<SEC-DOCUMENT>0001140361-21-024247.txt : 20210713
<SEC-HEADER>0001140361-21-024247.hdr.sgml : 20210713
<ACCEPTANCE-DATETIME>20210713164505
ACCESSION NUMBER:		0001140361-21-024247
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210713
DATE AS OF CHANGE:		20210713

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			L Brands, Inc.
		CENTRAL INDEX KEY:			0000701985
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-WOMEN'S CLOTHING STORES [5621]
		IRS NUMBER:				311029810
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0129

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-229414
		FILM NUMBER:		211088374

	BUSINESS ADDRESS:	
		STREET 1:		THREE LIMITED PKWY
		STREET 2:		P O BOX 16000
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216
		BUSINESS PHONE:		6144157000

	MAIL ADDRESS:	
		STREET 1:		THREE LIMITED PARKWAY
		STREET 2:		P.O. BOX 16000
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIMITED BRANDS INC
		DATE OF NAME CHANGE:	20020613

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIMITED INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			L Brands, Inc.
		CENTRAL INDEX KEY:			0000701985
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-WOMEN'S CLOTHING STORES [5621]
		IRS NUMBER:				311029810
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0129

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		THREE LIMITED PKWY
		STREET 2:		P O BOX 16000
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216
		BUSINESS PHONE:		6144157000

	MAIL ADDRESS:	
		STREET 1:		THREE LIMITED PARKWAY
		STREET 2:		P.O. BOX 16000
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIMITED BRANDS INC
		DATE OF NAME CHANGE:	20020613

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIMITED INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>nt10026698x3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Issuer Free Writing Prospectus dated July 13, 2021<br>
        Filed Pursuant to Rule 433<br>
      </font></div>
    <div style="text-align: right;"><font style="font-weight: bold;"> Relating to Preliminary Prospectus dated July 13, 2021<br>
      </font></div>
    <div style="text-align: right;"><font style="font-weight: bold;"> Registration Statement No. 333-229414<br>
      </font><br>
    </div>
    <div><font style="font-weight: bold;"> <br>
      </font></div>
    <font style="font-weight: bold;"> </font>
    <div style="text-align: center;"><img src="nt10026698x3_image01.jpg" height="66" border="0" width="270"></div>
    <div><br>
    </div>
    <div style="text-align: center; margin-left: 7.5pt; font-weight: bold;">L BRANDS REPORTS SECOND QUARTER-TO-DATE 2021 SALES AND INCREASES SECOND QUARTER EARNINGS GUIDANCE</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-left: 25.5pt; font-weight: bold;">&#8211; ANNOUNCES BATH &amp; BODY WORKS CAPITAL STRUCTURE ACTIONS, INCLUDING AUTHORIZATION OF $1.5 BILLION SHARE REPURCHASE PROGRAM &#8211;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Columbus, Ohio (July 13, 2021) &#8212; L Brands, Inc. (NYSE: LB) reported net sales of $2.351 billion for the nine weeks ended July 3, 2021, compared to net sales of $1.369 billion for the nine weeks ended July 4, 2020.&#160;
      Second quarter 2020 sales were negatively impacted by the closure of stores for approximately half the quarter due to the COVID-19 pandemic.&#160; Sales for the first nine weeks of the second quarter of 2021 increased 12 percent compared to sales of
      $2.101 billion for the same period of 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Bath &amp; Body Works net sales were $1.239 billion for the nine-week period ended July 3, 2021, compared to net sales of $743.5 million for the nine weeks ended July 4, 2020.&#160; Bath &amp; Body Works sales for the first
      nine weeks of the second quarter of 2021 increased 48 percent compared to the same period of 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Victoria&#8217;s Secret net sales were $1.112 billion for the nine-week period ended July 3, 2021, compared to net sales of $625.7 million for the nine weeks ended July 4, 2020.&#160; Victoria&#8217;s Secret comparable sales for the
      first nine weeks of the second quarter of 2021 increased 3 percent compared to the same period in 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Second quarter-to-date sales in 2021 for both Bath &amp; Body Works and Victoria&#8217;s Secret were negatively impacted by a later start to their semi-annual sales compared to 2019.</div>
    <div style="text-align: justify;"><br>
    </div>
    <div style="text-align: justify;">The company currently expects to report second quarter earnings per share between $1.20 and $1.30, compared to its previous guidance of $0.80 to $1.00.&#160; Under its current segment reporting, the company currently
      expects to report second quarter operating income of more than $400 million for the Bath &amp; Body Works segment, and more than $200 million for the Victoria&#8217;s Secret segment. The increase to the company&#8217;s previous second quarter earnings guidance
      was principally driven by higher than forecasted merchandise margin rates, as strong customer response to merchandise assortments and disciplined inventory management enabled a reduction in promotional activity. The company plans to report second
      quarter earnings after the close of the market on August 18, 2021.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Bath &amp; Body Works Capital Structure Actions</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">The company also today announced the go-forward capital structure for the standalone Bath &amp; Body Works business, subsequent to the spin-off of Victoria&#8217;s Secret &amp; Co. The Bath &amp; Body Works capital structure
      will include:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z95406e35c3a34ed09719dc30114fe280" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">An authorization of a new $1.5 billion share repurchase program. This program will replace the previous $500 million share repurchase program announced in March 2021, which had $36.2 million remaining. Under
                this previous program, the company had repurchased a total of 7 million shares for $463.8 million.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z25fd11a4d78345b48a0c60fa57a9e81f" cellpadding="0" cellspacing="0">

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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">An intent to reduce debt by up to $500 million.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z20cad0f510834093bb611cedf1b47872" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">A targeted adjusted debt to EBITDAR leverage ratio in the mid-2x range.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z97e848a3c89b4faab10af5670f6caa9b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">The continuation of L Brands&#8217; current annual dividend of $0.60 per share.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><img src="nt10026698x3_image02.jpg" height="33" width="237"></div>
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    <div><br>
    </div>
    <div style="font-weight: bold;"><u>ABOUT L BRANDS:</u></div>
    <div>L Brands, through Bath &amp; Body Works, Victoria&#8217;s Secret and PINK, is an international company.&#160; The company operates 2,684 company-operated specialty stores in the United States, Canada and Greater China, in more than 700 franchised locations
      worldwide and through its websites worldwide.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995</u></div>
    <div style="text-align: justify;">We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our company or our management involve risks
      and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking
      statements. Words such as &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;planned,&#8221; &#8220;potential&#8221; and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among
      others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this
      press release or otherwise made by our company or our management:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8aa95a76dd374eaf8c0f5e91c490a70a" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the spin-off of the Victoria&#8217;s Secret business (the &#8220;spin-off&#8221;) may not be consummated within the anticipated time period or at all;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb8d4eeefbaa2455fb41fcb3e18689aba" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">disruption to our business in connection with the proposed spin-off and that we could lose revenue as a result of such disruption;</div>
            </td>
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      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5168e8bbd2bc41e29e085f8e1930c122" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the spin-off may not be tax-free for U.S. federal income tax purposes;</div>
            </td>
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      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9f29c11d95684b6182a4ff8a3a3d46d5" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">a loss of synergies from separating the businesses that could negatively impact the balance sheet, profit margins or earnings of both businesses or that the companies resulting from the spin-off do not
                realize all of the expected benefits of the spin-off;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze471a32f84494594b8c0473a7f3be392" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the combined value of the common stock of the two publicly-traded companies will not be equal to or greater than the value of our common stock had the spin-off not occurred;</div>
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    </div>
    <div>
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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Victoria&#8217;s Secret has no history of operating as an independent company, and its historical combined and unaudited pro forma financial information is not necessarily representative of the results that it
                would have achieved as an independent, publicly traded company and may not be a reliable indicator of our future results;</div>
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    </div>
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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">general economic conditions, consumer confidence, consumer spending patterns and market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist
                activities, financial crises, political crises or other major events, or the prospect of these events;</div>
            </td>
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      </table>
    </div>
    <div>
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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the novel coronavirus (COVID-19) global pandemic has had and is expected to continue to have an adverse effect on our business and results of operations;</div>
            </td>
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      </table>
    </div>
    <div>
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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the seasonality of our business;</div>
            </td>
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      </table>
    </div>
    <div>
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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">divestitures or other dispositions, including a spin-off of Victoria&#8217;s Secret and related operations and contingent liabilities from businesses that we have divested;</div>
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      </table>
    </div>
    <div>
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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">difficulties arising from turnover in company leadership or other key positions;</div>
            </td>
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      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43c9b4c26ef64cbabd284481500eb570" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to attract, develop and retain qualified associates and manage labor-related costs;</div>
            </td>
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      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6452c672c33741a5aaf4469291a8b16c" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the dependence on mall traffic and the availability of suitable store locations on appropriate terms;</div>
            </td>
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    </div>
    <div>
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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to grow through new store openings and existing store remodels and expansions;</div>
            </td>
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      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbfcabd618cf3441db20544fd459cf7d5" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to successfully operate and expand internationally and related risks;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;"><img src="nt10026698x3_image02.jpg" height="33" width="237"></div>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0cdb2e9f88594310be24118c25e79a91" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our independent franchise, license and wholesale partners;</div>
            </td>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z24b471f28cbf4627abe12a1eeeff56cd" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our direct channel businesses;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf95442b8d1704d0084a369809011166b" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to protect our reputation and our brand images;</div>
            </td>
          </tr>

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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to attract customers with marketing, advertising and promotional programs;</div>
            </td>
          </tr>

      </table>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to maintain, enforce and protect our trade names, trademarks and patents;</div>
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          </tr>

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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the highly competitive nature of the retail industry and the segments in which we operate;</div>
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          </tr>

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    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">consumer acceptance of our products and our ability to manage the life cycle of our brands, keep up with fashion trends, develop new merchandise and launch new product lines successfully;</div>
            </td>
          </tr>

      </table>
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    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to source, distribute and sell goods and materials on a global basis, including risks related to:</div>
            </td>
          </tr>

      </table>
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    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">political instability, environmental hazards or natural disasters;</div>
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          </tr>

      </table>
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    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">significant health hazards or pandemics, which could result in closed factories, reduced workforces, scarcity of raw materials, and scrutiny or embargoing of goods produced in infected areas;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">duties, taxes and other charges;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">legal and regulatory matters;</div>
            </td>
          </tr>

      </table>
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    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">volatility in currency exchange rates;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd96ea5a7eb2247a88643cbfe9925d5c2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">local business practices and political issues;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">potential delays or disruptions in shipping and transportation and related pricing impacts;</div>
            </td>
          </tr>

      </table>
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    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">disruption due to labor disputes; and</div>
            </td>
          </tr>

      </table>
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    <div>
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          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 54pt;">&#9702;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">changing expectations regarding product safety due to new legislation;</div>
            </td>
          </tr>

      </table>
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    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our geographic concentration of vendor and distribution facilities in central Ohio;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9fe753c34475460db87130fc5a5ce06b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">fluctuations in foreign currency exchange rates;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">the ability of our vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">fluctuations in product input costs;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd479bc5f62bb4aa79f231528a3712722" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to adequately protect our assets from loss and theft;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">fluctuations in energy costs;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">increases in the costs of mailing, paper, printing or other order fulfillment logistics;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">claims arising from our self-insurance;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our and our third-party service providers&#8217; ability to implement and maintain information technology systems and to protect associated data;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3249ed6b47fe4a2b8b424cf759a77004" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to maintain the security of customer, associate, third-party and company information;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6f20fd925714575b8bfbdf913719202" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">stock price volatility;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6ff4efff926d4f97a9e3a655a22ef637" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to pay dividends and related effects;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4debde2dd194563aa066483424f489b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">shareholder activism matters;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb2b2f570d1384a979ba460a71896ef99" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to maintain our credit rating;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb3b7353677b4e558f13c67e49210c36" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to service or refinance our debt and maintain compliance with our restrictive covenants;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf72079a407542b9b74fafba51de0302" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to comply with laws, regulations and technology platform rules or other obligations related to data privacy and security;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za64c0be74c8741ab801d10938ad15cd7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">our ability to comply with regulatory requirements;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z780a931706f747aeaf7a4a6d823befb3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">legal and compliance matters; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z887f1be0cce14361bc45686f88f4fe6f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">tax, trade and other regulatory matters.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;"><img src="nt10026698x3_image02.jpg" height="33" width="237"></div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div>We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press
      release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.</div>
    <div> <br>
    </div>
    <div>
      <div>The company has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the &#8220;SEC&#8221;). Before you invest in any securities of the company, you should read the prospectus in that registration statement,
        the prospectus supplement for the relevant offering&#160; and other documents the company has filed with the SEC for more complete information about the company and the relevant offering. You may get these documents for free by visiting EDGAR on the SEC
        web site at www.sec.gov. Alternatively, the company, any underwriter or any dealer participating in the relevant offering will arrange to send you the prospectus if you request it by emailing investorrelations@lb.com.</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">For further information, please contact:</div>
    <div><br>
    </div>
    <div>L Brands:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zea03ed98897b4b7081235324650cbf86" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 62.5%; vertical-align: top;">
            <div>Investor Relations</div>
          </td>
          <td style="width: 37.5%; vertical-align: top;">
            <div>Media Relations</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.5%; vertical-align: top;">
            <div>Amie Preston</div>
          </td>
          <td style="width: 37.5%; vertical-align: top;">
            <div>Brooke Wilson</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.5%; vertical-align: top;">
            <div>(614) 415-6704</div>
          </td>
          <td style="width: 37.5%; vertical-align: top;">
            <div>(614) 415-6042</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.5%; vertical-align: top;">
            <div>apreston@lb.com</div>
          </td>
          <td style="width: 37.5%; vertical-align: top;">
            <div>communications@lb.com</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;"><img src="nt10026698x3_image02.jpg" height="33" width="237"></div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">L BRANDS</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SECOND QUARTER-TO-DATE 2021</div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Total Sales (Millions):</div>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z19537ecb45944c75b372ea1a5d42f425" cellpadding="0" cellspacing="0">

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          <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2" valign="bottom">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Second</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Quarter-to-Date</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> 2021</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2" valign="bottom">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Second</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Quarter-to-Date</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> 2020</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">%</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Inc/</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Dec)</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2" valign="bottom">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Second</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Quarter-to-Date</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> 2021</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Second</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Quarter-to-Date</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> 2019</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2" valign="bottom">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">%</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Inc/</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Dec)</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 28%; background-color: #CCEEFF;" valign="bottom">
            <div style="font-size: 8pt;">Bath &amp; Body Works Stores&#160; &#160;&#160; &#8211; U.S. and Canada</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">898.6</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">327.3</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">174.6</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">898.6</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">668.4</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">34.4</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 28%;" valign="bottom">
            <div style="font-size: 8pt;">Bath &amp; Body Works Direct</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">295.9</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">377.9</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">(21.7</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%)</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">295.9</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">136.3</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">117.1</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
            <div style="font-size: 8pt;">Bath &amp; Body Works International<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">44.5</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">38.3</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">16.2</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">44.5</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">31.7</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">40.4</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 28%;" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">Total Bath &amp; Body Works</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">1,239.0</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">743.5</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">66.6</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">1,239.0</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">836.4</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">48.1</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 28%; background-color: #CCEEFF;" valign="bottom">
            <div style="font-size: 8pt;">Victoria&#8217;s Secret Stores &#8211;&#160;&#160; U.S. and Canada</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">719.5</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">149.3</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">381.9</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">719.5</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">880.5</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">(18.3</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 28%;" valign="bottom">
            <div style="font-size: 8pt;">Victoria&#8217;s Secret<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>Direct</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%)</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">315.2</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">255.0</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">23.6</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
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        <tr>
          <td style="vertical-align: top; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
            <div style="font-size: 8pt;">Victoria&#8217;s Secret International<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">77.2</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">57.7</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">33.8</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">77.2</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">119.0</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">(35.1</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%)</div>
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        <tr>
          <td style="vertical-align: top; width: 28%;" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">Total Victoria&#8217;s Secret</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">1,111.9</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">625.7</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">77.7</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">1,111.9</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">1,254.5</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">(11.4</div>
          </td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt;">%)</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom">
            <div style="font-size: 8pt;">Other</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">-</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">-</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">-</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">-</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">9.6</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" valign="bottom">
            <div style="font-size: 8pt;">-</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 28%; padding-bottom: 4px;" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">L Brands</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">2,350.9</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">1,369.2</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">71.7</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">%</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">2,350.9</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">$</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">2,100.5</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" colspan="1" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">11.9</div>
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          <td style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" nowrap="nowrap" valign="bottom">
            <div style="font-size: 8pt; font-weight: bold;">%</div>
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    <div style="text-indent: -13.5pt; margin-left: 13.5pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> &#8211; Results include royalties associated with franchised stores and wholesale sales.</div>
    <div style="text-indent: -13.5pt; margin-left: 13.5pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> &#8211; Results include company-operated stores in the U.K. (pre-joint venture) and Greater China, royalties associated
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    <div style="text-indent: -13.5pt; margin-left: 13.5pt; font-size: 12pt; font-weight: bold;">Total Company-Operated Stores:</div>
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        <tr>
          <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2" valign="bottom">
            <div style="text-align: center; color: #000000; font-weight: bold;">Stores at 1/30/21</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2" valign="bottom">
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            <div style="text-align: center; color: #000000; font-weight: bold;">Opened</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2" valign="bottom">
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            <div style="text-align: center; color: #000000; font-weight: bold;">Closed</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: top; border-bottom: #000000 solid 2px;" colspan="2" valign="bottom">
            <div style="text-align: center; color: #000000; font-weight: bold;">Stores at 7/3/21</div>
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          <td style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;" valign="bottom">
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="color: #000000;">1,633</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="color: #000000;">31</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="color: #000000;">(10</div>
          </td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">
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            <div style="color: #000000;">23</div>
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          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
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            <div style="color: #000000;">36</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
            <div style="color: #000000;">1</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1" valign="bottom">
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          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1" valign="bottom">&#160;</td>
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            <div style="color: #000000;">36</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
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            <div style="color: #000000;">26</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
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          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" valign="bottom">
            <div style="color: #000000;">26</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
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            <div style="color: #000000;">933</div>
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          <td style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" valign="bottom">&#160;</td>
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            <div style="color: #000000;">(8</div>
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            <div style="color: #000000;">927</div>
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            <div style="text-indent: 36pt; color: #000000;">&#160;</div>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
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          <td style="vertical-align: bottom; width: 1%;" colspan="1" nowrap="nowrap" valign="bottom">&#160;</td>
          <td style="vertical-align: bottom; width: 1%;" colspan="1" valign="bottom">&#160;</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
