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May 15, 2008

Commerzbank Annual General Meeting 2008: Martin Blessing succeeds Klaus-Peter Müller

Commerzbank is to pay a dividend of EUR 1.0 per share this year – up from 75 cents in 2007. Klaus-Peter Müller (63), Chairman of the Board of Managing Directors of Commerzbank, will submit a proposal to this effect to shareholders at today’s Annual General Meeting in the Jahrhunderthalle, Frankfurt-Hoechst. The increase is backed by the good performance of the bank in the financial year 2007. Mr Müller, head of Germany’s second largest bank, will also put the case for authorizations empowering Commerzbank to conduct capital-raising measures. As announced last November, Martin Blessing (44) will take over as new Chairman of the Board of Managing Directors at the end of this year’s Annual General Meeting.

Commerzbank “withstood the crisis well”

Commenting on Commerzbank’s performance in the last financial year, Müller stated: “For international banks, 2007 was a year of extremes, with two completely different halves. An outstanding first six months were followed by a financial crisis that spread to a variety of market areas. Thanks to our balanced business model and conservative investment policy, we withstood the crisis well. We have achieved and even overachieved the goals that we set ourselves.” With a consolidated surplus of EUR 1.92 billion, 2007 was a record year for Commerzbank.

Müller also believes the company is well equipped for the future: “Commerzbank has a solid basis, and looks forward with confidence to the challenges of a demanding year ahead for the banking industry.” Against the backdrop of a persistently difficult environment, the bank has achieved a satisfactory result in the first three months of the financial year 2008, with a consolidated surplus of EUR 280 million.

Exploiting opportunities

A number of resolutions granting authorizations for capital-raising measures are to be submitted to the Annual General Meeting. Their aim is to maintain the bank’s strategic flexibility going forward. Although Müller believes that Commerzbank’s capital base remains comfortable and with capital ratios of 7.5% (core capital ratio) and 11.5% (own funds ratio) sufficient to secure organic growth, he says: “If we are to exploit opportunities for our shareholders in transactions resulting from the potential consolidation of the German banking sector, we need diverse options for raising capital.” For this reason, the Board of Managing Directors wishes to have the authorization to raise additional capital whenever necessary over the next five years by issuing new shares (authorized capital), and convertible bonds, bonds with warrants or profit-sharing rights (conditional capital). If shareholders’ subscription rights are excluded, the bank would use these new authorizations up to an aggregate maximum amount of 20% of the outstanding share capital at the time of their first utilization.

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