Statements Regarding Alliance Boots plc ("Alliance Boots")

24 April 2007

The Consortium of Terra Firma, Wellcome Trust and HBOS, has decided to withdraw its potential interest in acquiring Alliance Boots plc ("the Company").

Boots is a critically important national institution, and we are naturally disappointed not to be able to execute the bold vision we had for the Company and its critical role in the provision of healthcare in the UK.However, we are pleased that the shareholders of Alliance Boots have received a significantly higher price due to our interest, and we wish the Company and all its stakeholders well under new ownership.

20 April 2007 – Wellcome Trust statement

The Wellcome Trust is the UK's largest medical research charity. We fund research that tackles some of the world's major diseases, such as malaria and HIV/AIDS. Our charitable expenditure is dependent on our diverse investment portfolio, which amounts to over £13 billion pounds. It is solely in the context of our investment portfolio that we have been exploring a possible interest in a bid for Alliance Boots and this would represent less than 3 per cent of our portfolio. We have invested in private equity and venture capital funds for over 12 years. We also hold long-term direct investments in real estate and in life sciences companies that amount to almost £1 billion.

20 April 2007 – pm

Following the announcement this morning by AB Acquisitions Limited of a recommended offer for Alliance Boots at 1090p per share in cash, Terra Firma, the Wellcome Trust and HBOS (the "Consortium") have provided the board of Alliance Boots with the terms of an indicative proposal at 1126p per share in cash, reduced by the break fee agreed with AB Acquisitions Limited, resulting in an offer price per share to shareholders of 1115p in cash. The Consortium awaits a response from Alliance Boots on additional due diligence and urges shareholders in Alliance Boots to take no action.

No decision has been made by the Consortium regarding the merits of making an offer for Alliance Boots and as a consequence there can be no certainty that an offer will be forthcoming. A further announcement will be made in due course.

20 April 2007 – am

Terra Firma and the Wellcome Trust are delighted to announce that HBOS has joined the Consortium. The Consortium notes today's announcement of a recommended offer for Alliance Boots by KKR.

On Tuesday 17 April 2007, the Consortium provided the board of Alliance Boots with the terms of an indicative offer at 1085p per share in cash. A request has been made for limited additional due diligence and a response is awaited. The Consortium urges shareholders in Alliance Boots to take no action.

Contact

Andrew Dowler
Financial Dynamics
+44 (0)20 7831 3113

Wellcome Trust
T +44 (0)20 7611 8866
E media.office@wellcome.ac.uk

Lehman Brothers Europe Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to the Consortium and no one else in connection with the possible offer referred to in this announcement and will not be responsible to anyone other than the Consortium for providing the protections afforded to clients of Lehman Brothers Europe Limited nor for providing advice in relation to this announcement or any matter referred to herein.

Gleacher Shacklock LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to the Consortium and no one else in connection with the possible offer referred to in this announcement and will not be responsible to anyone other than the Consortium for providing the protections afforded to clients of Gleacher Shacklock LLP nor for providing advice in relation to this announcement or any matter referred to herein.

Dealing disclosure requirements

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is or becomes "interested" (directly or indirectly) in 1 per cent or more of any class of "relevant securities" of Alliance Boots, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 15.30 (London time) on the London business day following the date of the relevant transaction.

This requirement will continue until the date on which the offer becomes or is declared unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Alliance Boots, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Alliance Boots, or by any of its "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website .

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of or derivative referenced to securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Takeover Panel.