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: de Chabert Ralph E (SVP, Chief Diversity Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Class B Common	M	365	—	Acquired	3562	Direct
2018-04-30	Class B Common	F	139	$56.04	Disposed	3423	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-30	Restricted Stock Units	$	M	365	Disposed		Class B Common (365.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$10.62	2019-04-30	Class B Common (1503.0)	1503	Direct
Stock Appreciation Right	$18.217	2021-04-30	Class B Common (4374.0)	4374	Direct
Stock Appreciation Right	$28.433	2023-04-30	Class B Common (1471.0)	1471	Direct
Stock Appreciation Right	$36.109	2024-04-30	Class B Common (1700.0)	1700	Direct
Stock Appreciation Right	$40.145	2025-04-30	Class B Common (7152.0)	7152	Direct
Stock Appreciation Right	$38.481	2026-04-30	Class B Common (8192.0)	8192	Direct
Stock Appreciation Right	$39.757	2027-04-30	Class B Common (6910.0)	6910	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 640 additional shares in the February 2018 stock split.

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

F3: Each restricted stock unit represents a contingent right to receive one share of Brown-Forman Class B common stock.

F4: The restricted stock units were granted July 24, 2014, and vested April 30, 2018.

F5: These stock appreciation rights were previously reported as covering 1,180 shares at an exercise price of $13.525, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F6: These stock appreciation rights were previously reported as covering 3,434 shares at an exercise price of $23.20, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F7: These stock appreciation rights were previously reported as covering 1,154 shares at an exercise price of $36.21, 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 1,334 shares at an exercise price of $45.985, 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 5,616 shares at an exercise price of $51.125, 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 6,432 shares at an exercise price of $49.005, 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 5,425 shares at an exercise price of $50.63, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.