>Business development in the first nine months of 2011

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Business development in the

first nine months of 2011

Dr. Christian Diekmann, CFO

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After nine months: comdirect still on course for record results

Growth

Profitability

Agenda









Best nine-month result

Pre-tax profit of €78.6m – up 25% on previous year

Income of €248.8m – increase of €38.6m

Administrative expenses of €170.1m – disproportionately lower increase of

€22.9m

2.5 million customers

2.52 million customers with assets of €39.4bn

Net fund inflow of €1.4bn

98 thousand new current accounts in B2C segment

2011 target raised: record pre-tax profit

of > EUR 95m

Range of products and services expanded

B2C - complus: successful launch of CFD trading at comdirect

B2B – “Fit for the Future”: capital-building contracts with ETFs, savings target plan

and additional white label solution developed

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8.2 10.0 8.6 8.4 Q3 11 59.1 8.6 Q2 52.3 Q1 58.7 Q4 62.8 Q3 10 48.0 10.2 11.2 10.9 87.3 10.5 77.9 83.6 10.8 80.7 69.3 2.1 2.2 2.5 1.9 Q3 11 28.2 Q2 25.6 Q1 24.9 Q4 17.9 1.2 Q3 10 21.3

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Result rises to €78.6m – strong third quarter

Pre-tax profit Income 16.7 69.5 50.1 26.3 72.8 44.0 Administrative expenses B2C B2B B2C B2B B2C B2B 19.2 59.1 52.8 23.0 67.0 50.5 in €m, comdirect group 22.7 76.8 39.9 24.7 9M/11: 78.6 9M/10: 63.0 248.8 210.2 170.1 147.2

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10.2 11.2 10.8 10.9 Q3 11 87.3 10.5 Q2 77.9 Q1 83.6 Q4 80.7 Q3 10 69.3

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Strong net commission and net interest income after nine months

Income

Other income

Net interest income (after provisions) Net commission income

10.3 11.2 10.8 10.5 50.3 10.2 40.3 50.1 48.6 40.1 37.4 38.9 37.2 33.1 29.7 25.8 -1.9 0.4 0.3 2.5 3.3 Q3 11 Q2 Q1 Q4 Q3 10 39.4 B2B B2C B2C 69.5 72.8 59.1 29.9 29.9 76.8 in €m, comdirect group 67.0 40.1 Orders* B2C (m) 1.8 2.1 * Executed orders ø 3M-Eu-ribor (%) 0.87 1.02 2.5 1.10 2.0 1.41 B2B 2.5 1.56 9M/11: 248.8 9M/10: 210.2 140.7 124.2 109.2 72.2 -1.2 13.8

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4.1 3.5 3.5 3.6 3.5 Q3 2011 Q2 Q1 Q4 Q3 2010

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Expenses rise due to other administrative expenses

Depreciation

Other administrative expenses Personnel expenses 36.8 31.8 39.4 42.3 29.5 18.2 17.0 15.8 16.9 15.0 8.2 10.0 8.6 8.4 Q3 11 59.1 8.6 Q2 52.3 Q1 58.7 Q4 62.8 Q3 10 48.0 Administrative expenses 52.8 50.1 B2B B2C 39.9 50.5 in €m, comdirect group 44.0 9M/11: 170.1 9M/10: 147.2 51.0 45.7 108.0 91.1 11.2 10.4

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After nine months: comdirect still on course for record results

Growth

Profitability

Agenda









2011 target raised:

record pre-tax profit of > EUR 95m

Best nine-month result

Pre-tax profit of €78.6m – up 25% on previous year

Income of €248.8m – increase of €38.6m

Administrative expenses of €170.1m – disproportionately lower increase of

€22.9m

2.5 million customers

2.52 million customers with assets of €39.4bn

Net fund inflow of €1.4bn

98 thousand new current accounts in B2C segment

Range of products and services expanded

B2C - complus: successful launch of CFD trading at comdirect

B2B – “Fit for the Future”: capital-building contracts with ETFs, savings target plan

and additional white label solution developed

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Q2 2,513 Q1 2,304 Q4 2,296 Q3 10 2,194 Q3 11 2,523

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Increase in customers and accounts: now over 1.2m TG PLUS accounts

Customers B2C 1,559 (+50) 1,593 (+17) B2B 1,685 1,682 1,482 1,482 1,419 1,185 1,161 1,131 1,073 Q2 (+23) Q1 Q4 Q3 10 Q3 11 1.208 B2C B2B Current accounts

Tagesgeld PLUS accounts Custody accounts in ‘000 737 (+52) 919 (+191) 915 910 (-5) 684 (-3) 766 (+8) 775 (+9) 734 (+7) 1,576 (+17) 1,509 (+33) 728 (-9) 685 (-2) 723 758 (+10) 734 748 (+14) 718 688 647 614 (+27) 745 (+30) (+42)

B2C: 202k new accounts/custody accounts in 9M/2011 +27 +98 +77 913 (-6) 1,610 (+17) (+33) (+41) (+30) (+58) (+30) (+24)

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28.8 33.1 32.1 32.2 28.5

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Valuation effects exceed inflows

Portfolio volume 14.6 16.1 16.2 10.2 10.2 10.4 10.0 10.6 Q3 11 Q2 10.5 0.1 Q1 10.4 0.2 Q4 10.3 0.1 Q3 10 0.1 10.4 Deposit volume B2B Q3 11 39.4 Q2 43.6 Q1 42.5 Q4 42.5 Q3 10 38.4

Assets under custody

26.5 26.3 in €bn 17.1 16.2 13.8 16.1 17.0** B2C 26.5 16.0 24.5 13.9 B2C B2B 16.3 15.8 DAX* 6,229 6,914 7,041

* Index level as of quarter end

** First-time reporting of €1.3bn portfolio volume of Commerzbank customers serviced by ebase through new white label custody account solution

7,376

B2B B2C

Group: €1.4bn net fund inflow in 9M/2011

5,502 24.2 15.2 13.8 15.1 Change in prices 9M 2011: €- 5.8bn

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After nine months: comdirect still on course for record results

Growth

Profitability

Agenda









2011 target raised:

record pre-tax profit of > EUR 95m

Best nine-month result

Pre-tax profit of €78.6m – up 25% on previous year

Income of €248.8m – increase of €38.6m

Administrative expenses of €170.1m – disproportionately lower increase of

€22.9m

2.5 million customers

2.52 million customers with assets of €39.4bn

Net fund inflow of €1.4bn

98 thousand new current accounts in B2C segment

Range of products and services expanded

B2C - complus: successful launch of CFD trading at comdirect

B2B – “Fit for the Future”: capital-building contracts with ETFs, savings target plan

and additional white label solution developed

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comdirect launches CFD trading with market maker Commerzbank

Easy access to currency, futures and commodity markets with over 1,200 underlying assets

Price guarantee for CFD offering – immediate order execution, no orders rejected through requotes

Transparent quotations – the price of a CFD is directly based on the underlying asset

Trade on rising or falling prices – benefit from falling prices as well as direct investment

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New dimension in CFD trading

Professional trading platform

Limit risk easily at no extra cost

Interactive portal and

dedicated CFD support team

Attractive T&Cs as well as free demo account

As of 30.09.2011: > 1,000 CFD customers

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ebase: expansion of white labelling and products and services

ETFs for capital-building

contracts ebase Depot flex

custody account

White label fixed-term deposit

accounts

Coming soon: Solutions for indiv.

prem. reserve acts

B2B product highlights 2011

Expanded B2B products and services

No.1 B2B direct bank B2B white label platform ebase network: roadshow 2011 ebase mobile: B2B & B2C app Network banking: raising connectivity

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Profit target 2011 raised to more than EUR 95 million

Pre-tax profit 78.6 77.8 90.5 85.6 53.0 9M 2011 2010 80.9 2009 76.0 2008 2007 2006 2005 in €m, comdirect group 2011 target raised: > €95m

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comdirect on course for record results – 2011 profit target raised

Result of €78.6m up 25% on previous year

2.52 million customers with assets of €39.4bn

Range of products and services expanded – CFD trading launched

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Agenda

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Consolidated balance sheet - in accordance with IFRS/IAS

Assets 2010 30.09.2011

Cash reserve 185 328

Claims on banks 5,894 6,462

Claims on customers 236 218

Financial investments 4,671 4,119

Fixed assets and intangible assets 43 41

Other assets 11 26

Total assets 11,040 11,194

Liabilities and equity

Liabilities to customers 10,368 10,588

Provisions 44 44

Other liabilities 114 71

Equity

- of which revaluation reserve

514 31

491 10

Total liabilities and equity 11,040 11,194

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comdirect share

AS OF: 30.09.2011

ISIN:

Stock exchange segment: Index: Reuters/Bloomberg code: 141,220,815 Outstanding shares: Free float 19.47 Commerzbank 80.53

Shareholder structure (%) Price per share (Xetra/EUR)

€7.42 €1,048m 73,267 6,460 Price: Market capitalisation:

Av. daily turnover 9M/2011 (No.) - Xetra: - Frankfurt: 8.65 6.38 Q3 Q3 10 6.55 7.20 7.98 Q4 7.62 Q2 Q1 11 7.42 DE0005428007 Prime Standard SDAX CDBG.DE/COM GR

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17 Feb Press/analysts’ conference, Frankfurt/Main

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22 Mar Annual report 2010

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28 Apr Quarterly report

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12 May Annual general meeting, Hamburg

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28 Jul Half-year report

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27 Oct Nine-month report

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Financial calendar 2011 and 2012











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16 Feb Press/analysts’ conference, Frankfurt/Main

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27 Mar Annual report 2011

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25 Apr Quarterly report

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09 May Annual general meeting, Hamburg

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26 Jul Half-year report

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24 Oct Nine-month report

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Investor Relations

For further information, please contact:

Dr. André Martens

Tel

+49 (0) 4106 / 704 1966

e-mail

andre.martens@comdirect.de

Tobias Vossberg

Tel

+49 (0) 4106 / 704 1980

e-mail

tobias.vossberg@comdirect.de

Fax

+49 (0) 4106 / 704 1969

Figure

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