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Brown-Forman Declares Increased Quarterly Cash Dividend (November 2004)

Louisville, KY, November 18, 2004 — Brown-Forman announced today that its Board of Directors increased the quarterly cash dividend 15.3% from 21.25 cents to 24.50 cents per share on Class A and Class B Common Stock. As a result, the indicated annual cash dividend will rise from $0.85 per share to $0.98 per share.

Stockholders of record on December 6, 2004 will receive the cash dividend on January 1, 2005.

Brown-Forman has paid regular quarterly cash dividends for 59 consecutive years.