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November 17, 2005

Commerzbank has successfully concluded Eurohypo negotiations

New Commerzbank shares to be placed today

Commerzbank has successfully concluded its negotiations with Deutsche Bank and Allianz/Dresdner Bank to acquire their shares in Eurohypo AG with the joint signing of the agreements. Accordingly, Commerzbank will acquire in two steps - 17.2% on December 15, 2005, and the remaining 49% on March 31, 2006 - an additional 66.2% of Eurohypo at an average price of 19.60 euros per share. Given the approval of the authorities, it will then hold more than 98% of Eurohypo's equity.

To support the transaction, the bank will conduct a capital increase today without subscription rights for shareholders. Based on the authorization given by the 2004 annual general meeting, a total of 57.7 million shares will be offered to institutional investors via an accelerated bookbuilding procedure by Morgan Stanley and Commerzbank Corporates & Markets. The placement will generate new equity capital of more than 1.25bn euros.

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