COMMERZBANK AKTIENGESELLSCHAFT

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Group Management Report 198 142 Commerzbank Annual Report 2011 Remuneration As a result of the increased significance arising from greater regulatory requirements, em- ployee remuneration has been disclosed since 2010 in the form of a separate report. This is being published on the Commerzbank website www.commerzbank.com and in future will be updated once a year. Note of thanks to employees We would like to thank all our employees for all their hard work in 2011. They showed ex- ceptional commitment in a difficult market environment and under conditions that were not always easy. We know that this cannot be taken for granted. We would also like to thank all staff, managers, works councillors and other representatives who assisted in HR work in 2011 in a trusting and constructive manner.
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 143 199 127 71 Business and overall conditions 135 79 Earnings performance, assets and financial position 147 91 Segment performance 137 193 Our employees 143 199 Report on events after the reporting period 144 200 Outlook and opportunities report Report on events after the reporting period Further optimisation of the capital structure As part of the Bank’s capital management, Commerzbank used the market opportunities in the middle of February and on February 23, 2012 entered into an agreement with Goldman Sachs under which Goldman Sachs can bring into Commerzbank as a contribution in kind selected hybrid capital instruments and subordinated loans against shares to be issued by Commerzbank out of authorised capital. Goldman Sachs will acquire these securities from institutional investors on the market based on an exchange offer at a price below par. The volume of the new shares is restricted to no more than 511 million (10% minus one share), Commerzbank shareholders’ subscription rights are excluded. This transaction is another measure for the efficient reinforcement of the capital base with a view to future regulation. Measures to cover the EBA’s requirements In mid-January 2012, Commerzbank presented a comprehensive package of measures to enable us to meet, through our own resources, the European Banking Authority’s (EBA) requirement for strengthening our hard core capital by €5.3bn by June 30, 2012. In order to meet the Core Tier I ratio specified by the EBA, Commerzbank already introduced comprehensive measures in November 2011. Based on the figures as at December 31, 2011, the capital requirement according to the EBA was reduced to around €1.8bn. This amount stemmed from retained earnings for the fourth quarter of 2011 which contained a one-off IFRS contribution to earnings from the buyback of hybrid equity instruments, and from RWA management. In addition, regulatory capital deduction positions were significantly reduced in the fourth quarter of 2011 through efficient management of the capital structure. The write-downs on Greek government bonds applied in the fourth quarter of 2011 could therefore be offset against the capital buffer specified by the EBA. Together with a successful conclusion of the measure announced in February for optimising the capital structure, this capital requirement can be reduced by a further €1.0bn to approximately €0.8bn, in the event that the exchange offer is accepted in full. This would allow Commerzbank to cover a significant part of the additional capital requirement calculated by the EBA. There have been no other events of material significance. › Outlook and opportunities report Page 154 Group Management Report
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Fourth Supplement dated April 13, 2
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Financial Statements and Management
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Corporate Responsibility One bank.
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Environment As a financial services
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In a joint initiative by the overal
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Performance-related remuneration Th
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The members of the Board of Managin
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The monthly amount of the retiremen
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tion for the remainder of his term
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Loans to members of the Board of Ma
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Other details D&O liability insuran
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Details pursuant to Art. 289 of the
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up to five years effective from the
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The Supervisory Board oversees fina
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• Statements on presentation in t
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Since summer 2011, the environment
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At the beginning of December, Comme
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The changes in the individual earni
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As with the change in other assets
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Report on events after the reportin
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We assume that Germany will fare be
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the resulting impact on financial i
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The Asset Based Finance segment was
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Risk report Risk reporting takes pl
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Risk strategy and risk management T
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Macroeconomic stress tests are also
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Overview of management instruments
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The “reduction” area comprises
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Corporates & Markets This segment c
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Public Finance Commerzbank’s Asse
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Portfolio by region as at 31.12.201
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and Europe (CLOs). The exposure in
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In 2011, provisions in Central & Ea
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of the overdraft starts on the firs
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The year 2011 was mainly affected b
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The adjoining diagram documents the
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Available net liquidity in the comb
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OpRisk events by segment | €m 201
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Reputational risk Reputational risk
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Provisions for pensions are calcula
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Notes to the income statement (5) B
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(12) Securities At December 31, 201
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(16) Fiduciary transactions Financi
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(23) Other liabilities Financial St
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(27) Equity Financial Statements an
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c) Retained earnings € Financial
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(30) Non-distributable amounts Fina
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Other notes (33) Off-balance-sheet
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(34) Forward transactions Financial
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(36) Remuneration and loans to boar
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€1,000 LTP Number of participatin
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Name Registered office Share of cap
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) Associated companies Name Registe
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Foreign-exchange rates for €1 as
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Members of the Supervisory Board of
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(41) Boards of Commerzbank Aktienge
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Independent Auditor’s Report 1 To
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Significant subsidiaries and associ
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Annual Report 2011 of the Commerzba
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To our Shareholders Corporate Respo
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Group Financial Statements Our Grou
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Recent developments Optimisation of
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COMMERZBANK AKTIENGESELLSCHAFT Fran
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Jahresabschluss und Lagebericht 201
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COMMERZBANK AKTIENGESELLSCHAFT

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