(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 www.factsaboutherbalife.com 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 www.factsaboutherbalife.com. Media Contacts: Pershing Square Capital Management, L.P. Jennifer Burner D: 212-235-6203 M: 352-281-5357 email@example.com Mike Geller D: 212-729-2163 M: 646-567-3596 firstname.lastname@example.org (bjh) NY #<873920.6606220.127.116.11.0.76>#
PERSHING SQUARE CAPITAL MANAGEMENT RESPONDS TO HERBALIFE
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