euro adhoc: Fortune Management Inc. / Restructuring & Recapitalisations / Fortune Management Inc. signed a binding Restructuring Agreement with the majority of the Bond- and Loan-Note-Holders

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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Contracts

22.07.2008

Zug/Switzerland, 22 July 2008 - FORTUNE Management Inc. (General
Standard, ISIN USU026281027; SIN: A0BLYY) announces that it has
signed a binding Restructuring Agreement with Bondholders and Loan
Noteholders representing the majority of the Partial Bonds and Loan
Notes which sets forth certain terms of an agreed restructuring of
the Fortune Management Group ("FMI"). As already envisaged by the
non-binding term sheet that had previously been entered into by the
parties to the Restructuring Agreement (see Ad-hoc notice of FMI on
17 June 2008) Bonds and Loan Notes with a face value of EUR 103 m
will be exchanged by the Bondholders and Noteholders for a beneficial
interest in a restructuring trust under the governance of
representatives of the Bondholders and Noteholders.

The Restructuring Agreement includes all the key elements of the
restructuring plan contemplated by the term sheet of 17 June 2008.
Upon implementation of the Restructuring Agreement the restructuring
trust will hold certain assets for the sole benefit of former
Bondholders and Noteholders. The trust together with the new
management of GATE will hold all shares of the GATE Renewable Energy
group GATE, which will turned around under the leadership of Alvarez
& Marsal, a leading global turnaround management firm. The trust will
further hold 100% of FMI´s wealth management operation or any net
sales proceeds from a sale of this division. In addition, FMI will
issue to the trust a EUR 45 m bond, EUR 5 m issue value preferred
shares and 40 m of common shares of FMI. The new debt will have a
term of 10 years and will accrue interest until cash flow allows. All
proceeds flowing into the trust will be paid to the Bondholders and
the Noteholders in a pre-agreed ratio. Any current Bondholder or
Noteholder that still holds warrants issued in conjunction with the
Bonds or the Notes will receive the underlying number of shares of
common stock. Upon implementation of the Restructuring Agreement
representatives of the Bondholders and Noteholders will join the
Board of Directors of the company and form a new Executive Committee.

All other Bondholders will be offered the right to accede to the
Restructuring Agreement within a short period of time and become
beneficiaries of the trust. FMI will shortly notify of a Bondholders´
Meeting, in which it will be proposed to resolve with the support of
the vast majority of the Bonds that any Bonds outstanding will lose
certain rights, including the right to claim repayment of the Bond
for a period of three years following the resolution without any
interest owed for such period.

The implementation of the Restructuring Agreement is subject to
certain closing conditions, which FMI is in the process of preparing
and which FMI expects to be met. However, there is no certainty these
conditions can be met.

After the completion of the restructuring FMI will retain its Private
Equity Management division whose main asset being currently the
interest held in Fortune Super Equity Management L.L.C. in the United
Arab Emirates.

End of Ad Hoc

Profile of FORTUNE Management Inc.: FORTUNE Management Inc.,
Zug/Switzerland, is a publicly listed private equity firm. The
company´s shares (ISIN: USU 026281027) are listed in the General
Standard segment of Frankfurt Stock Exchange (symbol: FMI1) and on
the DIFX in Dubai

end of announcement euro adhoc
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ots Originaltext: Fortune Management Inc.
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Contact:

FORTUNE Management Inc.

Phone +49 69 9441 8069

IR@fortune-management.com

Bahnhofstrasse 10

P.O. Box 324

CH-6301 Zug

Branche: Financial & Business Services
ISIN: USU026281027
WKN: A0BLYY
Börsen: Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Frankfurt / regulated dealing/general standard