NYSE:BKS June 23, 2016 Investor Presentation

Forward-Looking Statements This presentation contains statements that may be characterized as forward‐looking statements under the Private Securities Litigation Reform Act of 1995. Those statements represent the current beliefs of management with respect to future events, financial performance and industry conditions. Those statements also involve a number of risk factors and uncertainties that could cause actual results to differ materially from those contained in this presentation, including those set forth in the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission.These charts and the associated remarks are integrally related and areintended to be presented and understood together. NYSE:BKS 2

WelcomeCompany Overview & Strategy Presentation New Store & Café Initiatives Andy MilevojVP, Investor RelationsRon BoireChief Executive OfficerJaime CareyPresident, Development and the Restaurant GroupMary AmicucciChief Merchandising OfficerFred ArgirChief Digital OfficerAllen LindstromChief Financial Officer Bookstore Merchandising InitiativesDigital Business Overview Financial Overview Agenda NYSE:BKS 3

Video NYSE:BKS

Ron Boire Chief Executive Officer NYSE:BKS

Industry Overview $19BU.S. Consumer Book Market 85%Physical Portion of Overall Book Market 72%of U.S. adults have read a book within past 12 months $3BU.S. Digital Consumer BookMarket $16B U.S. Physical Consumer BookMarket 80%of young adults read a book within past 12 months NYSE:BKS 6 Sources: Market Size – Company Estimates derived from Veronis Suhler Stevenson, AAP, Nielsen BookScan; Pew Research

640Barnes & Noble Bookstores 6MBarnes & Noble Members 2MActive NOOK Customers Only National Bookstore Operator $4BAnnual Revenues Complete Multi-Channel Offering 17MUnique Monthly BN.com Visitors 30MBarnes & Noble Customers NYSE:BKS 7 Company Overview

100,000Community Events Every Year #1Specialty Magazine Retailer 203MPhysical Books Sold Annually 100%2016 CorporateEquality Index8th Yr. in a Row 1MUnique Physical Book Titles Sold Annually Barnes & Noble is Content & Community Driven 588CafésServing 60M Beverages6M Cookies3M Sandwiches NYSE:BKS 8

Barnes & Noble stores are community centers where customers come to discover, become enriched and entertained NYSE:BKS 9

Barnes & Noble has tremendous brand strength and a relationship with its customers unlike most other retailers 79 %American CustomerSatisfaction Index 72 %Nielsen BrandEquity Index 61%Net PromoterScore NYSE:BKS 10

What customers are saying about Barnes & Noble… @SunshineGrevI have 4 books in my hands and I haven't even gotten through the second set of doors at Barnes & Noble. @dvnrmnI just want to spend all my time in Barnes&Noble is that too much to ask @softball_karaI have $75 in Barnes & Noble gift cards I don't think I've ever been happier @_toryelizabethhI would give anything to be at Barnes & Noble right now @sydneyny_I got a $60 gift card to Barnes & Noble for my birthday and I'm so overwhelmed with all of the options. @highimlexi_you kinda have to forcefully, physically remove me from barnes & noble if you don't wanna stay there all day @DaynaFrancoWalk into Barnes & Noble and they're playing@JamesBayMusic album. My fav place & fav artist, life can't get more perfect than that. @JuliaSch7It's physically impossible for me to leave a Barnes & Noble without purchasing a book. NYSE:BKS 11

51% 49% And, B&N has a very desirable customer demographic…Barnes & Noble shoppers are young,educated and earn a high income Gender Source: Nielsen Research, Adult demographics only Earn an Income greater than$75,000 44% 71 % College Educated or higher NYSE:BKS 12 Millennials 37 %

Deep and Experienced Retail Management Team Ron BoireChief Executive Officer Jaime CareyPresident, Development and the Restaurant Group Allen LindstromChief Financial Officer Fred ArgirChief Digital Officer Mary AmicucciChief Merchandising Officer Mary Ellen KeatingSVP, Corporate Communications NYSE:BKS 13 Brad Feuer William Wood Michelle Smith David Deason Rosa Hakala Theresa Thompson General Counsel Chief Information VP, Human Resources VP, Development VP, Distribution & EVP, Sterling Publishing Officer Logistics

Four Key Objectives for Success Significantly reduce NOOK losses Grow online and bookstore sales Reduce Retail SG&A by 100 – 200 basis points in 24 months Grow Membership Program n MemberBarnes & NobleBN.com NYSE:BKS 14

640 Barnes & Noble Bookstores Across All 50 States Barnes & Noble Has a Great Multi-Channel Offering Improved BN.com Customer Experience NOOK World-Class Digital Reading Experience Any Book, Anytime, Anywhere and in Any Format NYSE:BKS 15

Provides single view ofthe customer Provides customers a unified experience B&N is Developing a True Omni-Channel Experience n NYSE:BKS 16

Membership is an ImportantPillar of our Growth Strategy Increase participation rateIncrease Member spendDevelop deeper relationships and have more meaningful communications with our customers NYSE:BKS 17

B&N’s Member Program is Simple and Provides Rich Benefits $25Annual Fee FreeExpress Online Shipping 40% 10% NYSE:BKS 18 offHardcoverBestsellers Almost Everything Else off

Members are Barnes & Noble’s Best Customers 6MMembers Enrollment has consistently grown over last few years 2x Members spend over 2x more than non-members Strong retention rates – over 70% NYSE:BKS 19

Use Member Program to Increase Sales Track Member purchases and engagement $Increase Member spend as a % of total spend Leverage unique assets to increase appeal and loyalty Increase totalMember count Develop better Member insights Fine-tune Member communications NYSE:BKS 20

Piloting New Program to Increase Participation Rates Designing Program for Higher Participation Rates Provide Rich Rewards for Customers Increase Program Awareness Offer different Membership tiersIncrease customer engagementConsolidate programs – integrate Kids Club program Leverage unique assets that others can’t compete onIncentivize additional traffic and repeat visitsEstablish goals to encourage and reward higher spending In-store – 28,000 Booksellers as advocates and ambassadorsRobust cross-channel marketing plan Enhanced Customer Experience NYSE:BKS 21 Better reward loyaltyUse transactional data to enable smart CRMOptimize and unify marketing channels

Upgraded our technology systems to enhance communicationsIntegrated multi-channel data sets to provide single view of customerImproved and more personalizedemail campaign engineTargeted and localized messaging Utilize Member Insights for Personalized Engagement NYSE:BKS 22

Leveraging Social Media to Communicate with Customers NYSE:BKS 23

NYSE:BKS At the heart of the omni-channel experience are B&N’s 640 stores located in the top shopping centers and regional malls across the U.S. 24

NYSE:BKS Conclusion Significantly reduce NOOK losses Grow online and bookstore salesReduce Retail SG&A Grow Membership Program n Member 25 Barnes & Noble BN.com

Jaime Carey President of Development and the Restaurant Group NYSE:BKS

Highly Desirable Tenant B&N attracts a very desirable educated and affluent demographicOnly national bookstore operatorExperienced real estateteam NYSE:BKS 27

Tremendous Real Estate Profile 98%Barnes & Noble bookstores that are cash flow positive on a four-wall basis B&N’s leases are relatively short term, providing much flexibilityMany locations are anchor status, providing beneficial terms, and have co-tenancy provisionsImproving sales trends are leading to fewer store closuresClosed 8 stores in fiscal 2016 – the fewest closures since fiscal 2000 NYSE:BKS 28

Developing New Concept Stores Community spaces for customers to learn, discover and growContemporary aestheticsGeared towards discoveryIncreased customer seating areasUse of digital to improve upon the store experienceUpgraded Café experience NYSE:BKS 29

Barnes & Noble Café NYSE:BKS 30

Barnes & Noble Café NYSE:BKS 31

Mary Amicucci Chief Merchandising Officer NYSE:BKS

Barnes & Noble is a Destination For Discovery B&N Stores offer a comprehensive title selectionBestsellers represent only ~ 4% to 6% of B&N store salesOne of the few locations where customers can physically browse back-list titles28,000 B&N ambassadors serving customers NYSE:BKS 33

Barnes & Noble is also a Destination for Entertainment with Over 100,000 Events Held Annually NYSE:BKS 34

Initiatives to Grow Bookstore Sales Improve Navigation and Discovery Increase LocalFocus Use B&N Programs to Prominently Highlight Notable Titles Increase TrafficthroughStore Events NYSE:BKS 35

Improve Navigation and Discovery Increase discovery through a customer friendly and more intuitive organization of books Improve signage for easier browsing within and across sections Category reorganizations enable better and more immediate sales analysis Before After NYSE:BKS 36

We’re Going to Continue to Nurture Growing Categories Young Readers Graphic Novels& Manga NYSE:BKS 37

Use B&N Programs to Prominently Highlight Notable Titles BOOKS WE’RETALKING ABOUT SIGNED EDITIONSBY ACCLAIMED AUTHORS NYSE:BKS 38

Video NYSE:BKS

Additionally, We Have Initiatives to Grow Complimentary Departments Music & DVDs Toys & Games Gift NYSE:BKS 40

Increase Local Focus Unleash the power of the store manager to make B&N the center of their communityEnhance local customer experience through:Improved store organizationTailored merchandiseLocal eventsCommunity outreachBuild relationships with local customers, businesses, schools and organizations NYSE:BKS 41

Everyday 20% Educator discount on purchases for classroom useEducator Appreciation Days featuring 25% discountHost special events for EducatorsB&N Bookfairs provide fundraising opportunity for Pre-K – 12 schools and not-for-profit arts and literacy organizations Educator Outreach and B&N Bookfair Programs Further Integrate B&N into the Local Communities We Serve NYSE:BKS 42

Two Years Ago, B&N developed large-scale, nationwide events that generate a wholenew level of excitement providing entertainment and hands-on learning opportunities Mini Maker Faire NYSE:BKS 43

Introducing Two New Exciting Reading Events in FY ‘17 Three-day teen book festival NYSE:BKS 44 Leverage Barnes & Noble’s content and community expertise Connect customers to authors, industry experts and their next great read Customers will participate to choose their favorite book heroes and places to win gold, silver and bronze Children will have fun engaging in the competition and earning a free book

R E L I V E THE M A G I Cw i t hB A R N E S & N O B L E And, Speaking of Events… B&N is ready to relive the magic of Harry Potter witha number of exciting events and activities providing one of a kind experiences NYSE:BKS 45

Conclusion Improve navigation and discoveryUse B&N programs to prominently highlight notable titlesIncrease local focus to further integrate B&N into communitiesIncrease traffic through store events NYSE:BKS 46

Fred Argir Chief Digital Officer NYSE:BKS

BN.com Presents Significant Opportunities for Growth Omnichannel opportunities On-site searchoptimization Implementedpre-redesign fixes Launched newsite back-end Mobile refresh Tablet site launch Redesign websitefront-end NYSE:BKS 48

Mobile is an Important Component of eCommerce Growth The mobile experience will focus on quick purchase, store location, price comparison and mobile optimized email landing pages The tablet experience will deliver a simplified version of the desktop experience The mobile app experience will focus on membership engagement, content delivery and in-store experience activation Desktop Tablet Mobile AppB&N The desktop experience will focus on discovery, browsing, account administration and content consumption NYSE:BKS 49

BN.com Improvements Streamlined commerce experienceThoughtful architecture of entire digital ecosystemCorrect points of connectivityDeep content and improved product discovery NYSE:BKS 50

Mobile Improvements Mobile optimized experienceCommerce with deep connectivity to app ecosystemFast purchaseStore locationAccount administration NYSE:BKS 51

Tablet Improvements Tablet optimized experienceSimple path to purchaseStore discoveryOrder and account managementDeep content ecosystem NYSE:BKS 52

App Improvements Single consolidated app that focuses on the needs of the customerStreamlined app that reduces friction and fosters mobile commerceEffective commerce connectivity and rich content deliveryIntegrated customer experience across ecosystems NYSE:BKS 53

Home PageDesign Evolution Drives customers to the most important elements on any given pageMore elegant product presentationReduced visual noiseCreated appropriate hierarchies NYSE:BKS 54

Product PageDesign Evolution Streamlined product page with reduced clutterNavigate customers to the elements that are most important to themEnable customers to better digest information NYSE:BKS 55

Save for Later capabilitiesShopping carts synched between the website and appBar code scan to product pagesWishlist capabilities on the app Recent Mobile App Update NYSE:BKS 56

NOOK is an important component of our omnichannel strategy to offer any book, anytime, anywhere and in any format NYSE:BKS 57

Initiatives to Improve NOOK Business Cost Reduction GrowthOpportunities Devices $ n Exited Apps, Video andUK businesses Entered into agreement with BCT to outsource certain functions NOOK Press Print onDemand Began process of shutting down Santa Clara, CA and Taipei offices Audiobooks partnershipwith Findaway Agreement to release new Samsung device in fiscal 2017 Exploring additional partnership opportunities NYSE:BKS 58

NOOK FY17 – Cost Reduction Exited Apps, Video, and UK businessesTotal savings of $4 millionStores closed on March 15, 2016Video transfer to CinemaNow & DisneyUK transfer to Sainsbury’sExecuted contract with Bahwan CyberTek (BCT)Cloud managementDevelopment support for NOOK softwareClosing California and Taipei officesRe-banding of many current employees with BCTAnnualized cash savings of $13 million* NYSE:BKS 59 *includes approximately $8 million of expense reductions and approximately $5 million of capital expenditure reductions.

NOOK FY17 – Growth Opportunities NOOK Press™Platform improvements planned to bring product up to market standardDeveloping “author tool-kit” to help market self-published worksRe-architecting the experience NOOK Press™ Print on DemandPrint on Demand platform beta tested with 5 authors – March 29, 2016Public launch of Print on Demand – June 28, 2016 AudiobooksPlanning late 2016 re-launch with catalog now integrated into BN.comEvaluating business models to deliver a unique value proposition NYSE:BKS 60

NOOK FY17 – Devices Samsung NYSE:BKS 61 Future Devices Legacy Devices Existing Devices Entered into new agreement New device to be released during FY17 Assessing potential partners for an entry level(sub-$100) tablet Aggressive marketing and trade-in programs tomove legacy customers to new devices Strategic consolidation of the current device ecosystem with good/better/best and price point rationalization

Allen Lindstrom Chief Financial Officer NYSE:BKS

Fiscal 2016 Fourth Quarter Review NYSE:BKS 63 $ in millions Metrics FY 2016 FY 2015 Inc./Dec. Sales $877 $910 ($33) Total Comparable Store Sales (0.8%) (1.3%) 0.5% Core Comparable Store Sales (0.8%) (0.5%) (0.3%) Retail Operating Profit ($35) $9 ($44) NOOK Operating Profit ($23) ($24) $1 Total Operating Profit ($58) ($15) ($43) Retail EBITDA ($11) $33 ($44) NOOK EBITDA ($15) ($14) ($1) Total EBITDA ($26) $19 ($45)

Fiscal 2016 Review NYSE:BKS 64 $ in millions Metrics FY 2016 FY 2015 Inc./Dec. Sales $4,164 $4,297 ($133) Total Comparable Store Sales Flat (1.9%) +1.9% Core Comparable Store Sales 0.4% 0.5% (0.1%) Retail Operating Profit $113 $213 ($100) NOOK Operating Profit ($99) ($123) $24 Total Operating Profit $15 $90 ($75) Retail EBITDA $215 $318 ($103) NOOK EBITDA ($65) ($84) $19 Total EBITDA $151 $234 ($83)

Executing the Four Key Strategic Objectives PositionsUs to Achieve our Long-Term Financial Goals Reduce Retail SG&A MemberBarnes & NobleBN.comGrow Membership Program Grow online and bookstore sales nSignificantly ReduceNOOK Losses $IncreaseEBITDA Increase Shareholder Value NYSE:BKS 65

Fiscal 2017 Outlook $ in millions NYSE:BKS 66 FY 2016 FY 2017 Inc./Dec. Total Comparable Store Sales Flat Flat to 1% Flat to 1% Retail EBITDA $215 $240 - $280 $25 - $65 NOOK EBITDA ($65) ($30) – ($40) $35 – $25 Total EBITDA $151 $200 - $250 $49 - $99

Comparable Store Sales Trends -5.8% -1.9% 0.0% -7.0% -6.0% -5.0% -4.0% -3.0% -1.0% 0.0% 1.0% 2.0% 2014 2015 2016 2017P Flat to 1% NYSE:BKS 67

Reduce Retail SG&A as a % of Salesby 100 – 200 basis points over 24 months SG&A pressure in recent years by sales deleverage, wage and benefit increases Plan to reduce Retail SG&A through: HQ organizational design System enhancementsProcess Improvements 23.0% 24.1% 25.0% 0.9% 21% 22% 23% 24% 25% 26% 2014 2015 2016 2017P 24.25% – 24.50% Retail SG&A as a % of Sales NYSE:BKS 68

$215 $35 FY 16 Deleveraging FY 17 Forecast Implementing Initiatives to Improve Retail EBITDA $ in millions InitiativesSG&A Reductions Store Sales Initiatives Online Initiatives Membership Initiatives $240 - $280 NYSE:BKS 69 Pressures Wage Increases Benefit CostsOccupancy Costs Fixed Expenses Supply Chain Costs

Continue to Rationalize NOOK Losses While Providing Digital Reading Experience for Customers rationalization effortsExited Apps and video businesses as well as exit ofU.K. market outsource certain back-office NOOK functionsExit of Santa Clara, CA andTaiwan facilitiesEntered into new agreement with Samsung to lower committment $ in millions ($218) NYSE:BKS 70 ($84) ($65) ($250) ($200) ($150) ($100) ($50) $0 FY 14 FY 15 FY 16 FY 17F FY 18F ($30 - $40) ~ $10

Long-Term Consolidated EBITDA Targets $ in millions$350 $35$150$100$151$50$0FY 16 FY 17F FY 20FFY ’16 includes a $10 million severance charge, a $21 million pension settlement charge and a $4 million publishing contract charge CAGR based on $186 million EBITDA in FY ’16 and assumes mid-point of FY ‘20 Forecasted EBITDA $200 $250 $300 $186 $200 - $250 $270 - $310 NYSE:BKS 71

Capital Expenditures Guidance 60% 40% Growth Maintenance FY 17 Capital Expenditures $100Million New StoresImproved Café experienceMerchandising initiativesMembership initiativesBN.com initiatives 60% CapEx spend going towards growth initiatives NYSE:BKS 72

Returns to Shareholders $ in millions$30 $23.4 $11.4 $11.2 $16.5 $10.2 $0 $5 $10 $15 $20 $25 Q4 FY 16 Q2 FY 16 * Q3 FY 16 Dividends Stock Buyback* Dividend program was initiated in mid-July 2015 and the record date for first payment was 8/7/15 Dividends & Stock Buyback $73M Capital Returned to Shareholders in FY ‘16 buyback program in July 2015Commenced $50M stock repurchase program in December 2015 NYSE:BKS 73

Conclusion Grow bookstore and online salesReduce Retail and NOOK expenses Grow Membership Program Increase EBITDA and Shareholder Value Member NYSE:BKS 74 Barnes & Noble BN.com $

Q & A NYSE:BKS 75

Barnes & Noble, Inc. EBITDA Reconciliation NYSE:BKS 76 $ in millions Retail EBITDA Q4 2016 ($11.1) Q4 2015 $33.1 FY 2016$215.2 FY 2015$317.7 NOOK EBITDA ($14.9) ($14.3) ($64.7) ($83.9) Total EBITDA ($26.0) $18.8 $150.5 $233.9 Depreciation & Amortization $32.0 $33.7 $135.9 $143.7 Operating Profit ($58.0) ($14.9) $14.7 $90.2 Interest $1.5 $3.0 $8.8 $17.7 Income Taxes ($28.9) ($14.8) ($8.8) $39.6 Net Income from Continuing Operations ($30.6) ($3.0) $14.7 $32.9 Net Income from Discontinued Operations - ($16.4) ($39.1) $3.7 Net Income ($30.6) ($19.4) ($24.4) $36.6