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July 30, 2012

Commerzbank sells Bank Forum to Ukrainian Smart Group

Commerzbank has today reached an agreement with Ukrainian Smart Group on the sale of its stake of approximately 96 % in Ukraine’s Bank Forum. It has been agreed that confidentiality is maintained on contractual details. The transaction is still subject to the approval of the regulatory authorities.

In the second quarter of 2012, the signing of the sale and purchase agreement leads to an extraordinary charge in Commerzbank's profit and loss statement amounting to approximately EUR 86 million which also has to be considered in the equity capital. With the closing of the transaction, the cumulative currency effects amounting to approximately minus EUR 200 million as of today will be reported in the profit and loss statement. The latter does not additionally affect the equity capital of the Bank, since it has already been accounted for as charge against the equity in the currency translation reserve in the past. In total, Commerzbank's profit before tax will be impacted by approximately EUR 286 million by the time of the closing of the transaction.

The charge is not reported in the operating profit but in the profit before tax. Overall, the Bank expects an operating profit of approximately EUR 1 billion for the first six months of 2012, whereof approximately EUR 450 million apply to the second quarter 2012. For the first six months of 2012, the Bank expects a profit before tax of approximately EUR 900 million, thereof approximately EUR 350 million in the second quarter of 2012.

Because of the related reduction of the risk weighted assets, the transaction does not have a significant impact on the Core Tier 1 ratio of Commerzbank. The Core Tier 1 ratio as of the end of March 2012 was 11.3 %. As of the end of June 2012, Commerzbank expects a further strengthened Core Tier 1 ratio of approximately 12 %. Taking into account the tighter capital regulations under Basel 3 which shall be applicable from next year onwards, Commerzbank continues to expect a Core Tier 1 ratio of at least 10 % as of January 1, 2013.

As planned, Commerzbank will publish the detailed financial figures for the first six months of 2012 on August 9, 2012.

Commerzbank acquired the majority stake in Bank Forum in the spring of 2008. The dynamic development of the Ukraine has not come into effect as expected in past years. Commerzbank does not expect a sustainable improvement in the near future. In the course of the ongoing review of its Group strategy, Commerzbank therefore decided to sell its stake in Bank Forum.

In the future, Commerzbank will continue to be represented in the Ukraine with a representative office in Kiev. In corporate customer business the Bank will continue to be a reliable partner to Ukrainian customers with business relations in Germany, as well as to German companies doing business in the Ukraine.


Press contact:
Armin Guhl +49 69 136 42764
Simon Steiner +49 69 136 46646
Nils Happich +49 69 136 44986

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About Commerzbank

Commerzbank is a leading bank for private and corporate customers in Germany. With the segments Private Customers, Mittelstandsbank, Corporates & Markets, Central & Eastern Europe as well as Asset Based Finance, the Bank offers its customers an attractive product portfolio, and is a strong partner for the export-oriented SME sector in Germany and worldwide. With a future total of some 1,200 branches, Commerzbank has one of the densest networks of branches among German private banks. It has around 60 sites in 52 countries and serves almost 15 million private clients as well as 1 million business and corporate clients worldwide. In 2011, it posted gross revenues of almost EUR 10 billion with 58,160 employees.

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Disclaimer

This release contains statements concerning the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of the company as well as expected future net income per share, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Commerzbank has no obligation to periodically update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.

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