(The following is a reformatted version of a press release
issued by Pershing Square Capital Management, L.P. and received
via electronic mail. The release was confirmed by the sender.) 
Pershing Square Capital Management, L.P. Responds to Herbalife
Analyst and Investor Meeting 
NEW YORK, January 10, 2013 -- Today, Pershing Square Capital
Management, L.P. issued the following statement in response to
Herbalife’s analyst day presentation: 
William A. Ackman, CEO of Pershing Square Capital Management
said, “In advance of today’s analyst day, Herbalife promised to
provide a detailed refutation of each of the facts that we
enumerated in our December 20th presentation.  Instead, the
company distorted, mischaracterized, and outright ignored large
portions of our presentation.  For example, Herbalife did not
respond to our identification of overstatements and inaccuracies
in the company’s earnings statement for distributors, which
among other deceptions, excludes the 93% of distributors that
have zero gross earnings. 
In today’s presentation, Herbalife offered the opportunity for
‘anyone’ to ask questions of Herbalife so its business can be
better understood. 
Pershing Square will be publicly releasing a detailed series of
questions that will assist investors, regulators, distributors,
and other interested parties in understanding the truth about
Herbalife.   Thereafter, we will respond with particularity to
every issue raised today by Herbalife. 
Over the last three weeks, we have been contacted by numerous
interested parties who have provided additional insight into
Herbalife’s business practices. We will be addressing these new
issues in our updated presentation. 
Please go to  to view our
presentation and learn more about the company.” 
About Pershing Square Capital Management, L.P.
Pershing Square Capital Management, L.P. (“Pershing Square”),
based in New York City, is a SEC-registered investment advisor
to private investment funds.  Pershing Square manages funds that
are in the business of trading -- buying and selling --
securities and other financial instruments.  Funds managed by
Pershing Square are short the stock of Herbalife Ltd.  Pershing
Square may increase, decrease, dispose of, or change the form of
its investment in Herbalife for any or no reason, at any time.
Pershing Square may change its views about or its investment
positions in Herbalife at any time, for any reason or no reason.
Pershing Square may buy, sell, cover or otherwise change the
form or substance of its Herbalife investment.  Pershing Square
disclaims any obligation to notify the market of any such
changes.  Please see the full Disclaimer appearing on website 
Media Contacts: 
Pershing Square Capital Management, L.P. 
Jennifer Burner
D: 212-235-6203
M: 352-281-5357 
Mike Geller
D: 212-729-2163
M: 646-567-3596 
(bjh) NY 
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