Bath & Body Works, Inc. — Director's Dealing 2017

May 19, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: L Brands, Inc. (LB)
CIK: 0000701985
Period of Report: 2017-05-17

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-17	Common Stock, $0.50 par value	A	43943.0000	$0.0000	Acquired	58091.0000	Direct
2017-05-17	Common Stock, $0.50 par value	F	20725.0000	$48.4000	Disposed	37366.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-17	Deferred Share Unit	$	A	1073.0000	Acquired		Common Stock, $0.50 par value (1073.0000)	Direct

Footnotes

F1: Each deferred share unit represents a contingent right to receive one share of Limited Brands, Inc. common stock.

F2: The deferred share units are fully vested and will be delivered to the reporting person upon termination of employment with L Brands, Inc.