BROWN FORMAN CORP — Director's Dealing 2016

Aug 1, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2016-07-28

Reporting Person: Alvarez Alejandro A (SVP, CPO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-07-28	Stock Appreciation Right	$98.01	A	8380	Acquired	2026-04-30	Class B Common (8380.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	182	Direct
Class B Common	546.4181	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Class B Common (119.0)	119	Direct
Stock Appreciation Right	$46.4	2021-04-30	Class B Common (4157.0)	4157	Direct
Stock Appreciation Right	$58.7	2022-04-30	Class B Common (3050.0)	3050	Direct
Stock Appreciation Right	$72.42	2023-04-30	Class B Common (3458.0)	3458	Direct
Stock Appreciation Right	$91.97	2024-04-30	Class B Common (4069.0)	4069	Direct
Stock Appreciation Right	$102.25	2025-04-30	Class B Common (7083.0)	7083	Direct

Footnotes

F1: Number of shares acquired through the issuer's 401(k) plan as of July 27, 2016.

F2: No money was paid to or received by the reporting person for these SSARs.

F3: Each restricted stock unit represents a contingent right to receive one share of Brown-Forman Class B common stock.

F4: The restricted stock units were granted on July 25, 2013, and vest on April 30, 2017.