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Directors' Dealings
INVESTOR RELATIONS | Corporate Governance


Notifiable dealings in securities / § 15 a WpHG (German Securities Trading Act) Directors´ Dealings
The following current disclosure was made:


Date and location: July 14, 2006, off-exchange
Name:Axel Harloff
Reason of disclosure / position:Board
Name of the financial instrument:Shares of ADLER Real Estate AG
Type of business:Purchase
Price per share: € 2.80
ISIN:DE0005008007
Quantity: 10,000
Transaction volume: € 28,000.00


Date and location: July 14, 2006, off-exchange
Name:Barbara Yaltrak
Reason of disclosure / position:Board
Name of the financial instrument:Shares of ADLER Real Estate AG
Type of business:Purchase
Price per share: € 2.80
ISIN:DE0005008007
Quantity: 10,000
Transaction volume: € 28,000.00


Date and location: July 14, 2006, off-exchange
Name:Andreas Helwig
Reason of disclosure / position:Vice-chairman of the supervisory board
Name of the financial instrument:Shares of ADLER Real Estate AG
Type of business:Purchase
Price per share: € 2.80
ISIN:DE0005008007
Quantity: 10,000
Transaction volume: € 28,000.00


Date and location: July 14, 2006, off-exchange
Name:Peter Pahlke
Reason of disclosure / position:Chairman of the supervisory board
Name of the financial instrument:Shares of ADLER Real Estate AG
Type of business:Purchase
Price per share: € 2.80
ISIN:DE0005008007
Quantity: 10,000
Transaction volume: € 28,000.00


Date and location: July 3, 2006, off-exchange
Name:Mezzanine IX Investors, L.P., Denton, Texas, USA
Reason of disclosure / position:Legal entity in a close relationship to the supervisory board member John D. Heikenfeld
Name of the financial instrument:Shares of ADLER Real Estate AG
Type of business:Wertpapierleihe
Price per share:not available
ISIN:DE0005008007
Quantity:4,185,000
Transaction volume: not available


Date and location: July 20, 2006, off-exchange
Name:Mezzanine IX Investors, L.P., Denton, Texas, USA
Reason of disclosure / position:Legal entity in a close relationship to the supervisory board member John D. Heikenfeld
Name of the financial instrument:Shares of ADLER Real Estate AG
Type of business:Purchase
Price per share: € 2.80
ISIN:DE0005008007
Quantity:246,485
Transaction volume: € 690,158.00



ADLER Real Estate AG
Neuer Wall 77
20354 Hamburg

8/08/2006



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