BROWN FORMAN CORP — Director's Dealing 2018

May 3, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2018-04-30

Reporting Person: Brown George Garvin IV (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Class B Common	M	3928	$13.942	Acquired	740875	Direct
2018-04-30	Class B Common	F	2323	$56.04	Disposed	738552	Direct
2018-04-30	Class B Common	M	8726	—	Acquired	747278	Direct
2018-04-30	Class B Common	F	3980	$56.04	Disposed	743298	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-30	Stock Appreciation Right	$13.942	M	3928	Disposed	2018-04-30	Class B Common (3928.0)	Direct
2018-05-01	Restricted Stock Units	$	M	8726	Disposed		Class B Common (8726.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	52140	Indirect
Class B Common	73794	Indirect
Class B Common	13197	Indirect
Class B Common	195998	Indirect
Class B Common	1178039	Indirect
Class B Common	11935	Indirect
Class B Common	5810	Indirect
Class B Common	264777	Indirect
Class B Common	23812	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$10.62	2019-04-30	Class B Common (12007.0)	12007	Direct
Restricted Stock Units	$		Class B Common (968.0)	968	Direct

Footnotes

F1: 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 acquisition of 169,794 additional shares in the February 2018 stock split. Additionally, total has been updated to include 26,361 Class B shares previously held in a 401(k) account but transferred to direct holdings before the stock split.

F2: The closing price of BF-B on April 27, 2018 was used to calculate the withholding obligation.

F3: The closing price of BF-B on April 30, 2018 was used to calculate the withholding obligation.

F4: Total has been updated to reflect the acquisition of 14,504 additional shares in the February 2018 stock split.

F5: Total has been updated to reflect the acquisition of 56,541 additional shares in the February 2018 stock split.

F6: Total has been updated to reflect the acquisition of 5,807 additional shares in the February 2018 stock split.

F7: Total has been updated to reflect the acquisition of 39,398 additional shares in the February 2018 stock split.

F8: Total has been updated to reflect the acquisition of 667,702 additional shares in the February 2018 stock split.

F9: Total has been updated to reflect the acquisition of 5,989 additional shares in the February 2018 stock split.

F10: These shares were received in the February 2018 stock split.

F11: These stock appreciation rights were previously reported as covering 3,084 shares at an exercise price of $17.755, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F12: Each restricted stock unit represents a contingent right to receive one share of Brown-Forman Class B common stock.

F13: The restricted stock units were granted on July 24, 2014, and vested April 30, 2018.

F14: These stock appreciation rights were previously reported as covering 9,428 shares at an exercise price of $13.525, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F15: The restricted stock units were granted on July 23, 2015, and vest April 30, 2019.

F16: Updated to reflect the February 2018 stock split.