The List of Shareholdings of Aareal Bank AG pursuant to Section 313 (2) of the HGB has been published in the electronic German Federal Gazette, and is available here (in German).

lfd Nr.	Company name	Registered office	Interest held (% of capital)	Shareholders' equity (€ mn)	Results (€ mn)
1	Aareal Bank AG	Wiesbaden
	I. Consolidated companies
2	Aareal Bank Asia Limited	Singapur	100 %	3.6 mn S$	1.2 mn S$
3	Aareal Bank France S.A.	Paris	100 %	49.2	4.8
4	Aareal Estate AG	Wiesbaden	100 %	2.8	0.0 1) 5)
5	Aareal Financial Service Polska Sp.z o.o.	Warschau	100 %	2.2 mn PLN	0.0 mn PLN 3)
6	Aareal Financial Service, spol. s r.o.	Prag	100 %	29.7 mn CZK	19.9 mn CZK 3)
7	Aareal Finacial Services USA, Inc.	Wilmington	100 %	1.7 mn USD	0.3 mn USD
8	Aareal First Financial Solutions AG	Wiesbaden	100 %	3.2	0.0 1)
9	Aareal Valuation GmbH	Wiesbaden	100 %	0.5	0.0 1)
10	Aareon AG	Mainz	100 %	57.0	5.6 5)
11	Deutsche Bau- und Grundstücks- Aktiengesellschaft	Berlin	100 %	3.7	-0.9 2)
12	Deutsche Structured Finance GmbH	Frankfurt	100 %	13.0	-4.4
	II. Associated companies accounted for at equity
13	Innovative Banking Solutions AG	Wiesbaden	49.0 %	1.9	0.6 4)

1) Controlling and profit transfer agreement

2) Preliminary figures as st 31 December 2007

3) Shareholders' equity and profit/loss as at 31 December 2006

4) Financial year ending 31 March 2006

5) Indirect shareholding