Brown-Forman Reports Strong First Half Results and Raises Full Year Outlook

  Brown-Forman Reports Strong First Half Results and Raises Full Year Outlook

Business Wire

LOUISVILLE, Ky. -- December 05, 2012

Brown-Forman Corporation (NYSE:BFA) (NYSE:BFB) today reported financial
results for its second quarter and the first half of fiscal 2013 ended October
31, 2012. Reported net sales were flat^1 in the quarter at $1,013 million, and
increased 6% on an underlying basis^2. As expected, reported net sales growth
in the quarter was negatively impacted from the giveback associated with first
quarter trade buy-ins in advance of price increases, as well as the impact
from foreign exchange and the absence of Hopland-based wines. Reported
operating income in the quarter increased 7% to $262 million, up 9% on an
underlying basis. Diluted earnings per share for the second quarter increased
11% to $0.80 compared to $0.73 in the prior year period. For the first six
months of the year, underlying sales increased 8%, underlying operating income
increased 12% (+2% and +12%, respectively on a reported basis), and diluted
earnings per share increased 18% to $1.49.

Paul Varga, the company’s chief executive officer said, “Our brands continue
to deliver strong and balanced underlying growth in an uncertain global
environment. We are pleased with the balance in both geographic and portfolio
mix, as well as the fact that our gross margin expansion has benefited from
volume gains, higher prices and lower costs.”

Year-to-Date 2013 Highlights

  *Underlying net sales increased 8%, driven by broad-based geographic gains
    and brand performance, with constant currency net sales^3 up 9%:

       *Jack Daniel’s family of brands grew net sales 9%
       *The company’s super and ultra-premium whiskey brands grew net sales
         21%
       *Herradura grew net sales 22%
       *Finlandia’s family of brands grew net sales 9%

  *Underlying operating income increased 12%, driven by revenue growth, gross
    margin expansion, and operating expense leverage.

Year-to-Date 2013 Performance

Brown-Forman’s brand portfolio enjoyed broad-based gains with the majority of
the company’s brands delivering solid net sales growth on a year-to-date
basis. The company has been focused on driving better balanced revenue
contribution by brand and increasing the contribution from price/mix, and
recent results suggest that these efforts are working. While the Jack Daniel’s
trademark continues to grow in the high single digits, the company’s other
brands experienced improving trends, delivering 6% growth compared to 3% in
the same period last year. The company’s revenue growth was also better
balanced, with price/mix up over two points, helping drive year-to-date gross
margin expansion of 260 basis points. Gross margins also benefited from the
absence of Hopland-based wines and a reduction in costs associated with lower
use of value-added packaging.

The 9% net sales growth for the Jack Daniel’s family of brands was driven by a
combination of solid volume gains across the family of brands, as well as
price increases taken earlier this calendar year. Jack Daniel’s Tennessee
Honey grew global net sales by over 50% through the focused rollout outside of
the U.S. as well as continued growth in the U.S.

Brown-Forman’s portfolio of super and ultra-premium whiskey brands, including
Gentleman Jack, Woodford Reserve, Jack Daniel’s Single Barrel, and
Collingwood, grew net sales 21% year to date.

Finlandia’s 9% net sales growth was driven by Russia, as premiumization trends
remained robust. Russia benefited from price increases as well as enhanced
distribution through the route to market changes the company implemented two
years ago.

El Jimador’s net sales were up 5% and Herradura grew net sales 22%, driven by
solid performance in the U.S. where the brands grew share. These brands
benefitted from increased velocity in both the on-premise and off-premise. The
company continued to invest behind these brands and believes demographic
changes in the U.S. are likely to drive sustainable category outperformance in
the coming years.

Southern Comfort’s family of brands improved in the U.S. for the second
quarter in a row with year-to-date net sales up 2%. Global results for the
family of brands were down 5% for the first half, driven by softness in the
U.K. and Australia. The company is in the process of expanding the brand’s new
consumer engagement plan to other parts of the world and believes that the new
campaign will help return the brand to net sales growth.

In the first half, Sonoma-Cutrer grew net sales 18% and Korbel’s net sales
increased 13% as U.S. demand remained robust and on-premise trends continued
to improve.

In addition to experiencing balanced growth across the portfolio of brands,
net sales were also well balanced geographically, with year-to-date underlying
net sales growth of 8% both in the U.S. as well as outside of the U.S.

Underlying sales growth was driven by continued expansion into the emerging
markets, which contributed over 40% of incremental growth year to date. Growth
rates were particularly strong in Russia, Brazil, Turkey, Mexico and Poland.

In the U.S., the company delivered strong results against the backdrop of an
improving environment for spirits, contributing 40% of the company’s
underlying sales growth year to date. The company’s premium brand portfolio
has benefitted from consumers trading-up, as well as strong demand for North
American whiskies.

In Europe, Germany, Belgium, the Netherlands and Austria enjoyed double-digit
growth while results in countries such as Spain and Italy were impacted by
weak economic conditions. Net sales in Western Europe, including the U.K. and
France, were down low-single digits as market share gains were offset by
deteriorating economic conditions and the impact from recent price and excise
tax increases. The company expects the broader business environment in Western
Europe to remain challenging. Net sales in Australia grew 7%, driven by
continued strength in Jack Daniel’s Tennessee Whiskey and the launch of Jack
Daniel’s Tennessee Honey.

The company’s Travel/Retail channel delivered 9% net sales growth, driven by
successful innovation, new product launches, and price increases.

Dividends and Other

On November 15, 2012, Brown-Forman declared a regular quarterly cash dividend
of $0.255 per share on Class A and Class B common stock, a 9.3% increase over
the prior dividend and the 29^th consecutive year that Brown-Forman has
increased its dividend. The cash dividend is payable on December 26, 2012 to
stockholders of record on December 5, 2012.

On November 27, 2012, the company also announced an additional special cash
dividend of $4.00 per share on Class A and Class B common stock. This special
cash dividend is payable on December 27, 2012 to stockholders of record on
December 12, 2012. Given the uncertainty surrounding the renewal of the
current dividend tax rates which expire on December 31, 2012, the company
chose to make each of these payments in calendar 2012.

Varga continued, “Strong and consistent growth in earnings and cash flow have
allowed us to increase our dividend for 29 years in a row, as well as declare
our recently announced special dividend. We believe that our business is
well-positioned to continue generating strong and growing cash flows that can
be reinvested in our future growth as well as returned to shareholders.”

Fiscal Year 2013 Outlook

At this stage in the fiscal year, the company is raising its fiscal 2013
earnings outlook to $2.58 to $2.70 from $2.40 to $2.67. While there continues
to be uncertainty in the global economy going into the important holiday
selling season, the company continues to expect high single-digit growth in
underlying sales and has increased its expectations for operating income
growth to low double digits. Leverage to the operating income line is expected
to come primarily from gross margin expansion, although rates of improvement
will moderate in the back half of the year.

Brown-Forman will host a conference call to discuss the results at 10:00 a.m.
(EDT) this morning. All interested parties in the U.S. are invited to join the
conference call by dialing 888-624-9285 and asking for the Brown-Forman call.
International callers should dial 706-679-3410. The company suggests that
participants dial in approximately ten minutes in advance of the 10:00 a.m.
start of the conference call.

A live audio broadcast of the conference call will also be available via
Brown-Forman’s Internet website, http://www.brown-forman.com/, through a link
to "Investor Relations." For those unable to participate in the live call, a
replay will be available by calling 855-859-2056 (U.S.) or 404-537-3406
(international). The identification code is 18180528. A digital audio
recording of the conference call will also be available on the website
approximately one hour after the conclusion of the conference call. The replay
will be available for at least 30 days following the conference call.

For more than 140 years, Brown-Forman Corporation has enriched the experience
of life by responsibly building fine quality beverage alcohol brands,
including Jack Daniel’s Tennessee Whiskey, Southern Comfort, Finlandia, Jack
Daniel’s & Cola, Canadian Mist, Korbel, Gentleman Jack, el Jimador, Herradura,
Sonoma-Cutrer, Chambord, New Mix, Tuaca, and Woodford Reserve. Brown-Forman’s
brands are supported by nearly 4,000 employees and sold in approximately 160
countries worldwide. For more information about the company, please visit
http://www.brown-forman.com/.

Footnotes:

^1 Percentage growth rates are compared to prior year periods, unless
otherwise noted
^2 Underlying change represents the percentage increase or decrease in
reported financial results in accordance with generally accepted accounting
principles (GAAP) in the United States, adjusted for certain items. A
reconciliation from reported to underlying net sales, gross profit,
advertising expense, SG&A, and operating income (non-GAAP measures) increases
or decreases for the three-month and six-month periods ended October 31, 2012,
and the reasons why management believes these adjustments to be useful to the
reader, are included in Schedule A and the note to this press release.
^3 Net sales references are on a constant currency basis, unless otherwise
noted. Constant currency represents reported net sales with the cost/benefit
of currency movements removed. Management uses the measure to understand the
growth of the business on a constant dollar basis, as fluctuations in exchange
rates can distort the underlying growth of the business both positively and
negatively.

Important Information on Forward-Looking Statements:

This report 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,” “envision,”
“estimate,” “expect,” “expectation,” “intend,” “may,” “plan,” “potential,”
“project,” “pursue,” “see,” “will,” “will continue,” 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 other factors
include, but are not limited to:

  *declining or depressed global or regional economic conditions,
    particularly in the Euro zone; political, financial, or credit or capital
    market instability; supplier, customer or consumer credit or other
    financial problems; bank failures or governmental debt defaults
  *failure to develop or implement effective business, portfolio and brand
    strategies, including the increased U.S. penetration and international
    expansion of Jack Daniel’s Tennessee Honey, innovation, marketing and
    promotional activity, and route-to-consumer
  *unfavorable trade or consumer reaction to our new products, product line
    extensions, price changes, marketing, or changes in formulation, flavor or
    packaging
  *inventory fluctuations in our products by distributors, wholesalers, or
    retailers
  *competitors’ consolidation or other competitive activities such as pricing
    actions (including price reductions, promotions, discounting, couponing or
    free goods), marketing, category expansion, product introductions, entry
    or expansion in our geographic markets
  *declines in consumer confidence or spending, whether related to the
    economy (such as austerity measures, tax increases, high fuel costs, or
    higher unemployment), wars, natural or other disasters, weather,
    pandemics, security concerns, terrorist attacks or other factors
  *changes in tax rates (including excise, sales, VAT, tariffs, duties,
    corporate, individual income, dividends, capital gains) or in related
    reserves, changes in tax rules (e.g., LIFO, foreign income deferral, U.S.
    manufacturing and other deductions) or accounting standards, and the
    unpredictability and suddenness with which they can occur
  *governmental or other restrictions on our ability to produce, import,
    sell, price, or market our products, including advertising and promotion
    in either traditional or new media; regulatory compliance costs
  *business disruption, decline or costs related to organizational changes,
    reductions in workforce or other cost-cutting measures
  *lower returns or discount rates related to pension assets, interest rate
    fluctuations, inflation or deflation
  *fluctuations in the U.S. dollar against foreign currencies, especially the
    euro, British pound, Australian dollar, Polish zloty or Mexican peso
  *changes in consumer behavior or preferences and our ability to anticipate
    and respond to them, including societal attitudes or cultural trends that
    result in reduced consumption of our products; reduction of bar,
    restaurant, hotel or other on-premise business or travel
  *consumer shifts away from brown spirits, premium-priced spirits, or
    spirits products generally; shifts to discount store purchases or other
    price-sensitive consumer behavior
  *distribution and other route-to-consumer decisions or changes that affect
    the timing of our sales, temporarily disrupt the marketing or sale of our
    products, or result in implementation-related or higher fixed costs
  *effects of acquisitions, dispositions, joint ventures, business
    partnerships or investments, or their termination, including acquisition,
    integration or termination costs, disruption or other difficulties, or
    impairment in the recorded value of assets (e.g. receivables, inventory,
    fixed assets, goodwill, trademarks and other intangibles)
  *lower profits, due to factors such as fewer or less profitable used barrel
    sales, lower production volumes, decreased demand or inability to meet
    consumer demand for products we sell, sales mix shift toward lower priced
    or lower margin SKUs, or cost increases in energy or raw materials, such
    as grain, agave, wood, glass, plastic, or closures
  *natural disasters, climate change, agricultural uncertainties,
    environmental or other catastrophes, or other factors that affect the
    availability, price, or quality of agave, grain, glass, energy, closures,
    plastic, water, or wood, or that cause supply chain disruption or
    disruption at our production facilities or aging warehouses
  *negative publicity related to our company, brands, marketing, personnel,
    operations, business performance or prospects
  *product counterfeiting, tampering, contamination, or recalls and resulting
    negative effects on our sales, brand equity, or corporate reputation
  *significant costs or other adverse developments stemming from class
    action, intellectual property, governmental, or other major litigation; or
    governmental investigations of beverage alcohol industry business, trade,
    or marketing practices by us, our importers, distributors, or retailers

For further information regarding these risks, please refer to the “Risk
Factors” and “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of our annual report on Form 10-K and
quarterly reports on Form 10-Q filed with the SEC.


Brown-Forman Corporation
Unaudited Consolidated Statements of Operations
For the Three Months Ended October 31, 2011 and 2012
(Dollars in millions, except per share amounts)


                          2011               2012               Change
                                                                      
Net sales                   $  1,013.7           $  1,013.8           0    %
Excise taxes                   232.6                237.1             2    %
Cost of sales                 279.2              252.2            (10  %)
Gross profit                   501.9                524.5             4    %
Advertising expenses           106.7                106.6             0    %
Selling, general,
and administrative             146.8                159.1             8    %
expenses
Amortization expense           1.3                  --
Other expense                 0.8                (3.5     )
(income), net
Operating income               246.3                262.3             7    %
Interest expense,             7.1                4.8      
net
Income before income           239.2                257.5             8    %
taxes
Income taxes                  81.6               84.5     
Net income                  $  157.6            $  173.0            10   %
                                                                      
Earnings per share:
Basic                       $  0.73              $  0.81              11   %
Diluted                     $  0.73              $  0.80              11   %
                                                                      
Gross margin                   49.5     %           51.7     %
Operating margin               24.3     %           25.9     %
                                                                      
Effective tax rate             34.1     %           32.8     %
                                                                      
Cash dividends paid         $  0.213             $  0.233
per common share
                                                                      
Shares (in
thousands) used in
the calculation of
earnings per share
Basic                          214,813              213,276
Diluted                        216,276              214,891

Note:All previously reported share and per share amounts have been restated
to reflect the 3-for-2 stock split effected in August 2012.



Brown-Forman Corporation
Unaudited Consolidated Statements of Operations
For the Six Months Ended October 31, 2011 and 2012
(Dollars in millions, except per share amounts)


                           2011               2012               Change
                                                                       
Net sales                    $  1,854.0           $  1,891.9           2   %
Excise taxes                    435.1                449.4             3   %
Cost of sales                  496.7              453.9            (9  %)
Gross profit                    922.2                988.6             7   %
Advertising expenses            197.5                198.7             1   %
Selling, general, and
administrative                  285.9                307.6             8   %
expenses
Amortization expense            2.5                  --
Other expense                  4.1                (1.7     )
(income), net
Operating income                432.2                484.0             12  %
Interest expense, net          14.2               9.4      
Income before income            418.0                474.6             14  %
taxes
Income taxes                   142.4              154.1    
Net income                   $  275.6            $  320.5            16  %
                                                                       
Earnings per share:
Basic                        $  1.28              $  1.50              18  %
Diluted                      $  1.27              $  1.49              18  %
                                                                       
Gross margin                    49.7     %           52.3     %
Operating margin                23.3     %           25.6     %
                                                                       
Effective tax rate              34.1     %           32.5     %
                                                                       
Cash dividends paid          $  0.427             $  0.467
per common share
                                                                       
Shares (in thousands)
used in the
calculation of
earnings per share
Basic                           215,868              213,220
Diluted                         217,379              214,843

Note:All previously reported share and per share amounts have been restated
to reflect the 3-for-2 stock split effected in August 2012.



Brown-Forman Corporation
Unaudited Condensed Consolidated Balance Sheets
(Dollars in millions)


                                             April 30,   October 31,
                                               2012          2012
Assets:
Cash and cash equivalents                      $ 338.3       $  368.5
Accounts receivable, net                         475.3          681.5
Inventories                                      712.1          797.5
Other current assets                            223.6         207.5
Total current assets                             1,749.3        2,055.0
                                                             
Property, plant, and equipment, net              398.7          415.9
Goodwill                                         617.2          615.8
Other intangible assets                          668.3          667.6
Other assets                                    43.9          49.6
Total assets                                   $ 3,477.4     $  3,803.9
                                                             
Liabilities:
Accounts payable and accrued expenses          $ 385.7       $  480.7
Other current liabilities                       17.7          25.2
Total current liabilities                        403.4          505.9
                                                             
Long-term debt                                   502.8          501.4
Deferred income taxes                            157.9          185.2
Accrued postretirement benefits                  278.1          243.1
Other liabilities                               65.8          63.5
Total liabilities                                1,408.0        1,499.1
                                                             
Stockholders’ equity                            2,069.4       2,304.8
                                                             
Total liabilities and stockholders’ equity     $ 3,477.4     $  3,803.9
                                                                


Brown-Forman Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For the Six Months Ended October 31, 2011 and 2012
(Dollars in millions)


                                                    2011         2012
                                                                     
Cash provided by operating activities                 $ 155.5        $ 164.7
                                                                     
Cash flows from investing activities:
Additions to property, plant, and equipment             (18.8  )       (38.7 )
Acquisitions of brand names and trademarks              (7.2   )       --
Other                                                  (0.7   )      (0.3  )
Cash used for investing activities                      (26.7  )       (39.0 )
                                                                     
Cash flows from financing activities:
Net issuance of debt                                    1.1            2.4
Acquisition of treasury stock                           (216.1 )       --
Dividends paid                                          (92.4  )       (99.5 )
Other                                                  2.8          2.5   
Cash used for financing activities                      (304.6 )       (94.6 )
                                                                     
Effect of exchange rate changes on cash and cash       (11.2  )      (0.9  )
equivalents
                                                                     
Net (decrease) increase in cash and cash                (187.0 )       30.2
equivalents
                                                                     
Cash and cash equivalents, beginning of period         567.1        338.3 
                                                                     
Cash and cash equivalents, end of period              $ 380.1       $ 368.5 
                                                                             


Schedule A
 Brown-Forman Corporation
  Supplemental Information (Unaudited)
                                                            
                                                                   
                                Three Months      Six Months       Fiscal Year
                                Ended             Ended            Ended
                                Oct 31, 2012      Oct 31, 2012     April 30,
                                                                   2012
                                                                   
                                                                   
                                                                   
  Reported change in net        0       %         2      %         6     %
  sales
  Impact of Hopland-based       3       %         4      %         2     %
  wine business sale
  Estimated net change in       2       %         (1     %)        1     %
  distributor inventories
  Impact of foreign             1       %         3      %         -
  currencies
                                                                   
  Underlying change in net      6       %         8      %         9     %
  sales
                                                                   
                                                                   
  Reported change in gross      4       %         7      %         4     %
  profit
  Estimated net change in       3       %         (1     %)        -
  distributor inventories
  Impact of Hopland-based       1       %         1      %         3     %
  wine business sale
  Impact of foreign             -                 3      %         1     %
  currencies
                                                                   
  Underlying change in          8       %         10     %         8     %
  gross profit
                                                                   
  Reported change in            0       %         1      %         8     %
  advertising
  Impact of Hopland-based       2       %         2      %         1     %
  wine business sale
  Impact of foreign             2       %         3      %         -
  currencies
                                                                   
  Underlying change in          4       %         6      %         9     %
  advertising
                                                                   
  Reported change in SG&A       8       %         8      %         6     %
  Impact of foreign             1       %         2      %         1     %
  currencies
  Dispute settlement            -                 -                (1    %)
                                                                   
  Underlying change in SG&A     9       %         10     %         6     %
                                                                   
  Reported change in            7       %         12     %         (8    %)
  operating income
  Estimated net change in       6       %         (2     %)        3     %
  distributor inventories
  Impact of Hopland-based       1       %         1      %         12    %
  wine business sale
  Impact of foreign             (5      %)        1      %         1     %
  currencies
  Dispute settlement            -                 -                1     %
                                                                   
  Underlying change in          9       %         12     %         9     %
  operating income
                                                                   

Notes:

Foreign currencies – Refers to net gains and losses incurred by the company
relating to sales and purchases in currencies other than the U.S. Dollar.
Brown-Forman uses the measure to understand the growth of the business on a
constant dollar basis as fluctuations in exchange rates can distort the
underlying growth of the business (both positively and negatively). To
neutralize the effect of foreign exchange fluctuations, the company has
translated current year results at prior year rates. While Brown-Forman
recognizes that foreign exchange volatility is a reality for a global company,
it routinely reviews its performance on a constant dollar basis. The company
believes this allows management and investors to understand Brown-Forman’s
growth trends.

Hopland-based wine business sale – Refers to the company’s April 2011 sale of
its Hopland, California-based wine business to Viña Concha y Toro S.A., whose
brands were retained in the company’s portfolio as agency brands through
December 31, 2011. This agency relationships resulted in fiscal 2012 reported
net sales of $79 million and $0.03 per diluted share. Included in this sale
were the Fetzer winery, bottling facility, and vineyards, as well as the
Fetzer brand and other Hopland, California-based wines, including Bonterra,
Little Black Dress, Jekel, Five Rivers, Bel Arbor, Coldwater Creek, and
Sanctuary. Also included in the sale was a facility in Paso Robles,
California.

Estimated net change in distributor inventories – Refers to the estimated
financial impact of changes in distributor inventories for the company’s
brands. Brown-Forman computes this effect using estimated depletion trends and
separately identifying trade inventory changes in the variance analysis for
key measures. Based on the estimated depletions and the fluctuations in
distributor inventory levels, the company then adjusts the percentage
variances from prior to current periods for our key measures. Brown-Forman
believes it is important to make this adjustment in order for management and
investors to understand the results of the business without distortions that
can arise from varying levels of distributor inventories.

Dispute settlement – Refers to the favorable resolution of a dispute in an
international market relating to the importation of our products. Management
believes that excluding this benefit provides helpful information in
forecasting and planning the growth expectations of the company.

The company cautions that non-GAAP measures should be considered in addition
to, but not as a substitute for, the company’s reported GAAP results.


Schedule B
Brown-Forman Corporation
Supplemental Information (Unaudited)
Six Months Ended October 31, 2012
                      % Change vs. YTD FY12
                        Depletions^1                   Net Sales^2
Brand                 9-Liter       Equivalent     Reported   Constant
                                        Conversion                    Currency
Jack Daniel’s         6     %       6     %        6    %     9    %
Family
Jack Daniel’s
Family of             7     %       7     %        7    %     10   %
Whiskey
Brands^3
Jack Daniel’s         5     %       5     %        1    %     5    %
RTD/RTP^4
el Jimador            (1    %)      (1    %)       1    %     6    %
Family
el Jimador            (2    %)      (2    %)       2    %     5    %
New Mix RTD^5         0     %       0     %        0    %     7    %
Finlandia             10    %       8     %        1    %     9    %
Family
Finlandia             7     %       7     %        (1   %)    8    %
Finlandia RTD         69    %       69    %        69   %     88   %
Southern              (4    %)      (2    %)       (7   %)    (5   %)
Comfort Family
Southern              (2    %)      (2    %)       (6   %)    (4   %)
Comfort^6
Southern              (14   %)      (14   %)       (17  %)    (16  %)
Comfort RTD/RTP
Canadian Mist         (2    %)      (2    %)       4    %     4    %
Korbel                4     %       4     %        13   %     13   %
Champagne
Super-Premium         9     %       9     %        15   %     17   %
Other^7
Rest of Brand
Portfolio
(excl.                17    %       17    %        13   %     19   %
Discontinued
Brands)
Total                 5     %       5     %        6    %     9    %
Portfolio^8
Note: Totals may differ due to rounding

___________________
^1 Depletions are shipments direct to retail or from distributors to wholesale
and retail customers, and are commonly regarded in the industry as an
approximate measure of consumer demand.
^2 Net sales is a shipment based metric; shipments and depletions can be
different due to timing
^3 Jack Daniel’s brand family excluding RTD/RTP line extensions
^4 Refers to all RTD and ready-to-pour (RTP) line extensions of Jack Daniel’s
^5 RTD brand produced with el Jimador tequila
^6 Includes Southern Comfort, Southern Comfort Reserve, and Southern Comfort
flavors
^7 Includes Herradura, Woodford Reserve, Tuaca and Chambord liqueur and
flavored vodka
^8 Total Portfolio includes all existing active brands


Contact:

Brown-Forman Corporation
Phil Lynch, 502-774-7928
Vice President
Director Corporate Communications and Public Relations
or
Jay Koval, 502-774-6903
Vice President
Director Investor Relations