BROWN FORMAN CORP — Director's Dealing 2016

May 4, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2016-04-30

Reporting Person: WELCH JAMES S JR (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-04-30	Class A Common	F	2001	$103.71	Disposed	42504	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	25002	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$33.76	2017-04-30	Class B Common (23938.0)	23938	Direct
Stock Appreciation Right	$35.51	2018-04-30	Class B Common (21971.0)	21971	Direct
Stock Appreciation Right	$43.1	2019-04-30	Class B Common (31498.0)	31498	Direct
Stock Appreciation Right	$38.43	2020-04-30	Class B Common (31470.0)	31470	Direct
Stock Appreciation Right	$46.4	2021-04-30	Class B Common (22345.0)	22345	Direct
Stock Appreciation Right	$58.7	2022-04-30	Class B Common (20186.0)	20186	Direct
Stock Appreciation Right	$72.42	2023-04-30	Class B Common (14758.0)	14758	Direct
Stock Appreciation Right	$91.97	2024-04-30	Class B Common (13349.0)	13349	Direct
Stock Appreciation Right	$102.25	2025-04-30	Class B Common (6887.0)	6887	Direct

Footnotes

F1: To satisfy withholding obligations associated with the July 26, 2012 grant of Class A common stock that vested on April 30, 2016, the reporting person surrendered 2,001 shares of Class A common stock.

F2: The closing price of BF-A ($103.71) on April 29, 2016 was used to calculate the withholding obligation.