Victoria Secret : VS&CO 2023 ESG REPORT

2023 ESG Report

2023 ESG REPORT	TABLE OF	A MESSAGE FROM	ABOUT THIS	ABOUT	ETHICS, INTEGRITY	A HEALTHY & THRIVING	INCLUSIVE PRODUCTS,	SUPPORTING &	RESPONSIBLE SOURCING	ENVIRONMENTAL	INDEX
CONTENTS	OUR CEO	REPORT	VS&CO	& GOVERNANCE	CULTURE OF BELONGING	MARKETING & OPERATIONS	STRENGTHENING COMMUNITIES	& HUMAN RIGHTS	IMPACT

Table of Contents

A Message

1. from our CEO
2. About this Report
3. About VS&Co
4. Our Business at a Glance
5. Our Values & Brand Purpose
6. Our Material ESG Issues
7. Year at a Glance
8. Our Stakeholders

Ethics, Integrity

1. & Governance
2. ESG Strategy & Leadership
3. Global Ethics & Compliance Program

1. Photo Shoot Guidelines

1. Data Privacy & Security

1. Shareholder Rights & Governance

A Healthy &

Thriving Culture

1. of Belonging
2. Creating a Culture We're Proud of

24 Driving Workforce Representation

26 2023 DEI Honors and Awards

Inclusive Products,

29 Marketing & Operations

30 Designing Products that Celebrate, Support and Inspire Women

1. Inclusive Marketing
2. Inclusive Operations - Supplier Diversity

Supporting

• Strengthening 36 Communities

1. Our Philanthropic Focus
2. Victoria's Secret Global Fund for Women's Cancers

40 Donating Essential Undergarments

1. Supporting Young Adult Mental & Emotional Well-Being
2. Making an Impact for Women Artists and Entrepreneurs

Responsible Sourcing & Human

1. Rights
2. Protecting Human Rights

51 Partnering for Improvement

Environmental

1. Impact
2. Sustainability with Women, for Women
3. Greenhouse Gas Emissions

1. Facilities Management

1. Products & Supply Chain

1. Packaging

1. Index
2. Workforce Data

1. GRI Content Index

1. SASB Table
   83 IFRS S2 Response

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2023 ESG REPORT	TABLE OF	A MESSAGE FROM	ABOUT THIS	ABOUT	ETHICS, INTEGRITY	A HEALTHY & THRIVING	INCLUSIVE PRODUCTS,	SUPPORTING &	RESPONSIBLE SOURCING	ENVIRONMENTAL	INDEX
CONTENTS	OUR CEO	REPORT	VS&CO	& GOVERNANCE	CULTURE OF BELONGING	MARKETING & OPERATIONS	STRENGTHENING COMMUNITIES	& HUMAN RIGHTS	IMPACT

A Message from our CEO

I'm pleased to share the progress we've made since our last ESG report, which reflects our approach and commitments to environmental, social and governance endeavors for 2023.

We are dedicated to supporting the ESG priorities voiced by our customers, shareholders, associates, partners and communities. By actively listening and responding to our stakeholders' needs, concerns and values, we are driving our collective success. Through this work, we continue to set a foundation for long-term business growth by fostering:

• A resilient business environment that reduces risk, increases predictability and supports long-term growth.
• A vibrant culture that values inclusivity and innovation
  by providing rewarding careers to countless associates and partners around the world.
• Strong communities where people have the education, access, resources and support to thrive and participate in our business or others.

With this, our approach to ESG is more than additive to our results. It's fundamental to them. This work can benefit millions of people around the world - especially women, who are our reason and our purpose.

Break down barriers to women's health, success and well-being across our value chain by:

• Addressing inequities in the workplace
• Improving health outcomes for women
• Improving economic opportunities for women
• Advancing human rights and the safety of women
• Addressing the disproportionate impact of climate change on women

Represent and welcome all women and their experiences by:

• Fostering a culture of belonging
• Developing products for all women at all phases of life
• Ensuring customers see themselves reflected in our marketing
• Creating welcoming spaces and experiences that demonstrate our connection to, and care for, customers and associates

Amplify and elevate women and their voices by:

• Championing women in leadership
• Partnering with endeavors that are for, founded, owned or run by women
• Providing platforms to elevate the voices, stories and talents of women

This report provides a candid account of advances we've made in these areas and more. While I'm pleased with our progress, I recognize there remains much to be done. And we will continue the work. Because it is clear to me that our pursuit of a sustainable, stable business environment is both an expression of our values and a critical strategy for long-term success. The two, like our commitment to our customers and our dedication to championing women, are sides of the same coin, inseparable. Winning in each pursuit fuels success in the other.

And that's the right thing to do, for everyone.

Sincerely,

Martin Waters

Chief Executive Officer

Victoria's Secret & Co.

As you'll see throughout this report, every action taken at VS&Co, every choice made, is rooted in our commitment to celebrate, support and champion women, who make up the vast majority of our customers and 85% of our team. When women are supported, we all win. For our customers and women around the world, we are actively working to:

Every action taken at VS&Co, every choice made, is rooted in our commitment to celebrate, support and champion women.

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2023 ESG REPORT	TABLE OF	A MESSAGE FROM	ABOUT THIS	ABOUT	ETHICS, INTEGRITY	A HEALTHY & THRIVING	INCLUSIVE PRODUCTS,	SUPPORTING &	RESPONSIBLE SOURCING	ENVIRONMENTAL	INDEX
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About this Report

This is Victoria's Secret & Co.'s (VS&Co) third ESG report, published April 12, 2024, detailing

In December 2022, VS&Co completed the acquisition of AdoreMe, Inc. ("Adore Me"), a

Note on Forward-Looking Statements

the company's objectives and progress in the areas of environmental sustainability, social initiatives and governance measures.

This reporting is with reference to the Global Reporting Initiative's (GRI) Sustainability Standards and is guided by the Sustainability Accounting Standards Board (SASB) Apparel, Accessories and Footwear industry standard. This report is also aligned to recommendations outlined by the International Financial Reporting Standard (IFRS®) 2.

Data provided herein represent the majority of our operations globally for the 2023 fiscal year that ended February 3, 2024, to the best of our current knowledge. Some data is limited and therefore estimates are provided and noted as such. Some data or practices will only apply to our lingerie and apparel products, and this is defined throughout the report.

digitally-native intimates brand. The acquisition leverages Adore Me's expertise and technology to continue to improve the Victoria's Secret and PINK customer shopping experience and accelerate the modernization of VS&Co's digital platform. Adore Me will serve as an important long-term growth vehicle for VS&Co. Better together, VS&Co and Adore Me will continue leading the global intimates category going forward in a more inclusive, tech-forward and sustainable way. The majority of this report excludes data from Adore Me, unless otherwise noted. We encourage you to read more about Adore Me's efforts underway at adoreme.com/sustainability.

To request additional information on this report or to provide your comments, please contact us at [e-mail].

We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this report or made by VS&Co, 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 results may differ materially from those expressed or implied in any such forward-looking statements and any future performance or financial results expressed or implied by such forward-looking statements are not guarantees of future performance. 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 ESG goals.

Information about risks and other factors that could cause actual results to differ materially from those expressed or implied in any forward-

looking statements can be found in "Item 1A. Risk Factors" in our Annual Report on Form

10-K filed with the SEC on March 22, 2024. Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this report to reflect circumstances existing after the date of this report, even if experience or future events make it clear that any expected results expressed or implied by those forward- looking statements will not be realized.

The information in this report applies a definition and standard of materiality that is different than definitions or standards applied by investors or under federal or state securities laws and other laws.

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About VS&Co

6 Our Business at a Glance

7 Our Values & Brand Purpose

8 Our Material ESG Issues

9 Year at a Glance

10 Our Stakeholders

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Our Business at a Glance

Victoria's Secret & Co. (NYSE: VSCO) is a specialty retailer of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear, athleisure and swim, as well as award- winning prestige fragrances and body care. VS&Co is comprised of market leading brands, Victoria's Secret and Victoria's Secret PINK, that share a common purpose of supporting women in all they do, and Adore Me, a technology-led, digital first innovative intimates brand serving women of all sizes and budgets at all phases of life.

We are committed to empowering our more than 30,000 associates across a global footprint of 1,370 retail stores in nearly 70 countries. We strive to provide the best products to help women express their confidence, sexiness and power and use our platform to create connection and community while celebrating the extraordinary diversity of women's experiences.

Total Stores

as of 02/03/2024 Company-OperatedStores

U.S.	808
Canada	23
Subtotal Company-Operated	831
China Joint Venture
Beauty & Accessories*	34
Full Assortment	36
Subtotal China Joint Venture	70
*Includes 13 partner-operated stores.
Partner-Operated
Beauty & Accessories	307
Full Assortment	156

30,000+

ASSOCIATES

1,370

RETAIL STORES

$6.2B

NET SALES

~70

COUNTRIES

Our business is principally conducted from office, distribution and shipping facilities located in the Columbus, Ohio, area. Additional facilities are located in New York and New Jersey. We lease an international distribution and shipping facility located in Mexico and offices in Bangalore and Shanghai, Shenzhen and Hong Kong within China. We also operate technology and sourcing-related office facilities in various international locations.

Subtotal Partner-Operated	463
Adore Me
Subtotal Adore Me Stores	6
Total	1,370

Headquarters	Additional Facilities		Other Offices

Data on this page represents all VS&Co business operations, including Adore Me, unless noted otherwise.

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Our Values & Brand Purpose

OUR VALUES

Love the Customer

We place them at the heart of everything we do. We listen and engage with them to evolve as they do - making every experience count.

DEI is Everything

We believe our business thrives because we look for, listen to and value diversity, equity and inclusion. We champion each other's well-being and unique needs. We foster a safe environment where everyone is empowered to be their true selves. We never tolerate discrimination, harassment, bullying, aggression or retaliation.

Passion with Purpose

We dream big and channel our passion to what matters most. We unlock our best thinking through curiosity and creativity and learn from our mistakes.

Better Together

We lead with integrity, trust and respect, every single day. We speak from the heart and are transparent because we care. We achieve the best outcomes together and work as one team.

Victoria's Secret is the world's largest intimates specialty retailer, offering a wide assortment of modern, fashion-inspired collections, including signature bras, panties, lingerie, casual sleepwear, swim and athleisure, as well as award-winning prestige fragrances and body care. Victoria's Secret provides the best products to help women express their confidence, sexiness and power and strives to support all women by using the brand's platform to hone the extraordinary diversity of their experiences.

PINK is a fashion and lifestyle brand for young women providing on-trend products including bras, panties, loungewear, knit tops, activewear, accessories, beauty and more. PINK uses its platform to create connection and community.

Founded in 2011 as an online lingerie brand, Adore Me has evolved into a direct-to-consumer lingerie and apparel brand serving women of all sizes and budgets at all phases of life. The brand is transforming the way we shop with a pioneering Home Try-On commerce service, a series of innovation-driven products, and a mission of making sustainable shopping accessible to all, becoming the first Certified B Corporation intimate apparel brand in the U.S. Read more at adoreme.com.

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Our Material ESG Issues

We conducted a materiality assessment in 2022 to determine the company's most material environmental, social and governance (ESG) issues. The work included an expansive listening exercise to understand and analyze the topics most important to our stakeholders, starting with our loyal customers, dedicated associates, valued supply chain business partners and shareholders who invest in our vision. We consider a topic material if it has significant environmental, economic or social impact or influences stakeholder decisions about our company.

We approached this assessment with reference to the GRI standards	STAKEHOLDERSTO
and followed a four-step process including interviews, desk-based
research, stakeholder surveys and peer benchmarking. Topics were
mapped against leading sustainability reporting frameworks and a
selection of ESG ratings and rankings. For more information on this
process, please visit our ESG Materiality Assessment.
Our material issues matrix illustrates the ESG issues that the	IMPACT
the foundation of our ESG strategy.
materiality analysis defined as highest importance to our stakeholders
and most critical to our business. This materiality analysis serves as

MATERIALITY MATRIX

					Highest Materiality
					Human Rights
				Women's & Young Adult Empowerment
		Greenhouse Gas (GHG) Emissions & Climate Action
				Responsible Marketing
		Sustainable Products	Diversity, Equity & Inclusion
Donations & Community Service
Water Usage		Executive Team Composition & Governance
Energy Management		Shareholders Rights	Packaging Materials
				Training & Development
Waste Management
		Board Composition & Governance	Chemicals Management
Deforestation and Biodiversity	Business Ethics	Employment Creation & Retention
	Supply Chain Management
Reporting & Stakeholder
				Employee Health & Safety
Engagement	Audit Committee Composition	Customer Satisfaction
Board Structure
& Independence
Consumption Education		Material and Product Transportation		Product Quality
Freedom of Association		Animal Wellbeing	Data Privacy & Cyber Security
				Employee Satisfaction
IMPACT TO BUSINESS		Environment	Social	Governance
				All items on matrix were deemed material to VS&Co's business.

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Year at a Glance

Achieved 100% Pay Equity

In 2023, VS&Co once again achieved pay equity certification for all genders, races and ethnicities, and the intersection of these identities. We are committed to maintaining our status as a leader in pay equity.

Funded Causes Important to Women

Our VS&Co Foundation is dedicated to funding causes that matter to our associates and customers. In 2023, we committed millions of dollars to address causes important to women and the intersectionality of their identities and journeys.

Continued Support of Women-Led & Run Businesses

We have built a market collection of women-owned and led brands, including Curvy Couture, Good American and Petal & Pup. Our partners enable us to offer expanded sizes and styles to our customers.

Conducted Human Rights Impact Assessment

In 2023, we conducted a Human Rights Impact Assessment (HRIA) with a third-party firm, and we are in the process of developing a formal Human Rights Policy.

Launched Adaptive Intimate Products

Online and in Stores

VS&Co with the Runway of Dreams Foundation and GAMUT Management created a collection for women with disabilities. We're the first brand to offer these products both online and in stores.

Expanded First-of-Its-Kind Program Purchasing Cotton Directly from U.S. Farmers

We purchased about one-third of our cotton directly from four farms in northern Alabama, one black-owned and three women-owned farms, ensuring farmers receive the full value of their crops.

Measured and Verified Greenhouse Gas Emissions

We measured and verified our Scopes 1, 2 and 3 emissions for FY2022, our first year as a standalone company. This is a critical step in understanding our impact to identify key levers for reduction.

Conducted Climate-Related Risk and

Opportunities Assessment

We conducted our Climate Risk and Opportunities Assessment to better understand our dependencies and relationship with the climate, as well as mitigate and prepare our operations and supply chain for forthcoming climate changes.

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Our Stakeholders

ASSOCIATES

CUSTOMERS

COMMUNITIES

ASSOCIATES

We are committed to creating a happy, healthy and inclusive culture with equal opportunity for career progression and success. At the heart of our culture is trust and transparency enabled by constant two-way engagement. Annually, we conduct an Associate Opinion Survey to gain associates' input on their experiences, what's working well and what needs to be improved in our business and culture. We identify both company-wide and team-based action plans to address areas of opportunity. We also conduct various pulse surveys throughout the year to check in with associates.

How we engage:

• Daily one-on-one connection in touch

base meetings and casual conversations,

through email and internal online chat

exchanges and formally via our performance

management process.

• Weekly, monthly and quarterly team and

all-company meetings ensure associates

are informed and have opportunities to ask

questions and voice concerns.

• Our leaders visit our stores and offices around

the world and provide forums for two-way

communication with our associate teams.

• Our company intranet and weekly associate

VENDORS AND SUPPLIERS

SHAREHOLDERS

In addition, a cadence of weekly, monthly and quarterly team and all-company meetings help ensure associates are informed about our strategy, initiatives and performance while also serving as forums for associates to ask questions and raise issues. We foster a culture where associates are comfortable and confident in sharing new ideas, raising questions, voicing concerns and challenging ways of thinking any time with any colleague

or leader. We speak from the heart and are transparent because we care and because it makes our culture and business stronger.

We create an environment where associates are encouraged to, and can feel comfortable, speaking openly with a manager or any leader in our business or a human resources partner about

work-related ideas, questions, problems and concerns so they can be resolved. We also work to make speaking up anonymously readily accessible via our Global Ethics and Compliance Hotline and our No-Retaliation Policy and Speak Up Policy that ensures associates feel confident doing so.

newsletter provide a wealth of information

on current events happening within our

business, as well as resources to help

associates do their jobs, manage their benefits,

access tools and more.

• Our annual Associate Opinion Survey and

various pulse surveys allow associates to

provide confidential feedback on our culture.

• Our Open Door Policy ensures all associates

know they can connect with any leader in the

business at any time.

• Our Ethics Hotline provides a confidential

and anonymous forum to voice concerns

and issues.

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