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Global, Leading Brands, Led by Talented, Experienced Teams

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Global, Leading Brands, Led by Talented, Experienced Teams 1 KEY TAKEAWAYS Global, leading brands, led by talented, experienced teams – High emotional content – Highly attractive retail categories of intimate apparel and personal care and beauty – Deep customer engagement Disciplined execution; strong capabilities – Close connections to customers – Speed and agility – Disciplined financial management – Proactive management of real estate Significant growth opportunities in North America and internationally 2 STRONG BRANDS – LEAD THEIR CATEGORIES, HIGH EMOTIONAL CONTENT Victoria’s Secret Victoria’s Secret PINK . Victoria's Secret ranks as #1 brand for . Leading specialty collegiate brand millennials1 – More than $3 Billion in global retail . #1 fashion brand worldwide on sales Facebook, Twitter and Instagram – 15+ Million + PINK Nation members – 500,000+ students attend our events – 57 million Instagram followers every year – 11 million Twitter followers – 27 million Facebook fans Victoria’s Secret Lingerie Victoria’s Secret Beauty . #1 lingerie brand . More than $1.5 Billion in global retail sales – Nearly $4 Billion in global retail sales . 4 of the top 20 fragrances in the U.S. – #1 in dollar share for bras and – Bombshell panties – Tease – Global brand leader in awareness – Very Sexy – Heavenly 1Source: Conde Nast Inc., Goldman Sachs Group Inc. 3 STRONG BRANDS – LEAD THEIR CATEGORIES, HIGH EMOTIONAL CONTENT Bath & Body Works One of the largest specialty personal care and home fragrance brands in the world – Nearly $4.5 Billion in global retail sales – In 2017, Bath & Body Works had ~140 million transactions – 185 stores outside North America with strong customer response #1 Branded Specialty Retailer in North America for: – Three-wick candles – Fragrance diffuser for the home … Wallflower – Moisturizers – Fine fragrance mist – Shower gel – Hand sanitizer – Liquid hand soap 4 STRONG BRANDS PROFITABLE GROWTH Sales1 Operating Income1 ($Billions) ($Billions) $12.2 $12.6 $12.5 $2.19 $11.5 $2.04 $10.8 $1.95 $1.74 $1.68 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 % Growth 4% 6% 6% 3% -1% % Growth 5% 12% 12% -7% -17% 1 On an adjusted basis. 2017 is based on 52 weeks. 5 STRONG BRANDS PROFITABLE GROWTH Significant growth over the past five years Revenue (52 weeks) % $USD Billions 2013 2017 Inc/(Dec) Total L Brands $10.8 $12.5 16% Victoria's Secret Lingerie (Go‐Forward) $3.1 $3.4 10% PINK $1.8 $3.0 61% Victoria's Secret Beauty $1.0 $1.0 5% Category Exits* $1.0 ($0.0) nm Victoria's Secret $6.9 $7.3 6% Bath & Body Works $3.1 $4.1 32% International $0.2 $0.5 123% *Category exits include apparel, swim and makeup 6 STRONG BRANDS PROFITABLE GROWTH 29 CONSECUTIVE QUARTERS OF SALES GROWTH FROM 2009-2016 7 STRONG BRANDS SIGNIFICANT CASH FLOW ($ in Millions) 2012 2013 2014 2015 2016 2017 Operating Cash Flow1 1,553 1,323 1,877 2,027 1,990 1,406 Capital Expenditures (588) (691) (715) (727) (990) (707) Free Cash Flow1 965 632 1,162 1,301 1,000 699 Regular Dividend (296) (349) (399) (587) (683) (686) Retained Cash Flow1 669 283 763 714 317 13 1Restated to reflect the required change in presentation related to the new accounting standard for stock-based compensation adopted in 2017. 8 STRONG BRANDS SIGNIFICANT CASH RETURNED TO SHAREHOLDERS CASH DISTRIBUTION1 SINCE 2012 Regular Dividends $3.0 Billion Special Dividends $2.6 Billion Share Repurchases2 $2.1 Billion Total $7.8 Billion 1Reflects cash distributions from fiscal 2012 through February 2, 2018. 2From fiscal 2012 through February 2, 2018, 37.1 million shares were repurchased at an average price of $57.71 per share. 9 STRONG BRANDS SIGNIFICANT CASH RETURNED TO SHAREHOLDERS Regular Dividend per Share - 19% CAGR $2.40 $2.40 $2.00 $1.36 $1.20 $1.00 2012 2013 2014 2015 2016 2017 10 STRONG BRANDS SUPERIOR SHAREHOLDER RETURNS 1-year Total Return 5-year Total Return 10-year Total Return 1 Abercrombie & Fitch 82.1% 1 Best Buy 37.8% 1 Home Depot 24.2% 2 Best Buy 68.9% 2 Children's Place 26.8% 2 Children's Place 21.4% Median of 3 Children's Place 45.2% Median of 3 Home Depot 23.6% Median of 3TJX 19.6% quartile: 4Gap 44.9% quartile: 4TJX 14.8% quartile: 4 Fast Retailing 19.5% 45.1% 5 American Eagle 41.7% 19.2% 5 Walgreen Co. 13.8% 19.5% 5 L Brands 18.7% 6 Buckle 40.1% 6 Fast Retailing 11.1% 6 Foot Locker 16.1% 7 Coach 39.6% 7 Tiffany & Co. 10.3% 7 Inditex 15.9% 8 Target 39.0% 8 Wal-Mart Stores 7.2% 8 Tiffany & Co. 12.7% Median of 9 Ralph Lauren 37.4% Median of 9 Target 6.8% Median of 9 Walgreen Co. 9.0% quartile: 10 Wal-Mart Stores 31.0% quartile: 10 Foot Locker 5.2% quartile: 10 Wal-Mart Stores 8.6% 34.2% 11 Home Depot 24.2% 6.0% 11 Inditex 5.0% 8.8% 11 Best Buy 8.3% 12 Li & Fung 19.6% 12 Coach 4.6% 12 Gap 8.0% 13 Tiffany & Co. 15.7% 13 L Brands 3.8% 13 Giordano 7.9% 14 Fast Retailing 11.2% 14 Gap 3.1% 14 Coach 7.6% Median of 15 TJX 8.7% Median of 15 American Eagle 3.0% Median of 15 Ralph Lauren 6.7% quartile: 16 Giordano (1.9%) quartile: 16 Buckle (4.9%) quartile: 16 Target 6.3% 3.4% 17 L Brands (11.9%) (1.0%) 17 Giordano (7.0%) 6.5% 17 Buckle 5.0% 18 Walgreen Co. (15.4%) 18 H&M (7.3%) 18 American Eagle 3.6% 19 Inditex (19.6%) 19 Ralph Lauren (7.8%) 19 Chico's 1.9% 20 Chico's (28.3%) 20 Chico's (8.6%) 20 H&M 1.1% Median of 21 H&M (41.9%) Median of 21 Abercrombie & Fitch (11.7%) Median of 21 Bed Bath & Beyond (2.6%) quartile: 22 Bed Bath & Beyond (44.6%) quartile: 22 Li & Fung (13.3%) quartile: 22 Li & Fung (8.6%) (44.6%) 23 Ascena Retail Group (45.1%) (13.3%) 23 Bed Bath & Beyond (16.4%) (8.6%) 23 Ascena Retail Group (9.4%) 24 Foot Locker (46.2%) 24 Esprit Holdings (21.0%) 24 Abercrombie & Fitch (10.0%) 25 Esprit Holdings (57.4%) 25 Ascena Retail Group (31.7%) 25 Esprit Holdings (27.0%) S&P 500 15.2% S&P 500 14.5% S&P 500 9.6% S&P Retail Index 38.5% S&P Retail Index 24.0% S&P Retail Index 19.2% For periods ending March 2, 2018; LB Stock Price of $43.35 11 KEY TAKEAWAYS Global, leading brands, led by talented, experienced teams – High emotional content – Highly attractive retail categories of intimate apparel and personal care and beauty – Deep customer engagement Disciplined execution; strong capabilities – Close connections to customers – Speed and agility – Disciplined financial management – Proactive management of real estate Significant growth opportunities in North America and internationally 12 DISCIPLINED EXECUTION: SPEED AND AGILITY 92% 2017 fourth quarter open to buy at beginning of Fall season 13 DISCIPLINED EXECUTION: SPEED AND AGILITY SHIP TO ORDER MANUFACTURE DISTRIBUTION SHIP TO STORE CENTER Examples: Victoria’s Secret / PINK Panties 14 Days Fragrant Body Care (lotion, shower gel and fine fragrance mist) 21 Days 14 DISCIPLINED EXECUTION: INVENTORY MANAGEMENT 15% 10% 5% 0% -5% -10% -15% 2013 2014 2015 2016 2017 Sales1 Inventory PSSF 1 Company owned store sales. 15 DISCIPLINED EXECUTION: INVENTORY MANAGEMENT 4.3 4.1 4.2 3.9 3.6 Average dollar turn Average 2013 2014 2015 2016 2017 16 DISCIPLINED EXECUTION: EXPENSE LEVERAGE 7% 6% 5% 4% 3% 2% 1% 0% -1% -2% 2013 2014 2015 2016 2017 Sales 1 Expenses 1 2017 is based on 52 weeks. 17 DISCIPLINED EXECUTION 3 3 ($ in Billions) 2005 2012 2013 2014 2015 2016 2017 Balance Sheet Debt $1.7 $4.5 $5.0 $4.8 $5.7 $5.7 $5.8 Capitalized Lease Obligations1 $4.6 $4.6 $4.9 $5.2 $5.5 $6.1 $6.4 Total Adjusted Debt $6.3 $9.1 $9.9 $9.9 $11.2 $11.8 $12.2 EBITDAR2 $1.9 $2.6 $2.7 $3.0 $3.3 $3.3 $3.1 Adjusted Debt / EBITDAR 3.3x 3.4x 3.6x 3.3x 3.4x 3.6x 4.0x End of Year Cash $1.2 $0.8 $1.5 $1.7 $2.5 $1.9 $1.5 Debt Rating at End of Year BBB/ BB+/ BB+/ BB+/ BB+/ BB+/ BB+/ (S&P/Moody's/Fitch) Baa2/NR Ba1/BB+ Ba1/BB+ Ba1/BB+ Ba1/BB+ Ba1/BB+ Ba1/BB+ BALANCED, PROACTIVE CAPITAL STRUCTURE 1Calculated as 8 times total rent expense, including all businesses owned at the time. 2Adjusted operating income, excluding depreciation & amortization and total rent expense, including all businesses owned at the time. 3The fiscal year 2012 (year ending 2/2/2013) and 2017 (year ending 2/3/2018) represents a 53 week fiscal year. 18 DISCIPLINED EXECUTION ($ in millions) $1,200 $1,000 $1,000 $1,000 $1,000 $1,000 $800 $700 $600 $500 $500 $400 $400 $350 $300 $200 $0 7.00% 6.625% 5.625% 5.625% 5.25% 6.95% 6.875% 6.75% 7.60% Revolver Bonds MATURITY PROFILE PROVIDES FLEXIBILITY 19 DISCIPLINED EXECUTION: REAL ESTATE 1. Performance based investment – we can and do adjust spending levels based on performance 2. High sales per foot productivity 3. Strong financial profile – Project IRR’s of ~20% – ROIC in the mid-teens – 99% of stores are cash flow positive 4. Diverse real estate portfolio across venue tiers and types 5.
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