Supplemental Guarantor Financial Information

The Company’s 2019 Notes, 2020 Notes, 2021 Notes and 2022 Notes are jointly and severally guaranteed on a full and unconditional basis by certain of the Company’s 100% owned subsidiaries. The Company is a holding company and its most significant assets are the stock of its subsidiaries. The Guarantors represent: (a) substantially all of the sales of the Company’s domestic subsidiaries, (b) more than 90% of the assets owned by the Company’s domestic subsidiaries, other than real property, certain other assets and intercompany investments and balances and (c) more than 95% of the accounts receivable and inventory directly owned by the Company’s domestic subsidiaries.

The following supplemental financial information sets forth for the Company and its guarantor and non-guarantor subsidiaries: the Condensed Consolidating Balance Sheets as of May 4, 2013, February 2, 2013 and April 28, 2012; and the Condensed Consolidating Statements of Income, Comprehensive Income and Cash Flows for the periods ended May 4, 2013 and April 28, 2012.

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)



	May 4, 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	166		$	216		$	—		$	382
Accounts Receivable, Net	—			120			55			—			175
Inventories	—			961			154			—			1,115
Deferred Income Taxes	—			38			(10		)	—			28
Other	2			127			75			—			204
Total Current Assets	2			1,412			490			—			1,904
Property and Equipment, Net	—			1,033			817			—			1,850
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			1			—			412
Net Investments in and Advances to/from Consolidated Affiliates	3,352			13,765			323			(17,440		)	—
Other Assets	186			8			710			(612		)	292
Total Assets	$	3,540		$	17,947		$	2,341		$	(18,052	)	$	5,776
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	296		$	265		$	—		$	561
Accrued Expenses and Other	62			342			249			—			653
Income Taxes	—			32			24			—			56
Total Current Liabilities	62			670			538			—			1,270
Deferred Income Taxes	(4		)	(4		)	214			—			206
Long-term Debt	4,475			597			—			(597		)	4,475
Other Long-term Liabilities	4			630			200			(15		)	819
Total Equity (Deficit)	(997		)	16,054			1,389			(17,440		)	(994		)
Total Liabilities and Equity (Deficit)	$	3,540		$	17,947		$	2,341		$	(18,052	)	$	5,776

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)



	February 2, 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	417		$	356		$	—		$	773
Accounts Receivable, Net	—			140			63			—			203
Inventories				847			157			—			1,004
Deferred Income Taxes	—			39			(10		)	—			29
Other	2			117			77			—			196
Total Current Assets	2			1,560			643			—			2,205
Property and Equipment, Net	—			1,001			802			—			1,803
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			1			—			412
Net Investments in and Advances to/from Consolidated Affiliates	3,348			13,968			624			(17,940		)	—
Other Assets	188			8			696			(611		)	281
Total Assets	$	3,538		$	18,266		$	2,766		$	(18,551	)	$	6,019
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	291		$	250		$	—		$	541
Accrued Expenses and Other	78			425			304			—			807
Income Taxes	1			134			55			—			190
Total Current Liabilities	79			850			609			—			1,538
Deferred Income Taxes	(4		)	(9		)	213			—			200
Long-term Debt	4,477			597			—			(597		)	4,477
Other Long-term Liabilities	4			625			204			(15		)	818
Total Equity (Deficit)	(1,018		)	16,203			1,740			(17,939		)	(1,014		)
Total Liabilities and Equity (Deficit)	$	3,538		$	18,266		$	2,766		$	(18,551	)	$	6,019

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)



	April 28, 2012
	L Brands, Inc.			Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	736	$	550	$	—		$	1,286
Accounts Receivable, Net	1			95		62		—			158
Inventories	—			911		189		—			1,100
Deferred Income Taxes	—			33		17		—			50
Other	—			137		85		—			222
Total Current Assets	1			1,912		903		—			2,816
Property and Equipment, Net	—			917		772		—			1,689
Goodwill	—			1,318		12		—			1,330
Trade Names and Other Intangible Assets, Net	—			410		85		—			495
Net Investments in and Advances to/from Consolidated Affiliates	4,278			13,641		544		(18,463		)	—
Other Assets	211			43		680		(648		)	286
Total Assets	$	4,490		$	18,241	$	2,996	$	(19,111	)	$	6,616
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	9		$	307	$	220	$	—		$	536
Accrued Expenses and Other	80			343		268		—			691
Current Portion of Long-term Debt	57			—		—		—			57
Income Taxes	—			—		6		—			6
Total Current Liabilities	146			650		494		—			1,290
Deferred Income Taxes	(6		)	16		181		—			191
Long-term Debt	4,480			597		36		(633		)	4,480
Other Long-term Liabilities	6			582		212		(14		)	786
Total Equity (Deficit)	(136		)	16,396		2,073		(18,464		)	(131		)
Total Liabilities and Equity (Deficit)	$	4,490		$	18,241	$	2,996	$	(19,111	)	$	6,616

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	First Quarter 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,073		$	748		$	(553	)	$	2,268
Costs of Goods Sold, Buying and Occupancy	—			(1,246		)	(610		)	529			(1,327		)
Gross Profit	—			827			138			(24		)	941
General, Administrative and Store Operating Expenses	(2		)	(552		)	(100		)	24			(630		)
Operating Income (Loss)	(2		)	275			38			—			311
Interest Expense	(79		)	(6		)	(3		)	9			(79		)
Other Income (Loss)	—			2			3			(2		)	3
Income (Loss) Before Income Taxes	(81		)	271			38			7			235
Provision for Income Taxes	—			64			28			—			92
Equity in Earnings (Loss), Net of Tax	224			51			37			(312		)	—
Net Income (Loss)	$	143		$	258		$	47		$	(305	)	$	143

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	First Quarter 2013
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	143	$	258	$	47		$	(305	)	$	143
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(6		)	—			(6		)
Foreign Currency Translation	—		—		4			—			4
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		1			—			1
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(1		)	—			(1		)
Total Comprehensive Income	$	143	$	258	$	46		$	(305	)	$	142

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	First Quarter 2012
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	1,994		$	629		$	(469	)	$	2,154
Costs of Goods Sold, Buying and Occupancy	—			(1,169		)	(526		)	443			(1,252		)
Gross Profit	—			825			103			(26		)	902
General, Administrative and Store Operating Expenses	(2		)	(544		)	(87		)	24			(609		)
Operating Income (Loss)	(2		)	281			16			(2		)	293
Interest Expense	(78		)	(7		)	(2		)	9			(78		)
Other Income (Loss)	1			2			(2		)	(3		)	(2		)
Income (Loss) Before Income Taxes	(79		)	276			12			4			213
Provision for Income Taxes	—			66			22			—			88
Equity in Earnings (Loss), Net of Tax	204			(70		)	91			(225		)	—
Net Income (Loss)	$	125		$	140		$	81		$	(221	)	$	125

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	First Quarter 2012
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	125	$	140	$	81		$	(221	)	$	125
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	1		—		11			—			12
Foreign Currency Translation	—		—		(4		)	—			(4		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	1		—		4			—			5
Total Comprehensive Income	$	126	$	140	$	85		$	(221	)	$	130

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)



	First Quarter 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Used for Operating Activities	$	(96	)	$	(9	)	$	(15	)	$	—		$	(120	)
Investing Activities:
Capital Expenditures	—			(97		)	(52		)	—			(149		)
Net Investments in Consolidated Affiliates	—			—			(112		)	112			—
Other Investing Activities	—			—			(9		)	—			(9		)
Net Cash Provided by (Used for) Investing Activities	—			(97		)	(173		)	112			(158		)
Financing Activities:
Repurchase of Common Stock	(55		)	—			—			—			(55		)
Dividends Paid	(87		)	—			—			—			(87		)
Excess Tax Benefits from Share-based Compensation	—			16			4			—			20
Net Financing Activities and Advances to/from Consolidated Affiliates	228			(161		)	45			(112		)	—
Proceeds from Exercise of Stock Options and Other	10			—			—			—			10
Net Cash Provided by (Used for) Financing Activities	96			(145		)	49			(112		)	(112		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1		)	—			(1		)
Net Decrease in Cash and Cash Equivalents	—			(251		)	(140		)	—			(391		)
Cash and Cash Equivalents, Beginning of Period	—			417			356			—			773
Cash and Cash Equivalents, End of Period	$	—		$	166		$	216		$	—		$	382

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)



	First Quarter 2012
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(116	)	$	(84	)	$	17		$	—	$	(183	)
Investing Activities:
Capital Expenditures	—			(66		)	(70		)	—		(136		)
Other Investing Activities	—			8			4			—		12
Net Cash Used for Investing Activities	—			(58		)	(66		)	—		(124		)
Financing Activities:
Proceeds from Long-term Debt, Net of Issuance Costs	985			—			—			—		985
Repurchase of Common Stock	(376		)	—			—			—		(376		)
Dividends Paid	(73		)	—			—			—		(73		)
Excess Tax Benefits from Share-based Compensation	—			70			17			—		87
Net Financing Activities and Advances to/from Consolidated Affiliates	(453		)	437			16			—		—
Proceeds from Exercise of Stock Options and Other	33			—			—			—		33
Net Cash Provided by Financing Activities	116			507			33			—		656
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			2			—		2
Net Increase (Decrease) in Cash and Cash Equivalents	—			365			(14		)	—		351
Cash and Cash Equivalents, Beginning of Period	—			371			564			—		935
Cash and Cash Equivalents, End of Period	$	—		$	736		$	550		$	—	$	1,286