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

May 20, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: L Brands, Inc. (LB)
CIK: 0000701985
Period of Report: 2016-05-18

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-18	Common Stock	A	60613	—	Acquired	16131786	Direct
2016-05-18	Common Stock	A	16673	—	Acquired	16148459	Direct
2016-05-18	Common Stock	A	32313	—	Acquired	16180772	Direct
2016-05-18	Common Stock	A	11026	—	Acquired	16191798	Direct
2016-05-18	Common Stock	A	24836	—	Acquired	16216634	Direct
2016-05-18	Common Stock	A	8514	—	Acquired	16225148	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 18, 2016, 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.