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 obligationLegal 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 | 1.96 % | 0.163 % | 2.13 % | 59857221 | 
| Previous notification | 4.94 % | 0.001 % | 4.94 % | / | 
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) | 
| DE000A30U9F9 | 0 | 1153207 | 0.00 % | 1.93 % | 
| DE0005408116 | 0 | 22586 | 0.00 % | 0.04 % | 
| Total | 1175793 | 1.96 % | 
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 | 79335 | 0.13 % | 
|   |   | Total | 79335 | 0.133 % | 
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 % | 
| Swaps on Baskets | 30/12/2022 |  | Cash | 18000 | 0.03 % | 
|   |   |   | Total | 18000 | 0.03 % | 
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 |  % |  % |  % | 
| 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 |  % |  % |  % | 
| UBS Asset Management AG |  % |  % |  % | 
| UBS Fund Management (Luxembourg) SA |  % |  % |  % | 
| - |  % |  % |  % | 
| UBS Group AG |  % |  % |  % | 
| UBS AG |  % |  % |  % | 
| UBS Asset Management AG |  % |  % |  % | 
| UBS Asset Management Switzerland AG |  % |  % |  % | 
| UBS Fund Management (Switzerland) AG |  % |  % |  % | 
| - |  % |  % |  % | 
| UBS Group AG |  % |  % |  % | 
| UBS AG |  % |  % |  % | 
| UBS Americas Holding LLC |  % |  % |  % | 
| UBS Americas Inc. |  % |  % |  % | 
| UBS Asset Management Trust Company |  % |  % |  % | 
| - |  % |  % |  % | 
| UBS Group AG |  % |  % |  % | 
| UBS AG |  % |  % |  % | 
| UBS Asset Management AG |  % |  % |  % | 
| UBS Asset Management Holding (No. 2) Ltd |  % |  % |  % | 
| UBS Asset Management Holding Ltd |  % |  % |  % | 
| UBS Asset Management Life Ltd |  % |  % |  % | 
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