Bath & Body Works, Inc. — Director's Dealing 2018

May 18, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: L Brands, Inc. (LB)
CIK: 0000701985
Period of Report: 2018-05-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-16	Common Stock, $0.50 par value	A	30230.0000	$0.0000	Acquired	67200.0000	Direct
2018-05-16	Common Stock, $0.50 par value	F	13942.0000	$34.1900	Disposed	53258.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-16	Deferred Share Unit	$	A	1608.0000	Acquired		Common Stock, $0.50 par value (1608.0000)	Direct

Footnotes

F1: Each deferred share unit represents a contingent right to receive one share of L 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.