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Press Release

Brown-Forman Grows Earnings Per Share 1% to $2.87 - Fiscal 2009 Underlying1 Operating Income Increases 4%; Reported Operating Income Declines 4%

Company Release - 6/10/2009 7:52 AM ET

LOUISVILLE, Ky.--(BUSINESS WIRE)-- Brown-Forman Corporation (NYSE:BFA) (NYSE:BFB) reported that diluted earnings per share from continuing operations2 increased 1% to $2.87 for its year ended April 30, 2009. Reported operating income decreased 4% to $661 million for fiscal 2009. Adjusting for the items in Schedule A of this press release, underlying operating income grew 4% for the year. Fiscal 2009 reported operating margin (operating income as a percent of net sales) remained strong at nearly 21%, consistent with fiscal 2008. In addition, Brown-Forman's return on invested capital3 approximated 16% while operating cash flows approached $500 million.

Paul Varga, the company's chief executive officer stated, "Given today's global economy, we are pleased with our company's fiscal 2009 results. We were able to deliver earnings growth despite significant global economic and foreign exchange headwinds. We believe our underlying operating income growth rate continues to be in the top tier of major wine and spirit companies. Most importantly, in an environment where good health cannot be taken for granted, Brown-Forman remains a strong and healthy company."

During fiscal 2009, Brown-Forman's total shareholder returns4 outperformed the S&P 500's by over 20 percentage points. The company ranked at or near the top of public spirits companies and outstripped the S&P 500 over the last five-, 10-, and 15-year periods. Varga added, "We are proud to have a track record of outperforming our total shareholder return benchmarks over the short term and long term, and in good economies and bad."

Brown-Forman's reported net sales of $3.2 billion for the fiscal year ended April 30, 2009 declined 3% when compared with fiscal 2008. Underlying net sales grew 3% for the year. The primary brands that drove underlying net sales growth were Jack Daniel's Tennessee Whiskey, Finlandia, Gentleman Jack, and New Mix5. Poland, Australia, the United Kingdom, Mexico, the United States, and Russia were the major geographical contributors to underlying net sales growth for the year. Despite the significant strengthening of the U.S. dollar during fiscal 2009, international revenues still contributed more than 52% of net sales. Schedule C contains more detailed depletion6 and net sales information by brand.

Brown-Forman gained one percentage point of income statement leverage between underlying sales growth of 3% and underlying operating income growth of 4%. Benefits of price increases were partially offset by a higher cost environment for grain and fuel. Throughout the year, the company reallocated spending and adjusted its promotional mix to those brands, markets, and channels where it believed the consumer and trade were most responsive to the investments during the challenging and volatile economic environment. These adjustments included increased spending for value-added packaging and selective consumer price promotion programs. In addition, savings from tight management of discretionary spending as well as lower performance-related costs, such as incentive compensation, also contributed to the growth in operating income for the year.

Brown-Forman's balance sheet remained strong and the company maintained an "A2" rating from Moody's and an "A" rating from Standard & Poor's throughout fiscal 2009. The company's healthy balance sheet allowed it to have uninterrupted access to commercial paper markets, to complete the sale of $250 million in aggregate principal amount of 5% Notes in January 2009, and to repurchase $39 million of cumulative Class A and Class B Common Shares in fiscal 2009. During fiscal 2009, Brown-Forman paid cash dividends totaling $169 million on its Class A and Class B Common Stock, representing a fiscal year increase of 7%. This marks Brown-Forman's 63rd consecutive year of quarterly dividends and the company has increased its annual dividend per share for the past 25 consecutive years.

Fourth Quarter

Fiscal 2009 fourth quarter diluted earnings per share declined 19% over the same prior year period to $0.53 and operating income decreased 10% to $121 million, due primarily to the costs associated with the reduction in workforce and distributor inventory reductions. Underlying operating income grew 1% for the quarter versus the same period in fiscal 2008.

Fiscal 2010 Outlook

The company is projecting modest underlying growth in operating income for fiscal 2010, despite an expectation that the consumer and trade environment will continue to be challenging. Reported results are expected to be significantly impacted by the dramatic strengthening the U.S. dollar experienced in the middle of fiscal 2009. At recent spot rates, fiscal 2010 earnings per share would be reduced by approximately $0.12, net of hedged foreign currency exposure. Given the general uncertainties of the current environment, the company projects fiscal 2010 earnings per share to be in the range of $2.60 to $3.00. The improvement or deterioration of the global economic and consumer environment, changes in distributor and retail inventory, and foreign exchange fluctuations will most likely affect the company's actual performance within this range.

Commenting on the guidance, Varga said, "We are assuming that the business challenges and uncertainty of today will persist during fiscal 2010. While we expect foreign exchange to negatively affect reported earnings and recognize the possibility that further inventory reductions may occur, we are targeting modest growth in underlying operating income. Longer term, we remain confident about the growth opportunities for our brands and our company."

The following table lists the fiscal 2009 factors that the guidance assumes will not affect fiscal 2010 earnings and illustrates the currently anticipated factors that influence the guidance:

                                                              EPS Roll Forward

Fiscal 2009 Reported EPS                                      $2.87

Absence of Fiscal 2009 Items:

Non-cash Agave Charge                                         0.11

Gain on Italian Wine Divestiture                              (0.13)

Reduction in Workforce Charge                                 0.05

Fiscal 2009 Adjusted EPS7                                     $2.90

Incremental Change Considering Underlying Growth Targets and  (0.18) to 0.22
Economic Uncertainty

Fiscal 2010 EPS Excluding Foreign Exchange At Recent Rates    $2.72 to $3.12

Estimated Foreign Exchange Impact At Recent Rates             (0.12)

Fiscal 2010 EPS Guidance                                      $2.60 to $3.00

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 and ask for the Brown-Forman call. No password is required. 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 Web site,, through a link to "Investor Relations." For those unable to participate in the live call, a replay will be available by calling 800-642-1687 (U.S.) or 706-645-9291 (international). The identification code is 11887445. A digital audio recording of the conference call will also be available on the Web site approximately one hour after the conclusion of the conference call. The replay will be available for at least 30 days following the conference call.

Brown-Forman Corporation is a producer and marketer of fine quality beverage alcohol brands, including Jack Daniel's, Southern Comfort, Finlandia, Canadian Mist, Fetzer, Korbel, Gentleman Jack, el Jimador, Tequila Herradura, Sonoma-Cutrer, Chambord, Tuaca, Woodford Reserve, and Bonterra.

Important Information on Forward-Looking Statements:

This report contains statements, estimates, and projections that are "forward-looking statements" as defined under U.S. federal securities laws. Words such as "expect," "believe," "intend," "estimate," "will," "may," "anticipate," "project," 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:

    --  deepening or expansion of the global economic downturn or turmoil in
        financial and equity markets (and related credit and capital market
        instability and illiquidity; decreased consumer and trade spending;
        higher unemployment; supplier, customer or consumer credit or other
        financial problems; further inventory reductions by distributors,
        wholesalers, or retailers; bank failures or governmental
        nationalizations, etc.)
    --  competitors' pricing actions (including price promotions, discounting,
        couponing or free goods), marketing, product introductions, or other
        competitive activities aimed at our brands
    --  trade or consumer reaction to our product line extensions or new
        marketing initiatives
    --  further decline in consumer confidence or spending, whether related to
        global economic conditions, wars, natural disasters, pandemics (such as
        swine flu), terrorist attacks or other factors
    --  increases in tax rates (including excise, sales, corporate, individual
        income, dividends, capital gains), changes in tax rules (e.g., LIFO,
        foreign income deferral, U.S. manufacturing deduction) or accounting
        standards, tariffs, or other restrictions affecting beverage alcohol,
        and the unpredictability and suddenness with which they can occur
    --  trade or consumer resistance to price increases in our products
    --  tighter governmental restrictions on our ability to produce and market
        our products, including advertising and promotion
    --  business disruption, decline or costs related to reductions in workforce
        or other cost-cutting measures
    --  lower returns on pension assets, higher interest rates on debt, or
        significant changes in recent inflation rates (whether up or down)
    --  fluctuations in the U.S. dollar against foreign currencies, especially
        the British pound, euro, Australian dollar, or Polish zloty
    --  reduced bar, restaurant, hotel and other on-premise business; consumer
        shifts to discount stores to buy our products; or other price-sensitive
        consumer behavior
    --  changes in consumer preferences, societal attitudes or cultural trends
        that result in reduced consumption of our products
    --  distribution arrangement changes that affect the timing of our sales or
        limit our ability to market or sell our products
    --  adverse impacts resulting from our acquisitions, dispositions, joint
        ventures, business partnerships, or portfolio strategies
    --  lower profits, due to factors such as fewer used barrel sales, lower
        production volumes (either for our own brands or those of third
        parties), or cost increases in energy or raw materials, such as grapes,
        grain, agave, wood, glass, plastic, or closures
    --  climatic changes, agricultural uncertainties, our suppliers' financial
        hardships or other factors that reduce the availability or quality of
        grapes, agave, grain, glass, closures, plastic, or wood
    --  negative publicity related to our company, brands, personnel,
        operations, business performance or prospects
    --  product counterfeiting, tampering, or contamination and resulting
        negative effects on our sales, brand equity, or corporate reputation
    --  adverse developments stemming from state, federal or other governmental
        investigations of beverage alcohol industry business, trade, or
        marketing practices by us, our distributors, or retailers
    --  impairment in the recorded value of inventory, fixed assets, goodwill or
        other intangibles

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

                                                Three Months Ended

                                                April 30,

                                                2008      2009        Change

Continuing Operations

Net sales                                       $ 772.3   $ 683.3     (12 %)

Excise taxes                                      165.9     146.3     (12 %)

Cost of sales                                     205.4     178.4     (13 %)

Gross profit                                      401.0     358.6     (11 %)

Advertising expenses                              101.0     88.9      (12 %)

Selling, general, and administrative expenses     158.4     150.2     (5  %)

Amortization expense                              1.2       1.2

Other expense (income), net                       5.0       (3.2  )

Operating income                                  135.4     121.5     (10 %)

Interest expense, net                             9.0       7.5

Income before income taxes                        126.4     114.0     (10 %)

Income taxes                                      27.7      34.4

Net income                                      $ 98.7    $ 79.6      (19 %)

Earnings per share:

Basic                                             0.65      0.53      (19 %)

Diluted                                           0.65      0.53      (19 %)

Discontinued Operations

Net income                                      $ 0.4     $ -

Earnings per share:

Basic                                             -         -

Diluted                                           -         -

Total Company

Net income                                      $ 99.1    $ 79.6      (20 %)

Earnings per share:

Basic                                             0.66      0.53      (19 %)

Diluted                                           0.65      0.53      (19 %)

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

                                       Year Ended

                                       April 30,

                                       2008          2009          Change

Continuing Operations

Net sales                              $ 3,282.2     $ 3,192.2     (3 %)

Excise taxes                             700.7         711.0       1  %

Cost of sales                            886.9         904.5       2  %

Gross profit                             1,694.6       1,576.7     (7 %)

Advertising expenses                     415.2         383.0       (8 %)

Selling, general, and administrative     591.5         547.4       (7 %)

Amortization expense                     5.1           5.0

Other (income), net                      (2.2    )     (19.8   )

Operating income                         685.0         661.1       (4 %)

Interest expense, net                    41.4          31.0

Income before income taxes               643.6         630.1       (2 %)

Income taxes                             204.2         195.7

Net income                             $ 439.4       $ 434.4       (1 %)

Earnings per share:

Basic                                    2.87          2.89        1  %

Diluted                                  2.84          2.87        1  %

Discontinued Operations

Net income                             $ 0.4         $ -

Earnings per share:

Basic                                    -             -

Diluted                                  -             -

Total Company

Net income                             $ 439.8       $ 434.4       (1 %)

Earnings per share:

Basic                                    2.87          2.89        0  %

Diluted                                  2.85          2.87        1  %

Brown-Forman Corporation

Unaudited Condensed Consolidated Balance Sheets

(Dollars in millions)

                                             April 30,

                                             2008      2009


Cash and cash equivalents                    $ 119     $ 340

Accounts receivable, net                       453       367

Inventories                                    685       652

Other current assets                           199       215

Total current assets                           1,456     1,574

Property, plant, and equipment, net            501       483

Goodwill                                       688       675

Other intangible assets                        699       686

Other assets                                   61        57

Total assets                                 $ 3,405   $ 3,475


Accounts payable and accrued expenses        $ 380     $ 326

Short-term borrowings                          589       490

Other current liabilities                      15        20

Total current liabilities                      984       836

Long-term debt                                 417       509

Deferred income taxes                          89        80

Accrued postretirement benefits                121       175

Other liabilities                              69        59

Total liabilities                              1,680     1,659

Stockholders' equity                           1,725     1,816

Total liabilities and stockholders' equity   $ 3,405   $ 3,475

Brown-Forman Corporation

Unaudited Condensed Consolidated Statements of Cash Flows

(Dollars in millions)

                                                       Year Ended

                                                       April 30,

                                                       2008       2009

Cash provided by operating activities                  $ 534      $ 491

Cash flows from investing activities:

Acquisition of brand names and trademarks                (13  )     -

Sale of brand names and trademarks                       -          17

Sale of short-term investments                           86         -

Additions to property, plant, and equipment              (41  )     (49  )

Other                                                    (4   )     (5   )

Cash provided by (used for) investing activities         28         (37  )

Cash flows from financing activities:

Net (repayment) issuance of debt                         (172 )     (4   )

Acquisition of treasury stock                            (223 )     (39  )

Special distribution to stockholders                     (204 )     -

Dividends paid                                           (158 )     (169 )

Other                                                    21         (4   )

Cash used for financing activities                       (736 )     (216 )

Effect of exchange rate changes on cash and cash         10         (17  )

Net (decrease) increase in cash and cash equivalents     (164 )     221

Cash and cash equivalents, beginning of period           283        119

Cash and cash equivalents, end of period               $ 119      $ 340

Brown-Forman Corporation

Supplemental Information (Unaudited)

(Dollars in millions, except per share amounts)

                                                   Three Months Ended

                                                   April 30,

                                                   2008        2009

Gross margin                                         51.9%       52.5%

Operating margin                                     17.5%       17.8%

Effective tax rate                                   22.0%       30.2%

Cash dividends paid per common share               $ 0.2720    $ 0.2875

Shares (in thousands) used in the calculation of
earnings per share

Basic                                                150,962     150,050

Diluted                                              152,211     150,890

                                                   Year Ended

                                                   April 30,

                                                   2008        2009

Gross margin                                         51.6%       49.4%

Operating margin                                     20.9%       20.7%

Effective tax rate                                   31.7%       31.1%

Cash dividends paid per common share               $ 1.0280    $ 1.1190

Shares (in thousands) used in the calculation of
earnings per share

Basic                                                153,080     150,452

Diluted                                              154,511     151,522

These figures have been prepared in accordance with

the company's customary accounting practices.

Schedule A

Brown-Forman Corporation

Continuing Operations Only

Supplemental Information (Unaudited)

                                        Three Months Ended   Twelve Months Ended

                                        April 30, 2009       April 30, 2009

Reported change in net sales            (12 %)               (3 %)

Australian excise tax                   (1  %)               (1 %)

Impact from Italian wines divestiture   1   %                -

Net sales from agency brands            1   %                1  %

Estimated net change in distributor     1   %                1  %

Impact of foreign currencies            10  %                5  %

Underlying change in net sales          0   %                3  %

Reported change in gross profit         (11 %)               (7 %)

Non-cash agave charge                   -                    1  %

Transition expenses from acquisitions   1   %                -

Gross profit from agency brands         1   %                1  %

Estimated net change in distributor     1   %                1  %

Impact of foreign currencies            6   %                4  %

Underlying change in gross profit       (2  %)               0  %

Reported change in advertising          (12 %)               (8 %)

Advertising from agency brands          -                    1  %

Impact from Italian wines divestiture   1   %                1  %

Impact of foreign currencies            9   %                4  %

Underlying change in advertising        (2  %)               (2 %)

Reported change in SG&A                 (5  %)               (7 %)

Reduction in workforce                  (7  %)               (2 %)

Transition expenses from acquisitions   1   %                1  %

Impact of foreign currencies            7   %                3  %

Underlying change in SG&A               (4  %)               (5 %)

Reported change in operating income     (10 %)               (4 %)

Impact of foreign currencies            (3  %)               4  %

Non-cash agave charge                   -                    3  %

Impact from Italian wines divestiture   -                    (3 %)

Transition expenses from acquisitions   -                    (1 %)

Operating income from agency brands     1   %                1  %

Estimated net change in distributor     4   %                2  %

Reduction in workforce                  9   %                2  %

Underlying change in operating income   1   %                4  %


Australian excise tax - Refers to the impact of the 70% increase in excise tax of ready-to-drink products in Australia, implemented on April 27, 2008. Since net sales are recorded including revenues associated with excise taxes, we believe it is important to make this adjustment to better understand our underlying sales trends.

Italian wines divestiture - Refers to the company's December 2008 sale of its Bolla and Fontana Candida Italian wine brands to Gruppo Italiano Vini (GIV). We believe that excluding the net gain on the sale of, as well as the prior incremental contribution from these Italian wine brands provides helpful information in forecasting and planning the growth expectations of the company.

Agency brands - Refers to the impact of certain agency brands distributed in various geographies, primarily Appleton, Amarula, Durbanville Hills, and Red Bull, which exited Brown-Forman's portfolio during fiscal 2008.

Estimated net change in distributor inventories - Refers to the estimated financial impact of changes in distributor inventories for the company's brands. We compute this effect using our estimated depletion trends and separately identify trade inventory changes in the variance analysis for our key measures. Based on the estimated depletions and the fluctuations in distributor inventory levels, we then adjust the percentage variances from prior to current periods for our key measures. We believe it is important to make this adjustment in order for management and investors to understand the results of our business without distortions that can arise from varying levels of distributor inventories.

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. We use 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 our business (both positively and negatively). To neutralize the effect of foreign exchange fluctuations, we have historically translated current year results at prior year rates. While we recognize that foreign exchange volatility is a reality for a global company, we routinely review our company performance on a constant dollar basis. We believe this allows both management and our investors to understand better our company's growth trends.

Non-cash agave charge - Refers to an abnormal number of agave plants identified during the first quarter of fiscal 2009 as dead or dying. Although agricultural uncertainties are inherent in our tequila or any other business that includes the growth and harvesting of raw materials, we believe that the magnitude of this item distorts the underlying trends of our business. Therefore, we believe that excluding this non-cash charge allows for a better understanding of profit trends.

Transition expenses from acquisitions - Refers to transition related expenses, including a required GAAP inventory write-up, from the acquisition of the Casa Herradura brands in January 2007, thus making comparisons difficult to understand. We believe that excluding transition expenses related to the acquisition provides helpful information in forecasting and planning the growth expectations of the company.

Reduction in workforce - Refers to the $12 million of charges associated with the 8% reduction in the global workforce, including the early retirement program, during April 2009. We believe that excluding these costs provides investors a better understanding of the continuing cost base of the company.

The company cautions that non-GAAP measures may be considered in addition to, but not as a substitute for, the company's reported GAAP results.

Schedule B

Period Ending April 30, 2009   Annualized Total Shareholder Returns (Dividends

Company/Index                  1-Year   5-Year   10-Year   15-Year

Brown-Forman (Class B)         (13%)    7%       7%        12%

Index Benchmarks

S&P 500                        (35%)    (3%)     (2%)      6%

S&P 500 Consumer Staples       (20%)    1%       2%        9%

Major Public Wine & Spirits Competitors


U.S. Dollar                    (24%)    10%      NA        NA

Local Currency                 (10%)    8%       NA        NA

Constellation (Class A)        (37%)    (7%)     6%        9%


U.S. Dollar                    (39%)    1%       4%        7%

Local Currency                 (18%)    5%       5%        7%

Fortune Brands                 (40%)    (9%)     3%        8%

Pernod Ricard

U.S. Dollar                    (44%)    6%       13%       11%

Local Currency                 (34%)    4%       11%       10%

Remy Cointreau

U.S. Dollar                    (44%)    3%       10%       2%

Local Currency                 (34%)    1%       8%        1%

Source: Bloomberg

Schedule C

Brown-Forman Corporation

Supplemental Information (Unaudited)

Fiscal 2009

                    Nine-Liter      Depletion %       Net Sales % Change vs.
                                    Change            Fiscal 2008

Brand               Cases (000's)   vs. Fiscal 2008   Reported   Constant

Jack Daniel's
Family of Whiskey   9,830           1%                (2%)       4%

New Mix RTD         4,635           7%                4%         13%

Jack Daniel's       3,405           4%                3%         15%

Finlandia           3,030           7%                10%        12%

Southern Comfort    2,335           (5%)              (11%)      (3%)

Fetzer Valley       2,295           (3%)              (5%)       (3%)

Canadian Mist       1,850           (2%)              (1%)       (1%)

Korbel Champagne    1,290           (1%)              (3%)       (3%)

el Jimador          1,050           3%                (3%)       3%

Super-Premium       1,190           2%                1%         3%

Additional Commentary:

    --  For the Jack Daniel's Family of Whiskey Brands, depletion gains in
        Australia, France, the U.S., Poland, Romania, Canada, and Mexico were
        partially offset by declines in Spain, Germany, Italy, South Africa and
        the travel retail channel.
    --  Depletions for Jack Daniel's Tennessee Whiskey showed slight growth for
        fiscal 2009; reported net sales declined 3% while constant currency net
        sales grew 3%.
    --  Gentleman Jack's net sales grew at a double-digit rate on both a
        reported and constant currency basis for fiscal 2009.
    --  Jack Daniel's & Cola reported and constant currency net sales increases
        were primarily driven by the increase in Australian ready-to-drink
    --  Finlandia's strong performance for depletions and net sales (on both a
        reported and a constant currency basis) in Eastern Europe continued.
    --  Southern Comfort continued to be affected by a weak on-premise
        environment, particularly in the U.S. and the U.K., as well as
        reductions in distributor and trade inventory levels.
    --  Although super-premium priced brand performance reflected growth,
        depletion growth trends slowed, particularly in the second half of the
        fiscal year as they were affected by the weak consumer environment, a
        soft on-premise channel, consumer trading down to lower priced products,
        and reductions in distributor and retail inventory levels.

1 Underlying growth represents the percentage growth 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) growth for the fourth quarter and the
fiscal year, and the reasons why management believes these adjustments to be
useful to the reader, are included in Schedule A and the notes to this press

2 All per share amounts have been adjusted to reflect the October 27, 2008
Class B common stock distribution. For every four shares of Class A or Class B
common stock, one Class B share was issued. All financial and statistical
information contained in this press release relates to the continuing
operations of the company unless otherwise stated.

3 Return on invested capital is defined as the sum of net income and after-tax
interest expense, divided by average invested capital (defined as assets less
liabilities plus interest-bearing debt).

4 Refer to Schedule B for a listing of total shareholder return metrics.

5 Tequila ready-to-drink brand acquired in January 2007 as part of Casa

6 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.

7We believe that excluding specific items affecting fiscal 2009 results, which
are not anticipated to impact fiscal 2010 earnings, provides helpful
information in forecasting and planning the growth expectations of the

8 Constant currency represents reported net sales with the affect of a
stronger U.S. dollar removed. Management 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

9 Includes Jack Daniel's Tennessee Whiskey, Gentleman Jack, and Jack Daniel's
Single Barrel

10 Refers to all ready-to-drink line extensions of Jack Daniel's such as Jack
Daniel's & Cola and Jack Daniel's Country Cocktails

11 Includes Bonterra, Chambord, Herradura, Sonoma-Cutrer, Tuaca, and Woodford
Reserve were affected by the weak consumer environment, a soft on-premise
channel, consumer trading down to lower priced products, and reductions in
distributor and retail inventory levels.

    Source: Brown-Forman Corporation
Contact: Brown-Forman Corporation Phil Lynch, 502-774-7928 Vice President Director Corporate Communications and Public Relations or Ben Marmor, 502-774-6691 Assistant Vice President Director Investor Relations