(G) List of Shareholdings Selected Participating Interests of Aareal Bank AG as at 31 December 2008 No. Company name Registered office Interest held (% of capital) Shareholders' equity (Euro mn) Results (Euro mn) 1 Aareal Bank AG Wiesbaden I. Consolidated companies 2 Aareal Bank Asia Limited Singapore 100.0 4.7 mn S $ 1.1 mn S $ 2) 3 Aareal Bank France S.A. Paris 100.0 47.4 2.9 4 Aareal Capital Corporation Wilmington 100.0 172.6 mn USD -4.4 mn USD 2) 5 Aareal Estate AG Wiesbaden 100.0 2.8 0.0 1) 5) 6 Aareal-Financial Service, spol. s r.o. Prague 100.0 27.9 mn CZK -1.8 mn CZK 3) 7 Aareal First Financial Solutions AG Wiesbaden 100.0 3.2 0.0 1) 8 Aareal Valuation GmbH Wiesbaden 100.0 0.5 0.0 1) 9 Aareon AG Mainz 100.0 66.4 15.0 5) 10 Deutsche Bau- und Grundstücks-Aktiengesellschaft Berlin 100.0 0.6 -3.1 11 Deutsche Structured Finance GmbH Frankfurt 100.0 13.2 0.3 II. Associated companies accounted for at equity 12 Innovative Banking Solutions AG Wiesbaden 49.0 2.8 1.3 4) The list of shareholdings of Aareal Bank AG pursuant to section 313 (2) of the HGB has been published in the electronic German Federal Gazette, and is available on the internet (http://www.aareal-bank.com). 1) Controlling and profit transfer agreement 2) Preliminary figures as at 31 December 2008 3) Shareholders' equity and profit/loss as at 31 December 2007 4) Financial year ending 31 March 2008 5) Indirect shareholding 194 Aareal Bank Group ­ Annual Report 2008 | Consolidated Financial Statements | Notes