****************************************************** PR # 32038 Magnetic cataclysmic variables offer unique opportunities for studyin g accretion processes. One of the best studied magnetic CVs is AE~Aqr , well-known for its optical and X--ray pulsations and its striking flares which are produced with a duty cycle $>$30\%. AE~Aqr is also a TeV $\gamma$-ray source. {\bf The origin of the flares and their relation to the ultra-high energy $\gamma$-ray emission is unknown}. Simultaneous ASCA/GRO observations will study its X-ray and $\gamma$-ray emission, aiming to characterize its temporal and spectral variability. Additional goals include studies of spin a nd orbit variability, and the abundances of AE~Aqr. Our observation s will also illuminate the physics of accretion processes on less accessible accreting syste ******************************************************