Europe-IR-Deck-FINAL.pdf

Investor Presentation
©2019 Levi Strauss & Co.
Europe NDR
December 2019

DISCLAIMERS
FORWARD-LOOKING STATEMENTS
This presentation contains “forward-looking statements.” All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, statements
concerning our anticipated financial performance, business prospects, strategic initiatives, debt reduction, currency values and financial impact, foreign exchange counterparty exposures, liquidity levels and dividends. In
some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,”
“potential,” “should,” “will,” “would” or the negative of these terms or other comparable terminology.
Forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from those expressed in
the forward-looking statements. For a detailed discussion of many of these risks and uncertainties, see the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q, which are available on the SEC’s website at www.sec.gov. All forward-looking statements contained in this presentation are qualified by these cautionary statements. The forward-looking statements
contained in this presentation speak only as of the date of this presentation. We undertake no obligation to update any forward-looking statements after the date of this presentation or to conform such statements to actual
results or revised expectations, except as required by law. Comparisons of results between current and prior periods are not intended to express any future trends, or indications of future performance, unless expressed as
such, and should only be viewed as historical data.
GAAP AND NON-GAAP RESULTS
To supplement our consolidated financial statements prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures to provide investors with additional useful information about our
financial performance, to enhance the overall understanding of our past performance and future prospects and to allow for greater transparency with respect to important metrics used by our management for financial and
operational decision making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance from management’s view and because we believe they provide an additional tool
for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, non-GAAP financial measures have limitations in their usefulness to investors because
they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from,
and therefore may not be directly comparable to, similarly titled measures used by other companies. As a result, non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for,
our consolidated financial statements prepared and presented in accordance with GAAP. A reconciliation of these non-GAAP measures to their nearest equivalent GAAP measures can be found at
https://investors.levistrauss.com/financials/quarterly-results/default.aspx.
FISCAL YEAR
Our fiscal year ends on the last Sunday in November. All year references in this presentation are to our fiscal years.
TRADEMARKS AND SERVICE MARKS
"Levi Strauss & Co.", "Levi Strauss", "Levi's", "Dockers", "501" "Signature by Levi Strauss & Co.", "Denizen", the Levi Strauss logo and the other trademarks and service marks of Levi Strauss & Co. appearing in this
presentation are the property of Levi Strauss & Co. This presentation contains additional trade names, trademarks and/or service marks of others, which are the property of their respective owners. Solely for convenience,
trademarks and trade names referring to this presentation generally appear without the ® or ™symbols.
©2019 Levi Strauss & Co. 2

1
TODAY’S PRESENTERS
3
Key Investor Contacts
Chris Ogle and Aida Orphan
Investor Relations
(415) 501-6194
Chip Bergh
President &
Chief Executive Officer
PRIOR EXPERIENCE
Harmit Singh
Chief Financial Officer
PRIOR EXPERIENCE

STEPS IN THE ONGOING TRANSFORMATION
Commitment to Culture and Profits Through Principles
Significant Talent Upgrade
• Senior Management and Board of Directors
Investment Choices
• DTC, Brand Building, Innovation, Foundational Systems
Driving Financial Discipline
• Pay Down Debt, Improve Returns
Strategy
• Grow the Profitable Core
• Diversify Across Channels, Categories and Geographies
WE ARE FOCUSED ON DELIVERING SUSTAINED PROFITABLE GROWTH
1
2
3
4
5

LEVI STRAUSS & CO. IS A TRANSFORMED BUSINESS(1)
5
MEN’S(2)
69%
WOMEN’S(2)
29%
TOPS
20%
BOTTOMS
74% 6%
FOOTWEAR &
ACCESSORIES
86% 7% 7%
(1) CAGRs are for the period 2015 – 2018. Other percentages are of total net revenues in 2018. Other numbers are for or as of the end of 2018.
(2) 2% of net revenues in 2018 were from non-gendered products
ASIA,
MIDDLE EAST
AND AFRICA
16%
EUROPE
29%
AMERICAS
55%
50,000+
RETAIL
LOCATIONS
110+
COUNTRIES
2018
NET REVENUES
$5.6B
~3,000
BRAND-
DEDICATED
STORES AND
SHOP-IN-SHOPS
WHOLESALE
(INCLUDING 7%
FRANCHISE)
65%
RETAIL COMPANY-
OPERATED
31%
eCOMMERCE
(COMPANY-
OPERATED ONLY)
4%
CAGR: +31%
CAGR: +17%
CAGR: +4%
CAGR: +6%
CAGR: +3%
CAGR: +6%
CAGR: +21%
CAGR: +4%
CAGR: +14%
CAGR: +19%
CAGR: +4%

OUR STR AT EGIES ARE WORKING: Q3 YTD 2019
6
Strengthen position
as a leading
omni-channel retailer
ENHANCE OUR
eCOMMERCE CAPABILITIES
COMPANY-OPERATED SITES
+24%
EXPAND
BRICK-AND-MORTAR
STORE NETWORK
+11%
+90 STORES since Q3’18 (net)
DEEP FOCUS ON SEAMLESS
CONSUMER EXPERIENCE
Drive the
profitable core
TOP 10
WHOLESALE
CUSTOMERS
+1%
MEN’S
BOTTOMS
BUSINESS
+3%
5 LARGEST
MATURE MARKETS
+5%
#1 JEANSWEAR BRAND
GLOBALLY(1)
Expand
for more
WOMEN’S
+15%
TOPS
+19%
VALUE
BRANDS
+9%
EUROPE
+15%
ASIA
+13%
Note: Unless otherwise noted all data above is for, or as of August YTD 2019. All percentages reflect constant-currency growth in net revenues year-to-date Q3 2019.
(1) Measured by 2018 retail sales.
(2) Year-over-year margin expansion excluding all currency effects, both translation and transaction; note that transaction effects result primarily from product sourced in USD or EUR.
Reported gross margin declined 40 basis points year-over-year due to the negative impact of currency (both translation and transaction) of 80 basis points
Enhance operational
excellence
F.L.X.: IMPROVED
FLEXIBILITY AND SPEED
TO MARKET
GROSS MARGIN
+ 40 BPS
EXCLUDING CURRENCY(2)
SOURCING FROM
APPROXIMATELY 25
COUNTRIES, WITH NO SINGLE
COUNTRY REPRESENTING
>20% OF OUR SOURCING

NET REVENUE
Europe
$1.6B
(29%)
STRONG PROFIT LEVERAGE(2)
PROFITABILITY
GROWING STORE FOOTPRINT
CHANNEL SPLITS (1)
BRAND MIX (1)
2018
Total company
Revenue
$5.6B
BOTTOM’S, TOPS’S,
FOOTWEAR & ACCESSORIES (1)
MEN’S VS.
WOMEN’S(1)
WHOLESALE
FRANCHISE
RETAIL
COMPANY-
OPERATED
ECOMMERCE
(COMPANY-
OPERATED
ONLY)
96%
E U R O P E 2 0 1 8 : O U R B E S T R E G I O N A L E X A M P L E O F T H E B R A N D ’ S P O T E N T I A L
7
4%
300
COMPANY OWNED &
OPERATED STORES
(+ another 204 Concession &
Commissionaire stores)
MEN’s
65%
WOMEN’s
35%
TOPS
31%
BOTTOMS
57% 12%
45%
40%
4%
11%
OPERATING
MARGIN
18%
GROSS
MARGIN
~60%
Three consecutive years of
double-digit constant-
currency revenue growth…
…well outpacing market
growth
SUBSTANTIAL GROWTH
3yrs
EXECUTING ON
THE STRATEGY:
REVENUE
GROWTH (2)
20%
32%
55%
Tops
DTC Women’s
FOOTWEAR &
ACCESSORIES
38%
EBIT growth
on top of
21%
Net Revenue growth
…resulting in EBIT margin
expansion of
220 bps
(1) Percentages are of Europe’s total net revenues in 2018.
(2) Growth vs. prior year in constant-currency. Note that regional EBIT is equal to regional operating income.
Note: Europe’s results include the company’s footwear and accessories business

DIVERSIFIED DISTRIBUTION NETWORK
SEGMENTED AND DIFFERENTIATED WHOLESALE GO-TO-MARKET STRATEGY
8
DEPARTMENT STORES
MASS
SPECIALTY
DIGITAL
WHOLESALE STRATEGIES (1)
Enhancing partnerships
with our key accounts
Expanding floor space at key accounts
and adding new accounts
Diversifying categories
to driving growth
(1) Global wholesale grew 5% Q3 year-to-date. Excluding the impacts of a decline in sales to one large retailer, the reset of
a product line and a reduction in sales to the off-price channel, U.S. Wholesale was roughly flat Q3 year-to-date.

EXPAND FOR MORE: TOPS AND INTERNATIONAL
9
Significant Market Growth Opportunities
Tops Momentum Is Strong
$1.1B of 2018 net revenues,
comprising a fifth
of total net revenues
Strong growth
+19% year-to-date
Q3 2019
Growth is broad-based across tops subcategories
Graphic tees +12% year-to-date Q3 2019

Digitizes denim finish design and reduces
finishing time
Improves inventory management
Eliminates thousands of chemical formulations
Reduces lead times
CONSUMER-DRIVEN PRODUCT INNOVATION
10
Innovated our product offerings to meet the evolving
tastes of today’s consumers with an emphasis on
fit, finish and fabric
Completed the women’s relaunch in 2015
Women’s bottoms net revenues CAGR of 16%
from platform relaunch in 2015 to 2018

Redesigning the shopping experience through
customization and personalization with a focus on
delivering a frictionless omni-channel environment
DIRECT-TO-CONSUMER IS A CORE COMPONENT OF OUR GROWTH STRATEGY
11
DTC business has grown from 29% of net revenues in 2015
to 37% of net revenues in the first nine months of 2019
DTC channel enables better control
of our brands and drives meaningful
connections with our consumers
Innovative eCommerce features such as “Ask
Indigo” designed to drive increased traffic,
conversion and order size

PROFITS THROUGH PRINCIPLES
13
SOCIAL & ENVIRONMENTAL
SUSTAINABILITY
100% Sustainably-Sourced Cotton
80+% of Levi’s® Products are Water<less®
80% of Products Made at
Worker Well-Being Factories
Industry Adoption of Screened Chemistry
2020 Targets
GIVING BACK
TO OUR COMMUNITIES
Community Engagement
Red Tab Foundation
Levi Strauss Foundation
ADVOCATING FOR
WHAT’S RIGHT
LGBTQ+ Equality
Tackling Climate Change
Gun Violence Prevention
Voter Engagement

LEVI’S®: OPPORTUNITIES FOR CONSISTENT SUSTAINABLE GROWTH
14
Note: Chart not to scale; represents growth opportunities and not actual or projected growth.
POTENTIAL TO ENTER AND EXPAND
IN OTHER CATEGORIES THAT ARE
SMALLER FOR US TODAY
TOPS HAVE NEARLY DOUBLED
AS A PERCENTAGE OF TOTAL
NET REVENUES SINCE 2015
SIGNIFICANT SUCCESS IN
WOMEN’S BOTTOMS SINCE
2015 RELAUNCH
MEN’S BOTTOMS:
CONTINUED
SOLID GROWTH

FINANCIAL
OVERVIEW
15

FINANCIAL EXECUTIVE SUMMARY
16
1
We have delivered six
consecutive years of
strong financial
performance with a
recent inflection
towards higher
profitable growth
3
We have improved our
overall financial profile
and balance sheet while
maintaining a disciplined
approach to investment
1
We have a consistent
track record of delivering
strong financial
performance with a recent
inflection towards higher
profitable growth and we
feel confident about our
performance for the future
2
We believe future growth
will be fueled by continued
diversification across
channels, geographies and
product categories, while
we continue to focus on
productivity to drive
leverage
4
Our top capital allocation
priorities are reinvesting
back into the existing
business and returning
cash to shareholders

WE HAVE GROWN THROUGH DIVERSIFICATION ACROSS MARKETS,
CHANNELS AND PRODUCT CATEGORIES(1)
17
Strong growth in key focus areas … … changing the composition of LS&Co. today and for the future
(1) Numbers / percentages on this page are not additive (some overlap).
(2) International is all markets other than the United States. ©2019 Levi Strauss & Co.
Our U.S. wholesale business is slightly larger today than it was in 2015—yet declined as a % of total net revenues
from 40% in 2015 to 32% in 2018—during which time we’ve grown our total U.S. business at a 2% CAGR.

18
Q3 YTD
+ 8%
+ 40 bps
+ 11%
+ 30 bps
+16%
$0.85
(1) Year-over-year comparisons in constant-currency; note that the company’s constant-currency methodology excludes translation effects by translating prior-year local currency amounts at current period exchange rates.
(2) Year-over-year margin expansion excluding all currency effects, both translation and transaction; note that transaction effects result primarily from product sourced in USD or EUR. Reported gross margin declined 40 basis
points year-over-year due to the negative impact of currency (both translation and transaction) of 80 basis points.
(3) Adjusted net income and Adjusted EBIT, non-GAAP financial measures, exclude loss on early extinguishment of debt, charges related to the transition to being a public company, impact of changes in fair value on cash-
settled stock-based compensation, restructuring and related charges, severance and asset impairment charges, net, pension and postretirement benefit plan curtailment and net settlement losses (gains) and, in fiscal year
2018, the re-measurement of our deferred tax assets and liabilities based on the lower rates at which they are expected to reverse in the future as a result of the Tax Act, adjusted to give effect to the income tax impact of
such adjustments. Adjusted EBIT further excludes all other income tax expenses as well as interest expense and other expense (income), net.
(4) Adjusted diluted EPS is equal to Adjusted net income divided by “Weighted-average common shares outstanding–diluted” for the period presented.
Reconciliations of non-GAAP measures Adjusted EBIT, Adjusted EBIT margin, Adjusted net income and Adjusted diluted EPS can be found at “https://investors.levistrauss.com/financials/quarterly-results/default.aspx”
STRONG Q3 YEAR-TO-DATE FINANCIAL PERFORMANCE

19
Reinvest for Growth
Invest in organic opportunities
& initiatives
Dividends
Target cash dividends equal to
or greater than our most
recent annual dividends
1
Return Capital to
Shareholders
Share repurchases
Evaluate offsetting dilution
from incentive programs
through share buybacks
2
Acquisitions
Evaluate both organic and
inorganic acquisitions that
support our current strategies
3
CAPITAL ALLOCATION STRATEGY TO GROW AND DELIVER STRONG
SHAREHOLDER RETURNS

FINANCIAL GROWTH MODEL (ANNUALIZED, EXCLUDING CURRENCY EFFECTS)
Net Revenue Adjusted EBIT Adjusted Net Income
Mid-Single Digits Mid- to High-
Single Digits
High-Single to
Low-Double Digits
Note: This model is forward-looking, is subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company
and its management, and is based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and these variations may be material. For
discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of our Q3 2019 Form 10-Q. Nothing in this presentation should be
regarded as a representation by any person that this model will be achieved and, except as required by law, the Company undertakes no duty to update its model.
In Addition, Potential for Acquisitions and Share Repurchases
• Leverage on revenue via
Adjusted EBIT margin
expansion of 20-30bps
• Leverage on fixed
interest expense
• Dividend augments
Total shareholder return
• By Geography
• By Global channel
• By Category

…ready for the next 165 years

Appendix

OUR CORE: LEVI’S® BRAND MEN’S BOTTOMS +3% Q3 YEAR-TO-DATE
23
Growth Opportunities
Updated styles, fabrics, fit and finish
to appeal to evolving consumer base
Expand international presence
in top and underpenetrated markets
Continue to expand retail presence
Where We Are Today
#1 Jeanswear Brand
Globally(1)
The 501 by itself is bigger
than entire denim lines
at many peer brands(1)
Majority of volume is
core(2) with some seasonal
/ fashion lines
New taper fits (502/512)
have grown significantly
in last two years
(1) Measured by 2018 retail sales.
(2) Core is defined as non-season-specific product that typically carries forward from one season to the next.

EXPAND FOR MORE: WOMEN’S
24
Where We Are Today
$1.6B of 2018 net revenues,
comprising nearly a third
of total net revenues
Completed Women’s line
relaunch in 2015
Strong growth
+15% Q3 year-to-date
Broad-based growth
across tops
and bottoms
Growth Opportunities
WE REMAIN UNDERPENETRATED IN WOMEN’S WITH A LONG RUNWAY FOR GROWTH
New fits and finishes including
non-denim and shorts
Strengthen position in regions outside the U.S.
including China and India

We are a market
leader in jeanswear
in India and have
consistently
increased net
revenues in 2016
through 2018
across all channels
GLOBAL FOOTPRINT: INTERNATIONAL REVENUES 57% OF TOTAL Q3 YTD
25
China represented
roughly 20% of the
global apparel
market, but only
represented 3% of
our net revenues in
fiscal year 2018
Our current business
in Brazil is <1% of
total net revenues, but
has net revenues
CAGR of 20% from
2016 to 2018
The Levi’s® brand
has the highest
brand awareness
in the denim
bottoms category
globally and is the
#1 brand globally
in jeanswear
(measured by
total retail sales)

Facebook marketplace and/or LSE channel on mobile
Facebook marketplace and/or LSE channel on mobile
DIRECT-TO-CONSUMER: INNOVATING IN THE RIGHT AREAS
IN-STORE EXPERIENCE MOBILE APP FIT EXPERIENCE ASK INDIGO
TAILOR SHOP OMNI-CHANNEL INITIATIVES SOCIAL MEDIA PAYMENT EXPERIENCE

OUR COMPETITIVE STRENGTHS HAVE CREATED SIGNIFICANT VALUE
27
Iconic brands with deep heritage, superior product quality
and a culture of innovation
BRANDS
Unique connection with our consumers
CONNECTION
WITH CONSUMERS
Robust, diversified business model across multiple
regions, channels and categories
BUSINESS MODEL
GLOBAL INFRASTRUCTURE Strong global operating infrastructure
Values-driven company with an unwavering
commitment to corporate citizenship
PROFITS THROUGH
PRINCIPLES
Management team with a track record of success
MANAGEMENT TEAM

28
FROM: 2015 TO: 2018
$1.1B
$0.7B
$0.3B
1.5x
$55MM
$159MM
(1) Net Debt calculated as gross debt less cash and cash equivalents.
(2) Leverage Ratio = Gross Debt / Adjusted EBITDA. Adjusted EBITDA is defined as Adjusted EBIT excluding depreciation and amortization expense.
Reconciliations of non-GAAP measures Net Debt and Leverage Ratio can be found at “https://investors.levistrauss.com/financials/quarterly-results/default.aspx”
$2.0B
3.8x
2011
WE HAVE STRENGTHENED OUR BALANCE SHEET –
IT IS NOW AN ENABLER OF GROWTH

Europe-IR-Deck-FINAL.pdf

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