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

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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
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ots Originaltext: Vivacon AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Maren Nolte

Tel. ++49(0)221 130 5621-783

Email: maren.nolte@vivacon.de

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