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: Hamel Matthew E (EVP, Gen Counsel and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-30	Class B Common	M	9327	$13.942	Acquired	44097	Direct
2018-04-30	Class B Common	F	4602	$56.04	Disposed	39495	Direct
2018-04-30	Class A Common	F	482	$53.37	Disposed	22657	Direct
2018-04-30	Class B Common	F	121	$56.04	Disposed	39374	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-30	Stock Appreciation Right	$13.942	M	9327	Disposed	2018-04-30	Class B Common (9327.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	15427.363	Indirect
Class B Common	1653.1226	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$10.62	2019-04-30	Class B Common (76404.0)	76404	Direct
Stock Appreciation Right	$15.088	2020-04-30	Class B Common (64126.0)	64126	Direct
Stock Appreciation Right	$18.217	2021-04-30	Class B Common (60980.0)	60980	Direct
Stock Appreciation Right	$23.047	2022-04-30	Class B Common (56531.0)	56531	Direct
Stock Appreciation Right	$28.433	2023-04-30	Class B Common (42910.0)	42910	Direct
Stock Appreciation Right	$36.109	2024-04-30	Class B Common (33676.0)	33676	Direct
Stock Appreciation Right	$40.145	2025-04-30	Class B Common (38419.0)	38419	Direct
Stock Appreciation Right	$38.481	2026-04-30	Class B Common (56472.0)	56472	Direct
Stock Appreciation Right	$39.757	2027-04-30	Class B Common (47637.0)	47637	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 11,581 additional shares in the February 2018 stock split, including 370 shares of Class B common performance-based restricted stock issued in connection with the July 24, 2014 award of Class A common stock.

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

F3: 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 482 shares of Class A common stock.

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

F5: 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 121 shares of Class B common stock.

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

F7: Number of shares acquired through the issuer's employee stock purchase program as of May 2, 2018, including shares acquired in the February 2018 stock split.

F8: These stock appreciation rights were previously reported as covering 7,324 shares at an exercise price of $17.755, 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 59,996 shares at an exercise price of $13.525, 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 50,354 shares at an exercise price of $19.215, 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 47,884 shares at an exercise price of $23.20, 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 44,390 shares at an exercise price of $29.35, 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 33,694 shares at an exercise price of $36.21, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F14: These stock appreciation rights were previously reported as covering 26,444 shares at an exercise price of $45.985, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F15: These stock appreciation rights were previously reported as covering 30,168 shares at an exercise price of $51.125, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F16: These stock appreciation rights were previously reported as covering 44,344 shares at an exercise price of $49.005, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.

F17: These stock appreciation rights were previously reported as covering 37,406 shares at an exercise price of $50.63, but were adjusted to reflect the February 2018 stock split and April 2018 special dividend.