BROWN FORMAN CORP — Director's Dealing 2018

Jan 4, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN FORMAN CORP (BFA, BFB)
CIK: 0000014693
Period of Report: 2018-01-02

Reporting Person: MORREAU JANE C (EVP, Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-01-02	Class B Common	M	22926	$13.525	Acquired	23030	Direct
2018-01-02	Class B Common	F	11712	$68.67	Disposed	11318	Direct
2018-01-02	Class B Common	S	11214	$67.4055	Disposed	104	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-01-02	Stock Appreciation Right	$13.525	M	22926	Disposed	2019-04-30	Class B Common (22926.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common	6270.1951	Indirect

Footnotes

F1: The closing price of BF-B on December 29, 2017, was used to calculate the withholding obligation.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $67.16 to $67.56, inclusive. The reporting person undertakes to provide to Brown-Forman Corporation, any security holder of Brown-Forman Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3: Number of shares acquired through the issuer's employee stock purchase program as of January 2, 2018.