The Limited, Inc. Completes Sale of Majority Interest In Galyan's Trading Co.

Columbus, OH, September 1, 1999 - The Limited, Inc. (NYSE/LSE: LTD) announced today that it has completed the sale of its majority interest in Galyan’s Trading Co. to a fund managed by Freeman Spogli & Co. The transaction also includes the sale of related real estate to CB Richard Ellis Investors. The Limited will receive total proceeds, including proceeds from the sale-leaseback transactions, of approximately $190 million.

Under the terms of the sale, Galyan’s will be 60% owned by Galyan’s management and the fund managed by Freeman Spogli and 40% owned by The Limited, Inc. Galyan’s, an active lifestyle retailer founded in 1946, now operates 18 superstores and generated revenues of $220 million in 1998.

Leslie H. Wexner, Chairman and Chief Executive Officer of The Limited, Inc., commented, "This transaction enables The Limited to maximize value for our shareholders by allowing the Company to focus time, talent and capital on those brands to which we can add the greatest value. At the same time, it positions Galyan’s to capitalize on future growth opportunities."

Joel Silverman, Galyan’s President and Chief Executive Officer, stated: "Our positive financial performance provides us with great momentum as we enter into this new partnership, which we believe will allow us to accelerate our entry into new markets as we continue to grow our business."

Freeman Spogli & Co. is a private investment firm based in Los Angeles and New York dedicated exclusively to investing together with management in growing companies.

The Limited, Inc., through Express, Lerner New York, Lane Bryant, Limited Stores, Structure, Galyan’s and Henri Bendel, presently operates 3,033 specialty stores. The Company also owns approximately 84% of Intimate Brands, Inc. (NYSE: IBI), the leading specialty retailer of intimate apparel, beauty and personal care products through the Victoria’s Secret and Bath & Body Works brands. Victoria’s Secret products are available through 868 lingerie and beauty stores, the Victoria’s Secret Catalogue and online at www.VictoriasSecret.com. Bath and Body Works products are available in 1,135 stores.

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