Disclaimer

The prospectuses and any other information published on the following website do not constitute an offer of, or an invitation by Aareal Bank AG or any of its subsidiaries to subscribe for or purchase any securities the Bank may issue (the "Securities").

Recipients of the prospectuses and any other information published on the following website should not consider them as a recommendation by Aareal Bank AG or any of its subsidiaries to subscribe for or purchase any Securities.

No person has been authorised by Aareal Bank AG or any of its subsidiaries to give any information or to make any representation other than those contained in the prospectuses and any other information published on the following website. If given or made, any such information or representation should not be relied upon as having been made or authorised by Aareal Bank AG.

The distribution of any of the prospectuses, any document incorporated therein by reference and an offering, sale and delivery of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession any Prospectus comes are required to inform themselves about and to observe any such restrictions.

In particular, the Securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "Act").

The Securities may not be offered, sold or delivered within the United States of America or to U.S. persons.

U.S. persons are those as defined in Rule 902 of Regulation S under the Act and include, in particular, citizens or residents of the United States of America and American corporations and partnerships.

I have read and understood the disclaimer and I am not a U.S. person: