Report on material events after the reporting date On 15 February 2009, the Aareal Bank Group entered into an agreement with the German Special Fund for Financial Market Stabilisation ("SoFFin") on a comprehensive set of measures to ensure the long-term future of the bank's sustain- ably profitable business, and in order to be well positioned to manage the very difficult market environment. In accordance with this agreement, SoFFin will make 525 million in capital available to Aareal Bank by way of an unlimited silent participation. In addition, SoFFin will grant Aareal Bank a guarantee facility for new, unsecured issues with a maximum maturity of 36 months for a total volume of up to 4 billion. The agree- ment is subject to the conclusion of the final contracts, and approval by the European Com- mission. Taking into account the silent participation by SoFFin, which is fully recognised as Tier 1 capital, Aareal Bank's Tier 1 ratio is increased significantly. This recapitalisation in form of a silent participation protects the interests of shareholders, since it avoids a dilution of existing shares. Aareal Holding Verwaltungsgesellschaft mbH announced that it will not reduce its 37.23 % stake during the entire term of the silent participation. Aareal Holding and SoFFin will enter into a voting agreement, obliging Aareal Holding to maintain a blocking minority stake. This will ensure the stability of the share- holder structure and the independence of Aareal Bank Group, with Aareal Holding as an anchor shareholder. Beyond the applicable legal provisions, SoFFin has not imposed additional conditions on the Aareal Bank Group. In particular, there will be no state influence on the company's corporate governance, nor will any changes be required to its proven business model. In the interest of a swift redemp- tion of the silent participation, Aareal Bank will not distribute any dividends for the 2008 and 2009 financial years. Thanks to this systematic approach to staff devel- opment, Aareal Bank`s employees attend one week of seminars and workshops each year on average. Aareal Bank, in cooperation with European Busi- ness School (EBS) have the opportunity to attend four continuing education courses at EBS's Real Estate Management Institute (REMI). Accordingly, the number of staff who supplement their inter- national grades with an executive graduate course targeted on the property sector at our partner university continued to rise. The close cooperation is supported in particular by experts from Aareal Bank enhancing the training through hands-on case studies and presentations. Aareon AG organised development centres for managers for the first time in 2008, where parti- cipants have the opportunity to develop their key skills and potential in a targeted manner. Additional CPD programmes focused on the conversion to MS Office 2007, and included SAP® training sessions. Sponsoring new talent Sponsoring qualification programmes to support and develop new talent is a key aspect in our personnel work. In this context, Aareal Bank has been offering trainee programmes targeting uni- versity graduates since 2000, in cooperation with various universities with whom we join forces for seminars and exchange programmes. Responding to the competition for highly-qualified staff, Aareal Bank thinks outside the square when recruiting. We launched a comprehensive intern- ship programme in 2008. The participants of this programme, and those who will join in 2009, will be recruited for vacant trainee posts over the next years. Thanks to the strong response, the programme already helped to establish an efficient network. 78 Aareal Bank Group ­ Annual Report 2008 | Group Management Report