Trust Preferred Securities

Additional Tier 1

IssuerAareal Bank AG
Issue RatingBB (Fitch)
VolumeEUR 300 Mio.
Cupon7.625% per annum until the First Call Date (30.4.2020),
payable annually in arrears on 30 April. Reset at First Call 
Date and annually thereafter at the relevant 1-year mid swap
rate plus the Initial Credit Spread  of 7.18% (no step-up)
Day count fractionact/act (ICMA)
Value Date20.11.2014
Optional RedemptionOn 30 April 2020 and every reset date thereafter 
(subject to any previous write down having been fully written up,
unless investor consent to redemption at the written down amount)
DenominationEUR 200.000
Lead ManagerBNPP, DB, HSBC