100 % FUTURE - ALNO

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the debtor, or through other agreements that lead to the same economic result for the consortium
banks. In the instance of the purchase of the receivables, Küchen Holding GmbH intends in a second
step to contribute the valuable portion of the receivables acquired from the consortium banks as
a non-cash capital contribution to the company as part of a capital increase against non-cash
capital contributions by December 31, 2011. The obligation on the part of Küchen Holding GmbH
is subject to the suspensive conditions that the capital increase is successfully performed with gross
issue proceeds of at least EUR 20.0 million, that the capital increase is entered in the commercial
register by May 30, 2011, that the ALNO Group is relieved of trade payables by Starlet Investment
AG, and that certain co-operation duties are satisfied by ALNO AG, IRE Beteiligungs GmbH and
Starlet Investment AG with regard to the realization and performance of the capital increase against
non-cash capital contributions (in particular, through corresponding exercising of voting rights at the
Shareholders’ General Meeting), as well as with regard to the contribution loan receivables. If, and
to the extent that, the contribution of the loan receivables has not occurred by December 2011,
31, Starlet Investment AG has obligated itself to waive these receivables for the company and its
associated companies by way of deposit into the company’s capital reserve at the latest by, and
with effect of, December 2011, unless the capital increase against non-cash capital contributions
fails to occur due to an infringement on the part of ALNO AG, IRE Beteiligungs GmbH and Küchen
Holding GmbH against their co-operation duties.
The consortium banks have obligated themselves to conclude the agreements with Küchen Holding
GmbH that are requisite for the relieving of the ALNO Group of loan receivables. This obligation is
subject to the suspensive conditions that the capital increase is performed successfully with gross
issue proceeds of at least EUR 20.0 million, that the capital increase is entered in the commercial
register by May 30, 2011, and that the ALNO Group is released from the aforementioned trade
payables by Starlet Investment AG. The consortium banks have also declared their waiver of the
debtor warrant as granted by ALNO AG as part of Restructuring Agreement I. This waiver is subject
to the suspensive condition that the capital increase is performed with gross issue proceeds of
at least EUR 20.0 million, and that it is entered in the commercial register by May 30, 2011. The
second waiver of EUR 10.0 million arising from Restructuring Agreement I that was concluded
on April 23, 2010 was cancelled as part of this agreement under the suspensive condition that
the capital increase is performed with gross issue proceeds of at least EUR 20.0 million, that the
capital increase is entered in the commercial register by May 30, 2011, and that the ALNO Group
is relieved of trade payables in an amount of at least EUR 25.0 million by Starlet Investment AG. A
further extension of the loan terms until December 31, 2010 will be examined in a favorable light
under further terms whereby a restructuring survey to be compiled by Pricewaterhouse Coopers AG
Wirtschaftsprüfungsgesellschaft for ALNO AG issues a positive forecast relating to the company’s
continued existence, and that the capital increase is entered in the commercial register by May 30,
2011. Under these terms, the consortium banks will also support ALNO AG in its application for a
federal state guarantee.
Finally, and as part of the Restructuring Agreement II, the company obligates itself, at corresponding
written request by Küchen Holding GmbH, which must be submitted to the company by December
31, 2011, to issue convertible bonds from conditional capital under exclusion of subscription rights
for the company shareholders to majority shareholders in Küchen Holding GmbH or to third parties
to be nominated by Küchen Holding GmbH. When converted, these convertible bonds will entitle to
the subscription of shares to a level of up to 10% of the company’s share capital. Küchen Holding
GmbH has obligated itself to pledge that these convertible bonds will be subscribed for.
ALNO AG has obligated itself to the consortium banks to solicit the support of professional consultants
for its further restructuring.
The restructuring agreements presented above are regarded as an integral component of the Group
restructuring, and consequently as an elementary basis for the further realization of the planned
restructuring measures.