COMMERZBANK AKTIENGESELLSCHAFT

Independent Auditor’s Report 1
To COMMERZBANK Aktiengesellschaft, Frankfurt am Main
Report on the Annual Financial Statements
We have audited the accompanying annual financial statements of
COMMERZBANK Aktiengesellschaft, Frankfurt am Main, which
comprise the balance sheet, the income statement and the notes
to the financial statements, together with the bookkeeping system,
for the business year from January 1, to December 31, 2011.
Board of Managing Directors’ Responsibility for the
Annual Financial Statements
The Board of Managing Directors of COMMERZBANK
Aktiengesellschaft, Frankfurt am Main, is responsible for the
maintenance of the books and records and the preparation of
these annual financial statements. This responsibility includes
that these annual financial statements are prepared in
accordance with German commercial law and that these annual
financial statements give a true and fair view of the net assets,
financial position and results of operations of the Company in
accordance with (German) principles of proper accounting. The
Board of Managing Directors is also responsible for the internal
controls as the Board of Managing Directors determines are
necessary to enable the preparation of annual financial
statements that are free from material misstatement, whether
due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these annual
financial statements, together with the bookkeeping system,
based on our audit. We conducted our audit in accordance with
§ (Article) 317 HGB and German generally accepted standards
for the audit of financial statements promulgated by the Institut
der Wirtschaftsprüfer (Institute of Public Auditors in Germany)
(IDW) and additionally observed the International Standards on
Auditing (ISA). Accordingly, we are required to comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the annual financial
statements are free from material misstatement.
Financial Statements and Management Report 2011 121
An audit involves performing audit procedures to obtain audit
evidence about the amounts and disclosures in the annual
financial statements. The selection of audit procedures depends
on the auditor’s professional judgment. This includes the
assessment of the risks of material misstatement of the annual
financial statements, whether due to fraud or error. In assessing
those risks, the auditor considers the internal control system
relevant to the Company’s preparation of annual financial
statements that give a true and fair view. The aim of this is to
plan and perform audit procedures that are appropriate in the
given circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control
system. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting
estimates made by the Board of Managing Directors, as well as
evaluating the overall presentation of the annual financial
statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Audit opinion
According to § 322 Abs. (paragraph) 3 Satz (sentence) 1 HGB,
we state that our audit of the annual financial statements has not
led to any reservations.
In our opinion based on the findings of our audit, the annual
financial statements comply, in all material respects, with the
legal and give a true and fair view of the net assets and financial
position of the Company as at December 31, 2011 as well as the
results of operations for the business year then ended, in
accordance with (German) principles of proper accounting.
1
Translation of the independent auditor’s report issued in German language on the consolidated financial statements prepared in German language by the management of
Commerzbank Aktiengesellschaft, Frankfurt/Main. The German language statements are decisive.