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Aareal Bank AG

Investor Presentation • May 7, 2015

11_ip_2015-05-07_1ad0f4b5-5673-460b-b14e-da6a49410b04.pdf

Investor Presentation

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May 07, 2015Dr. Wolf Schumacher, CEO – Hermann J. Merkens, CFO

Agenda

  • Highlights Q1 2015
  • General environment Q1 2015
  • Update on acquisition of Westdeutsche ImmobilienBank AG ("WestImmo")
  • Update on integration of COREALCREDIT BANK AG("Corealcredit")
  • Q1 2015 results at a glance
  • Segment performance
  • B/S structure, capital & funding position
  • Group figures Q1 2015
  • Asset quality
  • Outlook 2015
  • Midterm Outlook
  • Appendix
  • Definitions and Contacts

Highlights Q1 2015Aareal Bank with good start in 2015

Highlights

  • Good results in the first quarter: Group operating profit of € 67 mn slightly above adjusted last years figure (Q1/2014: € 65 mn, adjusted by negative goodwill of € 154 mn)
  • Shareholders attributable profit of € 36 mn(Q1/2014: € 35 mn, adjusted by negative goodwill of € 154 mn)
  • Integration of Corealcredit and acquisition of WestImmo on track
  • Solid capital position and comfortable liquidity position
  • Despite fragile economic development and volatile capital markets, Aareal Bank is well positioned to operate successfully and take advantage of attractive market opportunities
  • Confirming short and mid-term targets

General environment Q1 2015

General environment

  • Main drivers of macro economic environment changed since Q3/2014 (e.g. exchange rates, oil price)
  • Slight world economic recovery continues but with different regional speed
  • Increasing divergences in monetary policy between ECB on one side and FED/BOE on the other side
  • Slightly deflation in Euro-zone and ECB's QE-program will have an impact on capital markets especially in Europe: fighting deflation and risking asset bubbles
  • Euro considerably weakening
  • Regulatory environment becomes more predictable but further uncertainties (still possible challenges, e.g. additional capital requirements resulting from RWA-floors, TLAC1), etc.)

Main takeaways

Further increasing transaction volumes and competition in our lending buckets will burden margins which can only partially be offset by lower funding costs and –structure.Early repayments of high margin loans will continue

We see moderately increasing property values and stable to slightly positive rents in the majority of European countries but further NPL inflow mainly from our Italy portfolio expected

Aareon with a slightly positive development expected but deposit business will continue to suffer on segment reporting level – deposit volume supports funding and cheapens funding costs on group level

1) Total Loss Absorbing Capacity

Update on acquisition of WestImmo

Acquisition of WestImmo

In timeline - closing envisaged for Q2 2015

Update on integration of Corealcredit

Integration of Corealcredit

Technical integration faster than originally planned

Update

  • IT integration ahead of schedule
  • Aareal Bank AG will integrate the banking operations of Corealcredit into the parent entity in Q2 2015
  • Integration will not trigger any additional reduction in workforce at Corealcredit, agreement upon redundancy plan signed, costs mainly reflected in Q1
  • Corealcredit's banking operations will turn into Aareal Bank's new Frankfurt branch
  • Former "Corealcredit Bank AG" will turn into a subsidiary with no banking licence and therefore no origination / operative activities

Q1 2015 results at a glance

Q1 2015 results at a glance Good start in 2015

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1) Adjusted

Structured property financing

New business in line with planning

2) Adjusted

3) Additional effects exceeding originally planned repayments

Portfolio impact due to FX effectsExemplified using US portfolio

Schematic: FX effect fully integrated in new business planning

Consulting / Services

Solid in IT & volumes – weak in deposit margins

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Unchanged low interest rate environment continues to burden segment results

  • Deposit volume of the housing industry stabilises on high levels
  • € 9.3 bn Ø in Q1 2015
  • € 9.1 bn Ø in Q4 2014
  • The strategic importance of the housing industry deposits as an additional source of funding exceeds the importance of the margins reflected in the segment performance

Consulting / Services

Deposit taking business burdens segment performance

B/S structure, capital & funding position

Strong capital ratiosIFRS & CRR as at 31.03.2015

  • Bail-in capital ratio (acc. to our definition): above 8%
  • Strong capital ratios enable us to take new business on board
  • Strong capital ratios in line with business model, company size and capital market expectations
  • Leverage ratio as at 31.03.2015: 4.5% (fully phased)
  • New ECB requirements in line with our capital planning

Expected development of capital ratios1) IFRS & CRR as at 31.03.2015

1) Actual figures may vary significantly from estimates

Asset- / Liability structure according to IFRSAs at 31.03.2015: € 50.9 bn (31.12.2014: € 49.6 bn)

Asset- / Liability structure according to IFRSAs at 31.03.2015: € 50.9 bn (31.03.2014: € 49.7 bn)

Net stable funding- / Liquidity coverage ratio Fulfilling CRR requirements due to sound liquidity position

  • Aareal Bank already fulfils future requirements
  • NSFR > 1.0
  • LCR >> 1.0
  • Basel III and CRR require specific liquidity ratios starting end 2018
  • Positive effect in 2014 due to changed weighting factors
  • Additional funding requirements to come from acquisition of WestImmo easily covered by NSFR surplus

Refinancing situation 2015

Funding activities reflecting sound liquidity position

Total funding of € 0.9 bn in Q1 2015

  • Pfandbriefe: € 0.7 bnthereof USD 500 mn mortgage Pfandbrief
  • Senior unsecured: € 0.2 bn

Backbone of capital market funding is a loyal, granular, domestic private placement investor base

  • Hold-to-maturity investors: over 600
  • Average ticket size: ~ € 10 mn

Deposits of the housing industry with € 9.3 bnstabilises on a high level (€ 9.1 bn in Q4 2014)

Refinancing situation

Diversified funding sources and distribution channels

  • Aareal Bank has clearly reduced its dependency on wholesale funding
  • 2002 long term wholesale funding accounted for 47% of overall funding volumes –by 31.03.2015, this share has fallen to ~30% (or even below 10% without Pfandbriefe)

As at 31.03.2015

Net interest incomeStrong development

NII Consulting / ServicesNII Structured Property FinancingNII effect from early repayments2)

2) Additional effects exceeding originally planned repayments

  • Portfolio growth of € 4.8 bn since FY 2013 (thereof € 2.4 bn Corealcredit1))
  • Still stable margins in the CRE business
  • Q1 includes additional ~€ 5 mn from early repayments2) (Q4: € 20 mn, Q3: € 13 mn, Q2: € 8 mn, Q1: € 4 mn)
  • Former central bank liquidity used for strategic ALM measures according to our long term plan, residual amounts switched to reverse repos
  • NII Consulting / Services further burdened by interest rate environment
  • Aareal Bank already fulfils future NSFR / LCR requirements

1) Consolidated since Q2 2014

Loan loss provisionsIn line with guidance

  • Unchanged FY 2015 range despite a significantly larger portfolio
  • Q1 2015 of € 18 mn consists of
  • € 43 mn specific allowances
  • € -25 mn portfolio allowances
  • Additions in specific allowances partly compensated by corresponding reversal of portfolio allowances

Net commission incomeConfirming guidance

  • Aareon on track
  • Strong Aareon revenue regularly pushing Q4

Admin expensesWithin FY-guidance

  • Admin expenses in Q1 burdened by
  • € 12 mn redundancy plan for of Corealcredit
  • € 9 mnEuropean bank levy (FY 2015)

Total property finance portfolio € 29.3 bn highly diversified and sound

Total property finance portfolio Continuing conservative approach

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1) Incl. property finance portfolio still on DEPFA's balance sheet

2) Portfolio allowances mainly reflect expected losses which are calculated on the bases of specific loans in most cases

Total property finance portfolio

€ 29.3 bn of high quality real estate assets

NPL and NPL-ratio (since 12.2004)

32

Western Europe (ex Germany) credit portfolio Total volume outstanding as at 31.03.2015: € 9.0 bn

German credit portfolio

Total volume outstanding as at 31.03.2015: € 5.6 bn

Southern Europe credit portfolio

Total volume outstanding as at 31.03.2015: € 4.2 bn

Eastern Europe credit portfolio

Total volume outstanding as at 31.03.2015: € 2.5 bn

Northern Europe credit portfolio

Total volume outstanding as at 31.03.2015: € 2.1 bn

North America credit portfolio

Total volume outstanding as at 31.03.2015: € 5.2 bn

Asia credit portfolio

Total volume outstanding as at 31.03.2015: € 0.5 bn

Total treasury portfolio

€ 10.5 bn of high quality and highly liquid assets

Outlook 2015 confirmed

Assumed closing of WestImmo adjusted to 31.05.2015

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1) As in 2014, the bank cannot rule out additional allowances for credit losses

2) Earnings per ordinary share, tax rate of ~31% assumed

3) After segment adjustments

Midterm Outlook

Summary, prerequisites and challenges

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Prerequisites

  • No Eurozone break up
  • Normalised asset valuations
  • Healthy world GDP growth beside some European peripherals
  • Sound regulatory environment
  • No additional burdens
  • ECB to keep key interest rates low due to little inflation pressure – therefore short-term Euro interest rates will likely stay low as well

Challenges

  • ECB supervision
  • Banking resolution
  • Basel activities

Midterm outlook

Management options

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re
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de
ly
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t
a
e
g
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y
i
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ca
p		 +
+
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E
ta
p
re
x
C
1
t
a
e
g
o
r
y
ta
t
rg
e		 ~1
2
%		 ~1
2
%

1) Mainly from unplanned early repayments

  • Optimisation funding structure / liquidity portfolio
  • Loan portfolio size depending on margin compression
  • RWA and LTV development depending on regulation and markets
  • Increase in Aareon's profit contribution
  • Keep cost base under control
  • Optimisation of regulatory capital structure
  • Alignment or allocation of underlying capital depending on chances and challenges in the markets

Aareal Bank GroupKey figures Q1 2015

01
.0
1.
-
31
.0
3.
20
15		 01
.0
1.
-
31
.0
3.
20
14		 Ch
an
g
e
€
m
n		 €
m
n
of
it
Pr
d
lo
nt
an
ss
a
cc
ou
Ne
t i
t i
nt
er
es
nc
om
e		 17
8		 14
4		 24
%
fo
Al
low
dit
lo
an
ce
r c
re
ss
es		 18 37 51
%
-
Ne
t i
t i
af
llo
fo
di
t l
nt
te
er
es
nc
om
e
r a
an
ce
r c
re
os
se
s
w		 16
0		 10
7		 50
%
Ne
iss
ion
in
t c
om
m
co
m
e		 41 40 3%
Ne
ult
he
dg
tin
t r
es
o
n
e
ac
co
un
g		 11 2 45
0%
Ne
di
in
/ e
t t
ra
ng
co
m
e
xp
en
se
s		 -7 2 45
0%
-
Re
lts
fr
ad
ing
-tr
et
su
om
n
on
a
ss
s		 -3 0 -
Re
lts
fr
in
ed
fo
ity
st
ts
nt
t e
su
om
ve
m
en
a
cc
ou
r a
qu		 0 - -
Ad
ini
ive
st
rat
m
e
xp
en
se
s		 13
2		 10
2		 29
%
Ne
th
ing
in
/ e
t o
at
er
o
p
er
co
m
e
xp
en
se
s		 -3 16 -
Ne
ive
dw
ill
at
g
g
oo		 - 15
4		 -
Op
in
Pr
of
it
at
er
g		 67 21
9		 69
%
-
Inc
ta
om
e
xe
s		 22 20 10
%
Ne
t i
/ l
nc
om
e
os
s		 45 19
9		 %
77
-
Al
lo
tio
of
lts
ca
n
re
su
/ l
Ne
t i
at
tri
bu
ta
ble
to
tro
llin
int
ts
nc
om
e
os
s
n
on
-c
on
g
er
es		 5 5 0%
Ne
t i
/ l
tri
bu
ble
ha
ho
lde
f A
l B
k
AG
at
ta
to
nc
om
e
os
s
s
re
rs
o
ar
ea
an		 40 19
4		 79
%
-
1)
Ea
in
ha
(
Ep
S
)
rn
g
s
p
er
s
re
Co
ol
ida
d
t i
tri
bu
ble
ha
ho
lde
f A
l B
k
AG
te
at
ta
to
ns
ne
nc
om
e
s
re
rs
o
ar
ea
an		 40 18
9		 79
%
-
2)
f w
hic
h:
at
tri
bu
ta
ble
to
rd
ina
sh
eh
old
o
o
ry
ar
er
s		 36 18
9		 81
%
-
f w
hic
h:
at
tri
bu
ta
ble
to
A
T1
in
st
o
ve
or
s		 4 - -
2)3
)
(
€)
Ea
ing
rd
ina
sh
in
rn
s
p
er
o
ry
ar
e		 0.
60		 3.
16		 81
%
-
4)
(
€)
Ea
ing
rd
ina
AT
1
it
in
rn
s
p
er
o
ry
un		 0.
04		 -

1) The allocation of earnings is based on the assumption that net interest payable on the AT1 bond is recognised on an accrual basis.

2) SoFFin's silent participation was repaid on 30 October 2014. In order to facilitate comparability and for the purpose of an economic analysis, net interest payable on the SoFFin silent participation was deducted from the comparative figure as at 31 March 2014 (€ 5 million) in the EpS calculation.

3) Earnings per ordinary share are determined by dividing the earnings attributable to ordinary shareholders of Aareal Bank AG by the weighted average of ordinary shares outstanding during the financial year (59,857,221 shares). Basic earnings per ordinary share correspond to diluted earnings per ordinary share.

474) Earnings per AT1 unit (based on 100,000,000 AT1 units with a notional amount of € 3 each) are determined by dividing the earnings attributable to AT1 investors by the weighted average of AT1 units outstanding during the financial year. Earnings per AT1 unit (basic) correspond to (diluted) earnings per AT1 unit.

Aareal Bank GroupKey figures Q1 2015 by operating units

S
d
tru
tu
c
re
Pr
ty
op
er
F
in
in
an
c
g		 Co
ns
u
Se
rv		 in
/
l
t
g
ice
s		 Co
i
l
ns
o
Re
co
nc		 io
/
da
t
n
i
l
ia
io
t
n		 Aa
re
a
Gr		 l
Ba
k
n
ou
p
0
1.
0
1.-		 0
1.
0
1.-		 0
1.
0
1.-		 0
1.
0
1.-		 0
1.
0
1.-		 0
1.
0
1.-		 0
1.
0
1.-		 0
1.
0
1.-
3
1.
0
3.		 3
1.
0
3.		 3
1.
0
3.		 3
1.
0
3.		 3
1.
0
3.		 3
1.
0
3.		 3
1.
0
3.		 3
1.
0
3.
2
0
1
5		 2
0
1
4		 2
0
1
5		 2
0
1
4		 2
0
1
5		 2
0
1
4		 2
0
1
5		 2
0
1
4
€
m
n
Ne
in
inc
t
te
t
res
om
e		 1
7
8		 1
4
3		 0 0 0 1 1
7
8		 1
4
4
A
l
low
fo
d
i
los
t
an
ce
r c
re
se
s		 1
8		 3
7		 1
8		 3
7
Ne
in
in
f
l
lo
fo
d
i
lo
t
te
t
te
t
re
s
co
m
e
a
r a
an
ce
r c
re
ss
es
w		 1
6
0		 1
0
6		 0 0 0 1 1
6
0		 1
0
7
Ne
iss
ion
inc
t c
om
m
om
e		 0 1 4
1		 4
0		 0 1
-		 4
1		 4
0
Ne
l
he
dg
ing
t r
t o
t
es
u
n
e
ac
co
un		 1
1		 2 1
1		 2
Ne
d
ing
inc
/ e
t
tra
om
e
xp
en
se
s		 -7 2 -7 2
fro
Re
l
d
ing
ts
tra
ts
su
m
no
n-
a
ss
e		 -3 0 -3 0
Re
l
fro
inv
d
fo
i
ts
tm
ts
te
t e
ty
su
m
es
en
a
cc
ou
n
r a
q
u		 0 0
A
dm
in
is
ive
tra
t
e
xp
en
se
s		 8
4		 5
6		 4
8		 4
6		 0 0 1
3
2		 1
0
2
Ne
he
ing
inc
/ e
t o
t
t
r o
p
er
a
om
e
xp
en
se
s		 3
-		 1
6		 0 0 0 0 3
-		 1
6
Ne
ive
dw
i
l
l
t
g
a
g
oo		 1
4
5		 1
4
5
Op
in
f
i
t
t
er
a
g
p
ro		 7
4		 2
2
5		 7
-		 6
-		 0 0 6
7		 2
1
9
Inc
ta
om
e
xe
s		 2
4		 2
2		 2
-		 2
-		 2
2		 2
0
/
Ne
in
lo
t
co
m
e
ss		 5
0		 2
0
3		 5
-		 4
-		 0 0 4
5		 1
9
9
A
l
lo
io
f r
l
t
ts
ca
n
o
es
u
Ne
inc
/
los
i
bu
b
le
l
l
ing
in
t
t
tr
ta
to
tro
te
ts
om
e
s
a
n
on
-c
on
res		 4 4 1 1 5 5
Ne
inc
/
los
i
bu
b
le
ha
ho
l
de
f
Aa
l
Ba
k
A
G
t
t
tr
ta
to
om
e
s
a
s
re
rs
o
rea
n		 4
6		 1
9
9		 6
-		 5
-		 0 0 4
0		 1
9
4

Aareal Bank GroupKey figures – quarter by quarter

St
ed
P
tur
ert
ruc
rop
y
Fin
cin
an
g		 Co
ult
ing
/
Se
rvi
ns
ce
s		 Co
oli
da
tio
n /
ns
ilia
tio
Re
co
nc
n		 Aa
l B
k G
rea
an
rou
p
Q
1		 Q
4		 Q
3		 Q
2		 Q
1		 Q
1		 Q
4		 Q
3		 Q
2		 Q
1		 Q
1		 Q
4		 Q
3		 Q
2		 Q
1		 Q
1		 Q
4		 Q
3		 Q
2		 Q
1
20
15		 20
14		 20
14		 20
14		 20
14		 20
15		 20
14		 20
14		 20
14		 20
14		 20
15		 20
14		 20
14		 20
14		 20
14		 20
15		 20
14		 20
14		 20
14		 20
14
Eu
ro
mn
Ne
t in
t in
ter
es
co
me		 178 194 182 168 143 0 0 0 0 0 0 0 1 1 1 178 194 18
1		 169 144
All
fo
red
it l
ow
an
ce
r c
os
se
s		 18 41 36 32 37 18 41 36 32 37
Ne
t in
t in
af
ter
ter
es
co
me		 16
0		 15
3		 14
6		 13
6		 10
6		 0 0 0 0 0 0 0 1 1 1 16
0		 15
3		 14
5		 13
7		 10
all
fo
red
it l
ow
an
ce
r c
os
se
s		 - 7
Ne
t c
mi
ion
in
om
ss
co
me		 0 1 1 1 1 41 47 36 40 40 0 0 0 2
-		 1
-		 41 48 37 39 40
Ne
lt o
n h
ed
nti
t re
su
g
e a
cc
ou
ng		 11 2 0 1 2 11 2 0 1 2
Ne
ad
ing
in
/ e
t tr
co
me
xp
en
se
s		 7
-		 3 5
-		 2 2 -7 3 5
-		 2 2
Re
lts
fro
rad
ing
n-t
ts
su
m
no
as
se		 -3 2 0 0 0 -3 2 0 0 0
Re
lts
fro
ult
d
nte
su
m
res
s a
cc
ou		 0 0 0 0 0 0 0
for
uity
at
eq
Ad
mi
nis
tive
tra
ex
pe
ns
es		 84 67 64 68 56 48 48 46 47 46 0 1
-		 1
-		 1
-		 0 132 114 109 114 102
Ne
the
ing
in
/
t o
rat
r o
pe
co
me		 -3 8
-		 4
-		 1
-		 16 0 1 2 1 0 0 1
-		 0 0 0 3
-		 8
-		 2
-		 0 16
ex
pe
ns
es
Ne
ati
dw
ill
g
ve
g
oo		 1)
154		 1)
154
Op
tin
rof
it
era
g
p		 74 86 74 71 22
5		 7
-		 0 8
-		 6
-		 6
-		 0 0 0 0 0 67 86 66 65 21
9
Inc
e t
om
ax
es		 24 41 23 23 22 2
-		 2
-		 2
-		 2
-		 2
-		 22 39 21 21 20
t in
/ l
Ne
co
me
os
s		 50 45 51 48 1)
20
3		 -5 2 6
-		 4
-		 4
-		 0 0 0 0 0 45 47 45 1)
19
9
sh
ho
lde
of
Aa
l B
k A
G
are
rs
rea
an		 46 41 47 44 199 -6 1 6
-		 5
-		 5
-		 0 0 0 0 0 40 42 41 39 194
of
Al
loc
ati
lts
on
re
su
Ne
t in
/ l
ttri
bu
tab
le
to
co
me
os
s a
llin
int
tro
sts
no
n-c
on
g
ere
Ne
t in
/ l
ttri
bu
tab
le
to
co
me
os
s a		 4 4 4 4 4
1)		 1 1 0 1 1 5 5 4 44
5		 5
1)

Interest payments and ADI of Aareal Bank AG

Available Distributable Items (as of end of the relevant year)

3
1.
1
2.
2
0
1
4		 3
1.
1
2.
2
0
1
3		 3
1.
1
2.
2
0
1
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€
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(
)
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1
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t
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0
8
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b
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i
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+
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)
1
D
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b
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i
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1
t
t
t
t
s
r
o
n
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e
r
n
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r
m
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u		 5
7		 5
7		 5
2
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f
d
i
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f
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n
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=
d
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N
b
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b
l
I
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p
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1
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h
N
d
D
i
i
b
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h
T
i
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t
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t
a
y
m
e
n
s
o
n
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a
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u
o
n
s
o
n
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r
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r
n
s
r
u
m
e
n
s		 6
0
9		 6
6
1		 6
6
1

1) Unaudited figures for information purposes only

AppendixNew ownership structure

Aareal's new ownership structure

Successful placement underlines confidence in ARL

Acquisition of WestImmo

Acquisition of WestImmo1): Strategic rationaleAttractive opportunity to pursue inorganic growth

1) As published February 22, 2015

Acquisition of WestImmo1): Strategic rationaleValue enhancing transaction in line with business strategy

Transaction represents attractive opportunity for Aareal Bank to pursue inorganic growth as it is EpS accretive and creating shareholder value from day one while mid-term targets unchanged

Acquisition using existing excess capital demonstrates strength and strategic capacity while generating further excess capital and therefore dividend distribution potential at the same time

Immediate (inorganic) growth of interest earning asset base in times of increasing competition

Perfect overlap to Aareal's core business further strengthens position as a specialised commercial real estate lender

International well experienced staff and platform maintained despite currently not being allowed to write new business (acc. to EU-regulations) and therefore in run-down mode

High diversification of CRE portfolio and conservative risk profile remains unchanged

Optimisation of capital structure in line with communicated strategy

1) As published February 22, 2015

Acquisition of WestImmo1): Strategic rationaleBusiness ability even without new business origination

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Acquisition of WestImmo1): Transaction structure Attractive terms and conditions

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2)Subject to further adjustments

Acquisition of WestImmo1): Financials Impact on capital ratios, EpS, and RoE2)

  • Allocation of excess capital
  • RWA increase partly compensated by negative goodwill
  • Expected pro forma CET1 as at 31.12.2015: 11.8%
  • Bail in capital ratio expected above target (~8%)

EpS

  • Transaction is EpS accretive from day 1
  • Expected cumulative EpS for the next three years > 3 €
  • Substantial part of the capital currently absorbed by acquired RWA already to be released until 2017
  • No capital relief from switch of rating model (WestImmo already on AIRBA)

RoE

  • Transaction in line with mid term RoE target
  • Pre-tax RoE target confirmed at ~12%
  • Dividend policy

  • Reconfirming active dividend policy with payout ratios of ~50% (excl. negative goodwill)

  • 1) As published February 22, 2015

  • 2)Pro forma extrapolated, assumed closing 31.03.2015

Acquisition of WestImmo1): Financials

Purchase price illustration2)

1) As published February 22, 2015

2)Pro forma extrapolated, assumed closing 31.03.2015

Acquisition of WestImmo1): ALM structure (IFRS)Pro forma extrapolated as at 31.03.2015: € 8.1 bn

Acquisition of WestImmo1): CRE lending portfolio2) Total volume of € 4.3 bn with average LtV < 60%

Acquisition of WestImmo1) :

Private client loans and Public sector loans2)

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63

Acquisition of WestImmo1): Treasury portfolio2) € 1.2 bn of high quality and highly liquid assets

643) Composite or other available rating

AppendixDevelopment property finance portfolio

Development property finance portfolioDiversification continuously strengthened (in € mn)

Revaluation surplus

Change mainly driven by asset spreads

From asset to risk weighted asset (RWA) Essential factors affecting volume of RWA

1) Excl. market risk

2) Exposure to Retail amounts to € 38 mn

3) Exposure to Sovereigns amounts to € 55 mn

704) Exposure to Financial Interests amounts to € 1 mn5) Exposure to investment shares amounts to € 4 mn

Definitions

  • Structured Property Financing Portfolio = Paid-out financings on balance sheet
  • New Business = Newly acquired business incl. renewals + Contract is signed by customer + Fixed loan value and margin
  • Common Equity Tier 1 ratio = CET1Risk weighted assets
  • Pre tax RoE = Operating profit ./. income/loss attributable to non-controlling interests ./. AT1 cuponAverage IFRS equity excl. non-controlling interests, other reserves, AT1 and dividends
  • CIR =Admin expenses Net income
  • Net income = net interest income + net commission income + net result on 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
  • Net stable funding ratio = ≥ 100%Available stable fundingRequired stable funding
  • Liquidity coverage ratio = ≥ 100%Total stock of high quality liquid assetsNet cash outflows under stress
  • Bail-in capital ratio = Equity + subordinated capital(Long + short term funding) – (Equity + subordinated capital)
  • Earnings per share =operating profit ./. income taxes ./. income/loss attributable to non controlling interests ./. net AT1 cuponNumber of ordinary shares

Contacts

Jürgen Junginger Managing Director Investor Relations Phone: +49 611 348 [email protected]

Carsten Schäfer

Director Investor RelationsPhone: +49 611 348 [email protected]

Sebastian Götzken

Senior Manager Investor RelationsPhone: +49 611 348 [email protected]

Karin Desczka

Investor RelationsPhone: +49 611 348 [email protected]

Disclaimer

© 2015 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 notbe 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. The securities of Aareal Bank AG are not registered in the United States of America and may not be offered or sold except under an exemption from, or pursuant to, registration under the United States Securities Act of 1933, as amended. Therefore, Aareal Bank AG does not give any warranty, and makes no representation as to the completeness or correctness of anyinformation 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. The securities of Aareal Bank AG are not registered in the United States of America and may not be offered or sold except under an exemption from, or pursuant to, registration under the United States Securities Act of 1933, as amended.
  • 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.

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