COMMERZBANK AKTIENGESELLSCHAFT

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Commerzbank AG
Regulatory Tier I capital decreased by €5.5bn to €26.2bn, compared with 2010. This was
largely the result of the partial repayment of the SoFFin silent participations out of free regu-
latory capital of around €3.3bn and the one-off payment of €1.03bn made to SoFFin. The
Tier I capital ratio remained stable at 11.1%, compared with 11.9% at December 31, 2010.
Core Tier I capital, which is a key variable in the context of Basel III, came to around
€23.4bn, or a ratio of 9.9%. Our own funds ratio was 15.5% on the reporting date.
Summary of 2011 business position
The 2011 financial year was another very difficult one for Commerzbank Aktiengesellschaft.
In addition to the one-off payment to SoFFin for repayment of the silent participation, writedowns
on the carrying value of Eurohypo AG made a major negative impact on the 2011 results.
The reason for fresh write-downs was the deepening European sovereign debt crisis and
more stringent capital requirements, which led to a heavy loss at Eurohypo AG. Commerzbank
was obliged to make good Eurohypo AG’s annual net loss, which in turn affected its separate
financial statements under the German Commercial Code. Looking at our earnings performance
in 2011, it is clear that the Bank is on the right track with the development of its core
bank, and our business model has proved effective, even in a difficult market environment.
We continued to reduce risks in 2011 and will keep on doing so in 2012.