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Aareal Bank AG

Investor Presentation • Sep 1, 2011

11_ip_2011-09-01_92b61c53-fc41-4449-9cfc-1e943e24c79e.pdf

Investor Presentation

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August 09, 2011Dr. Wolf Schumacher, CEO – Hermann J. Merkens, CFO

Agenda

  • Q2 2011 results at a glance
  • B/S structure, capital & funding position
  • Group figures Q2 2011
  • Asset quality
  • Outlook
  • Appendix
  • Definitions and Contacts

Economic environment Aareal Bank's point of view

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Risks in the financial system are becoming more apparent again

Q2 2011 results at a glance

Q2 2011 results at a glance On track

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Structured property financing New business with attractive risk-return profile

Consulting / ServicesSolid in IT & volumes – weak in deposit margins

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Segment result

  • Burdened by investments for additional consulting and support capacities
  • SG I automatisering will regularly enhance Q4-results

B/S structure, capital & funding position

Strong capital ratios & stable capital structure facilitate further growth

  • Targeted Core Tier 1 ratio acc. to Basel III in 2013 over-achieved as of today; new business opportunities will be captured only in accordance with achieving this target
  • Capital structure well in line with other European banks
  • Full repayment of remaining SoFFin silent participation possible without further capital increase

Estimated Basel III fully loaded effects Core Tier 1 ratio ex SoFFin / hybrids, development until 2013

CT 1 Basel II ratio30.06.2011CT 1 Basel IIIand additional new business2011/2012Estimated effectBasel III2) 8%-9%Expected CT 1 ratioRange 01.01.2013Other effectssuch as RWA management, retained earnings,etc.9.0%~ -1.0%1%-1.5%+/-% 9%-10.5% Target Core Tier 1 ratioBuffer for e.g. rating shifts, F/X movements11.0%Simulation: estimated Basel III effects per 30.06.20111) ~ -1.0%Estimated effectadditional new business2011/2012

1) Actual figures may vary significantly from estimates

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

Asset- / Liability structure according to IFRSAs at 30.06.2011: € 40.9 bn (31.03.2011: € 39.9 bn)

2) ~ € 800 mn repurchase of first SoFFin bond in July not reflected as at 30.06.2011

10

Refinancing situation 2011Flexible use of unsecured and secured funding

Additional funding will be done on an opportunistic basis

Refinancing situationDiversified funding sources and distribution channels

  • Aareal Bank has clearly reduced its dependency upon wholesale funding
  • At the beginning of 2002, long term wholesale funding accounted for 47% of overall funding volumes - by 30.06.2011, this share had fallen to 28% (or even 10% without Pfandbriefe)

1) ~ € 800 mn repurchase of first SoFFin bond in July not reflected as at 30.06.2011

Group figures Q2 2011

Net interest incomeHigher margins "paying off"

NII Consulting / ServicesNII Structured Property Financing

  • Net interest income Q2 2011: € 134 mn
  • Q4 2010 was boosted by € 3 4 mn one-offs
  • Net interest income influenced by
    • Structured Property Financing: Mainly results from higher margins
    • Consulting / Services: Low interest rate level continues to burden the deposit taking business

Loan loss provisionsLoan loss provisions proving high portfolio quality

  • Q2 loan loss provisions of € 24 mn stays annualised below the given range of € 110 mn to € 140 mn
  • Loan loss provisions may vary quarter by quarter
  • Close monitoring of our loan portfolio and successful restructuring efforts results in only € 42 mn LLP in H1

Net commission incomeRelief of costs for SoFFin guarantees materialises in Q3

  • Early redemption of the 2nd SoFFin Bond (held onto own books) relives NCI, starting in Q2 2011 – fully effects in Q3 2011
  • € 800 mn repurchase of the 1st SoFFin Bond relives NCI starting in Q3 2011 – fully effect in Q4 2011

Trading, non trading and hedge accountingResult reflects volatile markets in Q2 2011

  • Trading result reflects
    • Valuation of cross-currency basis swaps
  • development of credit derivatives

Admin expensesHigh cost discipline further maintained

  • Q2 2011-figures with € 96 mnwithin full-years guidance
  • Efficiency measures still keeping the admin expenses under control
  • Starting in 2011 admin expenses includes addition burden from the German bank levy (~€ 3 mn in H1)

Asset quality

Total property finance portfolio High diversification and sound asset quality

Total property finance portfolio Stable NPL-level

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are allocated specific loans in most cases

21

Western Europe (ex Ger) credit portfolioTotal volume outstanding as at 30.06.2011: € 5.7 bn

Southern Europe credit portfolioTotal volume outstanding as at 30.06.2011: € 4.1 bn

German credit portfolio

Total volume outstanding as at 30.06.2011: € 3.6 bn1)

Northern Europe credit portfolio Total volume outstanding as at 30.06.2011: € 2.7 bn

Eastern Europe credit portfolio Total volume outstanding as at 30.06.2011: € 2.7 bn

North America credit portfolio Total volume outstanding as at 30.06.2011: € 3.0 bn

Asia credit portfolioTotal volume outstanding as at 30.06.2011: € 0.7 bn

Treasury portfolio€ 11.6 bn of high quality and highly liquid assets

Treasury portfolio€ 8.6 bn Public Sector Debtors

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Treasury portfolio€ 2.6 bn Financials

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Real estate structured finance loan book€ 22.6 bn of high quality real estate assets

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Outlook

Outlook confirmed

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Provided that the sovereign debt crisis does not deteriorate further, Aareal Bank Groupis making good progress in achieving its targets for 2011, which were last raised in April.

1) As in 2010, the bank cannot rule out additional allowances for credit losses

Appendix

Aareal Bank GroupKey figures Q2 2011

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

Aareal Bank Group: Segment Reporting Key figures Q2 2011 by operating units

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

Aareal Bank GroupKey figures H1 2011

0
1.
0
1.-
3
0.
0
6.
2
0
1
1		 0
1.
0
1.-
3
0.
0
6.
2
0
1
1		 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		 2
6
8		 2
3
9		 1
2
%
for
A
l
low
d
i
los
t
an
ce
c
re
se
s		 4
2		 6
5		 3
%
5
-
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		 2
2
6		 1
4
7		 3
0
%
Ne
iss
ion
inc
t c
om
m
om
e		 6
1		 6
2		 2
%
-
Ne
l
he
dg
ing
t r
t o
t
es
n
e a
cc
ou
n
u		 0 4 -
Ne
d
ing
inc
/ e
t
tra
om
e
xp
en
se
s		 -6 7
-		 -
Re
l
fro
d
ing
ts
tra
ts
su
m
no
n-
a
ss
e		 4 1
4		 7
1
%
-
fro
for
Re
l
ies
d
i
ts
te
t e
ty
su
m
co
mp
an
a
cc
ou
n
a
q
u		 1 5 8
0
%
-
Re
l
fro
inv
ies
ts
tm
t p
t
su
m
es
en
rop
er		 4 0 -
A
dm
in
is
ive
tra
t
ex
p
en
se
s		 1
8
7		 1
8
3		 2
%
Ne
he
ing
inc
/ e
t o
t
t
r o
p
era
om
e
xp
en
se
s		 -1
2		 8
-		 -
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		 9
1		 6
1		 4
9
%
Inc
tax
om
e
es		 2
6		 1
8		 4
4
%
Ne
in
/
lo
t
co
m
e
ss		 6
5		 4
3		 5
1
%
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		 9 9 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		 5
6		 3
4		 6
5
%
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		 1
1		 1
7		 3
%
5
-
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		 5
4		 1
7		 5
1
6
%

Aareal Bank Group: Segment Reporting Key figures H1 2011 by operating units

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

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

Str
tur
ed
Pr
ert
uc
op
y
Fin
cin
an
g		 Co
ltin
/ S
ice
nsu
g
erv
s		 Co
/
lid
ati
nso
on
Re
ilia
tio
co
nc
n		 Aa
l B
k G
rea
an
rou
p
Q2 Q1 Q4 Q3 Q2 Q2 Q1 Q4 Q3 Q2 Q2 Q1 Q4 Q3 Q2 Q2 Q1 Q4 Q3 Q2
20
11		 20
11		 20
10		 20
10		 20
10		 20
11		 20
11		 20
10		 20
10		 20
10		 20
11		 20
11		 20
10		 20
10		 20
10		 20
11		 20
11		 20
10		 20
10		 20
10
Eu
ro
mn
Ne
t in
in
ter
est
com
e		 124 125 129 121 111 0 0 0 0 0 10 9 10 10 11 134 134 139 131 122
All
e fo
red
it lo
ow
anc
r c
sse
s		 24 18 8 32 33 24 18 8 32 33
Ne
t in
in
af
ter
est
ter
co
me		 100 107 121 89 78 0 0 0 0 0 10 9 10 10 11 110 116 131 99
fo
it l
all
red
ow
an
ce
r c
oss
es		 89
Ne
t c
mis
sio
n in
om
com
e		 2
-		 5
-		 1
-		 5
-		 1 43 44 49 39 43 10
-		 9
-		 11
-		 10
-		 -12 31 30 37 24 32
Ne
lt o
n h
edg
ing
t re
unt
su
e a
cco		 2 2
-		 4
-		 2
-		 2 2 2
-		 4
-		 2
-		 2
e /
Ne
adi
inc
t tr
ng
om
ex
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Revaluation reserveChange mainly driven by asset spreads

41

Development property finance portfolioDiversification continuously strengthened (in € mn)

Property finance under management

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

1) Excl. of market risk

2) Exposure to Sovereigns amounts to € 17 mn

433) Exposure to investment shares amounts to € 16 mn

SoFFin support measures

SoFFin support measures Demonstration of strength and soundness

  • Aareal Bank was the first bank to start the repayment of the capital support provided by SoFFin
  • First tranche amounts to € 150 mn
  • Second tranche amounts to € 75 mn
  • Manageable size of remaining € 300 mn SoFFin participation

SoFFin support measuresKey terms

Silent participation

  • Volume1): € 300 mn in one tranche
  • Coupon: 9% (tax deductible)
  • Term: perpetual
  • Fully recognised as Tier 1 capital
  • Call rights: by Aareal Bank only, acc. to sec. 10(4)3 German Banking Law (KWG)
  • No dividend payments during 2009 and 2010 for preceding years
  • Additional remuneration: coupon increases on a pro rata basis by 0.5 pp for each ~0.18 € DpS2)
  • 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
  • 1) Original volume: € 525 mn, first repayment tranche of € 150 mn in July 2010, second repayment tranche of € 75 mn in April 2011
  • 462) Adjusted relative to the capital increase
  • 3) After early redemption of second bond and partial repurchase of first bond remaining volume down from € 4 bn

Government guarantee facility

  • Volume3): € 1,2 bn
  • Term: ≤36 months
  • Guaranteed obligations: bearer bonds
  • Drawdown period expired 31.12.2010
    • First bond: € 2 bn fully placed in 03/2009, € 800 mn partially tendered in 07/2011remaining € 1.2 bn maturing 26.03.2012
    • Second bond: € 2 bn onto own book 07/2010early redemption 04/2011(originally maturing 05.06.2013)
  • Commitment fee: 10 bp (for undrawn guarantee)
  • Drawdown fee:
  • -≤ 12 months: 50 bp p.a.
  • -> 12 months: 94.8 bp p.a.

Capital increase

Successfully completed rights issueGross proceeds of € 269.6 mn

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Shareholder structure

17 mn new shares guarantee a higher free float

50

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
  • 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

Contacts

Sebastian Götzken

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

Disclaimer

© 2011 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.

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