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ADLER group: no change yet in operating results in 2002Ad-hoc-announcement processed and transmitted by DGAP.The issuer is solely responsible for the content of this announcement.——————————————————————————–ADLER group: no change yet in operating results in 2002* Project portfolio revaluated* Management Board and Supervisory Board changesDuring the 2002 financial year, the downturn in the overall economic situationhas affected the sales and earnings potential of ADLER Real Estate AG. Withinthe AGIV Real Estate AG group, ADLER Real Estate is an investor in commercialdevelopment projects. During the 2002 fiscal year, the company has not beenable to realise the expected development earnings. Consequently the expectedturn around in operating results in the second half of the year, has notmaterialised. Furthermore, ADLER has revaluated its project portfolio.Accumulated adjustments amounting to EUR 18.8 million have dominated thecompany’s earnings. Based on initial estimates, the annual result is expectedto be in the region of approximately minus EUR 23 million. ADLER is expected toachieve a clear improvement in its results this year.Changes at Management and Supervisory levels within the parent company havealso led to changes at ADLER’s Management Board and Supervisory Board. AxelHarloff who has so far been a power of attorney holder within the AGIV Real Es-tate group has been appointed as board member to replace Dr. Wolf Klinz. As pre-viously announced, Dr. Klinz who has been Deputy Chairman of the AGIV Man-agement Board will move on to the AGIV Supervisory Board. Dr. Wilfried Dechantwho has retired from the ADLER Supervisory Board is to be succeeded by Bussovon Alvensleben.In the event of any queries, please contact:german communications dbk AGJörg BretschneiderHolzdamm 28-32, 20099 Hamburg,Tel.: 040/46 88 33-0, Fax:presse@german-communications.comend of ad-hoc-announcement (c)DGAP 03.04.2003——————————————————————————–WKN: 500800; ISIN: DE0005008007; Index:Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (GeneralStandard) und München032010 Apr 03