Supplemental Guarantor Financial Information

The Company’s 2019 Notes, 2020 Notes, 2021 Notes, 2022 Notes and 2023 Notes are jointly and severally guaranteed on a full and unconditional basis by certain of the Company’s 100% owned subsidiaries. The Company is a holding company and its most significant assets are the stock of its subsidiaries. The Guarantors represent: (a) substantially all of the sales of the Company’s domestic subsidiaries, (b) more than 90% of the assets owned by the Company’s domestic subsidiaries, other than real property, certain other assets and intercompany investments and balances and (c) more than 95% of the accounts receivable and inventory directly owned by the Company’s domestic subsidiaries.

The following supplemental financial information sets forth for the Company and its guarantor and non-guarantor subsidiaries: the Condensed Consolidating Balance Sheets as of May 3, 2014, February 1, 2014 and May 4, 2013 and the Condensed Consolidating Statements of Income, Comprehensive Income and Cash Flows for the periods ended May 3, 2014 and May 4, 2013.

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)



	May 3, 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	748		$	164		$	—		$	912
Accounts Receivable, Net	2			147			67			—			216
Inventories	—			1,044			175			—			1,219
Deferred Income Taxes	—			44			(16		)	—			28
Other	—			122			88			—			210
Total Current Assets	2			2,105			478			—			2,585
Property and Equipment, Net	—			1,212			863			—			2,075
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,207			14,988			1,267			(20,462		)	—
Other Assets	182			19			684			(611		)	274
Total Assets	$	4,391		$	20,053		$	3,292		$	(21,073	)	$	6,663
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	290		$	262		$	—		$	555
Accrued Expenses and Other	63			354			244			—			661
Current Portion of Long-term Debt	214			—			—			—			214
Income Taxes	—			23			62			—			85
Total Current Liabilities	280			667			568			—			1,515
Deferred Income Taxes	(4		)	(19		)	240			—			217
Long-term Debt	4,758			597			—			(597		)	4,758
Other Long-term Liabilities	2			583			212			(15		)	782
Total Equity (Deficit)	(645		)	18,225			2,272			(20,461		)	(609		)
Total Liabilities and Equity (Deficit)	$	4,391		$	20,053		$	3,292		$	(21,073	)	$	6,663

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)



	February 1, 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	1,353		$	166		$	—		$	1,519
Accounts Receivable, Net	—			173			71			—			244
Inventories	—			966			199			—			1,165
Deferred Income Taxes	—			44			(16		)	—			28
Other	—			105			89			—			194
Total Current Assets	—			2,641			509			—			3,150
Property and Equipment, Net	—			1,197			848			—			2,045
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			—			—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,468			14,065			1,099			(19,632		)	—
Other Assets	186			19			680			(611		)	274
Total Assets	$	4,654		$	19,651		$	3,136		$	(20,243	)	$	7,198
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	3		$	316		$	280		$	—		$	599
Accrued Expenses and Other	86			410			291			—			787
Current Portion of Long-term Debt	215			—			—			—			215
Income Taxes	(1		)	176			50			—			225
Total Current Liabilities	303			902			621			—			1,826
Deferred Income Taxes	(4		)	(27		)	241			—			210
Long-term Debt	4,761			597			—			(597		)	4,761
Other Long-term Liabilities	3			581			201			(15		)	770
Total Equity (Deficit)	(409		)	17,598			2,073			(19,631		)	(369		)
Total Liabilities and Equity (Deficit)	$	4,654		$	19,651		$	3,136		$	(20,243	)	$	7,198

L BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)



	May 4, 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	166		$	216		$	—		$	382
Accounts Receivable, Net	—			120			55			—			175
Inventories	—			961			154			—			1,115
Deferred Income Taxes	—			38			(10		)	—			28
Other	2			127			75			—			204
Total Current Assets	2			1,412			490			—			1,904
Property and Equipment, Net	—			1,033			817			—			1,850
Goodwill	—			1,318			—			—			1,318
Trade Names and Other Intangible Assets, Net	—			411			1			—			412
Net Investments in and Advances to/from Consolidated Affiliates	3,352			13,765			323			(17,440		)	—
Other Assets	186			8			710			(612		)	292
Total Assets	$	3,540		$	17,947		$	2,341		$	(18,052	)	$	5,776
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	296		$	265		$	—		$	561
Accrued Expenses and Other	62			342			249			—			653
Income Taxes	—			32			24			—			56
Total Current Liabilities	62			670			538			—			1,270
Deferred Income Taxes	(4		)	(4		)	214			—			206
Long-term Debt	4,475			597			—			(597		)	4,475
Other Long-term Liabilities	4			630			200			(15		)	819
Total Equity (Deficit)	(997		)	16,054			1,389			(17,440		)	(994		)
Total Liabilities and Equity (Deficit)	$	3,540		$	17,947		$	2,341		$	(18,052	)	$	5,776

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	First Quarter 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,198		$	835		$	(642	)	$	2,391
Costs of Goods Sold, Buying and Occupancy	—			(1,346		)	(678		)	615			(1,409		)
Gross Profit	—			852			157			(27		)	982
General, Administrative and Store Operating Expenses	(3		)	(561		)	(110		)	28			(646		)
Operating Income (Loss)	(3		)	291			47			1			336
Interest Expense	(84		)	(7		)	(2		)	9			(84		)
Other Income	—			—			3			—			3
Income (Loss) Before Income Taxes	(87		)	284			48			10			255
Provision (Benefit) for Income Taxes	(1		)	62			37			—			98
Equity in Earnings (Loss), Net of Tax	243			191			169			(603		)	—
Net Income (Loss)	$	157		$	413		$	180		$	(593	)	$	157

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	First Quarter 2014
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	157	$	413	$	180		$	(593	)	$	157
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		6			—			6
Foreign Currency Translation	—		—		(2		)	—			(2		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(8		)	—			(8		)
Total Other Comprehensive Income, Net of Tax	—		—		(4		)	—			(4		)
Total Comprehensive Income (Loss)	$	157	$	413	$	176		$	(593	)	$	153

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	First Quarter 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,073		$	748		$	(553	)	$	2,268
Costs of Goods Sold, Buying and Occupancy	—			(1,246		)	(610		)	529			(1,327		)
Gross Profit	—			827			138			(24		)	941
General, Administrative and Store Operating Expenses	(2		)	(552		)	(100		)	24			(630		)
Operating Income (Loss)	(2		)	275			38			—			311
Interest Expense	(79		)	(6		)	(3		)	9			(79		)
Other Income	—			—			3			—			3
Income (Loss) Before Income Taxes	(81		)	269			38			9			235
Provision for Income Taxes	—			64			28			—			92
Equity in Earnings (Loss), Net of Tax	224			53			37			(314		)	—
Net Income (Loss)	$	143		$	258		$	47		$	(305	)	$	143

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	First Quarter 2013
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	143	$	258	$	47		$	(305	)	$	143
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	—		—		(6		)	—			(6		)
Foreign Currency Translation	—		—		4			—			4
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		1			—			1
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(1		)	—			(1		)
Total Comprehensive Income (Loss)	$	143	$	258	$	46		$	(305	)	$	142

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2014
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(108	)	$	(21	)	$	40		$	—	$	(89	)
Investing Activities:
Capital Expenditures	—			(92		)	(58		)	—		(150		)
Other Investing Activities	—			—			15			—		15
Net Cash Used for Investing Activities	—			(92		)	(43		)	—		(135		)
Financing Activities:
Repurchase of Common Stock	(43		)	—			—			—		(43		)
Dividends Paid	(392		)	—			—			—		(392		)
Excess Tax Benefits from Share-based Compensation	—			30			5			—		35
Net Financing Activities and Advances to/from Consolidated Affiliates	526			(522		)	(4		)	—		—
Proceeds from Exercise of Stock Options and Other	17			—			—			—		17
Net Cash Provided by (Used for) Financing Activities	108			(492		)	1			—		(383		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			—		—
Net Decrease in Cash and Cash Equivalents	—			(605		)	(2		)	—		(607		)
Cash and Cash Equivalents, Beginning of Period	—			1,353			166			—		1,519
Cash and Cash Equivalents, End of Period	$	—		$	748		$	164		$	—	$	912

L BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)



	Year-to-Date 2013
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(96	)	$	(11	)	$	(13	)	$	—		$	(120	)
Investing Activities:
Capital Expenditures	—			(97		)	(52		)	—			(149		)
Net Investments in Consolidated Affiliates	—			—			(112		)	112			—
Other Investing Activities	—			—			(9		)	—			(9		)
Net Cash Provided by (Used for) Investing Activities	—			(97		)	(173		)	112			(158		)
Financing Activities:
Repurchase of Common Stock	(55		)	—			—			—			(55		)
Dividends Paid	(87		)	—			—			—			(87		)
Excess Tax Benefits from Share-based Compensation	—			16			4			—			20
Net Financing Activities and Advances to/from Consolidated Affiliates	228			(159		)	43			(112		)	—
Proceeds from Exercise of Stock Options and Other	10			—			—			—			10
Net Cash Provided by (Used for) Financing Activities	96			(143		)	47			(112		)	(112		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(1		)	—			(1		)
Net Decrease in Cash and Cash Equivalents	—			(251		)	(140		)	—			(391		)
Cash and Cash Equivalents, Beginning of Period	—			417			356			—			773
Cash and Cash Equivalents, End of Period	$	—		$	166		$	216		$	—		$	382