Prof. Dr. A. Stefan Kirsten is a German manager, who studied business in Germany and the USA. He holds a doctorate degree in Economics and is teaching at various German universities. From 1986 to 2000 he held positions in auditing and at corporate level with Arthur Andersen, Rheinmetall, WMF and EMI Music. In 2000 he became the Group CFO of Metro AG, in 2002 the Group CFO at ThyssenKrupp AG. From 2007 to 2010 he was CFO and later CEO of Majid al Futtaim Group in Dubai. 2011 he joined Deutsche Annington as CFO and helped to refinance the company, go public and grown into Vonovia SE. After stepping down from Vonovia in 2018 he concentrated on nonexecutive directorships, i.e., Jeronimo Martins SGPS SA, Footprint International Inc. or Planted AG. He is also an active investor as well as co-founder and CFO of Monarch a start-up in security related consulting.

Dr. Heiner Arnoldi studied at the University of Hamburg and received his doctorate from the University of Frankfurt am Main. He worked for Deutsche Bank AG for almost 14 years, most recently as a Director in the Global Corporate Finance division. From 2004 to 2006, he was Head of Mergers & Acquisitions and Corporate Investments, later as Divisional Board Member at WestLB. From 2007 to 2019, Mr. Arnoldi was Head of Real Estate Investment Banking at Sal. Oppenheim jr. & Cie. AG & Co. KGaA, since 2017 as a member of the Management Board. From 2019 to 2022, he was a Member of the Management Board of Deutsche Oppenheim Family Offices. Mr. Arnoldi has been a member of the Board of Directors of Adler Group S.A. since June 2023.

Thierry Beaudemoulin graduated from the Institut d'Etudes Politiques de Paris, France in 1993 and obtained a master’s degree in real estate and urban planning from the same institution in 1995. From 1996 to 1998, Mr. Beaudemoulin was special advisor to the chief executive officer of Batigere. Between 1998 and 2000, he was head of property management at Foncia and held positions as asset manager and managing director France at ING REIM (Europe) between 2000 and 2004. From 2004 to 2006, Mr. Beaudemoulin was managing director for the Paris region at Batigere. Between 2006 and October 2019 he was chief executive officer at Covivio Germany and member of the executive board at Covivio.

Notable Directorships/Management Positions
Covivio SA, Member of the executive board Until October 2019

Stefan Brendgen studied business administration at Bayreuth University and the University of Cologne. During his career, he held various management positions in the real estate industry, including DTZ Zadelhoff, Tishman Speyer Properties and Allianz Real Estate. From 2015 to 2017, he was a Board Member at IVG Immobilien AG and, among others, Chairman of the Supervisory Board of Triuva Kapitalverwaltungsgesellschaft mbH. He has been Chairman of the Supervisory Board of Instone Real Estate Group SE since 2018 and of HAHN-Immobilien- Beteiligungs AG since 2021. Mr. Brendgen has been a member of the Board of Directors of Adler Group S.A. since June 2023.

Thomas Echelmeyer is a Certified Public Accountant and Tax Advisor. He has over 36 years of professional experience, of which he spent ten years as CFO for GWH Immobilien Holding GmbH. Prior to joining Adler Group as CFO, Mr Echelmeyer has been working on several interim CFO assignments in Germany.

Thilo Schmid held several positions in the software industry including at KHK-Software, in Frankfurt and Basel and was CTO at Aparis Software GmbH. After working as a real estate project controller at the Tivona Group, Basel, he joint Wecken & Cie., a Swiss family office, as investment manager in 2008, where he is responsible for venture capital and real estate investments. Mr. Schmid is a board member of the Adler Group S.A. board of directors as of October 2020. Other current notable directorships include ADLER Real Estate Aktiengesellschaft (vice chairman of the supervisory board), DTH Sárl (member of the board of directors), Cynora GmbH (member of the advisory board) and Yeditepe Marina Yatirim Turizm Insaat A.S. (member of the board of directors).

Thomas Zinnöcker studied business administration and earned the degree of a Diplom-Kaufmann at the University of Cologne in 1985. He held various managing positions at Krantz TKT GmbH, Deutsche Telekom Immobilien und Service GmbH, GSW Immobilien AG, Gagfah S.A., Vonovia SE and ista International GmbH. From 2014 to 2020 he was chairman of the board of the Institute for Corporate Governance in the German Real Estate Industry. From 2006 to 2021, Mr Zinnöcker was a membe of the board of the ZIA German Property Federation (Immobilienverband ZIA) and since 2013, Mr. Zinnöcker is a member of the board of trustees of Familienstiftung Becker & Kries and chairman of the board as of 2019. Mr. Zinnöcker is a board member of the Adler Group S.A. board of directors as of October 2020.