Adler Group S.A.: First Statement on the Report from Viceroy

Berlin, 06 October 2021 - ADLER Group S.A. ("ADLER") is subject to a report published today by "Viceroy Research", which is related to short-seller Fraser Perring. This report includes allegations which ADLER strongly rejects.

A key allegation is that the real estate asset values on ADLER's balance sheet are artificially inflated. This is evidently false. The real estate value set forth in ADLER's balance sheet has been determined by independent market leading real estate property appraisers and confirmed independently by financing banks. Contrary to the report, during the last twelve months ADLER has sold several real estate portfolios with purchase prices above the values accounted for in ADLER's balance sheet. Details have been published previously. Moreover, as reported, ADLER has been approached by a number of institutional investors in the last days and weeks, who want to acquire large parts of the yielding asset portfolio. ADLER is assessing such approaches as part of its ongoing review of strategic options.

Therefore, contrary to the report, no default under notes issues by ADLER or any of its subsidiaries has occurred or is continuing.

The 61-page report includes numerous other allegations that are false. ADLER is currently preparing a detailed response to these allegations and will comment on them shortly.

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