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COMMERZBANK AKTIENGESELLSCHAFT

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120<br />

Commerzbank AG<br />

Responsibility statement by the Board of<br />

Managing Directors<br />

To the best of our knowledge, and in accordance with the<br />

applicable reporting principles, the financial statements give a<br />

true and fair view of the net assets, financial position and results<br />

of operations of the Company, and the management report<br />

Frankfurt am Main, February 27, 2012<br />

The Board of Managing Directors<br />

includes a fair review of the development and performance of<br />

the business and the position of the Company, together with a<br />

description of the principal opportunities and risks associated<br />

with the expected development of the Company.<br />

Martin Blessing Frank Annuscheit Markus Beumer<br />

Jochen Klösges Michael Reuther Stefan Schmittmann<br />

Ulrich Sieber Eric Strutz Martin Zielke

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