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: Steiner Lisa P (SVP, Chief of Staff)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Class A Common	F	389	$53.37	Disposed	10692	Direct
2018-04-30	Class B Common	F	97	$56.04	Disposed	3275	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common	3572.2378	Indirect
Class B Common	1194.412	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$36.109	2024-04-30	Class B Common (13925.0)	13925	Direct
Stock Appreciation Right	$40.145	2025-04-30	Class B Common (14368.0)	14368	Direct
Stock Appreciation Right	$38.481	2026-04-30	Class B Common (19121.0)	19121	Direct
Stock Appreciation Right	$39.757	2027-04-30	Class B Common (16130.0)	16130	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 389 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 97 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: 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 2,890 additional shares in the February 2018 stock split, including 306 shares of Class B common performance-based restricted stock issued in connection with the July 24, 2014 award of Class A common stock.

F6: Number of shares acquired through the issuer's dividend reinvestment plan as April 30, 2018, including shares acquired in the February 2018 stock split.

F7: These stock appreciation rights were previously reported as covering 10,934 shares at an exercise price of $45.985, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F8: These stock appreciation rights were previously reported as covering 11,282 shares at an exercise price of $51.125, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F9: These stock appreciation rights were previously reported as covering 15,014 shares at an exercise price of $49.005, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F10: These stock appreciation rights were previously reported as covering 12,665 shares at an exercise price of $50.63, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.