Mr. Dennis M. Nally Chairman PricewaterhouseCoopers International Ltd.Mr. Robert E. MoritzChairman and Senior Partner PricewaterhouseCoopers LLP330 Madison Avenue, 24 th Floor New York, NY 10017
Re: Herbalife Ltd
Dear Mssrs. Nally and Moritz
I am writing to bring to your attention serious accounting and disclosure issues that I believe are deserving of Chairman and CEO-level attention at PricewaterhouseCoopers LLP (“PwC”). As has been widely reported in the press, Pershing Square delivered a public presentation on December 20, 2012 entitled “Who wants to be a Millionaire?” that explained with a high degree of particularity why we believe Herbalife Ltd. (the “Company”) is a pyramid scheme.