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: Alvarez Alejandro A (SVP, CPO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-04-30	Class B Common	M	280	—	Acquired	280	Direct
2016-04-30	Class B Common	F	98	$96.32	Disposed	182	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-04-30	Restricted Stock Units	$	M	280	Disposed		Class B Common (280.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	544.5522	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: The Restricted Stock Units were granted on July 26, 2012, and vested April 30, 2016.

F2: The closing price of BF-B ($96.32) on April 29, 2016 was used to calculate the withholding obligation.

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