<SUBMISSION>
<ACCESSION-NUMBER>0001144204-12-052444
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20120919
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20120921
<DATE-OF-FILING-DATE-CHANGE>20120921
<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>121104243
</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>v324230_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><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: 0pt 0">&nbsp;</P>

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

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

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

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

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>September 19, 2012</B></P>

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

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 35%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASCENA RETAIL GROUP, INC.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-weight: bold; width: 32%">Delaware</TD>
    <TD STYLE="text-align: center; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; width: 32%">0-11736</TD>
    <TD STYLE="text-align: center; font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; width: 32%">30-0641353</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">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"><B>30 Dunnigan Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suffern, New York 10901</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices,
including zip 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"><B>(845) 369-4500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(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">(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"><B>&nbsp;</B></P>
<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 0; margin-bottom: 0">
<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

<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"></P>

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<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">&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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 19, 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
fourth quarter and fiscal year ended July 28, 2012 and certain other information, including the contents of the Company&rsquo;s
press release dated September 19, 2012 which was furnished to the Securities and Exchange Commission on Form 8-K on September 20,
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; text-align: justify">&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"><B>&nbsp;</B></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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-align: justify; border-bottom: Black 1pt solid">Exhibit Number</TD>
    <TD STYLE="width: 2%; text-align: justify; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: justify; border-bottom: Black 1pt solid">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Transcript of investor conference call of Ascena Retail Group, Inc. held on September 19, 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: bold 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: 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; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">ASCENA RETAIL GROUP, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Date:&nbsp; September 21, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 95%">/s/ Jay Levine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Jay Levine</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Senior Vice President, Chief Accounting Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">and Corporate Controller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">(Principal Accounting Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v324230_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.1</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">THOMSON REUTERS STREETEVENTS</FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0">ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0">Conference Call</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">EVENT DATE/TIME: SEPTEMBER
19, 2012 / 01:00PM GMT </FONT></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"><FONT STYLE="font-variant: small-caps"><B>OVERVIEW:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASNA reported FY12 reported sales of $3.4b
and adjusted net income of $214m or $1.34 per diluted share. 4Q12 reported net sales was $940m and reported net income from continuing
operations including certain items was $11.2m or $0.07 per diluted share. Expects FY ending July 2013 sales to be $5b and adjusted
EPS to be $1.45-1.55.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 75%; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THOMSON REUTERS STREETEVENTS | <U>www.streetevents.com</U> |</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Contact Us</U></P></TD>
    <TD STYLE="width: 25%; vertical-align: bottom; text-align: right"><img src="footer.jpg"></TD></TR>
</TABLE>
<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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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</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>

<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; text-indent: 0"><B>Allison Townsend</B><I> ICR - IR</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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; text-indent: 0"><B>Armand Correia</B><I> Ascena Retail Group
Inc - EVP and 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; text-indent: 0"><B>Anna Andreeva</B><I> FBR Capital Markets
- Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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; text-indent: 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; text-indent: 0"><B>Jane Thorn Leeson</B><I> KeyBanc Capital
Markets - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Oliver Chen</B><I> Citigroup - Analyst</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Neely Tamminga</B><I> Piper Jaffray &amp;
Co. - Analyst</I></P>

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

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

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

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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 Jeff, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Ascena Retail Group's
fourth-quarter earnings conference call. I would now like to introduce Allison Townsend of ICR. Ms. Townsend, please begin.</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; text-indent: 0"><B>Allison Townsend <I> - ICR - IR </I></B></P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Thanks, Allison. Good
morning, and thank you for joining us to discuss the results of our fiscal fourth quarter, full year, and outlook for the future.
Armand will go over the financial details in a few moments, but first I would like to give you some of the key highlights. We reported
a sales increase of 29% to $940 million including the results of a partial quarter for Charming Shoppes. Excluding their contribution,
adjusted revenues increased 8% on a consolidated low single-digit comp increase and new store growth. Our adjusted operating income
increased 11% to $70 million with an adjusted operating margin of 9%, up slightly. Adjusted net income for the fourth quarter grew
to $49 million or $0.31 per share. Including acquisition costs, we reported net income from continuing operations of $11.2 million.</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 performance at each of our legacy businesses
&mdash; Justice, maurices, and dressbarn, has been good, and in each case we believe our positioning for the Fall is right for
the market. Across-the-board we are focused on continuing to provide an excellent value proposition for our customers. While each
of our brands individually focuses on a different niche customer, the common thread through their strategies is a strong combination
of fashion, quality, price, and a high level of customer service, all of which support good conversion rates. Their shared philosophy
has driven our business effectively even in a very competitive market.</P>

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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With regard to the market, we're clearly
watching the macroeconomic picture. We view the consumer is hesitant. There are obviously many economic factors at play that are
impacting our customers, in particular, the soft employment picture. Additionally, as you can appreciate, we are in the midst of
an election cycle, and we think consumers are somewhat distracted and may prove more willing to spend when the uncertainty about
the future is resolved by the election. While it's obviously hard to quantify these factors, they certainly are forming the backdrop
for the retail environment in some ways. Although we would prefer to see a strong environment, it is of some consolation that our
value proposition resonates well when consumers are under pressure.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Relative to many other retailers, we are
in a good position to communicate and deliver on a value message, and though we are seeing softness in traffic levels, our conversion
rates have been solid and we are achieving our plan. In the Spring, we took our AURs up across-the-board. Given that we also saw
an increase in ASP, the customer accepted these price increases. With some moderation in cotton pricing beginning in the first
quarter, our margins should show some improvement, and I'd say that, in general, our ability to increase price demonstrates an
on-target assortment. This is also true of our e-commerce business, which has grown dramatically without cannibalizing our stores,
which is a good indication that some customers are pressured for time and we are offering an effective solution for them as well.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Newness in our assortments has helped make
sure this is the case. As you know, we push for efficiency and shared services in the behind-the-scenes functions like finance,
IT, and supply chain management. At the same time, we've been careful to support fully independent marketing, merchandising, and
field functions at each of our brands. This model allows each brand to focus more intensely on their front end, and on getting
to know and respond to their customers. They are each very effective at building the right merchandise mix, and the right marketing
and promotional 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">With respect to real estate, this good
performance has enabled us to continue to see success and good returns from both new store openings and remodels. Across our legacy
concepts for the full year, we opened 145 new stores, remodeled 71, and grew our net square footage by 3.2%. I'd also like to note
that we opened 16 new stores in Canada, including the first six maurices, all of which have opened well above average. The total
CapEx for new stores and remodels this year was over $100 million, and we're confident that the ROIC these investments earn is
attractive.</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">With respect to our marketing and promotional
activities, in the fourth quarter our average level of promotion was down slightly versus last year's. This speaks generally to
evolving and improved assortments. We increased our total marketing budget for the year, but it actually decreased slightly as
a percent of total sales. We continue to focus on mailings to our core customer list, targeted promotions, and compelling in-store
events. We are also enhancing our focus on loyalty programs including blushPERKS at dressbarn and our Take 10 program at maurices.
Building awareness and participation in these programs is being facilitated by our online strategy. With the growth in our e-commerce
business, we have further developed the online experience of our brands including social media networking and building a strong
direct e-mail marketing list that we can use in a variety of ways.</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">With regard to merchandise, our teams have
been able to capture some good trends in the marketplace to drive business. In particular, colored bottoms have been a good business
throughout the season, and should continue to perform well into the holidays. Additionally, for Justice, we have been pleased with
a good test for the Brothers concept. The addition of this section has carried a level of incremental sales and an ROIC that supports
an expanded test. We expect to have 20 more locations up and running prior to Christmas. I'll look forward to providing you an
update as we go 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">Initiatives like Brothers also inject a
degree of newness into our concepts, which drives the larger business forward. We're also looking forward to a fresh perspective
from several key new management hires, both recently made and soon to be made. We're hiring new talent in operations, marketing,
and merchandising for a few of our brands. This is a healthy process, and we continue to be pleased with the strong candidates
that we're able to attract to the Company and our 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">Charming Shoppes, a transformative deal
which we closed in our fourth quarter, is a big part of our growth and development. We're excited by the talent they bring, as
well as the opportunity to learn their best practices. As you know, we're working through detailed plans for integration, and we
expect to provide that to you, along with specifics on the expected synergies, at our analyst meeting in October. While the plan
is still a bit fluid, we expect to streamline infrastructure, eliminate redundancy, and create synergies. The strategic fit with
Charming, as expected, is very good, and this transaction both illustrates and reinforces our strategy to serve as a diversified
group of growing brands in specialty retailing. Our structure enables our teams to do what they do best in terms of merchandising,
marketing, and service, while leveraging the shared functions for back office support.</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">Although eliminating the duplicative overhead
between our organizations will take time, we are confident that the negative financial impact will be relatively short lived, and
we continue to expect modest accretion for the upcoming fiscal year. It is to our advantage that Charming Shoppes, as well as Ascena,
currently operate under a holding company structure. This enables us to quickly and relatively smoothly address putting these shared
services together, function by function, without disruption to the front end of our business.</P>

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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As you know, we decided to wind down Fashion
Bug. This project is on schedule and on budget, and should be completed by the end of January. We're also proceeding with plans
to put Figi's on the market after the new year. We think the ability to continue to evolve, diversify, and create leverage are
some of the essential features of the retail holding company model that we've adopted. We have assembled a great collection of
niche brands that each have a unique position. It is essential that they maintain their own culture and become part of a larger
whole at the same time. Our model enables our brands to develop best practices and leverage shared services, thereby improving
both contribution and consolidated operating profitability.</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 improvements we expect to make in our
business are reflected in our guidance for the fiscal year ending July 2013. We believe we can reach a new milestone of $5 billion
in sales in the coming year. This will largely be due to the revenue growth that results from the acquisition of Charming Shoppes,
but also from the expectation of a mid single-digit comp sales increase, strong e-commerce growth, and new store sales. This will
put us around 3,900 total stores by the end of next year. We believe that we can drive adjusted earnings per share in the range
of $1.45 to $1.55. I'll note that the expected accretion from the acquisition of about $0.05 won't begin to occur until the second
half when we get some of the early integration work behind 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">As we look forward into next year, we will
clearly be working hard to drive growth in each concept through new stores, comp growth, and e-commerce. We will also be paying
careful attention to executing a smooth and effective integration process. We believe Lane Bryant and Catherines will prove to
be powerful additions to our family of 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">Thank you for your interest. We're confident
that we have an ongoing opportunity to grow the business, make it more efficient, and drive market-leading returns.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now I'd like to turn it over to Armand.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Thank you, David, and
good morning, everyone. Our overall reported fourth-quarter results reflect a lot of noise in the numbers as a result of the Charming
Shoppes acquisition that I'll attempt to clarify for you. We believe it's appropriate to exclude the impact of those items on our
operating results, and focus on the results of our legacy brands &mdash; Justice, maurices, and dressbarn. As a result, my comments
will primarily be on a non-GAAP basis, using the term adjusted. It is also appropriate to reference last year's fourth-quarter
press release, both quarterly and full-year adjusted results. Please note, our GAAP reported financial results include Charming
Shoppes results for a partial fourth quarter since the closing of the deal on June 14, and include certain one-time acquisition
related integration and restructuring expenses, along with expenses for discontinued operations.</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 you know, we previously announced our
decision to close down Fashion Bug in an orderly liquidation process to be completed by the end of January of 2013. In addition,
as David said, Figi's, our food and specialty gift-giving business, is expected to be offered for sale after the holidays, and
as such, these two businesses are presented as discontinued operations.</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">Reviewing our results. Total net sales
as reported increased 29% to $940 million. Of this amount, Lane Bryant and Catherines accounted for $156 million, reflecting a
partial quarter's contribution. Sales at our legacy brands &mdash; Justice, maurices, and dressbarn, increased 8% to $784 million,
which were primarily driven by new stores, growth in e-commerce, and a consolidated comp sales increase of 2% led by Justice increasing
5%, maurices 1%, and dressbarn 1%. This compares to last year's 7% comp increase, with Justice increasing 14%, maurices 3%, and
dressbarn 4%. Comp sales increased for the 14th consecutive 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">For information purposes, comp sales at
Lane Bryant and Catherines for the full fiscal quarter each increased 1%. We were pleased with the sales trends during the quarter
from our legacy brands' e-commerce businesses, which increased 49% year-over-year to $39 million. I'd also note that e-commerce
at Lane Bryant and Catherines for the full quarter increased 36% to $41 million.</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 down the income statement. Please
note, we've changed our presentation format for gross profit to provide more visibility to its components of gross margin, buying
and occupancy, and distribution center cost. For TYLY comparison purposes, we have recasted last year's numbers accordingly. Gross
margin dollars on an adjusted basis grew to $434 million. The rate increased 30 basis points year-over-year to 55.4%. The increase
was primarily due to the stronger margin performance at Justice and maurices, which more than offset a decrease at dressbarn.</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 margin
rate at Justice increased 240 basis points to 58.1%, primarily from higher initial markup. maurices gross margin increased to 53.5%,
increasing 120 basis points from both higher initial markup and lower markdowns. At dressbarn, gross margin was 53.9%, decreasing
260 basis points to last year due to higher markdowns. Total buying and occupancy, and distribution costs, on an adjusted basis
were $126 million or 16.1% of sales, reflecting a 50 basis points decrease due to some favorable productivity efficiencies, and
compares to last year's rate of 16.6%.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now turning to SG&amp;A. On an adjusted
basis, SG&amp;A increased 9% to $211 million or 26.9% of sales, reflecting a 30 basis points increase over the same period last
year. We were generally pleased with our overall management of expenses, reflecting good leverage at our brands. We achieved selling
cost leverage while spending more in marketing as we continue to reach out to our customers. We expect SG&amp;A expenses to be
under some pressure within the next year, as we build up our shared services infrastructure to support our brands, as well as integrating
corporate overhead from the Charming Shoppes acquisition. In addition, the lack of sales leverage below our 3.5% comp sales tipping
point impacted SG&amp;A as a percent to 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">Operating income on an adjusted basis was
$70 million or 9% of sales, compared to last year's adjusted $63 million or 8.6% of sales. The year-over-year increase of 40 basis
points was primarily from increases at our Justice brand. Adjusted operating income by brand includes Justice quarterly operating
income was $24 million or 8.3% of sales, nearly doubling last year's $13 million or 5.1% of sales. maurices operating income came
in at $15 million or 7.3% of sales, flattish to last year's $16 million or 8.5% of sales. dressbarn's operating income came in
at $31 million or 10.8% of sales, compared to last year's strong $34 million or 12% 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 adjusted tax rate for the quarter was
30.2% from the legacy brands. This compares to last year's 39.1%. This year's adjusted rate was lower than expected due to the
successful resolution of discrete items that favorably impacted quarterly earnings per share by $0.03. We believe a 37.5% rate
is more appropriate 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">Reported net income from continuing operations
was $11.2 million or $0.07 per diluted share, which included $37.6 million of after tax costs related to the acquisition, and a
partial quarter of Charming Shoppes results. Net income on an adjusted basis from our legacy brands was $49 million or $0.31 per
diluted share. This compares to last year's adjusted net income of $38.5 million or $0.24 per diluted share.</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">Let me attempt to bring you &mdash; at
least bridge you from the reported to the adjusted net income. The breakdown of the components between the reported net income
of $11 million and adjusted net income of $49 million were as follows. We had pre-tax costs for acquisition, integration, and restructuring
costs of approximately $25 million. Lane Bryant had an operating loss for the partial quarter of $10 million. Catherines had an
operating loss of $4 million. I think it's appropriate to note that both the Lane Bryant and Catherines operating loss were entirely
due to purchase accounting adjustments.</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">In addition to that, we had deal costs
of a little over $7 million, and then interest expense of approximately $1.5 million. So, that takes the total part here in aggregate
of pre-tax costs of nearly $50 million, giving it the tax rate &mdash; the after tax effect came in at $37.6 million. I hope this
helps you at least bridge the reported net income and adjusted net income 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">Turning now to a quick review of our full-year
results. Reported sales for fiscal 2012 ending July 28, 2012 increased 15% to $3.4 billion with comp sales increasing 5%. Excluding
Lane Bryant and Catherines for the partial quarter, total sales were $3.2 billion, increasing 10% year-over-year. Adjusted operating
income for the year was $332 million or 10.4% of sales. This compares to last year's adjusted $311 million or 10.7% of sales. Adjusted
net income for the fiscal-2012 year increased 13% to $214 million or $1.34 per diluted share. This compares to last year's adjusted
net income of $189 million or $1.17 a diluted share. And again, the $1.17 is after the 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">Moving on to the balance sheet. We ended
the year with $169 million of cash and cash equivalents. Of this amount, approximately $115 million is offshore. The Company used
approximately $6 million of its previous cash and investments to fund the Charming Shoppes acquisition. We ended the year with
long-term debt of $325 million &mdash; $300 million under our term loan and $25 million under our revolver. Currently, there are
no borrowings outstanding under our revolver. In the near term, we will be using our excess cash to pay down debt rather than on
share buyback.</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 inventory levels reflect continued
strong inventory management and in good shape across all brands heading into the new season. At quarter-end, total inventories
were $533 million, a decrease of 1% over last year's $540 million, including Lane Bryant and Catherines, and decreased 4% 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">Moving on to CapEx for the quarter. CapEx
for the quarter came in at $47 million for new store additions, store remodels, and technology projects, with full year fiscal-2012
CapEx coming in at $150 million. We are currently planning for some significant projects which will require meaningful CapEx. These
projects will be discussed in more detail at our October 18 investor meeting. We are estimating total CapEx to be in the range
of $300 million to $350 million for fiscal 2013.</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">Weighted average shares outstanding for
the fourth quarter were 159.7 million shares, a decline from last year's 160.6 million shares. The decline was primarily related
to the 2.7 million shares repurchased during the first half of the 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. We will now accept your questions.</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>

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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
</TABLE>
<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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">(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">&nbsp;</P>

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

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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; text-indent: 0">I had a couple of questions.
First off, if you could comment about quarter to date trends? You usually give us some color on the call how the business is proceeding.
My second question, looking at gross margins up 80 basis points, maybe if you could talk a little bit about the merchandise margin
improvement, pretty significant at Justice and maurices? And also 50 basis points of occupancy leverage. I think that's the biggest
actually leverage we've seen from you guys on this type of a comp and what kind of a comp do you need going forward to get occupancy
leverage?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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; text-indent: 0">All right. Thanks,
Anna. I'll start off with the quarter to date trends and turn it over to Armand talk about some of the margin issues. While of
course it varies by brand, I would tell you that quarter to date has been inconsistent. The results out there had been choppy.
I'm not exactly sure why. People say it's the weather, it's the primaries, it's the Olympics, and there's a lot of excuses going
on out there. I really can't put my finger on it, but overall, I think we're still on track to hit our fall comp plan. It's just
not coming in consistently. So as I said earlier in my comments, it seems like the consumer is a bit hesitant and we haven't seen
that strong consistent sales and traffic levels that we'd like to. Armand?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Armand Correia <I> - Ascena Retail Group
Inc - EVP and 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; text-indent: 0">Let me take the first
one, Anna. Our gross margin improvements of 30 BPS, yes we were certainly pleased with that. And that was primarily driven by the
Justice increase of 240 basis points during the quarter, and that came from higher initial markup. And in addition to that, maurices
also had a very good gross margin improvement during the quarter, increasing 120 basis points. So the 30 primarily is driven by
those two increases that more than offset declines at dressbarn. As far as the new categories that we're breaking out, total buying,
occupancy, and distribution cost, the leverage that we see, I'd like to think it was leverage from sales, but it was &mdash; we're
starting to realize productivity efficiencies as a result of combining dressbarn and Justice distribution systems out of Ohio.
So hopefully those are favorable trends that will continue into the future.</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-indent: 0"><B></B></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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; text-indent: 0">That's great. And just
a quick follow-up to David. Should we think about by the division, kind of a similar performance at Justice outperforming the other
two brands thus far in Q1?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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; text-indent: 0">Yes, it's a little
early to tell, but the initial trends out of the box, with Justice being so strong with back-to-school would be that consistent,
yes.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">Scott Krasik, BB&amp;T
Capital Markets.</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-indent: 0"><B></B></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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; text-indent: 0">Maybe talk &mdash;
you mentioned a comment about replacing some management on the merchandising side. I guess maurices has been a little bit inconsistent
for the last few quarters. Maybe talk about what you're doing there?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
</TABLE>
<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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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. At maurices,
our CMO has left the Company and we have a woman that's been internal for about 10 years, Mary Bradley, that we promoted to GMM
and we think the world of her. And we are looking to bring in a CMO to support Mary and mentor her and at the same time help lead
some efforts we're developing in sourcing, product development, as well as focus on a couple of areas like accessories that we've
been dissatisfied with.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">So it's not a total
disaster, at least from the reported comps. So with the change based on what you see coming for Christmas and next spring or what's
going on there?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">Well, I think we saw
an opportunity to take a rising star and move her up. And when we looked at the needs we had for our CMO, we have an opportunity
we think to bring in someone that can better support us at maurices as we develop some strength in product developments and direct
sourcing and some of the trend areas that we haven't been as strong in recently as we think we should be.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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 it's not necessarily
going to get worse before it gets better?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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 believe so,
Scott.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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 just
in the comment about the $0.05 of accretion from Charming Shoppes, I know you want to save the big synergy talk, but what's your
expectations for margin expansion right now from those businesses?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">Those businesses are
going through transition on the front end as well as the back end, so we haven't really focused on that, certainly on this call
it's too detailed. But we will have discussion about each brand including Lane Bryant and Catherines, and they'll talk about their
transition and some of their initiatives which we think will lead to improved margins, although I'm not exactly sure that it's
going to happen in the next season or two, maybe longer-term.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">Brian Tunick, JPMorgan.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Brian Tunick <I> - JPMorgan Chase &amp;
Co. - 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">Good morning guys and
congrats on getting the acquisition done. I guess a couple of questions. First one, on the current quarter or the back half, just
maybe your expectations for Justice in particular on the cotton recovery story and what you're seeing out there as far as how much
you're able to keep and pass on to the consumer? So just wondering how much gross margin expectation seems realistic for you guys,
particularly at Justice for the back half? Second question, really on this capital allocation, I mean it seems like you guys now
have more debt than cash which is something I haven't seen in a long time. The CapEx going up a lot next year. So just wondering,
as you think about longer-term, what is a more normal CapEx number after some of these projects as you look to pay down debt? And
then the third question, just on the SG&amp;A build up, are there anymore specific things you can comment on regarding what's happening
there, regarding the back half?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
</TABLE>
<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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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, let me take a
first stab, and, Armand, after I'm done feel free to jump in. The comp prices as I said are dropping for all of our brands, we
don't foresee dropping our prices. We're going to hold on to the increases that we've got. And if you recall last year, we gave
up some margins so we think we'll get that margin back. The other thing it does is it gives us a little more flexibility if we
need to do additional promotions or more aggressive promotions. It's nice to have that flexibility in our pocket.</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 the debt side, the capital allocation
obviously is a little bit distorted right now simply because of the $300 million in debt. We foresee paying that back in the next
two to three years, and the CapEx that Armand mentioned is a little bit of a blip for this year and it will roll into fiscal '14
probably at a somewhat lower level. And then without trying to give you any specific guidance, I'd say if you look at a go-forward
CapEx in the $200 million range, you're probably reasonably close. And then on the SG&amp;A, I think your question really referred
to how are we going to rationalize the SG&amp;A given the combination of the two shared services, is that correct?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Brian Tunick <I> - JPMorgan Chase &amp;
Co. - 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">Yes, absolutely, David.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">So Brian, what we're
doing as I mentioned is we're going function by function and putting the teams together, and they've been working basically since
we merged to figure out what is the right way to combine our shared service organizations. So we're working through that. We think
we'll have the vast majority of it done by spring. So we're really going to force the issue by spring. We'll no longer have a budget
for Charming Shoppes. It will either be a budget for the brand, Lane Bryant or Catherines, or the shared service will be rolled
into the Ascena shared services. We'll have one organization now that will be responsible for whatever the function is for all
the Ascena brands.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Brian Tunick <I> - JPMorgan Chase &amp;
Co. - 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">Very helpful. We'll
see you in a couple of weeks.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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
Capital Markets.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Jane Thorn Leeson <I> - KeyBanc 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">Hello? Can you hear
me?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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, we can.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Jane Thorn Leeson <I> - KeyBanc 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, thanks. Congratulations
on a good quarter. This is Jane in for Ed. I was wondering if you could talk a little bit about what happened at the core dressbarn
division during the quarter, and particularly the decline in gross margins? Just trends that happened in that division.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
</TABLE>
<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-indent: 0"><B></B></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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 dressbarn under
performed a bit, and as a result, we had to clear some inventory a bit more than we expected. We were slightly under plan as you
saw from the comp results. And that pressure impacted our margins. So not a great quarter. We think that there had been a lot of
changes made and I've talked about those in past calls that we think we're going to continue to see improvement in the fall and
particularly in the spring.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Jane Thorn Leeson <I> - KeyBanc 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, great. And then
just back on maurices, what timeframe do you see in bringing on the new roles that you were talking about, the CMO and sourcing
products?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">The roles that I mentioned
in my prepared comments were at several divisions as well as at Ascena. And we have searches underway for all of the key roles,
and it is our expectation that the majority of these roles will be in place &mdash; will be filled by the end of the year, if not
very soon after.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Jane Thorn Leeson <I> - KeyBanc 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">By the end of 2012
or fiscal '13?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">Calendar 2012, so in
the next, say, three or four months.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">Oliver Chen, Citigroup.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Oliver Chen <I> - Citigroup - 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">Regarding the guidance
for next year and the EPS guidance of $1.45 to $1.55, could you give us parameters from which we should think about how the operating
margin should look in terms of the potential negative mix impact from the acquisition? And also regarding your comp expectations
for mid single digit, if you could let us help dimensionalize how that may evolve regarding AUR versus traffic versus units? Thank
you.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Armand Correia <I> - Ascena Retail Group
Inc - EVP and 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">So Oliver, this is
Armand. I'll take the first one. Relative to breaking down operating margin, relative to the guidance by brands, I think what we'd
like to do is hold that one off to the side and give that at least present that at our October 18 investor call in more detail
to give you as well as some additional background. So I want to defer that one to our upcoming meeting.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">On the other one, the
mid digit comps is really going to be a combination of all factors. I don't know if we're going to be able to expect an increase
in traffic. So even if we can just get traffic to hold flat, that would be great. If not, as we've seen, we've been able to improve
our conversion slightly. We mentioned about our improved average selling price, AUR and ASP. And then finally, if we're able to
leverage some of those cotton decreases into higher margins, I think all of that will go to driving our operating improvements.</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">&nbsp;</P>

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

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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
</TABLE>
<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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Oliver Chen <I> - Citigroup - 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, thanks. And as
a follow-up regarding the year over year inventory trends going forward, do you continue to expect it to be down versus last year
and how are you thinking about planning that?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Armand Correia <I> - Ascena Retail Group
Inc - EVP and 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">As far as the trends
going forward, I would suspect that right now when we look at inventory by brand, again a lot of them are down, some of them up
slightly. I would expect that going into the first quarter, ending the first quarter that inventories will be up in terms of dollars,
low single digits.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">Neely Tamminga, Piper
Jaffrey.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Neely Tamminga <I> - Piper Jaffray &amp;
Co. - 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">It's Neely Tamminga,
Piper Jaffray. Hi, congratulations David and to the team for completing this transaction.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">Thank you, Neely.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Neely Tamminga <I> - Piper Jaffray &amp;
Co. - 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 I just have a couple
follow-ups if I may and obviously tabling a lot of our dialogue for this upcoming analyst event to discuss your transaction, but
one on the follow-up, David. So your quarter to date trends, traffic is choppy, conversion obviously sounds fantastic for the things
that you can control. Are you finding broadly speaking that the conversion is being driven by the product assortments or by promotion
induced type activity? Just trying to get a gauge of that.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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 it's certainly
both, but I want to make sure everybody understands we are not doing dramatic increases in our promos versus last year. So to use
an example, everybody is familiar with the Justice 40% off sale and that continues to work well, the consumer continues to respond
well to that. And the reason she responds well either to Justice or to other brands is when we have the right product. So just
to use an example I think everybody is aware of, colored bottoms have been terrific at all our brands. So that's a fashion trend
that the customer is coming in for, and we've done a pretty good job in being able to deliver that to her. So I think it's important
to offer her value and that's where the promotion comes in. Again, we haven't really stepped up our promotions and I'd like to
think that we're pretty much on trend which is what's getting the customer to get excited about shopping again.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Neely Tamminga <I> - Piper Jaffray &amp;
Co. - 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">Yes, you bet. Absolutely.
We see it at the store level so it seems to be more product lead from our perspective too.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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; text-align: justify">&nbsp;</P>

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

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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
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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; text-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Neely Tamminga <I> - Piper Jaffray &amp;
Co. - 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">The other question
I wanted to follow up was on related to traffic as well as just the early stages of the integration. Can you remind us, do you
have &mdash; is Charming and Catherines &mdash; or I'm sorry, Catherines and Lane Bryant, do they have traffic counters? Do you
have full visibility of their traffic and conversion patterns? And then have you started to bring those entities into your consumer
insighting process at this point?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">First, they have their
own consumer insighting or customer knowledge or what have you processes which are terrific and we're learning a lot. We're putting
our teams together to exchange ideas and different types of research, focus groups, what have you, that surveys that both groups
do. So that I think is a very good place. On the traffic counters, we're actually moving traffic counters out of Fashion Bug into
Lane Bryant and Catherines. So by &mdash; I would &mdash; not exactly sure of the timing, but I would certainly say by the end
of fall, we will have traffic counters in all of the Lane Bryant and Catherines stores I believe.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Neely Tamminga <I> - Piper Jaffray &amp;
Co. - 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">That's smart. And then
just one more from me. Are you guys planning or intending to restate last year's quarters in advance of each quarter being reported
so that we can have some view of the combined Company on a go-forward prior year basis?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Armand Correia <I> - Ascena Retail Group
Inc - EVP and 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">Neely, this is Armand.
There was no plans to restate last year.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Neely Tamminga <I> - Piper Jaffray &amp;
Co. - 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, thanks. Looking
forward to seeing you guys soon.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">Janine Stichter, Telsey
Advisory.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Janine Stichter <I> - Telsey Advisory
- 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">Hi, just a couple of
questions. Just digging into the traffic a little bit more, I was wondering if you could talk a little bit about what you saw in
the malls more so at Justice versus on the strip centers, was there a difference? And then any color on cadence throughout the
quarter? I don't know if you saw anymore weakness in July maybe relative to some of the other months just because of the warmer
weather?</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">You're drilling down
probably a level below I can go to on this call. So I ask you to give Armand a call back and we'll get that. We do have that information.
It's not complete though at Justice. They don't have traffic counters in all of the stores. So it will be more directional and
I don't know right off the top of my head, but we can be happy to get that for you. In terms of July, that's our prior year and
so the traffic trends, again, we'd have to look at a month by month and I'll ask Armand to pull those numbers for you. But in general,
I think it's, as I said earlier, been a little sporadic or choppy, whatever you want to call it, where we've seen some very good
weeks and then seen some other weeks that haven't been so strong in traffic and sales as well. And it's not always clear to us
why that's the case.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Janine Stichter <I> - Telsey Advisory
- 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 just
also, any color, I know you did some repositioning efforts at Lane Bryant. I know it's still early on, but any color you can give
us on those rebranding efforts?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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    <TD STYLE="width: 100%; text-align: left; font-weight: normal; padding: 2pt; border: Black 1pt solid">SEPTEMBER 19, 2012 / 01:00PM&nbsp; GMT, ASNA - Q4 2012 Ascena Retail Group, Inc. Earnings Conference Call</TD></TR>
</TABLE>
<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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">Well it is early on,
and I say that while I think we're all very pleased with the way the marketing and the new logo and some of the new ads have come
out look great, it's going to take a while I think to get some traction on that. And I think in August, we probably converted a
little too early or converted with some product that wasn't well received by the customer. And I don't think that's a fair test
of the marketing when the product isn't fully where we want it to be. So as I said earlier, they're going through transition and
I see only upside and good things happening there, but we don't have expectations that this is going to turn around on a dime here
and it's going to be a huge growth in the next quarter. So we're going to work with them and continue to grow and transition and
build that business.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">Wayne Archambo, Monarch
Partners.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Wayne Archambo <I> - Monarch Partners
- 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">My question's been
answered. Thank you.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">Ladies and gentlemen,
that concludes the Q&amp;A portion of our event. Now, I'd like to turn the presentation back over to David Jaffe for closing remarks.</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-indent: 0"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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">Well thank you very
much everyone for your interest and your attendance, and we look forward to seeing you on our Analyst Day on October 18. If you
have any questions about that feel free to call Armand. Have a good day.</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"></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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">Ladies and gentlemen,
that concludes today's conference. 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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