DGAP-Ad-hoc: Aareal Bank AG / Key word(s): Miscellaneous 
Aareal Bank AG: Non-recurring tax effect burdens financial year 2021 
02-Aug-2021 / 18:30 CET/CEST 
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a 
service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
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Non-recurring tax effect burdens financial year 2021 
As part of a review of a prior fund investment which was sold in 2012, new findings emerged which have a negative 
impact on Aareal Bank's results for the 2021 financial year amounting to an additional EUR11 million burden to be 
recorded in net other operating income for the second quarter of 2021 and a further EUR26 million to be recognised in the 
tax position for the 2021 financial year. Aareal Bank will recognise the corresponding provisions in the second quarter 
of 2021 and adjust the expected tax rate for the full year. 
Taking this non-recurring effect into consideration, the operating profit for the second quarter of 2021 will 
presumably amount to EUR41 million, significantly above the results of the same quarter of the previous year, which had 
also been affected by the pandemic (Q2 2020: EUR2 million). Without this extraordinary charge, the preliminary operating 
profit would have amounted to EUR52 million. 
Despite comprehensive consideration of the adverse non-recurring effect, Aareal Bank confirms the previously 
communicated expectations regarding its operating profit for the year 2021 as a whole in a range between EUR100 million 
and EUR175 million. 
The expected tax rate, however, will increase during the current financial year. Based on the midpoint of the expected 
range for operating profit, it should amount to approx. 55%. In case operating profit should trend to the upper end of 
the target corridor, the expected tax rate would be around 50%, respectively around 60% in case of a trend to the lower 
end of the range, in both cases corresponding to the relative share of non-tax-deductible components of the results. 
Contact: 
Jürgen Junginger, Head of Investor Relations 
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02-Aug-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and 
Press Releases. 
Archive at www.dgap.de 
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Language:     English 
Company:      Aareal Bank AG 
              Paulinenstr. 15 
              65189 Wiesbaden 
              Germany 
Phone:        +49 (0)611 348 - 0 
Fax:          +49 (0)611 348 - 2332 
E-mail:       aareal@aareal-bank.com 
Internet:     www.aareal-bank.com 
ISIN:         DE0005408116 
WKN:          540811 
Indices:      SDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Munich, Stuttgart, Tradegate Exchange; Stockholm 
EQS News ID:  1223432 
 
End of Announcement  DGAP News Service 
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1223432 02-Aug-2021 CET/CEST


 
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August 02, 2021 12:30 ET (16:30 GMT)