Consolidated Income Statement of Aareal Bank Group Note 1 Jan-31 Dec 2008 1 Jan-31 Dec 2007 Euro mn Interest income 2,002 1,903 Interest expenses 1,530 1,492 Net interest income 25 472 411 Allowance for credit losses 26 80 77 Net interest income after allowance for credit losses 392 334 Commission income 212 205 Commission expenses 62 63 Net commission income 27 150 142 Net result on hedge accounting 28 0 1 Net trading income/expenses 29 -23 -26 Results from non-trading assets 30 -95 206 Results from investments accounted for using the equity method 31 7 68 Results from investment properties 32 -1 1 Administrative expenses 33 347 361 Net other operating income/expenses 34 34 18 Impairment of goodwill 35 0 3 Operating profit 117 380 Income taxes 36 39 72 Consolidated net income / loss 78 308 Allocation of results Consolidated net income/loss attributable to minority interests 18 18 Consolidated net income/loss attributable to shareholders of Aareal Bank AG 60 290 Appropriation of profits Consolidated net income/loss 78 308 Consolidated net income/loss attributable to minority interests 18 18 Transfer to retained earnings ­ 143 Consolidated profits 60 147 Euro Earnings per share 37 1.41 6.77 Diluted earnings per share 37 1.41 6.77 Earnings per share are determined by dividing the earnings attributable to ordinary shareholders of Aareal Bank AG by the weighted average of shares outstanding during the financial year. 113Aareal Bank Group ­ Annual Report 2008 | Consolidated Financial Statements | Consolidated Income Statement