Brown-Forman Increases Cash Dividend 13.7%; Extends Revolving Credit Facility

  Brown-Forman Increases Cash Dividend 13.7%; Extends Revolving Credit
  Facility

Business Wire

LOUISVILLE, Ky. -- November 21, 2013

Brown-Forman (NYSE:BFA) (NYSE:BFB) announced today that its Board of Directors
increased its quarterly cash dividend on its Class A and Class B Common Stock
by 13.7% to 29 cents per share from the prior quarter’s 25½ cents per share.
As a result, the indicated annual cash dividend will rise from $l.02 per share
to $1.16 per share.

Stockholders of record on December 4, 2013 will receive the cash dividend on
December 27, 2013. Three years ago the company accelerated the regular
dividend payment date from January into December, and intends to maintain a
dividend payment schedule of April, July, October and December for the
foreseeable future.

Paul Varga, Chief Executive Officer, said, “This increase in our dividend
reflects a number of factors, most notably the continuing progress of the
company since we last increased our dividend one year ago, as well as our
expectations of continuing growth.” Varga added, “The fact that this rise in
the dividend comes on top of our most significant capital expenditure
reinvestment in years is a testament to the strength of our cash flows and the
quality of our balance sheet.”

This marks Brown-Forman’s 68^th consecutive year of quarterly dividends and
the 30^th consecutive year it has increased the annualized dividend.
Brown-Forman is a member of the prestigious Standard & Poor’s 500 Dividend
Aristocrats Index which is comprised of an elite list of only 54 companies
that have increased their cash dividend every year for over 25 years.

Separately, the company announced that it has extended its unsecured $800
million revolving credit facility. The maturity date was extended from
November 20, 2017 to November 20, 2018.

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/.

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,” “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.

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
 
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