SHAREHOLDER NOTICE: Faruqi & Faruqi, LLP Announces the Investigation of ANN, Inc. Over the Proposed Sale of the Company to Ascena Retail Group Inc.

NEW YORK--(BUSINESS WIRE)--Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of ANN, Inc. (“ANN” or the “Company”) (NYSE: ANN) for potential breaches of fiduciary duties in connection with the sale of the Company to Ascena Retail Group Inc. (NasdaqGS: ASNA) for approximately $2.16 billion. The Company’s stockholders will only receive $37.34 in cash and 0.68 of a share of Ascena common stock in exchange for each share of ANN common stock they own. The implied price would be roughly $47.00 contingent on Ascena’s previous closing price. However, at least one analyst has set a price target of $48.00 for ANN’s common stock.