COMMERZBANK AKTIENGESELLSCHAFT

122
Commerzbank AG
Report on the Management Report
We have audited the accompanying management report of
COMMERZBANK Aktiengesellschaft, Frankfurt am Main, for the
business year from January 1, to the December 31, 2011. The
Board of Managing Directors of COMMERZBANK Aktiengesellschaft,
Frankfurt am Main, is responsible for the
preparation of the management report in accordance with the
legal requirements. We conducted our audit in accordance with
§ 317 Abs. 2 HGB and German generally accepted standards for
the audit of the management report promulgated by the Institut
der Wirtschaftsprüfer (Institute of Public Auditors in Germany)
(IDW). Accordingly, we are required to plan and perform the
audit of the management report to obtain reasonable assurance
about whether the management report is consistent with the
annual financial statements and the audit findings, as a whole
provides a suitable view of the Company’s position and suitably
presents the opportunities and risks of future development.
According to § 322 Abs. 3 Satz 1 HGB we state, that our audit
of the management report has not led to any reservations.
In our opinion based on the findings of our audit of the annual
financial statements and management report, the management
report is consistent with the annual financial statements, as a
whole provides a suitable view of the Company’s position and
suitably presents the opportunities and risks of future
development.
Frankfurt am Main, March 1, 2012
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Lothar Schreiber Peter Goldschmidt
Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)