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