Status: Unsecured, unsubordinated (senior non-preferred) in eligible liabilities instruments format
Size: €300m (no-grow)
Trade/Pricing Date: 25-Aug-26
Settlement Date: 03-Sep-26 (T+7)
Maturity Date: 03-Sep-31
Interest: [•]% p.a.
Interest Payment Dates: Payable annually in arrear on 03 September of each year, commencing on 03-Sep-27
Business Days: T2
Day Count Fraction: Actual/Actual (ICMA)
Interest Period/Business Day Conventions: Unadjusted, following
No set-off: No Noteholder may set off any claims arising under the Notes against any claims that the Issuer may have against it
Early Redemption for Regulatory Reasons upon occurrence of a MREL Event: Applicable
Clean-up Call: In case 75% or more of the aggregate principal amount of the Notes have been redeemed or repurchased, the Issuer may redeem the remaining Notes in whole, but not in part, subject to regulatory approval
Specified Denominations: €100,000 + €100,000
ISIN / WKN: DE000AAR0504 / AAR050
Listing: Regulated Market of the Dusseldorf Stock Exchange
Clearing and Settlement: Clearstream Europe AG, Frankfurt
Form: Bearer notes / CGN
Governing Law: German
Documentation: €25,000,000,000 Debt Issuance Programme dated 29-May-26, as supplemented by the supplement dated 10-Aug-26
Use of Proceeds: An amount equal to the net proceeds from the Notes will be used to finance or refinance Eligible Assets as defined by the Eligible Asset Categories described in Aareal Bank's Green Finance Framework - Liabilities, dated October 2023, and/or the refinancing of existing debt (including the tender offer for the outstanding €500,000,000 0.500% Senior Preferred Fixed Rate Notes, ISIN: DE000AAR0264 and €750,000,000 0.250% Senior Preferred Fixed Rate Notes, ISIN: DE000A289LU4)
Selling restrictions: Reg S (Cat. 2), TEFRA C and as per the Programme prospectus
Target Market: Manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPS key information document (KID) or UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or the UK or elsewhere
Joint Lead Managers: Deutsche Bank, HSBC, Morgan Stanley and UBS Investment Bank