PRESS RELEASE

Statement of the Chairman of Adler Group about the KPMG Special Investigation

Dear Adler Stakeholders,

On February 16^th, as newly elected chairman of the Board of Adler Group, I have promised you that I will focus on the KMPG special investigation in my first weeks. On our request, KMPG has delivered yesterday the first draft summary of the special investigation.

Today we have therefore published an ad-hoc statement to formally address the markets, even if the KMPG summary is still preliminary.

As mentioned before the investigation focuses on

1) Alleged related party transactions

2) Portfolio valuation

3) Subsequent loan to value calculations

About the alleged related party transactions KMPG is not able to refute the allegations due to currently available data that need to be further investigated.

About the valuations, the existing CBRE valuation for the rental portfolio is rock solid. With regard to the development portfolio, KPMG has indicated valuation differences, which we are now jointly narrowing down.

All calculations on the LTV do not endanger financial instrument covenants. Even here we will, together with KMPG refine our calculations further.

What are our next steps?

We have asked KMPG to extend the special investigation with data inputs from us until March 25^th. We recommended to KPMG to focus on the ongoing email analysis, loose ends with regard to alleged related party transactions and narrowing the valuation gap in our development portfolio.

Due to all the work done so far, we reasonably expect a prompt final report afterwards.

We are in the process of finalizing our year-end and, taking into consideration the special audit report, intend to publish our 2021 group account in the last week of April. Subsidiary groups might issue their accounts earlier on their respective timing.

When this is done, my colleagues and I will reflect on the results and, where necessary, will adjust structure and processes within Adler.

Due to the preliminary status of the investigation, we will as of now not comment any further.

With that I remain,

Sincerely yours,

Prof. Dr A. Stefan Kirsten