Aareal Bank AG

Governance Information • Nov 18, 2020

Aareal Bank ESG Roadshow: "We are acting purposefully in our stakeholders' best interests"

Autumn 2020

Agenda

• (01) Aareal Bank and its corporate governance bodies at a glance (pp. 3–12)
• (02) Specific aspects of corporate governance (pp. 14–16)
• (03) Deep dive: The management remuneration system in the run-up to the "say on pay" resolution at next year's AGM (p. 18 ff.)
• (04) Focus topic: Sustainability

Aareal Bank and its corporate governance bodies at a glance

Aareal Bank Group

Structured Property Financing (SPF) Aareon

Commercial Real Estate Financing solutions on three continents: Europe, North America, Asia/Pacific

A variety of property types

hotel, logistics, office, retail, residential, student housing;

in-depth industry expertise in hotels, particular logistics and retail properties

Investment finance

i.a. single asset, portfolio, value added

Consulting/Services (C/S) Bank

Integrated payment transaction system for the housing industry (market leader) and the utility sector

Financial solutions

• Payment processing provider
• Deposit bank

Software solutions

▪ Intelligent solutions to improve connectivity and efficiency for bank and non-bank customers

European leader for real estate

software, 60+ years on the market, with c.3,000 customers managing 10m+ property units. Aareon has 40 locations in D/A/CH, the Netherlands, France, the Nordics and the UK.

Mission-critical ERP and a broad set of modular digital solutions running on a cloud-enabled PaaS platform

Sustainable, resilient business model with strong downside protection has delivered decades of consistent, profitable growth

Experienced leadership team combining deep software expertise and longstanding property experience with a strong M&A roll-up track record; 675+ software engineers

A robust business in tough times

Supervisory Board: A collegial body with international experience and substantial expertise in all relevant areas

Supervisory Board (1/6)

Marija Korsch

Chair of the Supervisory Board, Remuneration Control Committee, Executive Committee and Nomination Committee

Ms Korsch's expertise covers the fields of strategic planning, banking, succession planning, financial markets & M&A investments, and the design and evaluation of risk management systems (including remuneration), among other things.

Sylvia Seignette Chair of the Risk Committee

Ms Seignette's expertise covers the fields of banking, strategic planning, the design and evaluation of risk management systems (including remuneration), accounting and succession planning, among other things.

Petra Heinemann-Specht*

Ms Heinemann-Specht's expertise covers issues concerning the credit business and risk classification methods, among other things.

*Employee representatives

the fields of property financing, legal

risk management systems (including remuneration), the management and control of trading activities, IT, digitalisation, and cyber risks, among other things.

Among other things, Prof. Wagner's expertise covers the fields of accounting, external reporting, and the design and evaluation of internal control and risk management systems, with particular reference to accounting processes.

Elisabeth Stheeman

Ms Stheeman's expertise covers the fields of commercial property finance, banking strategic planning, the design and evaluation of risk management systems (including remuneration), IT and digitalisation, among other things.

Christof von Dryander (new) Mr von Dryander's expertise covers the

fields of banking, strategic planning, M&A, corporate governance, risk management systems (including remuneration), compliance, AML, accounting and external reporting, among other things.

Jana Brendel (new)

Ms Brendel's expertise covers the fields of digitalisation, innovation management, cyber risks, corporate IT, IT products and payment services, among other things.

Dietrich Voigtländer Chair of the Technology and Innovation Committee

Mr Voigtländer's expertise covers the fields of IT, digitalisation, innovation management, digital transformation, cyber risks, banking, the design and evaluation of risk management systems (including remuneration) and accounting, among other things.

Thomas Hawel*

Mr Hawel's expertise covers the fields of housing management software and digital solutions, among other things.

Jan Lehmann* (new)

Mr Lehmann's expertise covers the fields of Aareon's and First Financial's digital products, and IT operations, among other things.

https://www.aareal-bank.com/en/about-us/company-profile/supervisory-board/ (Supervisory Board members, CVs, mandates)

5 https://www.aareal-bank.com/fileadmin/04\_Investoren/04\_HV-Dokumente/2020/Corporate\_Governance\_Statement.pdf (Corporate Governance Statement, including suitability requirements)

The Supervisory Board's skills matrix reflects Aareal's strategy

Supervisory Board (2/6)

All Supervisory Board members must have the serious approach, expertise, ability and practical experience necessary to perform the duties incumbent on the Supervisory Board in its entirety

To be able to critically review, assess, question and provide advice on reports from and proposals by the Management Board, the members of the Supervisory Board have to fully understand the Company's

• key business activities
• strategy
• key current and future risks and opportunities
• risk control and monitoring systems
• accounting and financial reporting systems
• legal obligations.

The Supervisory Board's expertise also has to extend to the following areas so as to ensure that it can effectively monitor, question and advise the Management Board:

Real estate finance, esp. commercial real estate

Enterprise resource planning systems

Digitalisation and transformation (IT and culture)

Design and monitoring of risk management systems

Design and monitoring of corporate governance frameworks

Financial markets & M&A investments

Accounting and statutory audits

Ambitious diversity targets have been met and are constantly reviewed

Supervisory Board (3/6)

All diversity targets met or exceeded

Aareal's average female participation according to Women-on-Board-Index: 32%

International experience Members who have lived and/or worked in foreign countries: current figure 42%

Age limit target: 70 at time of election

… however, the Supervisory Board targets do not mean that members have to be more than 60 years old current figure: 33.33% younger than 60

Minimum female participation: target: 25% current figure: 42% Banking experience (previous position with a bank)

target: min. 50% current figure: 58% Members who did not hold a previous position with a bank target: min. 8% current figure: 42%

Independence

− target: Both the Supervisory Board and its committee chairs are independent

• current figure: 100%
• − target: At least half the members of the Supervisory Board and its committees are independent

current figure: 100%

− Employee representatives are not counted

One-third of Supervisory Board members are employee representatives

− Professional staff drawn from Aareal Bank and Aareon; no union representatives

Five committees assist with the Supervisory Board's tasks

Supervisory Board (4/6)

Executive and Nomination

• Committee
• − Preparation of plenary meetings
• − Strategic dialogue with CEO
• − Suitability assessments for current Management Board and Supervisory Board members and candidates before new appointments

Audit Committee

• − Addresses all significant accounting issues
• − Monitors the integrity of the accounting process
• − Examines the (consolidated) financial statements
• − Monitors the statutory auditor and its independence

Technology and Innovation Committee

• − Formed in 2015
• − The first dedicated Technology and Innovation Committee in the German banking environment
• − Provides advice on IT issues
• − Provides advice on IT products
• − Monitors the implementation of the Group's digital strategy

Risk Committee

• − Addresses all significant financial and nonfinancial risks to which Aareal Bank Group is exposed, including ESG and cyber/IT risks
• − Monitors implementation of the risk appetite framework and risk strategies
• − Receives and discusses the risk reports

Remuneration Control Committee

• − Assesses the appropriateness of the remuneration systems for Management Board members and employees
• − Prepares the Supervisory Board's decisions on the remuneration of Management Board members
• − Is advised by Aareal Bank's Remuneration Officer

Strong involvement of the Supervisory Board

Supervisory Board (5/6)

Collegial culture

• − Plenary meetings normally follow on from committee meetings
• − Half of each plenary meeting focuses on strategic issues
• − In the other half, the committee chairs summarise the last committee meetings and make recommendations

Direct contact

• − Between the Supervisory Board and heads of functions below Management Board level
• − Esp. heads of control functions such as Audit, Compliance, Risk Controlling, Group Human Resources, Corporate Affairs, Finance & Controlling, Group Strategy, Investor Relations, the Group Sustainability Officer, etc.

100% member attendance at plenary meetings in 2019

Independent Supervisory Board and committee chairs

Supervisory Board often meets without Management Board

− Especially with regard to Management Board remuneration, personnel issues, succession planning, annual evaluations of individual and collective suitability, and the efficiency of the Management and Supervisory Boards and their members

Regular contact

− between the Supervisory Board/Audit Committee chair and the statutory auditor

Excerpt from 2019 evaluation results:

Strong performance, including in comparison to other companies (confirmed by an external professional)

The Supervisory Board acts in the best interests of the company and its stakeholders

Supervisory Board (6/6)

ESG targets are part of the Group's strategy and hence also of the remuneration system

• − Establishment of an ESG opportunity & risk management system (coordinated by Group Sustainability Officer) is a defined target
• − As is enhanced environmental disclosure (e.g. definition and disclosure of a green building label), among other things

Regular reporting on sustainability topics

• − Stakeholder interviews on ESG topics with seven Supervisory Board members
• − Group Sustainability Officer provides updates on sustainable finance initiatives
• − Systematic training on material new regulations and laws

Audit Committee and Supervisory Board have reviewed non-financial reports since 2016

• − Statutory auditor has performed limited assurance reviews in recent years
• − Audit Committee critically reviews non-financial report and the results of the limited assurance review, provides advice and prepares the approvals to be issued by the Supervisory Board

Supervisory Board has discussed

• − Aareal's exposure to environmental changes and
• − Its ability to influence its environment

Aareal Bank's Management Board has expertise in both banking and digital transformation

Management Board (1/2)

Hermann J. Merkens Chief Executive Officer

Expertise in e.g. banking, housing management software & digital solutions, corporate IT, strategic planning, management of material risks, design and assessment of risk management systems, staff and succession planning, and remuneration Board experience since 2003

Marc Hess Chief Financial Officer

Expertise in e.g. banking, strategic planning, finance and accounting, corporate reporting, liquidity, IRRBB and participation risks, risk management systems and corporate IT Board experience since 2007

Dagmar Knopek Chief Lending Officer

Expertise in e.g. real estate structured finance, management of credit, real estate, market risks and NPLs

Board experience since 2013

Christiane Kunisch-Wolff Chief Risk Officer

Expertise in e.g. banking, management of material risks (incl. IT and cyber risks, credit, liquidity and market risk, IRRBB, real estate risks, etc.), design and assessment of risk management systems

Board experience since 2006

Christof Winkelmann Chief Market Officer

Expertise in e.g. real estate structured finance, and the management of credit, real estate and market risks

Board experience since 2016

• − All Management Board members have strong backgrounds in real estate banking and IT
• − Six different areas of responsibility ensure focused management and independent monitoring based on the Three Lines of Defence model
• − All diversity targets have been met
  • − Women members: target = at least 20%, current figure = 33.33%
  • − All members have international experience; two were actually deployed in the USA
  • − No members are older than 65
  • − The diversity of members' professional backgrounds has been considered

Please see https://www.aareal-bank.com/en/ about-us/company-profile/the-management-board/ for more information

Thomas Ortmanns Chief Digitalization Officer

Expertise in e.g. banking, housing management software & digital solutions, corporate IT, payment services, management of material risks (incl. IT and cyber risks), risk management systems, facility and organisation management Board experience since 2005

Organisation of the Management Board: The ECB requires strict segregation of duties between different executive directors

Management Board (2/2)

Market-facing departments

are not permitted to report to the Chief Lending Officer or the Chief Risk Office

Chief Financial and Chief Digitalisation Office

must be separate from the Chief Risk Office

Chief Executive and Chief Risk Office

must be two separate functions

Operations Department

must be separate from Treasury, which is why the posts of Chief Lending Officer and Chief Financial Officer must be separate

Suitability

The ECB also examines the suitability of Management Board and Supervisory Board members using its system of fit and proper checks

Specific aspects of corporate governance

We took constructive feedback from shareholders/proxy advisors on board and have already enhanced the transparency of our corporate governance

Enhancements to corporate governance in recent years

Changes to Supervisory Board tenure	• Adjustments to term of office; to be reduced to four years in principle	• Supervisory Board has taken a number of initiatives to strengthen ESG
	• Introduction of staggered election dates to allow the Supervisory Board to flexibly adjust its composition if necessary at least every three	• Clear link between ESG and management remuneration targets (to improve discussion culture, among other things)
	years • Next regular election dates: AGMs in 2023 &	• Independent control functions have direct access to Supervisory Board
	2024	• Employee survey
	• New AGM website, including summary of AGM agenda and material information, launched to encourage voting
Increased transparency on corporate governance	• Rules of procedure for Supervisory Board published
	• More informative Annual Report 2019 with detailed descriptions of
	• Succession planning and system
	• Selection process for Board members
	• Selection process for new auditor

The Supervisory Board is closely involved with strategic development/key issues such as Aareal Next Level, the Aareon deal and dividend decisions

Supervisory Board and strategy

"Aareal Next Level"

• Successful implementation of the Aareal 2020 initiative was monitored by the Supervisory Board
• The next strategic programme was discussed for roughly one year before it was published in January 2020
• The Supervisory Board is supporting the Management Board in its implementation of Aareal Next Level

Aareon deal

• Aareon's development was agreed with the Supervisory Board back in 2016
• Whole plenary was involved in the preperation to introduce Aareon to the Capital Market in 2019 ("Investor Seminar")
• The Supervisory Board has satisfied itself that Aareon's new partner was chosen based on objective, reasonable criteria

Dividend decision and cancellation

• The approved financial statements included a proposal by the Management Board and Supervisory Board to distribute a dividend of €2.00 per share. In view of the express and unambiguous request made by the European Central Bank on 27 March 2020, the Management Board and the Supervisory Board resolved to propose that Aareal Bank AG's net retained profits be transferred in full to other retained earnings.
• The dividend decision for the 2021 AGM depends on the ECB's assessment of the situation in spring 2021

The Supervisory Board has risen to the challenges posed by the Covid-19 pandemic and is determined to tackle its impact

Covid-19 management

The Supervisory Board had held several meetings to ensure it is well informed and involved in pandemic management

• The Supervisory Board held 13 plenary meetings in the first half of 2020
• In 2019 it held five meetings in H1 and 10 in the full year
• In addition to Covid-19, the Supervisory Board has overseen the sale of a minority stake in Aareon, welcomed three new members and fulfilled all its other duties

Changes to reporting

• Regular reporting on Covid-19 impact (started with weekly reports, followed by bi-weekly and meanwhile monthly)

Regular contact

• Regular calls between the chairs of the Supervisory Board and the Risk and Audit Committees

Key operational challenges

• Forecasts and financial planning scenarios to take account of the Covid-19 pandemic
• Review of risk appetite framework, esp. appropriateness of key risk indicators and risk appetite
• Accounting processes, e.g. risk provisioning
• Suitability of Management and Supervisory Board members to handle pandemic situation

Supervisory Board perspective: Management Board has reacted fast and resolutely

• Pandemic Committee established immediately to ensure Aareal's continued operation
• Smooth switch to working from home because "laptop-only" strategy was already in place
• Stability of IT systems and information security were ensured right from the start
• 16 Modified shareholder communication (virtual meetings and AGM)

Deep dive: The management remuneration system in the run-up to the "say on pay" resolution at next year's AGM

Our philosophy is that outstanding performance deserves recognition. We rewarded it in the past and will do so in future.

Management remuneration system

Three banks acquired and successfully integrated in the

last six years The Bank developed an IT subsidiary and sold a minority stake for an unexpected high sum

A decade of operating profit in the triple-digit millions demonstrates the sustainability of Aareal's business model and the outstanding performance by its management

Digital banking products developed and launched on the market

High client and employee satisfaction, high employee retention at Aareal group

About the remuneration system…

What we have done recently:

• Enhanced transparency (targets disclosed ex post)
• More detailed remuneration report containing appropriate description of remuneration system

What we still have to do:

• Determine the maximum remuneration
• Clearly differentiate between the remuneration system and its implementation

Regulatory requirement that the variable remuneration components for the Management Board must not exceed the fixed components

Remuneration component	Description	Relevance for strategy and long term development
Fixed remuneration components
Fixed annual salary	- Fixed contractually agreed remuneration, paid monthly, amounting to 45% of the target total remuneration for Management Board members - Chairman of the Management Board: € 1,425,000 - Ordinary Board members: € 900,000 - Members of the Management Board to whom the "newcomer rule" applies: 80% of an ordinary Management Board member's fixed annual salary	Guaranteeing a fixed income component in the form of a fixed annual salary and ancillary benefits is appropriate to the scope and complexity of the business, and the role and responsibility of the individual Management Board members, and is market-competitive.
Ancillary benefits	- Company car, which can also be used for private purposes, or flat rate payment if no company car is desired - Group accident insurance - Specific costs of security measures
Pension obligations	- Defined contribution commitment - Annual contribution of 15% of overall target remuneration for Management Board members - Management Board members who were appointed prior to 1 January 2013 are entitled to claim pension benefits when they turn 60 - Management Board members who were appointed after 1 January 2013 are entitled to claim pension benefits when they turn 62 - In the event of permanent disability, Management Board members are entitled to claim benefits prior to turning 60 or 62, as appropriate	Grants pension commitments offering financial security in retirement and financial protection in the case of death or disability that are in line with market requirements

The variable remuneration components are based on the Bank's strategy, are performance-linked and are subject to strict regulatory requirements

Remuneration component Description Relevance to strategy and longterm development

Variable remuneration components

• 40% of Management Board members' total target remuneration
• The reference amount for full target achievement is € 1,250,000 for the CEO and € 780,000 for ordinary Management Board members
• Variable remuneration is based on the achievement of targets that are strictly derived from Aareal Bank's business and risk strategies (incl. ESG), in line with the Bank's corporate and risk culture
• Mix of Group (70%), divisional (15%) and individual (15%) targets
• Performance is measured using criteria that are determined over a threeyear period
• No discretionary components in addition to the targets derived from the Bank's strategy
• Payment of 80% of the variable remuneration is deferred (60% must be retained for five years; 50% of all deferred and non-deferred components are converted into virtual shares, to be held for a further year)
• The maximum overall target achievement level is capped at 150% of the target value
• The maximum variable remuneration must not exceed the fixed remuneration

Bases variable remuneration on annual financial and non-financial performance criteria that are relevant to Aareal Bank AG's strategy. Provides incentives to Management Board members to implement Aareal Bank's business priorities and to act in the interests of the Bank's long-term, sustainable positive business development. Group performance targets account for 70% of overall target achievement, prioritising the focus on overall interests, including shareholder expectations. By granting variable remuneration, Aareal Bank complies with the regulatory requirements.

Variable remuneration can be adjusted or clawed back in cases of wilful breaches of internal or external rules

Remuneration component	Description	Relevance for strategy and long term development
Other rules
Risk-bearing capacity	- The Supervisory Board reviews the variable remuneration before disbursement for compatibility with the risk-bearing capacity	Disbursing variable remuneration is not meant to threaten Aareal Bank's financial solidity.
Penalty and clawback	- All variable remuneration components are subject to penalty and clawback provisions - Adjustments to outstanding remuneration and/or clawbacks of remuneration already disbursed are possible in the case of clawback events	Within the meaning of responsible and sustainable corporate governance, and for the purpose of implementing the regulatory requirements, penalty and clawback rules are a mandatory part of good corporate governance, which in turn is firmly enshrined on Aareal Bank's strategy

For further information please see our remuneration report

https://www.aareal-bank.com/fileadmin/downloadlist/DAM_Content/IR/Finanzberichte/2019/191231_gb_en.pdf (from page 89 ff.)

Focus topic: Sustainability

Actions are the bottom line ...

ESG milestones on the path to implementing "Aareal Next Level"

Managing sustainability – "tone from the top"

Core to corporate philosophy

Reporting line

• underlines strategic importance of sustainability to our corporate philosophy
• steers practical implementation at the highest level
• ensures material ESG information is incorporated in communications with all our stakeholders

Management board variable remuneration includes ESG targets

Groupwide Sustainability Committee (below Management Board Level)

• established in 2012, meets regularly, coordinates all divisions and functions
• reviews trends and requirements, implements measures
• monitors achievements against targets
• continually develops measures to enhance sustainability mission

Our environmental and social ambitions

Short, medium and long-term

Transparency	Portfolio transparency on ESG aspects	→ by 2022
Green Offering	Launch of green / ESG product offering e.g. lending, funding	→ by 2021
Information Security & Data protection	Handling client data responsibly	→ zero breaches (cont')
Human Capital Management	Frequent employee surveys	→ every second year
Covid-19 Support	Solutions for clients, Flexibility for employees	→ ongoing

Aareal – Partner in business, Partner in Covid-19 crisis

Finding solutions, supporting where necessary

Real Estate Financing Structured Property Financing Digital Solutions

We rely on continuity and reliability…

• … in new business
• we finance properties of sustainable value, and we are adhering to this strategy

… in the search for common solutions during the crisis

• our local contact persons/specialists actively approached all customers worldwide within three weeks.
• We discussed business plans with our costumers and developed customised solutions.
• the principle of accommodation applies, i.e. both sides make their contribution. Currently, generally via a liquidity line for the pre-financing of interest/redemption

Digital Solutions

Enhanced importance through the Corona crisis with emergency aid …

▪ 1000 days Aareon Green Consulting from home offices in April 2020 (April 2019: 200 days).

Support services offered by Aareon with regard to corona, such as

• free Corona chatbot for tenant communication
• free add-on to the wodis sigma rental accounting module for corona-related payment delays
• option of virtual walk-through during flat inspections for mobile services

Investing in the transition to a low-carbon economy and a more sustainable future

Our contribution towards increasing sustainability

ESG supportive regulation – facilitating energy-efficient modernisation / renovation loans

Aareal supports an ESG-based regulation of refurbishments

"I believe that fundamental renovations aimed at improving the life cycle assessment of a building should be supported by the regulatory authorities and not penalized. Of course, one can subsume renovations under "risky" property development and then attach correspondingly high capital requirements to them. On the other hand, if you don't completely renovate a building you will hardly be able to immediately meet the next climate standard. …

I am not talking about reducing capital adequacy requirements at all. But we would have gained a lot if refurbishment didn't necessarily trigger an increase. …"

Hermann J. Merkens, BÖZ, 19. Juni 2020

UN Sustainable Development Goals – our contribution

• Gender Equality (SDG 5)
• Decent Work and Economic Growth (SDG 8)
• Industry Innovation and Infrastructure (SDG 9)
• Sustainable Cities and Communities (SDG 11)
• Climate Action (SDG 13)
• Partnerships for the Goals (SDG 17)

We are fostering the transition in Real Estate – to a more sustainable, digitized and connected future

Sustainability initiatives underway

Structured Property Financing Consulting/Services Bank Aareon

Helping to achieve 1.5/2 degree goal

• Influencing through value enhancement potential and pressure for transparency
  • energy consumption and resulting greenhouse gas emissions
  • green building certificates

Developing green lending

• developing a definition of environmentally sustainable commercial properties.
• clear, transparent criteria based on experience, market knowledge and market standards

Broadening payment routes and connections

• Extending processing between housing and energy industry
  • establishing platform to communicate with existing solutions
  • enabling intelligent data exchange without additional manual effort

Developing new payment solutions

▪ Moving to innovative approaches and away from cash and direct debits systems

Introducing new digital solutions

• Mobile app and portal for digital meter reading
• Solution for the settlement of fees between public utilities

Increasing green consulting

• Extending online consulting offering
• reducing project costs and carbon emissions at clients and Aareon alike
• environmentally friendly remote contact

Acquisitions

• integrating CalCon market leading process for assessing structural condition of properties in Germany and Austria
• structural care and maintenance saves resources
• assessing M&A opportunities

Aareal stands for integrity, reliability and predictability

Reviewing our status

Doing business sustainably

Development of Return on Equity1) demonstrates financial strength

19.8% Common Equity Tier 1 ratio2), significantly exceeding the statutory requirements

Covered Bonds4) with best possible ratings – also attractive from an ESG point of view5)

€ 26.3 bn Valuable Real Estate Finance Portfolio3)

Digital solutions boost our client's sustainability records

Above average results in sustainability ratings

• 1) Pre-tax RoE of 8.7% as at 31.12.2019
• 2) Basel 3, as at 30.06.2020

30

• 3) REF-portfolio includes private client business (€ 0.4 bn) and WIB's public sector loans (€ 0.3 bn)
• 4) Mortgage Pfandbriefe rated Aaa by Moody's

5) imug classified mortgage Pfandbriefe as recommendable investments with regard to ESG aspects (BBB), without DHB

Aareal Bank awarded as top employer for the 13th time in succession

Preparations for future disclosure requirements (EU Action Plan)

Above average ESG-Ratings

Overview

Environment Social Governance

• Environmental financing criteria within property valuation
• Transparency initiatives on portfolio level

• Set-up of ESG-opportunity & risk management

• Strong economic performance

• Contribution to affordable housing

• Failsafe information security

• Transparent reporting on remuneration model/details

• High quality ESG-disclosure
• Structure, composition and diversity of governing bodies

• Governance Roadshow

• Environmental disclosure

• Expansion of green electricity
• CO² compensation
• Fair, performance-oriented remuneration schemes
• Employee surveys
• Management of social matters
• Covid-19 Support (e.g. flexibility / remote working
• CEO-responsibility for ESG matters
• ESG-targets for Management Board
• Sustainability regularly discussed in Board Meetings
• Groupwide Sustainability Committee

Within core business

Contacts

Jürgen Junginger

Investor Relations

T +49 611 348 2636

E juergen.junginger@aareal-bank.com

Holger Lehnen

Remuneration Officer

T +49 611 348 3702

E holger.lehnen@aareal-bank.com

Julia Taeschner

Group Sustainability Officer

• T +49 611 348 3424
• E julia.taeschner@aareal-bank.com

Thank you very much!