Brown-Forman Evolves Asia Pacific Structure

  Brown-Forman Evolves Asia Pacific Structure

Business Wire

LOUISVILLE, Ky. -- October 10, 2013

Brown-Forman (NYSE: BFA) (NYSE: BFB) announced today the restructuring of its
Asia Pacific (APAC) region into two new regions, effective November 1, 2013.
The existing Asia Pacific region will be restructured into the Australia, New
Zealand, and Southeast Asia region (ANZSEA) and the North Asia region (NA).
Michael McShane will serve as managing director, ANZSEA, based in Sydney, and
Trevor Smith as managing director, NA, based in Hong Kong.

"The Asia Pacific area remains key to Brown-Forman's long-term growth
strategy," said Mark McCallum, executive vice president, Europe/Africa/Asia
Pacific/Travel Retail, Brown-Forman Corporation. "These changes are being made
to further strengthen our organizational focus and allocation of resources
against our strategic priorities in this vast region.”

McShane and Smith are long-standing Brown-Forman executives with considerable
experience in the Asia Pacific arena.

McShane most recently served as senior vice president, managing director, Asia
Pacific, based in Hong Kong. He has held a number of positions within
Brown-Forman, including managing director, North Asia, and managing director,
Australia. McShane also served as the chairman of the Distilled Spirits
Industry Council of Australia and is an active participant in industry forums
across the Asia Pacific region.

Smith most recently served as vice president, director, finance, Asia Pacific,
based in Hong Kong, and as a key member of the APAC leadership team. Smith has
held a number of leadership positions at Brown-Forman, including director of
Internal Audit.

Marshall Farrer, current managing director of Australia, New Zealand, will
return to the company’s Louisville, KY, headquarters later this year after
four successful years at the helm of the company's second largest market as
measured by net sales.

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/.

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,” “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:

  *Unfavorable global or regional economic conditions, and related low
    consumer confidence, high unemployment, weak credit or capital markets,
    sovereign debt defaults, sequestrations, austerity measures, higher
    interest rates, political instability, higher inflation, deflation, lower
    returns on pension assets, or lower discount rates for pension obligations
  *Risks associated with being a U.S.-based company with global operations,
    including political or civil unrest; local labor policies and conditions;
    protectionist trade policies; compliance with local trade practices and
    other regulations, including anti-corruption laws; terrorism; and health
    pandemics
  *Fluctuations in foreign currency exchange rates
  *Changes in laws, regulations or policies - especially those that affect
    the production, importation, marketing, sale or consumption of our
    beverage alcohol products
  *Tax rate changes (including excise, sales, VAT, tariffs, duties,
    corporate, individual income, dividends, capital gains) or changes 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
  *Dependence upon the continued growth of the Jack Daniel’s family of brands
  *Changes in consumer preferences, consumption or purchase patterns -
    particularly away from brown spirits, our premium products, or spirits
    generally, and our ability to anticipate and react to them; decline in the
    social acceptability of beverage alcohol products in significant markets;
    bar, restaurant, travel or other on-premise declines
  *Production facility, aging warehouse or supply chain disruption;
    imprecision in supply/demand forecasting
  *Higher costs, lower quality or unavailability of energy, input materials
    or finished goods
  *Route-to-consumer changes that affect the timing of our sales, temporarily
    disrupt the marketing or sale of our products, for result in
    implementation-related or higher fixed costs
  *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 or
    distribution networks

  *Risks associated with acquisitions, dispositions, business partnerships or
    investments - such as acquisition integration, or termination difficulties
    or costs, or impairment in recorded value
  *Insufficient protection of our intellectual property rights
  *Product counterfeiting, tampering, or recall, or product quality issues
  *Significant legal disputes and proceedings; government investigations
    (particularly of industry or company business, trade or marketing
    practices)
  *Failure or breach of key information technology systems
  *Negative publicity related to our company, brands, marketing, personnel,
    operations, business performance or prospects
  *Business disruption, decline or costs related to organizational changes,
    reductions in workforce or other cost-cutting measures, or our failure to
    attract or retain key executive or employee talent

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 SEC.

Use of Non-GAAP Financial Information This press release includes measures not
derived in accordance with generally accepted accounting principles (“GAAP”),
including constant currency net sales, underlying net sales and underlying
operating income. These measures should not be considered in isolation or as a
substitute for any measure derived in accordance with GAAP, and also may be
inconsistent with similar measures presented by other companies.
Reconciliations of these measures to the most closely comparable GAAP
measures, and reasons for the company’s use of these measures, are presented
on Schedule A attached hereto.

Contact:

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