ADLER Real Estate AG / Strategic Company DecisionRelease 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.----------------------------------------------------------------------Strategic reorientation: Withdrawal from the areas of asset and propertymanagement on behalf of third parties and commercial project development aswell as termination in substance of collaboration with AIG Global RealEstate envisaged. Reduction in staff.Hamburg, 28 August 2009. The Management Board of ADLER Real Estate AG hastoday passed a basic decision to withdraw from the areas of asset andproperty management on behalf of third parties and of commercial projectdevelopment in order to concentrate on the management of its own portfolioof properties and its sale. The commercial properties shall be disposed ofproject-specifically to investors. The residential properties shall bedivided into small sections as planned and disposed of after sitedevelopment and parcelling. The anticipated liquidity improvement shallenable to make cash flow orientated investments in the currently favorablemarket.In the course of this reorientation the collaboration with AIG Global RealEstate shall be terminated in substance. The indirect holdings of ADLERReal Estate AG in altogether 16 objects in Germany, that were acquiredtogether with AIG Global Real Estate, shall be transferred to AIG GlobalReal Estate to a large extent. In addition, the Asset Management andProperty Management Agreements for the aforementioned 16 objects and theAsset Management Agreement concerning the Airport Center Luxembourg, thatwere concluded with a subsidiary of ADLER Real Estate AG, shall beterminated. Details are currently negotiated with AIG Global Real Estate.In consequence, there will be a reduction in staff in the ADLER Real EstateAG group, the extent of which is to be defined.The approval by the Supervisory Board of ADLER Real Estate AG of this basicresolution of the Management Board is still pending.The Management BoardFor questions, please contact:german communications dbk agJörg BretschneiderAlsterufer 34, 20354 HamburgPhone: 040/46 88 33 0, Fax: 040/47 81 80presse@german-communications.comLanguage:            GermanEmitter:             ADLER Real Estate AG                     Neuer Wall 77                     20354 Hamburg                     GermanyPhone:               +49 (0)40 29 8130-0Fax:                 +49 (0)40 29 8130-99E-Mail:              info@adler-ag.deInternet:            www.adler-ag.deISIN:                DE0005008007WKN:                 500 800Stock exchanges:     Regulated Market in Frankfurt (General Standard)                     Open Market: Xetra, Berlin-Bremen,Düsseldorf,                      Hamburg, Munich28.08.2009  Financial News transmitted by DGAP---------------------------------------------------------------------- Language:     EnglishIssuer:       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 ---------------------------------------------------------------------------