Notice in accordance with § 48 (1) no. 4, no. 1 of the German Securities Trading Act (Wertpapierhandelsgesetz)

For bearer bonds (including bearer Pfandbriefe) with Aareal Bank AG being the issuer admitted to trading on a regulated market in the Federal Republic of Germany for which the Federal Republic of Germany is the home Member State

in case of bearer bonds issued under the Euro 15,000,000,000 Debt Issuance Programm of Aareal Bank AG the paying agent in the Federal Republic of Germany as specified in the relevant Final Terms (the Final Terms are here) and
in all other cases Aareal Bank AG, Paulinenstrasse 15, 65189 Wiesbaden

has been designated as paying agent in Germany for the entire duration of the admission of the bearer bonds where all necessary measures in respect of the bearer bonds may be effected, or may be effected free of charge in the case of submission of the bearer bonds to this agent.