Pfleiderer Releases Details of Restructuring

Neumarkt, April 26, 2011 - Pfleiderer said it has sent the preliminary agreements for the company's financial restructuring to its creditors.

Pfleiderer said the agreement calls for creditors waiving their claims to a part of their financial receivables (excluding the Eastern Europe financing group) equal to 40% of the respective utilized credit lines, plus part of the accrued interest and fees.

In addition, Pfleiderer said, the creditors will provide the company with an additional credit line of 100 million euros in May in the form of a first-lien secured loan. Half of the super senior loan is to be repaid after the capital changes have been carried out.

Pfleiderer said that at a special meeting in July its Executive Board and the Supervisory Board will recommend to shareholders that a massive capital reduction be carried out, which will result in shareholders holding only about 1% of Pfleiderer's shares.

Pfleiderer said it also plans to raise up to 100 million euros in cash, with 60 million euros is to be contributed by the creditors and 40 million euros is to be contributed by the shareholders or by other third parties.

Pfleiderer said that all details are still preliminary and subject to the creditors' approval and the signing of the respective agreements, which is anticipated for the middle of May.