COMMERZBANK AKTIENGESELLSCHAFT

To our Shareholders Interim Management Report Interim Financial Statements
Exposure at Default by region
in € bn
Risk density
in bp
82
11
Commercial Real Estate 38 bp
231 Business and economy
232 Earnings performance, assets and financial position
237 Forecast
240 Report on post-balance sheet date events
241 Risk Report
32
34
38 Germany
32 Europe (excl. Germany)
6 North America
4 Central and Eastern Europe
< 1 Asia (incl. Middle. East)
1 Other
The objective of the new strategic positioning is to
acquire new business where the risk involved is appropriate
and to generate sustainable long-term income in core
1, 2, 3
Loan to Value – UK
stratified representation
> 100 %
80 % – 100 %
60 % – 80 %
40 % – 60 %
20 % – 40 %
< 20 %
1, 2, 3
Loan to Value – USA
stratified representation
> 100 %
80 % – 100 % 0 % (0 %)
60 % – 80 %
40 % – 60 %
20 % – 40 %
< 20 %
5 % (2 %)
39
10 % (5 %)
11 % (11 %)
Values in parentheses: December 2008
1 LtVs based on market values
2 Excl. margin lines and corporate loans
3 Additional collateral not taken into account
51
16 % (13 %)
21 % (23 %)
27 % (27 %)
70
24 % (28 %)
24 % (29 %)
31 % (31 %)
31 % (31 %)
domestic and foreign markets. At the end of 2008, the
Management Board of Eurohypo launched project Focus
with these targets in mind; this is running on time and is
currently in the implementation and realization phase.
The business opportunities available are being selectively
exploited, and, following another increase in returns,
have an improved risk /return profile. The successful Pfandbrief
placings seen in the first half of the year, and the slight
narrowing in spreads, are grounds for expecting a perceptible
improvement in liquidity in the established markets
as the year wears on.
The loans in our portfolio that are secured by a land
charge or mortgage still show resilient loan-to-value ratios
(LtVs = ratio which covers our claims to a large extent).
Overall in the first half of 2009, the varying degrees of
decline in market values in both the core markets and
emerging markets resulted in increasing LtVs in our portfolio.
In the United States, LtVs in secured lending business
are still moderate for the most part and in no case higher
than 75 %. In the UK and Spain as well as in our core
business in Germany, our LtVs mostly range between 70 %
and 80 %.
1, 2, 3
Loan to Value – Spain
stratified representation
> 100 %
80 % – 100 %
60 % – 80 %
40 % – 60 %
20 % – 40 %
< 20 %
> 100 %
80 % – 100 %
60 % – 80 %
40 % – 60 %
20 % – 40 %
< 20 %
1 % (1 %)
4 % (3 %)
1, 2, 3
Loan to Value – CRE total
stratified representation
2 % (2 %)
4 % (3 %)
13 % (12 %)
14 % (14 %)
23 % (24 %)
23 % (23 %)
29 % (30 %)
30 % (30 %)
28 % (28 %)
29 % (30 %)
247