<SUBMISSION>
<ACCESSION-NUMBER>0001144204-12-032913
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20120531
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20120601
<DATE-OF-FILING-DATE-CHANGE>20120601
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Ascena Retail Group, Inc.
<CIK>0001498301
<ASSIGNED-SIC>5600
<IRS-NUMBER>300641353
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>333-168953
<FILM-NUMBER>12882836
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>30 DUNNIGAN DRIVE
<CITY>SUFFERN
<STATE>NY
<ZIP>10901
<PHONE>845.369.4500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>30 DUNNIGAN DRIVE
<CITY>SUFFERN
<STATE>NY
<ZIP>10901
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v315065_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="margin: 0"></P>

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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CURRENT
REPORT<BR>
Pursuant to Section 13 or 15(d) of<BR>
the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>May 31,
2012<BR>
Date of Report (date of earliest event reported)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>ASCENA
RETAIL GROUP, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name
of Registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center; tab-stops: 477.0pt; font-weight: bold">Delaware</TD>
    <TD STYLE="width: 33%; text-align: center; tab-stops: 477.0pt; font-weight: bold">0-11736</TD>
    <TD STYLE="width: 33%; text-align: center; tab-stops: 477.0pt; font-weight: bold">30-0641353</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; tab-stops: 477.0pt">(State or other jurisdiction of</TD>
    <TD STYLE="text-align: center; tab-stops: 477.0pt">(Commission File Number)</TD>
    <TD STYLE="text-align: center; tab-stops: 477.0pt">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; tab-stops: 477.0pt">incorporation)</TD>
    <TD STYLE="text-align: center; tab-stops: 477.0pt">&nbsp;</TD>
    <TD STYLE="text-align: center; tab-stops: 477.0pt">Identification Number)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>30 Dunnigan
Drive<BR>
Suffern, New York 10901<BR>
</B>(Address of principal executive offices, including zip code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(845) 369-4500<BR>
</B>(Registrant&rsquo;s telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01 Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 31, 2012, Ascena Retail Group, Inc.
(the &ldquo;Company&rdquo;) hosted an investor conference call to discuss the Company&rsquo;s results of operations for its third
quarter ended April 28, 2012 and certain other information, including the contents of the Company&rsquo;s press release dated May
31, 2012 which was furnished to the Securities and Exchange Commission on Form 8-K on May 31, 2012. The conference call was pre-announced
and was available to the public through live teleconference. A transcript of the conference call is furnished herewith as Exhibit
99.1 and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in Item 7.01 of this Form
8-K (including Exhibit 99.1) shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act
of 1934 (the &ldquo;Exchange Act&rdquo;) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference
in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) <U>Exhibits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; text-align: justify">Exhibit Number</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 83%; border-bottom: windowtext 1pt solid; text-align: justify">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Transcript of investor conference call of Ascena Retail Group, Inc. held on May 31, 2012.&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -81pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -81pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASCENA RETAIL GROUP, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: June 1, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Jay Levine</TD>
    <TD STYLE="width: 51%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Jay Levine</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Senior Vice President, Chief Accounting Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">and Corporate Controller</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TYPE>EX-99.1
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<FILENAME>v315065_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 18pt; font-variant: small-caps">THOMSON
REUTERS STREETEVENTS</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 24pt; font-variant: small-caps"><B>EDITED
TRANSCRIPT</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 18pt">ASNA - Q3 2012 Ascena
Retail Group, Inc. Earnings Conference Call</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 18pt; font-variant: small-caps">EVENT
DATE/TIME: MAY 31, 2012 / 08:30PM GMT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-variant: small-caps"><B>OVERVIEW:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">ASNA reported YTD 2012 net sales of $2.4b, net income
of $161m or $1.01 per diluted share and 3Q12 net sales of $783m, net income of $49.4m or $0.31 per diluted share. Expects FY12
EPS to be $1.37-1.40.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; font-size: 10pt">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> | <U>Contact Us</U></TD>
    <TD STYLE="width: 27%; font-size: 10pt; text-align: right"><img src="logo.jpg"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: right"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">MAY 31, 2012 / 08:30PM
GMT, ASNA - Q3 2012 A</FONT>scena<FONT STYLE="font-variant: small-caps"> R</FONT>etail<FONT STYLE="font-variant: small-caps"> G</FONT>roup<FONT STYLE="font-variant: small-caps">,
I</FONT>nc<FONT STYLE="font-variant: small-caps">. E</FONT>arnings<FONT STYLE="font-variant: small-caps"> C</FONT>onference<FONT STYLE="font-variant: small-caps">
C</FONT>all</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>CORPORATE PARTICIPANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Allison Townsend</B><I> ICR - IR</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe</B><I> Ascena Retail Group Inc - President and
CEO</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Armand Correia</B><I> Ascena Retail Group Inc - CFO</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>CONFERENCE CALL PARTICIPANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anna Andreeva</B><I> FBR Capital Markets - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Janet Kloppenburg</B><I> JJK Research - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scott Krasik</B><I> BB&amp;T Capital Markets - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unidentified Participant</B><I>Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brian Tunick</B><I> JPMorgan Chase &amp; Co. - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mark Montagna</B><I> Avondale Partners - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robin Murchison</B><I> SunTrust Robinson Humphrey - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Steve Marotta</B><I> CL King &amp; Associates - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Janine Stitcher</B><I> Telsey Advisors - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Alex Fuhrman</B><I> Piper Jaffray - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Janet Clay</B><I> Liberty Mutual - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>PRESENTATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator<I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Good afternoon. My
name is Derek and I will be your conference operator today. At this time, I would like to welcome everyone to the Ascena Retail
Group's third-quarter earnings conference call. I would like to introduce Allison Townsend of ICR. Ms. Townsend, please begin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Allison Townsend <I> - ICR - IR </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Thank you, Derek. Today's
call is being recorded and will be available for replay later today. Information on accessing this replay is available on today's
press release. As a matter of formality, I need to remind participants that remarks made by management during the course of this
call may contain forward-looking statements about the Company's results and plans. These are subject to risks and uncertainties
that could cause actual results and implementation of the Company's plans to vary materially. These risks are referenced in today's
press release as well as in the Company's most recently filed Forms 10-K and 10-Q.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At this time, I would like to turn the
conference over call over to your host, Mr. David Jaffe, President and CEO. David?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks, Allison. Good afternoon and thank
you for joining us to discuss the results of our fiscal third quarter. With me today is Armand Correia, our CFO. We are pleased
to report a good third quarter. Net sales increased 8% to $783 million with consolidated comp sales increasing 5% in the third
quarter. Our earnings per share were $0.31, compared to EPS of $0.32 per share in the prior-year quarter. The slight reduction
versus last year is entirely the result of a $0.03 per diluted share impact of acquisition related costs for the pending Charming
Shoppes acquisition. Comp sales by brand were Justice up 8%, dressbarn up 6%, and maurices was down 1%. Our operating and financial
results this quarter were generally consistent with our plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">MAY 31, 2012 / 08:30PM
GMT, ASNA - Q3 2012 A</FONT>scena<FONT STYLE="font-variant: small-caps"> R</FONT>etail<FONT STYLE="font-variant: small-caps"> G</FONT>roup<FONT STYLE="font-variant: small-caps">,
I</FONT>nc<FONT STYLE="font-variant: small-caps">. E</FONT>arnings<FONT STYLE="font-variant: small-caps"> C</FONT>onference<FONT STYLE="font-variant: small-caps">
C</FONT>all</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As you know, the major point of progress
that we had this past quarter was strategic with our announcement of the agreement to acquire Charming Shoppes. While we do not
have further developments to discuss just yet, we are working to move this process forward and preparing for the longer integration
process that will follow the deal. Our teams are excited and will be ready. In the meanwhile, we have focused &mdash; we have been
focused on executing well and in an environment that remains challenging but is not without opportunity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now I would like to walk you through each
of our brands in a little more detail. At Justice, we continue to grow our market share by giving our customers trend-right merchandise
assortments at compelling values. Our third quarter sales increase of 11% was driven primarily by a 3% growth in transactions and
a 5% increase in dollars per transaction, as well as a 23% growth in e-commerce sales. The shift in product mix towards apparel
continued which carries higher selling prices. Our assortments of casual and active tops and casual and active bottoms continue
to perform well. From a regional perspective, all regions delivered positive comps with the upper Midwest and Midwest delivering
double-digit growth. The Justice e-commerce business also continues to grow rapidly and our new Canadian stores are performing
above plan as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our marketing strategy at Justice reinforces
our value proposition with the right balance of 40% discounts offered to our customers through direct mail, e-mail, customer loyalty
programs, and also storewide point-of-sale events. For the third quarter, our promotional cadence was similar to last year, which
drove both traffic and transactions. Justice executed three 40% off entire store point-of-sale events, the same as last year, with
15 additional point-of-sale days during the quarter. These events were supplemented by 5% increase in circulation of direct mail
catazines, which included four catazine mailings similar to last year and the elimination of one postcard mailing. For the fourth
quarter, we have added 22 POS days compared to last year's fourth quarter, which will include three POS events and three catazines,
the same as last year, and two postcards, one less than last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I would also like to announce our new strategic
initiative, adding Brothers merchandise in our Justice brick-and-mortar stores. We will be adding it into 10 current Justice stores
in time for back-to-school, with 25 more planned prior to the holiday selling season. During the third quarter, we opened nine
Justice stores including three in Canada and closed six stores. And ended the quarter with 920 stores versus 890 stores last year.
In the fourth quarter, we plan to open approximately 31 stores, including five stores in Canada, and close three.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Turning now to maurices, net sales grew
8% in the third quarter. Maurices comp was down 1% for the quarter, which was up against a tough 11% comp from the prior year.
A 3% increase in conversion was more than offset by a 2% decrease in traffic and a 2% decrease in average dollar sale. Comp store
sales increased in the Northeast while all other regions declined. The net sales increase was driven by strong new store performance,
including performance above expectations for our first two Canadian stores and an 88% growth in e-commerce sales. Many of our women's
apparel departments posted increases, with casual wear at work knits and wovens and casual bottoms posting double-digit growth.
Our plus size collection was flat and accessories were down.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our maurices third-quarter marketing initiatives
involved a variety of strategies. We had the two mailers consistent with last year, with mailing quantities up 24%. We continue
to enroll customers in our electronic maurices Take Ten loyalty program which launched in September and has helped to more than
double the size of our e-mail database to 1.9 million. The penetration of our private label credit card has increased to 35%. For
the fourth quarter, we want to have an incremental mailer for a total of two direct mail pieces versus one last year with an 18%
planned increase in quantities. At maurices, our store base is now 813 locations at the end of the quarter, versus 767 stores last
year. During the third quarter, we opened 12 new stores including our first two Canadian stores and closed two stores. 25 new store
openings, including an additional four stores in Canada, and two store closings are planned for the fourth quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our dressbarn brand performed well this
quarter. Net sales were up 6% including a 6% increase in comps, which was driven by both a 4% increase in transactions and a 2%
increase in average dollars per transaction. From a regional perspective all regions had positive comps, with the best performance
in the Midwest and West. We continue to be pleased with our e-commerce growth which more than doubled, growing at 115% for the
quarter. We attribute our success to our trend right assortments, helped by favorable weather trends in February and March. We
have seen universal acceptance of color as the main trend for the season, and see this trend continuing through the summer and
into fall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both career and casual bottoms performed
well above expectations, with strong performances in our capri and short business which was helped by the warmer weather trends.
Career and casual knit tops and sportswear also performed well. Our largest spring category, dresses, had modest gains trending
above last year, while jewelry and special occasion dresses have underperformed. Our merchandising and planning reorganization
is helping us deliver trend right assortments and will give us greater fashion consistency across our size ranges. We are confident
that our new direction will positively impact our performance going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We continue to use a variety of marketing
tools for the third quarter, which helped to drive sales. dressbarn refined its customer targeting which allowed us to decrease
total mailed quantities by 7% versus last year, while maintaining sales and traffic. We had three mailings and two gift with purchase
promotions, the same as last year. We changed the format and offering of two of the three mailers which resulted in a14% increase
in response rate. Our electronic dressbarn blushPERKS loyalty program continues to grow, and we have enrolled approximately 1.5
million customers since December. We increased the frequency of e-mails sent by 66%, and our e-mail database of 2.6 million is
150% more than last year. Our dressbarn credit card market share is at 30% of sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">MAY 31, 2012 / 08:30PM
GMT, ASNA - Q3 2012 A</FONT>scena<FONT STYLE="font-variant: small-caps"> R</FONT>etail<FONT STYLE="font-variant: small-caps"> G</FONT>roup<FONT STYLE="font-variant: small-caps">,
I</FONT>nc<FONT STYLE="font-variant: small-caps">. E</FONT>arnings<FONT STYLE="font-variant: small-caps"> C</FONT>onference<FONT STYLE="font-variant: small-caps">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fourth quarter, we are anniversarying
three direct mail pieces with a slight decrease in planned quantities as we further refine our customer targeting and adding an
incremental gift with purchase. At dressbarn our store base is 838 locations as of the end of the quarter versus 834 stores last
year. During the third quarter, we opened 14 stores and closed 1. For the fourth quarter, we plan to close nine stores.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will continue working to sustain the
momentum in our business. Through May, comp sales have continued to be up, though in the low single digits. Looking ahead, we are
estimating mid-single-digit comp sales increases for the remainder of the quarter. And we are reaffirming our fiscal year earnings
per share guidance in the range of $1.37 to $1.40, excluding the impact of the pending Charming Shoppes acquisition. Items excluded
include the impact on earnings from acquisition related costs during the fiscal third quarter and those anticipated in the fourth
quarter, as well as any impact of the acquisition on the combined operating results of the Company. We expect to announce our fiscal
2013 earnings per share guidance with our fourth-quarter and fiscal year 2012 financial results toward the end of September.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before I turn the call over to Armand to
discuss our financial results in more detail, I would just like to say that it is very exciting to be on the cusp of what we think
will be another great acquisition. We believe this positions us well to further diversify our business, create synergies among
our brands, and drive incremental value to our shareholders. Thank you. Armand?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Armand Correia <I> - Ascena Retail Group Inc - CFO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, David, and good afternoon, everyone.
Before reviewing our quarterly results, just two notes. First, it's appropriate to mention that this year's quarterly earnings
include certain costs that we believe are not reflective of ongoing operations. We will comment on these costs during our prepared
remarks. Second, as noted in today's press release, last year's operating income results for our brands have been recasted for
both the quarter and year-to-date in order to conform to our current method of allocating corporate overhead costs to our brands
on a reasonable basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net sales increased 8% to $783 million.
The increase was primarily driven by an overall comp sales increase of 5%, which came on top of a 6% increase last year. Our comp
sales results continue to show consistency, increasing for a 13th consecutive quarter. We are pleased to also note that our e-commerce
sales continue to grow and were better than expected, increasing 55% to $36 million, compared to last year's $24 million. Moving
down the income statement, gross profit was $340 million, an increase of 7% over last year's $318 million. The gross profit rate
came in at 43.4% of sales, compared to last year's 44%. The 60 basis points decline was primarily margin due to increased markdowns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From a brand perspective, the gross profit
rate at Justice increased to 44.5%, compared to last year's 44.3%. The increase was leverage on buying and occupancy costs. Maurices'
gross profit rate was 45.2%, compared to last year's strong 47.7%. The 250 basis points decline was margin due to increased markdowns.
dressbarn came in at 40.7%, compared to a similar rate last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling, general and administrative expenses
came in at $229 million or 29.2% of sales, compared to last year's $211 million or 29.1% of sales. The lack of leverage was primarily
due to an increase of $4 million in stock-based compensation from an increase in the stock price, which accounted for approximately
50 basis points of this year's rate. We also incurred additional costs from several ongoing strategic initiatives. Operating income
was $85 million or 10.9% of sales, compared to last year's $86 million or 12% of sales. The year-over-year decrease of 110 basis
points was from the 60 basis points decline in gross profit and an increase of 40 basis points in non-cash expense for depreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating income by brand. Justice quarterly
operating income was $23 million or 8.1% of sales, in line with expectations, but slightly below last year's $24 million or 9.1%
of sales. Maurices' operating income was $38 million or 16.9% of sales, below last year's results of $40 million, or 19.4% of sales.
While dressbarn's operating income came in at $24 million or 8.9% of sales, compared to last year's performance of $22 million
or 8.8% of sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax rate for the quarter was 37.5%
compared to last year's 40.2%. This year's rate was more reflective of the Company's ongoing tax rate of approximately 38.5%. Net
income was $49.4 million or $0.31 per diluted share. But this includes $6.8 million of pretax acquisition costs related to the
pending acquisition of Charming Shoppes. This compares to a year-ago quarter's net income of $51.8 million or $0.32 per diluted
share. Excluding the after-tax impact of the acquisition cost, this year's quarterly net income would have been $53.7 million,
or $0.34 per diluted share. It should also be noted that all earnings per share reflect the recent two-for-one stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now, turning to a quick review of our year-to-date
results, net sales for the nine month period ended April 28, 2012 increased 10% to $2.4 billion, with comp store sales increasing
6%. Operating income for this period increased to $262 million or 10.8% of sales. This compares to last year's $236 million or
10.8% of sales. Net income for the nine month period increased 13% to $161 million, or $1.01 per diluted share, compared to last
year's $142 million or $0.88 per diluted share. Again, excluding the after-tax impact of the previously mentioned acquisition costs,
net income for this nine month period would have been $165 million or $1.04 per diluted share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">MAY 31, 2012 / 08:30PM
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moving on to the balance sheet, we ended
the quarter with $617 million in cash and investments. The Company expects to use a significant portion of this amount to partially
fund the pending Charming Shoppes acquisition, which is expected to close mid-June of 2012. Net cash flows provided from operations
for the quarter were strong at approximately $79 million. At quarter end, total inventories were $349 million, increasing 16% year-over-year
in dollars and 3% in units. Average unit cost was up 12%. Of this amount, 7% was from mix and 5% from product cost. Although dollar
levels were higher, the unit increase of low single digits was in line with plan. As we look at our business for the remainder
of the quarter, we are comfortable with May's ending inventory levels, year-over-year up approximately 9% in dollars and down 2%
in units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From a brand perspective, inventory at
Justice was $128 million increasing 27% year-over-year in dollars and 3% in units, and in line with plan. The variance between
dollars and units is primarily due to the average unit cost increase of 24% of which 14% was mix and 10% was product cost. At maurices,
inventory ended the quarter at $87 million and increased 19% in dollars and 12% in units versus the same period last year. This
level was higher than planned due to a slowdown in sales during the quarter. Average unit cost increased 6% with mix being up 3%
and cost up 3%. At dressbarn, inventory was in line with plan, increasing 5% year-over-year to $134 million and flat in units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital expenditures for the quarter were
$51 million, and included $15 million towards the purchase of a new headquarters facility for dressbarn and Ascena in Mahwah, New
Jersey. The remaining CapEx was primarily for new store construction, store remodels, and IT projects. The full year is expected
to be in the range of $145 million to $150 million. We're also pleased to announce today that our Suffern, New York headquarters
and former distribution center facility was sold. We will remain at our Suffern facility until the new headquarters facility is
ready to be occupied. Weighted average shares outstanding for the third quarter was 159.9 million shares, a decrease from last
year's 161.7 million shares. The decrease was from 2.7 million shares repurchased during the first half of this fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you. This concludes our prepared
remarks. Operator, we will now accept your questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>QUESTION AND ANSWER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator<I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Operator Instructions)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anna Andreeva, FBR Capital Markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anna Andreeva <I> - FBR Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Follow-up on May to date, you said it was
up low-single digits, are you guys seeing similar results by brand? And what gives you confidence that comps will improve to mid-singles
as we go through the quarter? Is it just a virtue of comparisons getting easier in June and July? Maybe talk about that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sure. Yes, you're absolutely right, it
is easier comps as we get into June and July. And the results for May were pretty much the same across all three brands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anna Andreeva <I> - FBR Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. So maurices did improve from negative
1%?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 73%; font-size: 10pt">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> | <U>Contact Us</U></TD>
    <TD STYLE="width: 27%; font-size: 10pt; text-align: right"><img src="logo.jpg"></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">MAY 31, 2012 / 08:30PM
GMT, ASNA - Q3 2012 A</FONT>scena<FONT STYLE="font-variant: small-caps"> R</FONT>etail<FONT STYLE="font-variant: small-caps"> G</FONT>roup<FONT STYLE="font-variant: small-caps">,
I</FONT>nc<FONT STYLE="font-variant: small-caps">. E</FONT>arnings<FONT STYLE="font-variant: small-caps"> C</FONT>onference<FONT STYLE="font-variant: small-caps">
C</FONT>all</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anna Andreeva <I> - FBR Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Can you &mdash; since we're talking about
maurices, can you maybe talk about what happened in this division? I think at the beginning of the quarter you guys talked about
being pretty pleased with spring and some of the color and newness, working at that division. Just maybe what happened in April?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I don't think it was just April. I think
the season had some challenges. We mentioned that accessories was down. That turned out to be a more difficult business, and even
though it's a good margin business, if the customer does not want it, she really doesn't want it at any price. So, we had some
inventory issues there that we worked our way out of for the most part. And certainly, we'll be clean as we get into back-to-school.
And at the same time, some of the other challenges we had with merchandise, we've dealt with. We've got new product in. Color has
been great. We're well-positioned for color as we turn the corner into back-to-school. So we feel much more confident about the
next few months at maurices than we had for spring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anna Andreeva <I> - FBR Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay, got it. That's great. And just, Armand,
I'm not sure if I missed this, could you break down the components of the gross margin decline, just occupancy, leverage versus
markdowns? Just trying to understand why gross margins were down in 3Q after being up nicely in the second quarter despite easier
comparisons, and how should we expect gross margins to look like in the fourth quarter?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Armand Correia <I> - Ascena Retail Group Inc - CFO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. So, as far as the gross profit rate
decline of 60 basis points, actually, we had gotten some leverage on buying occupancy of 30 BPS. So merchandise margins overall
were down 90 BPS. As far as the quarter, in looking at the fourth quarter &mdash; if I look at the fourth quarter, the margin opportunities
are primarily in the maurice and dressbarn divisions. If you look at last year's fourth quarter, you'll see that maurices had a
decline of about 250 basis points in gross profit, with dressbarn declining 130 basis points. So I look at the quarter as the opportunity
in those two brands to certainly improve upon those type of numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anna Andreeva <I> - FBR Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All right. Well, thanks so much. Good luck,
guys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator<I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your line maybe on mute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Janet Kloppenburg <I> - JJK Research - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hello, can you hear me?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Janet Kloppenburg <I> - JJK Research - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I'm sorry. I didn't hear anything &mdash;
excuse me &mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="color: #003399; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">MAY 31, 2012 / 08:30PM
GMT, ASNA - Q3 2012 A</FONT>scena<FONT STYLE="font-variant: small-caps"> R</FONT>etail<FONT STYLE="font-variant: small-caps"> G</FONT>roup<FONT STYLE="font-variant: small-caps">,
I</FONT>nc<FONT STYLE="font-variant: small-caps">. E</FONT>arnings<FONT STYLE="font-variant: small-caps"> C</FONT>onference<FONT STYLE="font-variant: small-caps">
C</FONT>all</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Janet, you're cutting in and out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator<I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Scott Krasik, BB&amp;T Capital Markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scott Krasik <I> - BB&amp;T Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Just a couple questions. First, bigger
picture, maybe talk about why you decided to bring the boys merchandise into the stores? I think you've always made a point of
emphasis that girls at that age feel safe and want to shop without the distraction of boys. What was the thinking there? I think
it's a really good point. At this age, we think that it's really mom buying the clothes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may not even see that many boys in
the store. But what we've done is develop a test where we're looking at a prototype for the Brothers business &mdash; prototype
store within the store. , in about a third of the situations, it will have a separate entrance. And in the other two thirds, it
will kind of be in a corner of the store, Scott, and it will have its own little entryway. So, it really will be very isolated.
And when you walk into that section, it will feel like a little boys' club. It won't feel anything like the girls' area. And it's
going to have its own obviously separate fitting room and access. And so, you really won't feel like you are shopping with your
little brother.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And I think as mom is buying most of the
clothes, it's maybe a moot point, but even if little brother or big brother is in there, that environment is going to have a big
video screen with all sorts of fun boy videos playing. It will be captivating for that boy. And accordingly you must have been
pleased with the website production &mdash; productivity?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I think the website
was a great learning opportunity. I won't say that it was huge results. I think the opportunity is to leverage the box that we
currently have, and the fact that we've got mom coming into the store. And once we can establish it as a brick-and-mortar, I think
that's actually going to help drive e-commerce and vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scott Krasik <I> - BB&amp;T Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. And then, Armand, you might have
touched on it, but maybe give us a little bit more confidence of why you expect to see such healthy gross margin improvement year-over-year
in the fourth quarter? Maybe by division?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Armand Correia <I> - Ascena Retail Group Inc - CFO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes, I touched upon
it with Anna's question. If you go back to the fourth quarter last year, you're going to see that dressbarn and maurices are really
the brands that we believe have the opportunity for improved margin in Q4 given the declines that we saw last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scott Krasik <I> - BB&amp;T Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">But including &mdash; so based on the sales
trends &mdash; so just less markdowns?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Armand Correia <I> - Ascena Retail Group Inc - CFO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scott Krasik <I> - BB&amp;T Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">MAY 31, 2012 / 08:30PM
GMT, ASNA - Q3 2012 A</FONT>scena<FONT STYLE="font-variant: small-caps"> R</FONT>etail<FONT STYLE="font-variant: small-caps"> G</FONT>roup<FONT STYLE="font-variant: small-caps">,
I</FONT>nc<FONT STYLE="font-variant: small-caps">. E</FONT>arnings<FONT STYLE="font-variant: small-caps"> C</FONT>onference<FONT STYLE="font-variant: small-caps">
C</FONT>all</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. And then just in terms of SG&amp;A,
is there incremental SG&amp;A associated with moving into the new headquarters and then running it on an ongoing basis that maybe
we haven't been considering?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We don't think so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Armand Correia <I> - Ascena Retail Group Inc - CFO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We don't think so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scott Krasik <I> - BB&amp;T Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David Jaffe <I> - Ascena Retail Group Inc - President and
CEO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We'll need to drill down on that, but we
don't have enough information yet to be specific. But it's going to be immaterial, Scott.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Scott Krasik <I> - BB&amp;T Capital Markets - Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Well, congratulations. Good luck.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator<I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Edward Yruma, KeyBanc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unidentified Participant <I>Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is Jane in for Ed. I was just curious
if you could give a little bit more color on Justice in the back half. What &mdash; I saw in the past, last quarter you had said
that there was opportunities with Justice, as well on the margin side.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Armand Correia <I> - Ascena Retail Group Inc - CFO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We did, but I think the question was &mdash;
I feel that there's a greater opportunity in the other two brands given the performance last year during Q4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unidentified Participant <I>Analyst </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, there is a little bit of opportunity
at Justice as well?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Armand Correia <I> - Ascena Retail Group Inc - CFO </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">MAY 31, 2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings
Conference Call</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><B>Unidentified Participant <I>Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And is it more of &mdash; I guess more
of a unit-based opportunity than pricing?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I wouldn't think it's units. I think it's
going to be in pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unidentified
Participant <I>Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay, great. Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brian Tunick, JPMorgan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian
Tunick <I> - JPMorgan Chase &amp; Co. - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Good afternoon, guys, and congratulations.
So, a couple of questions. David, I guess I'd be curious on your view &mdash; between the warm weather and the early Easter, just
sort of curious, do you think that Justice and the dressbarn business may have pulled forward some sales and sort of how you're
thinking about that?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Second question, your peers have about
10% of their business is being driven online. So just curious, what are your goals over the next couple years, and what are you
learning from that multichannel shopper? And then the third question for Armand, maybe just talk about as we look past the next
quarter, but what are the product costs that you locked in savings wise for the back half of the year? If you could just give us
an idea of what the AUC looks like that you've locked in? Thanks very much.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brian, first, I do think that we pulled
forward business. I think the whole industry did. And looking back, I'd say the unseasonably warm weather that we all enjoyed probably
brought some of May sales forward. So, we all saw May numbers today. There were some pretty good numbers out there, and then some
other numbers that weren't so good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, I've got a sense that there was a pull
forward and once we &mdash; now that we're through May, we're through Memorial Day, we're really in summer, and we're going to
start turning the corner to back-to-school, I think that, that effect is behind us. And that's why while we were only up low single
digits for May, we're still holding to our mid-single-digit comp for the balance of the quarter, June and July.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On online, we are roughly running, call
it 5%. It's higher for Justice and lower for dressbarn just because of the relative maturity of those, as everyone knows, Justice
has been out for I think about 10 years, and maurices for about 2 and a half, dressbarn for about 1 and a half. So, you heard the
incredible growth numbers for maurices and dressbarn. So, they're ramping up very rapidly. I think the 10% number that you mentioned
is a good penetration number. I think that all three of our brands will be able to hit that number in, say, three-ish years. I
think it's an area where we're spending a lot of time and energy on, and we're ramping up our resources to support those areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And I think there's only good things that
come from being multichannel and being able to address your customer, whether it's online, mobile commerce, obviously in-store,
but also combining that so that people can come in-store, and if we're out of something, they can order it online and have it delivered.
They can go shop online and have it delivered to the store. That whole, we call it on my omni-channel, I think is becoming more
and more important. And that's just becoming the standard that the customer is looking for. So, we're moving in that direction,
and we'll be spending money in that direction. And I think you'll see our capabilities grow in the coming years in that area. Armand?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand Correia <I> - Ascena Retail Group
Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As far as your question on product costs,
locking them in, I think the only thing I gave you color on, Brian, now, obviously, we are seeing product costs decreasing going
into the fall season. I think that bodes well for opportunities and gross profit. As far as strategy of changing ticket price,
I don't think we're going down that path. So, I think at this point, while I can't quantify it, we're feeling pretty good about
the way the product costs have decreased overall and the opportunities on gross profit for the fall season.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Just remember, Brian, to tag onto that,
that there is more opportunity with Justice due to the nature of the product and cotton as a percent of their total cost versus
a dressbarn, which is much lower and had much less significant costs and therefore price increases. So, you'll see a bigger impact,
a bigger bang at Justice as we go into fall than you will at dressbarn. And maurices is in the middle, but probably more on the
dressbarn side.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brian
Tunick <I> - JPMorgan Chase &amp; Co. - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All right, super. That's very helpful.
Thanks very much, guys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Janet Kloppenburg, JJK Research.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Kloppenburg <I> - JJK Research - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I'm sorry about before. I just wanted to
ask, Armand, where you thought the inventories would be coming out of the quarter? And, David, if you're increasing &mdash; it
seems like you might be increasing your marketing spend for maurices and maybe for dressbarn. Is that something we should look
to you to continue to do? And lastly, I just wanted to make sure I understood that your annual guidance does not include &mdash;
I know it doesn't include any charges associated with the acquisition, but does it include any accretion that could possibly come
from the acquisition, given that you might close the deal mid-June? Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, I guess I'll start and work backwards.
The guidance doesn't include any impact for the Charming acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Kloppenburg <I> - JJK Research - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">What I would suggest is that in September
when we give you our guidance for fiscal '13, we'll true it up and be able to tell you what that looks like if anything at that
time. We'll be a lot smarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Kloppenburg <I> - JJK Research - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Working backwards on the marketing dollars,
if there &mdash; there is incremental spend, it's very minimal. We're trying to hold our dollars flat at dressbarn and maurices.
It's been a bit of increase at Justice. But as we look out, we don't see any substantial change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Kloppenburg <I> - JJK Research - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay, thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand
Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Janet, relative to inventory coming out
for the quarter, I guess on dollars I would say we're a little higher than I would have liked. But then when I looked at, obviously,
average unit cost increase, and saw that units were pretty much in line with our plan, we're feeling a little better. And again,
the color I gave you, more importantly, is where we're at the end of May. And as I said before, I'm very comfortable with the May
ending inventory levels, given what the plans are for June and July.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Kloppenburg <I> - JJK Research - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Did you give us the May ending inventory
number?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand
Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I didn't give you a number. I just gave
you the fact that ending May, overall inventories in dollars were up 9% and units were actually down 2% year-over-year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mark Montagna, Avondale Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark
Montagna <I> - Avondale Partners - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Question for you on the Brothers announcement.
Are these stores larger stores where you actually have some excess space that you're able to tuck it in? Or are you scaling back
some sort of merchandise within Justice to make room for this?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It's a mix, Mark. I'd say they're all at
least prototype, some are a little bit bigger for sure. But, we're only talking about, say, 600- to 700-odd square feet. So, it's
a pretty small piece of the store. And we are not anticipating scaling back any of the offerings or the inventory levels within
the Justice merchandise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark
Montagna <I> - Avondale Partners - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. And then are both the boys and the
girls targeting the same age range?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark
Montagna <I> - Avondale Partners - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And then what do you define as age range
now for Justice, because it seems like it's come down significantly since when it used to be Tween Brands many years ago?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <TD STYLE="width: 73%; font-size: 10pt">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> | <U>Contact Us</U></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many years ago I can't speak to, but since
I've been tracking it, and since we merged about three years ago, it's really been that 7- to 12- year old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark
Montagna <I> - Avondale Partners - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And we'd like to extend it to 14, but really
the sweet spot is 7-to-12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark
Montagna <I> - Avondale Partners - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. And then with your e-commerce growth
at maurices, are you seeing sales in certain higher density zip codes that might encourage you to look at testing maurices stores
in that type of geography?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That's a really good question. And with
catalogs, it's much easier to track the zip codes. With the orders, you can track zip codes, obviously, because your shipping the
goods out, but the inquiries is a little harder to track. And that's something that we're certainly looking at, but if you think
about it, Mark, just as a percent of sales, et cetera it's still relatively small, and we want to get a little more confidence
under our belts that we can use that information to help inform us on our Business and our potential. So, it's a good call out,
good thing to be looking at. We're not there yet. But ask us again in another year or two.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark
Montagna <I> - Avondale Partners - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. Then just lastly regarding the move
into the B-malls for dressbarn, and then the B and C-malls for Justice. Can you just give us an update on what are you seeing,
you happy with it for both divisions? And just remind us when you started that again?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, first with dressbarn, we've been
doing a couple for a season for a couple years. We've ramped that up this year. The results have been more or less on plan, although
there's a little bit of aberration depending on the situation. So, we don't think we've quite nailed it yet, but we are encouraged
enough that we are continuing to look for opportunities in more of these B, B minus malls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And we just came back from ICSC, and had
a good experience out there, good reception from the mall developers. So, I think you'll see that continue albeit on a slow, gradual
pace. Justice, on the other hand, continues to open up stores rather aggressively in B and C malls. They are able to do very attractive
rent deals, and we think that model has worked out extremely well, and we'll continue to open up stores in these markets. But as
I say, we've opened up more and more, we've gained more experience, we have a better sense of what markets, what type of malls,
what co-tenants, et cetera are working for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark
Montagna <I> - Avondale Partners - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay, that sounds great. Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Robin Murchison, SunTrust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Robin
Murchison <I> - SunTrust Robinson Humphrey - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Just back on Justice for a moment. So if
I heard you right, so your comps were up a &mdash; versus last year, up 3%. Your operating margin was down a point, but your gross
margin was up 20 basis points. So, if that's correct, and that's attributable to the incremental marketing spend?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes, primarily.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Robin
Murchison <I> - SunTrust Robinson Humphrey - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. All right, thank you, David. And
then secondly, with regard to the accessories space, is there any &mdash; what do you think about that? Is there any opportunity
to redirect the space, or is this just a cycle that you feel like we have to come through? How can we get that square footage more
productive?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I've got to believe that much of the mistakes
or the problems were self-inflicted. Certainly, as we've all listened to or read other results, other people are doing very well
on accessories. So I don't think it's an industrywide problem. I think we can point at certain things that, at our brands, our
three brands that we missed or that we may have bet on that didn't pan out. So, maybe accessories our not quite as important to
our customer as they were a year or two ago, but I also think we didn't execute quite as well as we could have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So we are not giving up and accessories.
We are re-strategizing our Accessories business, and we feel very confident this is a great business for us, a great little niche
to be in at all three of our Businesses. And longer-term, I would see growth at all three brands. Although this is definitely a
bump in the road, we're going to continue to focus on this area, both because we like the margins and we like it as an add-on to
increase UBTs to be able to dress that customer from head to toe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Robin
Murchison <I> - SunTrust Robinson Humphrey - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks, and one more if I can. Are you
pretty satisfied with the move from &mdash; the move away from Ethel. I think at the beginning of fiscal next year, you're going
to be largely moved away from merchandise that appeals to her and more into your younger format, if you will? Can you comment?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">What Robin is referring to is our dressbarn
target customers. And I would go so far to say that even this season, Robin, we are essentially Ethel-less, and while we miss her,
we think that we are doing very well by focusing on a younger, more updated customer. We think the results show that. And we're
going to continue to refine our offerings, and are developing our team, as we've talked about before, our merchandising team, to
have a more fashion-oriented viewpoint to provide a better assortment for that customer, that fortysomething attitude customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Robin
Murchison <I> - SunTrust Robinson Humphrey - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks. Good luck, guys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Steve Marotta, CL King &amp; Associates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <TD STYLE="width: 73%; font-size: 10pt">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> | <U>Contact Us</U></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Steve
Marotta <I> - CL King &amp; Associates - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Quick question regarding dressbarn, can
you talk a little bit about tactics to capitalize on the dislocation that's going on currently in the mid-tier channel? I got to
imagine with the problems at JCPenney and Kohl's, how are you trying to capture that? Is it a little bit of increased marketing,
increased micro-marketing? Can you talk a little bit about those strategies?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clearly, there is something going on with
our customer. And I think if you just look at our results at dressbarn in the last nine months, I think it shows that we are taking
market share. And the way we're doing it is not by putting huge signs in the window saying, 50% off. Rather, it's showing great
merchandise, and having a more focused assortment and point of view to that customer. So, I think we're going to continue going
down that road, refining our customer lists so that we can speak to our existing customer. Trying to do more compelling windows,
whether it's a promotion or fashion window that will attract more passersby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We've ramped up our loyalty program. As
I mentioned earlier, we've gone to an electronic version of that just about six months ago and had very good success with that.
So, I think all these things add up. And when that customer is out there, unhappy with what she's seeing at a JCPenney or a Kohl's,
they're our two biggest competitors. So, we think that some of those customers are going to wander in our stores, and I think we're
going to continue to take share from them, given this strategy that we've embarked upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Steve
Marotta <I> - CL King &amp; Associates - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That's great. Thank you. And, Armand, could
you refresh my memory of investments that were currently completed in the third quarter this year, and maybe the ones that are
targeted for the next 12 months or so?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand
Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From a strategic initiative standpoint?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Steve
Marotta <I> - CL King &amp; Associates - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Correct. Thank you, yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand
Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, the ones we've got going on right now
is we've got the one that, obviously, I'm very closely involved with is our financial consolidation project. We were hoping to
get that, obviously, completed by the end of the fiscal year and into the beginning of the next. It's been delayed maybe a couple
of months. It looks like it's going to be a completion date of probably sometime end of September into October. So, we're kind
of at the tail end of that, and that's going along pretty well. Just a couple of delays, but we want to make sure everything is
set before we get this thing implemented across all three brands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And obviously, with the Charming Shoppes
pending acquisition, we would then look to roll that out to Charming. The other projects that are now ongoing are kind of a consolidation
of our customer relationship management databases through one particular vendor. That's going on and that's probably going to be
probably another several months to a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Then we've also got a TradeStone, which
is a sourcing strategic initiative where we basically just bring everything together in an automated basis, much more efficient.
That one looks like &mdash; and obviously all three brands ultimately, and we'll be able to utilize it. That looks like it's going
to be another year to a year and a half away before it gets fully implemented across all three brands. David, have I missed any?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Those were the key ones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand
Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Those were the key ones, Steve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Steve
Marotta <I> - CL King &amp; Associates - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Terrific. Thank you very much, guys.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Janine Stitcher, Telsey Advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janine
Stitcher <I> - Telsey Advisors - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I was hoping you could talk a little bit
about the special occasion category. I think you mentioned it was weak at dressbarn. It seems like there could be a big opportunity
there to improve the holiday period and the profitability there for dressbarn. So, any tweaks you're making to that category in
addition to accessories that you've kind of already touched on a bit?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes, that was a disappointment. And we've
had good success in that category. And not a lot of choices that woman has outside department stores for special occasion. So I
can't tell you if it was just a slowdown in the consumer or we missed a few trends, but certainly it's an area that we continue
to focus on because it is a little bit of a specialty niche for us at dressbarn. And we'll be testing a lot of different things
and we've got some great merchants in that area. So, I'm not concerned that we'll be back in a big way for holiday.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janine
Stitcher <I> - Telsey Advisors - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Great. And then just on SG&amp;A, can you
just give us what the leverage point &mdash; how we should think about SG&amp;A leveraging? It seems like it's moved a little bit
higher than the historical level of around 3%?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand
Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes, you're right, Jean, it has. And again,
it gets a little clouded because of some of these ongoing strategic initiatives that are going on and kind of the tail end of some
of these initiatives as they continue to add a little cost. I would say that it's probably more like 3.5% at this stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janine
Stitcher <I> - Telsey Advisors - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay, great.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand
Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Obviously our goal is to get back down
to 3% as we get into our shared service concept, consolidating and looking at where we have efficiencies, where we can consolidate
redundant functions and that's certainly a goal that we have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <TD STYLE="width: 73%; font-size: 10pt">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> | <U>Contact Us</U></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B>MAY
31, 2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alex Fuhrman, Piper Jaffray.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Alex
Fuhrman <I> - Piper Jaffray - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Just a couple of quick ones here. Curious
with the Brothers rollout. Obviously, it's just a test but curious to what you're seeing in the competitive landscape. There's
not really a whole lot else in the specialty channel targeting that demographic. Where do you think the Justice mom is currently
shopping for her sons?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, first, let's talk about the direct
competition. It was two people, PS by Aeropostale out and 77kids, and we all saw the announcement about 77kids. So, even though
they only had 20 stores, that's one less potential competitor, clearly. PS from what we've seen seems to be going a little bit
younger than &mdash; maybe overlapping with the 7- to- 12 category, but it seems to be focusing a little bit of a younger customer,
as well. And then she is going to all the normal places that a mom shops for her boys. The big boxes, whether it's Wal-Mart and
Target or the Old Navys of the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, we think the specialty store experience
with a more finely tuned assortment is going to be a successful with this, with this mom. And we've got value prices, so great
prices that I think will resonate. So, that's why it's a test, but we feel pretty good about it and we'll have a lot more to say
after the initial rollout for back-to-school on our September call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Alex
Fuhrman <I> - Piper Jaffray - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. And then switching gears to maurices,
the 3% increase in conversion, I think you mentioned during the Q&amp;A that the response was pretty strong as you start to get
more colored bottoms deliveries during the quarter. Was that 3% increase in conversion fairly consistent throughout the quarter?
Or was that really when it started to pick up, when those deliveries came in?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We're seeing if we got that information
by month in front of us. Alex, you might have to call us back on that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Armand
Correia <I> - Ascena Retail Group Inc - CFO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sure. I can do it offline, Alex, if you
can give me a call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Alex
Fuhrman <I> - Piper Jaffray - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That's not a problem. Thanks a lot, guys,
and good luck.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Scott Krasik, BB&amp;T Capital Markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Scott
Krasik <I> - BB&amp;T Capital Markets - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Just a follow-, actually, on the acquisition.
In the offering documents, David, it indicated that you had specifically asked the Charming Shoppes board not to sell Fashion Bug.
Just wondering what the thinking was around that?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <TD STYLE="width: 73%; font-size: 10pt">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> | <U>Contact Us</U></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David Jaffe <I> - Ascena Retail Group
Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I think whenever you sell a division, you
don't &mdash; the way it was going, you don't know as an outsider whether or not they were making the right decision or they were
getting the right price. And so the way we viewed it is, let's do a deeper dive and understand the business better, which we've
been doing. Let's take some time and look a little bit more thoughtfully at our alternatives, which we've been doing. And, I think
we'll be in good shape to have an announcement out, assuming we close as expected on June 14, the next morning we will have an
announcement that will talk about what we think &mdash; what are plans will be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Janet Clay, Liberty Mutual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Clay <I> - Liberty Mutual - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I just have two more questions on the Brothers
concept. What kind of upfront costs are you looking at in terms of doing this target test?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I'm sorry, I missed the first part. What
kind of what are we looking for?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Clay <I> - Liberty Mutual - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">What kind of costs will this test run for
the Brothers concept, the 10 stores within a store?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Well, the cost you have are for inventory
and for the build-out of the space. And so it's kind of a couple million dollars, but I won't say it's insignificant, but in the
scheme of things, we think it's a pretty reasonable cost to try this test. Even if it doesn't work at all, it's a minimal write-off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Clay <I> - Liberty Mutual - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">And then &mdash; I have to admit I do shop
at Justice with my 8-year-old &mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oh, good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Clay <I> - Liberty Mutual - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&mdash; who absolutely loves your store.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you. I'm happy to hear that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet Clay <I> - Liberty Mutual &ndash;
Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, the thing I was wondering about when
you're talking about the mom shopping for her boy, because I have also a son who is 12, do the moms usually &mdash; do you think
more moms going to Justice by themselves while they're shopping, because I've only ever gone with my daughter. So I'm just curious,
do you have a lot of moms that just come in by themselves?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I think &mdash; I can't give you the specifics,
but certainly anecdotally, and we can get you more detail from our team, that it is a mom and daughter experience. But a lot of
times mom will go back and pick up some things during the day when it's not as hectic and she doesn't have to deal with her daughter
dragging her to buy this and buy that. And so, I think that is even more the case with the, because we all know that the boys are
not shoppers and don't necessarily want to be in the store. But to the point earlier, if they are in the store, you can kind of
park them in the Brothers area, and they can watch the TV, or hang out there while you're shopping with the girl.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Clay <I> - Liberty Mutual - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Okay. All right, it will be interesting
to check it out. Or any of those test stores going to be in the Boston area?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You know what, call us back and we'll get
the list. I can't think of a Boston area store, but there may be one I'm not aware of.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Clay <I> - Liberty Mutual - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All right, thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, I'll ask our team to get the list.
Maybe even if you travel somewhere, we'll give you the list so you can go look at them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Janet
Clay <I> - Liberty Mutual - Analyst</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Great. Thanks a lot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At this time I'm showing no further questions
in queue. I would like to turn the call back over to Mr. David Jaffe for any closing remarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David
Jaffe <I> - Ascena Retail Group Inc - President and CEO</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you very much, everyone, for your
interest. And we look forward to speaking to you again at the September fiscal year end 2012 call. Everybody have a good summer.
Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and gentlemen, that concludes today's
conference. We thank you for your participation. You may now disconnect. Have a great day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">MAY 31,
2012 / 08:30PM GMT, ASNA - Q3 2012 Ascena Retail Group, Inc. Earnings Conference Call&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Disclaimer</B></FONT></P>
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end
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</SUBMISSION>
