List of Shareholders

Selected participating interests of Aareal Bank AG as at 31 December 2007

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