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AEO Corporate Strategy and Digital Growth

Appendix: Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation ($ in millions) Fiscal Year Ending February 1, 2020 AEO INC. Income from Operations 2015A 2016A 2017A 2018A 2019A $319.9 $331.5 $302.8 $337.1 $233.3 Adjustments: Impairment & Restructuring Charges 0.0 21.2 20.6 1.6 80.5 Adjusted Operating Income $319.9 $352.6 $323.4 $338.7 $313.8 Plus: Depreciation and Amortization 148.9 158.2 169.5 170.5 181.4 Adjusted EBITDA $468.7 $510.8 $492.9 $509.2 $495.2 17

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