Brown-Forman Elevates Environmental Commitments

Distiller Shares Global Sustainability Strategy and Future Goals

LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation, one of the largest American-owned global spirits and wine companies, shared today its updated Global Sustainability Goals. The new environmental commitments serve as a roadmap in advancing sustainability, reducing the company’s environmental footprint, and increasing its positive impact on the community and environment. The full commitments can be found at www.brown-forman.com/environmental-sustainability.

“We have a responsibility to care for our environment and protect the natural resources upon which our products depend, not only to strengthen our business, but also to contribute to the long-term health of our planet,” said Lawson Whiting, CEO, Brown-Forman. “To elevate the importance of sustainability to Brown-Forman’s overall, long-term success, we’ve embedded these new goals into our business strategy and will continue to share our progress against them publicly.”

Brown-Forman’s Global Sustainability Goals broaden the company’s focus beyond owned-business operations to include its supply chain, where the majority of the company’s environmental footprint resides, and are centered around four pillars:

1. Climate Action: Reduce greenhouse gas emissions
2. Water Stewardship: Protect the health of key watersheds and create Net Positive Water Impact
3. Circular Economy: Maintain zero waste and integrate circular economy principles
4. Supply Chain: Reduce the environmental impact of our product packaging; Create a resilient and agile agricultural supply chain; Conserve existing hardwood forests

“From cultivating relationships with farmers who grow our grain, to reusing our barrels and sending zero waste to landfill, sustainability has long been part of how Brown-Forman approaches its business. We believe we can responsibly grow our brands, like Jack Daniel’s, Herradura, and Woodford Reserve, along with our 151-year old company while protecting and enriching the natural environment,” said Alex Alvarez, Chief Production and Sustainability Officer, Brown-Forman.

Brown-Forman has been on a steady path of integrating sustainability more deeply into the business through its production facilities and collaboration with its partners. Today’s set of Global Sustainability Goals is Brown-Forman’s third publicly available sustainability targets and commitments and lays out an ambitious path forward.

Our Sustainability Roadmap

As part of its overall commitment to strong environmental practices, Brown-Forman holds itself accountable to global aspirations like the United Nations Sustainable Development Goals. The baseline for Brown-Forman’s Sustainability Goals come from the 2019-2020 fiscal year and reporting will follow the company’s fiscal year financial reporting.

For detailed information on the commitments, reporting against them, and a video sharing the story of our commitments, please visit brown-forman.com/sustainability.

For over 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee RTDs, 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’s brands are supported by approximately 4,700 employees and sold in more than 170 countries worldwide. For more information about the company, please visit http://www.brown-forman.com/.

Important Information on Forward-Looking Statements:

This press release contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “can,” “continue,” “could,” “envision,” “estimate,” “expect,” “expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any 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 upon 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, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks
• Route-to-consumer changes 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 inventory fluctuations in our products by distributors, wholesalers, or retailers
• Changes in consumer preferences, consumption, or purchase patterns – particularly away from larger producers in favor of small distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; further legalization of marijuana; shifts in consumer purchase practices; bar, restaurant, travel, or other on-premise declines; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation
• Production facility, aging warehouse, or supply chain disruption
• Imprecision in supply/demand forecasting
• 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 governmental actions
• Unfavorable global or regional economic conditions, particularly related to the COVID-19 pandemic, and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government 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, products, brands, marketing, executive leadership, employees, board of directors, family stockholders, operations, business performance, or prospects
• Failure to attract or retain key executive or employee talent
• Risks associated with acquisitions, dispositions, business partnerships, or investments – such as acquisition integration, termination difficulties or costs, or impairment in recorded value
• Risks associated with being a U.S.-based company with a global business, including commercial, political, and financial risks; local labor policies and conditions; protectionist trade policies, or economic or trade sanctions, including additional retaliatory tariffs on American whiskeys and the effectiveness of our actions to mitigate the negative impact on our margins, sales, and distributors; compliance with local trade practices and other regulations; terrorism; and health pandemics
• Failure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations
• Fluctuations in foreign currency exchange rates, particularly a stronger U.S. dollar
• Changes in laws, regulatory measures, or governmental policies – especially those that affect the production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products
• Tax rate changes (including excise, corporate, 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 can occur
• Decline in the social acceptability of beverage alcohol in significant markets
• Significant additional labeling or warning requirements or limitations on availability of our beverage alcohol products
• Counterfeiting and inadequate protection of our intellectual property rights
• Significant legal disputes and proceedings, or government investigations
• Cyber breach or failure or corruption of our key information technology systems or those of our suppliers, customers, or direct and indirect business partners, or failure to comply with personal data protection laws
• Our status as a family “controlled company” under New York Stock Exchange rules, and our dual-class share structure

For further information on these and other risks, please refer to our public filings, 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.

Contacts

ELIZABETH CONWAY

DIRECTOR

EXTERNAL COMMUNICATIONS

502-774-7737

ELIZABETH_CONWAY@B-F.COM

SUE PERRAM

DIRECTOR

INVESTOR RELATIONS

502-774-6862

SUE_PERRAM@B-F.COM