DGAP-Stimmrechtsanteile: Aareal Bank AG

DGAP-PVR: Aareal Bank AG: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Aareal Bank AG

30.05.2016 17:30

Dissemination of a Voting Rights Announcement, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------------

Notification of Major Holdings

1. Details of issuer

Aareal Bank AG Paulinenstr. 15 65189 Wiesbaden Germany

2. Reason for notification

X Acquisition/disposal of shares with voting rights Acquisition/disposal of instruments Change of breakdown of voting rights Other reason:

3. Details of person subject to the notification obligation

Name: City and country of registered office: Ministry of Finance on behalf of the Oslo Norway State of Norway

4. Names of shareholder(s) holding directly 3% or more voting rights, if different from 3.



5. Date on which threshold was crossed or reached

25 May 2016

6. Total positions

% of voting % of voting rights total of total number rights attached through instruments both in % of voting to shares (total (total of 7.b.1 + (7.a. + rights of of 7.a.) 7.b.2) 7.b.) issuer Result- 2.84 % 0.28 % 3.12 % 59857221 ing situat- ion Previo- 3.01 % 0 % 3.01 % / us notifi- cation

7. Notified details of the resulting situation a. Voting rights attached to shares (Sec.s 21, 22 WpHG)

ISIN absolute in % direct indirect direct indirect (Sec. 21 WpHG) (Sec. 22 WpHG) (Sec. 21 WpHG) (Sec. 22 WpHG) DE0005408116 1699760 % 2.84 % Total 1699760 2.84 %

b.1. Instruments according to Sec. 25 para. 1 No. 1 WpHG

Type of instrument Expiration or Exercise or Voting Voting maturity date conversion rights rights in period absolute % Shares out on Loan N/A At any time 170000 0.28 % (right to recall) Total 170000 0.28 %

b.2. Instruments according to Sec. 25 para. 1 No. 2 WpHG

Type of Expiration Exercise or Cash or Voting Voting instrume- or maturity conversion physical rights rights nt date period settlement absolute in % % Total %

8. Information in relation to the person subject to the notification obligation

Person subject to the notification obligation is not controlled and does itself not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer (1.). X Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:

Name % of voting rights % of voting rights Total of both (if at least held through instruments (if (if at least 3% or more) at least held 5% or more) held 5% or more) The % % % State of Norway Norges % % % Bank

9. In case of proxy voting according to Sec. 22 para. 3 WpHG

Date of general meeting: Holding position after general meeting: % (equals voting rights)

30.05.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap.de

--------------------------------------------------------------------------- Language: English Company: Aareal Bank AG Paulinenstr. 15 65189 Wiesbaden Germany Internet: www.aareal-bank.com End of Announcement DGAP News-Service ---------------------------------------------------------------------------