COMMERZBANK AKTIENGESELLSCHAFT

To our Shareholders Interim Management Report Interim Financial Statements
(5) Net investment income
in € m 1.1.–30.6.2009 1.1.–30.6.2008 Change in %
Net result from interest-bearing business –329 –250 31.6
in the available-for-sale category –3 24 .
Gains on disposals
(rebooking from the revaluation reserve) 1 134 4 .
Losses on disposals
(rebooking from the revaluation reserve) 1 –170 –22 .
in the loans and receivables category 1 –20 .
Gains on disposals 1 40 –97.5
Losses on disposals – – 0 –100.0
Net valuation result 2 –294 –254 15.7
Net result from equity instruments 887 138 .
in the available-for-sale category 27 47 .
Gains on disposal
(rebooking from the revaluation reserve) 1 7 8 50 .
Losses on disposals
(rebooking from the revaluation reserve) 1 –141 –3 .
in the available-for-sale category,
valued at cost of acquisition 459 25 79.3
Net valuation result –199 –1 5 20.
Net result on disposals and valuation of
holdings in associated companies – – .
Total 558 –112 .
1 This includes a net amount of €283m of rebookings from the revaluation reserve which relate to the financial year 2009.
2 Herein are included portfolio valuation allowances of €17m (previous year: €0m) on investments in the loans and receivables category. The subprime-related valuation losses
shown above for the CDO and RMBS portfolio amount to €104m (previous year: €243m).
(6) Other result
2 9 Overall results
272 Consolidated balance sheet
273 Statement of changes in equity
274 Cash flow statement
275 Notes to the income statement
284 Notes to the balance sheet
290 Other notes
in € m 1.1.–30.6.2009 1.1.–30.6.2008 Change in %
Other income 280 311 –10.0
Other expenses 34 18 8 .0
Total –66 125 .
(7) Operating expenses
in € m 1.1.–30.6.2009 1.1.–30.6.2008 Change in %
Personnel expenses 2,395 1,502 59.5
Other expenses 1,712 1,040 4.
Current depreciation on fixed assets and other intangible assets 237 153 54.9
Total 4,344 2,695 61.2
277