Sec Form 4 Filing - REDGRAVE MARTYN R @ LIMITED BRANDS INC - 2012-02-27

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 Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person REDGRAVE MARTYN R 2. Issuer Name and Ticker or Trading Symbol LIMITED BRANDS INC [ LTD] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) EVP & Chief Admin Officer (Last) (First) (Middle) THREE LIMITED PARKWAY 3. Date of Earliest Transaction (MM/DD/YY) 02/27/2012 (Street) COLUMBUS, OH43230 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction 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, $0.50 par value 02/27/2012 M 74,961 A $ 7.0998 321,336 D Common Stock, $0.50 par value 02/27/2012 M 29,962 A $ 21.2664 351,298 D Common Stock, $0.50 par value 02/27/2012 A 25,544 A $ 0 376,842 D Common Stock, $0.50 par value 02/27/2012 M 24,543 A $ 13.9545 401,385 D Common Stock, $0.50 par value 02/27/2012 M 12,440 A $ 20.899 413,825 D Common Stock, $0.50 par value 02/27/2012 F 2,160 D $ 46.26 411,665 D Common Stock, $0.50 par value 02/27/2012 S 137,206 D $ 46.53 ( 1 ) 274,459 ( 2 ) D Common Stock, $0.50 par value 09/19/2011 G V 625 D $ 0 45,134 I By Trust Common Stock, $0.50 par value 12/28/2011 G V 1,270 D $ 0 43,864 I By Trust Common Stock, $0.50 par value 01/05/2012 G V 1,280 D $ 0 42,584 I By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 $ 13.9545 ( 3 ) 02/27/2012 M 24,543 ( 4 ) 03/31/2018 Common Stock, $0.50 par value 24,543 ( 3 ) $ 0 20,959 ( 3 ) D Stock Option - Right to Buy $ 7.0998 ( 3 ) 02/27/2012 M 74,961 ( 5 ) 03/31/2019 Common Stock, $0.50 par value 74,961 ( 3 ) $ 0 37,479 ( 3 ) D Stock Option - Right to Buy $ 20.899 ( 3 ) 02/27/2012 M 12,440 ( 5 ) 03/31/2020 Common Stock, $0.50 par value 12,440 ( 3 ) $ 0 24,880 ( 3 ) D Stock Option - Right to Buy $ 21.2664 ( 3 ) 02/27/2012 M 29,962 03/30/2011 03/30/2017 Common Stock, $0.50 par value 29,962 ( 3 ) $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other REDGRAVE MARTYN R THREE LIMITED PARKWAY COLUMBUS, OH43230 EVP & Chief Admin Officer Signatures Robert J. Tannous, Attorney-in-Fact 02/28/2012 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Price represents a weighted average of the sale price. Shares were sold at prices ranging from $46.50 to $46.68. Upon the request by the SEC staff, the Issuer, or a security holder of the Issuer, the reporting person will provide the full information about the number of shares sold at each separate price. ( 2 )Total holdings include shares acquired in connection with a stock dividend exempt pursuant to Rule 16a-9. ( 3 )Previously reported stock option has been adjusted to reflect a special stock dividend declared by the Issuer and exempt pursuant to Rule 16a-9. ( 4 )Option vests 25% per year beginning on the first anniversary of the date of grant. ( 5 )Option vests 1/3 per year beginning on the first anniversary of the date of grant.

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.
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