B-F to Buy Back $400M of Stock

Brown-Forman Corp. said directors approved a $400 million share repurchase plan through Oct. 1, 2023.

The plan permits the company to buy back Class A and Class B common shares for cash in open market purchases, block transactions, Rule10(b)5-1, and privately negotiated transactions.

Lawson Whiting, Brown-Forman’s president/chief executive officer said, "Brown-Forman is
appropriately attentive to today's uncertain market conditions while also confident in the long-term
potential for our portfolio of brands. We always strive to deliver leading shareholder returns and
believe this buyback authorization provides us the necessary flexibility to repurchase our shares
when the market presents the right opportunity."

Brown-Forman Class B stock closed at $56.83 a share yesterday.