Changes in the Management Board of Aareal Bank AG - Michael A. Kremer to join Deutsche Bank Group

The Management Board of Aareal Bank AG, Wiesbaden, will be subject to change following the decision of Michael A. Kremer (51), the current Deputy Chairman of the Management Board, to leave Aareal Bank with effect from 31 January 2003. Mr Kremer will join DB Real Estate Germany as CEO.

Dr. Jürgen Westphal, Chairman of the Supervisory Board of Aareal Bank AG, thanked Mr Kremer for his significant contribution: “Michael A. Kremer was instrumental in seeing through the successful split of the former DePfa Group, and the establishment of Aareal Bank AG. I would like to express my sincere appreciation of the work done by Mr Kremer.”

Karl-Heinz Glauner, Chairman of the Management Board, added: “I both regret and respect Mr Kremer’s decision to face a new challenge, having worked on the strategic realignment of Aareal Bank Group over the course of three important years.” He has contributed significantly to the bank’s success â€" and I’m certain that he will once again succeed in his new position.”

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