FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Wexner Leslie H.
2. Issuer Name and Ticker or Trading Symbol

L Brands, Inc. [ LB ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      __ X __ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chairman and CEO
(Last)          (First)          (Middle)

C/O L BRANDS, INC., THREE LIMITED PARKWAY
3. Date of Earliest Transaction (MM/DD/YYYY)

4/6/2017
(Street)

COLUMBUS, OH 43216
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   4/6/2017     M (1)    238951   A $12.0776   16698975   (2) (3) (4) D   (2) (3) (4)  
Common Stock   4/6/2017     M (1)    384567   A $6.1448   17083542   (2) (3) (4) D   (2) (3) (4)  
Common Stock   4/6/2017     M (1)    127639   A $18.088   17211181   (2) (3) (4) D   (2) (3) (4)  
Common Stock   4/6/2017     M (1)    305224   A $23.6382   17516405   (2) (3) (4) D   (2) (3) (4)  
Common Stock   4/6/2017     M (1)    87361   A $26.4271   17603766   (2) (3) (4) D   (2) (3) (4)  
Common Stock   4/6/2017     M (1)    202039   A $35.7103   17805805   (2) (3) (4) D   (2) (3) (4)  
Common Stock   4/6/2017     M (1)    55572   A $41.5439   17861377   (2) (3) (4) D   (2) (3) (4)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock option (right to buy)   $12.0776   (5) (6) 4/6/2017     M   (1) (6)       238951   (5) (6)     (6) 3/31/2018   Common Stock   238951   (5) (6)   (13) 0   D   (2) (3)  
Stock option (right to buy)   $6.1448   (5) (6) 4/6/2017     M   (1) (7)       384567   (5) (7)     (7) 3/31/2019   Common Stock   384567   (5) (7)   (13) 0   D   (2) (3)  
Stock option (right to buy)   $18.088   (5) (6) 4/6/2017     M   (1) (8)       127639   (5) (8)     (8) 3/31/2020   Common Stock   127639   (5) (8)   (13) 0   D   (2) (3)  
Stock option (right to buy)   $23.6382   (5) (6) 4/6/2017     M   (1) (9)       305224   (5) (9)     (9) 1/27/2021   Common Stock   305224   (5) (9)   (13) 0   D   (2) (3)  
Stock option (right to buy)   $26.4271   (5) (6) 4/6/2017     M   (1) (10)       87631   (5) (10)     (10) 3/31/2021   Common Stock   87631   (5) (10)   (13) 0   D   (2) (3)  
Stock option (right to buy)   $35.7103   (5) (6) 4/6/2017     M   (1) (11)       202039   (5) (11)     (11) 1/26/2022   Common Stock   202039   (5) (11)   (13) 0   D   (2) (3)  
Stock option (right to buy)   $41.5439   (5) (6) 4/6/2017     M   (1) (12)       55572   (5) (12)     (12) 3/30/2022   Common Stock   55572   (5) (12)   (13) 0   D   (2) (3)  

Explanation of Responses:
(1)  Stock option exercised by Leslie H. Wexner ("Mr. Wexner").
(2)  Owned by Mr. Wexner directly. Owned by Abigail S. Wexner ("Mrs. Wexner") indirectly, through Mr. Wexner.
(3)  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.
(4)  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.
(5)  Reflects adjustments from antidilution etc. pursuant to the Issuer's stock plan.
(6)  The Issuer originally granted 168,772 stock options to Mr. Wexner with an exercise price of $17.10 per share pursuant to the Issuer's stock plan. The options vested in original installments as follows: 3/31/09 - 42,193 shares; 3/31/10 - 42,193 shares; 3/31/11 - 42,193 shares; and 3/31/12 - 42,193 shares.
(7)  The Issuer originally granted 271,620 stock options to Mr. Wexner with an exercise price of $8.70 per share pursuant to the Issuer's stock plan. The options vested in original installments as follows: 3/31/10 - 90,540 shares; 3/31/11 - 90,540 shares; and 3/31/12 - 90,540 shares.
(8)  The Issuer originally granted 93,777 stock options to Mr. Wexner with an exercise price of $24.62 per share pursuant to the Issuer's stock plan. The options vested in original installments as follows: 3/31/11 - 31,259 shares; 3/31/12 - 31,259 shares; and 3/31/13 - 31,259 shares.
(9)  The Issuer originally granted 245,325 stock options to Mr. Wexner with an exercise price of $29.41 per share pursuant to the Issuer's stock plan. The options vested in original installments as follows: 1/27/13 - 49,065 shares; 1/27/14 - 49,065 shares; 1/27/15 - 73,598 shares; and 1/27/16 - 73,597 shares.
(10)  The Issuer originally granted 72,178 stock options to Mr. Wexner with an exercise price of $31.9875 per share pursuant to the Issuer's stock plan. The options vested in original installments as follows: 3/31/12 - 24,059 shares; 3/31/13 - 24,059 shares; and 3/31/14 - 24,060 shares.
(11)  The Issuer originally granted 174,867 stock options to Mr. Wexner with an exercise price of $41.26 per share pursuant to the Issuer's stock plan. The options vested in original installments as follows: 1/26/14 - 34,974 shares; 1/26/15 - 34,973 shares; 1/26/16 - 52,460; and 1/26/17 - 52,460 shares.
(12)  The Issuer originally granted 48,100 stock options to Mr. Wexner with an exercise price of $48 per share pursuant to the Issuer's stock plan. The options vested in original installments as follows: 3/30/14 - 9,620 shares; 3/30/15 - 9,620 shares; 3/30/16 - 14,430; and 3/30/17 - 14,430 shares.
(13)  Not applicable.

Remarks:
Exhibit 99.1: Additional Responses and Joint Filer Information, incorporated herein by reference.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Wexner Leslie H.
C/O L BRANDS, INC.
THREE LIMITED PARKWAY
COLUMBUS, OH 43216
X X Chairman and CEO
WEXNER ABIGAIL S
C/O L BRANDS, INC.
THREE LIMITED PARKWAY
COLUMBUS, OH 43216
X



Signatures
/s/ Leslie H. Wexner 4/10/2017
** Signature of Reporting Person Date

/s/ Abigail S. Wexner 4/10/2017
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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