|         |                                                |
|---------|------------------------------------------------|
| • | FOURTH QUARTER REVENUE AND EPS EXCEED GUIDANCE |

|         |                                                      |
|---------|------------------------------------------------------|
| • | FULL YEAR NON-GAAP EPS WAS $5.38; GAAP EPS WAS $4.36 |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | TOMMY HILFIGER AND CALVIN KLEIN BUSINESSES CONTINUE TO DRIVE PERFORMANCE |

|         |                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Earnings per share was $1.18 on a non-GAAP basis, which exceeded the Company’s guidance and the consensus estimate and represents an increase of 27% over the prior year’s fourth quarter non-GAAP earnings per share of $0.93. |

|         |                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | GAAP earnings per share was $1.11, which exceeded the Company’s guidance and represents an increase of 54% as compared to the prior year’s fourth quarter GAAP |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Revenue increased 10% to $1.533 billion over the prior year’s fourth quarter. The revenue increase of $134.7 million is attributable to the net effect of (i) an increase of $111.2 million, or 16%, in the Company’s Tommy Hilfiger business; (ii) an increase of $29.5 million, or 12%, in the Company’s Calvin Klein business; and (iii) a decrease of $6.0 million, or 1%, in the Company’s Heritage Brands business. |

|         |                                                                                                                                                                                                                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Earnings before interest and taxes on a non-GAAP basis of $128.4 million was relatively flat to the prior year’s fourth quarter, as the Tommy Hilfiger and Calvin Klein revenue increases noted above were offset by a decrease in the Heritage Brands business due to a reduction in gross margin rates resulting from the impact of product cost increases. |

|         |                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | GAAP earnings before interest and taxes improved to $108.9 million from $91.8 million in the prior year’s fourth quarter, primarily due to the impact of reduced integration and restructuring charges. |

----

----

----

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Earnings per share on a non-GAAP basis was $5.38 as compared to $4.26 for 2010. |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | GAAP earnings per share was $4.36 as compared to $0.80 for 2010. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Revenue was $5.891 billion, which represents an increase of 27%, or $1.254 billion, over the prior year’s amount of $4.637 billion. The Tommy Hilfiger business contributed $1.106 billion of this increase, $715.4 million of which was attributable to first quarter 2011 revenue, as the acquisition was not completed until the second quarter of 2010, and $390.1 million of which was attributable to second through fourth quarter growth over 2010. The remainder of the increase is attributable to increases of $131.8 million in the Calvin Klein business and $16.5 million in the Heritage Brands business. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On a non-GAAP basis, earnings before interest and taxes increased 23% to $674.2 million as compared to $548.3 million in 2010, due to the addition of first quarter earnings in the Tommy Hilfiger business and revenue growth in the Tommy Hilfiger and Calvin Klein businesses. These increases were partially offset by decreases in the Heritage Brands wholesale sportswear and retail businesses. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | GAAP earnings before interest and taxes increased 175% to $559.7 million as compared to $203.4 million in 2010, due primarily to lower acquisition, integration and restructuring charges, combined with the addition of first quarter 2011 earnings in the Tommy Hilfiger business and the revenue increases in the Tommy Hilfiger and Calvin Klein businesses mentioned above. Partially offsetting these increases were decreases in the Heritage Brands wholesale sportswear and retail businesses, as noted above. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The effective tax rate was 28.2% on a non-GAAP basis for the full year 2011 as compared to 31.9% on a non-GAAP basis in the prior year. The non-GAAP tax rate for 2011 was positively impacted by a greater portion of the Company’s non-GAAP earnings being generated by the Company’s international Tommy Hilfiger business, a significant portion of which is subject to favorable tax rates. The GAAP effective tax rate was 26.3% for the full year 2011 as compared to 29.7% in the prior year. The GAAP tax rate for 2011 benefited from the increase in international earnings discussed above, combined with the impact of revaluing certain deferred tax liabilities in connection with a fourth quarter decrease in the statutory tax rate in Japan. |

----

----

----

----

|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pre-tax costs of $338.3 million incurred in 2010 in connection with the acquisition and integration of Tommy Hilfiger, including the following: |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| ◦ | a loss of $140.5 million recorded during the first and second quarters |

----

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | transaction, related restructuring and debt extinguishment costs of $121.0 million, of which $31.0 million was incurred in the fourth quarter; and |

|         |                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------|
| ◦ | short-lived non-cash valuation amortization charges of $76.8 million recorded during the second and third quarters. |

|         |                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pre-tax costs of $6.6 million incurred in the fourth quarter of 2010 in connection with the Company’s exit from its United Kingdom and Ireland Van Heusen dresswear and accessories business, principally consisting of non-cash charges. |

|         |                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A tax benefit of $7.9 million recorded in the third quarter of 2010 related to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions. |

|         |                                                                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pre-tax costs of $69.5 million incurred in 2011 in connection with the integration of Tommy Hilfiger and the related restructuring, of which $30.5 million was incurred in the first quarter, $11.2 million was incurred in the second quarter, $9.3 million was incurred in the third quarter, and $18.6 million was incurred in the fourth quarter. |

|         |                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pre-tax costs of $16.2 million incurred in the first quarter of 2011 in connection with the amendment and restatement of the Company’s credit facility. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pre-tax costs of $8.1 million incurred in 2011 in connection with the Company’s negotiated early termination of its license to market sportswear under the Timberland brand and the Company’s 2012 exit from the Izod women’s wholesale sportswear business, of which $6.7 million was incurred in the second quarter, $0.5 million was incurred in the third quarter and $1.0 million was incurred in the fourth quarter. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A pre-tax expense of $20.7 million incurred in the third quarter of 2011 in connection with the Company’s reacquisition of the rights in India to the Tommy Hilfiger trademarks that had been subject to a perpetual license, as under accounting rules, the Company was required to record an expense due to settling the preexisting license agreement, which was unfavorable to the Company. |

|         |                                                                                                                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | A tax benefit of $5.4 million recorded in the fourth quarter of 2011 resulting from revaluing certain deferred tax liabilities in connection with a decrease in the statutory tax rate in Japan. |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| • | Pre-tax costs of approximately $30 million expected to be incurred in 2012 principally |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Estimated tax effects associated with the above pre-tax costs, which are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it has recorded as an acquisition, integration, restructuring, debt modification or debt extinguishment cost to determine if such cost is tax deductible, and if so, in what jurisdiction the deduction would occur. All items above were identified as either primarily tax deductible in the United States, in which case the Company assumed a combined federal and state tax rate of 38.0%, or as non-deductible, in which case the Company assumed no tax benefit. The assumptions used were consistently applied for both GAAP and non-GAAP earnings amounts. |

----

----

----

----

----

----

----

|                                                |
|------------------------------------------------|
|                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   | Quarter Ended |   |   |   | Year Ended |   |
|                                           |   | 1/29/12 |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                      |   | $ | 1,407,818 |  |   | $ | 1,288,938 |  |   |   |   | $ | 5,410,028 |  |   | $ | 4,219,739 |  |   |
| Royalty revenue                                |   | 94,483 |  |   | 81,916 |  |   |   |   | 356,035 |  |   | 306,708 |  |   |
| Advertising and other revenue                  |   | 30,535 |  |   | 27,263 |  |   |   |   | 124,561 |  |   | 110,401 |  |   |
| Total revenue                                  |   | $ | 1,532,836 |  |   | $ | 1,398,117 |  |   |   |   | $ | 5,890,624 |  |   | $ | 4,636,848 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit on net sales                      |   | $ | 649,192 |  |   | $ | 627,031 |  |   |   |   | $ | 2,575,293 |  |   | $ | 2,004,842 |  |   |
| Gross profit on royalty, advertising and other |   |   |   |   |   |   |   |   |   |   |   |
|   revenue                            |   | 125,018 |  |   | 109,179 |  |   |   |   | 480,596 |  |   | 417,109 |  |   |
| Total gross profit                             |   | 774,210 |  |   | 736,210 |  |   |   |   | 3,055,889 |  |   | 2,421,951 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Selling, general and administrative expenses   |   | 665,833 |  |   | 644,403 |  |   |   |   | 2,481,370 |  |   | 2,071,416 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Debt modification and extinguishment costs     |   |  |  |   |  |   |   |   | 16,233 |  |   | 6,650 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Other loss                                     |   |  |  |   |  |   |   |   |  |   | 140,490 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Equity in income of unconsolidated affiliates  |   | 511 |  |   |  |   |   |   | 1,367 |  |   |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before interest and taxes             |   | 108,888 |  |   | 91,807 |  |   |   |   | 559,653 |  |   | 203,395 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense, net                          |   | 32,030 |  |   | 38,097 |  |   |   |   | 128,088 |  |   | 126,822 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Pre-tax income                                 |   | 76,858 |  |   | 53,710 |  |   |   |   | 431,565 |  |   | 76,573 |  |   |
|                                           |   |  |  |   |   |   |   |   |   |   |   |   |
| Income tax (benefit) expense                   |   | (4,388 | ) |   | 1,516 |  |   |   |   | 113,684 |  |   | 22,768 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                     |   | $ | 81,246 |  |   | $ | 52,194 |  |   |   |   | $ | 317,881 |  |   | $ | 53,805 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income per common share(1)         |   | $ | 1.11 |  |   | $ | 0.72 |  |   |   |   | $ | 4.36 |  |   | $ | 0.80 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   | Quarter Ended |   |   |   | Year Ended |   |
|                                           |   | 1/29/12 |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                           |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization expense          |   | $ | 33,242 |  |   | $ | 33,527 |  |   |   |   | $ | 132,010 |  |   | $ | 147,137 |  |   |
|                                           |   |   |   |   |   |   |   |   |   |   |

|           |                                                                                                                                   |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Please see Note A in the Notes to Consolidated GAAP Income Statements for reconciliations of diluted net income per common share. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   |   |   |   |   |   |   |   |   |   |   |
|                                            |   | Quarter Ended |   |   |   | Year Ended |   |
|                                            |   | 1/29/12 |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |
| GAAP total revenue                              |   | $ | 1,532,836 |  |   | $ | 1,398,117 |  |   |   |   | $ | 5,890,624 |  |   | $ | 4,636,848 |  |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |
| Non-GAAP Measures                               |   |   |   |   |   |   |   |   |   |   |   |
| Total gross profit(1)                           |   | $ | 776,263 |  |   | $ | 738,793 |  |   |   |   | $ | 3,063,516 |  |   | $ | 2,469,037 |  |   |
| Selling, general and administrative expenses(2) |   | 648,347 |  |   | 609,424 |  |   |   |   | 2,390,648 |  |   | 1,920,773 |  |   |
| Earnings before interest and taxes(3)           |   | 128,427 |  |   | 129,369 |  |   |   |   | 674,235 |  |   | 548,264 |  |   |
| Income tax expense(4)                           |   | 10,254 |  |   | 23,735 |  |   |   |   | 153,930 |  |   | 134,398 |  |   |
| Net income(5)                                   |   | 86,143 |  |   | 67,537 |  |   |   |   | 392,217 |  |   | 287,044 |  |   |
| Diluted net income per common share(6)          |   | $ | 1.18 |  |   | $ | 0.93 |  |   |   |   | $ | 5.38 |  |   | $ | 4.26 |  |   |
|                                            |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization expense(7)        |   |   |   | $ | 31,777 |  |   |   |   | $ | 130,840 |  |   | $ | 109,851 |  |   |
|                                            |   |   |   |   |   |   |   |   |

|                                                                                                                                                                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                       |
| (1)    Please see Table 3 for reconciliation of GAAP to non-GAAP gross profit.                                                                                                                                                                                                    |
| (2)    Please see Table 4 for reconciliation of GAAP to non-GAAP selling, general and administrative expenses (“SG&A”).                                                                                                                                           |
| (3)    Please see Table 2 for reconciliation of GAAP earnings before interest and taxes to non-GAAP earnings before interest and taxes.                                                                                                                                           |
| (4)    Please see Table 5 for reconciliation of GAAP income tax (benefit) expense to non-GAAP income tax expense and an explanation of the calculation of the tax effects associated with acquisition, integration, restructuring and debt modification and extinguishment costs. |
| (5)    Please see Table 1 for reconciliation of GAAP net income to non-GAAP net income.                                                                                                                                                                                           |
| (6)    Please see Note A in the Notes to Consolidated GAAP Income Statements for reconciliations of diluted net income per common share.                                                                                                                                          |
| (7)    Please see Table 6 for reconciliation of GAAP depreciation and amortization expense to non-GAAP depreciation and amortization expense.                                                                                                                                     |

----

|                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Table 1 - Reconciliation of GAAP net income to non-GAAP net income                                                                                                                   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                 |   | Quarter Ended |   |   |   | Year Ended |   |
|                                                                                                                                                                                 |   | 1/29/12 |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                                                                           |   | $ | 81,246 |  |   | $ | 52,194 |  |   |   |   | $ | 317,881 |  |   | $ | 53,805 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income per common share(1)                                                                                                                                               |   | $ | 1.11 |  |   | $ | 0.72 |  |   |   |   | $ | 4.36 |  |   | $ | 0.80 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Items excluded:                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Short-lived non-cash valuation amortization related to Tommy Hilfiger acquisition (gross margin)                                                                                     |   |  |   |  |   |   |   |  |   | 44,503 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Inventory liquidation costs associated with exit of certain Tommy Hilfiger product categories (gross margin)                                                                    |   | 2,053 |  |   | 2,583 |  |   |   |   | 7,627 |  |   | 2,583 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with buyout of Tommy Hilfiger perpetual license in India                                                                                           |   |  |   |  |   |   |   | 20,709 |  |   |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with Tommy Hilfiger acquisition, integration and related restructuring                                                                                  |   | 16,520 |  |   | 28,427 |  |   |   |   | 61,895 |  |   | 144,091 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with negotiated termination of license to market Timberland sportswear and the 2012 exit from the Izod women’s wholesale sportswear business |   | 966 |  |   |  |   |   |   | 8,118 |  |   |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with the exit from the UK and Ireland Van Heusen business                                                                                               |   |  |   | 6,552 |  |   |   |   |  |   | 6,552 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Debt modification and extinguishment costs                                                                                                                                           |   |  |   |  |   |   |   | 16,233 |  |   | 6,650 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Losses on hedges against Euro to U.S. dollar exchange rates relating to Tommy Hilfiger purchase price                                                                                |   |  |   |  |   |   |   |  |   | 140,490 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Tax effect of the items above(2)                                                                                                                                                     |   | (9,290 | ) |   | (22,219 | ) |   |   |   | (34,894 | ) |   | (103,696 | ) |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Tax benefit resulting from revaluing certain deferred tax liabilities in connection with a decrease in the statutory tax rate in Japan                                               |   | (5,352 | ) |   |   |   |   |   | (5,352 | ) |   |   |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Tax benefit related to the lapse of statute of limitations with respect to previously unrecognized tax positions                                                                     |   |  |   |  |   |   |   |  |   | (7,934 | ) |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Non-GAAP net income                                                                                                                                                                  |   | $ | 86,143 |  |   | $ | 67,537 |  |   |   |   | $ | 392,217 |  |   | $ | 287,044 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Non-GAAP diluted net income per common share(1)                                                                                                                                      |   | $ | 1.18 |  |   | $ | 0.93 |  |   |   |   | $ | 5.38 |  |   | $ | 4.26 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| (1)   Please see Note A in the Notes to the Consolidated GAAP Income Statements for reconciliations of diluted net income per common share.                                          |
| (2)   Please see Table 5 for an explanation of the calculation of the tax effects of the above items.                                                                                |

----

|                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Table 2 - Reconciliation of GAAP earnings before interest and taxes to non-GAAP earnings before interest and taxes                                                                   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                 |   | Quarter Ended |   |   |   | Year Ended |   |
|                                                                                                                                                                                 |   | 1/29/12 |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Earnings before interest and taxes                                                                                                                                                   |   | $ | 108,888 |  |   | $ | 91,807 |  |   |   |   | $ | 559,653 |  |   | $ | 203,395 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Items excluded:                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Short-lived non-cash valuation amortization related to Tommy Hilfiger acquisition (gross margin)                                                                                     |   |  |   |  |   |   |   |  |   | 44,503 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Inventory liquidation costs associated with exit of certain Tommy Hilfiger product categories (gross margin)                                                                    |   | 2,053 |  |   | 2,583 |  |   |   |   | 7,627 |  |   | 2,583 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with buyout of Tommy Hilfiger perpetual license in India                                                                                           |   |  |   |  |   |   |   | 20,709 |  |   |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with Tommy Hilfiger acquisition, integration and related restructuring                                                                                  |   | 16,520 |  |   | 28,427 |  |   |   |   | 61,895 |  |   | 144,091 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with negotiated termination of license to market Timberland sportswear and the 2012 exit from the Izod women’s wholesale sportswear business |   | 966 |  |   |  |   |   |   | 8,118 |  |   |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with the exit from the UK and Ireland Van Heusen business                                                                                               |   |  |   | 6,552 |  |   |   |   |  |   | 6,552 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Debt modification and extinguishment costs                                                                                                                                           |   |  |   |  |   |   |   | 16,233 |  |   | 6,650 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Losses on hedges against Euro to U.S. dollar exchange rates relating to Tommy Hilfiger purchase price                                                                                |   |  |   |  |   |   |   |  |   | 140,490 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Non-GAAP earnings before interest and taxes                                                                                                                                          |   | $ | 128,427 |  |   | $ | 129,369 |  |   |   |   | $ | 674,235 |  |   | $ | 548,264 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |

|                                                                                                    |
|----------------------------------------------------------------------------------------------------|
|                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Table 3 - Reconciliation of GAAP gross profit to non-GAAP gross profit                             |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   | Quarter Ended |   |   |   | Year Ended |   |
|                                                                                               |   | 1/29/12 |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Gross profit                                                                                       |   | $ | 774,210 |  |   | $ | 736,210 |  |   |   |   | $ | 3,055,889 |  |   | $ | 2,421,951 |  |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Items excluded:                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Short-lived non-cash valuation amortization related to Tommy Hilfiger acquisition                  |   |  |   |  |   |   |   |  |   | 44,503 |  |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Inventory liquidation costs associated with exit of certain Tommy Hilfiger product categories |   | 2,053 |  |   | 2,583 |  |   |   |   | 7,627 |  |   | 2,583 |  |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Non-GAAP gross profit                                                                              |   | $ | 776,263 |  |   | $ | 738,793 |  |   |   |   | $ | 3,063,516 |  |   | $ | 2,469,037 |  |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Table 4 - Reconciliation of GAAP SG&A to non-GAAP SG&A                                                                                                                       |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                 |   | Quarter Ended |   |   |   | Year Ended |   |
|                                                                                                                                                                                 |   | 1/29/12 |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A                                                                                                                                                                             |   | $ | 665,833 |  |   | $ | 644,403 |  |   |   |   | $ | 2,481,370 |  |   | $ | 2,071,416 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Items excluded:                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with buyout of Tommy Hilfiger perpetual license in India                                                                                           |   |  |  |   |  |  |   |   |   | (20,709 | ) |   |  |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with Tommy Hilfiger acquisition, integration and related restructuring                                                                                  |   | (16,520 | ) |   | (28,427 | ) |   |   |   | (61,895 | ) |   | (144,091 | ) |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with negotiated termination of license to market Timberland sportswear and the 2012 exit from the Izod women’s wholesale sportswear business |   | (966 | ) |   |  |  |   |   |   | (8,118 | ) |   |  |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| SG&A expenses associated with the exit from the UK and Ireland Van Heusen business                                                                                               |   |  |  |   | (6,552 | ) |   |   |   |  |  |   | (6,552 | ) |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Non-GAAP SG&A                                                                                                                                                                    |   | $ | 648,347 |  |   | $ | 609,424 |  |   |   |   | $ | 2,390,648 |  |   | $ | 1,920,773 |  |   |
|                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Table 5 - Reconciliation of GAAP income tax (benefit) expense to non-GAAP income tax expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Quarter Ended |   |   |   | Year Ended |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 1/29/12 |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Income tax (benefit) expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $ | (4,388 | ) |   | $ | 1,516 |  |   |   |   | $ | 113,684 |  |   | $ | 22,768 |  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Items excluded:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Income tax effect of acquisition, integration, restructuring and debt modification and extinguishment costs (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 9,290 |  |   | 22,219 |  |   |   |   | 34,894 |  |   | 103,696 |  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Tax benefit resulting from revaluing certain deferred tax liabilities in connection with a decrease in the statutory tax rate in Japan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 5,352 |  |   |   |   |   |   | 5,352 |  |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Tax benefit related to lapse of statute of limitations with respect to certain previously unrecognized tax positions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |  |   |   |   |  |   | 7,934 |  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Non-GAAP income tax expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $ | 10,254 |  |   | $ | 23,735 |  |   |   |   | $ | 153,930 |  |   | $ | 134,398 |  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| (1) The estimated tax effects of the Company’s acquisition, integration, restructuring and debt modification and extinguishment costs are based on the Company’s assessment of deductibility. In making this assessment, the Company evaluated each item that it has recorded as an acquisition, integration, restructuring, debt modification and debt extinguishment cost to determine if such cost is tax deductible, and if so, in what jurisdiction the deduction would occur. All of the Company’s acquisition, integration, restructuring, debt modification and debt extinguishment costs were identified as either primarily tax deductible in the United States, in which case the Company assumed a combined federal and state tax rate of 38.0%, or as non-deductible, in which case the Company assumed no tax benefit. The assumptions used were consistently applied for both GAAP and non-GAAP amounts. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Table 6 - Reconciliation of GAAP depreciation and amortization expense to non-GAAP depreciation and amortization expense |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                     | Quarter Ended |   |   | Year Ended |   |
|                                                                                                                     |   | 1/30/11 |   |   |   | 1/29/12 |   | 1/30/11 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization expense                                                                                    |   | $ | 33,527 |  |   |   |   | $ | 132,010 |  |   | $ | 147,137 |  |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |
| Items excluded:                                                                                                          |   |   |   |   |   |  |   |  |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization expense related to Tommy Hilfiger acquisition                                              |   | (1,750 | ) |   |   |   | (1,170 | ) |   | (37,286 | ) |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |
| Non-GAAP depreciation and amortization expense                                                                           |   | $ | 31,777 |  |   |   |   | $ | 130,840 |  |   | $ | 109,851 |  |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |   |

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      |   | Quarter Ended |   |   |   | Quarter Ended |
|                                                                      |   | 1/29/12 |   |   |   | 1/30/11 |
|                                                                      |   | GAAP |   |   |   | Non-GAAP |   |   |   | GAAP |   |   |   | Non-GAAP |   |
|                                                                      |   | Results |   | Adjustments |   | Results |   |   |   | Results |   | Adjustments |   | Results |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                |   | $ | 81,246 |  |   | $ | (4,897 | ) | (1)  | $ | 86,143 |  |   |   |   | $ | 52,194 |  |   | $ | (15,343 | ) | (2)  | $ | 67,537 |  |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares                                            |   | 67,478 |  |   |   |   | 67,478 |  |   |   |   | 66,682 |  |   |   |   | 66,682 |  |   |
| Weighted average dilutive securities                                      |   | 1,601 |  |   |   |   | 1,601 |  |   |   |   | 1,574 |  |   |   |   | 1,574 |  |   |
| Weighted average impact of assumed convertible preferred stock conversion |   | 4,189 |  |   |   |   | 4,189 |  |   |   |   | 4,189 |  |   |   |   | 4,189 |  |   |
| Total shares                                                              |   | 73,268 |  |   |   |   | 73,268 |  |   |   |   | 72,445 |  |   |   |   | 72,445 |  |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income per common share                                       |   | $ | 1.11 |  |   |   |   | $ | 1.18 |  |   |   |   | $ | 0.72 |  |   |   |   | $ | 0.93 |  |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                      |   | Year Ended |   |   |   | Year Ended |   |
|                                                                      |   | 1/29/12 |   |   |   | 1/30/11 |   |
|                                                                      |   | GAAP |   |   |   | Non-GAAP |   |   |   | GAAP |   |   |   | Non-GAAP |   |
|                                                                      |   | Results |   | Adjustments |   | Results |   |   |   | Results |   | Adjustments |   | Results |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                |   | $ | 317,881 |  |   | $ | (74,336 | ) | (1)  | $ | 392,217 |  |   |   |   | $ | 53,805 |  |   | $ | (233,239 | ) | (2)  | $ | 287,044 |  |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares                                            |   | 67,158 |  |   |   |   | 67,158 |  |   |   |   | 62,744 |  |   |   |   | 62,744 |  |   |
| Weighted average dilutive securities                                      |   | 1,576 |  |   |   |   | 1,576 |  |   |   |   | 1,527 |  |   |   |   | 1,527 |  |   |
| Weighted average impact of assumed convertible preferred stock conversion |   | 4,189 |  |   |   |   | 4,189 |  |   |   |   | 3,107 |  |   |   |   | 3,107 |  |   |
| Total shares                                                              |   | 72,923 |  |   |   |   | 72,923 |  |   |   |   | 67,378 |  |   |   |   | 67,378 |  |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted net income per common share                                       |   | $ | 4.36 |  |   |   |   | $ | 5.38 |  |   |   |   | $ | 0.80 |  |   |   |   | $ | 4.26 |  |   |
|                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Represents the impact on net income in the quarter and year ended January 29, 2012 from the elimination of (i) the costs incurred in connection with the Company’s integration of Tommy Hilfiger and the related restructuring; (ii) the expense incurred associated with settling the unfavorable preexisting license agreement in connection with the Company’s buyout of the Tommy Hilfiger perpetual license in India; (iii) the costs incurred in connection with the Company’s modification of its credit facility; (iv) the costs incurred in connection with the Company’s negotiated early termination of its license to market sportswear under the Timberland brand and the 2012 exit from the Izod women’s wholesale sportswear business; (v) the tax effects associated with these costs; and (vi) the tax benefit resulting from revaluing certain deferred tax liabilities due to a decrease in the statutory tax rate in Japan. Please see Table 1 for a reconciliation of GAAP net income to non-GAAP net income. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Represents the impact on net income in the quarter and year ended January 30, 2011 from the elimination of (i) the costs incurred in connection with the Company’s acquisition and integration of Tommy Hilfiger, including transaction, restructuring and debt extinguishment costs, short-lived non-cash valuation amortization charges and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price; (ii) the costs incurred in connection with the Company’s exit from its United Kingdom and Ireland Van Heusen dresswear and accessories business; (iii) the tax effects associated with these costs; and (iv) a tax benefit related to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions. Please see Table 1 for a reconciliation of GAAP net income to non-GAAP net income. |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |
|                                       | January 29, |   | January 30, |
|                                       | 2012 |   | 2011 |
| ASSETS                                     |   |   |   |
| Current Assets:                            |   |   |   |
| Cash and Cash Equivalents                  | $ | 233,197 |  |   | $ | 498,718 |  |
| Receivables                                | 480,965 |  |   | 447,161 |  |
| Inventories                                | 809,009 |  |   | 710,868 |  |
| Other Current Assets                       | 216,064 |  |   | 178,542 |  |
| Total Current Assets                       | 1,739,235 |  |   | 1,835,289 |  |
| Property, Plant and Equipment              | 458,891 |  |   | 404,577 |  |
| Goodwill and Other Intangible Assets       | 4,380,853 |  |   | 4,421,516 |  |
| Other Assets                               | 173,382 |  |   | 122,968 |  |
|                                       | $ | 6,752,361 |  |   | $ | 6,784,350 |  |
|                                       |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |   |   |   |
| Accounts Payable and Accrued Expenses      | $ | 960,880 |  |   | $ | 926,387 |  |
| Short-Term Borrowings                      | 13,040 |  |   | 4,868 |  |
| Current Portion of Long-Term Debt          | 69,951 |  |   |  |  |
| Other Liabilities                          | 1,160,116 |  |   | 1,046,549 |  |
| Long-Term Debt                             | 1,832,925 |  |   | 2,364,002 |  |
| Stockholders’ Equity                 | 2,715,449 |  |   | 2,442,544 |  |
|                                       | $ | 6,752,361 |  |   | $ | 6,784,350 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| PVH CORP.                                  |   |   |   |   |   |   |   |
| Segment Data                               |   |   |   |   |   |   |   |
| (In thousands)                             |   |   |   |   |   |   |   |
|                                       |   |   |   |   |   |   |   |
| REVENUE BY SEGMENT                         |   |   |   |   |   |   |   |
|                                       |   | Quarter Ended |   |   |   | Quarter Ended |   |
|                                       |   | 1/29/12 |   |   |   | 1/30/11 |   |
| Heritage Brand Wholesale Dress Furnishings |   |   |   |   |   |   |   |
| Net sales                                  |   | $ | 143,265 |  |   |   |   | $ | 131,556 |  |   |
| Royalty revenue                            |   | 1,524 |  |   |   |   | 1,525 |  |   |
| Advertising and other revenue              |   | 855 |  |   |   |   | 1,149 |  |   |
| Total                                      |   | 145,644 |  |   |   |   | 134,230 |  |   |
|                                       |   |   |   |   |   |   |   |
| Heritage Brand Wholesale Sportswear        |   |   |   |   |   |   |   |
| Net sales                                  |   | 118,379 |  |   |   |   | 142,624 |  |   |
| Royalty revenue                            |   | 2,362 |  |   |   |   | 2,924 |  |   |
| Advertising and other revenue              |   | 398 |  |   |   |   | 420 |  |   |
| Total                                      |   | 121,139 |  |   |   |   | 145,968 |  |   |
|                                       |   |   |   |   |   |   |   |
| Heritage Brand Retail                      |   |   |   |   |   |   |   |
| Net sales                                  |   | 170,611 |  |   |   |   | 162,822 |  |   |
| Royalty revenue                            |   | 1,017 |  |   |   |   | 1,284 |  |   |
| Advertising and other revenue              |   | 111 |  |   |   |   | 215 |  |   |
| Total                                      |   | 171,739 |  |   |   |   | 164,321 |  |   |
|                                       |   |   |   |   |   |   |   |
| Total Heritage Brands                      |   |   |   |   |   |   |   |
| Net sales                                  |   | 432,255 |  |   |   |   | 437,002 |  |   |
| Royalty revenue                            |   | 4,903 |  |   |   |   | 5,733 |  |   |
| Advertising and other revenue              |   | 1,364 |  |   |   |   | 1,784 |  |   |
| Total                                      |   | 438,522 |  |   |   |   | 444,519 |  |   |
|                                       |   |   |   |   |   |   |   |
| Other (Calvin Klein Apparel)               |   |   |   |   |   |   |   |
| Net sales                                  |   | 167,896 |  |   |   |   | 152,384 |  |   |
| Total                                      |   | 167,896 |  |   |   |   | 152,384 |  |   |
|                                       |   |   |   |   |   |   |   |
| Calvin Klein Licensing                     |   |   |   |   |   |   |   |
| Net sales                                  |   | 14,022 |  |   |   |   | 12,542 |  |   |
| Royalty revenue                            |   | 70,511 |  |   |   |   | 60,752 |  |   |
| Advertising and other revenue              |   | 26,042 |  |   |   |   | 23,262 |  |   |
| Total                                      |   | 110,575 |  |   |   |   | 96,556 |  |   |
|                                       |   |   |   |   |   |   |   |
| Total Calvin Klein                         |   |   |   |   |   |   |   |
| Net sales                                  |   | 181,918 |  |   |   |   | 164,926 |  |   |
| Royalty revenue                            |   | 70,511 |  |   |   |   | 60,752 |  |   |
| Advertising and other revenue              |   | 26,042 |  |   |   |   | 23,262 |  |   |
| Total                                      |   | 278,471 |  |   |   |   | 248,940 |  |   |
|                                       |   |   |   |   |   |   |   |
| Tommy Hilfiger North America               |   |   |   |   |   |   |   |
| Net sales                                  |   | 362,151 |  |   |   |   | 335,204 |  |   |
| Royalty revenue                            |   | 4,192 |  |   |   |   | 3,576 |  |   |
| Advertising and other revenue              |   | 1,723 |  |   |   |   | 876 |  |   |
| Total                                      |   | 368,066 |  |   |   |   | 339,656 |  |   |
|                                       |   |   |   |   |   |   |   |
| Tommy Hilfiger International               |   |   |   |   |   |   |   |
| Net sales                                  |   | 431,494 |  |   |   |   | 351,806 |  |   |
| Royalty revenue                            |   | 14,877 |  |   |   |   | 11,855 |  |   |
| Advertising and other revenue              |   | 1,406 |  |   |   |   | 1,341 |  |   |
| Total                                      |   | 447,777 |  |   |   |   | 365,002 |  |   |
|                                       |   |   |   |   |   |   |   |
| Total Tommy Hilfiger                       |   |   |   |   |   |   |   |
| Net sales                                  |   | 793,645 |  |   |   |   | 687,010 |  |   |
| Royalty revenue                            |   | 19,069 |  |   |   |   | 15,431 |  |   |
| Advertising and other revenue              |   | 3,129 |  |   |   |   | 2,217 |  |   |
| Total                                      |   | 815,843 |  |   |   |   | 704,658 |  |   |
|                                       |   |   |   |   |   |   |   |
| Total Revenue                              |   |   |   |   |   |   |   |
| Net sales                                  |   | 1,407,818 |  |   |   |   | 1,288,938 |  |   |
| Royalty revenue                            |   | 94,483 |  |   |   |   | 81,916 |  |   |
| Advertising and other revenue              |   | 30,535 |  |   |   |   | 27,263 |  |   |
| Total                                      |   | $ | 1,532,836 |  |   |   |   | $ | 1,398,117 |  |   |
|                                       |   |   |   |   |   |   |   |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| PVH CORP.                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment Data (continued)                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (In thousands)                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT |   |   |   |   |
|                                          |   |   |   |   |   |   |   |
|                                          |   | Quarter Ended |   |   |   | Quarter Ended |   |
|                                          |   | 1/29/12 |   |   |   | 1/30/11 |   |
|                                          |   | Results |   |   |   |   |   |   |   | Results |   |   |   |   |   |
|                                          |   | Under |   |   |   | Non-GAAP |   |   |   | Under |   |   |   | Non-GAAP |   |
|                                          |   | GAAP |   | Adjustments(1) |   | Results |   |   |   | GAAP(3) |   | Adjustments(2) |   | Results(3) |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Wholesale Dress Furnishings    |   | $ | 17,615 |  |   |  |  |   | $ | 17,615 |  |   |   |   | $ | 10,747 |  |   | $ | (6,552 | ) |   | $ | 17,299 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Wholesale Sportswear           |   | (8,702 | ) |   | $ | (966 | ) |   | (7,736 | ) |   |   |   | 6,888 |  |   |  |  |   | 6,888 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Retail                         |   | 769 |  |   |  |  |   | 769 |  |   |   |   | 3,791 |  |   |  |   | 3,791 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Heritage Brands                         |   | 9,682 |  |   | (966 | ) |   | 10,648 |  |   |   |   | 21,426 |  |   | (6,552 | ) |   | 27,978 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other (Calvin Klein Apparel)                  |   | 18,867 |  |   |  |  |   | 18,867 |  |   |   |   | 20,008 |  |   |  |  |   | 20,008 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Calvin Klein Licensing                        |   | 51,317 |  |   |  |  |   | 51,317 |  |   |   |   | 46,102 |  |   |  |   | 46,102 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Calvin Klein                            |   | 70,184 |  |   |  |  |   | 70,184 |  |   |   |   | 66,110 |  |   |  |  |   | 66,110 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tommy Hilfiger North America                  |   | 20,483 |  |   | (11,141 | ) |   | 31,624 |  |   |   |   | 10,933 |  |   | (16,621 | ) |   | 27,554 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tommy Hilfiger International                  |   | 35,222 |  |   | (3,471 | ) |   | 38,693 |  |   |   |   | 23,416 |  |   | (5,076 | ) |   | 28,492 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Tommy Hilfiger                          |   | 55,705 |  |   | (14,612 | ) |   | 70,317 |  |   |   |   | 34,349 |  |   | (21,697 | ) |   | 56,046 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                                     |   | (26,683 | ) |   | (3,961 | ) |   | (22,722 | ) |   |   |   | (30,078 | ) |   | (9,313 | ) |   | (20,765 | ) |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total earnings before interest and taxes      |   | $ | 108,888 |  |   | $ | (19,539 | ) |   | $ | 128,427 |  |   |   |   | $ | 91,807 |  |   | $ | (37,562 | ) |   | $ | 129,369 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|           |                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Adjustments for the quarter ended January 29, 2012 represent the elimination of the costs incurred in connection with the Company’s (i) integration of Tommy Hilfiger and the related restructuring; and (ii) negotiated early termination of its license to market sportswear under the Timberland brand and 2012 exit from the Izod women’s wholesale sportswear business. |

|           |                                                                                                                                                                                                                                                                                                             |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Adjustments for the quarter ended January 30, 2011 represent the elimination of the costs incurred in connection with the Company’s (i) integration of Tommy Hilfiger and the related restructuring; and (ii) exit from its United Kingdom and Ireland Van Heusen dresswear and accessories business. |

|           |                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | In 2011 the Company changed the way actuarial gains and losses from its defined benefit pension plans are allocated to its reportable segments.  Actuarial gains and losses are now included as part of corporate expenses not allocated to any reportable segments. Prior year periods have been restated in order to present that information on a basis consistent with the current year. |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
| PVH CORP.                                  |   |   |   |   |   |   |   |
| Segment Data (continued)                   |   |   |   |   |   |   |   |
| (In thousands)                             |   |   |   |   |   |   |   |
|                                       |   |   |   |   |   |   |   |
| REVENUE BY SEGMENT                         |   |   |   |   |   |   |   |
|                                       |   | Year Ended |   |   |   | Year Ended |   |
|                                       |   | 1/29/12 |   |   |   | 1/30/11 |   |
| Heritage Brand Wholesale Dress Furnishings |   |   |   |   |   |   |   |
| Net sales                                  |   | $ | 564,898 |  |   |   |   | $ | 523,901 |  |   |
| Royalty revenue                            |   | 6,158 |  |   |   |   | 5,815 |  |   |
| Advertising and other revenue              |   | 2,169 |  |   |   |   | 2,689 |  |   |
| Total                                      |   | 573,225 |  |   |   |   | 532,405 |  |   |
|                                       |   |   |   |   |   |   |   |
| Heritage Brand Wholesale Sportswear        |   |   |   |   |   |   |   |
| Net sales                                  |   | 537,284 |  |   |   |   | 568,447 |  |   |
| Royalty revenue                            |   | 10,008 |  |   |   |   | 10,731 |  |   |
| Advertising and other revenue              |   | 1,687 |  |   |   |   | 1,764 |  |   |
| Total                                      |   | 548,979 |  |   |   |   | 580,942 |  |   |
|                                       |   |   |   |   |   |   |   |
| Heritage Brand Retail                      |   |   |   |   |   |   |   |
| Net sales                                  |   | 646,769 |  |   |   |   | 638,902 |  |   |
| Royalty revenue                            |   | 4,822 |  |   |   |   | 5,023 |  |   |
| Advertising and other revenue              |   | 772 |  |   |   |   | 842 |  |   |
| Total                                      |   | 652,363 |  |   |   |   | 644,767 |  |   |
|                                       |   |   |   |   |   |   |   |
| Total Heritage Brands                      |   |   |   |   |   |   |   |
| Net sales                                  |   | 1,748,951 |  |   |   |   | 1,731,250 |  |   |
| Royalty revenue                            |   | 20,988 |  |   |   |   | 21,569 |  |   |
| Advertising and other revenue              |   | 4,628 |  |   |   |   | 5,295 |  |   |
| Total                                      |   | 1,774,567 |  |   |   |   | 1,758,114 |  |   |
|                                       |   |   |   |   |   |   |   |
| Other (Calvin Klein Apparel)               |   |   |   |   |   |   |   |
| Net sales                                  |   | 637,870 |  |   |   |   | 552,757 |  |   |
| Total                                      |   | 637,870 |  |   |   |   | 552,757 |  |   |
|                                       |   |   |   |   |   |   |   |
| Calvin Klein Licensing                     |   |   |   |   |   |   |   |
| Net sales                                  |   | 45,796 |  |   |   |   | 38,326 |  |   |
| Royalty revenue                            |   | 273,002 |  |   |   |   | 244,891 |  |   |
| Advertising and other revenue              |   | 108,588 |  |   |   |   | 97,530 |  |   |
| Total                                      |   | 427,386 |  |   |   |   | 380,747 |  |   |
|                                       |   |   |   |   |   |   |   |
| Total Calvin Klein                         |   |   |   |   |   |   |   |
| Net sales                                  |   | 683,666 |  |   |   |   | 591,083 |  |   |
| Royalty revenue                            |   | 273,002 |  |   |   |   | 244,891 |  |   |
| Advertising and other revenue              |   | 108,588 |  |   |   |   | 97,530 |  |   |
| Total                                      |   | 1,065,256 |  |   |   |   | 933,504 |  |   |
|                                       |   |   |   |   |   |   |   |
| Tommy Hilfiger North America               |   |   |   |   |   |   |   |
| Net sales                                  |   | 1,273,829 |  |   |   |   | 889,630 |  |   |
| Royalty revenue                            |   | 16,850 |  |   |   |   | 11,558 |  |   |
| Advertising and other revenue              |   | 7,016 |  |   |   |   | 3,257 |  |   |
| Total                                      |   | 1,297,695 |  |   |   |   | 904,445 |  |   |
|                                       |   |   |   |   |   |   |   |
| Tommy Hilfiger International               |   |   |   |   |   |   |   |
| Net sales                                  |   | 1,703,582 |  |   |   |   | 1,007,776 |  |   |
| Royalty revenue                            |   | 45,195 |  |   |   |   | 28,690 |  |   |
| Advertising and other revenue              |   | 4,329 |  |   |   |   | 4,319 |  |   |
| Total                                      |   | 1,753,106 |  |   |   |   | 1,040,785 |  |   |
|                                       |   |   |   |   |   |   |   |
| Total Tommy Hilfiger                       |   |   |   |   |   |   |   |
| Net sales                                  |   | 2,977,411 |  |   |   |   | 1,897,406 |  |   |
| Royalty revenue                            |   | 62,045 |  |   |   |   | 40,248 |  |   |
| Advertising and other revenue              |   | 11,345 |  |   |   |   | 7,576 |  |   |
| Total                                      |   | 3,050,801 |  |   |   |   | 1,945,230 |  |   |
|                                       |   |   |   |   |   |   |   |
| Total Revenue                              |   |   |   |   |   |   |   |
| Net sales                                  |   | 5,410,028 |  |   |   |   | 4,219,739 |  |   |
| Royalty revenue                            |   | 356,035 |  |   |   |   | 306,708 |  |   |
| Advertising and other revenue              |   | 124,561 |  |   |   |   | 110,401 |  |   |
| Total                                      |   | $ | 5,890,624 |  |   |   |   | $ | 4,636,848 |  |   |
|                                       |   |   |   |   |   |   |   |

----

|                                               |
|-----------------------------------------------|
|                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| PVH CORP.                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Segment Data (continued)                 |   |   |   |   |   |   |   |   |   |
| (In thousands)                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EARNINGS BEFORE INTEREST AND TAXES BY SEGMENT |   |
|                                          |   |   |   |   |   |   |   |
|                                          |   | Year Ended |   |   |   | Year Ended |   |
|                                          |   | 1/29/12 |   |   |   | 1/30/11 |   |
|                                          |   | Results |   |   |   |   |   |   |   | Results |   |   |   |   |   |
|                                          |   | Under |   |   |   | Non-GAAP |   |   |   | Under |   |   |   | Non-GAAP |   |
|                                          |   | GAAP(3) |   | Adjustments(1) |   | Results(3) |   |   |   |   GAAP(3) |   | Adjustments(2) |   |   Results(3) |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Wholesale Dress Furnishings    |   | $ | 78,577 |  |   |                    |  |   | $ | 78,577 |  |   |   |   | $ | 66,624 |  |   | $ | (6,552 | ) |   | $ | 73,176 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Wholesale Sportswear           |   | 11,398 |  |   | $ | (8,118 | ) |   | 19,516 |  |   |   |   | 57,921 |  |   |   |   | 57,921 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Heritage Brand Retail                         |   | 28,993 |  |   |   |   | 28,993 |  |   |   |   | 45,339 |  |   |   |   | 45,339 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Heritage Brands                         |   | 118,968 |  |   | (8,118 | ) |   | 127,086 |  |   |   |   | 169,884 |  |   | (6,552 | ) |   | 176,436 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other (Calvin Klein Apparel)                  |   | 88,822 |  |   |   |   | 88,822 |  |   |   |   | 73,093 |  |   |   |   | 73,093 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Calvin Klein Licensing                        |   | 189,178 |  |   |   |   | 189,178 |  |   |   |   | 174,699 |  |   |   |   | 174,699 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Calvin Klein                            |   | 278,000 |  |   |   |   | 278,000 |  |   |   |   | 247,792 |  |   |   |   | 247,792 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tommy Hilfiger North America                  |   | 81,450 |  |   | (44,704 | ) |   | 126,154 |  |   |   |   | 37,554 |  |   | (51,946 | ) |   | 89,500 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tommy Hilfiger International                  |   | 200,697 |  |   | (26,128 | ) |   | 226,825 |  |   |   |   | 51,653 |  |   | (62,844 | ) |   | 114,497 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Tommy Hilfiger                          |   | 282,147 |  |   | (70,832 | ) |   | 352,979 |  |   |   |   | 89,207 |  |   | (114,790 | ) |   | 203,997 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Corporate                                     |   | (119,462 | ) |   | (35,632 | ) |   | (83,830 | ) |   |   |   | (303,488 | ) |   | (223,527 | ) |   | (79,961 | ) |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total earnings before interest and taxes      |   | $ | 559,653 |  |   | $ | (114,582 | ) |   | $ | 674,235 |  |   |   |   | $ | 203,395 |  |   | $ | (344,869 | ) |   | $ | 548,264 |  |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Adjustments for the year ended January 29, 2012 represent the elimination of (i) the costs incurred in connection with the Company’s integration of Tommy Hilfiger and the related restructuring; (ii) the expense incurred associated with settling the unfavorable preexisting license agreement in connection with the Company’s buyout of the Tommy Hilfiger perpetual license in India; (iii) the costs incurred in connection with the Company’s modification of its credit facility; and (iv) the costs incurred in connection with the Company’s negotiated early termination of its license to market sportswear under the Timberland brand and its 2012 exit from the Izod women’s wholesale sportswear business. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Adjustments for the year ended January 30, 2011 represent the elimination of the costs incurred in connection with the Company’s (i) acquisition and integration of Tommy Hilfiger, including transaction, restructuring and debt extinguishment costs, non-cash valuation amortization charges and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price; and (ii) exit from its United Kingdom and Ireland Van Heusen dresswear and accessories business. |

|           |                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | In 2011 the Company changed the way actuarial gains and losses from its defined benefit pension plans are allocated to its reportable segments.  Actuarial gains and losses are now included as part of corporate expenses not allocated to any reportable segments. Prior year periods have been restated in order to present that information on a basis consistent with the current year. |

----

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |
| 2012 Net Income Per Common Share Reconciliations                                    |   | Full Year2012(Estimated) |   | First Quarter2012(Estimated) |   |
|                                                                                |   |   |   |   |   |
| GAAP net income per common share                                                    |   | $5.80 - $5.90 |   | $1.08  - $1.10 |   |
| Estimated per common share impact of after tax integration and restructuring costs  |   | $0.30 |   | $0.15 |   |
| Net income per common share excluding impact of integration and restructuring costs |   | $6.10 - $6.20 |   | $1.23 - $1.25 |   |

|                                                                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                    |  |  |  |  |  |
| Reconciliation of Net Income Per Common Share Impact of Tax Rate Changes                                                                           |   | Full Year2012(Estimated) |   |   |   |
|                                                                                                                                               |   |   |   |   |   |
| 2012 net income per common share increase due to change in tax rate on a GAAP basis (midpoint of estimate of 23.75% in 2012 vs. 26.3% in 2011)     |   | $0.20 |   |   |   |
| Adjustment for difference in 2011 GAAP and non-GAAP tax rates                                                                                      |   | $0.15 |   |   |   |
| 2012 net income per common share increase due to change in tax rate on a non-GAAP basis (midpoint of estimate of 23.75% in 2012 vs. 28.2% in 2011) |   | $0.35 |   |   |   |

----

|                                                                                                            |
|------------------------------------------------------------------------------------------------------------|
|                                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reconciliation of GAAP Diluted Net Income Per Common Share to Non-GAAP Diluted Net Income Per Common Share |   | First Quarter 2011 |   |
|                                                                                                       | (Actual) |   |
|                                                                                                       |   | Results Under GAAP |   | Adjustments |   | Non-GAAP Results |   |
|                                                                                                       |   |   |   |   |   |   |   |
| Net income                                                                                                 |   | $ | 57.7 |  |   | $ | (31.9 | ) | (1)  | $ | 89.6 |  |   |
| Total weighted average shares                                                                              |   | 72.6 |  |   |   |   | 72.6 |  |   |
|                                                                                                       |   |   |   |   |   |   |   |
| Diluted net income per common share                                                                        |   | $ | 0.79 |  |   |   |   | $ | 1.23 |  |   |