Bath & Body Works, Inc.: Still Waiting on the Spark: 1Q26 Review

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Bath & Body Works, Inc.: Still Waiting on the Spark: 1Q26 Review

tantial. As a result of the high degree of leverage obtainable in futures and options

trading, losses may be incurred that are greater than the amount of funds initially deposited - up to theoretically unlimited losses.

Trading in options involves risk and is not suitable for all investors. Prior to buying or selling an option, investors must review the

'Characteristics and Risks of Standardized Options", at https://www.theocc.com/company-information/documents-and-

archives/options-disclosure-document. If you are unable to access the website, please contact your Deutsche Bank representative

for a copy of this important document.

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: (i) exchange rates

can be volatile and are subject to large fluctuations; (ii) the value of currencies may be affected by numerous market factors,

including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest

rates; and (iii) currencies may be subject to devaluation or government-imposed exchange controls, which could affect the value of

the currency. Investors in securities such as ADRs, whose values are affected by the currency of an underlying security, effectively

assume currency risk.

Unless governing law provides otherwise, all transactions should be executed through the Deutsche Bank entity in the investor's

home jurisdiction. Aside from within this report, important conflict disclosures can also be found at

https://research.db.com/Research/ on each company's research page or under the 'Disclosures' tab. Investors are strongly

encouraged to review this information before investing.