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 Campbell P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Class B Common	M	4379	$13.942	Acquired	1192468	Direct
2018-04-30	Class B Common	F	2185	$56.04	Disposed	1190283	Direct
2018-04-30	Class B Common	M	1213	—	Acquired	1191496	Direct
2018-04-30	Class B Common	F	395	$56.04	Disposed	1191101	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-30	Stock Appreciation Right	$13.942	M	4379	Disposed	2018-04-30	Class B Common (4379.0)	Direct
2018-04-30	Restricted Stock Units	$	M	1213	Disposed		Class B Common (1213.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	916987	Indirect
Class B Common	21239.9324	Indirect
Class B Common	45	Indirect
Class B Common	45	Indirect
Class B Common	60543	Indirect
Class B Common	12241.2376	Indirect
Class B Common	264777	Indirect
Class B Common	35625	Indirect
Class B Common	35625	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$15.088	2020-04-30	Class B Common (2260.0)	2260	Direct
Stock Appreciation Right	$36.109	2024-04-30	Class B Common (2833.0)	2833	Direct
Stock Appreciation Right	$38.481	2026-04-30	Class B Common (7262.0)	7262	Direct
Stock Appreciation Right	$39.757	2027-04-30	Class B Common (9189.0)	9189	Direct
Restricted Stock Units	$		Class B Common (3714.0)	3714	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 559,512 additional shares in the February 2018 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 376,104 additional shares in the February 2018 stock split.

F5: Updated to reflect the February 2018 stock split.

F6: Number of shares acquired through the issuer's 401(k) plan as of April 30, 2018.

F7: Total has been updated to reflect the acquisition of 9 additional shares in the February 2018 stock split.

F8: Total has been updated to reflect the acquisition of 12,108 additional shares in the February 2018 stock split.

F9: Number of shares acquired through the issuer's employee stock purchase program as of April 30, 2018.

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

F11: These stock appreciation rights were previously reported as covering 3,438 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 recive 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 1,774 shares at an exercise price of $19.215, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F15: These stock appreciation rights were previously reported as covering 2,224 shares at an exercise price of $45.985, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F16: These stock appreciation rights were previously reported as covering 5,702 shares at an exercise price of $49.005, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F17: These stock appreciation rights were previously reported as covering 7,215 shares at an exercise price of $50.63, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F18: The restricted stock units were granted on July 23, 2015, and vest April 30, 2019.