Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1 st, 2014

Kick off presentation Panel II: Value Chains Oil & Gas

German Brazilian Economic Meeting

2Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

1 Global Oil & Gas Industry: Proven Oil Reserves Page 3

2 Huge investments ahead until 2020 Page 4

3 Brazilian local content requirements Page 5

4 Financing the Value Chain of the Oil & Gas Industry Page 6

5 Commerzbank AG: Your partner in Brazil Page 7 - 8

Contents

3Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

Global gas & oil industry: Proven Oil ReservesBrazil is trading up

Sources: BP, GTAI

Venezuela

Saudi Arabia

CanadaIra

nIra

queKuwait

UAERussia

Brazil

New deep sea wells

50 -70 bn. barrels

(in bn barrels)

4Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

Huge investments ahead until 2020

Investments in equipment and services, expansion and maintance

Federal Government estimates US$ 400 billion until 2020

Petrobras Investment Plan 2013 – 2017 with US$ 236.7 (thereof US$ 147.5 into exploration and production)

Other required equipment

Special Alloy Pipes

High-pressure products

Gas turbines

Offshore cranes

etc.

*

)

*) *) *) **)

Sources: *) PWC The Brazilian Oil & Gas Industry **) Competition Study of brazilian supply industry, Prominp/UFRJ

5Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

Brazilian Local Content Requirements

Fostering the development of a strong and sustainable local supply chain

Local Content policy since 1999

Establishing minimum and maximum percentages in investments in Brazil

Increase of GDP contribution by the Oil & Gas Industry

Sources: PWC The Brazilian Oil & Gas Industry

Materials Equipment Systems + Subsystems Services

Growth of national industry

Technology development

Training of local human resource

Generation of jobs & income

6Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

Service

Transport & Storage

Exploration Production RefiningEnergy Trade

Financing the Value Chain of the Oil & Gas Industry

• Equity (VC, PE)

• Reserve Based Lending

Sales & Marketing

• Project Finance incl. ECA Coverage

• ECA Covered Buyers Credits

• Pre Export Finance

• etc.

• International Borrowing Base

• Warehouse Finance

• Transactional Trade Finance

• Corporate Finance Solutions(incl. W/C Finance, Forfaiting, Purchase

of Covered Receivables etc.

Derivative Instruments Hedging of Physical Flows

(Future, Options,etc.)

7Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

Commerzbank AG The Market Leader for the Mittelstand in Germany

Focus on real economy and strict customer orientation

Holistic advisory concept of Mittelstandsbank is geared towards our over 100,000 corporate customers in Germany and worldwide

We are responsible for the financing of over 30 per cent of Germany's foreign trade. We are the market leader in matters of financing business and corporates*

In matters of our major customers we have a customer coverage of 90 per cent

We strive to be the first point of contact for foreign companies regarding their activities involving Germany

We serve our SME customers in around 150 locations in Germany as well as in 70 locations in over 50 countries

* Based on the letters of credit opened abroad for the benefit of German export companies in 2013

More than 100,000 small- and medium-sized enterprises rely on us

Our goal: Leading bank for corporate clients at the heart of Europe

H1 2014

Revenues before LLP(in € m)

1,455

Operating profit (in € m) 604

8Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

Commerzbank is represented in all major financial centres worldwide

Commerzbank AGYour partner in Brazil

Outside Germany, the Bank is represented through

operational foreign branches

representative offices

major subsidiaries abroad and

5,000 correspondent banks

in more than 50 countries on all continents

Brazil today:Rep. Office & Importers Originator

Brazil 2015:New subsidiary in Sao Paulo

9Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

Stefan BöhlichGlobal Head Structured Export & Trade Finance Phone: +49 (0)69 / 136 - 23453Email: stefan.boehlich@commerzbank.com

Headquarter:Kaiserstrasse 16Frankfurt am Mainwww.commerzbank.de

Postal address:60261 Frankfurt am MainGermany

10Stefan Böhlich I Commerzbank AG I MSB CB Financial Engineering I Hamburg, September 1st, 2014

Disclaimer

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include, inter alia, statements about Commerzbank’s beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates, projections and targets as they are currently available to the management of Commerzbank. Forward-looking statements therefore speak only as of the date they are made, and Commerzbank undertakes no obligation to update publicly any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, among others, the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which Commerzbank derives a substantial portion of its revenues and in which it hold a substantial portion of its assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of its strategic initiatives and the reliability of its risk management policies.

In addition, this presentation contains financial and other information which has been derived from publicly available information disclosed by persons other than Commerzbank (“external data”). In particular, external data has been derived from industry and customer-related data and other calculations taken or derived from industry reports published by third parties, market research reports and commercial publications. Commercial publications generally state that the information they contain has originated from sources assumed to be reliable, but that the accuracy and completeness of such information is not guaranteed and that the calculations contained therein are based on a series of assumptions. The external data has not been independently verified by Commerzbank. Therefore, Commerzbank cannot assume any responsibility for the accuracy of the external data taken or derived from public sources.