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: Farrer Marshall (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Class B Common	M	6169	$13.942	Acquired	8826	Direct
2018-04-30	Class B Common	F	3039	$56.04	Disposed	5787	Direct
2018-04-30	Class B Common	M	971	—	Acquired	6758	Direct
2018-04-30	Class B Common	F	309	$56.04	Disposed	6449	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-30	Stock Appreciation Right	$13.942	M	6169	Disposed	2018-04-30	Class B Common (6169.0)	Direct
2018-05-01	Restricted Stock Units	$	M	971	Disposed		Class B Common (971.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$10.62	2019-04-30	Class B Common (6057.0)	6057	Direct
Stock Appreciation Right	$15.088	2020-04-30	Class B Common (9027.0)	9027	Direct
Stock Appreciation Right	$18.217	2021-04-30	Class B Common (3916.0)	3916	Direct
Stock Appreciation Right	$23.047	2022-04-30	Class B Common (5933.0)	5933	Direct
Stock Appreciation Right	$40.145	2025-04-30	Class B Common (4814.0)	4814	Direct
Stock Appreciation Right	$38.481	2026-04-30	Class B Common (3291.0)	3291	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 531 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: These stock appreciation rights were previously reported as covering 4,844 shares at an exercise price of $17.755, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F5: Each restricted stock unit represents a contingent right to receive one share of Brown-Forman Class B common stock.

F6: The restricted stock units were granted on July 24, 2014, and vested April 30, 2018.

F7: These stock appreciation rights were previously reported as covering 4,756 shares at an exercise price of $13.525, 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 7,088 shares at an exercise price of $19.215, 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 3,074 shares at an exercise price of $23.20, 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 4,658 shares at an exercise price of $29.35, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F11: These stock appreciation rights were previously reported as covering 3,780 shares at an exercise price of $51.125, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F12: These stock appreciation rights were previously reported as covering 2,584 shares at an exercise price of $49.005, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.