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

Feb 7, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: L Brands, Inc. (LTD)
CIK: 0000701985
Period of Report: 2014-02-04

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
2014-02-04	Common Stock	M	438131	$18.3028	Acquired	18123186	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-04	Stock option (right to buy)	$18.3028	M	438131	Disposed	2015-03-31	Common Stock (438131)	Direct

Footnotes

F1: Owned by Leslie H. Wexner ("Mr. Wexner") directly. Owned by Abigail S. Wexner ("Mrs. Wexner") indirectly, through Mr. Wexner.

F2: 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.

F3: 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.

F4: Reflects adjustments from antidilution etc. pursuant to the Issuer's stock plan.

F5: The Issuer originally granted 330,000 stock options to Mr. Wexner with an exercise price of $24.30 per share pursuant to the Issuer's stock plan. The options vested in original installments as follows: 3/31/06 - 82,500 shares; 3/31/07 - 82,500 shares; 3/31/08 - 82,500 shares; and 3/31/09 - 82,500 shares.

F6: Not applicable.