Disclaimer DIP

The prospectuses (including any supplements thereto) and final terms published on the following website do not constitute an offer by Aareal Bank AG or any of its subsidiaries or a solicitation of an offer to subscribe for or purchase any securities that Aareal Bank AG may issue (the "Securities"). 

Recipients of the prospectuses (including any supplements thereto) and final terms published on the following website should not take 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 (including any supplements thereto) and the final terms published on the following website. Any such information or representation, if nevertheless given or made, should not be relied upon as if it had been given or authorised by Aareal Bank AG or any of its subsidiaries. 

The distribution of the prospectuses (including any supplements thereto) and final terms, as well as any offer, sale and delivery of Securities, may be restricted by law in certain jurisdictions. Neither the prospectuses (including any supplements thereto) nor the final terms published on the following website may be used to make an offer or to solicit an offer to purchase Securities in any jurisdiction in which such offer or solicitation is not permitted or to any person to whom it is unlawful to make such offer or solicitation. Persons who gain possession of a prospectus (including any supplement thereto) or of the final terms are required to inform themselves about and to observe any restrictions applicable to their distribution. 

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, Canada, Australia or Japan, 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: