ADLER Real Estate AG / Interim Report13.11.2009 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.---------------------------------------------------------------------------Hamburg, 13 November 2009. The change of strategy adopted by ADLER RealEstate AG (ISIN DE0005008007), Frankfurt, has been weighing upon itsresults so far this year. In the first nine months of Fiscal Year 2009, theGroup's earnings are down to EUR -3.495 million (from EUR -2.355 millionthe year before). Adjusting for extraordinary effects, however, ADLER'searnings were EUR -1.939 million, a slight improvement over the yearbefore. This improvement in the operating result is attributable above allto the sale of plots by ADLER subsidiary Münchener Baugesellschaft. ADLER'sconsolidated revenues climbed to EUR 1.524 million at the end of September2009, up from EUR 0.858 million.The EUR 1.640 million in extraordinary expenses are attributable towrite-downs on the Group's investment in DB Immobilien GmbH, which had tofile for bankruptcy in the spring, as well as the Group's investments inthe two office building portfolios held together with AIG Real EstateGroup. The latter write-down was the result of the division to get out ofthe asset and property management business on behalf of third parties.Negotiations with AIG regarding termination of the relationship have notyet been finalized. Prospects are now good that DB Immobilien GmbH willrapidly complete its ongoing planned bankruptcy procedure, which wouldallow ADLER to recover accounts receivable from DBI which have been writtenoff. The negotiations with AIG may also allow at least partial reversal ofthe write-downs.In the future, ADLER will focus on investing in and acquiringcash-generating properties. In order to raise the capital needed for thispurpose, efforts to sell existing properties and projects will beintensified. If the company succeeds in executing these transactions,ADLER's consolidated earnings should improve through the end of 2009, butwill remain in the negative digits.The Management BoardIf you have any questions, please contact:german communications dbk agJörg BretschneiderAlsterufer 34, 20354 HamburgPhone: 040/46 88 33 0, Fax: 040/47 81 80presse@german-communications.com13.11.2009  Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de--------------------------------------------------------------------------- Language:     EnglishCompany:      ADLER Real Estate AG              Neuer Wall 77              20354 Hamburg              DeutschlandPhone:        +49 (0)40 - 29 8130-0Fax:          +49 (0)40 - 29 8130-35E-mail:       info@adler-ag.deInternet:     www.adler-ag.deISIN:         DE0005008007WKN:          500800Listed:       Regulierter Markt in Berlin, Frankfurt (General Standard),              Düsseldorf, München; Freiverkehr in Hamburg End of News                                     DGAP News-Service ---------------------------------------------------------------------------