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: MORREAU JANE C (EVP, Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-04-30	Class A Common	F	1428	$103.71	Disposed	9102.25	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	52.50	Direct
Class B Common	2895.2514	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$35.51	2018-04-30	Class B Common (7131.0)	7131	Direct
Stock Appreciation Right	$27.05	2019-04-30	Class B Common (11463.0)	11463	Direct
Stock Appreciation Right	$38.43	2020-04-30	Class B Common (12590.0)	12590	Direct
Stock Appreciation Right	$46.4	2021-04-30	Class B Common (14365.0)	14365	Direct
Stock Appreciation Right	$58.7	2022-04-30	Class B Common (11098.0)	11098	Direct
Stock Appreciation Right	$72.42	2023-04-30	Class B Common (9266.0)	9266	Direct
Stock Appreciation Right	$91.97	2024-04-30	Class B Common (13425.0)	13425	Direct
Stock Appreciation Right	$102.25	2025-04-30	Class B Common (13379.0)	13379	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 1,428 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.

F3: Total updated as of April 27, 2016 to reflect dividend reinvestment.

F4: Number of shares acquired through the issuer's employee stock purchase program as of April 27, 2016.