Brown-Forman Board Issues Statement

Brown-Forman Corporation (NYSE: BFA, BFB) today announced that its Board of Directors has received an unsolicited proposal from Sazerac to acquire Brown-Forman, and, taking into consideration Wolf Pen Branch, LP’s view as noted below, has concluded that Sazerac's proposal is not actionable.

Wolf Pen Branch, LP, a collection of Brown family members representing the majority of Brown-Forman Class A shares, said, “As fourth-, fifth- and sixth-generation shareholders of Brown-Forman, we care deeply about the company – its brands, its people, and its culture. We are confident in the strength and competitive position of the business, and believe the company is well-positioned to deliver long-term value for all shareholders. We have concluded that Sazerac’s proposal does not align with this vision for Brown-Forman’s future.”