L Brands, Inc. Savings and Retirement Plan (SARP)

1 L Brands, Inc. Savings and Retirement plan (SARP) L Brands offers you an easy way to save for Retirement , the SARP. plan highlights Eligibility As a full-time employee, you must be at least 21 years old to contrib ute to the SARP, and youmust complete your Year of Eligibility Serv ice befo re you can earn or receive companycontri butions. As a part-time or seasonal employee, you simply must be 21 years old and have completedyour Year of Eligibility Service. Once eligible, you can enroll anytime by going online or calling the SARP Automatic payroll deductions are taken from your paycheck. You can contribute up to 75% of your pay (not to exceed $18,000, the 2017 annual IRS limit) on apretax basis. If you are age 50 or over by the end of the calendar year and are contributing the maximumamount, you may make additional catch-up contributions (up to $6,000, the 2017 annual IRSlimit).

2 Once you are eligible for company contributions, L Brands will contribute $1 for every $1 youput in the SARP, up to 4% of your pay. Also, once you are eligible for company contributions, and you work at least 1,000 hours during thecalendar year, and are actively employed on December 31, L Brands will make an annualRetirement Contribution to your SARP account, regardless of whether you are making your owncontributio ns. The amount contributed is determined by your eligible earnings and number of yearsyou have worked for the You are 1 00% vested in all your contrib utions and the company matching contributions. Each calendar year t hat you work 1,000 hours, you are credited with one Year of Vesting become vested in your Retirement Contributi ons, and related earni ngs, based on your Yearsof Vesting of vesting ServicePercent vested1 0%220%340%460%5806 or more 100% Please note: These are only plan highlights.

3 For more detailed plan information, refer to the Summary plan Description, go online to or call the SARP Line at You can withdraw money from the SARP under the following conditions: If you are fully vested, you may be eligible for an early In-Service withdrawal If you are age 59 or greater If you experience a financial hardship On or after termination of employmentSARP s Investment Options Stable Value Fund L Brands (SARP) Stable Value Fund1 1 While the fund seeks to maintain relative stability of principal, the fund is not a money market fund. The fund's value may fluctuate due to changes in interest rates and changes in the value of securities in which the fund invests. Investments in the fund, when redeemed, may be worth more or less than their original Fund Metropolitan West Total Return Bond Fund (I)Target Date Funds T.

4 Rowe Price Retirement Funds22 None of the services provided under age-based investing are intended to constitute investment, financial, tax, or legal advice. The age-based investment options have been selected by the plan sponsor ( , your employer), plan committee, or other plan fiduciary. Neither Wells Fargo Bank, nor its affiliates, employees, agents, or representatives have provided investment advice or recommendations with respect to the selection of any of the age-based investment options offered in the plan . In addition, the information contained herein does not constitute investment advice under the Employee Retirement Income Security Act of 1974. Your access to age-based investing is subject to continued use by your plan sponsor. Stock Funds Dodge & Cox Stock Vanguard Institutional Index (I)PRIMECAP Odyssey Growth RidgeWorth Ceredex Mid-Cap Value Equity IHartford MidCap HLS IA RidgeWorth Ceredex Small Cap Value Equity (I)Prudential Jennison Small Company Z Artisan International Investor L Brands, Inc.

5 Common Stock Fund3 3 Due to lack of diversification, an investment in employer stock involves more risk than other Line: 1-800-525-7277 (1-800-525-SARP)This communication is intended to summarize some of the benefits and requirements of the plans. It is not intended to provide a full description of all of the plans, programs, and policies, terms of eligibility, or restrictions. All statements made in this communication are subject to the terms of the official plan , program, and policy documents. In the event of a conflict between the official documents and this communication, the official plan documents are controlling. The plan Sponsor reserves the right to amend, modify, or terminate each of its employer-sponsored plans, programs, and policies at any time, in whole or part, without notice for any refer to your plan documents for more information about the specifics of your Fargo Bank, and its affiliates, including their employees, agents, and representatives, may not provide investment advice to any participant or beneficiary regarding the investment of assets in an employer-sponsored Retirement plan .

6 Please contact an investment, financial, tax, or legal advisor regarding your specific situation. Wells Fargo Bank, and its affiliates, including their employees, agents, and representatives do not act as investment advisors or investment fiduciaries with respect to the selection of participant-directed investment options of any Retirement plan . The plan sponsor, plan investment committee, or other plan fiduciary must make an independent decision about which funds to include in the more information about the fund in your plans, obtain a current prospectus by calling the Retir ement Service Center at 1-800-525-7277, visiting or calling your plan in Retirement Plans: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE 2017 Wells Fargo Bank, All rights reserved.

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