BROWN FORMAN CORP — Director's Dealing 2015

May 4, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BF'B)
CIK: 0000014693
Period of Report: 2015-04-30

Reporting Person: MORREAU JANE C (SVP, Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-04-30	Class A Common	F	1293.0000	$92.3300	Disposed	7592.5482	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	52.5000	Direct
Class B Common	2778.8799	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$34.9500	2016-04-30	Class B Common (8400.0000)	8400.0000	Direct
Stock Appreciation Right	$33.7600	2017-04-30	Class B Common (9292.0000)	9292.0000	Direct
Stock Appreciation Right	$35.5100	2018-04-30	Class B Common (7131.0000)	7131.0000	Direct
Stock Appreciation Right	$27.0500	2019-04-30	Class B Common (11463.0000)	11463.0000	Direct
Stock Appreciation Right	$38.4300	2020-04-30	Class B Common (12590.0000)	12590.0000	Direct
Stock Appreciation Right	$46.4000	2021-04-30	Class B Common (14365.0000)	14365.0000	Direct
Stock Appreciation Right	$58.7000	2022-04-30	Class B Common (11098.0000)	11098.0000	Direct
Stock Appreciation Right	$72.4200	2023-04-30	Class B Common (9266.0000)	9266.0000	Direct
Stock Appreciation Right	$91.9700	2024-04-30	Class B Common (13425.0000)	13425.0000	Direct

Footnotes

F1: To satisfy withholding obligations associated with the July 28, 2011 grant of Class A common stock that vested on April 30, 2015, the reporting person surrendered 1,293 shares of Class A common stock.

F2: The closing price of BF-A ($92.33) on April 30, 2015 was used to calculate the withholding obligation.

F3: Total updated as of April 22, 2015 to reflect dividend reinvestment.

F4: Number of shares acquired through the issuer's employee stock purchase program as of April 14, 2015.