BROWN FORMAN CORP — Director's Dealing 2016

Mar 31, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2016-03-29

Reporting Person: BOUSQUET CHAVANNE PATRICK (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-29	Class B Common	M	9036	$34.95	Acquired	14052	Direct
2016-03-29	Class B Common	M	10639	$33.76	Acquired	24691	Direct
2016-03-29	Class B Common	M	10134	$35.51	Acquired	34825	Direct
2016-03-29	Class B Common	M	12451	$27.05	Acquired	47276	Direct
2016-03-29	Class B Common	M	4785	$38.43	Acquired	52061	Direct
2016-03-29	Class B Common	F	25395	$96.54	Disposed	26666	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-29	Stock Appreciation Right	$34.95	M	9036	Disposed	2016-04-30	Class B Common (9036.0)	Direct
2016-03-29	Stock Appreciation Right	$33.76	M	10639	Disposed	2017-04-30	Class B Common (10639.0)	Direct
2016-03-29	Stock Appreciation Right	$35.51	M	10134	Disposed	2018-04-30	Class B Common (10134.0)	Direct
2016-03-29	Stock Appreciation Right	$27.05	M	12451	Disposed	2019-04-30	Class B Common (12451.0)	Direct
2016-03-29	Stock Appreciation Right	$38.43	M	4785	Disposed	2020-04-30	Class B Common (4785.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Stock Units	$		Class B Common (5132.75)	5132.75	Direct
Deferred Stock Units	$		Class A Common (5965.19)	5965.19	Direct

Footnotes

F1: The closing price of BF-B on March 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, and the DSU totals on this form have been updated to reflect such credits.

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.

F4: 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, and the DSU totals on this form have been updated to reflect such credits.

F5: 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.