5 / 24

Operating profitin €m

Operating RoEin %

Cost income ratioin %

2002 2003 2004 2005 1H 06

One off gains due to sale of participations*

146 431 550

2002 2003 2004 2005 1H 06

77.3 73.3 70.9

54.864.4

1H 04

1H 05

2002 2003 2004 2005 1H 06

Continuous increase in operating profit and RoE supported by improved efficiency

Full year 2006p

2,030

1,011559

192

1,7321H05

1.64.9

9.9

17.7

28.1

- -

* without refinancing and related items; 2002 and 2003 not published

Note: 2005, 2006 pro forma full integration of Eurohypo

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MittelstandContinues upward trend

Private & Bus. CustomersNearly stable operating profit

Asset ManagementHigher commission income

Corporates & MarketsExcellent and stabilized result

Commercial Real EstateGood progress

Public Finance & TreasuryStable result

Operating profit in €m

2005 1H 2006

Core segments making good progress

1H 20062005 2005 1H 2006

2005 1H 20062005 1H 2006 2005 1H 2006

* Op. RoE annualized

142157 6752283195

33850

230206 215208

Op. RoE 21.2% 19.7%* Op. RoE 24.1% 24.4%* Op. RoE 9.4% 11.5%*

Op. RoE 30.3% 36.4%* Op. RoE 10.9% 11.8%* Op. RoE 13.1% 28.6%*

Full year 2006p

237

Note: 2005, 2006 pro forma full integration of Eurohypo

Note: Before one-offs due to harmonization of provisioning standards CB/ EH in 2006p

115

571

345401

310

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2. Clear Strategic Positioning

Targets4.

1. Improved Performance

Management Agenda: Growth & Profitability3.

Agenda

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PCAM (Private & Business Customers

and Asset Management)

CIB(Mittelstand and

Corporates & Markets)

CREPT (Commercial Real Estate,

Public Finance and Treasury)

The Leading Commercial Bank in Germany

Best Retail Bank in Germany

The best nationwide Bank for

Corporate Customers

Europe´s leading specialist for

Real Estate and Public Finance

New Group Structure: Clear strategic objectives for each unit

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Objectives

CREPTEurope´s leadingspecialist for Real Estate and Public Finance

CIBThe best nationwideBank for Corporate Customers

PCAMBest Retail Bank in Germany

• No 3 German Retailbank with 5 m customers:Strong market share among affluents

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

Strategic objectives supported by strong market positions in core segments

• Approx. 40% of German „(S)ME“-clients and 80% of large customers with CB account

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

• Investment Bank leading issuer of structured products in Germany

• No 1 in Commercial Real Estate in Germany • No 1 in Public Finance• No 1 in Jumbo Covered Bonds

Status Quo market position

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Focus Germany

Core region: Commerzbank with focus on Germany and selected international business

Selected international business

• Supporting German Mittelstand in international business• Supporting international corporate customers in Germany/Europe• Utilization of profitable growth opportunities in areas of core competence and selected

regions, i.e. CRE (Eurohypo), CEE

73

62

77

Claims on customersin %

Operating profitin %

Germany

Abroad Employeesin %

Year end 2005 only CB

27

38

23

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Germany: Gross domestic productreal, seasonally adjusted, change in ppt

Germany: ifo – business situationseasonally adjusted monthly figures

Commerzbank benefits from recovering German economy

• German business structures more flexible, especially wages and working time

• German companies with noticeable increase in competitiveness (world champion in exports):

• Moderate development of unit labour costs

• Debt reduction leads to larger scope for investments

• Reforms of social fallback systems have been initiated

Q2 2006 strong GDP growth

Business climate: improving sentiment

-0.75-0.50

-0.250.00

0.250.50

0.751.00

2003 2004 2005 2006-1.5-1.0-0.50.00.51.01.52.02.5

qoq (LS) yoy (RS)

Noticeable progress has taken place

2003 2004 2005 200680859095

100105110

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2. Clear Strategic Positioning

Targets4.

1. Improved Performance

Management Agenda: Growth & Profitability3.

Agenda

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Growth and increase in profitability

Stabilization• Capital base strengthened

• Costs cut rigidly• Loan portfolio and business model de-risked

• Liquidity prudently managed

Profitability• Non-core participations sold

• Restored profitability in Retail Banking and Asset Management

• Major turnaround in Mittelstand segment

• De-risked and stabilized Investment Banking, significant turnaround

Management agenda for medium-term horizon

Management Agenda: Enhancing Growth & Profitability

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Actio

n

• Active capital management: e.g. sale of non-strategic participations and securization

• Continuous efficiency enhancement: Tight cost management, e.g. Service to Perform, Realignment Retail Credit business

• Participating in external growth opportunities: Eurohypo, Russia

• Accelerating organic growth: Focussed investments in core divisions Retail, Mittelstand and CRE/PF

Growth and increased profitability

Targ

etEx

ampl

esFocussed investment strategy to sharpen profile and increase growth and profitability

DivestmentInvestment

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Investing: Selected acquisitions and investment in core segments

• Strategically and financially attractive acquisition • Integration process fully on trackEurohypo

• Acquisition of 15% stake in Promsvyazbank to participate in fast growing Russian market

• Option of step-by-step-increase to majority positionRussia

• Investment in comdirect and affluent private clients• Focused investments in German AM: cominvest (“Alpha”)PCAM

• MSB: acquisition of new clients, increase wallet share/ Cross selling• BRE/ CEE: check rollout of m bank/ Multi bank• IB: selective investments in core competencies, i.e. equity derivatives

CIB

Exte

rnal

gr

owth

• Significant growth in international CRE markets• Increase profitability of German CRE portfolio• Further optimisation of Public Finance business

CREPT

Org

anic

gro

wth

Examples

Investment• Playing active

part in German consolidation; only targetedacquisitionsabroad

• Investing in growth in keyareas of competence

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Divesting: active capital management and continuous efficencyenhancement

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

• Review Jupiter IPODisposals

Securitization

Service-to-Perform

Cap

ital

man

agem

ent

Retail Credit

business

Effic

ienc

y en

hanc

emen

t • Lean processes: optimisation of IT and transaction banking services

• 20% cost reduction until 2008 (~€200m)

• Concentration of retail credit back-office activities into four* centres

• Staff reduction by 450 employees

• €4,5 bn CLO´s 2Q 2006• €500 m loans via TSI 3Q 2006• Active management of credit portfolio

Examples

Divestment• Active capital

managementto increasecapitalefficiency

• Continuousefficiencyenhancement

* currently under negotiation

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New group structure

Strategic position: strong pillar

Stable earning components 1H 2006in €m

Stability: net interest income +30%

Operating RoE In %

Profitability: acquisition RoE accretive

New commitments – real estate financein €bn

Growth: strong new business

Eurohypo acquisition supports Commerzbank’s strategic objectives

* Excluding at equity distribution Eurohypo** Pro forma consolidation 1Q 2006

Net interest income

Net commission income

2005 1Q 2006

16.8% 17.7%

CB stand alone

CB stand alone

CB+EHCB+EH

31.3% 33.5%

PCAM CIB CRE, Public Finance and

Treasury

*

* Retail clients (without arrangemens to third parties, i.e. EH), Essenhyp (100%) and NY branch

** Business partly supplied by CB

+0.9ppts

+2.2ppts

6.7 7.0 7.9

20.8

CB stand alone*EH**

31.2

17.314.3

2003 2004 2005 1H 20061,4151,345

CB stand-alone CB+EHY**

1,6032,119+32% CB +EH

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Net synergiesin €m

Revenue synergies

Cost synergies

Further synergy potential

Integration process of Eurohypo on track, net synergies higher than expected, positive effects on cost of capital

Joint business processes established

Key functions centrally managed��

Total synergy potential reconfirmed

First revenue synergies realized��

All integration projects fully in line with plan

Required actions initiated��

Strong identification of staff with new Group … creating new business momentum��

Current synergy assumptions

Preliminary evaluation in 11/2005

142100 - 130

* Including €15 m funding synergies

• €118 m restructuring costs (vs. announced €150 m pre-merger)

• Lower EH market volatility (beta-factor) leads to lower cost of capital for consolidated group

• Future go-to-market strategy in PF segment still to be finalized: Optimal combination of Eurohypo, Essenhyp, EEPK capabilities to be reached

80 76

66*2030

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Increasing participation

• Path-to-Control: 15.3% stake planned with option of step-by-step increase to majority position

• Branch Network: Extension of existing market presence with CB (Eurasija) with nationwide branch network

• Corporate Banking: Enlargement of existing large customers portfolio• Retail Banking: Nationwide penetration of retail business/ if applicable

combined with successful BRE business model for private clients• Investment Banking: Widening of existing activities

• Attractive market: Upside potential via catch-up of banking penetration level, additionally supported by dynamic GDP development

• Attractive target: Promsvyazbank, currently ranked number 12 in terms of assets, is one of the fastest growing banks within the Russian banking sector

• Attractive price: Price in relation to risk profile is reasonable in current market conditions

Improving CB´s presence

Strong strategic fit

First step: acquisition of 15% stake in Promsvyazbank to benefit from Russia´s attractive market

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Prudent riskmanagement

Integration of Eurohypo risk management completed

3.

1. 2.

4.

Eurohypofully integrated in Commerzbank´srisk management

Sustainable reduction of default portfolio in focus until 2008

Net-LLP 2006 beforeone-off items below budget; incl. harmonisation of provisioning methodologies below €1 bn, 2007 below €0.9 bn

Strategic projects well on-track:• Basel II• Credit efficiency

processes

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2. Clear Strategic Positioning

Targets4.

1. Improved Performance

Management Agenda: Growth & Profitability3.

Agenda

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Commerzbank with clear strategic position and objectives for growth and profitability

Clear strategic positioning

Leading Commercial Bank in Germany:

Strategic objectives:• Growth• Profitability

•Strengthening position by selected acquisitions:Playing active part in German consolidation and selected acquisitions abroad

•Accelerated organic growth by investments in defined core segments with competitive strength

•Continuous efficiency enhancement in all divisions •Active capital management, i.e. selective divestments, securitization

• Well positioned in defined core segments

• Focussed on recovering German market and related international business

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Operating profit

Capital

2005*Trend

2005-2008 Comments

€6.8bn

€5.1bn

€1.8bn

€11.5bn

• Investments in core segments (examples):- PCAM: comdirect, upper retail and affluent

customers- CIB: new clients, increase wallet share, BRE- CRE: international growth markets

• Tight cost management in all segments• Projects Service-to-Perform and Retail Credit

business under way

• Significantly increasing profitability• Synergies of Eurohypo integration fully

implemented

• Stabilisation Tier 1 ratio, Target: 6.5% -7.0%• Dividend increase • Wherever applicable review of disposal of non-

strategic participations and further securitizationmeasurements

* Based on pro forma integration of Eurohypo and adjusted by one off items

Net RoEwell on

track for target15% in 2010e!

Further growth in revenues and stable cost situation leading in the medium-term to significant increase in profitability

Costs

Revenues after LLP

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2005

9.6%

2006p

≥≥≥≥ 10%

RoE after tax adjusted of one-off positions

2010e

15%

Long-term RoEgoal

As of 1H 2006

Financial target on track

RoE:

2007p

≥≥≥≥ 11%

CIR: 67% ≤≤≤≤ 65% ≤≤≤≤63% ≤≤≤≤60%

Commerzbank: The Leading Commercial Bank in Germany -strongly positioned to continue profitable growth

��

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

���� ����

As of 1H 2006

For more information, please contact:

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

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

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

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

Andrea Flügel (Secretary)P: +49 69 136 22255M: andrea.fluegel@commerzbank.comwww.commerzbank.com/ir