Brown-Forman Reports Strong First Half Results

  Brown-Forman Reports Strong First Half Results

Maintains Full Year Growth Outlook

Business Wire

LOUISVILLE, Ky. -- December 4, 2013

Brown-Forman Corporation (NYSE:BFA) (NYSE:BFB) today reported financial
results for its second quarter and the first half of fiscal 2014 ended October
31, 2013. The company’s reported net sales grew by 6% to $1,079 million in the
quarter^1, and increased 8% on an underlying basis^2. Reported operating
income grew 19% to $311 million, and increased 21% on an underlying basis.
Diluted earnings per share in the second quarter increased 19% to $0.96
compared to $0.80 in the prior year period. For the first six months of the
year, reported net sales increased 4% (+7% on an underlying basis), reported
operating income increased 9% (+13% on an underlying basis), and diluted
earnings per share increased 9% to $1.62.

Paul Varga, the company’s chief executive officer said, “Fueled by the Jack
Daniel’s trademark, the company’s second quarter and first half results were
very strong. We continued to generate an excellent balance of geographic
growth, including strong growth in the emerging markets.”

Varga added, “We are particularly pleased with Brown-Forman’s results in light
of recent industry commentary around a slowdown in global spirits momentum,
and we are reaffirming our expectations for excellent full year growth in
underlying operating income.”

Year-to-Date Fiscal 2014 Highlights

  *Underlying net sales increased 7% year-to-date:

       *Jack Daniel’s trademark grew underlying sales 10%
       *Emerging markets underlying sales grew 7% (6% reported, 6% constant
         currency)
       *Price/mix contributed over 3% points to underlying sales growth, and
         led to a 100bps expansion in reported gross margins
       *Super-premium whiskey brands grew underlying sales by 18%, including
         27% growth from Woodford Reserve
       *Herradura and el Jimador grew underlying sales by 7% and 2%,
         respectively

  *Underlying operating income increased 13%

Year-to-Date Fiscal 2014 Performance

The company’s underlying net sales growth of 7% in the first half of fiscal
2014 was driven by geographically balanced revenue growth. Emerging markets
underlying growth rate of 7% was powered by continued strength across a wide
range of countries, including China, Brazil, Russia, Thailand, Turkey and
India, with each country delivering double-digit growth. Mexico and Poland
were down low single-digits, dampening the overall rate of growth in the
emerging markets.

Underlying net sales in the United States grew 5% (2% reported, 2% constant
currency), driven by the combination of strong price/mix and volume growth.
Underlying net sales in developed markets outside of the United States grew by
7% (5% reported, 8% constant currency). Growth was particularly strong in the
United Kingdom, France and Japan with each delivering low double-digit growth.
Australia and Germany’s underlying sales were each up low single-digits.

Global price/mix contributed approximately three points to underlying net
sales growth in the first half and helped drive 100bps of gross margin
expansion, yielding an 8% increase in underlying gross profits (7% reported).

The company’s North American whiskey portfolio continued to grow globally, led
by 10% underlying net sales growth for the Jack Daniel’s trademark. The Jack
Daniel’s family of brands enjoyed strong underlying demand across price points
and brand extensions. Jack Daniel’s Tennessee Honey grew underlying net sales
by 30%, driven by the brand’s introduction to several new markets outside of
the United States and double-digit growth in the United States. Gentleman Jack
grew underlying net sales by 19% on the heels of the recently launched “Order
of the Gentleman” television campaign and a significant increase in total
media spend. Jack Daniel’s Single Barrel grew underlying net sales 7% and Jack
Daniel’s RTDs grew 4% despite a challenging market in Australia.

Other brands within the company’s leading portfolio of North American whiskeys
also performed well. Woodford Reserve grew underlying net sales by 27%
globally. Old Forester grew underlying net sales by 16%, Early Times family of
brands grew underlying sales 5%, and Canadian Mist’s family grew underlying
sales 1%.

In vodka, Finlandia’s family of brands’ underlying net sales increased by 1%,
driven by double-digit gains in Russia. Underlying sales were negatively
impacted in Poland by customer buy-ins at the end of fiscal 2013 ahead of a
price increase implemented at the beginning of fiscal 2014.

In tequilas, Herradura grew underlying net sales by 7% as the brand enjoyed
solid growth in the United States and Mexico. El Jimador’s underlying net
sales grew 2% as the Mexican marketplace for mainstream tequilas remained
competitive. New Mix RTDs’ underlying net sales decline of 16% in the first
half of the year was negatively impacted by inventory adjustments following
price increases taken at the end of fiscal 2013.

Southern Comfort’s family of brands’ underlying net sales declined 4%. Sales
growth of 1% outside of the United States was more than offset by declines in
the United States, where the competitive environment for liqueurs remained
challenging, particularly in the on-premise.

Sonoma-Cutrer grew underlying net sales mid single-digits as the brand
continued to enjoy strong brand loyalty and pricing power as the #1 selling
super-premium chardonnay. Korbel grew underlying net sales by 8%.

Underlying global A&P spend increased 8% in the first half (8% reported) as
the company continued to invest significantly behind its brand-building
activities. The company has seen near-term success from the increased media
spend behind Gentleman Jack and Woodford Reserve, as well as supporting the
global rollout of Jack Daniel’s Tennessee Honey. Underlying SG&A increased 4%
(3% reported), helped by the favorable timing of expenses. Underlying
operating income grew 13% year-to-date, with operating margins up 115bps.

Dividends and Share Buyback

On November 21, 2013, Brown-Forman declared a regular quarterly cash dividend
of $0.29 per share on Class A and Class B common stock, a 13.7% increase over
the prior dividend, indicating an annualized cash dividend of $1.16 per share.
This marked Brown-Forman’s 68th consecutive year of paying quarterly dividends
and the 30th consecutive year it increased the dividend. The cash dividend is
payable on December 27, 2013, to stockholders of record on December 4, 2013.

On September 25, 2013, the board of directors authorized a $250 million share
repurchase program commencing October 1, 2013, through September 30, 2014,
subject to market and other conditions. During the second quarter, the company
repurchased a combined total of 0.7 million Class A and Class B shares for $47
million, at an average price of $69.00 per share.

Fiscal Year 2014 Outlook

The company is reaffirming its growth outlook for fiscal 2014. For the full
year, the company anticipates high-single digit growth in underlying sales and
a 9-11% increase in underlying operating income, which would result in diluted
earnings per share of $2.80-3.00. The EPS outlook for fiscal 2014 includes an
estimated negative effect of $0.06 per diluted share related to the expected
decrease in net inventories from the route-to-consumer change in France on
January 1, 2014. SG&A in the back half of fiscal 2014 will be negatively
impacted by this transition to an owned distribution model. Foreign exchange
is now expected to be neutral to full year EPS compared to the prior 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 97168492. 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 ending October 31,
2013, and the reasons why management believes these adjustments to be useful
to the reader, are included in Schedule A in this press release. Underlying
sales references are on a constant currency basis and adjusted for estimated
changes in distributor inventories. Year-to-date reported, constant currency,
and underlying sales growth rates for our major brand families are included in
Schedule B to this press release. Supplemental information related to fiscal
2014 year-to-date underlying net sales growth rates discussed in this release
is provided below:

Super-premium whiskey brands include Jack Daniel’s Single Barrel, Gentleman
Jack, Woodford Reserve and Collingwood. These brands grew reported net sales
12% and constant currency 13%. Woodford Reserve grew reported net sales 25%
and constant currency 25%. Herradura grew reported net sales 3% and constant
currency 2%. Jack Daniel’s Tennessee Honey grew reported net sales 22% and
constant currency 23%. Gentleman Jack grew reported net sales 12% and constant
currency 14%. Jack Daniel’s Single Barrel’s reported net sales declined 1% and
constant currency also declined 1%. Old Forester grew reported net sales 27%
and constant currency 27%. Early Times reported net sales declined 7% and
constant currency declined 3%. Korbel grew reported net sales 3% and constant
currency 3%.

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,” “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, or 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.






Brown-Forman Corporation
Unaudited Consolidated Statements of Operations
For the Three Months October 31, 2012 and 2013
(Dollars in millions, except per share amounts)

                                           2012         2013         Change
                                                                        
Net sales                                   $ 1,014       $ 1,079       6   %
Excise taxes                                  237           246         4   %
Cost of sales                                252         257        2   %
Gross profit                                  525           576         10  %
Advertising expenses                          107           111         4   %
Selling, general, and administrative          159           162         2   %
expenses
Other (income) expense, net                  (3      )    (8      )
Operating income                              262           311         19  %
Interest expense, net                        4           6       
Income before income taxes                    258           305         18  %
Income taxes                                 85          99      
Net income                                  $ 173        $ 206        19  %
                                                                        
Earnings per share:
Basic                                       $ 0.81        $ 0.97        19  %
Diluted                                     $ 0.80        $ 0.96        19  %
                                                                        
Gross margin                                  51.7    %     53.4    %
Operating margin                              25.9    %     28.8    %
                                                                        
Effective tax rate                            32.8    %     32.4    %
                                                                        
Cash dividends paid per common share        $ 0.233       $ 0.255
                                                                        
Shares (in thousands) used in the
calculation of earnings per share
Basic                                         213,276       213,587
Diluted                                       214,891       215,204







Brown-Forman Corporation
Unaudited Consolidated Statements of Operations
For the Six Months Ended October 31, 2012 and 2013
(Dollars in millions, except per share amounts)

                                           2012         2013         Change
                                                                        
Net sales                                   $ 1,892       $ 1,975       4   %
Excise taxes                                  449           455         1   %
Cost of sales                                454         467        3   %
Gross profit                                  989           1,053       7   %
Advertising expenses                          199           214         8   %
Selling, general, and administrative          308           318         3   %
expenses
Other (income) expense, net                  (2      )    (7      )
Operating income                              484           528         9   %
Interest expense, net                        10          12      
Income before income taxes                    474           516         9   %
Income taxes                                 154         167     
Net income                                  $ 320        $ 349        9   %
                                                                        
Earnings per share:
Basic                                       $ 1.50        $ 1.63        9   %
Diluted                                     $ 1.49        $ 1.62        9   %
                                                                        
Gross margin                                  52.3    %     53.3    %
Operating margin                              25.6    %     26.7    %
                                                                        
Effective tax rate                            32.5    %     32.4    %
                                                                        
Cash dividends paid per common share        $ 0.467       $ 0.510
                                                                        
Shares (in thousands) used in the
calculation of earnings per share
Basic                                         213,220       213,634
Diluted                                       214,843       215,248







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

                                            April 30,  October 31,
                                             2013        2013
Assets:
Cash and cash equivalents                    $  204      $   192
Accounts receivable, net                        548          729
Inventories                                     827          901
Other current assets                           242         211
Total current assets                            1,821        2,033
                                                         
Property, plant, and equipment, net             450          483
Goodwill                                        617          620
Other intangible assets                         668          671
Other assets                                   70          75
Total assets                                 $  3,626    $   3,882
                                                         
Liabilities:
Accounts payable and accrued expenses        $  451      $   513
Short-term borrowings                           3            6
Current portion of long-term debt               2            1
Other current liabilities                      17          22
Total current liabilities                       473          542
                                                         
Long-term debt                                  997          997
Deferred income taxes                           180          199
Accrued postretirement benefits                 280          242
Other liabilities                              68          64
Total liabilities                               1,998        2,044
                                                         
Stockholders’ equity                           1,628       1,838
                                                         
Total liabilities and stockholders’ equity   $  3,626    $   3,882







Brown-Forman Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
For the Six Months Ended October 31, 2012 and 2013
(Dollars in millions)

                                                          2012      2013
                                                                      
Cash provided by operating activities                      $ 165      $ 201
                                                                      
Cash flows from investing activities:
Additions to property, plant, and equipment                 (39  )    (60  )
Cash used for investing activities                           (39  )     (60  )
                                                                      
Cash flows from financing activities:
Net issuance of debt                                         3          2
Acquisition of treasury stock                                --         (49  )
Dividends paid                                               (100 )     (109 )
Other                                                       3        3    
Cash used for financing activities                           (94  )     (153 )
                                                                      
Effect of exchange rate changes on cash and cash            (1   )    --   
equivalents
                                                                      
Net increase (decrease) in cash and cash equivalents         31         (12  )
                                                                      
Cash and cash equivalents, beginning of period              338      204  
                                                                      
Cash and cash equivalents, end of period                   $ 369     $ 192  







Schedule A

Brown-Forman Corporation
Supplemental Information (Unaudited)
                                                            
                                                                    
                                   Three Months      Six Months     Fiscal
                                   Ended             Ended          Year Ended
                                   October 31,       October 31,    Apr 30,
                                   2013              2013           2013
                                                                    
                                                                    
        Reported change in         6       %         4      %       5     %
        net sales
        Estimated net
        change in                  1       %         2      %       (1    %)
        distributor
        inventories
        Impact of foreign          1       %         1      %       1     %
        currencies
        Impact of
        Hopland-based wine         -                 -              2     %
        business sale
                                                                    
        Underlying change          8       %         7      %       8     %
        in net sales
                                                                    
                                                                    
        Reported change in         10      %         7      %       9     %
        gross profit
        Impact of foreign          1       %         -              1     %
        currencies
        Estimated net
        change in                  -                 1      %       (1    %)
        distributor
        inventories
        Impact of
        Hopland-based wine         -                 -              1     %
        business sale
                                                                    
        Underlying change          11      %         8      %       10    %
        in gross profit
                                                                    
        Reported change in         4       %         8      %       3     %
        advertising
        Impact of foreign          1       %         -              2     %
        currencies
        Impact of
        Hopland-based wine         -                 -              1     %
        business sale
                                                                    
        Underlying change          5       %         8      %       6     %
        in advertising
                                                                    
        Reported change in         2       %         3      %       7     %
        SG&A
        Impact of
        Hopland-based wine         -                 -              -
        business sale
        Impact of foreign          -                 1      %       1     %
        currencies
                                                                    
        Underlying change          2       %         4      %       8     %
        in SG&A
                                                                    
        Reported change in         19      %         9      %       14    %
        operating income
        Estimated net
        change in                  2       %         4      %       (3    %)
        distributor
        inventories
        Impact of
        Hopland-based wine         -                 -              1     %
        business sale
        Impact of foreign          -                 (1     %)      1     %
        currencies
                                                                    
        Underlying change
        in operating               21      %         13     %       13    %
        income
                                                                    
        Note: Totals may
        differ due to
        rounding


Notes:
Impact of 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 both management and investors to understand better
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., which
remained as agency brands through December 31, 2011. 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 trade inventories” refers to the estimated financial
impact of changes in distributor inventories for the company’s brands. This
impact is calculated using depletion information provided to the company by
its distributors to estimate the effect of distributor inventory changes on
changes in the company’s key measures. The company believes that separately
identifying the impact of this item presents a more accurate picture of
underlying demand for the business.

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, 2013

                  % Change vs. YTD FY13
                   Depletions^1              Net Sales^2
                               Equivalent                Constant
Brand             9-Liter                  Reported            Underlying
                               Conversion^3              Currency
Jack Daniel’s     4    %     6      %      7    %    8    %    10    %
Family
Jack Daniel’s
Family of         7    %     7      %      8    %    9    %    11    %
Whiskey
Brands^4
Jack Daniel’s     0    %     0      %      2    %    7    %    4     %
RTD/RTP^5
el Jimador        (17  %)    (8     %)     (7   %)   (8   %)   (5    %)
Family
el Jimador        (3   %)    (3     %)     (3   %)   (3   %)   2     %
New Mix RTD^6     (20  %)    (20    %)     (13  %)   (15  %)   (15   %)
Finlandia         2    %     3      %      (1   %)   (2   %)   1     %
Family
Finlandia         3    %     3      %      (1   %)   (2   %)   2     %
Finlandia RTD     (7   %)    (7     %)     (4   %)   (7   %)   (8    %)
Southern          (4   %)    (5     %)     (6   %)   (5   %)   (4    %)
Comfort Family
Southern          (5   %)    (5     %)     (6   %)   (6   %)   (4    %)
Comfort^7
Southern          (2   %)    (2     %)     (5   %)   2    %    (2    %)
Comfort RTD/RTP
Canadian Mist     1    %     1      %      (1   %)   (1   %)   1     %
Korbel            4    %     4      %      3    %    3    %    8     %
Champagne
Super-Premium     4    %     4      %      6    %    6    %    8     %
Other^8
Rest of Brand
Portfolio
                  (4   %)    (4     %)     (2   %)   (2   %)   1     %
(excl.
Discontinued
Brands)
Total Portfolio   (1   %)    3      %      4    %    5    %    7     %

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.Constant currency change is a non-GAAP measure that
represents the percentage change in financial results reported in accordance
with GAAP, but with the impact of foreign currency fluctuations
removed.Underlying change is a non-GAAP measure that represents constant
currency change further adjusted for items that we believe do not reflect the
underlying performance of our business.To calculate underlying change for
the first half of fiscal 2014, we adjust constant currency change for
estimated net changes in trade inventories.Please see the Notes to Schedule
A of this press release for additional information on the impact of foreign
currencies and estimated net change in distributor inventories and the reasons
why we believe that the presentation of these non-GAAP financial measures
provides useful information to investors
^3 Equivalent conversion depletions represent the conversion of ready-to-drink
(RTD) brands to a similar drinks equivalent as the parent brand for various
trademark families. RTD volume is divided by 10
^4 Jack Daniel’s brand family excluding RTD/RTP line extensions
^5 Refers to all RTD and ready-to-pour (RTP) line extensions of Jack Daniel’s
^6 RTD brand produced with el Jimador tequila
^7 Includes Southern Comfort, Southern Comfort Reserve, and Southern Comfort
flavors
^8 Includes Sonoma-Cutrer, Herradura, Woodford Reserve Family, Tuaca Family
and Chambord liqueur and flavored vodka

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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