#1Burlington LADIES | MENS | KIDS | HOME | COATS FASTE Investor Presentation November 2019#2Forward Looking Statements This presentation contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about Burlington Stores, Inc., together with its consolidated subsidiaries including, without limitation, Burlington Coat Factory Warehouse Corporation an its operating subsidiaries ("Burlington" or the "Company"), the industry in which we operate and other matters, as well as Burlington management's beliefs and assumptions and other statements regarding matters that are not historical facts. For example, when Burlington uses words such as "aim," "project," "projection," "expect," "forecast," "outlook," "anticipate," "intend," "plan," "believe," "seek," "estimate," "should," "would," "could," "will," "can," "can have," "likely," "opportunity," "potential" or "may," and the negatives thereof and variations of such words or other words that convey uncertainty of future events or outcomes, Burlington is making forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Burlington's forward-looking statements are subject to risks and uncertainties. Such statements may include, but are not limited to, proposed store openings and closings, proposed capital expenditures, projected financing requirements, proposed developmental projects, projected sales, earnings, revenues, costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, our strategies, Burlington's ability to maintain or grow selling margins, and the effect of the adoption of any new accounting pronouncements on our consolidated financial position, results of operations and cash flows, and the expected outcome or impact of pending or threatened litigation. Actual events or results may differ materially from the results anticipated in these forward- looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by Burlington include: competition in the retail industry, competitive factors such as pricing and promotional activities of major competitors, seasonality of Burlington's business, adverse weather conditions, changes in consumer preferences and consumer spending patterns, import risks, inflation, general economic conditions, unforeseen computer related problems, cyber security risks, unforeseen material loss or casualty, regulatory changes, our relationship with our employees, the impact of current and future law, terroristic attacks, natural and man-made disasters, Burlington's ability to implement its strategy, its substantial level of indebtedness and related debt-service obligations, our capital allocation plan, restrictions imposed by covenants in its debt agreements, availability of adequate financing, its dependence on vendors for its merchandise, events affecting the delivery of merchandise to its stores, existence of adverse litigation, availability of desirable locations on suitable terms, and other risks discussed from time to time in the filings of Burlington and Burlington Coat Factory Investments Holdings, Inc. with the Securities and Exchange Commission. Many of these factors are beyond Burlington's ability to predict or control. In addition, as a result of these and other factors, Burlington's past financial performance should not be relied on as an indication of future performance. The cautionary statements referred to in this section also should be considered in connection with any subsequent written or oral forward-looking statements that may be issued by Burlington or persons acting on its behalf. Burlington undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation might not occur. Furthermore, Burlington cannot guarantee future results, events, levels of activity, performance or achievements. 1 Burlington#3Investment Highlights ✓ Leading destination for on-trend, branded merchandise at a great value V V Proven track record of performance with strong current business trends Flexible off-price sourcing and merchandising model Attractive store economics and white space allowing for continued growth Long-term track record of consistent growth, cash flow generation and deleveraging Proven management and merchant team with extensive retail experience Burlington 2#4Company Overview ■ Leading, nationally recognized off-price retailer of high quality branded apparel ■ ■ ■ I National footprint with 726 stores, inclusive of its online store, in 45 states and Puerto Rico Extensive selection of quality brands, on-trend, at great value We carry approximately 5,100 brands, and expect that number to increase over time Every Day Low Price ("EDLP") model with savings up to 60% off other retailers' prices everyday Rigorous real estate selection criteria focuses on high- quality, off-mall locations, such as power and strip centers Strong History of Growth $4,428 8.7% $4,815 CAGR (FY13-FY18): -8.5% $5,566 9.3% Net Sales FY 2013 FY 2014 Source: Company filings $5,099 9.5% EBITDA Margin FY 2015 10.5% FY2016 $6,003 11.5% FY 2017 (52 weeks) $6,643 11.9% FY 2018 3 National Store Footprint¹ West 100 Stores AK 2 WA 12 OR 4 CA 80 NV 9 ID 2 UT 8 AZ 13 MT WY CO 11 NM 3 Southwest 132 Stores ND 1 SD 1 NE 4 KS 5 TX 81 OK Midwest 146 Stores MN 9 IA 3 MO 9 AR 6 LA 7. (1) Exclusive of our online store; As of November 2, 2019 WI 10 MI 18 IL IN 37 15 OH 28 KY 6 TN 9 MS AL 3 6 GA 23 PA 34 20 NC SC FL 756 Northeast 161 Stores ΜΑ 17 NJ 12 37 CT 5 DE MD 3 18 NH 4 RI PR 11 Southeast 186 Stores Burlington#5FY13 and FY18 Net Sales by Category FY13 Net Sales by Category Home 8% Coats 8% Youth Apparel/ Baby 20% Source: Company filings Menswear 19% (1) Percentages do not equal 100% due to rounding Women's Ready-to-Wear Apparel 24% Accessories and Footwear 21% 4 FY18 Net Sales by Category¹ Home 15% Coats 5% Youth Apparel/ Baby 16% Menswear 20% Women's Ready-to-Wear Apparel 23% Accessories and Footwear 22% Burlington#6Differentiated Off-Price Business Model Provides customers the value inherent in true EDLP, but with much more product, category depth and variety than our retail competitors Product Breadth Brands / Price Discovery Pricing / Store Size Sourcing / Vendors Customers Other Large Off-Price Retailers Similar product categories to Burlington but less depth within each category (smaller stores) Premium and oderate national brands; similar price "invisibility" to Burlington model EDLP / Off-Price; Stores 30,000 sq. ft. More reliance on packaway merchandise (Ross) and pre- season cuttings (TJX) Younger (-39 years old) -$77K avg. income 1 Represents Amazon customer traffic data from Com Score Moderate Department Store Broad apparel range with more depth in available items Moderate brands, private label; Brands are signed in store and advertised both online and in print Highly promotional; Stores Typically > or = 80,000 sq. ft. Pre-season sourcing strategy, limited flexibility, margin guarantees / promotional allowances Older (~45 years old) ~$78K avg. income 5 Burlington Family Apparel and Footwear, Baby Products, Accessories, and Home. More fashion forward, broad and shallow assortments Premium and moderate national brands. Up to 60% discounting with "invisible" pricing (no in-store signs or online/printed prices) EDLP: Up to 60% off Dept. Store and online pricing; Stores 40,000 - 80,000 sq. ft. Substantial in-season liquidity to capitalize quickly on trends and opportunistic buys; creation of scarcity and Treasure Hunt shopping experience Younger (-39 years old) -$64-$77K avg. income Only 25% of transactions via credit card 1 Major Online Competition Growing offerings in apparel, accessories, and home. Offerings tend to be more basic with item depth; destination purchases Some premium, mainly moderate brands and private label. To protect full price sales, vendors prevent online retailers from deeply discounting brands Closer to full-price channel, similar to Dept. Stores; No brick and mortar presence Pre-season purchasing. Unable to replicate Treasure Hunt shopping experience of off- price retail Older (~45 years old) -$102k avg. income¹ Burlington#7Refined Our Off-Price Model Through Improved Buying and Inventory Management Off-price excellence and comparable store sales growth from better buying Minimal pre-season purchasing - Staying liquid In-season closeouts Deliver VALUE through Fashion, Quality, Brand and Price (FQBP) Shallow and broad assortments - More selection More categories Pack and hold program — Seasonal deals from highly desirable national brands Flexible floor sets - Allocate square footage and buying dollars to strongest categories Burlington#8Improved Inventory Management - a critical enabler for operating smaller sized stores in better quality locations Comparable Store Inventory Turnover 2.35X 193% improvement since 2008 4.86x 5.32x 6.50x 5.87x 6.88x FY '08 FY '14 FY '15 FY '16 FY '17 FY '18 Inventory Aged 91 Days and Older ($M) Comparable Store Inventory Turnover Comparable Store Inventory 551 [397 stores] Key Inventory Metrics FY '08 7 120 138 [542] [567] FY '14 FY '15 85 [592] FY '16 +5% in Q3-19 vs. Q3-18 -4% at November 2, 2019 63 51 [629] [675] FY '17 FY '18 Burlington#9Invested in Technology and Systems to Drive Growth and Improve Efficiency Off-price excellence and comparable store sales growth from better selling Right product to the right stores at the right time at the right price Planning and forecasting - Right product Allocation - Right stores at the right time 8 Markdown optimization Right price Business intelligence and product attribution - Metrics and analytics Burlington#10Introduced Program to Improve Customer Experience and Store Operations Off-Price Excellence and Comp Store Sales Growth from Store Operations Customer Experience ■ Clean, well lit, easy to shop stores Improved navigation signage ▪ Well maintained fitting rooms ▪ Friendly associates Staffing commensurate with customer traffic ▪ Fast, efficient checkout. Friendly return / layaway policies 9 Store Execution Simplified merchandising ▪ Clear brand signage ▪ Sized fixtures ▪ Well executed clearance section ■ Organized, recovered selling floor ▪ Fast movement of receipts to floor ■ Burlington#11Proven Track Record With Accelerating Momentum Net Sales ($M) $3,670 $3,854 $4,131 0.7% 1.2% $4,428 CAGR: -7.7% 2010 2011 2012 2013 2014 2015 2016 Comp Store Sales 4.7% 4.9% $4,815 Adjusted EBITDA ($M) $308 $315 $332 1 52 weeks 2 Excludes management transition costs $5,099 -0.2% 2010 2011 2012 2013 2014 2015 2016 $384 2.1% CAGR: -12.5% $448 $6,643 $6,003 ÏÏI 2017 ¹ 2018 $5,566 $484 4.5% $585 2010 2011 2012 2013 2014 2015 2016 3.4% 3.2% 2017¹ 2018 $688 $792 2017 2018 10 I I $1,634 Q3 '18 4.4% Q3 '18 $163 Q3 '18 $1,775 Q3 '19 2.7% Q3 '19 2 $194 Q3 '19 Burlington#12Significant Opportunities for Continued Growth Over Time Drive Comparable Store Sales Growth Expand Our Retail Store Base Expand Operating Margins Drive Earnings per Share Opportunistic Share Repurchase ▪ Increase sales in underpenetrated areas including Home, Beauty and Ladies Apparel ■ Utilize web-based survey to continue to improve overall customer satisfaction scores ▪ Maintain focus on improving merchandise localization ▪ Continue to drive traffic with the marketing testimonial campaign ▪ New stores have an average payback period of less than three years ▪ The vast majority of stores are profitable on a store-level cash flow basis ▪ Successful across geographic regions, population densities, store footprints and real estate settings ■ Significant white space for growth with potential for approximately 1,000 stores, expanding in both existing and new markets ■ Continue to improve inventory turnover ▪ Increase purchasing power ■ Leverage expense base ▪ Execute share repurchase program opportunistically 11 Burlington#13Appendix#14Q4 and Fiscal Year 2019 Outlook Net Sales: Comps: Adjusted EPS²: Net Sales: Comps: Adjusted EBIT Margin: Adjusted EPS¹: Q4-19 +9 - 10% +2-3% $3.12 $3.17 FY 2019 Guidance +8.8 9.1% (open 51 net new stores) +2.1 -2.4% +10 bps to +20 bps $7.28 $7.33 - 1 Excludes $0.05 negative impact of management transition costs. 2 Excludes $0.03 negative impact of management transition costs 13 - - Burlington#15Debt Profile Debt Profile ² ($ in millions) ABL Term Loan Finance Leases ³ Total Senior Secured Debt Senior Unsecured Notes Senior Unsecured HoldCo Notes Total Debt 1 TTM Adjusted EBITDA $843mm 2 Excludes Deferred Financing Costs 3 Excludes Operating Lease Liabilities Before IPO (1-Oct-13) 64 862 23 949 450 344 $1,743 14 2-Nov-19 0 957 31 988 $988 XTTM EBITDA1 1.2x 1.2x Burlington#16Adjusted Net Income and Adjusted EBITDA Reconciliation Historical Adjusted Net Income Reconciliation ($ in millions) Net Income Net Favorable Lease Costs Costs Related to Debt Amendments & Offerings Loss on Extinguishment of Debt Impairment Charges Advisory Fees Stock Option Modification Expense Litigation Accrual Tax Effect FY 13 $16.2 29.3 23.0 16.1 3.2 2.9 10.4 ($ in millions) Net Income (30.9) $70.2 Adjusted Net Income Management Transition Costs, Net of Tax Effect Adjusted Net Income, Exclusive of Management Transition Costs Historical Adjusted EBITDA Reconciliation FY 13 $16.2 127.5 16.1 16.2 168.2 3.2 2.9 10.4 Interest Expense, Net Loss on Extinguishment of Debt Income Tax Expense Depreciation and Amortization ² Impairment Charges Advisory Fees Stock Option Modification Expense Litigation Accrual Costs Related to Debt Amendments & Offerings Adjusted EBITDA Management Transition Costs 4 Adjusted EBITDA, Exclusive of Management Transition Costs 1 53 weeks 23.0 $383.7 FY 14 $66.0 26.0 2.4 74.3 2.6 0.2 2.9 9.3 (45.1) $138.6 FY 14 $66.0 83.7 74.3 39.1 167.6 2.6 0.2 2.9 9.3 2.4 $448.1 FY 15 $150.5 24.1 0.2 0.7 6.1 0.1 1.4 5.6 (14.1) $174.6 FY 15 $150.5 58.9 0.7 88.4 172.1 6.1 0.1 1.4 5.6 0.2 $484.0 FY 16 $215.9 23.8 1.3 3.8 2.5 0.6 3.5 (19.1) $232.3 FY 16 $215.9 56.1 3.8 117.3 183.6 2.5 0.6 3.5 1.3 $584.6 FY 18 I Q3'18 FY 17¹ $384.9 $414.7 | $76.8 23.3 26.1 2.5 5.3 2.4 2.3 2.9 1.8 0.5 2.1 6.8 0.1 (9.4) (9.8) $405.8 $442.5 0.1 2.3 $696.1 2 Includes favorable lease costs, which are included in selling, general & administrative expenses beginning Q1 2019 3 Represents the costs, net of taxes, incurred as a result of hiring a new Chief Executive Officer, primarily related to sign-on and duplicative costs 4 Represents the costs incurred as a result of hiring a new Chief Executive Officer, primarily related to sign-on and duplicative costs 15 1 1 I 1 2.5 $792.2 1 I I I FY 17¹ FY 18 I Q3'18 t $384.9 $414.7 I $76.8 I 58.6 55.6 14.4 1 2.9 1.8 I 0.5 I 44.1 92.8 I 15.2 201.1 217.9 I 2.1 6.8 T 53.8 1 (2.1) | T 1 1 $82.9 $82.9 2.4 $163.1 Q3'19 $96.5 8.3 (2.1) $102.7 1.2 $103.9 Q3'19 $96.5 12.0 23.0 61.0 $192.5 1.3 $163.1 $193.8 Burlington