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Aareal Bank Wiesbaden AAREAL BANK WIESBADEN Debt Aareal Bank AG Federal Republic of Germany, Wiesbaden as Issuer Debt Issuance Programme Prospectus Euro 10,000,000,000 Arrangers: Debt Issuance Programme Deutsche Bank · Morgan Stanley This Debt Issuance Programme Prospectus has been approved by the Commission Dealers: de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the Aareal Bank “CSSF") in its capacity as competent authority under the Luxembourg law relating to Bayern LB · BNP PARIBAS prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) Commerzbank Corporates & Markets · Deutsche Bank dated 10 July 2005 (the "Luxembourg Prospectus ????") which transposes DZ BANK AG · HSBC · LBBW Directive 2003/71/EC of the European Parliament and the Council of November 4, Morgan Stanley · UniCredit Bank 2003 into Luxembourg law (“Notification") and the Issuer has requested the CSSF WestLB AG to provide the competent authority in the Federal Republic of Germany with a certificate of approval attesting that the Debt Issuance Programme Prospectus has The date of this Debt Issuance Programme Prospectus been drawn up in accordance with the Luxembourg Prospectus. The Issuer may is 1 July 2010. This Debt Issuance Programme Prospectus request the CSSF to provide competent authorities in additional host member states replaces the Debt Issuance Programme Prospectus dated within the European Economic Area with a Notification. 2 July 2009 pertaining to the Programme. Application has been made for the Notes (including Pfandbriefe and Participation Certificates (Genuss­scheine)) (the “Notes”) to be issued under the Euro 10,000,000,000 Debt Issuance Programme (the “Programme”) described in this Debt Issuance Programme Prospectus to be listed on the Official List of the Luxembourg Stock Exchange and to be admitted to trading on its regulated market (the “Regulated Market of the Luxembourg Stock Exchange"), which is the regulated market for the purposes of Directive 2004/39/EC on Markets in Financial Instruments amending Council Directives 85/61 I / EEC and 93/6/EEC and Directive 2001/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (the "MiFID"). Notes issued under the Programme may also be listed on an alternative stock exchange or may not be listed at all. This document constitutes two base prospectuses: (i) the base prospectus of Aareal Bank AG in respect of non-equity securities within the meaning of Art. 22 (6) no. 4 of the Commission Regulation (EC) No 809/2004 of 29 April 2004 and (ii) the base prospectus of Aareal Bank AG in respect of Pfandbriefe (together, the “Debt Issuance Programme Prospectus”). RESPONSIBILITY STATEMENT Aareal Bank AG (“Aareal Bank“, “Bank“ or the “Issuer“ and together with all of its affiliated compa- nies within the meaning of the German Stock Corporation Act (Aktiengesetz), the “Aareal Bank Group“ or the “Group“) with its registered office in Wiesbaden, Germany, is solely responsible for the information given in this Debt Issuance Programme Prospectus. The Issuer hereby declares that, having taken all reasonable care to ensure that this is the case, the information contained in this Debt Issuance Programme Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. NOTICE This Debt Issuance Programme Prospectus should be read and construed with any supplement thereto and with any other documents incorporated by reference and, in relation to any Series of Notes, together with the relevant Final Terms. Full information on the Issuer and any tranche of Notes (including Pfandbriefe) is only available on the basis of the Debt Issuance Programme Prospectus and the relevant final terms. The Issuer has confirmed to the dealers set forth on the cover page (each a “Dealer“ and together the “Dealers“) that this Debt Issuance Programme Prospectus contains all information which is material in the context of the Programme and the issue and offering of Notes thereunder; that the information contained in this Debt Issuance Programme Prospectus is accurate in all material respects and is not misleading; that the opinions and intentions expressed herein are honestly held and that there are no other facts the omission of which would make this Debt Issuance Programme Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading. No person has been authorised by the Issuer to give any information which is not contained in or not consistent with this Debt Issuance Programme Prospectus or any other information supplied in con- nection with the Programme and, if given or made, such information must not be relied upon as having been authorised by or on behalf of the Issuer or any of the Dealers. This Debt Issuance Programme Prospectus is valid for one year following the date of its publication and any supplement hereto as well as any Final Terms reflect the status as of their respective dates of issue. The offering, sale or delivery of any Notes may not be taken as an implication that the informa- tion contained in such documents is accurate and complete subsequent to their respective dates of issue or that there has been no adverse change in the financial condition of the Issuer since such date or that any other information supplied in connection with the Programme is accurate at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document con- taining the same. The Issuer has undertaken with the Dealers to amend or supplement this Debt Issuance Programme Prospectus or publish a new Debt Issuance Programme Prospectus if and when the information herein should become materially inaccurate or incomplete, and has further agreed with the Dealers to furnish a supplement to the Debt Issuance Programme Prospectus in the event of any significant new factor, material mistake or inaccuracy relating to the information included in this Debt Issuance Programme Prospectus which is capable of affecting the assessment of the Notes and which arises or is noted between the time when this Debt Issuance Programme Prospectus has been approved and the final closing of any Tranche of Notes offered to the public or, as the case may be, when trad- ing of any tranche of Notes on a regulated market begins, in respect of Notes issued on the basis of this Debt Issuance Programme Prospectus. The Issuer will comply with its respective obligations under the Directive 2003/71/EC of 4 November 2003 (the “Prospectus Directive”) and article 13 of the Luxembourg Prospectus Law to prepare a supplement to this Debt Issuance Programme Prospectus or a new Debt Issuance Programme Pro- spectus in the event that any significant new factor, material mistake or inaccuracy relating to the information included in this Debt Issuance Programme Prospectus which is capable of affecting the assessment of the Notes arises or is noted after the date of this Debt Issuance Programme Prospec- tus. 2 Neither the Arrangers nor any Dealer nor any person mentioned in this Debt Issuance Programme Prospectus, excluding the Issuer, accepts any responsibility for the accuracy and completeness of the information contained in this Debt Issuance Programme Prospectus or any supplement hereof, or any other document incorporated by reference nor for the information contained in any final terms. The language of this Debt Issuance Programme Prospectus is English. Any part of this Debt Issuance Programme Prospectus in the German language constitutes a translation. In respect of the issue of any Tranche of Notes under the Programme, the German text of the Terms and Conditions may be controlling and binding if so specified in the relevant final terms. The distribution of this Debt Issuance Programme Prospectus and any final terms and the offering, sale and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Debt Issuance Programme Prospectus or any Final Terms comes are required to inform themselves about and observe any such restrictions. For a description of the restrictions applicable in the European Economic Area, the United States of America, the United Kingdom, Japan and Luxembourg see “Selling Restrictions“. In particular, the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and are subject to the tax law requirements of the United States of America; subject to certain exceptions, Notes may not be offered, sold or delivered within the United States of America or to U. S. persons. This Debt Issuance Programme Prospectus has been prepared on the basis that, except to the extent sub-paragraph (ii) below may apply, any offer of Notes in any Member State of the European Eco- nomic Area which has implemented the Prospectus Directive (2003/71/EC) (each, a “Relevant Mem- ber State”) will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of Notes. Accordingly any person making or intending to make an offer in that Relevant Member State of Notes which are the subject of an offering/placement contemplated in this Debt Issuance Programme Prospectus as completed by final terms or a drawdown prospectus in relation to the offer of those Notes may only do so (i) in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus
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