Investor Presentation

Europe NDR
December 2019

©2019 Levi Strauss & Co.

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

TODAY’S PRESENTERS

Chip Bergh Harmit Singh

President & Chief Financial Officer
Chief Executive Officer
1
PRIOR EXPERIENCE PRIOR EXPERIENCE

Key Investor Contacts

Chris Ogle and Aida Orphan
Investor Relations
(415) 501-6194

©2019 Levi Strauss & Co. 3

STEPS IN THE ONGOING TRANSFORMATION

1 Strategy
• Grow the Profitable Core
• Diversify Across Channels, Categories and Geographies

2 Significant Talent Upgrade

• Senior Management and Board of Directors

3 Driving Financial Discipline

• Pay Down Debt, Improve Returns

4 Investment Choices
• DTC, Brand Building, Innovation, Foundational Systems

5 Commitment to Culture and Profits Through Principles

WE A R E FOC U SED ON D ELIVER IN G SU STA IN ED PR OFITA B LE GR OWTH

©2019 Levi Strauss & Co. 4

 LEVI STRAUSS & CO. IS A TRANSFORMED BUSINESS (1)

29% 31%
55%
EUROPE
CAGR: +17%
2018 65%
RETAIL COMPANY-
OPERATED
CAGR: +14%
WHOLESALE
AMERICAS
NET REVENUES (INCLUDING 7%
CAGR: +4% FRANCHISE)
$5.6B CAGR: +4%

50,000+ ~3,000
RETAIL 69% 29% BRAND-
LOCATIONS MEN’S(2) WOMEN’S(2)
DEDICATED
CAGR: +4% CAGR: +21%
110+ STORES AND
SHOP-IN-SHOPS
COUNTRIES

74% 20% 6% 4%
ASIA, BOTTOMS TOPS FOOTWEAR & eCOMMERCE
MIDDLE EAST
AND AFRICA
16% CAGR: +3% CAGR: +31% ACCESSORIES
CAGR: +6%
(COMPANY-
OPERATED ONLY)
CAGR: +6% CAGR: +19%

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 ©2019 Levi Strauss & Co. 5
O U R S T R AT E G I E S A R E W O R K I N G : Q 3 Y T D 2 0 1 9

Drive the Expand Strengthen position Enhance operational

profitable core for more as a leading excellence
omni-channel retailer

TOPS
#1 JEANSWEAR BRAND GROSS MARGIN
+19% DEEP FOCUS ON SEAMLESS
GLOBALLY(1) + 40 BPS
CONSUMER EXPERIENCE
WOMEN’S EXCLUDING CURRENCY(2)
+15%
VALUE
BRANDS
TOP 10 +9% EXPAND
MEN’S
WHOLESALE BRICK-AND-MORTAR
BOTTOMS F.L.X.: IMPROVED
CUSTOMERS STORE NETWORK
BUSINESS FLEXIBILITY AND SPEED
+1% +11%
+3% TO MARKET
+90 STORES since Q3’18 (net)
EUROPE
+15%
5 LARGEST ENHANCE OUR SOURCING FROM
MATURE MARKETS ASIA eCOMMERCE CAPABILITIES APPROXIMATELY 25
+5% +13% COUNTRIES, WITH NO SINGLE
COMPANY-OPERATED SITES COUNTRY REPRESENTING
+24% >20% OF OUR SOURCING

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 ©2019 Levi Strauss & Co. 6
EUROPE 2018: OUR BEST REGIONAL EXAMPLE OF THE BRAND’S POTENTIAL

SUBSTANTIAL GROWTH MEN’S VS. BOTTOM’S, TOPS’S,

NET REVENUE WOMEN’S(1) FOOTWEAR & ACCESSORIES (1)
Europe
$1.6B
65%
2018
(29%)
3yrs MEN’s

Total company Three consecutive years of

double-digit constant- 35% 31% 57% 12%
Revenue TOPS BOTTOMS
currency revenue growth… WOMEN’s FOOTWEAR &
$5.6B ACCESSORIES
…well outpacing market
growth CHANNEL SPLITS (1)
EXECUTING ON
GROWING STORE FOOTPRINT
THE STRATEGY: ECOMMERCE
REVENUE (COMPANY- 45%
STRONG PROFIT LEVERAGE(2) OPERATED
PROFITABILITY GROWTH (2) WHOLESALE
ONLY)
55% 4%
38%
EBIT growth ~60%
300
on top of GROSS COMPANY OWNED &
MARGIN 32% 40% OPERATED STORES
RETAIL 11%
21% (+ another 204 Concession &
Net Revenue growth 18% 20% COMPANY-
OPERATED
FRANCHISE
Commissionaire stores)

OPERATING
…resulting in EBIT margin MARGIN BRAND MIX (1)

96%
expansion of
220 bps DTC Women’s Tops 4%
Note: Europe’s results include the company’s footwear and accessories business
(1) Percentages are of Europe’s total net revenues in 2018.
©2019 Levi Strauss & Co. 7
(2) Growth vs. prior year in constant-currency. Note that regional EBIT is equal to regional operating income.
SEGMENTED AND DIFFERENTIATED WHOLESALE GO -TO-MARKET STRATEGY

DIVERSIFIED DISTRIBUTION NETWORK WHOLESALE STRATEGIES (1)

DEPARTMENT STORES

Enhancing partnerships
with our key accounts

MASS

Expanding floor space at key accounts

and adding new accounts
SPECIALTY

Diversifying categories
DIGITAL 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. ©2019 Levi Strauss & Co. 8
EXPAND FOR MORE: TOPS AND INTERNATIONAL

Tops Momentum Is Strong Significant Market Growth Opportunities

$1.1B of 2018 net revenues, Strong growth

comprising a fifth +19% year-to-date
of total net revenues Q3 2019

Growth is broad-based across tops subcategories

Graphic tees +12% year-to-date Q3 2019

©2019 Levi Strauss & Co. 9

CONSUMER-DRIVEN PRODUCT INNOVATION

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
Digitizes denim finish design and reduces
finishing time
Improves inventory management
Eliminates thousands of chemical formulations
Reduces lead times

©2019 Levi Strauss & Co. 10

DIRECT-TO-CONSUMER IS A CORE COMPONENT OF OUR GROWTH STRATEGY

DTC business has grown from 29% of net revenues in 2015 Redesigning the shopping experience through
to 37% of net revenues in the first nine months of 2019 customization and personalization with a focus on
delivering a frictionless omni-channel environment

DTC channel enables better control Innovative eCommerce features such as “Ask
of our brands and drives meaningful Indigo” designed to drive increased traffic,
connections with our consumers conversion and order size

©2019 Levi Strauss & Co. 11

©2018 Levi Strauss ©2019
& Co. Levi
CONFIDENTIAL
Strauss & Co. 12
PROFITS THROUGH PRINCIPLES

GIVING BACK ADVOCATING FOR SOCIAL & ENVIRONMENTAL

TO OUR COMMUNITIES WHAT’S RIGHT SUSTAINABILITY
2020 Targets

Community Engagement Tackling Climate Change 100% Sustainably-Sourced Cotton

Gun Violence Prevention 80+% of Levi’s® Products are Water<less®

Levi Strauss Foundation
80% of Products Made at
LGBTQ+ Equality
Red Tab Foundation Worker Well-Being Factories
Voter Engagement Industry Adoption of Screened Chemistry

©2019 Levi Strauss & Co. 13

 LEVI’S ® : OPPORTUNITIES FOR CONSISTENT SUSTAINABLE 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

Note: Chart not to scale; represents growth opportunities and not actual or projected growth.
©2019 Levi Strauss & Co. 14
FINANCIAL
OVERVIEW

©2019 Levi Strauss & Co. 15

FINANCIAL EXECUTIVE SUMMARY

1 2 3 4

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

©2019 Levi Strauss & Co. 16

WE HAVE GROWN THROUGH DIVERSIFICATION ACROSS MARKETS,
CHANNELS AND PRODUCT CATEGORIES (1)
Strong growth in key focus areas … … changing the composition of LS&Co. today and for the future

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.

(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. 17
 STRONG Q3 YEAR-TO-DATE FINANCIAL PERFORMANCE

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”

©2019 Levi Strauss & Co. 18

 CAPITAL ALLOCATION STRATEGY TO GROW AND DELIVER STRONG
SHAREHOLDER RETURNS

1 2 3

Reinvest for Growth Return Capital to Acquisitions

Invest in organic opportunities
& initiatives
Shareholders Evaluate both organic and
inorganic acquisitions that
Dividends
support our current strategies
Target cash dividends equal to
or greater than our most
recent annual dividends

Share repurchases
Evaluate offsetting dilution
from incentive programs
through share buybacks

©2019 Levi Strauss & Co. 19

FINANCIAL GROWTH MODEL (ANNUALIZED, EXCLUDING CURRENCY EFFECTS)

Net Revenue Adjusted EBIT Adjusted Net Income

Mid-Single Digits Mid- to High- High-Single to

Single Digits Low-Double Digits

• By Geography • Leverage on revenue via • Leverage on fixed

Adjusted EBIT margin interest expense
• By Global channel expansion of 20-30bps • Dividend augments
• By Category Total shareholder return

In Addition, Potential for Acquisitions and Share Repurchases

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 ©2019 Levi Strauss & Co. 20
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.
…ready for the next 165 years

©2019 Levi Strauss & Co.

Appendix

©2019 Levi Strauss & Co.

OUR CORE: LEVI’S ® BRAND MEN’S BOTTOMS +3% Q3 YEAR -TO-DATE

Where We Are Today Growth Opportunities

The 501 by itself is bigger Updated styles, fabrics, fit and finish
#1 Jeanswear Brand to appeal to evolving consumer base
than entire denim lines
Globally(1)
at many peer brands(1)
Expand international presence
in top and underpenetrated markets
Majority of volume is New taper fits (502/512)
core(2) with some seasonal have grown significantly
/ fashion lines in last two years Continue to expand retail presence

(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. ©2019 Levi Strauss & Co. 23
EXPAND FOR MORE: WOMEN’S

Where We Are Today Growth Opportunities

$1.6B of 2018 net revenues,

Completed Women’s line New fits and finishes including
comprising nearly a third
relaunch in 2015 non-denim and shorts
of total net revenues

Broad-based growth
Strong growth Strengthen position in regions outside the U.S.
across tops
+15% Q3 year-to-date including China and India
and bottoms

W E R E M A I N U N D E R P E N E T R AT E D I N W O M E N ’ S W I T H A L O N G R U N WAY F O R G R O W T H

©2019 Levi Strauss & Co. 24

GLOBAL FOOTPRINT: INTERNATIONAL REVENUES 57% OF TOTAL Q3 YTD

The Levi’s® brand

has the highest
brand awareness
in the denim
China represented
bottoms category
roughly 20% of the
global apparel globally and is the
market, but only
represented 3% of
our net revenues in
#1 brand globally
fiscal year 2018
We are a market
leader in jeanswear in jeanswear
Our current business in India and have
in Brazil is <1% of
total net revenues, but
consistently
increased net
(measured by
has net revenues
CAGR of 20% from
revenues in 2016
through 2018 total retail sales)
2016 to 2018 across all channels

©2019 Levi Strauss & Co. 25

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

Facebook marketplace and/or LSE channel on mobile

Facebook marketplace and/or LSE channel on mobile

©2019 Levi Strauss & Co. 26

OUR COMPETITIVE STRENGTHS HAVE CREATED SIGNIFICANT VALUE

BRANDS Iconic brands with deep heritage, superior product quality

and a culture of innovation

CONNECTION
WITH CONSUMERS
Unique connection with our consumers

BUSINESS MODEL Robust, diversified business model across multiple

regions, channels and categories

GLOBAL INFRASTRUCTURE Strong global operating infrastructure

PROFITS THROUGH Values-driven company with an unwavering

PRINCIPLES
commitment to corporate citizenship

MANAGEMENT TEAM Management team with a track record of success

©2019 Levi Strauss & Co. 27

WE HAVE STRENGTHENED OUR BALANCE SHEET –
IT IS NOW AN ENABLER OF GROWTH

2011 FROM: 2015 TO: 2018

$2.0B $1.1B
$0.7B
$0.3B
3.8x 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.
©2019 Levi Strauss & Co. 28
Reconciliations of non-GAAP measures Net Debt and Leverage Ratio can be found at “https://investors.levistrauss.com/financials/quarterly-results/default.aspx”