Postscript Letters to the Editors

On 5 October 2021, at 11:06am (Berlin Local Time), Adler’s General Counsel, Dr Florian Sitta, emailed Viceroy
Research to address “certain rumors” that Viceroy intended to publish a report on Adler.

Following this email, Viceroy Research received a further email at 12:52pm from the lawyers of Aggregate
Holdings: the largest shareholder of Adler.

Aggregate’s lawyers suggested that our report will be somehow defamatory to their client. We had not made
our report available to neither Adler nor Aggregate.

We leave it to the readers to determine if this is a faux-pas demonstrating the intertwined nature of Adler’s
kleptocratic cabal.

Aggregate’s lawyers subsequently requested an advanced copy of our report (which we did not send) and
requested to make “pre-publication steps” and respond to our reported opinions. We believe there has been
sufficient time for Adler to make these disclosures on their own initiative.

Viceroy have been researching Adler since last year, alongside more than a dozen other listed companies. We
do not make the determination to publish a report unless we think the story is compelling, and not until we have
sufficiently referenced our claims.

We had previously abandoned Adler for other projects, and only returned to it after incessant rumors that we
must have been involved in the company’s spectacular decline over the past 12 months. It piqued our interest
enough that we revisited our notes and kept on digging.

That everyone already believed Adler was a fraud meant that there was likely more to be found.

You can find a copy of both the email from Dr Sitta and the letter from Aggregate’s lawyers in Annexure 10
Letters from Adler and Aggregate s La ers on page 59

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