Ad hoc announcement transmitted by DGAP – a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.——————————————————————————+++ Annual net income of EUR 3.9 millions+++ Completion of ReorganizationHamburg, March 30, 2006. ADLER Real Estate AG (ISIN: DE DE0005008007),Frankfurt, which has gone through a reorganization last year, has reached aremarkable turn-around for the fiscal year 2005. As per the HGB-individualaccounts an annual net income of EUR 3.9 millions has been obtained (prioryear: minus EUR 1.3 millions). The net earnings per share have raised byEUR 0.52 to EUR 0.39 (2004: minus EUR 0.13). The remarkable increaseresults half of noncurrent revenue from the reorganization of the company,which has been completed by the end for the period under review 2005, andhalf of positive operative results.As a result of the corporation’s positive development the liquidityposition has improved. ADLER Real Estate AG had at their disposal cash inthe amount of EUR 1.3 millions at the end of the period under review. Theequity ratio amounts to 43,4 % after 12,3 % in 2004.In addition to a enjoyable operative business development in 2006 morepositive impulses are expected from the resolutions of the extraordinarygeneral meeting on April 21, 2006. The shareholders are asked for thecreation of approved capital in order to enable the compay to take chancesin the real estate markets flexibly, especially to buy properties,companies or participations in companies.The consolidated financial statements according to IFRS will be publishedin due time to the ordinary shareholders meeting.The Executive BoardFür Rückfragen wenden Sie sich bitte an:ADLER Real Estate AGNeuer Wall 7720354 Hamburgwww.adler-ag.de Telefon: (040) 29 8130-0Telefax: (040) 29 8130-99info@adler-ag.deAbout ADLER Real Estate AGADLER Real Estate AG as publicly listed real estate company is active inthe business segments commercial project developments, portfoliomanagement, asset management and closed end funds. The corporation’s corecompetency comprises of the realization and marketing of sophisticatednational and international real estate projects. ADLER Real Estate AGemerged from the rich in tradition Adlerwerke Frankfurt with a history backin the 19th century. Today the marjority of ADLER Real Estate is owned bythe US-real estate investor John D. Heikenfeld.(c)DGAP 30.03.2006 ————————————————————————— language: Englishemitter: Adler Real Estate AG Neuer Wall 77 20354 Hamburg Deutschlandphone: +49 (0)40 – 29 8130-0fax: +49 (0)40 – 29 8130-35email: info@adler-ag.deWWW: www.adler-ag.deISIN: DE0005008007WKN: 500800indexes: stockmarkets: Amtlicher Markt in Berlin-Bremen, Frankfurt (General Standard), Düsseldorf, München; Freiverkehr in Hamburg End of News DGAP News-Service —————————————————————————