Bath & Body Works, Inc. — Director's Dealing 2014

Jul 2, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: L Brands, Inc. (LB)
CIK: 0000701985
Period of Report: 2014-06-30

Reporting Person: Ramsey Jane L (EVP of HR)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-29	Common Stock, $0.50 par value	G	390.0000	$0.0000	Disposed	151170.0000	Direct
2014-06-30	Common Stock, $0.50 par value	M	21219.0000	$17.9721	Acquired	172389.0000	Direct
2014-06-30	Common Stock, $0.50 par value	S	21219.0000	$58.6100	Disposed	151170.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-06-30	Stock Option - Right to Buy	$17.9721	M	21219.0000	Disposed	2015-03-31	Common Stock, $0.50 par value (21219.0000)	Direct

Footnotes

F1: Price represents a weighted average of the sale price. Shares were sold at prices ranging from $58.57 to $58.68. Upon the request by the SEC staff, the Issuer, or a security holder of the Issuer, the reporting person will provide the full information about the number of shares sold at each separate price.

F2: Previously reported stock option has been adjusted to reflect a special stock dividend declared by the Issuer and exempt pursuant to Rule 16a-9.