Pershing Square Capital Management, L.P. Responds to Herbalife Analyst and Investor Meeting

  Pershing Square Capital Management, L.P. Responds to Herbalife Analyst and
                               Investor Meeting

  PR Newswire

  NEW YORK, Jan. 10, 2013

NEW YORK, Jan. 10, 2013 /PRNewswire/ --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 .

Contact: Pershing Square Capital Management, L.P.: Jennifer Burner, D:
+1-212-235-6203, M: +1-352-281-5357,; or Mike
Geller, D: +1-212-729-2163, M: +1-646-567-3596,
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