EXCEPTIONAL YEAR. Strong Capital Investments for the Long-Term. Significantly Outperformed Organic Growth of our Competitive Set

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2 GARVIN BROWN IV

3 PAUL VARGA

4 EXCEPTIONAL YEAR Significantly Outperformed Organic Growth of our Competitive Set Broad-based Geographic Contribution led by US, France and Emerging Markets Jack Daniel s Family of Brands Led the Way Strong Capital Investments for the Long-Term Industry Leading ROIC and Operating Margin FX Headwinds

5 Superior Total Shareholder Return Over Time 1 Year TSR 3 Year TSR 31% 20% Pernod S&P 500 Comp Set Consumer Staples Campari Remy Diageo BFB 5 Year TSR BFB Consumer Staples S&P 500 Campari Pernod Comp Set Diageo Remy 2% 2% 8% 13% 13% 13% 12% 0% 10% 20% 30% 40% 15% 14% 14% 14% 14% 13% 13% 22% 0% 10% 20% 30% BFB S&P 500 Consumer Staples Pernod Campari Comp Set Diageo Remy 10 Year TSR BFB Diageo Comp Set Pernod Campari Consumer Staples Remy S&P 500 Source: FactSet, as of April 30 th, 2015, in local currency, assuming dividends reinvested. The Competitive Set is a weighted average based on last 12 months (LTM) sales (USD) for Diageo, Pernod, Remy and Campari. -5% 8% 10% 10% 17% 15% 14% -10% 0% 10% 20% 30% 8% 12% 12% 11% 11% 11% 10% 15% 0% 5% 10% 15% 20%

6 ROIC An Excellent Business 30% 15% Consumer Staples S&P 500 Industry Set 0% 0% 20% 40% Operating Margin Source: FactSet, in local currency, assuming dividends reinvested. The Competitive set is a weighted average based on LTM operating income.

7 10 Years of Focus % Sales $2.7B $4.1B 52% Operating Income $0.4B $1.0B 131% ROIC 17% 22% +5% pts Market Cap $5.1B $19.2B 276%

8 An Excellent Business That Also Grows Organic Operating Income (Compound Annual Growth Rate) 15% B-F Competitive Set 10% 5% 0% 5 Yr 3 Yr 1 Yr Source: Company Reports and FactSet for the Competitive Set, which is based on a weighted average of fiscal year operating income (USD) for Diageo, Pernod, Remy and Campari. The 1, 3, and 5 year comparisons include actual results through each company's most recent fiscal year, and include the consensus outlook for Diageo and Pernod's results ending June 30, 2015.

9 Beyond the Financials

10 BUSINESS DAY Bourbon Boom: Kentucky Inventory Reaches 40-Year High

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12 Jack Has a Long Runway Earth Birth Girth Worth

13 Jack Has a Long Runway Geographic Expansion % Emerging Markets Portfolio Development Line Extension % of Total Volume 19% 0% 46% 6% 66% 19% % 4% 32% 4% 42% 14% Source: IWSR All figures reflect full strength 9L case volume. RTDs excluded. Developed Markets: Australia, Canada, Japan, New Zealand, US, Western Europe Emerging Markets: Rest of World

14 How We Will Get There F First in American Whiskey Worldwide O One Billion Dollar Brands C Continued Globalization U Unique Culture with Superb People S Strategic Investing

15 Strategic Investment and Capital Deployment Global Expansion Innovation Working Capital Capital Expenditures Acquisitions Share Repurchase

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18 ALEX ALVAREZ RALPH DE CHABERT MATT HAMEL KIRSTEN HAWLEY JOHN HAYES THOMAS HINRICHS JILL JONES MIKE KEYES MICHAEL MASICK MARK MCCALLUM JANE MORREAU LISA STEINER LAWSON WHITING JIM WELCH

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26 Brown-Forman Corporation Annual Meeting of Stockholders July 23, 2015 Appendix: Non-GAAP Financial Measures (Dollars in millions) We use certain financial measures that are not measures of financial performance under GAAP. These non-gaap measures, which are defined below, should be viewed as supplements to (not substitutes for) our results of operations and other measures reported under GAAP. The non-gaap measures we use may not be defined or calculated by other companies in the same manner. Return on average invested capital (ROIC) Return on average invested capital refers to the sum of net income and after-tax interest expense, divided by average invested capital. Average invested capital equals assets less liabilities, excluding interest-bearing debt, and is calculated using the most recent 13 month-end balances. After-tax interest expense equals interest expense multiplied by one minus our effective tax rate. We consider return on average invested capital to be a meaningful indicator of how effectively and efficiently we use capital invested in our business. Calculation of ROIC Fiscal year ended April 30, 2015 Net income $ 684 After-tax interest expense: Interest expense 27 Effective tax rate 31.7 % Add: after-tax interest expense 18 $ 702 (a) Average invested capital $ 3,196 (b) ROIC 22% (a) divided by (b) Comparable operating margin Stripped net sales are net sales less excise taxes. Comparable operating margin is operating income divided by stripped net sales. We consider this measure to be a meaningful indicator of profitability that can be used to compare our results to the results of other companies. Calculation of comparable operating margin Fiscal year ended April 30, 2015 Net sales $ 4,096 Less: excise taxes (962) Stripped net sales $ 3,134 (c) Operating income $ 1,027 (d) Comparable operating margin 33% (d) divided by (c) Underlying operating income growth We present changes in operating income that are adjusted to an underlying basis, which we believe assists in understanding both our performance from period to period on a consistent basis, and the trends of our business. Non-GAAP underlying operating income growth is calculated by adjusting, if applicable, for (a) Acquisitions/ Divestitures, (b) Foreign exchange, (b) Estimated net changes in trade inventories, and (d) Impairment charges. These adjustments are defined below the table.

27 Reconciliation of underlying operating income growth to GAAP operating income growth Percentage change versus prior fiscal year Fiscal year ended April 30, Change in reported operating income 20 % (8)% 14 % 8% 6 % Acquisitions/Divestitures (7)% 12 % 1 % Foreign exchange (3)% 3 % 1 % 6 % Estimated net change in distributor inventories (1)% 1 % (3)% 3% (3)% Impairment charge (2)% Other, net (1)% 1 % Change in underlying operating income 6 % 9 % 13 % 11% 9 % a. Acquisitions/Divestitures refers to the net impact of acquisitions/divestitures, including the operating results, as well as the gain on sale. We believe that excluding the gain on the sale and operating results from current period versus the same prior period provides helpful information in forecasting and planning the growth expectations of the Company. b. Foreign exchange. We calculate the percentage change in our operating income in accordance with GAAP and adjust to exclude the cost or benefit of currency fluctuations. Adjusting for foreign exchange allows us to understand our business on a constant U.S. dollar basis, as fluctuations in exchange rates can distort the underlying trend both positively and negatively. To eliminate the effect of foreign exchange fluctuations when comparing across periods, we translate current year results at prior-year rates. c. Estimated net change in distributor inventories. This measure refers to the estimated net effect of changes in distributor inventories on changes in our operating income. For each period being compared, we estimate the effect of distributor inventory changes on our results using depletion information provided to us by our distributors. We believe that this adjustment reduces the effect of varying levels of distributor inventories on changes in our operating income and allows us to understand better our underlying results and trends. d. Impairment charge refers to a non-cash charge related to a trademark impairment of Don Eduardo, a lowvolume, high-priced tequila brand. We believe excluding this non-cash charge allows for a better understanding of growth trends.