ADLER Real Estate AG / Half Year ResultsRelease 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.----------------------------------------------------------------------ADLER Real Estate AG Expects Positive Overall Result - Semi-Annual Result Does Not Yet Reflect Successful Transactions Hamburg, 14 August 2008. ADLER Real Estate AG (ISIN DE0005008007),Frankfurt, managed to continue work on its real estate projectsconsistently and successfully in the first six months of 2008. In AssetManagement, ADLER succeeded in optimizing the earnings from the propertiesacquired last year through new leases and extensions of lease contracts inportfolio. The successes experienced in Project Development were not yetreflected in the income statement for the first six months of the year. Asof the end of June 2008, revenue therefore reached a scale of only EUR 0.57million (previous year: EUR 4.12 million). Earnings resulted from asset andproperty management and rent income. Other operating income was EUR 0.114million (previous year: EUR 9.20 million). No comparison with the firsthalf of the previous year is possible due to the extraordinary transactioninvolving MÜBAU Real Estate GmbH. As a result of current expenses, therewas a negative operating result of EUR 1.576 million (previous year: +EUR7.70 million) and a consolidated loss of EUR 1.376 million (previous year:consolidated profit of EUR 7.60 million).Formed last year, the subsidiary Münchener Baugesellschaft mbH hasperformed successfully, making progress in various projects. Thedevelopment work on the properties in Moosburg is already halfwaycompleted. The first sales managed to be realized in August. In Dallgow andGroßbeeren, the sales contracts for the first properties will be closedthis year after a reorientation of the distribution channels.Substantial progress was made in development projects in the reportingperiod, some projects yielding optimal results. Acquired only about a yearago, the logistics center development project in Duisburg was sold in Julyof this year. The transaction will render a positive earnings contributionand have a clearly positive effect on ADLER's overall result in the courseof the year.The Management Board For inquiries, please contact:german communications dbk agJörg BretschneiderAlsterufer 34, 20354 HamburgPhone: +49 40/46 88 33 0, Fax: +49 40/47 81 80presse@german-communications.com 14.08.2008  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 ---------------------------------------------------------------------------