Close Brothers Will not Tender Wella Preference Shares for P&G

Close Brothers Corporate Finance Ltd., London, is working with a group of Wella preference shareholders that collectively owns or controls approximately 8.31 million Wella preference shares equivalent to 35.5% of the Wella preference shares.

This group of Wella preference shareholders stated that the terms of the tender offer being made by P&G for the Wella preference shares do not offer adequate consideration to the Wella preference shareholders.

In light of P&G’s refusal to improve the terms of the P&G offer, this group of shareholders will not tend these preference shares prior to the final closing date for the P&G offer (at midnight tonight (CET)).