Ross Stores, Inc.

Investor Overview January 2012

Disclosure of Risk Factors

Forward-Looking Statements: This presentation as well as the press releases and the recorded comments on our corporate website contain forward-looking statements regarding expected sales, earnings levels, and other financial results in future periods that are subject to risks and uncertainties which could cause our actual results to differ materially from managements current expectations. Risk factors for Ross Dress for Less (Ross) and dds DISCOUNTS include without limitation, competitive pressures in the apparel or home-related merchandise industry; changes in the level of consumer spending on or preferences for apparel or home-related merchandise; the impact from the macro-economic environment and financial and credit markets including but not limited to interest rates, recession, inflation, deflation, energy costs, tax rates and policy, unemployment trends, and fluctuating commodity costs; changes in geopolitical and geoeconomic conditions; unseasonable weather trends; disruptions in supply chain; lower than planned gross margin, including higher than planned markdowns and higher than expected inventory shortage; greater than planned operating costs; our ability to continue to purchase attractive brand-name merchandise at desirable discounts; our ability to attract and retain personnel with the retail talent necessary to execute our strategies; our ability to effectively operate our various supply chain, core merchandising and other information systems; our ability to improve our merchandising capabilities through the implementation of new processes and systems enhancements; achieving and maintaining targeted levels of productivity and efficiency in our distribution centers; and obtaining acceptable new store locations. Other risk factors are set forth in our SEC filings including, without limitation, the Form 10-K for fiscal 2010 and Form 10-Qs and 8-Ks for fiscal 2011. The factors underlying our forecasts are dynamic and subject to change. As a result, our forecasts speak only as of the date they are given and do not necessarily reflect our outlook at any other point in time. We do not undertake to update or revise these forward-looking statements.

January 2012

Ross Stores, Inc. Overview

S&P 500, Fortune 500 and Nasdaq 100 company with fiscal 2010 revenues of $7.9 billion Ross Dress for Less is the largest off-price apparel and home fashion chain in the U.S. with 1,038 stores in 29 states, the District of Columbia and Guam* Also operate 88 dds DISCOUNTS in seven states* Consistent long-term growth in both sales and EPS Fortune 500 Statistics
Ranked #303 in 2010, up from #316 in 2009 Ranked #20 out of 500 companies in average total return to stockholders over ten years
Sales
$8.0 $7.2 $7.0 $6.0 $6.0 $5.0 $4.0
$1.90 $2.33

EPS
$7.9 $5.50 $5.00 $4.50
$3.54

$6.5 $5.6

$4.63

$4.00 $3.50 $3.00 $2.50

$3.0 $2.0

$1.70

$2.00 $1.50 $1.00

$1.0 2006** 2007 2008 2009 2010

$0.50

Sales ($ billion)

EPS

* Through 12/31/11. ** Fiscal 2006 was a 53 week year; all other fiscal years had 52 weeks.

January 2012

1,126 Stores in 29 States (as of 12/31/11)

Alabama Arizona Arkansas California Colorado Delaware Florida Georgia

Ross 18 55 2 242 29 1 126 44

dds Guam 4 Hawaii Idaho 48 Illinois Louisiana Maryland 12 2 Mississippi Montana

Ross 1 13 9 12 12 18 5 6

dds Nevada New Jersey New Mexico North Carolina Oklahoma 1 Oregon Pennsylvania South Carolina

Ross 24 10 8 33 19 26 37 20

dds 2

Tennessee Texas Utah Virginia Washington Washington DC Wyoming TOTAL

Ross 25 155 15 33 37 1 2 1,038

dds 19

88

January 2012

Delivering Bargains
Department store brands Significant discounts off comparable prices
Everyday low pricing

Wide assortment of styles and fashions

(e.g. treasure hunt)

Constant flow of fresh merchandise

January 2012

Merchandise Mix*

Children's 9% Shoes 12% Ladies 29%

Accessories, Lingerie, Fine Jewelry, Fragrances 12% Men's 13% Home Accents, Bed and Bath 25%

* Fiscal 2010

January 2012

Key Value Drivers

Opportunistic buying supported by a large, experienced off-price buying organization

Hundreds of merchants sourcing product from thousands of manufacturers and vendors

Broad market coverage and strong vendor relationships enhanced by strategic location of buying offices in New York City and Los Angeles Effective management of inventory and liquidity Planning and allocating at a more local vs. regional level

New tools and processes have strengthened our ability to get the right item to the right store at the right time

January 2012

Typical Ross Customer

Demographic
About 75-80% female, shopping for herself / other family members Wide range of household incomes want a bargain vs. need a bargain Brands are important Enjoys treasure hunt format and spending time shopping for bargains Core customer averages about three store visits a month

How We Reach Her

Marketing reflects the business strategy great brands at great values every day! Television is an effective medium to reach customers with a strong value message Creates and sustains awareness Encourages more frequent shopping Cost effective vehicle

January 2012

Ross Store Prototype

Efficient, low-cost format 25,000 - 30,000 gross s.f. in suburban centers Convenient self-service format Strong co-tenancy Visible and accessible retail locations Located in markets with a large proportion of middle income households

January 2012

dds DISCOUNTS
Concept launched in California in Q304 Stores located in California, Texas, Florida, Arizona, Georgia, Nevada and Maryland Target customer is typically younger and from households with more moderate income levels than Ross Assortments feature more moderate brands and fashions for the family and home at lower average price points than Ross

January 2012

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dds DISCOUNTS Update

Continue to strengthen assortments with attractive and compelling values that appeal to this budget-conscious shopper Respectable sales gains in FY10 on top of exceedingly strong increases in FY09 Merchandise gross margin grew significantly in FY10 on top of record levels in FY09 dds DISCOUNTS made a slight contribution to total pre-tax earnings in FY10 before corporate expense allocations Accelerating growth in FY 2011 with 20 new stores; continue to see potential for about 500 locations over the long term

January 2012

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Financial Results

January 2012

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Flexible and Resilient Off-Price Model

Strong sales and EPS growth achieved over the past three years in one of the most challenging macro-economic and retail climates Benefiting from our ability to offer terrific bargains
Taking advantage of close-out opportunities in the marketplace Increases the percentage of fresh product in front of the customer Promotes faster inventory turns to maximize merchandise gross margin Reduces working capital needs

Operating the business with leaner in-store inventories

Diligently managing expenses across the Company Remain very focused on efficient execution of our strategies, which is always the key to maximizing our prospects for sales and earnings growth in any type of economic or retail climate

January 2012

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Off-Price Retailers Gain Market Share

Off-price was one of the best performing retail sectors in 2009 and 2010:
Total aggregate sales for five of the largest off-price retailers in the U.S. increased 8% during 2010 on top of a 7% increase in 2009 This compares to total national apparel sales which increased 2% during 2010 compared to a 5% decrease in 2009, according to data published by the NPD Group, Inc.

Our top priority is ensuring access to terrific brands at great everyday low prices
Reflected in ongoing investments in our merchant organization Our highly skilled merchants purchase product from thousands of vendors and manufacturers enabling consistent access to quality name brand bargains that our customers value

Believe consumers will continue to seek out bargains

More value-focused shopping behavior is enabling Ross and dds DISCOUNTS to gain new customers Also capturing market share from retailers who have gone out of business
January 2012 14

Fiscal 2010 Results

FY 2010 sales increased 9% to $7.9 billion, with comparable store sales up 5% on top of a 6% gain in 2009 Added 50 net new locations in FY 2010 FY 2010 EBIT rose to a record 11.5%, up 140 bps on top of a 250 bps gain in FY 2009 Earnings per share increased to $4.63 up a robust 31% on top of a 52% gain in 2009
Exceeded sales targets with leaner inventories, realizing significantly faster turns which resulted in much lower markdowns as a percent of sales Key factors contributing to improved profitability were much higher merchandise gross margin, lower shortage costs, and leverage on operating expenses from the solid gain in same store sales

January 2012

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First Nine Months 2011 Results

Sales increased 9% to $6.2 billion, with comparable store sales up 5% on top of a 6% gain last year
Top performing merchandise categories were Dresses and Shoes Strongest markets were Florida and Texas

Added a net 71 locations in the first nine months including 12 Chicago-area stores that opened in early October which marked our entry into the Midwest. Ended the period with 1,038 Ross and 88 dds DISCOUNTS stores First nine months EPS increased 24% to $4.03, which was on top of outstanding gains of 36% and 52% in 2010 and 2009, respectively
Operating margin improved about 85 bps to 12.1% (on top of 170 bp and 240 bp increases in 2010 and 2009, respectively) Gross margin grew 45 bps as higher merchandise gross margin and lower occupancy and buying and incentive costs as a percent of sales were partially offset by higher freight and distribution expenses SG&A as a percent of sales declined 40 bps due to leverage on both store and corporate expenses from the 5% gain in same store sales

January 2012

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Fiscal 2011 Guidance (As of January 5, 2012)*

Q4 2011 earnings per share projected to be $.82-.83, up 19% to 20% over last year
Reflects solid growth on top of 18% and 53% gains in the prior two years Q4 2011 benefiting from above-plan sales and favorable gross margin trends for the first two months of the quarter Same store sales up 5% and 9% in November and December, respectively, on top of 2010 growth of 6% and 4%, respectively

Implied fiscal 2011 earnings per share of $2.83-2.84, up approximately 23% on top of 31% and 52% gains in the prior two years Continue to forecast a 1% to 2% increase in January same store sales
* All per share figures reflect the two-for-one stock split paid on 12/15/11.

January 2012

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Targeting Sustainable Profit Margins

Believe current levels of annual profitability are sustainable over the longer term Record levels of merchandise gross margin have been driven by better buying and faster inventory turns from our sizeable reduction of selling store inventories over the past few years
Continue to invest in buying organization to maximize access to best bargains available in the marketplace Selling store inventories are approximately 40% lower than five years ago Ongoing focus on tight inventory management allows us to increase the percentage of fresh receipts customers see when shopping our stores as well as drive faster inventory turns to maximize merchandise gross margin

Successful implementation of our shortage control initiatives have contributed to higher profit margins as we realized record low levels of shortage in 2011 which we believe are sustainable going forward Numerous productivity enhancements and efficiencies throughout the Company have driven down costs in our distribution centers, stores organization and back office functions

January 2012

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Higher Levels of Cash Returned to Stockholders

In November 11, Board of Directors approved a two-for-one stock split which reflects our ongoing confidence in the Companys future growth prospects and continued commitment to enhancing stockholder value In February 11, announced new two-year $900 million stock repurchase program for 2011 and 2012
Replaced $375 million remaining under prior program Repurchased 4.5 million shares for $343 million in the first nine months of fiscal 2011 Company has repurchased shares in line with plan every year since 1993

Share repurchases and dividend payments

($ millions)

600 500 400 300 200 100 0 2007 2008 2009 2010
Dividends

550 452 350 241 355

Increased quarterly cash dividend to $.22 per share ($.11 post split) in January 2011, for a 38% increase on top of 45% growth in the prior year (17th consecutive annual increase) Combination of existing cash balances, ongoing cash generation, and current credit facilities gives Ross plenty of flexibility for both the short- and long-term

2011F

Share Repurchases
2011 is forecasted.

January 2012

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Capital Expenditures
FY 2011 capital expenditures now projected to be approximately $400-$425 million compared to our prior estimate of about $375-425 million. The increase is due to a timing shift of certain corporate- and store-related capital projects from 2012 to 2011 and our decision to acquire certain buildings in 2011. We expect to fund these expenditures with available cash and cash flows from operations.

2010 Actual
New Stores Existing Stores Distribution IT / Other G&A Total $ $ 76 million 63 million 34 million 26 million 199 million

2011 Forecast
$ 110-115 million 115-130 million 90 million 85-90 million $ 400-425 million

January 2012

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Investment Highlights
Favorably positioned as a leader in the off-price industry, which continues to gain market share
Ross Dress for Less is the largest off-price apparel and home fashion chain in the U.S. with 1,038 locations in 29 states, the District of Columbia and Guam Strong balance sheet with minimal debt and high returns Consistent generation of excess cash that is returned to stockholders

Proven strategies have driven growth for almost 30 years

Core focus on delivering competitive bargains continues to resonate with todays value-driven consumer Ongoing efficient execution of our off-price strategies is expected to:
Enhance ability to manage through any type of economic or retail climate Maximize prospects for sales and earnings growth Optimize stockholder returns over both the short- and long-term

January 2012

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