COMMERZBANK AKTIENGESELLSCHAFT

Federal Republic of Germany, who audited the annual and consolidated financial statements of
Commerzbank Aktiengesellschaft for the financial years ended December 31, 2007 and 2008, giving
each of them their unqualified auditor's report.
PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft is a member of the
Chamber of Chartered Accountants (Wirtschaftsprüferkammer).
Trend Information
Since the audited consolidated financial statements as of December 31, 2008 and the interim report as
of June 30, 2009 (reviewed) were published no material adverse changes in the prospects nor
significant changes in the financial position have occurred except for those described below under
"Recent Developments".
Legal and Arbitration Proceedings
During the previous twelve months, there were no governmental, legal or arbitration proceedings, nor
is the Bank aware of any such proceedings pending or threatened, which may have, or have had in
the recent past significant effects on the Bank's and/or Group's financial position or profitability.
Recent Developments
Acquisition of Dresdner Bank from Allianz
On January 12, 2009, Commerzbank acquired the 92.9% of the shares in Dresdner Bank held by
Allianz (which equated to 100% of the voting rights, given the treasury shares held by Dresdner Bank
of 7.1% of its share capital) for a total purchase price of €4.7bn ("the Transaction"). €3.2bn was paid
in cash. In addition, Allianz received 163,461,537 non-par-value shares in the Company through a
capital increase against non-cash contributions. Based on the XETRA closing price on January 12,
2009, the value of these shares was €0.8bn. Allianz also received from the Issuer cominvest Asset
Management GmbH, cominvest Asset Management S.A., Münchener Kapitalanlage Aktiengesellschaft
and MK LUXINVEST S.A. (together "the cominvest Group"), with a total value of €0.7bn. The
conclusion of long-term distribution agreements between Allianz and the Company and their
respective subsidiaries was also agreed upon in the Transaction Agreement as part of the concept of
comprehensive sales cooperation in Germany. On completion of the transaction, Allianz strengthened
the Company’s equity by buying from it asset-backed securities with a nominal value of €2.0bn for
€1.1bn. Furthermore, Allianz granted the Company a silent participation of €750m on June 8, 2009.
The profit participation for the silent participation consists of fixed interest of 9% p.a. on the nominal
value of the contribution plus additional dividend-linked remuneration of 0.01% p.a. on the nominal
contribution amount for each full €5,906,764 cash dividend paid.
The merger between Dresdner Bank, as transferring legal entity, and Commerzbank, as acquiring
legal entity, was registerd in the commercial register at the district court of Frankfurt am Main on
May 11, 2009.
The financial market crisis and SoFFin equity injection
The global financial market crisis had a significant impact on the Group’s result in 2008, and it should
be assumed that this crisis will produce further negative consequences for the Group in future. In
response to the crisis and the gradual deterioration in the economic environment, the Issuer applied to
SoFFin on November 2, 2008 for stabilization measures. On December 19, 2008, SoFFin granted the
Issuer a silent participation of €8.2bn. Further injections of equity capital were subsequently needed in
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