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: McCallum Mark I (EVP/Pres. Jack Daniel's Brands)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Class A Common	F	996	$53.37	Disposed	46627	Direct
2018-04-30	Class B Common	F	249	$56.04	Disposed	25048	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	67	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$18.217	2021-04-30	Class B Common (58947.0)	58947	Direct
Stock Appreciation Right	$23.047	2022-04-30	Class B Common (63316.0)	63316	Direct
Stock Appreciation Right	$28.433	2023-04-30	Class B Common (40678.0)	40678	Direct
Stock Appreciation Right	$36.109	2024-04-30	Class B Common (34836.0)	34836	Direct
Stock Appreciation Right	$40.145	2025-04-30	Class B Common (28399.0)	28399	Direct
Stock Appreciation Right	$38.481	2026-04-30	Class B Common (38241.0)	38241	Direct
Stock Appreciation Right	$39.757	2027-04-30	Class B Common (32258.0)	32258	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 996 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 249 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 14,583 additional shares in the February 2018 stock split, including 764 shares of Class B common performance-based restricted stock issued in connection with the July 24, 2014 award of Class A common stock.

F6: Total has been updated to reflect the acquisition of 13 additional shares in the February 2018 stock split.

F7: These stock appreciation rights were previously reported as covering 46,288 shares at an exercise price of $23.20, 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 49,718 shares at an exercise price of $29.35, 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 31,942 shares at an exercise price of $36.21, 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 27,354 shares at an exercise price of $45.985, 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 22,300 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 30,028 shares at an exercise price of $49.005, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F13: These stock appreciation rights were previously reported as covering 25,330 shares at an exercise price of $50.63, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.