Supplemental Guarantor Financial Information

The Company’s 2019 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes, 2035 Notes and 2036 Notes are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. 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 April 29, 2017, January 28, 2017 and April 30, 2016 and the Condensed Consolidating Statements of Income, Comprehensive Income and Cash Flows for the periods ended April 29, 2017 and April 30, 2016.

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)



	April 29, 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,207		$	348	$	—		$	1,555
Accounts Receivable, Net	1			130			82		—			213
Inventories	—			1,000			147		—			1,147
Other	—			130			107		—			237
Total Current Assets	1			2,467			684		—			3,152
Property and Equipment, Net	—			1,935			826		—			2,761
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,819			16,358			1,449		(22,626		)	—
Deferred Income Taxes	—			10			13		—			23
Other Assets	129			34			636		(612		)	187
Total Assets	$	4,949		$	22,533		$	3,638	$	(23,238	)	$	7,882
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	2		$	371		$	291	$	—		$	664
Accrued Expenses and Other	109			394			310		—			813
Current Portion of Long-term Debt	—			—			44		—			44
Income Taxes	(11		)	226			95		—			310
Total Current Liabilities	100			991			740		—			1,831
Deferred Income Taxes	(3		)	(86		)	449		—			360
Long-term Debt	5,702			597			—		(597		)	5,702
Other Long-term Liabilities	3			752			84		(15		)	824
Total Equity (Deficit)	(853		)	20,279			2,365		(22,626		)	(835		)
Total Liabilities and Equity (Deficit)	$	4,949		$	22,533		$	3,638	$	(23,238	)	$	7,882

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)



	January 28, 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,562		$	372	$	—		$	1,934
Accounts Receivable, Net	—			228			66		—			294
Inventories	—			976			120		—			1,096
Other	—			53			88		—			141
Total Current Assets	—			2,819			646		—			3,465
Property and Equipment, Net	—			1,897			844		—			2,741
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,923			15,824			1,350		(22,097		)	—
Deferred Income Taxes	—			10			9		—			19
Other Assets	130			28			639		(611		)	186
Total Assets	$	5,053		$	22,307		$	3,518	$	(22,708	)	$	8,170
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	326		$	354	$	—		$	683
Accrued Expenses and Other	100			526			371		—			997
Current Portion of Long-term Debt	—			—			36		—			36
Income Taxes	(11		)	221			88		—			298
Total Current Liabilities	92			1,073			849		—			2,014
Deferred Income Taxes	(3		)	(93		)	448		—			352
Long-term Debt	5,700			597			—		(597		)	5,700
Other Long-term Liabilities	3			761			81		(14		)	831
Total Equity (Deficit)	(739		)	19,969			2,140		(22,097		)	(727		)
Total Liabilities and Equity (Deficit)	$	5,053		$	22,307		$	3,518	$	(22,708	)	$	8,170

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEET

(in millions)

(Unaudited)



	April 30, 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	888		$	379	$	—		$	1,267
Accounts Receivable, Net	2			189			58		—			249
Inventories	—			1,121			145		—			1,266
Other	—			121			88		—			209
Total Current Assets	2			2,319			670		—			2,991
Property and Equipment, Net	—			1,627			796		—			2,423
Goodwill	—			1,318			30		—			1,348
Trade Names and Other Intangible Assets, Net	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,551			14,752			1,363		(20,666		)	—
Deferred Income Taxes	—			11			18		—			29
Other Assets	140			37			658		(611		)	224
Total Assets	$	4,693		$	20,475		$	3,535	$	(21,277	)	$	7,426
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	1		$	387		$	332	$	—		$	720
Accrued Expenses and Other	110			432			291		—			833
Current Portion of Long-term Debt	—			—			8		—			8
Income Taxes	—			13			31		—			44
Total Current Liabilities	111			832			662		—			1,605
Deferred Income Taxes	(3		)	(76		)	348		—			269
Long-term Debt	5,713			598			5		(598		)	5,718
Other Long-term Liabilities	—			705			229		(14		)	920
Total Equity (Deficit)	(1,128		)	18,416			2,291		(20,665		)	(1,086		)
Total Liabilities and Equity (Deficit)	$	4,693		$	20,475		$	3,535	$	(21,277	)	$	7,426

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)



	First Quarter 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,310		$	696		$	(569	)	$	2,437
Costs of Goods Sold, Buying and Occupancy	—			(1,486		)	(571		)	523			(1,534		)
Gross Profit	—			824			125			(46		)	903
General, Administrative and Store Operating Expenses	(4		)	(635		)	(90		)	35			(694		)
Operating Income (Loss)	(4		)	189			35			(11		)	209
Interest Expense	(100		)	(11		)	(3		)	13			(101		)
Other Income	—			3			7			—			10
Income (Loss) Before Income Taxes	(104		)	181			39			2			118
Provision for Income Taxes	—			20			4			—			24
Equity in Earnings (Loss), Net of Tax	198			179			150			(527		)	—
Net Income (Loss)	$	94		$	340		$	185		$	(525	)	$	94

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	First Quarter 2017
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	94	$	340	$	185		$	(525	)	$	94
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		3			—			3
Unrealized Gain on Cash Flow Hedges	—		—		9			—			9
Reclassification of Cash Flow Hedges to Earnings	—		—		(6		)	—			(6		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		6			—			6
Total Comprehensive Income (Loss)	$	94	$	340	$	191		$	(525	)	$	100

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF INCOME

(in millions)

(Unaudited)



	First Quarter 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,472		$	858		$	(716	)	$	2,614
Costs of Goods Sold, Buying and Occupancy	—			(1,539		)	(711		)	679			(1,571		)
Gross Profit	—			933			147			(37		)	1,043
General, Administrative and Store Operating Expenses	(3		)	(639		)	(113		)	35			(720		)
Operating Income (Loss)	(3		)	294			34			(2		)	323
Interest Expense	(97		)	(9		)	(2		)	11			(97		)
Other Income	—			1			6			—			7
Income (Loss) Before Income Taxes	(100		)	286			38			9			233
Provision for Income Taxes	—			62			19			—			81
Equity in Earnings (Loss), Net of Tax	252			62			68			(382		)	—
Net Income (Loss)	$	152		$	286		$	87		$	(373	)	$	152

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	First Quarter 2016
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	152	$	286	$	87		$	(373	)	$	152
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		8			—			8
Unrealized Loss on Cash Flow Hedges	—		—		(16		)	—			(16		)
Reclassification of Cash Flow Hedges to Earnings	—		—		14			—			14
Unrealized Loss on Marketable Securities	—		—		(1		)	—			(1		)
Reclassification of Gain on Marketable Securities to Earnings	—		—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	—		—		2			—			2
Total Comprehensive Income (Loss)	$	152	$	286	$	89		$	(373	)	$	154

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2017
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(96	)	$	181		$	(78	)	$	—	$	7
Investing Activities:
Capital Expenditures	—			(135		)	(30		)	—		(165		)
Return of Capital from Easton Investments	—			—			10			—		10
Net Cash Used for Investing Activities	—			(135		)	(20		)	—		(155		)
Financing Activities:
Borrowings from Foreign Facilities	—			—			9			—		9
Repayments on Foreign Facilities	—			—			(1		)	—		(1		)
Dividends Paid	(172		)	—			—			—		(172		)
Repurchases of Common Stock	(85		)	—			—			—		(85		)
Tax Payments related to Share-based Awards	(17		)	—			—			—		(17		)
Net Financing Activities and Advances to/from Consolidated Affiliates	334			(401		)	67			—		—
Proceeds from Exercise of Stock Options	36			—			—			—		36
Net Cash Provided by (Used for) Financing Activities	96			(401		)	75			—		(230		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1		)	—		(1		)
Net Decrease in Cash and Cash Equivalents	—			(355		)	(24		)	—		(379		)
Cash and Cash Equivalents, Beginning of Period	—			1,562			372			—		1,934
Cash and Cash Equivalents, End of Period	$	—		$	1,207		$	348		$	—	$	1,555

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2016
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(47	)	$	(25	)	$	29		$	—	$	(43	)
Investing Activities:
Capital Expenditures	—			(140		)	(47		)	—		(187		)
Return of Capital from Easton Investments	—			—			1			—		1
Acquisition, Net of Cash Acquired of $1	—			—			(31		)	—		(31		)
Proceeds from Sale of Marketable Securities	—			—			10			—		10
Other Investing Activities	—			2			—			—		2
Net Cash Used for Investing Activities	—			(138		)	(67		)	—		(205		)
Financing Activities:
Borrowings from Foreign Facilities	—			—			6			—		6
Dividends Paid	(750		)	—			—			—		(750		)
Repurchases of Common Stock	(260		)	—			—			—		(260		)
Tax Payments related to Share-based Awards	(40		)	—			—			—		(40		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,087			(1,138		)	51			—		—
Proceeds from Exercise of Stock Options	10			—			—			—		10
Financing Costs and Other	—			(1		)	—			—		(1		)
Net Cash Provided by (Used for) Financing Activities	47			(1,139		)	57			—		(1,035		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			2			—		2
Net Increase (Decrease) in Cash and Cash Equivalents	—			(1,302		)	21			—		(1,281		)
Cash and Cash Equivalents, Beginning of Period	—			2,190			358			—		2,548
Cash and Cash Equivalents, End of Period	$	—		$	888		$	379		$	—	$	1,267