BBRC International Expresses Disappointment in Victoria's Secret Board

BBRC International, a long-term stockholder of Victoria's Secret & Co. and owner of approximately 13% of the Company's outstanding shares, issued a statement in response to the Company's May 20 presentation. The statement read, in part, "Over the past year, VS has repeatedly misrepresented BBRC's intentions while ignoring every concern we have raised regarding the Board's slow and poor decision-making during the 25-year tenure of Chair Donna James. Stockholders should note where VS has chosen to focus its defense. Rather than explain why Ms. James should be trusted with a 26th year after the record of the last 25, the Board has devoted its presentation to attacking BBRC. A board confident in its Chair's record defends that record - it does not change the subject. As a large, committed stockholder that has owned shares since 2022 and brings a highly relevant background in the global lingerie and specialty retail sector, we are deeply disappointed in the Board's refusal to acknowledge its errors and make a common-sense change to ensure similar mistakes are not repeated. We acknowledge the turnaround that has begun under CEO Hillary Super - the Company's claim that we do not is false. But a few quarters of recovery do not erase the mistakes made under Ms. James' oversight, nor do they justify keeping the leader who made a turnaround necessary. After 25 years, we believe it is uncontroversial for Ms. James to step aside so a new Chair can ensure the turnaround is successful over the long term. Because the Board has refused to address Chair succession, it now falls to stockholders to advocate for the change."