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October 01, 2004

Mehmet Dalman leaves CommerzbankKlaus Patig assumes responsibility for investment banking

The board member responsible on Commerzbank¿s board for Securities up to now, Mehmet Dalman (46), will leave the bank on his own wish. Mr. Dalman departs in mutual understanding with the bank and plans to seek new challenges. Until a replacement is found, board member Klaus M. Patig (60) will assume these responsibilities. The bank is now holding talks with potential successors.

Chairman of the Board of Managing Directors Klaus-Peter Müller thanked Mr. Dalman for his extraordinary effort in building a strong Investment Banking unit since he arrived in 1997. Mr. Müller said: "Mehmet Dalman, often under very difficult market conditions, used his creativity and enthusiasm to build up a focused and integrated Investment Banking unit within the Commerzbank Group. For that he has earned my thanks and respect."

Mr. Müller confirmed that Investment Banking would continue to be a key business unit for the bank. He said: "We want to offer our German and European corporate customers, and also our institutional and private clients, a highly valued and even more customer-oriented range of investment bank products." However some changes in the organization's structure are possible depending upon the results of a current study being conducted by an outside consultant. The goal remains to stabilize the earnings from Investment Banking.