DGAP-PVR: Aareal Bank AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Morgan Stanley, Wilmington, Delaware, United States of America (USA) informed us on December 14, 2021 pursuant to Art. 43(1) WpHG thereby making reference to the exceedance of the threshold of 10% or a higher threshold from November 25, 2021 , as follows:
1. The increase of voting rights resulting in Morgan Stanley exceeding the notification threshold of 10% of the voting rights in Aareal Bank AG did not serve the purpose of strategic goals; rather it was made in the context of client facilitation.
2. Morgan Stanley may in the next 12 months acquire further voting rights in Aareal Bank AG, in particular in the context of client facilitation.
3. Morgan Stanley does not intend to influence the composition of the management board, supervisory board or any other administrative body of Aareal Bank AG.
4. Morgan Stanley does not intend to cause a significant change in the capital structure of Aareal Bank AG, in particular not of the ratio between equity and debt financing and the dividend policy.
5. The increase of voting rights resulting in Morgan Stanley exceeding the notification threshold of 10% of the voting rights in Aareal Bank AG resulted from and/or was made in the context of client facilitation. The increase was financed by a combination of external and Morgan Stanley own funds