Vivacon AG

euro adhoc: Vivacon AG
Strategic management decisions
Vivacon AG realises comprehensive cost-saving programme and rearranges Management Board

-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. -------------------------------------------------------------------------------- Company Information 12.12.2008 Vivacon AG (ISIN 000604 8911) starts realignment measures with regard to the next financial year. The Company refocuses the activities on its core competences, being the sale and the management of residential real estate and the acquisition of ground leases. In conjunction with this realignment, the following measures have been decided: Vivacon AG immediately closes down its offices in Frankfurt, Prague and Luxemburg and concentrates its activities - apart from the property management business - at the Cologne headquarter. More than 50 of 260 subsidiaries will be merged or closed. Also the number of employees has been considerably reduced. The initiated measures will reduce costs by approximately EUR 5mn annually. The responsibilities of the Members of the Management Board have been reorganized. Mr. Michael Jung will leave the Board by mutual agreement at the end of this year and will continue to advise the Company on special projects. Mr. Timo Herbrand will change from the Management Board to the Supervisory Board of the Company as per 31st of December. Mr. Frank Zweigner, currently Deputy Member of the Board, will succeed Mr. Herbrand and become Member of the Management Board. He retains responsibility for the Investment Management division. Mr. Michael Ries continues to head the Marketing and Sales divisions. The Supervisory Board explicitly appreciates the contribution made by the departing Board Members during the last years. In his role as Supervisory Board Member Mr. Eckhard Rodemer will advise the Management Board on financial matters, which has been the responsibility of Mr. Jung. Mr. Rodemer has accumulated more than 30 years of experience with banks and real estate companies. Furthermore the Company discloses that the securitization transaction of the ground lease cash flows in an amount of EUR 90m, announced as Corporate News as per November 12, 2008, has been successfully closed. end of announcement euro adhoc -------------------------------------------------------------------------------- ots Originaltext: Vivacon AG Im Internet recherchierbar: Further inquiry note: Maren Nolte Tel. ++49(0)221 130 5621-783 Email: Branche: Real Estate ISIN: DE0006048911 WKN: 604891 Index: SDAX, CDAX, Classic All Share, Prime All Share, DAX International 100 Börsen: Börse Frankfurt / regulated dealing/prime standard Börse Berlin / free trade Börse Hamburg / free trade Börse Stuttgart / free trade Börse Düsseldorf / free trade Börse München / regulated dealing

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