The Bath & Body Works Board will review Third Points proposed nominations in
due course once they are received. The Board is confident that it has the right directors in place to lead the Company on its continued growth trajectory. But it is disappointing that the Company will have to spend time, effort and resources on a
proxy fight motivated by Mr. Loebs and Mr. Islams personal agendas. Third Points insistence that Mr. Islam is the only acceptable Board candidate with capital allocation experience and its unwillingness to consider
other candidates is simply unreasonable, and it is the only reason for Third Points proposed proxy contest.
On behalf of the entire
Bath & Body Works Board, thank you for your continued support of Bath & Body Works.
Sincerely,
The Bath & Body Works Board
About
the Annual Meeting
Bath & Body Works shareholders are not required to take any action at this time. The date for Bath & Body
Works Annual Meeting has not yet been scheduled. Bath & Body Works will present the Boards recommendation with respect to director elections and other matters to be considered at the Annual Meeting in the Companys
definitive proxy statement. The proxy statement, along with the Companys WHITE proxy card, will be filed with the U.S. Securities and Exchange Commission and mailed to all shareholders eligible to vote at the meeting.
About Bath & Body Works
Home of Americas
Favorite Fragrances®, Bath & Body Works is a global leader in personal care and home fragrance, including top selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Powered by agility and innovation, the companys predominantly U.S.-based supply chain enables the company to deliver quality, on-trend luxuries at affordable prices. Bath & Body Works serves and delights customers however and wherever they want to shop, from welcoming, in-store experiences
at more than 1,800 company-operated Bath & Body Works locations in the U.S. and Canada and more than 425 international franchised locations to an online storefront at bathandbodyworks.com.
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 Private Securities Litigation Reform Act of 1995) contained in this
communication or made by our company or our management 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. Words such as estimate, project, plan, believe, expect, anticipate, intend,
planned, potential and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial
performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this communication or otherwise made by our company or our management:
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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; |
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the COVID-19 pandemic has had and may continue to have an adverse effect
on our business and results of operations; |
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the seasonality of our business; |
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the anticipated benefits from the Victorias Secret & Co.
spin-off may not be realized; |
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the spin-off of Victorias Secret & Co. may not be tax-free for U.S. federal income tax purposes; |
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