Notification of Major Holdings1. Details of issuer| Name: | Aareal Bank AG | 
| Street: | Paulinenstr. 15 | 
| Postal code: | 65189 | 
| City: | Wiesbaden Germany
 | 
| Legal Entity Identifier (LEI): | EZKODONU5TYHW4PP1R34 | 
2. Reason for notification| X | Acquisition/disposal of shares with voting rights | 
|  | Acquisition/disposal of instruments | 
|  | Change of breakdown of voting rights | 
|  | Other reason: 
 | 
3. Details of person subject to the notification obligation| Legal entity: UBS Group AG City of registered office, country: Zurich, Switzerland
 | 
4. Names of shareholder(s)holding directly 3% or more voting rights, if different from 3.
5. Date on which threshold was crossed or reached:6. Total positions|  | % of voting rights attached to shares (total of 7.a.)
 | % of voting rights through instruments (total of 7.b.1 + 7.b.2)
 | Total of both in % (7.a. + 7.b.)
 | Total number of voting rights pursuant to Sec. 41 WpHG | 
| New | 5.54 % | 0.39 % | 5.92 % | 59857221 | 
| Previous notification | 1.53 % | 1.54 % | 3.07 % | / | 
7. Details on total positionsa. Voting rights attached to shares (Sec. 33, 34 WpHG)| ISIN | Absolute | In % | 
|  | Direct (Sec. 33 WpHG)
 | Indirect (Sec. 34 WpHG)
 | Direct (Sec. 33 WpHG)
 | Indirect (Sec. 34 WpHG)
 | 
| DE0005408116 | 0 | 412401 | 0.00 % | 0.69 % | 
| DE000A30U9F9 | 0 | 2900708 | 0.00 % | 4.85 % | 
| Total | 3313109 | 5.54 % | 
b.1. Instruments according to Sec. 38 (1) no. 1 WpHG| Type of instrument | Expiration or maturity date | Exercise or conversion period | Voting rights absolute | Voting rights in % | 
| Right to recall lent shares |  | At any time | 231255 | 0.39 % | 
| Right of use over shares |  | At any time | 559 | 0.00 % | 
|  |  | Total | 231814 | 0.39 % | 
b.2. Instruments according to Sec. 38 (1) no. 2 WpHG| Type of instrument | Expiration or maturity date | Exercise or conversion period | Cash or physical settlement | Voting rights absolute | Voting rights in % | 
|  |  |  |  | 0 | 0.00 % | 
|  |  |  | Total | 0 | 0.00 % | 
8. Information in relation to the person subject to the notification obligation|  | Person subject to the notification obligation is not controlled nor does it control any other undertaking(s) that directly or indirectly hold(s) an interest in the (underlying) issuer (1.). | 
| X | Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity: | 
| Name | % of voting rights (if at least 3% or more) | % of voting rights through instruments (if at least 5% or more) | Total of both (if at least 5% or more) | 
| UBS Group AG | % | % | % | 
| UBS AG | 5.27 % | % | 5.66 % | 
| UBS Asset Management AG | % | % | % | 
| UBS Asset Management Holding (No. 2) Ltd | % | % | % | 
| UBS Asset Management Holding Ltd | % | % | % | 
| UBS Asset Management (UK) Limited | % | % | % | 
| - | % | % | % | 
| UBS Group AG | % | % | % | 
| UBS AG | 5.27 % | % | 5.66 % | 
| UBS Asset Management AG | % | % | % | 
| UBS Fund Management (Luxembourg) SA | % | % | % | 
| - | % | % | % | 
| UBS Group AG | % | % | % | 
| UBS AG | 5.27 % | % | 5.66 % | 
| UBS Asset Management AG | % | % | % | 
| UBS Asset Management Switzerland AG | % | % | % | 
| UBS Fund Management (Switzerland) AG | % | % | % | 
| - | % | % | % | 
| UBS Group AG | % | % | % | 
| UBS AG | 5.27 % | % | 5.66 % | 
| UBS Americas Holding LLC | % | % | % | 
| UBS Americas Inc. | % | % | % | 
| UBS Asset Management Trust Company | % | % | % | 
| - | % | % | % | 
| UBS Group AG | % | % | % | 
| UBS AG | 5.27 % | % | 5.66 % | 
| UBS Asset Management AG | % | % | % | 
| UBS Asset Management Holding (No. 2) Ltd | % | % | % | 
| UBS Asset Management Holding Ltd | % | % | % | 
| UBS Asset Management Life Ltd | % | % | % | 
| - | % | % | % | 
| UBS Group AG | % | % | % | 
| UBS AG | 5.27 % | % | 5.66 % | 
| UBS Switzerland AG | % | % | % | 
9. In case of proxy voting according to Sec. 34 para. 3 WpHG(only in case of attribution of voting rights in accordance with Sec. 34 para. 1 sent. 1 No. 6 WpHG)
Date of general meeting: 
Holding total positions after general meeting (6.) after annual general meeting:
| Proportion of voting rights | Proportion of instruments | Total of both | 
| % | % | % | 
10. Other explanatory remarks:Date