Notice pursuant to section 48(1) no. 4, no. 1 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG)

For bearer bonds (including bearer Pfandbriefe) of Aareal Bank AG as the issuer that are authorised on an organised market in the Federal Republic of Germany and for which the Federal Republic of Germany is the country of origin, for the entire period of authorisation of the bearer bonds 

1. for bearer bonds issued under the € 25,000,000,000 Debt Issuance Programme of Aareal Bank AG, the domestic paying agent is the agent stated in the respective Final Terms of the bearer bonds (the Final Terms can be found here) and
2. in all other cases, Aareal Bank AG, Paulinenstrasse 15, 65189 Wiesbaden 

is the designated domestic paying agent, and in each case all necessary measures with respect to the bearer bonds – where the bearer bonds are presented – can be carried out by this agent free of charge.