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

May 22, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: L Brands, Inc. (LB)
CIK: 0000701985
Period of Report: 2014-05-21

Reporting Person: Wexner Leslie H. (Director, Chairman and CEO, 10% Owner)
Reporting Person: WEXNER ABIGAIL S (Director, Chairman and CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-21	Common Stock	A	38587	—	Acquired	18245202	Direct
2014-05-21	Common Stock	A	10612	—	Acquired	18255814	Direct

Footnotes

F1: The performance condition for a portion of a performance-based restricted stock unit ("RSU") award previously granted to Leslie H. Wexner ("Mr. Wexner") was satisfied on May 21, 2014, and such portion was vested and automatically settled for an equivalent number of shares of common stock of the Issuer on such date.

F2: Reflects adjustments from antidilution etc. pursuant to the Issuer's incentive plan.

F3: Not applicable.

F4: Owned by Mr. Wexner directly. Owned by Abigail S. Wexner ("Mrs. Wexner") indirectly, through Mr. Wexner.

F5: See Exhibit 99.1 for a table of all non-derivative shares of the Issuer beneficially owned directly or indirectly by Mr. Wexner and Mrs. Wexner.

F6: Mr. Wexner and Mrs. Wexner disclaim beneficial ownership of all indirectly owned securities reported on this Form in excess of their respective pecuniary interests therein.