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Table\ue000 of\ue000 ContentsUNITED\ue000 STATES\ue000 SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
\ue000
\ue000
\ue000
\ue000
Form\ue000 10-K
\ue000
\ue000
\ue000
\ue000

FOR\ue000 ANNUAL\ue000 AND\ue000 TRANSITION\ue000 REPORTS
PURSUANT\ue000 TO\ue000 SECTIONS\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE
SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934

\ue000
\ue000
\ue000
\ue000
(Mark\ue000 One)\ue000
\ue000
\ue000
\u02db
\ue000
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES
EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
\ue000
\ue000For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
o
\ue000
TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES
EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
\ue000
\ue000For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 to\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000
\ue000
Commission\ue000 file\ue000 number:\ue000 1-32381
\ue000
\ue000
\ue000
\ue000
HERBALIFE\ue000 LTD.
(Exact\ue000 Name\ue000 of\ue000 Registrant\ue000 as\ue000 Specified\ue000 in\ue000 Its\ue000 Charter)
\ue000
\ue000
\ue000
\ue000
Cayman\ue000 Islands
\ue000
98-0377871
(State\ue000 or\ue000 Other\ue000 Jurisdiction\ue000 of
Incorporation\ue000 or\ue000 Organization)
\ue000
(I.R.S.\ue000 Employer
Identification\ue000 No.)
\ue000
\ue000 \ue000
P.O.\ue000 Box\ue000 309GT
Ugland\ue000 House,\ue000 South\ue000 Church\ue000 Street
Grand\ue000 Cayman,\ue000 Cayman\ue000 Islands
\ue000
90015
(Zip\ue000 Code)
(Address\ue000 of\ue000 Principal\ue000 Executive\ue000 Offices)
\ue000
\ue000
\ue000
(310)\ue000 410-9600
(Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code)
\ue000
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
\ue000
\ue000
\ue000
\ue000
Title\ue000 of\ue000 Each\ue000 Class
\ue000
Name\ue000 of\ue000 Each\ue000 Exchange\ue000 on\ue000 Which\ue000 Registered
Common\ue000 Shares,\ue000 par\ue000 value\ue000 $0.002\ue000 per\ue000 share
\ue000
New\ue000 York\ue000 Stock\ue000 Exchange
\ue000
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:
None
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities
Act.\ue000 \ue000 Yes\ue000\u02db\ue000\ue000\ue000\ue000\ue000 No\ue000o
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the
Act.\ue000 \ue000 Yes\ue000o\ue000\ue000\ue000\ue000\ue000 No\ue000\u02db
\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant:\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities Exchange\ue000 Act\ue000 of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports), and\ue000 (2)\ue000 has\ue000 been\ue000 subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000 \ue000 Yes\ue000\u02db\ue000\ue000\ue000\ue000\ue000 No\ue000o

\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 (\u00a7\ue000 229,405\ue000 of\ue000 this\ue000 chapter)\ue000 is\ue000 not
contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be\ue000 contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements
incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000 \ue000o

\ue000

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller
reporting\ue000 company.\ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer,\u201d\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of
the\ue000 Exchange\ue000 Act.\ue000 (Check\ue000 one):

\ue000
Large\ue000 accelerated\ue000 filer\ue000\u02db
Accelerated\ue000 filer\ue000o
Non-accelerated\ue000 filer\ue000o
Smaller\ue000 reporting\ue000 company\ue000o
(Do\ue000 not\ue000 check\ue000 if\ue000 a\ue000 smaller\ue000 reporting\ue000 company)
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).\ue000 \ue000 Yes\ue000o\ue000\ue000\ue000\ue000\ue000 No\ue000\u02db
\ue000

There\ue000 were\ue000 61,499,615\ue000 common\ue000 shares\ue000 outstanding\ue000 as\ue000 of\ue000 February\ue000 20,\ue000 2009.\ue000 The\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 the\ue000 Registrant\u2019s
common\ue000 shares\ue000 held\ue000 by\ue000 non-affiliates\ue000 was\ue000 approximately\ue000 $1,893\ue000 million\ue000 as\ue000 of\ue000 June\ue000 30,\ue000 2008,\ue000 based\ue000 upon\ue000 the\ue000 last\ue000 reported\ue000 sales\ue000 price\ue000 on
the\ue000 New\ue000 York\ue000 Stock\ue000 Exchange\ue000 on\ue000 that\ue000 date\ue000 of\ue000 $38.75.

\ue000
DOCUMENTS \ue000 INCORPORATED\ue000 BY\ue000 REFERENCE
\ue000

Portions\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 Definitive\ue000 Proxy\ue000 Statement\ue000 to\ue000 be\ue000 filed\ue000 with\ue000 the\ue000 Securities\ue000 and\ue000 Exchange\ue000 Commission\ue000 no\ue000 later\ue000 than
120\ue000 days\ue000 after\ue000 the\ue000 end\ue000 of\ue000 the\ue000 Registrant\u2019s\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008,\ue000 are\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Annual
Report\ue000 on\ue000 Form\ue000 10-K.

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TABLE\ue000 OF\ue000 CONTENTS
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\ue000Page
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PART\ue000 I
\ue000
Item\ue000 1.\ue000
\ue000Business
\ue000 \ue000 4\ue000
\ue000
Item\ue000 1a.\ue000
\ue000Risk\ue000 Factors
\ue000 \ue000 26\ue000
\ue000
Item\ue000 1b.\ue000
\ue000Unresolved\ue000 Staff\ue000 Comments
\ue000 \ue000 41\ue000
\ue000
Item\ue000 2.\ue000
\ue000Properties
\ue000 \ue000 41\ue000
\ue000
Item\ue000 3.\ue000
\ue000Legal\ue000 Proceedings
\ue000 \ue000 41\ue000
\ue000
Item\ue000 4.\ue000
\ue000Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
\ue000 \ue000 42\ue000
\ue000
PART\ue000 II
\ue000
Item\ue000 5.
\ue000
\ue000
Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 Of
Equity\ue000 Securities
\ue000 \ue000 42\ue000
\ue000
Item\ue000 6.\ue000
\ue000Selected\ue000 Financial\ue000 Data
\ue000 \ue000 46\ue000
\ue000
Item\ue000 7.\ue000
\ue000Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
\ue000 \ue000 48\ue000
\ue000
Item\ue000 7a.\ue000
\ue000Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 About\ue000 Market\ue000 Risk
\ue000 \ue000 69\ue000
\ue000
Item\ue000 8.\ue000
\ue000Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
\ue000 \ue000 72\ue000
\ue000
Item\ue000 9.\ue000
\ue000Changes\ue000 In\ue000 and\ue000 Disagreements\ue000 With\ue000 Accountants\ue000 On\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
\ue000 \ue000 72\ue000
\ue000
Item\ue000 9a.\ue000
\ue000Controls\ue000 and\ue000 Procedures
\ue000 \ue000 72\ue000
\ue000
Item\ue000 9b.\ue000
\ue000Other\ue000 Information
\ue000 \ue000 75\ue000
\ue000
PART\ue000 III
\ue000
Item\ue000 10.\ue000
\ue000Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
\ue000 \ue000 75\ue000
\ue000
Item\ue000 11.\ue000
\ue000Executive\ue000 Compensation
\ue000 \ue000 75\ue000
\ue000
Item\ue000 12.
\ue000
\ue000
Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder
Matters
\ue000 \ue000 75\ue000
\ue000
Item\ue000 13.\ue000
\ue000Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
\ue000 \ue000 75\ue000
\ue000
Item\ue000 14.\ue000
\ue000Principal\ue000 Accountant\ue000 Fees\ue000 and\ue000 Services
\ue000 \ue000 75\ue000
\ue000
PART\ue000 IV
\ue000
Item\ue000 15.\ue000
\ue000Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
\ue000 \ue000 76\ue000
Signatures
\ue000 \ue000 113\ue000

\ue000EX-21.1 \ue000EX-23.1 \ue000EX-31.1 \ue000EX-31.2 \ue000EX-32.1 \ue000EX-32.2

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