>Analysts conference Dr. Andre Carls, CEO Karin Katerbau, CFO Frankfurt/Main, 13 February 2008 All figures are unaudited. The full annual report will be published on 14 March 2008.
> New record result, strong growth 2008 Expanded business model comvalue targets still firmly in sight 1 million customers rise of 24% Pre-tax profit 90m 5 th record result in a row 2007 2
> New record result, strong growth 2008 Expanded business model comvalue targets still firmly in sight 1 million customers rise of 24% Pre-tax profit 90m 5 th record result in a row 2007 3
> Record result achieved, plans for full profit distribution Pre-tax profit ( m) After-tax profit ( m) 85.6 90.5 57.0 57.7 51.1 52.8 34.0 34.2 39.1 23.4 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Dividend: plans for distribution of 41 cents per share 4
> Earnings reach all-time high Earnings and administrative expenses ( m) Net interest income after provisions ( m) +26% 277.9 +47% 125.2 221.2 172.1 151.6 154.6 112.5 119.3 103.6 135.6 187.4 57.2 56.7 62.6 85.4 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Total earnings Administrative expenses Cost/income ratio 2003 74.2 2004 66.8 2005 68.8 2006 60.4 2007 67.0 5
> Performance: profit and return increase Consolidated income statement (IFRS/IAS) in m Change 2003 2004 2005 2006 2007 2007 vs. 2006 (%) Net interest income after provisions 57.2 56.7 62.6 85.4 125.2 +47 Net commission income 83.1 87.1 99.0 136.6 152.7 +12 Other income 11.2 10.9 10.5-0.7 0.0 - Income 151.6 154.6 172.1 221.2 277.9 +26 Personnel costs 31.7 28.8 29.6 33.1 39.7 +20 Other administrative expenses 64.3 63.2 80.3 92.8 137.6 +48 Depreciation 16.5 11.5 9.4 9.7 10.1 +4 Administrative expenses 112.5 103.6 119.3 135.6 187.4 +38 Pre-tax profit 39.1 51.1 52.8 85.6 90.5 +6 Return on equity before tax (%) 6.8 8.6 8.8 14.0 16.3 +2.3 pp 6
> New record result, strong growth 2008 Expanded business model comvalue targets still firmly in sight 1 million customers rise of 24% Pre-tax profit 90m 5 th record result in a row 2007 7
> Internet: more users, faster connections, more sales Internet users, population aged over 14 (%) Broadband connections private households (%) Online sales ( bn) 54 60 +8% 65 +46% 28 54 +72% 37 13 16 18 2004 2006 2008e 2004 2006 2008e 2004 2006 2008e Sources: in each case for Germany, BITKOM, EITO, Association of German Retailers, Forrester Research 8
> Direct banks enjoy strong growth Online banking users (m) Direct bank customers (m) +15% p.a. 9,1 12,0 19 +8% p.a. 22 26 Customer deposits: direct banks ( bn) +12% p.a. 104,0 84,0 Custody accounts: direct banks and brokers (m) 3.9 3.2 +10% p.a. 2004 2006 2008e 2004 2006 Sources: DB Research, die bank, WestLB, company information, estimates used to some extent 9
> Direct bank customers appreciate personal advice as well For direct bank customers, personal advice is... Advice content (%) Old-age provisioning 55 Financial planning 49... less important (41%)... important to very important (59%) Systematic asset accumulation 39 Risk provisioning family 25 Tax optimisation 13 Sources: die bank, Booz Allen Hamilton Research 10
> Customers up by 24% to 1 million - entering a new league ( 000) Custody accounts 592 539 551 606 646 +7% Customers 1,001 Current accounts 805 69 89 156 260 338 +30% Tagesgeld PLUS accounts 640 621 656 0 0 0 67 400 +497% 2003 2004 2005 2006 2007 Advisory customers 0 2 8 20 32 +60% 2003 2004 2005 2006 2007 11
> Trades and assets under custody increase Executed orders (m) Assets under custody ( bn) +16% 10.0 +24% 20.4 6.4 5.9 6.7 8.6 10.4 6.1 9.9 5.7 12.9 7.1 16.4 8.1 3.7 8.7 4.0 1.5 2.8 1.8 2.3 3.0 2.7 4.6 7.7 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Portfolio volume Funds volume Deposit volume 12
> Asset gathering: investment funds gaining in importance Funds volume ( bn) Securities savings plans ( 000) 3.0 +8% +24% 4.0 3.7 121 92 150 1.5 1.8 51 68 87 114 144 66 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Other savings plans Funds savings plans 13
> Greater customer loyalty, stronger earnings base Share of customers with more than one product (%) 44 Earnings structure per customer ( ) 308 308 25 27 33 38 223 228 132 131 7 91 90 255 145 10 100 164 23 121 144 25 139 2003 2004 2005 2006 2007 2003 (140) 2004 2005 2006 2007 (146) (170) (207) (207) (in brackets) = average net commission income online per custody account Net commission income online Commission income offline Net interest income online 14
> New record result, strong growth 2008 Expanded business model comvalue targets still firmly in sight 1 million customers rise of 24% Pre-tax profit 90m 5 th record result in a row 2007 15
> Fields of competence extended Brokerage Market leadership, functionalities and product offering extended Banking Tagesgeld PLUS established, current account now more user-friendly Advice Rise in earnings, number of customers, advisers and offices 16
> www.comdirect.de: website relaunched > Enhanced customer experience Fewer clicks > Reduced complexity Optimised navigation > Increased satisfaction Positive customer feedback 17
> Marketing mix: enhanced presence, wider sales area Instruments Approaches Products Traditional advertising Awareness, empathy increased more TV spots, more print advertising material Direct marketing Response strengthened, sales increased top positioning in keyword advertising Cooperations Sales area widened comdirect products displayed in other windows Existing customer marketing Cross-selling, customer loyalty enhanced targeted marketing for existing customers 18
> More efficient Customer Services automation increased Customers per full-time employee 1,387 Administrative expenses per customer* ( ) 138 +12% 134 1,242 130-4% 1,175 1,174 125 2004 2005 2006 2007 2004 2005 2006 2007 * Excluding marketing costs / customers on average for year 19
> Building finance@comdirect: easy, quick, independent Online by phone or through your local office Huge choice: over 40 finance partners 20
> Growing trend for building finance via direct banks Volume of building finance placed via building finance brokers ( bn) Information channels for building finance (%) +78% p.a. 6.1 9.2 Trade press 10% Phone 9% 47% Internet 2.9 Advisers 34% 2004 2005 2006 Sources: Mercer Oliver Wyman, company information, estimates used to some extent 21
> comvalue 2008: growth targets still firmly in sight ( 000) Custody accounts 539 551 606 646 >650 Customers +30% 621 656 805 >60% 1,001 >1,300 Current accounts 260 89 156 Tagesgeld PLUS accounts 338 400 450 650 67 2004 2005 2006 2007 Target 2009 Advisory customers 32 40 2 8 20 2004 2005 2006 2007 Target 2009 22
> Management agenda and outlook Offering Continually expand offering, maintain market lead in brokerage, actively promote asset gathering Growth programme Continue to implement comvalue, total additional growth investment of around 100m planned for 2008 to 2009 Earnings power Pre-tax profit significantly over 100m as of 2010 Return on equity RoE before tax 2010 25% 23
> Notes 24
> Consolidated income statement (IFRS/IAS) ( m) 2006 2007 Q4 Q1 Q2 Q3 Q4 12M Net interest income after provisions 23.1 28.1 29.2 32.5 35.4 125.2 Net commission income 32.9 39.1 38.0 38.4 37.2 152.7 Other income 1.4 1.1-0.8 0.2-0.6 0.0 Income 57.5 68.2 66.4 71.2 72.1 277.9 Personnel costs 8.4 9.0 10.2 10.6 10.0 39.7 Other administrative expenses 25.1 31.2 32.3 34.7 39.4 137.6 Depreciation 2.6 2.2 2.4 2.5 3.0 10.1 Administrative expenses 36.1 42.4 44.9 47.8 52.3 187.4 Pre-tax profit 21.4 25.9 21.5 23.4 19.7 90.5 25
> Consolidated pre-tax profit by segment (IFRS/IAS) ( m) 2006 2007 online offline online offline Net interest income after provisions 85.4-0.1 125.2 0.0 Net commission income 131.6 6.2 145.0 9.2 Other income -1.5 2.0-1.2 2.5 Income 215.4 8.2 269.0 11.7 Personnel costs 30.9 2.2 37.3 2.4 Other administrative expenses 89.7 5.5 132.7 7.7 Depreciation 9.4 0.3 9.8 0.4 Administrative expenses 130.0 8.0 179.7 10.5 Pre-tax profit 85.4 0.2 89.3 1.2 26
> Consolidated balance sheet (IFRS/IAS) - assets ( m) Cash reserve Claims on banks Claims on customers Investments and securities portfolio Fixed assets and intangible assets Other assets and income tax assets Total assets 2006 83 2,924 208 2,040 33 13 5,301 2007 198 4,810 216 2,946 34 27 8,233 27
> Consolidated balance sheet (IFRS/IAS) liabilities and equity ( m) Liabilities to customers Negative fair values from derivative hedging instruments Provisions Current income tax liabilities Other liabilities Equity Total liabilities and equity 2006 4,627 1 20 7 26 620 5,301 2007 7,694 1 18 6 36 478 8,233 28
> Monthly figures: timely and transparent 2007 2008 Jan ( 000) Number of customers 819 of which: comdirect private finance AG customers 22 Feb 829 23 Mar 837 23 Apr 851 24 May 868 25 Jun 888 27 Jul 909 28 Aug 925 29 Sep 935 30 Oct 950 31 Nov 979 32 Dec 1,001 32 Jan 1,020 34 Number of custody accounts Number of current accounts Number of TG PLUS accounts 608 268 113 610 273 139 611 275 160 612 281 193 614 291 221 616 297 253 619 303 290 621 307 314 623 310 332 628 317 356 638 327 376 646 338 400 652 346 429 Number of orders placed Number of orders executed 1,043 813 1,114 853 1,164 904 951 757 1,056 824 1,150 908 1,122 930 1,206 957 846 669 1,067 828 1,119 912 742 595 1,237 1,026 ( bn) Assets under custody of which: portfolio volume (excluding funds) of which funds volume of which deposit volume 17.1 8.3 3.8 5.0 17.2 8.2 3.8 5.3 17.7 8.4 3.7 5.6 18.5 8.8 3.8 5.9 19.1 8.9 3.9 6.3 19.6 8.9 3.9 6.8 19.6 8.6 3.9 7.1 19.6 8.4 3.7 7.5 20.2 8.9 3.9 7.5 20.6 9.1 4.1 7.4 20.1 8.7 3.9 7.6 20.4 8.7 4.0 7.7 19.1 7.7 3.6 7.9 29
> comdirect share AS AT: 31 DECEMBER 2007 Shareholder structure (%) Price per share (Xetra/ ) Commerzbank 79.59 Free float 20.41 12 10 8 08 6 06 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 ISIN: Stock exchange segment: Index: Reuters /Bloomberg code: DE0005428007 Prime Standard SDAX CDBG.DE/COM GR Price: Market capitalisation: 8.36 1.181bn Outstanding shares: 141,220,815 Av. daily turnover 12M/2007 (No. of shares) - Xetra: 194,888 - Frankfurt: 28,655 30
> Financial calendar 2008 > 23 Jan Cheuvreux German Corporate Conference, Frankfurt/Main > 13 Feb Press/analysts conference, Frankfurt/Main > 14 Mar Annual report 2007 > 22 Apr Quarterly report > 09 May Annual general meeting > 22 Jul Half-year report > 23 Oct Nine-month report 31
> IR contact For further information please contact: Thore Ludwig Tel +49 (0) 4106 / 704 1966 e-mail thore.ludwig@comdirect.de Tobias Vossberg Tel +49 (0) 4106 / 704 1980 e-mail tobias.vossberg@comdirect.de Fax +49 (0) 4106 / 704 1969 32