Bath & Body Works Investor Presentation — May 2022

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First Quarter Earnings

May 31 , 2022Forward Looking Statements

2• Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

• We caution that any forward -looking statements (as such term is defined in the U.S. Private Securities

Litigation Reform Act of 1995) contained in this presentation or made by the Company, our

management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward -looking

statements. Forward -looking statements include, without limitation, statements regarding our future

operating results, the implementation and impact of our strategic plans, and our ability to meet environmental, social, and governance goals. Words such as “estimate,” “commit,” “target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “potential” and any similar expressions may identify forward -looking statements. Risks associated with the following

factors, among others, could affect our financial performance and cause actual results to differ materially from those expressed or implied in any forward -looking statements:

• the spin- off from Bath & Body Works, Inc. (f/k/a L Brands, Inc.) may not be tax -free for U.S.

federal income tax purposes;

• a loss of synergies from separating the businesses that could negatively impact our balance sheet, profit margins or earnings;

• we may not realize all of the expected benefits of the spin -off;

• general economic conditions, inflation, consumer confidence, consumer spending patterns and market disruptions, including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events;

• the novel coronavirus (COVID -19) global pandemic has had and may continue to have an

adverse effect on our business and results of operations;

• the seasonality of our business;

• difficulties arising from turnover in company leadership or other key positions;

• our ability to attract, develop and retain qualified associates and manage labor -related costs;

• our dependence on mall traffic and the availability of suitable store locations on appropriate terms;

• our ability to grow through new store openings and existing store remodels;

• our ability to successfully operate and expand internationally and related risks;

• our independent franchise, license, wholesale, and joint venture partners;