LOUISVILLE, Ky .– (COMMERCIAL THREAD) – Insert in the third paragraph of the press release: “ … or $ 1.00 per share … ”

The updated version reads as follows:

INSERTION and REPLACEMENT of Brown-Forman increases its cash dividend to 38e Consecutive year and declares a special cash dividend

Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB) announced today that its board of directors has approved an increase in its quarterly cash dividend and declared a special one-time dividend.

The company increased its quarterly cash dividend on its Class A and Class B common shares by 5% to $ 0.1885 per share from $ 0.1795 in the previous quarter. As a result, the indicated annual cash dividend will decrease from $ 0.7180 per share to $ 0.7540 per share. Shareholders of record on December 3, 2021 will receive the cash dividend on December 28, 2021. This marks the 38e consecutive year of dividend increases at Brown-Forman and the 78e year of payment of quarterly dividends to the company. Brown-Forman is a member of the prestigious S&P 500 Dividend Aristocrats Index, which is made up of companies that have increased their cash dividend every year for at least 25 years.

Additionally, Brown-Forman’s board of directors declared a special dividend of $ 480 million on its Class A and Class B shares, or $ 1.00 per share, which will be paid on December 29, 2021 to shareholders. registered on December 9, 2021.

Brown-Forman President and CEO Lawson Whiting said, “We are emerging from an unprecedented period in history. As it has done for many generations, Brown-Forman’s business has remained strong and resilient, driven by the strength of our portfolio, the health of our balance sheet and the agility of our people.

For over 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly creating premium alcoholic beverage brands including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee RTD, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Tennessee Apple, Gentleman Jack, Jack Daniel’s Single Barrel, Woodford Reserve, Old Forester, Coopers’ Craft, GlenDronach, Benriach, Glenglassaugh, Slane, Herradura, el Jimador, New Mix, Korbel, Sonoma-Cutrer, Finlandia, Chambord and Fords Gin. Brown-Forman brands are supported by approximately 4,700 employees and sold in more than 170 countries around the world. For more information about the company, please visit http://www.brown-forman.com/.

Important information about forward-looking statements:

This press release contains statements, estimates and projections that are “forward-looking statements” as defined by US federal securities laws. Words such as “aim”, “anticipate”, “aspires”, “believe”, “can”, “continue”, “could”, “consider”, “estimate”, “can”, “could”, “‘ ”. -forward-looking statements, which speak only as of the date on which we make them. Except as required by law, we do not intend to update or revise 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:

  • Our substantial dependence on the continued growth of the Jack Daniel’s family of brands

  • Substantial competition from new entrants, consolidations by competitors and retailers, and other competitive activities, such as pricing actions (including price reductions, promotions, discounts, coupons or free products), marketing, category expansion, product introductions or entry or expansion into our geographic markets or distribution networks

  • Changes in the route to the consumer that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher fixed costs

  • Disruption of our distribution network or stock fluctuations of our products by distributors, wholesalers or retailers

  • Changes in consumer preferences, consumption or purchasing habits – particularly away from large producers to the benefit of small distilleries or local producers, or away from dark spirits, our premium products or spirits in general, and our ability to anticipate or react to them; continued legalization of marijuana; changes in consumer purchasing practices; bar, restaurant, travel or other drops on site; changes in demographic or health and wellness trends; or adverse consumer reaction to new products, line extensions, packaging changes, product reformulations or other product innovations

  • Production facility, aging warehouse or supply chain disruption

  • Inaccuracy in the supply / demand forecast

  • Higher costs, lower quality or unavailability of energy, water, raw materials, product ingredients or labor

  • Impact of health epidemics and pandemics, including the COVID-19 pandemic, and the risk of the resulting negative economic impact and related government actions

  • Adverse global or regional economic conditions, in particular linked to the COVID-19 pandemic, and associated economic downturns or recessions, low consumer confidence, high unemployment rate, weak credit or capital markets, budget deficits, heavy public 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

  • Product recalls or other product liability claims, product tampering, contamination or quality issues

  • Negative publicity related to our company, our products, our brands, our marketing, our officers, our employees, our board of directors, our family shareholders, our operations, our business performance or our prospects

  • Failure to attract or retain key talent in management or employees

  • Risks associated with acquisitions, disposals, business partnerships or investments – such as integration of acquisitions, termination difficulties or costs, or impairment of recorded value

  • Risks associated with being a US based company with global business, including business, political and financial risks; local policies and working conditions; protectionist trade policies or economic or trade sanctions, including additional retaliatory tariffs on US whiskeys and the effectiveness of our actions to mitigate the negative impact on our margins, sales and distributors; compliance with local business practices and other regulations; terrorism; and health pandemics

  • Failure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations

  • Exchange rate fluctuations, especially a stronger US dollar

  • Changes in laws, regulatory measures or government policies – particularly those that affect the production, import, marketing, labeling, pricing, distribution, sale or consumption of our alcoholic beverages

  • Changes in tax rates (including excise taxes, corporate taxes, sales or value added taxes, property taxes, payroll taxes, import and export duties, and tariffs) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they may occur

  • Decline in the social acceptability of alcoholic beverages in important markets

  • Important additional labeling or warning requirements or limitations on the availability of our alcoholic beverages

  • Infringement and insufficient protection of our intellectual property rights

  • Significant litigation and legal proceedings, or government investigations

  • Cyber ​​breach or failure or corruption of our main IT systems or those of our suppliers, customers or direct and indirect business partners, or non-compliance with laws on the protection of personal data

  • Our family-owned “controlled company” status under New York Stock Exchange rules, and our dual-class share structure

For more information on these and other risks, please refer to our public documents, including 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.