Market Overview

Brown-Forman Shareholders Elect Directors


Cash Dividend Approved

Brown-Forman Corporation's (NYSE:BFA)(NYSE:BFB) shareholders met today
at the regularly scheduled annual meeting of stockholders and elected
the slate of directors recommended by the Board of Directors as
submitted in the company's 2018 Proxy Statement.

Geo. Garvin Brown IV, chairman of the Board of Directors, thanked the
company's shareholders for their thoughtful, long-term commitment to the
company's strategy. Brown also congratulated Brown-Forman's Chief
Executive Officer Paul Varga on his successful 31-year career at the
company. In May, Varga announced his decision to retire at the end of
calendar 2018, and the Board of Directors approved Lawson Whiting as the
company's next CEO, effective January 1, 2019.

In remarks at the annual meeting, Varga told stockholders that the
company experienced another year of strong performance, including net
sales growth roughly double fiscal 2017's rate of growth.
Strong operating income growth, combined with industry-leading operating
margins and returns on capital, helped fuel a total shareholder return
of 53% in fiscal 2018.

"This year highlighted our excellent balance by geography and portfolio.
Results were led by our iconic Jack Daniel's trademark and premium
American whiskey portfolio, including Woodford Reserve and Old Forester.
The company also delivered broad-based geographic growth led by the
United States and emerging markets with a return to historical growth
rate for our developed international markets. Thanks to our aggressive
investment posture over the last several years, we believe that the
company is very well-positioned for future growth," said Varga.

In a subsequent meeting, the Board of Directors approved a regular
quarterly cash dividend of 15.8 cents per share on its Class A and Class
B Common Stock. Stockholders of record on September 6, 2018, will
receive the cash dividend on October 1, 2018. With this dividend,
Brown-Forman will have paid regular quarterly cash dividends for 73
consecutive years and will have increased the regular cash dividend for
34 consecutive years.

For nearly 150 years, Brown-Forman Corporation has enriched the
experience of life by responsibly building fine quality beverage alcohol
brands, including Jack Daniel's Tennessee Whiskey, Jack Daniel's & Cola,
Jack Daniel's Tennessee Honey, Jack Daniel's Tennessee Fire, Gentleman
Jack, Jack Daniel's Single Barrel, Finlandia, Korbel, el Jimador,
Woodford Reserve, Old Forester, Canadian Mist, Herradura, New Mix,
Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach and Slane.
Brown-Forman's brands are supported by over 4,800 employees and sold in
more than 170 countries worldwide. For more information about the
company and its corporate responsibility efforts, please visit

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