Holger Hohrein

Frankfurt/Main, 27 January 2015

Figures unaudited

> Analysts’ conference

Further development of strategic priorities• Brokerage: consolidation of market-leading position

• Banking: dynamic growth

• Asset accumulation: “Bessere Geldanlage” (“Better Investment”) as the core

2

> Strong financial year 2014

2

High profit thanks to record earnings

• €82.6m pre-tax profit

• Record-level earnings: €353.5m; increase of €13.6m

• Expenses of €270.9m; increase of €11m

Customer numbers and assets at all-time highs• 2.9m customers with €58.9bn in assets

• More than 100 thousand new current accounts

• Net fund inflows of €2bn in B2C

3

Profitability• Record earnings• Profit target

significantlyexceeded

• Attractive dividend

3

>High profit – attractive dividend

4

After-tax profit

Dividend per share (€)

Dividend yield (%)***

Operating ROE (%) 16.8

59.6

0.42

5.8

21.2

111.8

0.56

7.5

TSR (%)**** 15.1 9.7

17.5

74.3

0.44

Pre-tax profit

in €m, comdirect Group

5.6

13.0

15.1

60.5

0.36

4.3

10.8

2014 profit target:€75m

* 2012 figures adjusted retrospectively; ** Proposed at the annual general meeting; *** Based on the respective closing quotation at year-end; **** Sum of the share price increase and dividend in relation to the share price as at the end of the previous year period

2014

82.6

2013

80.0

2012*

93.54.9

2011

108.19.2

2010

80.9

15.5

66.3

0.40**

4.8

4.5

Exceptional effect of tax refunds

Earnings per share (€) 0.42 0.79 0.53 0.43 0.47

>Record earnings

5

7.8 9.2 8.5

Administrative expensesEarnings

Net commission income

in €m, comdirect Group

Net interest income and other income

Orders*B2C (m) 10.0

0.81 1.39 0.57ø 3M-Eu-ribor (%) 0.22

* Executed orders

2014

353.5

160.3

193.2

2013

339.9

151.6

188.3

2012

329.5

161.8

167.7

2011

340.2

157.6

182.6

2010

290.9

118.1

172.8

270.9

20142013

259.9

2012

235.9

2011

232.1

2010

210.0

11.1

0.21

> Strong year-on-year result in Q4

6

10.2

Q42013

72.4

62.1

10.2

Q42014

74.4

63.9

10.5

Q3

64.9

54.9

10.0

Q2

66.7

57.0

9.7

Q1

64.8

54.6

92.1

79.2

12.986.1

73.5

12.686.3

73.6

12.8

88.9

76.2

12.886.4

73.3

13.1

Q42014

17.7

15.3

2.4

Q3

21.2

18.6

2.6

Q2

19.6

16.5

3.1

Q1

24.1

21.6

2.5

Q42013

14.0

11.1

2.9

Pre-tax profit Earnings

Administrative expenses

B2C

B2B

B2C

B2B

B2C

B2B

in €m, comdirect Group

2014:82.6

2013:80.0

353.5339.9

270.9259.9

>Record earnings – driven by operations

7

Q42014

92.1

79.2

12.9

Q3

86.1

73.5

12.6

Q2

86.3

73.6

12.8

Q1

88.9

76.2

12.8

Q42013

86.4

73.3

13.1

Earnings

Other income

Net interest income (after provisions)

Net commission income

50.7

38.3

12.447.1

34.8

12.343.8

31.7

12.1

51.6

39.0

12.649.0

36.3

12.7

36.437.436.934.934.0

Q42014

5.1

Q3

1.6

Q2

5.6

Q1

2.5

Q42013

3.3

B2B

B2C

B2C

Orders*B2C (m)ø. 3M-Eu-ribor (%)

B2B

in €m, comdirect Group

2.5

0.24

* Executed orders

3.0

0.30

2.4

0.30

2.6

0.17

2014:353.5

2013:339.9

193.2188.3

145.5137.2

14.814.4

3.1

0.08

>Q4: typical increase in investment in growth

8

Q42014

6.1

Q3

4.6

Q2

4.6

Q1

4.4

Q42013

4.7

Depreciation

Other administrative expenses

Personnel expenses

47.240.843.342.2

47.8

21.019.618.818.219.8

74.4

Q42014

63.9

10.5

Q3

64.9

54.9

10.0

Q2

66.7

57.0

9.7

Q1

64.8

54.6

10.2

Q42013

72.4

62.1

10.2

Administrative expenses

B2B

B2C

in €m, comdirect Group

2014:270.9

2013:259.9

77.773.4

173.6168.7

19.617.8

9

Growth• Customer and asset

numbers at new all-time highs

• More than 100 thousandnew current accounts

• B2C net fund inflows of€2bn

9

>More than 100 thousand new current accounts

10

737

998

983

2014

2,892

1,909

2013

2,825

1,824

1,001

2012

2,755

1,717

1,038

2011

2,631

1,632

2010

2,296

1,559

Customers

B2C

B2B

2014

1,553

2013

1,461

2012

1,345

2011

1,236

2010

1,131

901775647

1,1591,043

B2C

B2B

Tagesgeld PLUS (“daily money PLUS”) accounts

Custody accounts

748 784 806 840

734 900 896 857

879

838

1,7171,6971,7021,6831,482

In ’000 Current accounts

>Record portfolio and deposit volumes

11

* Index at year-end

31.9

23.2

2012

48.9

27.9

20.9

2011

41.6

24.9

16.7

2010

42.5

26.3

16.2

2014

58.9

34.7

24.2

2013

55.0

B2C

B2B

44.5

20.5

24.0

41.6

18.6

23.0

37.1

16.3

20.8

30.9

14.3

16.6

32.2

16.1

16.1

Portfolio volume

Deposit volume

B2B

B2C

Assets under custody

DAX* 5,8986,914 7,612

10.7

10.6

0.1

2010

10.3

10.2

0.1

2014

14.4

14.3

0.2

2013

13.5

13.3

0.1

2012

11.7

11.6

0.1

2011

in €bn

B2B

B2C

9,552 9,806

>B2C: net fund inflows of €2bn

12

Assets under custody

in €bn

58.9

2014

2.4

Price effects

24.2

34.7

0.8

1.6

Delta net portfolio volume

0.6

Delta net deposit volume

1.1

Delta deposit volume

0.9

0.90.0

2013

55.0

31.9

23.2

B2C

B2B

B2BB2C

B2C:+€2bn

1313

Strategy and Outlook• Strategic priorities• New brand image• Bank. Neu gedacht.

> Leader in online brokerage

14

State-of-the-art technology at attractive prices

For the highest trading expectations

Already among top three inthe market (launched in 2011)

Quelle: Investment Trends

comdirect ProTrader CFDs @comdirect

>Gain current account market share

15

Superior performance with full access

Current account with satisfaction guarantee Selected f eatures

More than 100 thousandnew accounts in 2014

24 hours,7 days a week

> Leading provider of online asset accumulation

16

“Save for a rainy day”. Re-envisioned

“Bessere Geldanlage” (“Better Investment”)

For a one-off investment or as a savings plan

17

>Anything. Anytime. Anywhere.

> Focus on innovations

>Bank. Neu gedacht.

> 2014 a very successful year for comdirect

18

• High pre-tax profit of €82.6m; 2014 profit target significantly

exceeded

• Attractive dividend yield anticipated for shareholders

• Customer and asset numbers increased to all-time highs:

2.9m customers with €58.9bn in assets

• Bank. Neu gedacht.

19

> The best decisions are not made in the bank,but with the bank.

20

NOTES

> Income statement in accordance with IFRS

21

in €k

2013 2014

Interest income 214,815 194,006

Interest expenses 76,174 48,203

Net interest income before provisions for possible loan losses 138,641 145,803

Provisions for possible loan losses -1,429 -279

Net interest income after provisions for possible l oan losses 137,212 145,524

Commission income 323,348 333,946

Commission expenses 135,018 140,796

Net commission income 188,330 193,150

Trading result an result from hedge accounting 287 145

Result from financial investments 9,243 4,829

Administrative expenses 259,866 270,852

- Personnel expenses 73,402 77,650

- Other administrative expenses 168,662 173,553

- Depreciation 17,802 19,649

Other operating result 4,826 9,825

Pre-tax profit 80,032 82,621

Taxes on income 19,498 16,331

Net profit 60,534 66,290

> Consolidated balance sheet – in acc. with IFRS

22

in €m

2013

14,163

9,049

190

3,572

1,29359

Assets Liabilities and equity

2013

14,163

552

13,488

46 77

Liabilities tobanks

Financial investments

Liabilitiesto customers

Cash reserve

Other assets

2014

15,170

11,200

235

3,671

6 58

592 Equity

2014

Liabilities to customers

Provisions

Other liabilitiesand equity

15,170

14,455

49 74

> comdirect share

23

AS OF: 31.12.2014

ISIN:Stock exchange segment:Index:Reuters/Bloomberg abbrev.:

141,220,815Outstanding shares:

Commerzbank81.27

Shareholder structure (%) Price per share (XETRA/€)

€8.31€1,174m

28,5392,900

Closing price:Market capitalisation:

ø daily turnover in 2014 (units)- XETRA:- Frankfurt:

8.87

7.57

Q413

DE0005428007Prime Standard

SDAXCDBG.DE/COM GR

Free float18.73

Q1

8.30 8.67 7.57

Q3Q2

8.18 8.31

Q414

> comdirect share performance – total return

24

20

40

60

80

100

120

140

160

01.01.200901.01.2008 01.01.2010 01.01.2011 01.01.2012 01.01.2013 01.01.2014 01.01.2015

SDAXDAXDAXsector Financial Services, performance index

comdirect share, total return index

01.01.2008 = 100% AS OF: 31.12.2014

> Financial calendar 2015

25

> 27 Jan Press/analysts’ conference, Frankfurt/Main

> 25 Mar Annual report 2014

> 28 Apr Quarterly report

> 7 May Annual general meeting, Hamburg

> 23 Jul Half-year report

> 22 Oct Nine-month report

> Investor Relations

26

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

Stefanie Wallis

Tel +49 (0) 4106 / 704 1383

e-mail stefanie.wallis@comdirect.de