ADLER Real Estate AG / Quarter 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 publishes the First Quarterly Report as at March 31,2008Hamburg, Mai 15, 2008. During the first quarter of the financial year 2008,the project development environment cyclically influenced the businessperformance of ADLER Real Estate AG (ISIN DE0005008007). Because of thelack of transactions in project development there were no major sales andearnings performance in the first quarter 2008. Earnings reached only arange of EUR 0.23 million which resulted from current revenues of the Assetand Property Management and rental income. Other operating income amountedto about EUR 0.102 million. A comparison with the extraordinary transactionof MÜBAU Real Estate GmbH in the first quarter of last year is notpossible. Operating loss of EUR 0.742 million and a negative consolidatedresult of EUR 0.769 million occurred due to operating expenses.The results to date of reporting period have not yet reflected the strengththat ADLER reached in project development business that continue to developduring the first quarter. The Management Board therefore believes to aim aclearly positive result in the current financial year.The Management BoardIf you may have any request please refer as follows: german communications dbk agJörg BretschneiderAlsterufer 34, 20354 HamburgTel.: +49 (0)40 46 88 33 0, Fax: +19 (0)40 47 81 80presse@german-communications.com 15.05.2008  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 ---------------------------------------------------------------------------