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: Brown George Garvin IV (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-04-29	Class B Common	M	1467	$34.95	Acquired	273264	Direct
2016-04-29	Class B Common	F	538	$95.41	Disposed	272726	Direct
2016-04-30	Class B Common	M	3124	—	Acquired	275850	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-04-29	Stock Appreciation Right	$34.95	M	1467	Disposed	2016-04-30	Class B Common (1467.0)	Direct
2016-04-30	Restricted Stock Units	$	M	3124	Disposed		Class B Common (3124.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common	57837	Direct
Class B Common	12935.50	Indirect
Class A Common	10190	Indirect
Class B Common	17418	Indirect
Class A Common	104457	Indirect
Class B Common	2746	Indirect
Class A Common	7346	Indirect
Class B Common	3095	Indirect
Class A Common	11620	Indirect
Class A Common	529554	Indirect
Class A Common	496	Indirect
Class B Common	78300	Indirect
Class A Common	2580235.50	Indirect
Class B Common	255168	Indirect
Class A Common	7471	Indirect
Class B Common	2973	Indirect
Class A Common	47625	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Stock Units	$		Class A Common (3161.58)	3161.58	Direct
Restricted Stock Units	$		Class B Common (3936.0)	3936	Direct
Restricted Stock Units	$		Class B Common (3426.0)	3426	Direct
Restricted Stock Units	$		Class B Common (380.0)	380	Direct
Stock Appreciation Right	$33.76	2017-04-30	Class B Common (1679.0)	1679	Direct
Stock Appreciation Right	$35.51	2018-04-30	Class B Common (1542.0)	1542	Direct
Stock Appreciation Right	$27.05	2019-04-30	Class B Common (4714.0)	4714	Direct

Footnotes

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

F2: The Restricted Stock Units were granted on July 26, 2012, and vested April 30, 2016.

F3: Number of shares acquired through the issuer's 401(k) plan as of April 26, 2016.

F4: Each restricted stock unit represents a contingent right to receive one share of Brown-Forman Class B common stock.

F5: 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 A common stock. Grants made on July 23, 2015, were based on the closing price of the Company's Class A common stock on that date ($111.30). On each dividend payment date, participants are credited with DSU equivalents.

F6: Annual grants of DSUs vest over the course of the Board year. DSUs are paid out in Class A common stock on the first February 1 that is at least six months following the Director's termination from Board service.

F7: The Restricted Stock Units were granted on July 25, 2013, and vest April 30, 2017.

F8: The Restricted Stock Units were granted on July 24, 2014, and vest April 30, 2018.

F9: The Restricted Stock Units were granted on July 23, 2015, and vest April 30, 2019.