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We analyze properties of the unique nova-like star AE Aquarii identified witha close binary system containing a red dwarf and a very fast rotatingmagnetized white dwarf. It cannot be assigned to any of the three commonlyadopted sub-classes of Cataclysmic Variables: Polars, Intermediate Polars, andAccreting non-magnetized White Dwarfs. Our study has shown that the white dwarfin AE Aqr is in the ejector state and its dipole magnetic moment is $\mu ~ 1.5\times 10^{34} G cm^3$. It switched into this state due to intensive massexchange between the system components during a previous epoch. A high rate ofdisk accretion onto the white dwarf surface resulted in temporary screening ofits magnetic field and spin-up of the white dwarf to its present spin period.Transition of the white dwarf to the ejector state had occurred at a finalstage of the spin-up epoch as its magnetic field emerged from the accretedplasma due to diffusion. In the frame of this scenario AE Aqr represents amissing link in the chain of Polars evolution and the white dwarf resembles arecycled pulsar.

AE Aquarii represents a new subclass of Cataclysmic Variables