BROWN FORMAN CORP — Director's Dealing 2017

May 3, 2017

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: Alvarez Alejandro A (SVP, CPO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-04-30	Class B Common	M	238	—	Acquired	602	Direct
2017-04-30	Class B Common	F	83	$47.32	Disposed	519	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-04-30	Restricted Stock Units	$	M	238	Disposed		Class B Common (238.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	1105.6052	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$23.2	2021-04-30	Class B Common (8314.0)	8314	Direct
Stock Appreciation Right	$29.35	2022-04-30	Class B Common (6100.0)	6100	Direct
Stock Appreciation Right	$36.21	2023-04-30	Class B Common (6916.0)	6916	Direct
Stock Appreciation Right	$45.985	2024-04-30	Class B Common (8138.0)	8138	Direct
Stock Appreciation Right	$51.125	2025-04-30	Class B Common (14166.0)	14166	Direct
Stock Appreciation Right	$49.005	2026-04-30	Class B Common (16760.0)	16760	Direct

Footnotes

F1: The Restricted Stock Units were granted on July 25, 2013, and vested on April 30, 2017.

F2: 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 182 additional shares.

F3: The closing price of BF-B on April 28, 2017 was used to calculate the withholding obligation.

F4: Number of shares acquired through the issuer's 401(k) plan as of May 2, 2017.

F5: Each restricted stock unit represents a contingent right to receive one share of Brown-Forman Class B common stock.

F6: Reflects the acquisition of 119 additional restricted stock units in the August 2016 stock split.

F7: These stock appreciation rights were previously reported as covering 4,157 shares at an exercise price of $46.40, but were adjusted to reflect the August 2016 stock split.

F8: These stock appreciation rights were previously reported as covering 3,050 shares at an exercise price of $58.70, but were adjusted to reflect the August 2016 stock split.

F9: These stock appreciation rights were previously reported as covering 3,458 shares at an exercise price of $72.42, but were adjusted to reflect the August 2016 stock split.

F10: These stock appreciation rights were previously reported as covering 4,069 shares at an exercise price of $91.97, but were adjusted to reflect the August 2016 stock split.

F11: These stock appreciation rights were previously reported as covering 7,083 shares at an exercise price of $102.25, but were adjusted to reflect the August 2016 stock split.

F12: These stock appreciation rights were previously reported as covering 8,380 shares at an exercise price of $98.01, but were adjusted to reflect the August 2016 stock split.