Bath & Body Works, Inc. — Director's Dealing 2016

May 24, 2016

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: L Brands, Inc. (LB)
CIK: 0000701985
Period of Report: 2016-05-19

Reporting Person: Waters Martin P (Pres, L Brands International)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.50 par value	59470.0000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Share Unit	$		Common Stock, $0.50 par value (16970.0000)		Direct
Stock Option - Right to Buy	$26.4271	2021-03-31	Common Stock, $0.50 par value (6149.0000)		Direct
Stock Option - Right to Buy	$41.5439	2022-03-30	Common Stock, $0.50 par value (27074.0000)		Direct
Stock Option - Right to Buy	$41.8789	2023-03-29	Common Stock, $0.50 par value (27757.0000)		Direct
Stock Option - Right to Buy	$54.2142	2024-03-31	Common Stock, $0.50 par value (21440.0000)		Direct
Stock Option - Right to Buy	$87.8100	2026-03-31	Common Stock, $0.50 par value (8541.0000)		Direct
Stock Option - Right to Buy	$91.1673	2025-04-02	Common Stock, $0.50 par value (13985.0000)		Direct

Footnotes

F1: The deferred share units are fully vested and will be delivered to the reporting person upon termination of employment with L Brands, Inc.

F2: Each deferred share unit represents a contingent right to receive one share of Limited Brands, Inc. common stock.

F3: Option vests 20% on each of the second and third anniversaries of the date of grant and 30% on each of the fourth and fifth anniversaries of the date of grant.