Aareal Bank AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Aareal Bank AG 05.10.2020 / 19:00 Dissemination of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Notification of Major Holdings 1. Details of issuer Name: Aareal Bank AG Street: Paulinenstr. 15 Postal

Aareal Bank AG
05.10.2020 / 19:00
Dissemination of a Voting Rights Announcement transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Notification of Major Holdings

1. 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

	Acquisition/disposal of shares with voting rights
	Acquisition/disposal of instruments
	Change of breakdown of voting rights
X	Other reason: Notification is triggered due to the non application of the Trading Book Exemption which is available under Sect. 36 Para. 1 WpHG and the non application of the Custody Exemption available under Sect. 36 Para. 3 No. 2 WpHG

3. Details of person subject to the notification obligation

Legal entity: Morgan Stanley
City of registered office, country: Wilmington, Delaware, United States of America (USA)

4. Names of shareholder(s)
holding directly 3% or more voting rights, if different from 3.

Morgan Stanley & Co. International plc

5. Date on which threshold was crossed or reached:

25 Sep 2020

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	7.53 %	1.47 %	9.00 %	59857221
Previous notification	n/a %	n/a %	n/a %	/

7. Details on total positions
a. 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	4506345	0.00 %	7.53 %
Total	4506345		7.53 %

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 %
Call Option	18.12.2020	at any time	250000	0.42 %
Right of recall over securities lending agreements	at any time	at any time	630208	1.05 %
		Total	880208	1.47 %

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 %
Retail Structured Product	From 14.08.2069 to 08.06.2070	at any time	Cash	290	0 %
			Total	290	0.000484486241 %

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)
Morgan Stanley	%	%	%
Morgan Stanley Capital Management, LLC	%	%	%
Morgan Stanley Domestic Holdings, Inc.	%	%	%
Morgan Stanley & Co. LLC	%	%	%
-	%	%	%
Morgan Stanley	%	%	%
Morgan Stanley International Holdings Inc.	%	%	%
Morgan Stanley International Limited	%	%	%
Morgan Stanley Investments (UK)	%	%	%
Morgan Stanley & Co. International plc	6.85 %	%	7.63 %
-	%	%	%
Morgan Stanley	%	%	%
Morgan Stanley International Holdings Inc.	%	%	%
Morgan Stanley International Limited	%	%	%
Morgan Stanley Europe Holding SE	%	%	%
Morgan Stanley Europe SE	%	%	%

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:

Notification triggered predominately due to increase in right of use over client assets resulting in the combined holdings of Morgan Stanley & Co. International plc, Morgan Stanley & Co. LLC & Morgan Stanley Europe SE crossing above 5% in aggregate, as such the trading book exemption is no longer applied to the combined holdings of Morgan Stanley & Co. International plc & Morgan Stanley Europe SE

Date

01 Oct 2020

05.10.2020 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:	English
Company:	Aareal Bank AG
	Paulinenstr. 15
	65189 Wiesbaden
	Germany
Internet:	www.aareal-bank.com


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E-Mail: majorholdings(at)aareal-bank.com