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: Hayes John V. (SVP, Chief Marketing Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Class A Common	F	422	$53.37	Disposed	1742	Direct
2018-04-30	Class B Common	F	106	$56.04	Disposed	18278	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common	113.743	Indirect
Class A Common	4210	Indirect
Class B Common	7545.5054	Indirect
Class B Common	33.628	Indirect
Class B Common	14267	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$10.62	2019-04-30	Class B Common (33109.0)	33109	Direct
Stock Appreciation Right	$15.088	2020-04-30	Class B Common (27788.0)	27788	Direct
Stock Appreciation Right	$18.217	2021-04-30	Class B Common (28912.0)	28912	Direct
Stock Appreciation Right	$23.047	2022-04-30	Class B Common (21806.0)	21806	Direct
Stock Appreciation Right	$28.433	2023-04-30	Class B Common (9020.0)	9020	Direct
Stock Appreciation Right	$36.109	2024-04-30	Class B Common (7201.0)	7201	Direct
Stock Appreciation Right	$40.145	2025-04-30	Class B Common (9190.0)	9190	Direct
Stock Appreciation Right	$38.481	2026-04-30	Class B Common (12674.0)	12674	Direct
Stock Appreciation Right	$39.757	2027-04-30	Class B Common (10692.0)	10692	Direct

Footnotes

F1: To satisfy withholding obligations associated with the July 24, 2014 award of Class A common stock that vested on April 30, 2018, the reporting person surrendered 422 shares of Class A common stock.

F2: The closing price of BF-A on April 30, 2018 was used to calculate the withholding obligation.

F3: To satisfy withholding obligations associated with the shares of Class B performance-based restricted stock that were issued in the February 2018 stock split and vested on April 30, 2018, the reporting person surrendered 106 shares of Class B common stock.

F4: The closing price of BF-B on April 30, 2018 was used to calculate the withholding obligation.

F5: Number of shares acquired through the issuer's employee stock purchase program as of April 30, 2018.

F6: Number of shares acquired through the issuer's 401(k) plan as of April 30, 2018, including shares received in the February 2018 stock split.

F7: These stock appreciation rights were previously reported as covering 32,498 shares at an exercise price of $10.82, but were adjusted to reflect the April 2018 special dividend.

F8: These stock appreciation rights were previously reported as covering 27,275 shares at an exercise price of $15.372, but were adjusted to reflect the April 2018 special dividend.

F9: These stock appreciation rights were previously reported as covering 28,378 shares at an exercise price of $18.56, but were adjusted to reflect the April 2018 special dividend.

F10: These stock appreciation rights were previously reported as covering 21,403 shares at an exercise price of $23.48, but were adjusted to reflect the April 2018 special dividend.

F11: These stock appreciation rights were previously reported as covering 8,853 shares at an exercise price of $28.968, but were adjusted to reflect the April 2018 special dividend.

F12: These stock appreciation rights were previously reported as covering 7,068 shares at an exercise price of $36.788, but were adjusted to reflect the April 2018 special dividend.

F13: These stock appreciation rights were previously reported as covering 9,020 shares at an exercise price of $40.90, but were adjusted to reflect the April 2018 special dividend.

F14: These stock appreciation rights were previously reported as covering 12,440 shares at an exercise price of $39.204, but were adjusted to reflect the April 2018 special dividend.

F15: These stock appreciation rights were previously reported as covering 10,494 shares at an exercise price of $40.504, but were adjusted to reflect the April 2018 special dividend.