Brown-Forman Board Approves Share Repurchase Authorization of $200 Million

Brown-Forman Corporation (NYSE: BFA)(NYSE: BFB) announced that its Board
of Directors has approved a $200 million share repurchase authorization,
commencing July 13, 2018 through July 12, 2019, subject to market and
other conditions. Under the repurchase program, the company can
repurchase Class A and Class B common stock from time to time for cash
in open market purchases, block transactions, and privately negotiated
transactions in accordance with applicable federal securities laws. This
share repurchase program may be modified, suspended, or terminated by
the company at any time without prior notice.

Paul Varga, chief executive officer of Brown-Forman said, “We are
appropriately attentive to today’s uncertain market environment, but
remain optimistic about the long-term growth prospects for our brands
around the world. We strive to deliver leading returns for our
shareholders and believe this buyback authorization provides us with the
flexibility to repurchase our shares when the market presents the
opportunity.”

For almost 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 http://www.brown-forman.com/.

Important Information on Forward-Looking Statements:

This press release contains statements, estimates, and projections that
are “forward-looking statements” as defined under U.S. federal
securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,”
“continue,” “could,” “envision,” “estimate,” “expect,” “expectation,”
“intend,” “may,” “plan,” “potential,” “project,” “pursue,” “see,”
“seek,” “should,” “will,” and similar words identify forward-looking
statements, which speak only as of the date we make them. Except as
required by law, we do not intend to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. By their nature, forward-looking statements
involve risks, uncertainties, and other factors (many beyond our
control) that could cause our actual results to differ materially from
our historical experience or from our current expectations or
projections. These risks and uncertainties include, but are not limited
to:

For further information on these and other risks, please refer to the
“Risk Factors” section of our annual report on Form 10-K and quarterly
reports on Form 10-Q filed with the Securities and Exchange Commission.

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