Commerzbank AG

Commerzbank will exercise its preemptive rights in full when its Polish subsidiary BRE Bank, in which Commerzbank holds around 69,8 percent of the shares, increases its share capital.

As BRE Bank announced today the bank plans a capital increase, with targeted proceeds of PLN 2 billion (approximately EUR 500 million). The approval of the capital increase is on the agenda of BRE Bank's AGM which will take place in Warsaw on 30 March 2010.

Deutsche Bank is Sole Bookrunner and Global Coordinator, Commerzbank Corporates & Markets acts as Joint Lead Manager, BRE Securities is Lead Manager as well as Offer Agent in Poland.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA AND JAPAN

Legal disclaimer:

This press release is for information purposes only and under no circumstances shall it constitute the basis for a decision to invest in the shares of BRE Bank S.A. (the 'Bank') in the contemplated rights issue offering. This press release does not constitute an offer to sell, or an invitation to subscribe for or to buy, any securities of the Bank.

The distribution of this press release or its contents and/or any other documents related to any offering of securities or the transfer or offering of securities into jurisdictions other Poland may be restricted by law. Persons into whose possession this press release or its content comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This press release includes certain forward looking statements with respect to the business, strategy and plans of the Bank and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about the Bank's or the Bank's management's beliefs and expectations, are forward-looking statements. Words such as 'believes', 'anticipates', 'estimates', 'expects', 'intends', 'aims', 'potential', 'will', 'would', 'could', 'considered', 'likely', 'estimate' and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. Such forward-looking statements are based on numerous assumptions regarding the Bank's present and future business strategies and the environment in which the Bank will operate in the future. As such, actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements made by the Bank or on the Bank's behalf. These forward-looking statements speak only as at the date as of which they are made, and the Bank expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Bank's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

Neither the Bank, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document.

The prospectus (the 'Prospectus') to be prepared in connection with a proposed public offering of shares in the Bank, including pre-emptive rights as well as admission and introduction thereof to trading on the Warsaw Stock Exchange (the 'WSE') will constitute the sole and only legally binding offering document containing information about the securities of the Bank in Poland (the 'Offering'). The Bank will be able to conduct the Offering in Poland after approval of the Prospectus by the Polish Financial Supervision Authority, which supervises the capital market in Poland, and after publication thereof.

These materials are not for distribution, directly or indirectly, in or into the United States, or in other countries where the public dissemination of the information contained herein may be restricted or prohibited by law. The securities referred to in these materials have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
Deutsche Bank and its affiliates accept no responsibility for the accuracy or completeness of the contents of this press release. Deutsche Bank and its affiliates are acting for the Bank in connection with the rights issue and no-one else and will not be responsible to anyone other than the Bank for providing the protections afforded to their respective clients nor for providing advice in relation to the rights issue and/or any other matter referred to in this announcement.

This press release is directed only at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the 'Order') or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this press release or any of its contents. Any investment or investment activity to which this press release relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

In any EEA Member State other than Poland that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the 'Prospectus Directive'), this press release is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

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