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Brown-Forman Reports Full Year 2012 Results – Anticipates Another Strong Year Of High Single-Digit Underlying Operating Income Growth In Fiscal 2013

Varga continued, “Our strong performance was broad-based, with each of our twelve largest markets growing net sales in fiscal 2012.” Full year underlying net sales grew by 17% in the emerging markets, 8% in the developed world outside of the U.S., and 5% in the U.S. In total, global net sales grew 9% in fiscal 2012, an acceleration from the 4% growth the Company achieved in fiscal 2011.

Brown-Forman’s Jack Daniel’s trademark continued to grow net sales globally at a double-digit rate, and as the world’s number one American whiskey, the Company believes the Jack Daniel’s trademark is well positioned to continue benefiting from recent global trends in this category. According to U.S. Nielsen data, Jack Daniel’s Tennessee Whiskey’s growth accelerated in the last twelve months, and is once again gaining volume and value share over the last three months. This is likely due to several factors, including an improved marketing mix, the positive halo effect created by last year’s launch of Tennessee Honey, as well as renewed interest in the American whiskey category.

Jack Daniel’s Tennessee Honey is an example of how disciplined innovation can create a positive halo effect for the parent brand. In fiscal 2013, the Company will introduce Tennessee Honey to new markets outside of the U.S., as well as expand in the U.S. through additional sizes and through increased on-premise account penetration. In the super-premium whiskey category, Gentleman Jack, Jack Daniel’s Single Barrel, and Woodford Reserve registered solid double-digit depletion gains for the year, powered by international demand. In the aggregate, these three brands depleted over 700,000 cases in fiscal year 2012.

Varga added, “As an industry leader in American whiskey, we are encouraged by the category’s momentum in the United States and around the world. Aided by super-premium line extensions, flavored expressions, and RTD innovation, the category’s growing popularity bodes well for Brown-Forman and our stable of leading trademarks.”

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