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: 2016-04-29

Reporting Person: Frazier Sandra (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-04-29	Class B Common	M	4819	$34.95	Acquired	356908	Direct
2016-04-29	Class B Common	F	1766	$95.41	Disposed	355142	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-04-29	Stock Appreciation Right	$34.95	M	4819	Disposed	2016-04-30	Class B Common (4819.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common	1406519	Direct
Class A Common	3174471	Indirect
Class B Common	793617	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Stock Units	$		Class B Common (1708.65)	1708.65	Direct
Stock Appreciation Right	$33.76	2017-04-30	Class B Common (5987.0)	5987	Direct
Stock Appreciation Right	$35.51	2018-04-30	Class B Common (5495.0)	5495	Direct
Stock Appreciation Right	$27.05	2019-04-30	Class B Common (6752.0)	6752	Direct

Footnotes

F1: The closing price of BF-B ($95.41) on April 28, 2016 was used to calculate the withholding obligation.

F2: Under the Brown-Forman Corporation Non-Employee Director Deferred Stock Unit Program each DSU represents the right to receive one share of the Company's Class B common stock. On each dividend payment date, participants are credited with DSU equivalents.

F3: Annual grants of DSUs vest over the course of the Board year. DSUs are paid out in class B common stock on the first February 1 that is at least six months following the Director's termination from Board service.