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: Hawley Kirsten M (SVP, Chief HR Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-04-30	Class A Common	F	314	$48.06	Disposed	632	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common	13.2756	Indirect
Class B Common	1986	Direct
Class B Common	4041.9989	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$45.985	2024-04-30	Class B Common (4446.0)	4446	Direct
Stock Appreciation Right	$49.005	2026-04-30	Class B Common (13968.0)	13968	Direct
Stock Appreciation Right	$29.35	2022-04-30	Class B Common (3920.0)	3920	Direct
Stock Appreciation Right	$36.21	2023-04-30	Class B Common (5036.0)	5036	Direct
Stock Appreciation Right	$51.125	2025-04-30	Class B Common (11018.0)	11018	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 314 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 473 additional shares.

F4: Number of shares acquired through the issuer's dividend reinvestment plan as of May 2, 2017.

F5: On August 18, 2016, the Class A and Class B common stock of Brown-Forman Corporation split 2-1, resulting in the reporting person's acquisition of 993 additonal shares.

F6: Number of shares acquired through the issuer's 401(k) plan as of May 2, 2017.

F7: These stock appreciation rights were previously reported as covering 2,223 shares at an exercise price of $91.97, but were adjusted to reflect the August 2016 stock split.

F8: These stock appreciation rights were previously reported as covering 6,984 shares at an exercise price of $98.01, but were adjusted to reflect the August 2016 stock split.

F9: These stock appreciation rights were previously reported as covering 1,960 shares at an exercise price of $58.70, but were adjusted to reflect the August 2016 stock split.

F10: These stock appreciation rights were previously reported as covering 2,518 shares at an exercise price of $72.42, but were adjusted to reflect the August 2016 stock split.

F11: These stock appreciation rights were previously reported as covering 5,509 shares at an exercise price of $102.25, but were adjusted to reflect the August 2016 stock split.