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Brown-Forman Declares Cash Dividend



  Brown-Forman Declares Cash Dividend

Business Wire

LOUISVILLE, Ky. -- January 23, 2014

Brown-Forman’s (NYSE:BFA) (NYSE:BFB) Board of Directors declared a regular
quarterly cash dividend of 29 cents per share on its Class A and Class B
Common Stock. Stockholders of record on March 7, 2014 will receive the cash
dividend on April 1, 2014.

Brown-Forman has paid regular quarterly cash dividends for 68 consecutive
years and has increased the dividend for 30 consecutive years. Brown-Forman is
a member of the prestigious Standard & Poor’s 500 Dividend Aristocrats Index
which is comprised of an elite list of companies selected by Standard & Poor’s
that have consistently increased their cash dividend every year for over 25
years.

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,” “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.

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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