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BROWN FORMAN CORP Director's Dealing 2017

May 3, 2017

30482_dirs_2017-05-02_55c894ca-5f30-4c5c-a2e2-56cdf68e7bae.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2017-04-30

Reporting Person: VARGA PAUL C (Director, Chairman & CEO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2017-04-30 Class A Common F 13429 $48.06 Disposed 171363 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Class A Common 3688.2241 Indirect
Class A Common 312364 Indirect
Class A Common 444 Indirect
Class B Common 40000 Indirect
Class B Common 95804 Indirect
Class B Common 66062 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Stock Appreciation Right $23.2 2021-04-30 Class B Common (191522.0) 191522 Direct
Stock Appreciation Right $29.35 2022-04-30 Class B Common (185028.0) 185028 Direct
Stock Appreciation Right $36.21 2023-04-30 Class B Common (124664.0) 124664 Direct
Stock Appreciation Right $45.985 2024-04-30 Class B Common (122046.0) 122046 Direct
Stock Appreciation Right $51.125 2025-04-30 Class B Common (154250.0) 154250 Direct
Stock Appreciation Right $49.005 2026-04-30 Class B Common (215084.0) 215084 Direct

Footnotes

F1: To satisfy withholding obligations associated with the July 25, 2013 award of Class A common stock that vested on April 30, 2017, the reporting person surrendered 13,429 shares of Class A common stock.

F2: The closing price of BF-A ($48.06) on April 28, 2017 was used to calculate the withholding obligation.

F3: In August 2016, the Class A and Class B common stock of Brown-Forman Corporation split 2-1, resulting in the reporting person's acquisition of 92,396 additional shares.

F4: Number of shares acquired through the issuer's Omnibus dividend reinvestment as of May 2, 2017. Updated to reflect the August 2016 Stock Split.

F5: Reflects the acquisition of 156,182 additional shares in the August 2016 stock split.

F6: Reflects the acquisition of 222 additional shares in the August 2016 stock split.

F7: Reflects the acquisition of 20,000 additional shares in the August 2016 stock split.

F8: Reflects the acquisition of 47,902 additional shares in the August 2016 stock split.

F9: Reflects the acquisition of 33,031 additional shares in the August 2016 stock split.

F10: These stock appreciation rights were previously reported as covering 95,761 shares at an exercise price of $46.40, but were adjusted to reflect the August 2016 stock split.

F11: These stock appreciation rights were previously reported as covering 92,514 shares at an exercise price of $58.70, but were adjusted to reflect the August 2016 stock split.

F12: These stock appreciation rights were previously reported as covering 62,332 shares at an exercise price of $72.42, but were adjusted to reflect the August 2016 stock split.

F13: These stock appreciation rights were previously reported as covering 61,023 shares at an exercise price of $91.97, but were adjusted to reflect the August 2016 stock split.

F14: These stock appreciation rights were previously reported as covering 77,125 shares at an exercise price of $102.25, but were adjusted to reflect the August 2016 stock split.

F15: These stock appreciation rights were previously reported as covering 107,542 shares at an exercise price of $98.01, but were adjusted to reflect the August 2016 stock split.