Brown-Forman Declares Cash Dividend

LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation’s (NYSE: BFA) (NYSE: BFB) Board of Directors
declared a regular quarterly cash dividend of $0.166 cents per share on
its Class A and Class B Common Stock. Stockholders of record on June 6,
2019 will receive the cash dividend on July 1, 2019.

Brown-Forman has paid regular quarterly cash dividends for 73
consecutive years and has increased the dividend 35 consecutive years.
Brown-Forman is a member of the prestigious Standard & Poor’s 500
Dividend Aristocrats Index, which is composed of companies that have
increased their cash dividend every year for at least 25 years.

For nearly 150 years, Brown-Forman Corporation has enriched the
experience of life by responsibly building fine quality beverage alcohol
brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s RTDs,
Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Gentleman
Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador,
Woodford Reserve, Old Forester, Canadian Mist, Herradura, New Mix,
Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach and Slane.
Brown-Forman’s brands are supported by over 4,800 employees and sold in
more than 170 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,”
“can,” “continue,” “could,” “envision,” “estimate,” “expect,”
“expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,”
“pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words
indicate 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 uncertainties include, but
are not limited to:

  • Unfavorable global or regional economic conditions and related low
    consumer confidence, high unemployment, weak credit or capital
    markets, budget deficits, burdensome government debt, austerity
    measures, higher interest rates, higher taxes, 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 commercial, political, and financial risks;
    local labor policies and conditions; protectionist trade policies, or
    economic or trade sanctions, including potential retaliatory tariffs
    on American spirits and the effectiveness of our actions to mitigate
    the potential negative impact on our sales and distributors;
    compliance with local trade practices and other regulations, including
    anti-corruption laws; terrorism; and health pandemics
  • Fluctuations in foreign currency exchange rates, particularly a
    stronger U.S. dollar
  • Changes in laws, regulations, or policies – especially those that
    affect the production, importation, marketing, labeling, pricing,
    distribution, sale, or consumption of our beverage alcohol products
  • Tax rate changes (including excise, sales, VAT, tariffs, duties,
    corporate, individual income, dividends, or capital gains) or changes
    in related reserves, changes in tax rules or accounting standards, and
    the unpredictability and suddenness with which they can occur
  • The impact of U.S. tax reform legislation, including as a result of
    future regulations and guidance interpreting the statute
  • Dependence upon the continued growth of the Jack Daniel’s family of
    brands
  • Changes in consumer preferences, consumption, or purchase patterns –
    particularly away from larger producers in favor of small distilleries
    or local producers, or away from brown spirits, our premium products,
    or spirits generally, and our ability to anticipate or react to them;
    legalization of marijuana use on a more widespread basis; shifts in
    consumer purchase practices from traditional to e-commerce retailers;
    bar, restaurant, travel, or other on-premise declines; shifts in
    demographic or health and wellness trends; or unfavorable consumer
    reaction to new products, line extensions, package changes, product
    reformulations, or other product innovation
  • Decline in the social acceptability of beverage alcohol in significant
    markets
  • Production facility, aging warehouse, or supply chain disruption
  • Imprecision in supply/demand forecasting
  • Higher costs, lower quality, or unavailability of energy, water, raw
    materials, product ingredients, labor, 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 higher fixed costs
  • Inventory fluctuations in our products by distributors, wholesalers,
    or retailers
  • Competitors’ and retailers’ consolidation or other competitive
    activities, such as pricing actions (including price reductions,
    promotions, discounting, couponing, or free goods), marketing,
    category expansion, product introductions, or entry or expansion in
    our geographic markets or distribution networks
  • Risks associated with acquisitions, dispositions, business
    partnerships, or investments – such as acquisition integration,
    termination difficulties or costs, or impairment in recorded value
  • Inadequate protection of our intellectual property rights
  • Product recalls or other product liability claims, or product
    counterfeiting, tampering, contamination, or quality issues
  • Significant legal disputes and proceedings, or government
    investigations
  • Failure or breach of key information technology systems
  • Negative publicity related to our company, brands, marketing,
    personnel, operations, business performance, or prospects
  • Failure to attract or retain key executive or employee talent
  • Our status as a family “controlled company” under New York Stock
    Exchange rules, and our dual class share structure

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 Securities and Exchange Commission.

Contacts

Rob Frederick
Vice President
Corporate Communications
502-774-7707

Jay Koval
Vice President
Investor Relations
502-774-6903

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