The Limited mantra For our target customer its

The Limited mantra For our target customer, it’s not about a job, nor simply a career. It’s about growing, learning and building. It’s about making her own personal impact in the world and fulfilling her potential each and every day. About making her dreams real, through hard work and persistence. And about being all she can be, looking great every step of the way. That is what The Limited is about: HER PERSONAL SUCCESS 2

Company overview n The Limited is an iconic women’s apparel and accessories brand that has served generations of women for over 45 years - Operates 257 stores in high-traffic mall locations in 42 states nationwide - Target average store size of 4, 000 – 5, 500 sq. ft. ; existing stores average 6, 300 sq. ft. - Known for our offering of distinctive suiting and comfortable, flattering pants at attractive price points - Multi-channel platform to better serve and connect with our customers n Strong performance since the acquisition by Sun Capital in 2007 - Rationalized store base: closed 60 stores, remodeled 48 stores, opened 57 stores 3

Corporate history 1963 1969 1983 Founded by The Limited’s first The Limited Les Wexner public stock opens its with first store in offering is issued 500 th store Columbus, OH Over-The-Counter 1989 1994 1998 2007 2010 The Limited sales and OI achieve peak of $1. 2 B and $200 M, in over 750 stores The Limited loses $20 M OI The Limited loses $95 M OI New leadership; Sun Capital acquires 75% ownership Company acquires remaining 25% 2009 1980 1982 1985 1988 1990 1995 First Limited Express Victoria’s Secret is Lerner is 25 A&F stores are BBW opens Intimate opens in Chicago, 2 purchased acquired and Limited first store Brands IPO years later becomes Too is unveiled in separate division Limited stores 2004 2006 First profitable year since 1993 Victoria’s Secret VS brand hits establishes Pink; $5 B in sales BBW hits $2 B in sales 4

Business transformation under new leadership n The Limited is an iconic American brand that has rediscovered its focus Created a standalone organization Re-Identified core customer and refined brand positioning Developed new store prototype Launched E-commerce platform Re-Engineered Go-to. Market approach Strengthened our corporate culture n Retained and recruited experienced management n Improved information technology systems n Profiled our edit point “Tyler” and our target customers (Tyler, Megan and Amanda) n Extensive brand market research n Reaching out to target demographic one customer at a time n Improved customer communication and marketing strategies n Reduced target store size to 4, 000 -5, 500 sq. ft. n Remodeled decor design and store layout to enhance shopping experience n Launched in 2008 with additional mobile capabilities added since initial launch n Enhances our ability to reach our core customer on her terms n Dual-sourcing model captures scale efficiencies of large vendors n Demand-driven processes based on customer research and market segmentation n Employee ownership of brand sharing of best practices n Field managers empowered to make decisions and enhance operations We have transformed the business to a standalone company, strengthened our brand positioned the Company for future growth 5

Low Price High Our competitive positioning Basic Fashion Sensibility Note: Size of bubble represents 2010 global volume; H&M and Zara bubbles size reduced for graphical purposes; multiple bubbles represent a current shift in positioning Source: Market research and management views Fashion Forward 6

Delivering versatile, on-trend fashion at great value Large Thin Hoops $16. 50 Grey Essential Jacket $158. 00 Ruffle Front Tank $49. 90 Touch of Shine Bangle Set $19. 90 Textured Bangle Set $19. 90 Ruffle Doctors Satchel $74. 00 Drew Twin Pocket Flare Pant $74. 90 Woven Popover $39. 90 Accessories 10% Jackets, Skirts & Dresses 22% Tops 45% Pants 22% Drew Denim Ankle Trouser $69. 90 Ladylike Kisslock Bag $69. 90 We offer our customer a wardrobe that addresses all her lifestyle needs 7

Reconnecting with our core customer n Comprehensive consumer study n Understanding our customer allows us to effectively connect with her and build loyalty through positive experiences – our messaging, our products, our stores and our customer service n Established core and adjacent customer profiles to ensure a unified approach to branding and merchandising – Tyler, our primary edit point, a female age 25 to 35 – Megan, our confident professional, age 30 to 39 – Amanda, our future generation, age 18 to 24 The Limited is about her personal success 8

Meet Tyler, our primary edit point n She is alluring, 28 years old, recently engaged, lives and works in Chicago On-trend, not trendy n She is an aspiring executive: She is on her Female second job – now it’s a career – and frequently travels for business n She is self-confident, quick, witty, fun, social, Lives in the suburbs and cities College educated Active Household Income $40 k-$80 k socially aware and curious n Her inspiration comes from fashion and celebrity magazines n She is active and fitness-focused, she loves to 25 -35 years old vacation, she loves to go out n Her active life means she goes non-stop from work to evening and events n She knows who she is – she is selective, not Various occupations impulsive, she knows what suits her style, she doesn’t adjust herself to the vagaries of fashion, she is on-trend, not trendy 9

Meet Megan, our confident professional n She is confident in how she shops Confident & fashion savvy and selects her work wardrobe Female n Her business wear signifies her prestige and success n She believes wearing quality clothing Lives in the suburbs and cities College educated & career focused Active Household Income $80 k-$125 k+ is part of living the good life n Her inspiration comes from fashion and celebrity magazines n She shops where she can always find 30 -39 years old Achieving her personal success the latest fashions and enjoys getting the newest looks n She introduces the concept of transition wear – good for work – stylish for going out n She is brand loyal n She purchases clothes that she likes, regardless of price 10

Meet Amanda, our future generation n She is a “girl-next-door” that wants to feel fashionable and trendy n She recently joined the workforce, is Young & contemporary Female price sensitive, and can’t resist a good deal n She is often introduced to the brand Lives in the suburbs and cities Household Income <$40 K by her mother as she prepares for the important “first interview” event n She is an avid shopper and likes to make a fashion statement n She relies on friends and social Newly educated Active and social 18 -24 years old networking to help her find the right clothes n She enjoys shopping online, but her Beginning career preference is to try an item on in- store n She is spontaneous and an adventurer who enjoys sports and is extremely sociable 11

Differentiated store design and environment n Stores are designed and merchandised to deliver an inviting atmosphere and rich shopping experience – Open store front – Taupe walls, white cabinets and “splash” of red – Natural wood floors throughout – Residential lighting and chandeliers n Easy to shop format segmented into six quadrants n Strong visual appeal – Complete outfit presentations paired with accessories – Back lit fixed shelves provide marketing opportunity n Passionate and knowledgeable sales associates provide high level of customer service 12

Differentiated store design and environment (cont. ) Back Room Fitting Rooms Cash Wrap Core Offering New Merchandise Front of Store Sale Items 13

Visual presentation and merchandising n In-store merchandising first tested in a mock store at The Limited headquarters n Thoughtful adjacencies of categories and theory of the floor n Visually appealing and easy-to-shop n Mannequins display complete, coordinated fashions – Our customer seeks guidance on how to customize her outfits and wardrobe – Mannequins often displayed on raised runway fixture in the center of the store Focused on looks that make her look great every step of the way 14

Multi-channel, integrated retail approach n Website is an essential branding, customer loyalty, acquisition and retention vehicle n Multi-channel customer spends on average ~2. 5 x more than store-only customer and ~4. 0 x more than online only customers – Average annual customer spend: » Direct only: $103 » Retail only: $151 » Multi-channel: $389 n Sales from E-commerce increased 150% since 2010, represents 15% of total sales 15