BROWN FORMAN CORP — Director's Dealing 2017

Jan 18, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2017-01-13

Reporting Person: Jones Jill Ackerman (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-01-13	Class B Common	M	33518	$11.60	Acquired	73368	Direct
2017-01-13	Class B Common	F	23003	$44.17	Disposed	50365	Direct
2017-01-13	Class B Common	S	10515	$43.9213	Disposed	39850	Direct
2017-01-13	Class B Common	I	3566.0275	$43.96	Disposed	11405.7812	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-13	Stock Appreciation Right	$23.2	M	33518	Disposed	2021-04-30	Class B Common (33518.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common	41872	Direct
Class A Common	694.4495	Indirect
Class B Common	629.7865	Indirect
Class A Common	5499.3827	Indirect
Class B Common	90	Indirect
Class B Common	90	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$45.985	2024-04-30	Class B Common (20444.0)	20444	Direct
Stock Appreciation Right	$49.005	2026-04-30	Class B Common (29330.0)	29330	Direct
Stock Appreciation Right	$29.35	2022-04-30	Class B Common (22196.0)	22196	Direct
Stock Appreciation Right	$36.21	2023-04-30	Class B Common (19542.0)	19542	Direct
Stock Appreciation Right	$51.125	2025-04-30	Class B Common (25184.0)	25184	Direct

Footnotes

F1: 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 additional shares. Total also updated to correct prior dividend reinvestment.

F2: The closing price of BF-B on January 12, 2017 was used to calculate the withholding obligation.

F3: The price reported in Column 4 is a weighted average price. These shares were multiple transactions at prices ranging from $43.875 to $43.97, inclusive. The reporting person undertakes to provide to Brown-Forman Corporation, any security holder of Brown-Forman Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares at each separate price within the range set forth in this footnote.

F4: Number of shares acquired through issuer's 401(k) plan as of January 13, 2017, including additional shares issued in the August 2016 stock split.

F5: Reflects the acquisition of 20,936 additional shares in the August 2016 stock split.

F6: Number of shares acquired through the issuer's dividend reinvestment plan as of January 17, 2017, including additional shares issued in the August 2016 stock split.

F7: Number of shares acquired through the issuer's employee stock purchase program as of January 17, 2017, including additional shares in the August 2016 stock split.

F8: Reflects the acquisition of 45 additional shares in the August 2016 stock split.

F9: These stock appreciation rights were previously reported as covering 16,759 shares at an exercise price of $46.40, but were adjusted to reflect the August 2016 Stock Split.

F10: These stock appreciation rights were previously reported as covering 10,222 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 14,665 shares at an exercise price of $98.01, but were adjusted to reflect the August 2016 stock split.

F12: These stock appreciation rights were previously reported as covering 11,098 shares at an exercise price of $58.70, but were adjusted to reflect the August 2016 stock split.

F13: These stock appreciation rights were previously reported as covering 9,771 shares at an exercise price of $72.42, but were adjusted to reflect the August 2016 stock split.

F14: These stock appreciation rights were previously reported as covering 12,592 shares at an exercise price of $102.25, but were adjusted to reflect the August 2016 stock split.