Supplemental Guarantor Financial Information

The Company’s 2019 Notes, 2020 Notes, 2021 Notes and 2022 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 July 28, 2012, January 28, 2012 and July 30, 2011; and the Condensed Consolidating Statements of Income, Comprehensive Income and Cash Flows for the periods ended July 28, 2012 and July 30, 2011.

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)



	July 28, 2012
	Limited Brands, Inc.			Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated Limited Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	623	$	570	$	—		$	1,193
Accounts Receivable, Net	—			113		62		—			175
Inventories	—			886		171		—			1,057
Deferred Income Taxes	—			33		18		—			51
Other	—			179		61		—			240
Total Current Assets	—			1,834		882		—			2,716
Property and Equipment, Net	—			971		804		—			1,775
Goodwill	—			1,318		12		—			1,330
Trade Names and Other Intangible Assets, Net	—			410		84		—			494
Net Investments in and Advances to/from Consolidated Affiliates	4,169			13,874		557		(18,600		)	—
Other Assets	194			44		684		(648		)	274
Total Assets	$	4,363		$	18,451	$	3,023	$	(19,248	)	$	6,589
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	4		$	366	$	254	$	—		$	624
Accrued Expenses and Other	77			392		243		—			712
Current Portion of Long-term Debt	57			—		—		—			57
Income Taxes	—			—		7		—			7
Total Current Liabilities	138			758		504		—			1,400
Deferred Income Taxes	(5		)	12		181		—			188
Long-term Debt	4,480			596		37		(633		)	4,480
Other Long-term Liabilities	4			583		193		(14		)	766
Total Equity (Deficit)	(254		)	16,502		2,108		(18,601		)	(245		)
Total Liabilities and Equity (Deficit)	$	4,363		$	18,451	$	3,023	$	(19,248	)	$	6,589

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)



	January 28, 2012
	Limited Brands, Inc.			Guarantor Subsidiaries		Non- guarantor Subsidiaries		Eliminations			Consolidated Limited Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	371	$	564	$	—		$	935
Accounts Receivable, Net	—			142		76		—			218
Inventories				822		175		—			997
Deferred Income Taxes	—			33		18		—			51
Other	—			109		58		—			167
Total Current Assets	—			1,477		891		—			2,368
Property and Equipment, Net	—			911		733		—			1,644
Goodwill	—			1,318		12		—			1,330
Trade Names and Other Intangible Assets, Net	—			410		85		—			495
Net Investments in and Advances to/from Consolidated Affiliates	3,531			13,928		518		(17,977		)	—
Other Assets	199			43		677		(648		)	271
Total Assets	$	3,730		$	18,087	$	2,916	$	(18,625	)	$	6,108
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	4		$	312	$	224	$	—		$	540
Accrued Expenses and Other	51			412		307		—			770
Current Portion of Long-term Debt	57			—		—		—			57
Income Taxes	1			150		8		—			159
Total Current Liabilities	113			874		539		—			1,526
Deferred Income Taxes	(6		)	10		179		—			183
Long-term Debt	3,481			597		36		(633		)	3,481
Other Long-term Liabilities	6			582		207		(15		)	780
Total Equity	136			16,024		1,955		(17,977		)	138
Total Liabilities and Equity	$	3,730		$	18,087	$	2,916	$	(18,625	)	$	6,108

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING BALANCE SHEETS

(in millions)

(Unaudited)



	July 30, 2011
	Limited Brands, Inc.			Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	565	$	470		$	—		$	1,035
Accounts Receivable, Net	2			194		45			—			241
Inventories	—			911		193			—			1,104
Deferred Income Taxes	—			31		(1		)	—			30
Other	(2		)	160		84			—			242
Total Current Assets	—			1,861		791			—			2,652
Property and Equipment, Net	—			903		680			—			1,583
Goodwill	—			1,318		139			—			1,457
Trade Names and Other Intangible Assets, Net	—			411		187			—			598
Net Investments in and Advances to/from Consolidated Affiliates	4,011			16,110		3,205			(23,326		)	—
Other Assets	210			45		602			(647		)	210
Total Assets	$	4,221		$	20,648	$	5,604		$	(23,973	)	$	6,500
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	15		$	321	$	310		$	—		$	646
Accrued Expenses and Other	52			384		260			—			696
Income Taxes	—			—		5			—			5
Total Current Liabilities	67			705		575			—			1,347
Deferred Income Taxes	(5		)	41		188			—			224
Long-term Debt	3,524			597		36			(633		)	3,524
Other Long-term Liabilities	10			564		218			(12		)	780
Total Equity	625			18,741		4,587			(23,328		)	625
Total Liabilities and Equity	$	4,221		$	20,648	$	5,604		$	(23,973	)	$	6,500

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	Second Quarter 2012
	Limited Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
Net Sales	$	—		$	2,190		$	678		$	(469	)	$	2,399
Costs of Goods Sold, Buying and Occupancy	—			(1,335		)	(582		)	460			(1,457		)
Gross Profit	—			855			96			(9		)	942
General, Administrative and Store Operating Expenses	(1		)	(556		)	(92		)	12			(637		)
Operating Income (Loss)	(1		)	299			4			3			305
Interest Expense	(79		)	(3		)	(3		)	6			(79		)
Other Income (Expense)	—			2			4			(3		)	3
Income (Loss) Before Income Taxes	(80		)	298			5			6			229
Provision (Benefit) for Income Taxes	—			46			40			—			86
Equity in Earnings (Loss), Net of Tax	223			37			(29		)	(231		)	—
Net Income (Loss)	$	143		$	289		$	(64	)	$	(225	)	$	143

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	Second Quarter 2012
	Limited Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
Net Income	$	143	$	289	$	(64	)	$	(225	)	$	143
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	1		—		(12		)	—			(11		)
Foreign Currency Translation	—		—		5			—			5
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		10			—			10
Total Other Comprehensive Income (Loss), Net of Tax	1		—		3			—			4
Total Comprehensive Income	$	144	$	289	$	(61	)	$	(225	)	$	147

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	Second Quarter 2011
	Limited Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
Net Sales	$	—		$	2,254		$	842		$	(638	)	$	2,458
Costs of Goods Sold, Buying and Occupancy	—			(1,446		)	(724		)	614			(1,556		)
Gross Profit	—			808			118			(24		)	902
General, Administrative and Store Operating Expenses	(2		)	(486		)	(250		)	30			(708		)
Operating Income (Loss)	(2		)	322			(132		)	6			194
Interest Expense	(64		)	—			(3		)	3			(64		)
Other Income (Expense)	—			3			146			(3		)	146
Income (Loss) Before Income Taxes	(66		)	325			11			6			276
Provision (Benefit) for Income Taxes	—			43			2			—			45
Equity in Earnings (Loss), Net of Tax	297			94			(157		)	(234		)	—
Net Income (Loss)	$	231		$	376		$	(148	)	$	(228	)	$	231

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	Second Quarter 2011
	Limited Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
Net Income	$	231	$	376	$	(148	)	$	(228	)	$	231
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	1		—		(6		)	—			(5		)
Foreign Currency Translation	—		—		1			—			1
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		2			—			2
Total Other Comprehensive Income (Loss), Net of Tax	1		—		(3		)	—			(2		)
Total Comprehensive Income	$	232	$	376	$	(151	)	$	(228	)	$	229

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	Year-To-Date 2012
	Limited Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
Net Sales	$	—		$	4,184		$	1,307		$	(938	)	$	4,553
Costs of Goods Sold, Buying and Occupancy	—			(2,504		)	(1,108		)	903			(2,709		)
Gross Profit	—			1,680			199			(35		)	1,844
General, Administrative and Store Operating Expenses	(3		)	(1,100		)	(179		)	36			(1,246		)
Operating Income (Loss)	(3		)	580			20			1			598
Interest Expense	(157		)	(10		)	(5		)	15			(157		)
Other Income (Expense)	1			4			2			(6		)	1
Income (Loss) Before Income Taxes	(159		)	574			17			10			442
Provision (Benefit) for Income Taxes	—			112			62			—			174
Equity in Earnings (Loss), Net of Tax	427			(33		)	62			(456		)	—
Net Income (Loss)	$	268		$	429		$	17		$	(446	)	$	268

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	Year-To-Date 2012
	Limited Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
Net Income	$	268	$	429	$	17		$	(446	)	$	268
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	2		—		(1		)	—			1
Foreign Currency Translation	—		—		1			—			1
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		7			—			7
Total Other Comprehensive Income (Loss), Net of Tax	2		—		7			—			9
Total Comprehensive Income	$	270	$	429	$	24		$	(446	)	$	277

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME

(in millions)

(Unaudited)



	Year-To-Date 2011
	Limited Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
Net Sales	$	—		$	4,315		$	1,567		$	(1,207	)	$	4,675
Costs of Goods Sold, Buying and Occupancy	—			(2,731		)	(1,350		)	1,150			(2,931		)
Gross Profit	—			1,584			217			(57		)	1,744
General, Administrative and Store Operating Expenses	(4		)	(1,065		)	(326		)	61			(1,334		)
Operating Income (Loss)	(4		)	519			(109		)	4			410
Interest Expense	(118		)	(9		)	(6		)	14			(119		)
Other Income (Expense)	—			7			231			(4		)	234
Income (Loss) Before Income Taxes	(122		)	517			116			14			525
Provision (Benefit) for Income Taxes	—			82			47			—			129
Equity in Earnings (Loss), Net of Tax	518			408			149			(1,075		)	—
Net Income (Loss)	$	396		$	843		$	218		$	(1,061	)	$	396

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)



	Year-To-Date 2011
	Limited Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated Limited Brands, Inc.
Net Income	$	396	$	843	$	218		$	(1,061	)	$	396
Other Comprehensive Income (Loss), Net of Tax:
Reclassification of Cash Flow Hedges to Earnings	2		—		22			—			24
Foreign Currency Translation	—		—		(1		)	—			(1		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		(26		)	—			(26		)
Total Other Comprehensive Income (Loss), Net of Tax	2		—		(5		)	—			(3		)
Total Comprehensive Income	$	398	$	843	$	213		$	(1,061	)	$	393

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)



	Year-To-Date 2012
	Limited Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated Limited Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(204	)	$	293		$	116		$	—	$	205
Investing Activities:
Capital Expenditures	—			(184		)	(145		)	—		(329		)
Other Investing Activities	—			8			3			—		11
Net Cash Provided by (Used for) Investing Activities	—			(176		)	(142		)	—		(318		)
Financing Activities:
Proceeds from Long-term Debt, Net of Issuance Costs	985			—			—			—		985
Repurchase of Common Stock	(604		)	—			—			—		(604		)
Dividends Paid	(146		)	—			—			—		(146		)
Excess Tax Benefits from Share-based Compensation	—			81			19			—		100
Net Financing Activities and Advances to/from Consolidated Affiliates	(67		)	54			13			—		—
Proceeds from Exercise of Stock Options and Other	36			—			—			—		36
Net Cash Provided by (Used for) Financing Activities	204			135			32			—		371
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			—			—		—
Net Increase (Decrease) in Cash and Cash Equivalents	—			252			6			—		258
Cash and Cash Equivalents, Beginning of Period	—			371			564			—		935
Cash and Cash Equivalents, End of Period	$	—		$	623		$	570		$	—	$	1,193

LIMITED BRANDS, INC.

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)



	Year-To-Date 2011
	Limited Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated Limited Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(94	)	$	205		$	112		$	—	$	223
Investing Activities:
Capital Expenditures	—			(88		)	(74		)	—		(162		)
Proceeds from Sale of Express Common Stock	—			—			99			—		99
Net Cash Provided by (Used for) Investing Activities	—			(88		)	25			—		(63		)
Financing Activities:
Proceeds from Long-term Debt, Net of Issuance Costs	981			—			—			—		981
Financing Costs	(7		)	—			—			—		(7		)
Repurchase of Common Stock	(890		)	—			—			—		(890		)
Dividends Paid	(431		)	—			—			—		(431		)
Excess Tax Benefits from Share-based Compensation	—			28			6			—		34
Net Financing Activities and Advances to/from Consolidated Affiliates	386			(281		)	(105		)	—		—
Proceeds from Exercise of Stock Options and Other	55			—			—			—		55
Net Cash Provided by (Used for) Financing Activities	94			(253		)	(99		)	—		(258		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			3			—		3
Net Increase (Decrease) in Cash and Cash Equivalents	—			(136		)	41			—		(95		)
Cash and Cash Equivalents, Beginning of Period	—			701			429			—		1,130
Cash and Cash Equivalents, End of Period	$	—		$	565		$	470		$	—	$	1,035