Letter to Shareholders

Dear shareholders, business associates and Aareal Bank staff, Aareal Bank Group has been profitable in each quarter during 2008, a year that was difficult for the entire financial sector. This underlines the viability of the bank‘s business model.

Profile

The Group’s core areas of expertise are property finance as well as services and products for the commercial property and institutional housing sectors.

Responsibility

Aareal Bank Group relies on employees who want to take part in shaping the company’s success. As specialists for specialists, our employees work on customised solutions for our clients and thus contribute to the company’s success.

Transparency

Responsible corporate governance is of great importance to Aareal Bank AG, and considered the essence of prudent commercial conduct by both the Management Board and the Supervisory Board.

Group Management Report

Aareal Bank Group is one of the leading international specialist property banks. It provides financing, advisory and other services to the commercial property and institutional housing sectors, and supports national and international clients as a financing partner and related service provider.

Consolidated Financial Statement