BROWN FORMAN CORP — Director's Dealing 2018

Jul 31, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2018-07-26

Reporting Person: Gutmann Kathleen M. (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-07-26	Deferred Stock Units	$	A	2121.7712	Acquired		Class A Common (2121.7712)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Stock Units	$		Class B Common (674.2962)	674.2962	Direct

Footnotes

F1: 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 26, 2018, were based on the closing price of the Company's Class A common stock on that date ($54.20). On each dividend payment date, participants are credited with DSU equivalents, and the DSU total on this form has been updated to reflect such credits.

F2: 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.

F3: On February 28, 2018, the issuer completed a stock split resulting in the distribution of one share of Class B common stock for every four shares of either Class A or Class B common stock held. On April 23, 2018, the issuer paid a special cash dividend. Total has been updated to reflect the special dividend.

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 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.

F5: 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.

F6: Updated to reflect the stock split and special dividend.