ADLER Group S.A.: Asset Valuations from leading Appraisers at Market Standards

• Statements in Viceroy report misleading and not correct
• Independent investigation on transactions and valuation process
• Portfolios appraised by CBRE or NAI Apollo, reviewed by KPMG
• Acquisitions and disposals reviewed/audited by auditors

Berlin, 8 October 2021 - ADLER Group S.A. ("ADLER") publishes information on the independent valuations of its assets. In brief: leading appraisers conduct regular valuations at market standards.

EUR 8.9bn fair value of yielding portfolio valued by CBRE and reviewed by KPMG
CBRE valued the entire yielding portfolio as per 30 June 2021. This was not a review of an internal valuation, but a full external independent appraisal. The valuation and underlying assumptions were reviewed by KPMG. CBRE appraisal is based on RICS standards and is the appraiser that values multiple peers of the listed residential real estate space in Germany

EUR 3.7bn fair value of development portfolio valued by NAI Apollo, reviewed by KPMG
NAI Apollo has valued the entire development portfolio of ADLER as per 30 June 2021. These include valuations of development projects in Consus Real Estate AG and Brack Capital Properties N.V. which have been reviewed by KPMG and PKF Amit Halfon. In addition, and as part of the review of ADLER Group as per 30 June 2021, KPMG reviewed the Consus Real Estate AG H1 figures including the valuations of the developments for ADLER.

Acquisitions and disposals reviewed or audited
PwC GmbH WPG supported in the first-time consolidation of the acquisitions of Adler Real Estate AG, Brack Capital Properties N.V. and Consus Real Estate AG. All acquisitions and disposals by ADLER, Adler Real Estate AG, Brack Capital Properties N.V. and Consus Real Estate AG have been reviewed or audited by international auditors.

External independent advisers and auditors
All transactions and valuations are done at arm's length and appraised by renowned independent firms. Notwithstanding this, the Senior Management of ADLER and the Board of Directors have decided to appoint external independent advisers and auditors to conduct a comprehensive review of the allegations, especially regarding the third-party transactions. The outcome of the analysis will be made public once it is available.

Next Steps
ADLER will publish another detailed release on allegations not addressed above in due course.

Contact
Investor Relations:
T +352 278 456 710
E [email protected]