CL King & Associates Best Ideas Conference

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Basil Floyd
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CL King & Associates Best Ideas Conference September

2 Forward-Looking Statement Statements in the presentation that are not reported financial results or other historical information are forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of They include, for example, statements about our business outlook, assessment of market conditions, strategies, future plans, future sales, prices for our major products, capital spending and tax rates. These forward-looking statements are not guarantees of future performance. They are based on management s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The risks and uncertainties relating to the forward-looking statements in this presentation include those described in the reports and documents filed from time to time by Maidenform Brands, Inc. with the Securities and Exchange Commission. Unless otherwise specifically noted, all information in this presentation speaks as of June 28, 2008, and any distribution of this presentation after that date is not intended and will not be construed as updating or confirming such information. 2 Maidenform Brands, Inc All Rights Reserved.

4 Maidenform s Focus Continue to be category leaders with innovative, differentiating and relevant products that build brand equity Drive net sales growth in a changing retail environment Identify continued opportunities to improve gross margins Effectively manage and leverage expense structure Maximize cash flow utilization Drive value for all stakeholders 4 Maidenform Brands, Inc All Rights Reserved.

Maidenform s Focus Who We Are Maidenform % of Wholesale Net Sales

Industry % of Net Sales (LTM 2Q 2008) Women s Intimate Apparel

January 2009 Note: Intimate apparel is comprised of bras, panties

5 Maidenform s Focus Who We Are Maidenform % of Wholesale Net Sales (LTM 2Q 2008) Panties 11% Shapewear 24% Bras 65% Intimate Apparel Industry % of Net Sales (LTM 2Q 2008) Women s Intimate Apparel License Announcement May 6, 2008 Panties 34% Bras 59% Launching January 2009 Note: Intimate apparel is comprised of bras, panties and shapewear Time Period: LTM 2Q 2008 Intimate Apparel Industry Source: The NPD Group, Inc. Consumer Panel Track SM Shapewear 7% Intimate apparel: $9.4 billion industry 5 Maidenform Brands, Inc All Rights Reserved.

6 Maidenform s Focus Distribution Channel LTM Wholesale Net Sales (a) Representative Domestic Customers High-end Department & Specialty Stores Department Stores & National Chains Launching January 2009 Nordstrom Saks Neiman Marcus Bloomingdales Lord & Taylor 60.5% Macy s Kohl s J.C. Penney Belk Debenhams The Bay Sears Mass Merchants 29.3% Wal-Mart Target Costco K-Mart (a) The Other Net Sales channel (sales to specialty retailers, off-price retailers, foreign distributors and licensing income) reflects 10.2% of LTM Wholesale Net Sales. 6 Maidenform Brands, Inc All Rights Reserved.

8 Growth Strategies Net Sales Net Sales Growth Core Business Expand with existing customers Capture new customers who have scale Drive retail outlet store productivity Maximize internet opportunities International Partner with specific new customers in targeted regions Expand international distribution with current domestic customers Build a strong portfolio of developing and developed markets Category and Channel Adjacencies Consider acquisitions and/or brand licenses that complement the current portfolio 8 Maidenform Brands, Inc All Rights Reserved.

9 Growth Strategies International YTD 08 Performance Net sales of $18.6 million Growth of 6.3% Represented 9.0% of total net sales Solid sales particularly in Germany, Russia and the Scandinavian countries United Kingdom Sweden Mexico Hong Kong Netherlands Indonesia 9 Maidenform Brands, Inc All Rights Reserved.

10 Growth Strategies Licensing Launching January 2009 Establish strong core business Expand door distribution with new and current customers Penetrate new customers on a global scale Introduce new shapewear category Further expansion with certain existing customers Penetrate new customers on a global scale Grow shapewear category Projected to add approximately 5% to net sales growth in 2009 Strong long-term sales growth and gross margin expansion opportunities Note: Women s intimate apparel license announcement on May 6, Maidenform Brands, Inc All Rights Reserved.

1% 77 retail outlet stores as of June 28, 2008 Testing new product categories such as yoga wear, control

11 Growth Strategies Direct to Consumer YTD 08 Performance Retail Net sales growth of 8.3% to $26.0 million Same store sales increase of 5.1% 77 retail outlet stores as of June 28, 2008 Testing new product categories such as yoga wear, control swimwear and maternity Atlantic City, NJ E-Commerce Internet sales growth of 26.3% to $2.4 million Focused customer outreach campaigns, including newsletters 11 Maidenform Brands, Inc All Rights Reserved.

12 Brand Initiatives: YTD 2008 Launched new category of business, sports bras, with Lilyette In Motion Continued expansion of a newly established category in shapewear with Shapewear Chic Expanded to 565 doors with an additional major chain retailer Rolled out Luleh exclusive to Macy s in 455 doors, and will continue to roll out to select international accounts Further expanded Self Expressions with Carrefour Belgium Launched Inspirations with K-Mart to approximately 1,400 doors 12 Maidenform Brands, Inc All Rights Reserved.

13 Brand Initiatives: Second Half 2008 Sizeable assortment expansion in the bra and shapewear categories within the mass merchant channel Ongoing replenishment and expanded assortments with the Company s Luleh and Inspirations brands Additional product introductions in the department stores and national chain stores channel Launching new programs with two specialty retailers 8% to 12% net sales growth for Q3 and Q Note: Guidance stated in press release and conference call dated August 6, Maidenform Brands, Inc All Rights Reserved.

15 Financial and Operational Strategies Financial Discipline Margin Enhancement SG&A Management Cash Utilization Pursue sourcing initiatives Leverage supply chain efficiencies Explore new business opportunities Manage personnel expenses Re-engineer processes Realize technology efficiencies Manage cost reduction across operating departments Selectively re-invest in the business Repurchase shares Repay debt Consider acquisitions 15 Maidenform Brands, Inc All Rights Reserved.

16 Net Sales Dollars in millions $450 $400 $350 $300 $250 $200 $150 $100 Wholesale Retail CAGR 9.6% $56.2 $56.0 $54.4 $55.3 $54.5 $360.6 $366.2 $327.8 $281.7 $238.4 Dollars in millions $250 $225 $200 $175 $150 $125 $100 $75 $50 $13.8 $105.2 Wholesale Retail Q2 ( 07 vs 08) $14.5 $93.6 $24.0 $202.2 $26.0 $180.2 $50 $25 $ (a) $0 (b) Q2 07 Q2 08 (b) YTD 07 YTD 08 (a) Wholesale segment branded sales up 8.7% in 2007 (b) Approximately $6.0 million net sales shift from Q2 to Q3 16 Maidenform Brands, Inc All Rights Reserved.

17 $75.2 $49.8 $46.0 $46.0 $91.8 $96.1 $54.4 $56.2 $56.0 $202.8 $222.8 $224.1 $327.8 $360.6 $366.2 $382.2 $416.8 $422.2 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 Channel Diversification $220 $200 YTD ( 07 vs 08) $180 $160 $140 Department/ Chain Stores Mass Merchants Other Total Wholesale Retail Consolidated Net Sales 17 Maidenform Brands, Inc All Rights Reserved. Dollars in millions Dollars in millions $26.4 $15.6 $24.0 $26.0 $54.1 $58.8 $121.7 $105.8 $180.2 $202.2 Dollars in millions Dollars in millions $206.2 $226.2 $120 $100 $80 $60 $40 $20 $0 Department/ Chain Stores Mass Merchants Other Total Wholesale Retail Consolidated Net Sales (a) Approximately 6.0 million net sales shift from Q2 to Q3

18 Adjusted Consolidated Gross Margins Q2 and YTD ( 07 vs 08) 40% 40% 35% 35% 30% 30% 25% 25% 20% 35.4% 38.7% 36.8% o 37.6% 39.3% 20% 39.9% 38.7% 38.2% 38.7% 15% 15% 10% 10% 5% 5% 0% (a) 2005(a) % Q2 07 Q2 08 YTD 07 YTD 08 (a) Certain adjustments have been made in 2004 and 2005 for comparability and a description of the adjustments have previously been disclosed in filings with the SEC 18 Maidenform Brands, Inc All Rights Reserved.

19 Adjusted Operating Margin 16% % Q2 and YTD ( 07 vs 08) 14% 15% 12% 10% 12% 8% 6% 10.9% 11.8% 13.3% 14.6% 9% 6% 17.2% 13.6% 15.3% 12.8% 4% 8.7% 2% 3% 0% 2003(a) 2004(a) 2005(a) 2006(b) 2007 (c) 0% Q2 07 Q2 08 (d) YTD 07(c) YTD 08(d) (a) Certain adjustments have been made for 2003, 2004 and 2005 for comparability and a description of the adjustments have previously been disclosed in filings with the SEC (b) There are no adjustments for 2006 (c) 2007 has been adjusted to exclude pension curtailment gain of $6.3 million (d) 2008 has been adjusted to exclude Donna Karan International start-up costs 19 Maidenform Brands, Inc All Rights Reserved.

20 Adjusted EBITDA Q2 and YTD ( 07 vs 08) Dollars in millions $70 $60 $50 $ % 13.6% 14.3% 15.7% Dollars in millions $40 $35 $30 $ % 16.2% 14.0% $30 $20 $ % $30.9 $43.4 $51.8 $59.5 $66.1 $20 $15 $10 $5 $ % $15.9 $36.6 $28.8 $0 2003(a) 2004(a) 2005(a) 2006 (b) 2007(c) $0 (d) (c) (d) Q2 07 Q2 08 YTD 07 YTD 08 (a) Certain adjustments have been made for 2003, 2004 and 2005 for comparability and a description of the adjustments have previously been disclosed in filings with the SEC (b) There are no adjustments for 2006 (c) 2007 has been adjusted to exclude pension curtailment gain of $6.3 million (d) 2008 has been adjusted to exclude Donna Karan International start-up costs of $0.2 million and $0.3 million, respectively 20 Maidenform Brands, Inc All Rights Reserved.

21 Cash Utilization Debt Repayment Voluntary debt pre-payments of $20.0 million in 2007 Entered into new $150 million credit facility in June 2007, resulting in immediate reduction of LIBOR premium Total debt outstanding of $89.2 million as of June 28, 2008 at LIBOR premium of basis points Share Repurchase Purchased $12.5 million of common stock in 2007 Availability of $12.5 million remaining under current Stock Repurchase Program Total Debt-to-EBITDA 2.6x 1.8x 1.5x 1.3x YE 05 YE 06 YE 07 LTM Q2 08 Note: Any additional repurchases will be executed from available cash flow and borrowing under Maidenform s revolving loan and will be dependent on market conditions and corporate considerations 21 Maidenform Brands, Inc All Rights Reserved.

22 Business Outlook Full-Year 2008 Guidance (a) Net Sales Consolidated Gross Margins Cash Flow From Operations EPS -1% to 1% 38.5% to 39.0% $25 to $30 million $1.28 to $1.36 (a) Excludes anticipated start-up costs of approximately $2.5 million, or $0.06 per share, in 2008 associated with developing and implementing the new women s intimate apparel licensing agreement with Donna Karan International Note: Guidance stated in press release and conference call dated August 6, Maidenform Brands, Inc All Rights Reserved.