Commentary & Deal Flow

Reoffer: 5yr: MS+120bp / 99.854 / 4.283%
Benchmark: 5yr: DBR 0 15-Aug-31 + 137bp (86.71) / HR 105%

5yr: Final Books above €1.35bn (incl. €90m JLM) at reoffer. Peak book above €1.55bn (incl. €90m JLM) pre-rec

Launched: 5yr: €300m @ MS+120bp - Books above €1.55bn (incl. €90m JLM) pre-rec
Spread set at: 5yr: MS+120bp - Books above €1.55bn (incl. €90m JLM) pre-rec
Book Update: Books above €1bn (incl. €90m JLM)
IPTs: 5yr: MS+150a

• Issuer: Aareal Bank AG
• Issuer LEI: EZKODONU5TYHW4PP1R34
• Issuer Ratings: A- (positive) / Baa1 (stable) (Fitch / Moody's)
• Expected Issue Ratings: BBB (Fitch)
• Status: Unsecured, unsubordinated (Senior Non-Preferred) in eligible liabilities instruments format
• Size: €300m
• Reoffer: MS+120bp / 99.854 / 4.283%
• Benchmark: DBR 0 15-Aug-31 + 137bp (86.71) / HR 105%
• Trade/Pricing Date: 25-Aug-26
• Settlement Date: 03-Sep-26 (T+7)
• Maturity Date: 03-Sep-31
• Interest: 4.25% 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 (B&D), HSBC, Morgan Stanley and UBS Investment Bank
• Timing: Priced - TOE 16:00 CET / FTT 16:25 CET