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Aareal Bank AG

Investor Presentation • May 7, 2013

11_ip_2013-05-07_349f6519-92af-46d4-be2f-45810d0701f6.pdf

Investor Presentation

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May 07, 2013Dr. Wolf Schumacher, CEO – Hermann J. Merkens, CFO

Agenda

  • Environment Q1 2013
  • Q1 2013 results at a glance
  • Segment performance
  • B/S structure, capital & funding position
  • Group figures Q1 2013
  • Asset quality
  • Outlook 2013
  • Midterm outlook
  • Appendix
  • Definitions and Contacts

Environment Q1 2013 Expectations unchanged

Environment Q1 2013

  • Different speed of recovery in Europe
  • Southern European economies are still struggling watch out for the Netherlands / France
  • North American economic recovery speeding up: fundamental or driven by FED's liquidity?
  • Asian economies keep growing, China's development more uncertain
  • Sovereign crisis will only occasionally affect markets
  • Central Banks still lender of last resort
  • Continued very low interest rate levels will help to stabilise sovereign crisis and European economies but burdening deposit margins

As CRE-lending business is "the" remaining segment for high margins, competition is increasing in stable markets

Institutional housing industry remains stable

Q1 2013 results at a glance

Q1 2013 results at a glance Solid start in 2013

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Segment performance

Structured property financing

New business target confirmed despite increasing competition

Consulting / Services

Solid in IT & volumes – weak in deposit margins

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  • Performance of Aareonwithin guidance
  • Interest rate environment burdens segment results
  • Deposit volume of the housing industry further increased:
  • -Ø Q1 '13: € 6.7 bn
  • -Ø Q4 '12: € 6.2 bn
  • -Ø Q1 '12: € 5.0 bn
  • The strategic importance of the housing industry deposits as an additional source of funding exceeds the importance of the margins shown in the segment

Consulting / Services

Aareon within plan – deposit taking business burdened

B/S structure, capital & funding position

Strong capital ratios & stable capital structure

  • 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
  • Full repayment of remaining SoFFinsilent participation possible without further capital increase
  • Total capital position incl. § 340f (HGB1)) reserve recognised as Tier II helping to absorb potential intra-year adverse market development of GIIPS countries.

Core Tier 1 under Basel III fully loaded1) Target 01.01.2016: Tier 1 11,5%

Simulation: estimated Basel III effects per 31.03.20132)

3) Estimated impact of Basel III implementation due to capital deductions and counterparty credit risk

Asset- / Liability structure according to IFRSAs at 31.03.2013: € 45.1 bn (31.12.2012: € 45.7 bn)

Asset- / Liability structure according to IFRSAs at 31.03.2013: € 45.1 bn (31.03.2012: € 43.7 bn)

Net stable funding- / Liquidity coverage ratio Fulfilling Basel III requirements

  • Aareal Bank already fulfils future requirements
  • -NSFR > 1.0
  • -LCR >> 1.0
  • Basel III and CRD IV require specific liquidity ratios starting end 2018
  • NSFR (net stable funding ratio) reflects long term funding situation
  • LCR (liquidity coverage ratio) reflects short term liquidity
  • High NSFR ratio reflects successful funding activities
  • NSFR 12/2012 including repayment of € 1 bn LTRO

Refinancing situation 2013Successful funding activities

Total funding of € 1.4 bn in Q1 2013

  • Pfandbriefe: € 1.1 bnthereof one € 625 mn benchmark mortgage Pfandbriefe
  • Senior unsecured: € 0.3 bn

Refinancing situationDiversified 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 31.03.2013, this share has fallen to 26% (or even below 10% without Pfandbriefe)

As at 31.03.2013

Group figures Q1 2013

Net interest incomeNII picking up again

  • NII reflects cautious investment strategy and low interest rate environment – but higher margins from CRE business
  • Aareal Bank already fulfils future NSFR / LCR requirements
  • Due to market volatility a considerable part of liquidity is still parked with central banks (Ø Q1-position: € 4.4 bn) instead of being invested into
  • new business and treasury assets
  • NII Consulting / Services further burdened by interest rate environment

Loan loss provisionsBelow guided range but within normal quarterly variation

  • Close monitoring of our loan portfolio and successful restructuring efforts resulted in only 44 bp risk costs on average loan book in 2012
  • € 17 mn LLP in Q1 2013 proves high portfolio quality
  • Wider FY-range due to expected portfolio growth and recessive economies: € 110 mn - € 150 mn

Net commission incomeWithin normal quarterly variation

  • Strong Aareon revenue in Q4 2012
  • Last guarantee fee payments of € 3 mn in Q1 2012

Total net commission incomeBurden from fees paid for Soffin guarantees

Net result: trading/non trading/hedge accountingResult reflects volatile markets

  • High market volatility reflected in net result from trading, non-trading and hedge accounting
  • Q1 2012: positive market development results in tightening basis spreads of the derivatives used to hedge interest and currency risks

Admin expensesWithin guided range

  • Forecasted slightly rising admin expenses reflect
    • Positive effects from efficiency measures (carried out in the previous years) keeping admin expenses on a constant level
  • -Regulatory projects
  • -Inflation

Asset quality

Total property finance portfolio High diversification and sound asset quality

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 Basel II expected losses which

are calculated on the bases of specific loans in most cases

Western Europe (ex Ger) credit portfolioTotal volume outstanding as at 31.03.2013: € 6.9 bn

Southern Europe credit portfolioTotal volume outstanding as at 31.03.2013: € 4.3 bn

German credit portfolio

Total volume outstanding as at 31.03.2013: € 3.5 bn1)

Eastern Europe credit portfolio Total volume outstanding as at 31.03.2013: € 2.7 bn

Northern Europe credit portfolio Total volume outstanding as at 31.03.2013: € 2.6 bn

North America credit portfolio Total volume outstanding as at 31.03.2013: € 3.3 bn

Asia credit portfolioTotal volume outstanding as at 31.03.2013: € 0.5 bn

Total Structured Property Financing Portfolio€ 23.8 bn of high quality real estate assets

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Treasury portfolio€ 11.8 bn of high quality and highly liquid assets

As at 31.03.2013 – all figures are nominal amounts1) Composite Rating

Treasury portfolio€ 9.4 bn Public Sector Debtors

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1) Incl. exposure of € 50 mn which is additionally guaranteed by the Sovereign

2) Incl. securities of the AfS- and the LaR-category after tax

353) Incl. securities of the LaR-category after tax

Treasury portfolio€ 2.1 bn Financials

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Outlook

Outlook 2013 - unchanged

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n		 €
2
7
m
n

~

1) As in 2012, the bank cannot rule out additional allowances for credit losses

Appendix

Aareal Bank GroupKey figures Q1 2013

0
1.
0
1.-
3
1.
0
3.
2
0
1
3		 0
1.
0
1.-
3
1.
0
3.
2
0
1
2		 C
ha
ng
e
Eu
ro
mn		 Eu
ro
mn
Pr
f
i
d
lo
t a
t
o
n
ss
a
cc
ou
n
Ne
in
inc
t
te
t
res
om
e		 1
2
1		 1
2
9		 6
%
-
for
A
l
low
d
i
los
t
an
ce
c
re
se
s		 1
7		 1
2		 4
2
%
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
0
4		 1
1
7		 -1
1
%
Ne
iss
ion
inc
t c
om
m
om
e		 3
8		 4
0		 %
5
-
Ne
l
he
dg
ing
t r
t o
t
es
n
e a
cc
ou
n
u		 -3 1
0
-		 -
Ne
d
ing
inc
/ e
t
tra
om
e
xp
en
se
s		 6 1
6
-		 -
Re
l
fro
d
ing
ts
tra
ts
su
m
no
n-
a
ss
e		 -1 0 -
fro
for
Re
l
ies
d
i
ts
te
t e
ty
su
m
co
mp
an
a
cc
ou
n
a
q
u		 -
Re
l
fro
inv
ies
ts
tm
t p
t
su
m
es
en
rop
er		 0 3 1
0
0
%
-
A
dm
in
is
ive
tra
t
ex
p
en
se
s		 9
2		 9
1		 1
%
Ne
he
ing
inc
/ e
t o
t
t
r o
p
era
om
e
xp
en
se
s		 -5 0 -
Im
irm
f g
dw
i
l
l
t o
p
a
en
oo		 0 0 -
Op
in
Pr
f
i
t
t
er
a
g
o		 4
7		 4
3		 9
%
Inc
tax
om
e
es		 1
5		 1
2		 2
5
%
Ne
in
/
lo
t
co
m
e
ss		 3
2		 3
1		 3
%
io
f r
A
l
lo
t
l
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
no
n-c
on
res		 5 5 0
%
/
f
G
Ne
inc
los
i
bu
b
le
ha
ho
l
de
Aa
l
Ba
k
A
t
t
tr
ta
to
om
e
s
a
s
re
rs
o
rea
n		 2
7		 2
6		 4
%
Ap
ia
io
f p
f
i
t
ts
p
ro
p
r
n
o
ro
S
So
i
len
h
ip
i
bu
ion
by
F
F
in
t p
tn
tr
t
ar
ers
co
n		 5 5 0
%
Co
l
i
da
d
in
d
f
i
/ a
la
d
lo
te
ta
t
te
ns
o
re
e
p
ro
cc
um
u
ss		 2
2		 2
1		 5
%

Aareal Bank Group: Segment Reporting Key figures Q1 2013 by operating units

S
tru
c
Pr
op
F
in
an		 d
tu
re
ty
er
in
c
g		 Co
ns
u
Se
rv		 l
in
/
t
g
ice
s		 Co
l
i
da
io
/
t
ns
o
n
Re
i
l
ia
io
t
co
nc
n		 Aa
l
Ba
k
re
a
n
Gr
ou
p
0
1.
0
1.-
3
1.
0
3.
2
0
1
3		 0
1.
0
1.-
3
1.
0
3.
2
0
1
2		 0
1.
0
1.-
3
1.
0
3.
2
0
1
3		 0
1.
0
1.-
3
1.
0
3.
2
0
1
2		 0
1.
0
1.-
3
1.
0
3.
2
0
1
3		 0
1.
0
1.-
3
1.
0
3.
2
0
1
2		 0
1.
0
1.-
3
1.
0
3.
2
0
1
3		 0
1.
0
1.-
3
1.
0
3.
2
0
1
2
Eu
ro
mn
Ne
in
inc
t
te
t
res
om
e		 1
1
8		 1
2
1		 0 0 3 8 1
2
1		 1
2
9
A
l
low
for
d
i
los
t
an
ce
c
re
se
s		 1
7		 1
2		 1
7		 1
2
Ne
in
in
f
l
low
fo
d
i
lo
t
te
t
te
t
re
s
co
me
a
r a
an
ce
r c
re
ss
es		 1
0
1		 1
0
9		 0 0 3 8 1
0
4		 1
1
7
Ne
iss
ion
inc
t c
om
m
om
e		 2 4 3
9		 4
4		 3
-		 8
-		 3
8		 4
0
Ne
l
he
dg
ing
t r
t o
t
es
n
e a
cc
ou
n
u		 -3 1
0
-		 -3 1
0
-
Ne
d
ing
inc
/ e
t
tra
om
e
xp
en
se
s		 6 1
6
-		 6 1
6
-
Re
l
fro
d
ing
ts
tra
ts
su
m
no
n-
a
ss
e		 -1 0 -1 0
fro
for
Re
l
ies
d
i
ts
te
t e
ty
su
m
co
mp
an
a
cc
ou
n
a
q
u
Re
l
fro
inv
ies
ts
tm
t p
t
su
m
es
en
rop
er		 0 3 0 0 3
A
dm
in
is
ive
tra
t
ex
p
en
se
s		 5
0		 4
9		 4
2		 4
2		 0 9
2		 9
1
Ne
he
ing
inc
/ e
t o
t
t
r o
p
era
om
e
xp
en
se
s		 4
-		 1
-		 1
-		 1 0 0 5
-		 0
Im
irm
f g
dw
i
l
l
t o
p
a
en
oo		 0 0 0 0
Op
in
f
i
t
t
er
a
g
p
ro		 5
1		 4
0		 4
-		 3 0 0 4
7		 4
3
Inc
tax
om
e
es		 1
6		 1
1		 1
-		 1 1
5		 1
2
in
/
Ne
t
lo
co
me
ss		 3
5		 2
9		 3
-		 2 0 0 3
2		 3
1
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
no
n-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		 3
1		 2
5		 4
-		 1 0 0 2
7		 2
6

Aareal Bank Group: Segment Reporting Key figures - quarter by quarter

Str
tur
uc
Fin		 ed
Pr
cin
an		 ert
op
y
g		 Co
nsu		 ltin
/ S
g		 ice
erv		 s Co
/
lid
ati
nso
on
Re
ilia
tio
co
nc
n		 Aa
l B
k G
rea
an
rou
p
Q1 Q4 Q3 Q2 Q1 Q1 Q4 Q3 Q2 Q1 Q1 Q4 Q3 Q2 Q1 Q1 Q4 Q3 Q2 Q1
20
13		 20
12		 20
12		 20
12		 20
12		 20
13		 20
12		 20
12		 20
12		 20
12		 20
13		 20
12		 20
12		 20
12		 20
12		 20
13		 20
12		 20
12		 20
12		 20
12
Eu
ro
mn
Ne
t in
in
ter
est
com
e		 118 113 114 115 121 0 0 0 0 0 3 3 5 7 8 121 116 119 122 129
All
e fo
red
it lo
ow
anc
r c
sse
s		 17 39 30 25 12 17 39 30 25 12
Ne
t in
in
af
ter
est
ter
co
me		 101 74 84 90 109 0 0 0 0 0 3 3 5 7 8 104 77 89 97
fo
it l
all
red
ow
an
ce
r c
oss
es		 117
Ne
mis
sio
n in
t c
om
com
e		 2 5 6 6 4 39 49 39 41 44 3
-		 4
-		 6
-		 7
-		 8
-		 38 50 39 40 40
Ne
t re
lt o
n h
edg
unt
ing
su
e a
cco		 3
-		 3 2
-		 5 10
-		 -3 3 2
-		 5 10
-
e /
Ne
t tr
adi
inc
ng
om
ex
pen
ses		 6 7 6 7
-		 16
-		 6 7 6 7
-		 16
-
Re
lts
fro
din
-tra
ts
su
m
non
g a
sse		 -1 3 1 -3 0 -1 3 1 -3 0
Re
lts
fro
ani
su
m
co
mp
es
ted
fo
uity
r at
acc
oun
eq		 0 0
Re
lts
fro
inv
est
nt
su
m
me		 0 0 0 2 0 0 0 2
rtie
pro
pe
s		 3 3
Ad
min
istr
ativ
e e
xpe
nse
s		 50 44 51 47 49 42 45 40 42 42 0 1
-		 1
-		 0 0 92 88 90 89 91
Ne
the
atin
inc
e /
t o
r o
per
g
om		 -4 4 2 2 1 1 2 1 2 1 0 0 0 0 0 5 6 1 0 0
exp
ens
es		 - - - - - - - - -
Imp
airm
of
dw
ill
ent
goo		 0 0 0 0 0 0
Op
tin
rof
it
era
g p		 51 44 42 44 40 4
-		 2 0 1 3 0 0 0 0 0 47 46 42 45 43
Inc
e t
om
axe
s		 16 19 10 11 11 1
-		 0 0 0 1 15 19 10 11 12
Ne
t in
/ l
co
me
oss		 35 25 32 33 29 3
-		 2 0 1 2 0 0 0 0 0 32 27 32 34 31
All
ati
of
lts
oc
on
re
su
Ne
t in
e /
los
ttri
but
abl
e t
com
s a
o
olli
inte		 4 4 5 4 4 1 0 0 1 1 5 4 5 5 5
ntr
ts
non
-co
ng
res
e /
Ne
t in
los
ttri
but
abl
e t
com
s a
o		 31 21 27 29 25 4
-		 2 0 0 1 0 0 0 0 0 27 23 27 29 26
AG
sha
reh
old
of
Aa
l B
ank
ers
rea

Net interest income-snapshotCRE margin overcompensate EURIBOR/ECB rate decline

  • Relatively low exposure to interest rate changes
  • Hence predominant part of our assets are EURIBOR based
  • Deposit margins are at their bottom
  • Spreads between deposit rate and EURIBOR / ECB rate turned negative
  • Additionally lower returns on investments of residual non interest bearing liabilities

Higher CRE margins overcompensate these effects so that net interest income 2013 will be "slightly above 2012 level"

Loan loss provisions-snapshot (1)Expected market value changes1) to be reflected in portfolio allowances in 20132)

  • 1) Here shown average market value changes across all property types and regions
  • 2) The individual market value of a single property may vary, change end 2012 to end 2013

Loan loss provisions-snapshot (2)Staying with previous cautious guidance, due to portfoliogrowth and recessive economies: € 110 mn - € 150 mn

LLP guidance 2013 Average risk costs guidance 2013

Admin expenses-snapshot€ 360 mn - € 370 mn

€
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Perspective until 2015 / 2016Report of achievements

1. Funding strategy: 1.

Improve deposit ratio and covered bond (CB) ratio further avoiding capital market dependency

2. CRE new business: 2.

Focus on markets with LTV ratios of 60-70%, resulting in lower RWA consumption and higher CB-funding share

3. Origination capacity: 3.

Strengthen client relationships by leveraging new business through stronger cooperation via club deals and syndication

4. Aareon: 4.

Enhance profit contribution

5. Cost base:5.

Continue cost discipline

6. Capital structure: 6.

Optimise capital structure once technical regulatory guidelines are in place and markets are pricing instruments adequately

7. Dividends: 7.

Plan to start active dividend policy in 2014 (for FY 2013, depending on market conditions)

8. RoE:8.

Pre-tax RoE target of approx.12% in 2015 / 2016

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Aareal Bank´s action plan in detail (1/3)

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Prerequisites

  • No Eurozone break up
  • Normalised asset valuations
  • Healthy world GDP growth beside some European peripherals
  • Regulation will be introduced according to today's timeline and framework
  • No additional burdens
  • Interest rate environment starts to reflect the recovery with moderate increase

Development property finance portfolioDiversification continuously strengthened (in € mn)

Property finance under management

Revaluation surplusChange mainly driven by asset spreads

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

1) Excl. of market risk

2) Exposure to Retail amounts to € 21 mn

3) Exposure to Sovereigns amounts to € 17 mn

554) Exposure to investment shares amounts to € 14 mn

Definitions and contacts

Definitions

Structured Property Financing Portfolio

  • Paid-out financings on balance sheet
  • Incl. remaining property loans on DEPFA books

New Business

  • Newly acquired business incl. renewals
  • Contract is signed by customer
  • Fixed loan value and margin
  • Core Tier I Ratio = Tier 1 capital ./. hybrids ./. SoFFin silent participation
  • Risk weighted assets
  • Pre tax RoE = Operating profit ./. Net income/loss attributable to non-controlling interests
  • Allocated (average) equity

Allocated Equity

Average of:

  • Equity (excluding minorities and revaluation surplus but including silent participation by SoFFin) start of period less dividends and
  • Equity (excluding minorities and revaluation surplus but including 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 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

\n- Net stable funding ratio =
$$
\frac{\text{Available stable funding}}{\text{Required stable funding}} \geq 100\%
$$
\n
\nTotal stock of high quality liquid asset

Liquidity coverage ratio = ≥ 100%Total stock of high quality liquid assetsNet cash outflows under stress

Contacts

Sebastian Götzken

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

Disclaimer

© 2013 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.
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