UniCredit German Investment Conference

LOCAL EXPERTISE MEETS GLOBAL EXCELLENCE UniCredit German Investment Conference Munich, 22 nd 24 th September 29

Business segments of Aareal Bank Major activities Aareal Bank The international property specialist Structured Property Financing Consulting / Services to the institutional housing sector International presence in 16 European countries, the US, China and Singapore International real estate financing in more than 25 countries Additional industry experts in hotel, shopping centre and logistics Typical deal size: > 25 mn Total back book under management: ~ 24 bn Market-leading European IT-systems for the management of residential and commercial property Market-leading integrated payment transaction systems Key market: Germany > 2,2 Customers ~ 7 mn units under management (in Germany) 1

Structured Property Financing

The Aareal Bank Network in 16 European countries, the US, China and Singapore International Property Financing in more than 25 countries 3

The specialist for specialists Typical deal size: > 25 mn Typical products, for example: single asset investment finance portfolio finance (local or cross-boarder) construction finance International presence in 16 European countries, the US, China and Singapore Additional industry experts in hotel, shopping centre and logistics In-depth know-how in local markets and special properties International experience with employees from 31 nations Network of regional market experts and sector specialists 4

Consulting / Services

Services provided to the institutional housing sector Strategic Management of residential portfolios Planning, Controlling, Steering Portfolio Management Our Customers: The Institutional Housing Industry Administrative Management of residential portfolios Tenant Management Flat Management Maintenance Market leading IT-system house for the institutional housing sector Highly automated ERP systems (e.g.: Blue Eagle based on SAP, GES, Wodis Sigma) for the management of property portfolios Comprehensive range of integrated Services and Consulting ~75 8% customer overlap: substantial cross-selling effects with highly integrated IT solutions Repair Refurbishments New Developments Construction Management of residential portfolios Mass payments Cash Management Creditor and Debtor Management Financial Management of residential portfolios Market-leading integrated payment transaction systems House bank for the institutional housing sector Integrated mass payment transaction systems Accounts of the integrated payment transaction system 6

Group funding position

Asset- / Liability structure according to IFRS As at 3.6.29: 42.2 bn bn 45 4 35 3 25 2 15 4. Interbank 12.6 Treasury portfolio 22.8 Real estate structured finance loan book 4.6 Interbank 1. Customer deposits 24.5 Long-term funds 1 5 2.8 Non-interest-bearing assets Assets 3.1 Non-int.-bearing liabilities & shareholders equity Liabilities 8

SoFFin measures

SoFFin support measures: Key terms Silent participation Volume: 525 mn in one tranche Coupon: 9% (tax deductible) Term: perpetual Redemption: at nominal value Fully recognised as Tier 1 capital Call rights: by Aareal Bank only, acc. to para. 1,4,3 German Banking Law No dividend payments during 29 and 21 for preceding years Additional remuneration: coupon increases on a pro rata basis by.5 pp for each.25 DpS Subordination in case of liquidation and insolvency: junior to existing and future Tier 2 instruments (incl. Genussrechte / -scheine) and other debt; pari passu with existing tier 1 hybrids and future tier 1 hybrid offerings; senior to shareholders Loss sharing: pari passu with all other instruments with loss participation; no dividend payment until full compensation of shared losses Government guarantee facility Volume: 4 bn Term: 36 months Guaranteed obligations: bearer bonds Drawdown period: until 31.12.29 Commitment fee: 1 bp (for undrawn guarantee) Drawdown fee: 12 months: 5 bp p.a. > 12 months: 94.8 bp p.a. 1

As a fundamentally sound bank, consequences from SoFFin measures are manageable 1) Aareal Bank profile unchanged Interest payments manageable Conditions market standard Exit determined by Aareal Bank Aareal Bank s business model will remain unchanged No state influence on current business model and corporate governance Fundamentally sound bank; no request for restructuring plan expected Holding remains anchor investor and retains its current shares Voting agreement in order to maintain Aareal Holding s blocking minority to be concluded Interest payments on silent participation are economically reasonable Economic costs roughly equal the dividend payments 27 Flexible funding at attractive costs compared to senior unsecured Aareal Bank has agreed to pay no dividend during 29 and 21 Cash compensation for management board is capped in 29 and 21 No further conditions exceeding German Financial Market Stabilisation Act Aareal Bank committed to repaying silent participation midterm, given sound capitalisation Aareal Bank can determine the date of repayment (BaFin approval required) Aareal Bank has a variety of options to repay the silent participation 1) Subject to standard EU Commission proceedings 11

Tier 1 Ratio increased to 1.4% (CRSA) 25 2 15 1 5 mn Core Tier 1 Tier 1 ratio¹ = 8.3% Hybrid Tier 1 Hybrid ratio Total Tier 1 Tier 1 capital (CRSA / German GAAP) after SoFFin measure Tier 1 ratio¹ = 8.% 1,817 1,863 3.6.28 31.12.28 Silent Silent participation participation by SoFFin by SoFFin 3.6.29 1,924 47 2% 2,394 525 Composition of Tier 1 capital 31.12.28 1,393 47 25% 1,863 Tier 1 ratio¹ = 1.4% 2,394 3.6.29 3.6.28 1,347 47 26% 1,817 5 4 3 2 1 Total balance sheet leverage after SoFFin measure 2) Total assets/equity including Tier 1 hybrids Total assets/equity excluding Tier 1 hybrids 22.6 3.6 24.8 34.7 3.6.8 31.12.28 3.6.29 incl.soffin Tier 1 ratio of 1.4% (CRSA) puts Aareal in a solid position in relation to peers and market requirements Low balance sheet leverage 19. 24.1 1) Excluding market risk 2) Gross IFRS numbers (particularly no netting of derivatives) 12

Q2 29 at a glance

Q2 29 results at a glance: Continuing with positive results in all quarters since 27 Euro mn Operating profit ( mn) Coupon payment on silent participation SoFFin Q2 29 25 12 Q1 29 17 - Q4 28 11 - Q3 28 31 - Q2 28 48 - Comments Positive results continue in 29 despite a still very challenging environment SoFFin costs are manageable for the business model of Aareal Bank Consolidated retained profit ( mn) RoE after taxes (%) 7 4.8 1) 7 1.7 4 1.3 15 4.5 28 8.5 Profitable despite challenging economic and financial environment Tier 1 ratio (%) (according to German Banking Act - CRSA) 1.4 2) 1.2 2) 8. 8. 8.3 Capitalisation remains solid 14 1) Before appropriation of profits 2) Post SoFFin capital measure in 29

Structured property financing: Still profitable in challenging environment P&L SPF Segment Euro mn Net interest income (NII) Provision for loan losses (LLP) NII after LLP Net commission income Net result on hedge accounting Net trading result Results from non-trading assets Res. at equity acc. Companies Results investment properties Admin expenses Others Operating profit Income taxes Net income Q2 9 Q1 9 Q4 8 Q3 8 Q2 8 11 42 59-3 9 1 5 2 18-2 2 12 37 65 5 1 16-17 48-6 16 6 1 117 2 97 13-3 -23-59 4-1 46 18-1 1 99 2 79 7 1 25-37 5-5 2 8 12 95 2 75 6-3 -8 3 52 16 37 12 25 SoFFin burdens segment result in Q2 12 mn SoFFin coupon shown as appropriation of profits 6 mn guarantee fees in commission income Strong liquidity position is reflecting in net interest income Loan loss provision may vary quarter by quarter but guidance confirmed Consolidated net result attributed to minorities Silent participation by SoFFin Consolidated retained profit 4 12 4 4-6 4 - -3 4-8 4-21 15

Structured property financing: Still profitable in challenging environment New business by region H1 29 Europe East North America Europe North Europe South 13% 6% 2% 9% 2% Asia / Pacific 5% Europe West Unchanged focus on portfolio monitoring and active management Reliable Partner for our existing clients New business Focussing on renewals with existing clients Preferably loans eligible for Pfandbrief cover pool 3,5 3, 2,5 2, 1,5 1,,5, New business origination mn 2,925-41 % 1,726 2,73 1,431,222,295 H1 28 H1 29 German International 16

Consulting / Services: Interest rate environment burdens segment results P&L C/S Segment (industry format) Euro mn Sales revenue Own work capital Changes in inventory Other operating income Cost of material purchased Staff expenses Excl. one-offs D, A, impairment losses Results at equity acc. investm. Other operating expenses Results from interest and similar Result from ordinary activities Income taxes Segment result Segment result attributed to minority interests Segment result after minority interests Q2 9 Q1 9 Q4 8 Q3 8 Q2 8 52 1 2 6 27 27 3-12 7 3 4 1 3 51 1 7 3 24 3-11 1 1 1 63 1 3 1 27 27 4-15 11 4 7 7 54 3 8 24 24 3-11 11 3 8 1 7 57 3 9 24 24 4-12 11 4 7 7 IT-Business (Aareon) Revenue and expenses slightly increased, EBT on 28-level Fewer Blue Eagle implementations than originally planned are the reason for the reduction of the growth assumption Deposit taking business (Aareal Bank) Low interest environment burdens margins of deposit taking business while expenses stay stable 17

Consulting / Services: Reduced Outlook mainly due to low interest rate mn 6 5 4 3 2 1 Clean EBT Consulting / Services Aareon 29 8 3 26 27 28 29p Consulting / Services Increase of operating profit expected for Q4 due to new product line Wodis Sigma 29: Outlook reduced to clean operating EBT (~ 25-3 mn) mainly due to the low interest rate level 1) 44 25-3 Long term contracts generate stable revenues (> 85 % of total revenues) SAP-based Blue Eagle suffers from reduced implementation projects as anticipated New product line successfully introduced in Q2 6 mn one-offs for Staff adjustment after finalisation of SAP-based Blue Eagle and Discontinuation of non-core activities Aareal Bank 29 Aareal sustains it's position as the house bank of the German housing industry Interest rate environment impacts net interest income (NII) Stable deposits around 4 bn 1) subject to the assumption that interest rates will not approach a zero -interest level 18

Asset quality

Total property finance portfolio: High diversification and sound asset quality North America Europe North Europe East Europe South 12% 12% 13% by region 1) 5% 17% Asia/Pacific Europe West 22% Logistics (ex Ger) 9% 19% Germany Other / Mixed Residential Hotel by property type 1) 15% 16% 7% 2% 33% Office Shopping Centre by product type 1) by LTV ranges 2) Developments Other > 8% 7% 6-8% 6% 13% 12% 81% Investment finance 81% < 6% 2 1) Total volume outstanding of 23.3 bn as at 3.6.29 2) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages; values as at 3.6.29

Development property finance portfolio: Diversification continuously strengthened 1% 9% 8% 7% 6% 5% 4% 55 1.528 294 581 1.8 3.53 2.578 2.848 1.847 2.976 4.99 2.839 4.85 15.383 Asia North America Europe East Europe North Europe South 3% 15.47 5.7 Europe West 2% 1% 4.59 Germany % 1998 23 H1 29 21

Total property finance portfolio: Economic downturn expected to impact NPL-level LLP- and NPL development Euro mn NPL Exposure 1) Specific Allowances 1) Portfolio Allowances General General LLP Portfolio LLP As at 31.12.28 452 176 51 34 Utilisation H1-59 2) - 5 2) - Addition H1 187 79 - As at 3.6.29 Coverage ratio specific allowances 58 3) 35.3 % 25 51 25 51 As at 3.6.29 Coverage ratio incl. General LLP 58 44.1 % 256 22 1) Incl. property finance portfolio still on DEPFA s balance sheet 2) of which: 43 mn drawdows on legacy NPLs and direct write-downs on successfully restructured cases. Coverage on other cases: ~43% (16:7) 3) Successfully restructured cases unconsidered

Current development and outlook

Outlook Aareal Bank s market expectations Expected average of market value decline across all commercial real estate property types and regions in 29 1) North America Up to 1%: Canada 1% to 2%: Mexico USA Asia / Pacific Up to 1%: Japan 1% to 2%: China Singapore 24 1) The individual market value of a single property may vary Europe - Up to 1%: Belgium Great Britain Denmark Italy Finland Norway France Russia Germany Sweden Europe - 1% to 2%: Czech Republic Netherlands Poland Spain Switzerland Turkey

Outlook Group Net interest income Net loan loss provisions Net trading result / results from non-trading assets Revaluation reserve Admin expenses Structured Property Financing New business Consulting / Services Operating profit Target range of 42-44 mn. NII is negatively affected by lower new business generation and the extremely low interest rate level of the deposit taking business. Expected loss increases to the upper range of 4-65 bps of RWA, reflecting the actual (and expected) defaults of our loan portfolio. Loan loss provisions for unexpected loss due to extraordinary accumulation of defaults cannot be ruled out in 29 Unpredictable in current markets / depending on future developments Future market developments still unpredictable, but improving Under control around 36 mn from a yearly perspective, incl. Aareon one-offs and consolidation effect of Sylogis.com 2-3 bn; focus on client base / renewals Target range reduced to 25-3 mn as the low interest rate level puts pressure to the deposit taking business 25

Appendix Group figures Q2 29 Asset quality

Aareal Bank Group Key figures Q2 29 P&L Aareal Bank Group Net interest income Net loan loss provisions Net interest income after net loan loss provisions Net commission income Net result on hedge accounting Net trading result Results from non-trading assets Results from companies accounted for at equity Results investment properties Administrative expenses Others Operating profit Income taxes Consolidated net income Quarter 2 29 Euro mn 114 42 72 3 9 1 88 1 25 1 24 Quarter 2 28 Euro mn 114 2 94 35-3 -8 3 89 16 48 16 32 Change %. 11. -23.4-14.3 - -4. -112.5-1. - -1.1-93.8-47.9-93.8-25. Consolidated net result attributed to minorities Silent participation by SoFFin Consolidated retained profit 5 12 7 4-28 -25. - -75. 27

Aareal Bank Group: Segment Reporting Key figures Q2 29 by operating units Structured Property Financing Q2 29 Q2 28 Consulting / Services Q2 29 Q2 28 Consolidation/ Reconciliation/ Other Euro mn Net interest income 11 95 13 19 114 114 Allowance for credit losses 42 2 42 2 Net interest income after allowance for credit losses 59 75 13 19 72 94 Net commission income -3 6 46 48-13 -19 3 35 Net result on hedge accounting Net trading income / expenses 9-3 9-3 Results from non-trading assets 1-8 1-8 Results from companies accounted for at equity 3 3 Results from investment properties Administrative expenses 5 52 39 38-1 -1 88 89 Net other operating income / expenses 2 16 1-1 -1 1 16 Operating profit 18 37 7 11 25 48 Income taxes -2 12 3 4 1 16 Consolidated net income / loss 2 25 4 7 24 32 Q2 29 Q2 28 Aareal Bank Group Q2 29 Q2 28 Allocation of results Consolidated net income / loss attributable to minority interests Consolidated net income / loss attributable to shareholders of Aareal Bank AG 4 4 1 5 4 16 21 3 7 19 28 28

Aareal Bank Group Key figures H1 29 P&L Aareal Bank Group Net interest income Net loan loss provisions Net interest income after net loan loss provisions Net commission income Net result on hedge accounting Net trading result Results from non-trading assets Results from companies accounted for at equity Results investment properties Administrative expenses Others Operating profit Income taxes Consolidated net income 1.1.- 3.6.29 Euro mn 228 79 149 66 1 25-16 178-5 42 7 35 1.1.- 3.6.28 Euro mn 221 4 181 68 2-25 1 3 177 22 75 25 5 Change % 3.2 97.5-17.7-2.3-1. -2. -1,7. -1. -.6-122.7-44. -72. -3. Consolidated net result attributed to minorities Silent participation by SoFFin Consolidated retained profit 9 12 14 9-41 - - -65.9 29

Aareal Bank Group: Segment Reporting Key figures H1 29 by operating units Structured Property Financing 3.6. 29 3.6. 28 Consulting / Services 3.6. 29 3.6. 28 Consolidation/ Reconciliation/ Other Euro mn Net interest income 23 187 25 34 228 221 Allowance for credit losses 79 4 79 4 Net interest income after allowance for credit losses 124 147 25 34 149 181 Net commission income 2 9 9 94-26 -35 66 68 Net result on hedge accounting 1 2 1 2 Net trading income / expenses 25-25 25-25 Results from non-trading assets -16 1-16 1 Results from companies accounted for at equity 3 3 Results from investment properties Administrative expenses 98 14 82 75-2 -2 178 177 Net other operating income / expenses -4 2 3-1 -1-5 22 Operating profit 34 53 8 22 42 75 Income taxes 4 18 3 7 7 25 Consolidated net income / loss 3 35 5 15 35 5 3.6. 29 3.6. 28 Aareal Bank Group 3.6. 29 3.6. 28 Allocation of results Consolidated net income / loss attributable to minority interests Consolidated net income / loss attributable to shareholders of Aareal Bank AG 8 8 1 1 9 9 22 27 4 14 26 41 3

Net interest income: Reflecting conservative liquidity-, capitalisation position mn 14 12 1 8 6 4 2 134 114 117 114 114 117 95 99 12 11 19 18 17 12 13 Q2 28 Q3 28 Q4 28 Q1 29 Q2 29 NII Structured Property Financing NII Consulting/Services Q2 net interest income on 28 level Selective new business generation in H1 9 Results of higher margins in the RSF-business are negatively effected by a high liquidity position due to intensive funding activities in H1 Consulting / Services: extremely low interest rate level still burdens the deposit taking business SoFFin burden of 6 mn guarantee fees in commission income 12 mn SoFFin coupon shown as appropriation of profits 31

Loan loss provisions: Reflecting difficult economic environment mn 5 4 3 2 1 42 37 2 2 2 Q2 28 Q3 28 Q4 28 Q1 29 Q2 29 Loan loss provisions in given range for 29 although they may vary quarter by quarter 42 mn in Q2 is slightly above the given range but reflects the close monitoring and management of our loan portfolio 34 mn General Portfolio LLP from 28 for challenging environment is still untouched LLP outlook confirmed at the upper end of a range of 4 to 65 bps (~ 9 to 15 mn Euro) Net loan loss provisions 32

Net commission income: Burden by SoFFin guarantee mn 5 4 3 Net commission income reflects the selective new business generation Q2 result additionally burdened by the cost of the SoFFin guarantee facility of 6 mn 2 1 35 34 48 36 3 Considering these facts 66 mn in H1 29 (H1 28: 68 mn) still show a good performance regarding the challenging environment Q2 28 Q3 28 Q4 28 Q1 29 Q2 29 Net commission income 33

Net trading income Q2 29: Reflecting volatile derivative and FX markets mn 15 1 5 18 1 9 Cross Currency Swaps and FX Swaps refinancing international loan book CDS Portfolio: Single Name EU Government Risk, all investment grade -5-1 -1-15 Currency related CDS Others Total 34

Admin expenses: Strict cost discipline maintained mn 1 8 6 Measures to raise efficiency still paying off and keeping the admin expenses continuously stable H1-figures with 178 mn on 28-level, (H1 28: 177 mn) although Q1 included 4 89 84 86 9 88 one-offs due to adaptations within Aareon structures consolidation of Sylogis 2 Q2 28 Q3 28 Q4 28 Q1 29 Q2 29 Admin expenses 35

Revaluation reserve: Change mainly driven by asset spread widening mn 1 5 6 56 86 7-5 -16-9 -1-184 -167-15 -2 22 23 24 25 26 27 28 H1 29 36

Net interest income guidance mn 5 48 46 44 42 42-44 36 17 ~ -15 475-455 4 38 36 Clean NII target range Interest payments SoFFin silent participation Interest payments government guarantee Lower interest margin on deposits Target range NII P&L line 37

From asset to risk weighted asset (RWA): Essential factors affecting volume of RWA Effective date 3/6/29 RWA Aareal Group 1) 22.8 bn + RWA RE Structured Finance 18.3 bn RWA Others 4.5 bn RWA Loans outstanding 17.5 bn x Loans outstanding 2.8 bn Multiplier.841 + Undrawn loans RWA 1.9 bn Undrawn volume x.8 bn Multiplier.465 + Corporate (non-core RE portfolio) 1.9 bn Retail.1 bn Sovereign. bn 2) Banks.7 bn x x Loans outstanding in loan currency FX Undrawn loans in loan currency FX Financial interest.2 bn Investment shares.3 bn Others (tangible assets etc.).2 bn Securitisation (ABS Investments).2 bn Operational Risk.9 bn Total loan volume drawn as per effective date Depending on: type of collateral, geographic location of mortgaged properties, arrears, type of loan Total loan volume available to be drawn as per effective date Depending on: type of collateral geographic location of mortgaged properties, arrears, type of loan 1) Excl. of market risk 2) Exposure to sovereign governments amounts to 22 mn 38

Appendix Group figures Q2 29 Asset quality

Western Europe (ex Ger) credit portfolio Total volume outstanding as at 3.6.29: 5. bn by product type by property type Developments Other 2% 1% Retail / Shopping Centre Logistics Other 16% 11% 7% 47% Office 88% Investment finance 19% Hotel by performance by LTV ranges 1) NPLs 1% 6-8% 15% 5% > 8% 99% Performing 8% < 6% 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages 4

German credit portfolio Total volume outstanding as at 3.6.29: 4.5 bn by product type by property type Developments 7% 2% Other Shopping Centre 6% 11% Other 91% Investment finance Hotel 8% Logistics 1% 11% Office 54% Residential by performance by LTV ranges 1) NPLs 7% 6-8% > 8% 12% 15% 93% Performing 73% < 6% 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages 41

Southern Europe credit portfolio Total volume outstanding as at 3.6.29: 4.1 bn Other Developments by product type by property type Other 4% Residential 13% portfolios 23% 8% 36% Hotel 9% Office 73% Investment finance Retail / Shopping Centre 34% NPLs by performance by LTV ranges 1) 6-8% > 8% 9% 4% 1% 99% Performing 87% < 6% 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages 42

Eastern Europe credit portfolio Total volume outstanding as at 3.6.29: 3. bn Developments by product type 8% % Other by property type Logistics Other 1% 9% Office 33% Hotel 26% 92% Investment finance 31% Retail / Shopping Centre by performance by LTV ranges 1) NPLs 6-8% > 8% 4% 3% 13% 97% Performing 83% < 6% 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages 43

Northern Europe credit portfolio Total volume outstanding as at 3.6.29: 2.8 bn Other Developments by product type by property type Residential Other 11% % portfolios 7% 5% Hotel 8% 35% Office Logistics 14% 89% Investment finance 3% Retail / Shopping Centre by performance by LTV ranges 1) NPLs 2% 6-8% 15% 8% > 8% 98% Performing 77% < 6% 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages 44

North America credit portfolio Total volume outstanding as at 3.6.29: 2.8 bn by product type by property type Other 2% Other Residential portfolios 8% 11% 33% Hotel 14% Developments 66% Investment finance Retail / Shopping Centre 22% 25% Office by performance by LTV ranges 1) NPLs 1% 6-8% 2% 8% > 8% 99% Performing 9% < 6% 1) Mortgage collateralised performing business only; value does not take into account any collateral other than mortgages 45

Asia credit portfolio Total volume outstanding as at 3.6.29: 1.1 bn by product type by property type Developments 9% Logistics Hotel 21% 3% 91% Investment - / Share finance Retail / Shopping Centre 15% 61% Office by performance by LTV ranges 1) NPLs > 8% % 6-8% 11% 7% 1% Performing 82% < 6% 46 1) Chinese portfolio includes other collateral than mortgages. Rest of Asia: mortgage collateralised performing business only; value does not take into account any collateral other than mortgages.

Definitions and contacts

Definitions Property Financing Portfolio Paid-out financings on balance sheet Incl. remaining property loans on DEPFA books New Business Newly acquired business incl. renewals (excl. interest rate extensions) Contract is signed by costumer Fixed loan value and margin Net RoE = Group net income after minority interests Allocated (average) equity Allocated Equity Average of: Equity (excluding minorities, revaluation surplus and silent participation by SoFFin) start of period less dividends and Equity (excluding minorities, revaluation surplus and silent participation by SoFFin) end of period less expected dividends CIR = Admin expenses Net income Net Income net interest income +net commission income + net result from hedge accounting + net trading income + results from non-trading assets + results from investments accounted for at equity + results from investment properties + net other operating income 48

Contacts Jürgen Junginger Managing Director Investor Relations Phone: +49 611 348 2636 juergen.junginger@aareal-bank.com Alexandra Beust Director Investor Relations Phone: +49 611 348 353 alexandra.beust@aareal-bank.com Sebastian Götzken Senior Manager Investor Relations Phone: +49 611 348 3337 sebastian.goetzken@aareal-bank.com 49

Disclaimer 29 Aareal Bank AG. All rights reserved. This document has been prepared by Aareal Bank AG, exclusively for the purposes of a corporate presentation by Aareal Bank AG. The presentation is intended for professional and institutional customers only. It must not be modified or disclosed to third parties without the explicit permission of Aareal Bank AG. Any persons who may come into possession of this information and these documents must inform themselves of the relevant legal provisions applicable to the receipt and disclosure of such information, and must comply with such provisions. This presentation may not be distributed in or into any jurisdiction where such distribution would be restricted by law. This presentation is provided for general information purposes only. It does not constitute an offer to enter into a contract on the provision of advisory services or an offer to purchase securities. Aareal Bank AG has merely compiled the information on which this document is based from sources considered to be reliable without, however, having verified it. Therefore, Aareal Bank AG does not give any warranty, and makes no representation as to the completeness or correctness of any information or opinion contained herein. Aareal Bank AG accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. This presentation may contain forward-looking statements of future expectations and other forward-looking statements or trend information that are based on current plans, views and/or assumptions and subject to known and unknown risks and uncertainties, most of them being difficult to predict and generally beyond Aareal Bank AG s control. This could lead to material differences between the actual future results, performance and/or events and those expressed or implied by such statements. Aareal Bank AG assumes no obligation to update any forward-looking statement or any other information contained herein. 5