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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:

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The Limited mantra

HER PERSONAL SUCCESSHER PERSONAL SUCCESS

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Company overview

The Limited is an iconic women’s apparel and accessories brand that has served generations of women for over 45 years

- Operates 257stores 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

Strong performance since the acquisition by Sun Capital in 2007

- Rationalized store base: closed 60 stores, remodeled 48 stores, opened 57 stores

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Corporate history

1980

First Limited Express opens in Chicago, 2 years later becomes separate division

1969

The Limited’s first public stock offering is issued Over-The-Counter

2010

Company acquires remaining 25%

1963

Founded byLes Wexnerwith first store in Columbus, OH

1982

Victoria’s Secret is purchased

1983

The Limited opens its500th store

1985

Lerner isacquired

1988

25 A&F stores are acquired and Limited Too is unveiled in Limited stores

1990

BBW opens first store

1989

The Limited sales and OI achieve peak of $1.2B and $200M, in over 750 stores

1994

The Limited loses $20M OI

1998

The Limited loses $95MOI

2007

New leadership; Sun Capital acquires 75% ownership

2009

First profitable year since 1993

2006

VS brand hits $5B in sales

2004

Victoria’s Secret establishes Pink; BBW hits $2B in sales

1995

Intimate Brands IPO

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Business transformation under new leadership

Created a standalone organization

Created a standalone organization

Re-Identified core customer and refined

brand positioning

Re-Identified core customer and refined

brand positioning

Developed new store prototype

Developed new store prototype

Launched E-commerce platform

Launched E-commerce platform

Re-Engineered Go-to-Market approach

Re-Engineered Go-to-Market approach

Strengthened our corporate cultureStrengthened our corporate culture

Retained and recruited experienced management Improved information technology systems

Profiled our edit point “Tyler” and our target customers (Tyler, Megan and Amanda) Extensive brand and market research Reaching out to target demographic one customer at a time Improved customer communication and marketing strategies

Reduced target store size to 4,000-5,500 sq. ft. Remodeled decor design and store layout to enhance shopping experience

Launched in 2008 with additional mobile capabilities added since initial launch Enhances our ability to reach our core customer on her terms

Dual-sourcing model captures scale efficiencies of large vendors Demand-driven processes based on customer research and market segmentation

Employee ownership of brand and sharing of best practices Field managers empowered to make decisions and enhance operations

We have transformed the business to a standalone company, strengthened our brand and positioned the Company for future growth

We have transformed the business to a standalone company, strengthened our brand and positioned the Company for future growth

The Limited is an iconic American brand that has rediscovered its focus

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Our competitive positioningH

igh

Lo

wP

ric

e

FashionForward

Basic Fashion SensibilityNote: Size of bubble represents 2010 global volume; H&M and Zara bubbles size reduced for graphical purposes; multiple bubbles represent a current shift in positioningSource: Market research and management views

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Tops45%

Pants22%

Jackets, Skirts & Dresses

22%

Accessories10%

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Delivering versatile, on-trend fashion at great value

We offer our customer a wardrobe that addresses all her lifestyle needsWe offer our customer a wardrobe that addresses all her lifestyle needs

Touch of Shine Bangle Set $19.90

Ruffle Doctors Satchel $74.00

Textured Bangle Set $19.90

Grey Essential Jacket $158.00

Drew Twin Pocket Flare Pant $74.90

Large Thin Hoops $16.50

Drew Denim Ankle Trouser$69.90

Woven Popover $39.90

Ladylike Kisslock Bag $69.90

Ruffle Front Tank $49.90

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Reconnecting with our core customer

Comprehensive consumer study

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

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 successThe Limited is about her personal success

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Meet Tyler, our primary edit point

25-35years old

Female

HouseholdIncome$40k-$80k

Variousoccupations

On-trend, not trendy

Lives inthe suburbs

and cities

Collegeeducated

She is alluring, 28 years old, recently engaged, lives and works in Chicago

She is an aspiring executive: She is on her second job – now it’s a career – and frequently travels for business

She is self-confident, quick, witty, fun, social, socially aware and curious

Her inspiration comes from fashion and celebrity magazines

She is active and fitness-focused, she loves to vacation, she loves to go out

Her active life means she goes non-stop from work to evening and events

She knows who she is – she is selective, not impulsive, she knows what suits her style, she doesn’t adjust herself to the vagaries of fashion, she is on-trend, not trendy

Active

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Meet Megan, our confident professional

Female

Achieving her personal success

Confident & fashion savvy

Lives inthe suburbs

and cities

College educated & career focused

Active

30-39years old

HouseholdIncome$80k-$125k+

She is confident in how she shops and selects her work wardrobe

Her business wear signifies her prestige and success

She believes wearing quality clothing is part of living the good life

Her inspiration comes from fashion and celebrity magazines

She shops where she can always find the latest fashions and enjoys getting the newest looks

She introduces the concept of transition wear – good for work – stylish for going out

She is brand loyal

She purchases clothes that she likes, regardless of price

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Meet Amanda, our future generation

Female

Beginningcareer

Young & contemporary

Lives inthe suburbs

and cities

Newly educated

Active and social

18-24years old

HouseholdIncome<$40K

She is a “girl-next-door” that wants to feel fashionable and trendy

She recently joined the workforce, is price sensitive, and can’t resist a good deal

She is often introduced to the brand by her mother as she prepares for the important “first interview” event

She is an avid shopper and likes to make a fashion statement

She relies on friends and social networking to help her find the right clothes

She enjoys shopping online, but her preference is to try an item on in- store

She is spontaneous and an adventurer who enjoys sports and is extremely sociable

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Differentiated store design and environment

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 Easy to shop format segmented into six quadrants Strong visual appeal

– Complete outfit presentations paired with accessories

– Back lit fixed shelves provide marketing opportunity

Passionate and knowledgeable sales associates provide high level of customer service

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Differentiated store design and environment (cont.)

Fitting Rooms

Fro

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of

Sto

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Cas

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rap

New

Mer

chan

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Cor

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Sale Items

Bac

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Visual presentation and merchandising

Focused on looks that make her look great every step of the wayFocused on looks that make her look great every step of the way

In-store merchandising first tested in a mock store at The Limited headquarters

Thoughtful adjacencies of categories and theory of the floor

Visually appealing and easy-to-shop

Mannequins display complete, coordinated fashions

– Our customer seeks guidance on how to customize heroutfits and wardrobe

– Mannequins often displayed on raised runway fixture inthe center of the store

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Website is an essential branding, customer loyalty, acquisition and retention vehicle

Multi-channel customer spends on average ~2.5x more than store-only customer and ~4.0x more than online only customers

– Average annual customer spend:

» Direct only: $103

» Retail only: $151

» Multi-channel: $389

Sales from E-commerce increased 150% since 2010, represents 15% of total sales

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Multi-channel, integrated retail approach