LIMITED BRANDS INC.V I C T O R I A' S S E C R E T

BY: Kaydee Kalman, Erica Kizer, Brittany Gadsden, Ashley Smith, & Gabrielle Camille

MANAGEMENT AND EVOLUTION OF.

Victoria's Secret was established in San Francisco during the early 1970's by Roy Raymond. The concept was to establish a cozy, inviting atmosphere similar to that of a Victorian boudouir.

Founded in 1963 in Columbus, Ohio, Limited Brands has evolved from an apparel-based specialty retailer to a $9 billion company focused on lingerie, beauty and personal care that makes customers feel sexy, sophisticated and forever young

Limited Brands' portfolio of businesses includes Victoria's Secret, Victoria's Secret PINK, Bath and Body Works, C.O. Bigelow, White Barn Candle Co., La Senza and Henri Bendel

EXTERNAL ENVIRONMENTAL & ORGANIZATIONAL CULTURE

Founder : Leslie H. Wexner

The guideline for our Code: do what's right - regardless of the circumstances. Review these points and commit to them. They are important to each of us and to the business as a whole. Our Code cannot, of course, anticipate every situation that might come up. If you ever have any questions concerning what is expected of you, ask

All associates, executive officers and directors of the company have the responsibility to read the Code; to comply with the letter and the spirit of the policies in it; and to seek guidance or report any possible violations following the procedures described at the end of the Code

MANAGERIAL DECISION MAKING

We acknowledge our responsibility to deliver on this promise by providing high-quality, safe and effective products in all of our brands, including Victoria’s Secret, Bath & Body Works, PINK, Henri Bendel, White Barn Candle Company and La Senza

Vendors are selected based on their ability and commitment to meet our safety and quality standards, as well as follow our strict ethical, labor and environmental standards

PLANNING & STRATEGIC MANAGEMENT

Limited Brands is pleased to offer a Direct Purchase and Dividend Reinvestment Plan (the "Plan") for the shares of common stock of Limited Brands, Incorporated ("LTD") through BNY Mellon Shareholder Services ("BNY Mellon"). The Plan, BuyDIRECT, provides a way to purchase shares of common stock directly from Limited Brands at the current market value

Direct Purchase Plan• Convenient Purchase Option• Automatic Dividend Reinvestment• Certificate or Book-Entry Ownership• Deposit of Certificated Shares• Direct Sale

ETHICS & CORPORATE RESPONSIBILITY

Our Environmental Responsibility• We believe in doing what is right in our industry, our community and our

world. This includes conducting our business in an environmentally responsible way. To this end, we are always looking for ways to reduce our environmental impact. We are working to shrink our footprint through better natural resource management. We’re helping to reduce the demands on our forests by promoting sustainable materials in our catalogues. And we’re introducing programs to reduce our energy consumption and reduce or reuse materials whenever we can. Together with our manufacturers, suppliers, partners and customers, we’re helping to support a healthier planet.

We All Have The Ability To Give • Also embedded in our focus is a commitment to inclusion. As one of our

company's core values, we understand, appreciate and leverage diversity to provide value for our customers, associates and shareholders

INTERNATIONAL MANAGEMENT

Our brands are making critical inroads into Canada and the Middle East, and are currently exported to more than 80 countries around the world.

Future growth plans see our brands extending internationally like never before. The world is getting smaller, and the world of Limited Brands is getting bigger than ever.  Our international growth focuses on these growth strategies: • Growth of La Senza• Expansion into Canada • Travel and Tourism  • Franchise Opportunities • Flagship Stores In Strategic Markets • Building On Victoria’s Secret Direct

ORGANIZATIONAL MANAGEMENT

PresidentChief

Executive Officer

Chief Financial Officer

Executive Vice President of International Affairs

General Counsel

Grace Nichols

Leslie H Wexner

Dene Stratton

Olivier Spiner

Oliver Fryer

HUMAN RESOURCES

Health & Security Benefits

•Optional Life Insurance for yourself & dependents

•Health & Dependent Care Flexible Spending Accounts

•Medical•Dental•Pharmacy•Vision Plan & Discount

•Life Insurance•Disability•Employee Assistance Program (EAP)

Retirement & Savings Benefits

•401(k) Savings•100 percent Company 401(k) match on the first 4 percent you save with immediate vesting

•Annual Retirement Contribution from the Company

•Stock Purchase Program

Lifestyle Benefits

•Merchandise Discounts

•Paid Time Off Programs

•Tuition Assistance•Adoption Assistance

•Commuter Benefits (Parking & Transit)

DIVERSITY

Building relationships with minority and women owned businesses

Created the Supplier Diversity Program• Provides minority and women owned businesses

with access and opportunity to compete on an equal basis with all other businesses

LEADERSHIPLeslie H. Wexner

Chairman and Chief Executive OfficerMartyn R. Redgrave

Executive Vice President, Chief Administrative OfficerStuart Burgdoerfer

Executive Vice President and Chief Financial OfficerDiane L. Neal

Chief Executive Officer, Bath and Body WorksJane L. Ramsey

Executive Vice President, Human ResourcesSharen Jester Turney

Chief Executive Officer and President, Victoria's Secret Megabrand and Intimate Apparel

Executive Officers

We know it is our responsibility to ensure that our partners are in compliance with our standards. In order to do this, we have implemented a strategic internal audit process and are committed to providing our vendors opportunities for learning and development.

• Internal Compliance Audits• Vendor Education• Vendor Qualification;

Independent Production Services (IPS)

• Multi-stakeholder Initiatives

MOTIVATION FOR PERFORMANCE

Goals To Achieve• Limited Brands Internship • Driven by Passion. Guided by

Values• The Customer Rules!• Inclusion Makes Us Stronger• It Matters How We Play the

Game

Partners : • National Black MBA

Association• INROADS• Executive Leadership

Council• National Urban League• National Council of La

Raza• United Negro College

Fund

TEAMWORK

Product Partners :• AATCC• ASTM• CSPA• IFRA• PCPC• RIFM

COMMUNICATING

internal postings• Limited Brands is committed to building a family of

the world's best fashion brands to create sustained growth of shareholder value in part by encouraging the ongoing professional and personal development of its associates.

MANAGERIAL CONTROL

Basic Store Facts *As of January 30, 2010 Net sales

(millions) $5,307

Comparable store sales 

(6%)

Number of stores  1,040  Selling square

feet6,063,000

Sales per average selling square foot

$581

Average store size (selling square

feet)

5,830

CREATING & MANAGING CHANGE

Making a Difference in Our Communities• Since its inception, the Limited Brands Foundation

has invested nearly $100 million in our home office communities. The foundation is committed to supporting community programs that focus on empowering women, nurturing and mentoring children and improving education. Also embedded in our focus is a commitment to inclusion. Going hand in hand with our efforts to help improve education is our commitment to enriching the cultural arts.