Global, Leading Brands, Led by Talented, Experienced Teams

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

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

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

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%

-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

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. Minimal exposure to vulnerable venues due to strong lease termination rights which provide flexibility

6. Actively managing the store fleet 20 DISCIPLINED EXECUTION: REAL ESTATE

Victoria’s Secret Bath & Body Works

$815 $831 $835 $864 $836 $844 $774 $824 $725 $774

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

INDUSTRY-LEADING SALES PRODUCTIVITY15% Growth

Note: U.S. stores sales per Selling Square Foot 21

DISCIPLINED EXECUTION: REAL ESTATE

22 DISCIPLINED EXECUTION: REAL ESTATE

. High profitability across all mall types in North America

. Almost 30% of stores are not in malls

. Leases provide significant protection based on occupancy and co-tenancy provisions

. 23% in C malls with above fleet average profit rates and remaining average lease term of less than 2 years

. Minimal exposure in vulnerable venues due to strong lease termination rights which provide flexibility

DISCIPLINED EXECUTION: REAL ESTATE

Over the last 10 years: . Opened 732 stores primarily in top tier and off-mall venues . Closed 583 stores primarily in lower tier venues and to right-size the La Senza fleet

2008 - 2017 Open and Closed Stores

312 3,200 3,075 147 155

27 67 3,000 2,926 24

2 12 7 2,800 140

210 212 2,600 Store Openings

Store Closures 2,400

2,200

2,000 BOY 2008 Victoria's PINK Bath & Body Henri Bendel La Senza Victoria's EOY 2017 Secret Works Secret U.K. / China 24 DISCIPLINED EXECUTION: REAL ESTATE

Victoria's Secret U.S. Stores Bath & Body Works U.S. Stores 15% 15%

10% 10%

5% 5%

0% 0%

(5%) A A C (5%) C (10%) (10%) (15%)

(15%) (20%)

(20%) (25%) FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2016 2017 2016 2017

CONSISTENT COMP PERFORMANCE BETWEEN TOP AND BOTTOM MALL TIERS

DISCIPLINED EXECUTION: REAL ESTATE

Victoria’s Secret / PINK and Bath & Body Works real estate investments in the U.S. generate a profit rate of 19% and projected internal rates of return of 22%

Financial Returns1 Victoria’s Bath & Body L Brands Secret Works U.S.

Number of Stores 577 403 980 Projected Internal Rate of Return 19% 31% 22% Profit Rate 16% 28% 19%

1Includes stores since 2011 and have been open for at least one year 26 KEY TAKEAWAYS

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

SIGNIFICANT GROWTH OPPORTUNITY

$20+ BILLION THE BUSINESS WITH OPPORTUNITY A HIGH-TEENS OPERATING MARGIN

28 SIGNIFICANT GROWTH OPPORTUNITY

North America North America Direct Sales International Comp Stores Square Footage

Low to Flat to Up Mid to High Low to Mid Mid-Single Low-Single Teens Twenties Digits Digit

5 – 10% TOTAL SALES GROWTH

COMP STORE SALES GROWTH

North America Comp Stores . Strong brands which lead their categories – high emotional content and close connections with customers

. Frequent launches of compelling new merchandise – Low to Mid-Single leveraging speed Digits . Engaging store designs in best locations

. Speed, agility and disciplined management of inventory

. Passionate and capable sales force

30 ENGAGING STORE DESIGNS – DRIVE TRAFFIC AND CREATE EMOTIONAL EXPERIENCES

Robson and Burrard Streets – Vancouver, BC 31

ENGAGING STORE DESIGNS – DRIVE TRAFFIC AND CREATE EMOTIONAL EXPERIENCES

Roosevelt Field – Garden City, NY 32 ENGAGING STORE DESIGNS – DRIVE TRAFFIC AND CREATE EMOTIONAL EXPERIENCES

Easton Town Center – Columbus, OH 33

PASSIONATE AND CAPABLE SALES FORCE

. Selective recruitment and hiring

. Attractive pay and benefits

. Training and culture

. Stable, performance-oriented teams

34 SIGNIFICANT GROWTH OPPORTUNITY

North America North America Direct Sales International Comp Store Square Footage

Low to Flat to Up Mid to High Low to Mid Mid-Single Low-Single Teens Twenties Digits Digit

5 – 10% TOTAL SALES GROWTH

SIGNIFICANT GROWTH OPPORTUNITY

North America SSF Growth (CAGR)

2012 - 2016 2017 2018F

Victoria’s Secret / PINK

Gross 5% 2% 1%

Net of closures 4% 1% 0%

Bath & Body Works

Gross 2% 4% 5%

Net of closures 1% 3% 3%

L Brands

Gross 4% 3% 2%

Net of closures 2% 1% 1%

36 SIGNIFICANT GROWTH OPPORTUNITY

Performance-Based PERFORMANCE-BASEDPerformance Based

SIGNIFICANT GROWTH OPPORTUNITY

North America North America Direct Sales International Comp Stores Square Footage

Low to Flat to Up Mid to High Low to Mid Mid-Single Low-Single Teens Twenties Digits Digit

5 – 10% TOTAL SALES GROWTH

38 DIRECT CHANNEL GROWTH

A Very Significant, Profitable Business

. Nearly $2 billion in volume at greater than 20% operating income rate

. Organizational changes at Victoria’s Secret to integrate stores and direct channels – brand/customer focus

. Increasing investments (talent and dollars) to accelerate growth in North America and globally

DIRECT CHANNEL GROWTH

$2 Billion; > 20% Operating Income Rate

Digital Sales (Go-Forward) and Penetration 2013 - 2017 $2,200 18.0%

$2,000 16.0% $1,800

$1,600 14.0% Penetration $1,400

$1,200 12.0%

$1,000 10.0% $800

Sales ($USD) in Millions Sales ($USD) in $600 8.0% $400

$200 6.0% 2013 2014 2015 2016 20171 % Sales Growth 11% 18% 29% 13% 18%

1 2017 is based on 52 weeks. 40 SIGNIFICANT GROWTH OPPORTUNITY

North America North America Direct Sales International Comp Stores Square Footage

Low to Flat to Up Mid to High Low to Mid Mid-Single Low-Single Teens Twenties Digits Digit

5 – 10% TOTAL SALES GROWTH

SIGNIFICANT INTERNATIONAL GROWTH

Total VS & BBW International Segment ($ US millions)

Store Count 151 679 35%

Retail Sales1 $303 $1,296 34%

L Brands Recognized Revenue $132 $502 31%

Operating Income $4 $5 5%

1Represents total retail sales from company-owned and partner-owned stores; partner-owned sales may be unaudited and/or non-GAAP. 42 SIGNIFICANT GROWTH OPPORTUNITY OUTSIDE NORTH AMERICA

SIGNIFICANT GROWTH OPPORTUNITY OUTSIDE NORTH AMERICA

L Brands: Sales depicted are Retail Sales inclusive of both company-owned and franchise stores. 44 SHANGHAI

BEIJING

46 HONG KONG

CHENGDU WHAT HAVE WE LEARNED IN CHINA? • High brand awareness • Customers love the stores • We have a great price/value

WHAT ARE WE DOING NEXT? • Online to offline integration • Focus on the fundamentals • Invest in talent • Leverage brand assets …

2018 STORE GROWTH

Year End 2016 Year End 2017 New in 2018 Year End 2018 (F)

VSBA 422 426 ~15 ~441

VSFA 38 58 ~30 ~88

PINK (free standing) 810~5~15

BBW 159 185 ~50 ~235

Total Segment 627 679 ~100 ~779

50 KEY TAKEAWAYS

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

52 APPENDIX

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

This presentation contains certain unaudited “Adjusted” financial information which represents non-GAAP financial measures. The adjusted financial information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles. Further, the Company’s definition of adjusted income information may differ from similarly titled measures used by other companies. While it is not possible to predict future results, management believes the adjusted information is useful for the assessment of the ongoing operations of the Company. The adjusted financial information should be read in conjunction with the Company’s historical financial statements and notes thereto contained in the Company’s quarterly reports on Form 10-Q and annual report on Form 10-K. The following pages contain reconciliations of certain reported results to the adjusted results used in this presentation.

APPENDIX

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

2017 (in millions except per share amounts)

Reported Adjustments Adjusted

Net Sales$ 12,632 $ - $ 12,632

Gross Profit 4,959 - 4,959

General, Administrative and Store Operating Expenses 3,231 - 3,231

Operating Income 1,728 - 1,728

Earnings Per Share 3.42 0.22 3.20

The Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures reflect the following:

The "Adjustments" column includes the following: A $45.0 million pre-tax loss ($28.8 million net of tax of $16.2 million), included in other income (loss), associated with the early extinguishment of ˙ our June 2019 notes. · A $92.2 million tax benefit related to changes in U.S. tax legislation. 54 APPENDIX

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

2016 (in millions except per share amounts)

Reported Adjustments Adjusted

Net Sales$ 12,574 $ - $ 12,574

Gross Profit 5,125 11 5,136

General, Administrative and Store Operating Expenses 3,122 (24) 3,099

Operating Income 2,003 35 2,037

Earnings Per Share 3.98 (0.23) 3.74

The Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures reflect the following:

The "Adjustments" column includes the following: Pre-tax charges of $34.5 million ($21.4 million net of tax of $13.1 million) ˙ related to previously announced actions at Victoria’s Secret, including severance charges, fabric cancellations and the write-off of catalogue paper. A $108.3 million pre-tax gain ($70.2 million net of tax of $38.1 million), · included in other income, related to a $124.4 million cash distribution from Easton Town Center. A $35.8 million pre-tax loss ($22.4 million net of tax of $13.4 million), · included in other income, associated with the early extinguishment of our July 2017 notes. A $41.7 million tax benefit related to the favorable tax settlement of a · discrete tax matter. 55

APPENDIX

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

2015 (in millions except per share amounts)

Reported Adjustments Adjusted

Net Sales$ 12,154 $ - $ 12,154

Gross Profit 5,203 - 5,203

General, Administrative and Store Operating Expenses 3,012 - 3,012

Operating Income 2,192 - 2,192

Earnings Per Share 4.22 (0.23) 3.99

The Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures reflect the following:

The "Adjustments" column includes the following: A $78.1 million pre-tax gain ($69 million net of tax) included in other income ˙ related to the sale of our remaining interest in the third-party apparel sourcing business. 56 APPENDIX

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

2012 (in millions except per share amounts)

Reported Adjustments Adjusted

Net Sales $ 10,459 $ ‐ $ 10,459

Gross Profit 4,386 40 4,426

General, Administrative and Store Operating Expenses 2,720 (1) 2,719

Operating Income 1,573 134 1,707

Earnings Per Share 2.54 0.38 2.92

The Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures reflect the following:

The "Adjustments" column includes the following: A $93.2 million pre-tax charge ($91.2 million net of tax) related to the impairment of La Senza goodwill and other ˙ intangible assets; A $26.9 million pre-tax charge ($16.6 million net of tax), included in buying and occupancy expenses, related to the ˙ impairment of Henri Bendel store fixed assets; $14.0 million ($14.0 million net of tax) of store closure costs at La Senza; and ˙ A $12.7 million pre-tax gain ($8.2 million net of tax), included in other income and expense, from $13.4 million of ˙ cash distributions related to the company’s Easton investments. 57