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Brown-Forman Reports Strong Start To Fiscal 2013 And Confirms Full Year Outlook

During the quarter, the company’s shareholders approved an increase in the number of authorized shares, which enabled the company to implement the previously approved three-for-two stock split for both its Class A and Class B common stock, paid in the form of a stock dividend on August 10, 2012. Brown-Forman also declared a regular quarterly cash dividend of $0.233 per share on Class A and Class B common stock. The cash dividend is payable on October 1, 2012 to stockholders of record on September 7, 2012.

Fiscal Year 2013 Outlook

At this early stage in the fiscal year, the Company is confirming its fiscal 2013 earnings outlook of $2.40 to $2.67, adjusted for the three-for-two stock split. First quarter reported results benefited significantly from buy-ins in advance of price increases. Accordingly, this outlook assumes second quarter results will likely reflect the impact of the marketplace working through the first quarter buy-ins. This outlook also includes anticipated negative impacts from foreign exchange of $0.05 per share and commodity price increases of $0.03 per share. At this point, for fiscal 2013 the company continues to expect high single-digit growth in underlying sales and operating income.

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. 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 website, http://www.brown-forman.com/, through a link to "Investor Relations." For those unable to participate in the live call, a replay will be available by calling 855-859-2056 (U.S.) or 404-537-3406 (international). The identification code is 18180528. A digital audio recording of the conference call will also be available on the website approximately one hour after the conclusion of the conference call. The replay will be available for at least 30 days following the conference call.

For more than 140 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Southern Comfort, Finlandia, Jack Daniel’s & Cola, Canadian Mist, Korbel, Gentleman Jack, el Jimador, Herradura, Sonoma-Cutrer, Chambord, New Mix, Tuaca, and Woodford Reserve. Brown-Forman’s brands are supported by nearly 4,000 employees and sold in approximately 160 countries worldwide. For more information about the Company, please visit http://www.brown-forman.com/.

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