L will upshift from 1 to 2. It won't go higher than 2. It will bounce off the rev limiter in 2nd gear. If you're driving 112 MPH (or any speed too fast for 2nd gear) and shift into L, the transmission will downshift only to the lowest gear that will not allow the engine to exceed redline, but once it gets down to 2nd it won't upshift.
The owner's manual currently contains incorrect information regarding the L position. It is described correctly in the service manual, however.