COMMERZBANK AKTIENGESELLSCHAFT

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To our Shareholders Interim Management Report Interim Financial Statements 231 Business and economy 232 Earnings performance, assets and financial position 237 Forecast 240 Report on post-balance sheet date events 241 Risk Report Forecast The following comments should always be read in conjunc- tion with the Business and Economy section of this interim report as well as the Outlook section of the 2008 annual report. Future economic situation The global economic slump should have bottomed out by the middle of the year. A recovery is expected to take hold in the second half as the uncertainty triggered by the collapse of Lehman Brothers gradually dissipates. Companies are starting to restock their inventories, Moreover, many countries have launched extensive stimulus programmes and the drastic interest rate cuts by central banks will feed through more and more to the real economies. In spite of these highly stimulative measures the recovery is likely to be sluggish due to the after-effects of the financial crisis and the need for companies and consumers in many countries to reduce debt levels. As a result, official interest rates should remain at their current low levels for some time to come. Future situation in the financial industry In the first quarter of 2009 many European banks benefited from the improved environment for their trading operations and some were able to post better results. However, the overall environment for banks remains extremely difficult, and the impact of the global economic crisis will continue to put pressure on banks’ balance sheets. Commerzbank expects gross domestic product in the eurozone to shrink by 4.5 % in 2009, followed by marginal growth of 0.7 % in 2010. The lagging negative repercussions of the recession such as corporate insolvencies and sharply increased unemployment (Commerzbank forecasts that unemployment in Germany alone will rise from 3.2 million at end-2008 to around 4 million at end-2009) will lead to a sharp rise in banks’ credit risk provisions. Moreover, the financial crisis continues to take a direct toll. According to a Bloomberg report of 10 July 2009, write-downs suffered by banks worldwide as a result of the financial crisis have now reached $1,042 billion. Up to the end of 2008 European banks had amassed write-downs of $384 billion according to the Bloomberg report. The IMF expects banks in the Eurozone to see further write-downs of $750 billion in 2009 and 2010, while the ECB is forecasting further write-downs of $283 billion by the end of 2010. These differing estimates show that forecasts of this kind are currently subject to a high degree of uncertainty. To offset the erosion in their capital base and accommodate the more stringent demands of the market with regard to capital adequacy, banks worldwide have to date carried out capital increases of some $1,022 billion, through private placements and public capital increases as well as capital injections from government. The banking industry is going through a fundamental reorganization. While in many cases there is a trend towards refocusing on the core business, some institutions are undergoing a re-dimensioning process. In all areas of the banking business, margins will also need to return to levels that are commensurate with the risks of the exposures taken on. The shift in the yield curve could also help to bolster margins in banking. Even in times of financial crisis and recession certain business areas in a bank can experience a temporary boom, as has recently been the case for corporate bond issuance. However, there are also business areas within banks that are under structural pressure. On the financing side, banks will seek to reduce their dependence on the interbank market, which will translate into continued intense competition for customer deposits. According to an analysis by the ECB, it is also likely that banks will scale back activities that are especially dependent on unsecured funding. Financial outlook for the Commerzbank Group Financing plans Although the second quarter was a favourable one in terms of issuance, we expect the capital market environment to remain strained. We expect funding costs for long-term capital market issues to remain high due to the ongoing uncertainty in the market, even if funding spreads have certainly narrowed significantly from the highs recorded at the beginning of this year. We managed to secure our capital market funding target for 2009 of approximately €20bn – around half of which was through secured issues 237
238 Commerzbank Interim Report as of June 30, 2009 (Pfandbriefe and lettres de gages) and half through unsecured issues – by the middle of the year. This was due to several factors, not least a steady volume of private placements since the second quarter and a further unsecured and non-state guaranteed €1bn benchmark issue with a 5 ½-year term as well as two mortgage Pfandbriefe issued by Eurohypo of €1.75bn and €1.5bn with terms of seven and ten years respectively. All the issues attracted a great deal of interest from investors and were heavily oversubscribed. The total volume of secured and unsecured capital market issues successfully placed in 2009 amounted to approximately €21bn. Commerzbank continues to be able to draw on the support provided by the Financial Market Stabilization Act and the Special Fund for Financial Market Stabilization (SoFFin). Commerzbank has received a guarantee facility of €15bn from SoFFin. Commerzbank utilized this guarantee in issuing a €5bn three-year bond in January 2009. Funding of the Group so far in the year 2009 Volume €21.15bn Guarantee bond €5bn Issue profile as of June 30, 2009 Subordinated issues 8% One issue €5bn Mortgage Pfandbriefe 17 % Lettres de gage 8% Senior unsecured bonds €8.3bn Benchmark issues €2.5bn Private placements €5.8bn about €250bn Jumbo issues €4.75bn Pfandbrief issues €7.85bn Private placements €3.1bn Senior unsecured bonds 32 % Ship mortgage bonds 2% Public-sector Pfandbriefe 33 % We expect that the one-year purchase programme for covered bonds launched by the ECB and national central banks in July will support the Pfandbrief market and facilitate issuance in this segment. Commerzbank places great emphasis on maintaining a broadly-based funding base. With this in mind, we offer a wide range of deposit products on market terms and across all maturities through our private and corporate customer network, which help to provide stability for our funding base. Planned investments Our investment activities in 2009 will be dominated by the integration of Dresdner Bank. A total of €2 billion has been set aside for the integration. The first-half results contain €445m in restructuring expenses and €63m in current expenses. We are fully on track to reach our announced targets. Restructuring expenses of €60m were incurred in the second quarter in connection with the strategic reorganization of Commercial Real Estate business at Eurohypo. There have been no significant changes to our investment plans compared with the planning announced in the 2008 annual report and the interim report to 31 March 2009. Liquidity outlook The worldwide support measures implemented by governments and central banks helped to further stabilize the markets in the second quarter. The Euribor-Eonia spread, an indicator of uncertainty with regard to creditworthiness on the interbank market, has narrowed from the highs seen at the beginning of the year of around 115 basis points for three-month funds to less than 60 basis points. The interbank market for deposits has eased for all maturities up to one year. One of the main contributors to this was the decision by the ECB to issue a tender with a oneyear maturity and an unlimited allocation for the first time. The ECB has also announced two other long-term money market operations for the second half of the year. These measures have made it easier for all banks, including Commerzbank, to obtain liquidity.
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This prospectus constitutes a base
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Summary The following constitutes a
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Therefore, if a Credit Linkage Even
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Additional Risks with respect to No
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General Description of the Programm
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Credit-Linkage of Principal Payment
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Physical Settlement Amount Redempti
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Summary relating to Commerzbank Akt
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Sollten sich ein oder mehrere der f
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Anleihegläubiger haben im Verlustf
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kumulatives oder gar exponentiell h
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Zusammenfassung der Programm-Anleih
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Sonstige Bestimmungen hinsichtlich
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Rückzahlung bei Endfälligkeit und
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Zusammenfassung hinsichtlich der Co
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In addition, the Final Terms may pr
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Further, Credit Linkage Events may
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(including hedging transactions) wi
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Transaction Costs When Notes are pu
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Notes correspondingly rises, the pr
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may have to obtain liquidity from t
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Group over the long term. In partic
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the Mittelstandsbank, Central and E
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further decline in market values an
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compliance with the Basel II requir
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Important Notice about this Prospec
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General Information Commerzbank Akt
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Credit Linkage of Capital (Derivati
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edeem the Notes early upon the occu
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Moody's S&P Fitch Rating Symbol (Lo
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Wenn Ergänzte Anleihebedingungen (
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Programme Terms and Conditions of t
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Der folgende Absatz (2) ist nur auf
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Der folgende Absatz ist bei Doppelw
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Der folgende Absatz (2) ist auf all
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kein Zinszahlungstag vergangen ist,
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Tag vorangeht, an dem sie zur Rück
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jeweiligen Zinsfestsetzungstag von
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werden)/(sofern erforderlich auf da
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etreffende Zinsperiode nach ihrem b
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anderen Beobachtungszeitraum/andere
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Zinsberechnungszeitr aum, in dem de
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§ 4 (RÜCKZAHLUNG) [(1)] [Vorbehal
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vorstehendem Absatz (a) ermittelte
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Im Fall von Teilschuldverschreibung
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Bezugsbetrag des Hypothetischen Cre
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§ 5 (VORZEITIGE RÜCKZAHLUNG, RÜC
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Der folgende Absatz (3) ist auf all
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unverzüglich der Emittentin, den Z
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Der folgende Absatz (1) ist im Fall
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Rückzahlungsbetrages um den Absich
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nachfolgend aufgeführten Spreads e
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mit einer anderen Rechtsperson, sei
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Kreditereignisses [und Auslösenden
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unterlässt, Zahlungen, deren Gesam
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Der folgende Absatz ist im Falle vo
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"Nichtanerkennung/Moratorium" besch
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Der folgende Absatz ist im Falle vo
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Die Emittentin [macht/kann] ein Kre
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Die folgende Definition ist, hier e
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"GewichtungsbetragRS" ist [0,008/[a
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(2) Der "Spread-Barausgleichsbetrag
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den dort aufgeführten Referenzschu
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Endkurs-Banken eine Endkurs-Quotier
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Der folgende Unterabsatz ist im Fal
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Übertragungstag wird ausschließli
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werden kann, ohne dass es der Anzei
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Zustimmungspflichtiges Darlehen/nic
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entweder (1) der Emittentin (soweit
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Referenzschuldner kein Hoheitlicher
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Wandelbaren Verbindlichkeit oder ei
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entsprechenden Schuldners, falls de
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Auflaufende Verbindlichkeit ist, bl
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Der folgende Absatz gilt nur bei ei
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Primärschuldner gelten). Die folge
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Garantie), abtreten oder verkaufen,
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Verbindlichkeitsmerkmal nur in Bezu
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(d) Für die Zwecke der Anwendung d
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(2) Ist die Emittentin nach § 6 (1
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(a) [alle Zusätzlichen Beträge, d
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Gebühren abzuziehen oder einzubeha
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§ 10 (VORLEGUNGSFRISTEN, VERJÄHRU
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sind, soweit nicht ein offenkundige
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(2) Die in Absatz (1) genannte Fäl
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ergebenden Verpflichtungen der Emit
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Teilschuldverschreibungen. Die Emit
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Muster - Endgültige Bedingungen Fo
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3 [Die Bedingungen dieser Endgülti
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7 Verzinsungsbeginn weitere Zinsvar
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Vorhergehende Feststellungstage zu
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16 Absicherungs Laufzeit 16 Protect
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Bedingungen, die nur für Teilschul
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Bedingungen, die nur für Teilschul
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Page 191 and 192: Business Day 190 Trans-European Aut
Page 193 and 194: 35 Faktor 35 Factor Absicherungslau
Page 195 and 196: Bedingungen, die für alle Teilschu
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Page 201 and 202: Referenzschuldner Reference Entity
Page 203 and 204: Durchführung einer syndizierten Em
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Page 207 and 208: 48 [Performance of Index/Formula/ot
Page 209 and 210: Commerzbank Aktiengesellschaft Hist
Page 211 and 212: Commercial Real Estate Germany/Comm
Page 213 and 214: Futher information on the holdings
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Page 217 and 218: Taxation Federal Republic of German
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Page 221 and 222: tax-free private capital gain or ta
Page 223 and 224: Selling Restrictions 1 United State
Page 225 and 226: the competent authority in that Rel
Page 227 and 228: Documents Incorporated by Reference
Page 229 and 230: Interim Report of the Commerzbank G
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288 Commerzbank Interim Report as o
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29 Commerzbank Interim Report as of
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Address List 1. Issuer 4. Legal Adv
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The following non binding German la
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Inhaltsverzeichnis Zusammenfassung
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Risikofaktoren Der Erwerb von unter
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Im Falle mehrerer Referenzschuldner
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Darüber hinaus sollten Anleger bea
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Funktion als die derzeitige auszuü
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Kurs der Teilschuldverschreibungen
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Teilschuldverschreibungen mit einem
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Ziele, Erfahrungen bzw. Kenntnisse
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Risiken aus der Integration der ehe
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aufgrund von Verschlechterungen der
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Es ist daher durchaus denkbar, dass
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kommen, die sich erheblich negativ
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werden zunehmend elektronisch abgew
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Wichtige Information über diesen P
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Allgemeine Informationen Commerzban
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• die Teilschuldverschreibungen a
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dem Indexkorb und legen gegebenenfa
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Moody's S&P Fitch Rating Symbol (La
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Anleihebedingungen (Siehe zweisprac
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Commerzbank Aktiengesellschaft Gesc
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Corporates & Markets In diesem Segm
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Ausland BRE Bank SA, Warschau Comme
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Potenzielle Konflikte könnten aufg
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− die Aufgabe mehrerer Geschäfts
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Zusammenhang mit den Schuldverschre
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Finanzdienstleistungsinstitut, eine
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Schweizerische Umsatzabgabe bei der
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Darüber hinaus gilt Folgendes: 1.2
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vorherigen Zustimmung des bzw. der
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Per Verweis einbezogene Dokumente D
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Zwischenbericht des Commerzbank-Kon
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