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L Brands, Inc. – Notes Exchange Offer, June 18, 2018

Disclosure Pursuant to U.S. Treasury Regulations Section 1.1273-2(f)(9)

L Brands, Inc. (NYSE: LB) announced in an Offering Memorandum, dated May 31, 2018, a debt exchange which settled on June 18, 2018 ("Settlement Date"). L Brands has concluded that the notes listed immediately below that were included in that exchange and were issued on the Settlement Date are traded on an established market for U.S. federal income tax purposes. We believe, and intend to take the position, that the fair market value of these notes on the Settlement Date (excluding any pre-issuance accrued interest) is as outlined below. of 

Title of Notes

CUSIP Number

Fair Market Value / Issue Price

6.694% senior notes due 2027

501797AP9 / U51407AC5

98.50% of principal

Investors should consult their tax advisors regarding their particular tax consequences relating to the notes.