ICR XCHANGE CONFERENCE JANUARY 17, 2013

KEY MESSAGES
We have global, category-leading brands with high emotional content that generate substantial income and cash flow Our overriding focus is on the substantial growth opportunity in North America We believe there is substantial opportunity for international growth and expect it to be accretive to the total company operating margin We are targeting a minimum of low double digit annual earnings growth and an operating income rate in the high-teens We continue to emphasize maintaining a strong cash and liquidity position while optimizing our cost of capital We will continue to manage inventory, expenses and capital with discipline We remain committed to returning excess cash and generating superior returns for shareholders
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SUPERIOR RETURNS TO SHAREHOLDERS

3-year Total Return
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Giordano Limited Brands Foot Locker Inditex Ann Stores TJX Home Depot Buckle Ralph Lauren Ascena Retail Group Coach Gap Bed Bath & Beyond American Eagle Tiffany & Co. Abercrombie & Fitch Wal-Mart Stores Chico's Children's Place Fast Retailing Target H&M Walgreen Co. Li & Fung bebe Aeropostale Staples Best Buy Esprit Holdings S&P 500 S&P Retail Index 57.6 50.4 46.5 Median of top quartile : 36.5 26.7% 33.2 33.2 31.5 24.9 22.8 16.3 Median of 2nd 15.8 quartile : 18.4% 15.7 12.5 12.2 11.6 11.3 10.9 Median of 3rd quartile : 10.0 8.5% 10.0 9.4 8.7 8.4 2.2 (2.9) Median of (9.5) bottom quartile : (17.9) (9.0%) (21.3) (32.4) (37.2) 8.0 15.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

5-year Total Return

Limited Brands Ascena Retail Group Buckle TJX Foot Locker Inditex Fast Retailing Home Depot Ralph Lauren Giordano Chico's Bed Bath & Beyond Coach Children's Place Gap Wal-Mart Stores H&M Tiffany & Co. Ann Stores American Eagle Target Walgreen Co. Li & Fung Aeropostale Abercrombie & Fitch Staples bebe Best Buy Esprit Holdings S&P 500 S&P Retail Index 34.2 27.4 26.7 26.7 26.4 24.8 24.7 23.1 21.7 21.3 18.4 16.0 15.3 13.7 11.4 10.6 8.9 8.5 6.9 6.0 5.9 3.3 0.0 (6.3) (7.7) (10.3) (16.2) (23.3) (33.3) (0.1) 11.1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

10-year Total Return

Buckle Ralph Lauren Coach Limited Brands Fast Retailing Inditex Ascena Retail Group American Eagle Li & Fung TJX Giordano Foot Locker Aeropostale Children's Place H&M Home Depot Tiffany & Co. Abercrombie & Fitch Ann Stores Gap Target Chico's Wal-Mart Stores Bed Bath & Beyond Walgreen Co. Esprit Holdings bebe Staples Best Buy S&P 500 S&P Retail Index 25.0 21.6 21.3 20.3 19.8 18.9 18.6 18.1 17.8 16.8 15.4 14.6 14.5 13.9 13.8 13.5 10.2 9.4 8.8 8.6 8.2 6.5 4.9 4.5 2.6 2.4 1.6 0.7 (1.9) 4.4 9.3

Median of top quartile : 36.5%

Median of top quartile : 20.3%

Median of 2nd quartile : 15.8%

Median of 2nd quartile : 15.4%

Median of 3rd quartile : 10.0%

Median of 3rd quartile : 9.4%

Median of bottom quartile : (13.7%)

Median of bottom quartile : 2.5%

As of December 28, 2012

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DRIVEN BY EARNINGS IMPROVEMENT Adjusted Earnings Per Share

$2.85 $2.60

$2.06

$1.23 $1.05

2008

2009

2010

2011

2012F*

*Represents mid-point of 4Q earnings guidance

AND CASH DISTRIBUTION

Cash Distributions Regular Dividends Special Dividends Share Repurchases* Total

*At an average price of $25.37 per share
Note: Reflects cash distributions from the beginning of 2000 through the dividend payment on December 26, 2012

$ 2.7 billion $ 3.8 billion $ 7.8 billion $ 14.3 billion

DELIVERED ON PATH TO 15%

15% by 2012 Goal Announced

18.0% 17.0% 16.0% Operating Income % of sales Trailing Twelve Months 15.0% 14.0% 13.0% 12.0% 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 15.7%

IMPROVEMENTS DRIVEN BY:

1. Strength of the Victorias Secret and Bath & Body Works brands and the attractiveness of the intimate apparel and personal care/beauty categories 2. A focus on fundamentals: Customers Core (Best At) merchandise categories Inventory management, flow, turn and in-stock Speed / read and react / chase Store selling and operations 3. Experienced, aligned and focused management team

GROW INVENTORY SLOWER THAN SALES

800 basis point spread between sales and inventory growth on a CAGR basis

18% 12% 6% 0% -6% -12% -18% -24% -30%

Inventory PSSF

Retail Sales

*Victorias Secret Stores new technology systems implemented in Spring 2009

GROW EXPENSES SLOWER THAN SALES

16% 12% 8% 4% 0% -4% -8% -12%

Sales

Expenses

HEALTHY REAL ESTATE

99% of our store fleet is cash flow positive on an after-tax cash basis
17 < 1%

Total

stores1

= 2,646

1,850 70%

779 29%

After-tax cash flow2

> $250K $0 - $250K < $0

Note: data as of Q3 2012 1. Only includes stores that have been open for at least one year and have not had construction activity for at least one year. Excludes Clearance stores. 2. After-tax store profit plus depreciation.

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CONSISTENT LEVERAGE

in billions

2000 $0.4 $5.7 $6.1 $1.8 3.4x $0.6 BBB+/Baa1

2008 $2.9 $3.9 $6.8 $1.6 4.3x $1.2 BB+/Ba1

2009 $2.7 $4.0 $6.8 $1.7 3.9x $1.8 BB/Ba2

2010 $2.5 $4.1 $6.7 $2.2 3.0x $1.1 BB+/Ba2

2011 $3.5 $4.4 $7.9 $2.5 3.2x $0.9 BB+/Ba1

Pro forma 2011(1) $4.5 $4.4 $8.9 $2.5 3.6x $1.9 BB+/Ba1

2012F(4) $4.5 $4.5 $9.0 $2.6 3.4x $0.8 BB+/Ba1

Balance Sheet Debt Capitalized Lease Obligations(2) Total Adjusted Debt EBITDAR(3) Adjusted Debt / EBITDAR End of Year Cash Debt Rating at End of Year

(1) (2) (3) (4)

Pro forma the $1 billion bond issuance from February 2, 2012. Calculated as 8 times total rent expense, including all brands owned at the time. Adjusted operating income, excluding depreciation & amortization and total rent expense. Represents mid-point of 4Q earnings guidance

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TOTAL LEVERAGE COMPARABLE TO MOST RETAILERS

Median: 6.3x
7.0x

Median: 2.4x

Median: 3.3x

7.0x 6.4x 6.2x 6.0x

6.0x

Debt / EBITDA
5.0x
(1)

Lease Adj. Debt / EBITDAR

4.0x

3.6x
6.5x

3.7x 3.1x 2.7x

3.5x

Recent Retail LBOs

3.0x

3.3x

3.3x 3.0x 2.6x 2.3x

6.2x 5.0x 5.4x

Global Brands
2.0x

2.2x

Large U.S. Brands

1.0x 2.3x 0.1x

1.1x
0.7x 0.0x 0.6x 0.0x 0.0x 0.0x

Abercrombie & Fitch

Jo-Ann Stores

J.Crew

Fast Retailing

Inditex

0.0x

0.0x

0.0x

0.3x

0.0x

Express

David's Bridal

Chico's

Source: Public filings as of December 28, 2012. Note: U.S. dollars in millions. (1) Debt adjusted per 8x rent expense methodology.

American Eagle Outfitters

Urban Outfitters

Neiman Marcus

Coach

H&M

ANN

Limited Brands

Gap

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THE BUSINESS GENERATES SIGNIFICANT CASH FLOW

2009 ($ in Millions) Operating Cash Flow Capital Expenditures Free Cash Flow Regular Dividend Retained Cash Flow 1,174 (202) 972 (193) 779

2010

2011

2012F*

1,284 (274) 1,010 (197) 813

1,266 (426) 840 (248) 592

$1,350 - 1,400 (600) 750 - 800 (290) 460 - 510

* Represents mid-point of 4Q earnings guidance

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OPERATING INCOME RATE POTENTIAL

25.0%

H&M

Operating Income % of sales Trailing Twelve Months

20.0%

19.6%

Inditex
15.0%

18.4% 15.7%

FastRetailing
10.0%

13.6%

Limited Brands

5.0%

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SUBSTANITAL GROWTH OPPORTUNITY IN NORTH AMERICA

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FOCUS ON SPEED AND AGILITY

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FOCUS ON SPEED AND AGILITY

Trailing Twelve Month Dollar Turn - Total Limited Brands
YE2012 3.72

YE2011 3.56

YE2010 3.12 YE2009 2.82 2.72

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FOCUS ON SPEED AND AGILITY

(in millions)

2008 $8,081

2012F ~$10,500

$ Change ~$2,419

Sales

Operating Income

$660

~$1,700

~$1,040

Inventory

$1,132

~$1,000

~($132)

Note: On like businesses, 2012F at midpoint of 4Q guidance

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FOCUS ON STORE SELLING AND EXECUTION MARKET INTENSIFICATION

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FOCUS ON STORE SELLING AND EXECUTION MARKET INTENSIFICATION

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SQUARE FOOTAGE GROWTH VICTORIAS SECRET Right size Lingerie Over 950 stores do not carry the full Lingerie assortment

Right size PINK Over 800 stores do not carry the full PINK assortment

Adjacent categories Victorias Secret Sport (VSX) Supermodel Essentials/Loungewear Swim Expansions completed over last 5 years have IRRs > 30%
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SQUARE FOOTAGE GROWTH VICTORIAS SECRET

Dimensioning the opportunity with rough math

Current average store size in U.S. Target size for VS and PINK in each center Incremental square footage per center Number of center opportunities Total incremental square footage in U.S. Growth over current U. S. square footage Plus continued growth in Canada
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6,000 8,000 2,000 X 750 1,500,000 25%

WE ARE INCREASING OUR INVESTMENT TO DRIVE GROWTH Capital Expenditures

(in millions)

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INTERNATIONAL GROWTH OPPORTUNITY

1. Very substantial sales and profit opportunity 2. At a rate equal to or accretive to the total 3. Outstanding returns on investment 4. Building for long-term, sustainable growth and profitability operating income dollar contribution not significant in the short-term

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FOUNDATIONAL PRINCIPLES

Our absolute priority is healthy, growing, domestic brands Separate, dedicated teams to support International

Zero distraction to domestic brands

Methodical, test and learn approach to expansion Focused and fast
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INTERNATIONAL OPERATING MODEL

A substantially partnership-based (franchise) business model Small number of world-class partners High control model: we own assortment, pricing, promotions, store design and real estate approval Partners will own inventory, make capital investments, have real estate skills, have people skills and be expert in local practices We get paid on retail royalty basis We have our people living in country: training, coaching, inspecting and coordinating with us

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GROWTH TRAJECTORY BY STORE COUNT

2011 YE Canada La Senza BBW VS PINK Total

2012 YE

Ranges 2013 YE

230 69 11 8 318

158 71 16 10 255

150 - 155 78 - 81 21 - 24 10 - 10 259 - 270

Rest of World La Senza BBW VS VSBA Total

289 18 57 364

346 39 5 116 506

356 - 366 55 - 65 8 - 12 186 - 216 601 - 655

Total International

682

761

860 - 925
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SUMMARY
We have global, category-leading brands with high emotional content that generate substantial income and cash flow Our overriding focus is on the substantial growth opportunity in North America We believe there is substantial opportunity for international growth and expect it to be accretive to the total company operating margin We are targeting a minimum of low double digit annual earnings growth and an operating income rate in the high-teens We continue to emphasize maintaining a strong cash and liquidity position while optimizing our cost of capital We will continue to manage inventory, expenses and capital with discipline We remain committed to returning excess cash and generating superior returns for shareholders
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APPENDIX
Reconciliation of Reported Results to Adjusted Results

This presentation contains certain unaudited "Adjusted" financial information which represents nonGAAP financial measures. This unaudited "Adjusted" information should not be construed as an alternative to the reported results determined in accordance with GAAP. Further, the Company's definition of "Adjusted" information may differ from similarly titled measures used by other companies. While it is not possible to predict future results, management believes the unaudited "Adjusted" information is useful for the assessment of the ongoing operations of the Company. The unaudited "Adjusted" information should be read in conjunction with the Company's historical financial statements and notes thereto contained in the Company's quarterly reports on Form 10-Q and annual reports on Form 10-K. The following pages contain reconciliations of certain reported results to the adjusted results used in this presentation.

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APPENDIX
Reconciliation of Reported Results to Adjusted Results

2011 (in millions except per share amounts) Reported Net Sales Gross Profit General, Administrative and Store Operating Expenses Operating Income Earnings Per Share $ 10,364 4,057 2,698 1,238 2.70 $ Adjustments 17 (171) 308 (0.10) $ Adjusted 10,364 4,074 2,527 1,546 2.60

The Reconciliation of Reported Results to Adjusted Results reflects the following: The "Adjustments" column includes the following: A $232 million pre-tax charge ($203M net of tax) related to the impairment of La Senza goodwill and other intangible assets; A $147 million non-taxable gain and associated pre-tax expense of $163 million ($112M net of tax) associated with our charitable contribution of Express, Inc. common stock to The Limited Brands Foundation; A $111 million pre-tax gain ($99M net of tax) related to the sale of 51% of our third-party sourcing business to Sycamore Partners; A $86 million pre-tax gain ($56M net of tax) related to the sale of shares on Express, Inc. common stock;

A $56 million tax benefit related to certain discrete income tax matters; and $24 million ($24M net of tax) of restructuring expenses at La Senza.

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APPENDIX
Reconciliation of Reported Results to Adjusted Results

2010 (in millions except per share amounts) Reported Net Sales Gross Profit General, Administrative and Store Operating Expenses Operating Income Earnings Per Share $ 9,613 3,631 2,347 1,284 2.42 $ Adjustments (0.36) $ Adjusted 9,613 3,631 2,347 1,284 2.06

The Reconciliation of Reported Results to Adjusted Results reflects the following: The "Adjustments" column includes the following: A $52 million pre-tax gain ($32M net of tax) related to the initial public offering of Express including the sale of a portion of the companys shares; A $49 million pre-tax gain ($30M net of tax) related to a $57 million cash distribution from Express; A $45 million pre-tax gain related to the sale of Express stock ($28M net of tax); A $25 million pre-tax loss ($16M net of tax) associated with the early retirement of portions of our 2012 and 2014 maturity bonds;

A $20 million pre-tax gain and a related net tax benefit of $22 million associated with the sale of our remaining 25% interest in Limited Stores; and A $7 million pre-tax gain related to the Express dividend payment ($4M net of tax).

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APPENDIX
Reconciliation of Reported Results to Adjusted Results

2009 (in millions) Reported Net Sales Gross Profit General, Administrative and Store Operating Expenses Operating Income Earnings Per Share $ 8,632 3,028 2,169 868 1.37 $ Adjustments (9) (0.14) $ Adjusted 8,632 3,028 2,169 859 1.23

The Reconciliation of Reported Results to Adjusted Results reflects the following: The "Adjustments" column includes the following: A pre-tax gain of $9 million and a related net tax benefit of $5 million related to the disposal of a non-core joint venture $23 million of favorable income tax benefits primarily related to the reorganization of certain foreign subsidiaries; and $9 million of favorable income tax benefits primarily due to the resolution of certain tax matters.

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APPENDIX
Reconciliation of Reported Results to Adjusted Results

2008 (in millions) Reported Net Sales Gross Profit General, Administrative and Store Operating Expenses Operating Income Earnings Per Share $ 9,043 3,006 2,311 589 0.65 $ Adjustments (23) 129 0.40 $ Adjusted 9,043 3,006 2,288 718 1.05

The Reconciliation of Reported Results to Adjusted Results reflects the following: The "Adjustments" column includes the following: A pre-tax charge of $23 million ($14M net of tax) for severance related to the reduction of roughly 10% of home office headcount, or approximately 400 associates; A pre-tax non-cash impairment charge of $215 million ($204M net of tax) to reduce the carrying value of La Senza goodwill and other intangible assets; A pre-tax gain of $128 million ($81M net of tax) related to the sale of a non-core joint venture; A pre-tax charge of $19 million ($20M net of tax) related to the impairment of the investment carrying value of another non-core joint venture; A pre-tax gain of $13 million ($8M net of tax) related to a cash distribution from Express; and $15 million of favorable income tax benefits primarily related to certain discrete foreign and state income tax items.

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