The Company’s 2021 Notes, 2022 Notes, 2023 Notes, 2027 Notes, 2028 Notes, 2029 Notes, 2035 Notes, 2036 Notes, Secured Revolving Facility and Secured Foreign Facilities are jointly and severally guaranteed on a full and unconditional basis by the Guarantors. 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 November 2, 2019, February 2, 2019 and November 3, 2018 and the Condensed Consolidating Statements of Income (Loss), Comprehensive Income (Loss) and Cash Flows for the periods ended November 2, 2019 and November 3, 2018.



	November 2, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	186		$	154	$	—		$	340
Accounts Receivable, Net	—			191			104		—			295
Inventories	—			1,864			168		—			2,032
Other	9			53			197		—			259
Total Current Assets	9			2,294			623		—			2,926
Property and Equipment, Net	—			1,823			748		—			2,571
Operating Lease Assets	—			2,587			543		—			3,130
Goodwill	—			1,318			—		—			1,318
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,095			20,095			2,835		(27,025		)	—
Deferred Income Taxes	—			9			54		—			63
Other Assets	130			10			700		(629		)	211
Total Assets	$	4,234		$	28,547		$	5,503	$	(27,654	)	$	10,630
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	1		$	576		$	447	$	—		$	1,024
Accrued Expenses and Other	69			587			324		—			980
Current Debt	—			—			75		—			75
Current Operating Lease Liabilities	—			377			83		—			460
Income Taxes	—			—			4		—			4
Total Current Liabilities	70			1,540			933		—			2,543
Deferred Income Taxes	1			(41		)	286		—			246
Long-term Debt	5,392			615			85		(615		)	5,477
Long-term Operating Lease Liabilities	—			2,579			529		—			3,108
Other Long-term Liabilities	62			397			49		(14		)	494
Total Equity (Deficit)	(1,291		)	23,457			3,621		(27,025		)	(1,238		)
Total Liabilities and Equity (Deficit)	$	4,234		$	28,547		$	5,503	$	(27,654	)	$	10,630



	February 2, 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	997		$	416	$	—		$	1,413
Accounts Receivable, Net	—			241			126		—			367
Inventories	—			1,093			155		—			1,248
Other	—			139			93		—			232
Total Current Assets	—			2,470			790		—			3,260
Property and Equipment, Net	—			1,922			896		—			2,818
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,755			19,737			2,047		(26,539		)	—
Deferred Income Taxes	—			9			53		—			62
Other Assets	127			15			670		(621		)	191
Total Assets	$	4,882		$	25,882		$	4,486	$	(27,160	)	$	8,090
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	363		$	348	$	—		$	711
Accrued Expenses and Other	92			597			393		—			1,082
Current Debt	—			—			72		—			72
Income Taxes	(7		)	100			28		—			121
Total Current Liabilities	85			1,060			841		—			1,986
Deferred Income Taxes	1			(44		)	269		—			226
Long-term Debt	5,661			606			79		(607		)	5,739
Other Long-term Liabilities	59			852			107		(14		)	1,004
Total Equity (Deficit)	(924		)	23,408			3,190		(26,539		)	(865		)
Total Liabilities and Equity (Deficit)	$	4,882		$	25,882		$	4,486	$	(27,160	)	$	8,090



	November 3, 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries		Eliminations			Consolidated L Brands, Inc.
ASSETS
Current Assets:
Cash and Cash Equivalents	$	—		$	167		$	181	$	—		$	348
Accounts Receivable, Net	—			212			109		—			321
Inventories	—			1,700			263		—			1,963
Other	15			165			121		—			301
Total Current Assets	15			2,244			674		—			2,933
Property and Equipment, Net	—			2,019			915		—			2,934
Goodwill	—			1,318			30		—			1,348
Trade Names	—			411			—		—			411
Net Investments in and Advances to/from Consolidated Affiliates	4,396			19,442			2,386		(26,224		)	—
Deferred Income Taxes	—			9			11		—			20
Other Assets	127			14			683		(641		)	183
Total Assets	$	4,538		$	25,457		$	4,699	$	(26,865	)	$	7,829
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts Payable	$	—		$	585		$	475	$	—		$	1,060
Accrued Expenses and Other	62			583			373		—			1,018
Current Debt	—			—			56		—			56
Income Taxes	—			—			8		—			8
Total Current Liabilities	62			1,168			912		—			2,142
Deferred Income Taxes	(2		)	(43		)	279		—			234
Long-term Debt	5,743			627			71		(627		)	5,814
Other Long-term Liabilities	58			810			97		(14		)	951
Total Equity (Deficit)	(1,323		)	22,895			3,340		(26,224		)	(1,312		)
Total Liabilities and Equity (Deficit)	$	4,538		$	25,457		$	4,699	$	(26,865	)	$	7,829



	Third Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,583		$	887		$	(793	)	$	2,677
Costs of Goods Sold, Buying and Occupancy	—			(1,761		)	(887		)	712			(1,936		)
Gross Profit	—			822			—			(81		)	741
General, Administrative and Store Operating Expenses	(1		)	(831		)	(118		)	58			(892		)
Operating Income (Loss)	(1		)	(9		)	(118		)	(23		)	(151		)
Interest Expense	(90		)	(23		)	(2		)	23			(92		)
Other Income (Loss)	—			(16		)	(18		)	—			(34		)
Income (Loss) Before Income Taxes	(91		)	(48		)	(138		)	—			(277		)
Provision (Benefit) for Income Taxes	—			(4		)	(21		)	—			(25		)
Equity in Earnings (Loss), Net of Tax	(161		)	(176		)	(55		)	392			—
Net Income (Loss)	$	(252	)	$	(220	)	$	(172	)	$	392		$	(252	)



	Third Quarter 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Income (Loss)	$	(252	)	$	(220	)	$	(172	)	$	392	$	(252	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—			6			—		6
Unrealized Gain (Loss) on Cash Flow Hedges	—			—			(2		)	—		(2		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—			4			—		4
Total Comprehensive Income (Loss)	$	(252	)	$	(220	)	$	(168	)	$	392	$	(248	)



	Third Quarter 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	2,644		$	965		$	(834	)	$	2,775
Costs of Goods Sold, Buying and Occupancy	—			(1,786		)	(838		)	777			(1,847		)
Gross Profit	—			858			127			(57		)	928
General, Administrative and Store Operating Expenses	(2		)	(785		)	(127		)	40			(874		)
Operating Income (Loss)	(2		)	73			—			(17		)	54
Interest Expense	(94		)	(19		)	—			17			(96		)
Other Income (Loss)	—			2			(1		)	—			1
Income (Loss) Before Income Taxes	(96		)	56			(1		)	—			(41		)
Provision (Benefit) for Income Taxes	1			(1		)	2			—			2
Equity in Earnings (Loss), Net of Tax	54			(92		)	(103		)	141			—
Net Income (Loss)	$	(43	)	$	(35	)	$	(106	)	$	141		$	(43	)



	Third Quarter 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations		Consolidated L Brands, Inc.
Net Income (Loss)	$	(43	)	$	(35	)	$	(106	)	$	141	$	(43	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—			(2		)	—		(2		)
Unrealized Gain (Loss) on Cash Flow Hedges	—			—			1			—		1
Total Other Comprehensive Income (Loss), Net of Tax	—			—			(1		)	—		(1		)
Total Comprehensive Income (Loss)	$	(43	)	$	(35	)	$	(107	)	$	141	$	(44	)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	7,831		$	2,407		$	(2,031	)	$	8,207
Costs of Goods Sold, Buying and Occupancy	—			(5,275		)	(2,070		)	1,795			(5,550		)
Gross Profit	—			2,556			337			(236		)	2,657
General, Administrative and Store Operating Expenses	(9		)	(2,345		)	(293		)	167			(2,480		)
Operating Income (Loss)	(9		)	211			44			(69		)	177
Interest Expense	(280		)	(70		)	(5		)	69			(286		)
Other Income (Loss)	(40		)	(5		)	(21		)	—			(66		)
Income (Loss) Before Income Taxes	(329		)	136			18			—			(175		)
Provision (Benefit) for Income Taxes	(8		)	2			5			—			(1		)
Equity in Earnings (Loss), Net of Tax	147			82			80			(309		)	—
Net Income (Loss)	$	(174	)	$	216		$	93		$	(309	)	$	(174	)



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	(174	)	$	216	$	93		$	(309	)	$	(174	)
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—			—		(5		)	—			(5		)
Unrealized Gain (Loss) on Cash Flow Hedges	—			—		2			—			2
Reclassification of Cash Flow Hedges to Earnings	—			—		(3		)	—			(3		)
Total Other Comprehensive Income (Loss), Net of Tax	—			—		(6		)	—			(6		)
Total Comprehensive Income (Loss)	$	(174	)	$	216	$	87		$	(309	)	$	(180	)



	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Sales	$	—		$	7,907		$	2,555		$	(2,077	)	$	8,385
Costs of Goods Sold, Buying and Occupancy	—			(5,243		)	(2,157		)	1,946			(5,454		)
Gross Profit	—			2,664			398			(131		)	2,931
General, Administrative and Store Operating Expenses	(8		)	(2,228		)	(354		)	96			(2,494		)
Operating Income (Loss)	(8		)	436			44			(35		)	437
Interest Expense	(288		)	(37		)	(5		)	38			(292		)
Other Income (Loss)	—			8			(7		)	—			1
Income (Loss) Before Income Taxes	(296		)	407			32			3			146
Provision (Benefit) for Income Taxes	(1		)	32			11			—			42
Equity in Earnings (Loss), Net of Tax	399			340			294			(1,033		)	—
Net Income (Loss)	$	104		$	715		$	315		$	(1,030	)	$	104



	Year-to-Date 2018
	L Brands, Inc.		Guarantor Subsidiaries		Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Income (Loss)	$	104	$	715	$	315		$	(1,030	)	$	104
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	—		—		(24		)	—			(24		)
Unrealized Gain (Loss) on Cash Flow Hedges	—		—		10			—			10
Reclassification of Cash Flow Hedges to Earnings	—		—		3			—			3
Total Other Comprehensive Income (Loss), Net of Tax	—		—		(11		)	—			(11		)
Total Comprehensive Income (Loss)	$	104	$	715	$	304		$	(1,030	)	$	93



	Year-to-Date 2019
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(345	)	$	(377	)	$	632		$	—		$	(90	)
Investing Activities:
Capital Expenditures	—			(245		)	(147		)	—			(392		)
Net Investments in Consolidated Affiliates	—			—			(137		)	137			—
Other Investing Activities	—			12			(28		)	—			(16		)
Net Cash Provided by (Used for) Investing Activities	—			(233		)	(312		)	137			(408		)
Financing Activities:
Proceeds from Issuance of Long-term Debt, Net of Issuance Costs	486			—			—			—			486
Payments of Long-term Debt	(799		)	—			—			—			(799		)
Borrowings from Foreign Facilities	—			—			36			—			36
Repayments of Foreign Facilities	—			—			(21		)	—			(21		)
Dividends Paid	(249		)	—			—			—			(249		)
Tax Payments related to Share-based Awards	(12		)	—			—			—			(12		)
Financing Costs and Other	(6		)	(5		)	—			—			(11		)
Net Financing Activities and Advances to/from Consolidated Affiliates	925			(196		)	(592		)	(137		)	—
Net Cash Provided by (Used for) Financing Activities	345			(201		)	(577		)	(137		)	(570		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			(5		)	—			(5		)
Net Increase (Decrease) in Cash and Cash Equivalents	—			(811		)	(262		)	—			(1,073		)
Cash and Cash Equivalents, Beginning of Period	—			997			416			—			1,413
Cash and Cash Equivalents, End of Period	$	—		$	186		$	154		$	—		$	340



	Year-to-Date 2018
	L Brands, Inc.			Guarantor Subsidiaries			Non- guarantor Subsidiaries			Eliminations			Consolidated L Brands, Inc.
Net Cash Provided by (Used for) Operating Activities	$	(361	)	$	295		$	79		$	—		$	13
Investing Activities:
Capital Expenditures	—			(367		)	(194		)	—			(561		)
Net Investments in Consolidated Affiliates	—			—			(181		)	181			—
Other Investing Activities	—			6			17			—			23
Net Cash Provided by (Used for) Investing Activities	—			(361		)	(358		)	181			(538		)
Financing Activities:
Payments of Long-term Debt	(52		)	—			—			—			(52		)
Borrowing from Secured Revolving Facility	85			—			—			—			85
Borrowings from Foreign Facilities	—			—			110			—			110
Repayments of Foreign Facilities	—			—			(71		)	—			(71		)
Dividends Paid	(500		)	—			—			—			(500		)
Repurchases of Common Stock	(198		)	—			—			—			(198		)
Tax Payments related to Share-based Awards	(13		)	—			—			—			(13		)
Financing Costs and Other	(2		)	(2		)	—			—			(4		)
Net Financing Activities and Advances to/from Consolidated Affiliates	1,041			(929		)	69			(181		)	—
Net Cash Provided by (Used for) Financing Activities	361			(931		)	108			(181		)	(643		)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	—			—			1			—			1
Net Increase (Decrease) in Cash and Cash Equivalents	—			(997		)	(170		)	—			(1,167		)
Cash and Cash Equivalents, Beginning of Period	—			1,164			351			—			1,515
Cash and Cash Equivalents, End of Period	$	—		$	167		$	181		$	—		$	348