UPDATE: Zoetis Names William Doyle to Board

Zoetis Inc.

, the world's leading animal health company, today announced that its Board of Directors has appointed William F. Doyle, a Member of Pershing Square Capital Management's Investment Team, to the company's Board of Directors, effective February 3. With the addition of Mr. Doyle, the Zoetis Board will expand to 10 directors. Zoetis and Pershing Square reached an agreement providing for Mr. Doyle's election as well as the election in the future of an additional independent director mutually acceptable to Zoetis and Pershing Square. "We welcome Bill to the Zoetis Board," said Zoetis Chief Executive Officer Juan Ramón Alaix. "He brings significant expertise and relevant industry and operational experience to Zoetis and I am confident he will provide valuable insight and perspectives as we continue to enhance our position as the world leader in animal health." "As the industry leader in the animal health market, Zoetis is an exceptional company with a diverse product portfolio and great long-term value creation potential," said William F. Doyle. "I look forward to working constructively with Juan Ramón, Zoetis management and the Board to deliver value for all shareholders over the long-term." Mr. Doyle has more than 20 years of experience in the healthcare industry. He is an Investment Team member at Pershing Square Capital Management, L.P. He is also the Co-Founder and Managing Partner at WFD Ventures LLC, which has provided equity financing and industry expertise to medical device, pharmaceutical and healthcare technology companies since 2003. From 1995 to 1999, he served as an executive at Johnson & Johnson. Previously, Mr. Doyle worked as a consultant with McKinsey & Company in its global healthcare practice. Mr. Doyle will serve on the Corporate Governance Committee. Pursuant to the agreement with Zoetis, Pershing Square and Sachem Head have agreed to certain customary standstill provisions.