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BROWN-FORMAN TO PARTNER WITH PABST BREWING COMPANY Bringing Jack Daniel’s Country Cocktails to More Consumers in the U.S.

Louisville, KY and San Antonio, TX, December 15, 2020— Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB), the largest American-owned spirit and wine company selling brands in more than 170 countries, and Pabst Brewing Company (“Pabst”), one of America’s largest independent brewers, today announced an exclusive long-term partnership for the supply, sales and distribution of Brown-Forman’s Jack Daniel’s Country Cocktails brand within the United States and in domestic military markets.

The partnership will create greater scale for Jack Daniel’s Country Cocktails through access to Pabst’s supply chain capabilities as well as new points of distribution. The agreement gives Pabst the exclusive rights to sales and distribution of Jack Daniel’s Country Cocktails and any future Jack Daniel’s flavored malt beverages. The agreement between Brown-Forman and Pabst will take effect April 1, 2021.

“Jack Daniel’s Country Cocktails has been introducing consumers to Jack Daniel’s for almost 30 years” said John Hayes, Brown-Forman, SVP, President, USA and Canada. “The new partnership with Pabst will expand the availability of Jack Daniel’s Country Cocktails in this rapidly growing ready-to-drink category.”

“We are thrilled to bring together two classic American companies, both backed by iconic brands with over 150 years of American history. Jack Daniel’s Country Cocktails will form an integral part of Pabst’s expanding portfolio of flavored malt beverages, and we look forward to leveraging Pabst’s unique distribution platform to unlock the potential of one of America’s most authentic brands,” said Matt Bruhn, Pabst General Manager.

Jack Daniel’s Country Cocktails were introduced in 1992 and have become a staple in the Brown-Forman portfolio. Jack Daniel’s Country Cocktails come in eight flavors: Berry Punch, Black Jack Cola, Cherry Limeade, Downhome Punch, Lynchburg Lemonade, Southern Citrus, Southern Peach, and Watermelon Punch.

Pabst field sales and national accounts organizations will be responsible for sales of the Jack Daniel’s Country Cocktails portfolio to distributors and retailers in the United States and in domestic military markets. Brown-Forman and its affiliates will retain full ownership of the Jack Daniel’s Country Cocktails trademark and related assets.

Jack Daniel’s spirit-based canned cocktails, currently in 14 test markets, will remain within the Brown-Forman spirits distribution network.

Brown-Forman Corporation

For 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including the Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee Apple, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Gentleman Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester, Coopers’ Craft, Herradura, New Mix, Sonoma-Cutrer, Chambord, BenRiach, GlenDronach, Slane, and Fords Gin. Brown-Forman’s brands are supported by approximately 4,800 employees and sold in more than 170 countries worldwide. For more information about the company, please visit https://www.brown-forman.com/.

Pabst

Since 1844, Pabst has been American-owned and operated, and is one of North America’s largest independent brewers. Pabst’s portfolio includes iconic brands with deep ties to America’s heritage, such as its flagship Pabst Blue Ribbon and others such as Lone Star, Rainier, Schlitz, Old Style, National Bohemian, Stag, Stroh’s, and Old Milwaukee. Pabst is known for celebrating the creative community and lifestyle, and has most recently blazed a trail well beyond beer launching PBR Hard Coffee, Hard Tea, and Harder Seltzer, Rainier Gin, and Olympia Vodka. For more information about Pabst, please visit: www.pabst.com.
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Contacts:
Brown-Forman: Elizabeth Conway, Brown-Forman Corporation,
[email protected], (502) 774-7737.

Pabst Brewing: Julie Rudnick, Pabst Brewing, [email protected]

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:
• Impact of health epidemics and pandemics, including the COVID-19 pandemic, and the resulting negative economic impact and related governmental actions
• Risks associated with being a U.S.-based company with global operations, 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 spirits 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, sales, VAT, tariffs, duties, corporate, individual income, dividends, or capital gains) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur
• 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
• Dependence upon the continued growth of the Jack Daniel’s family of brands
• 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; legalization of marijuana use on a more widespread basis; shifts in consumer purchase practices from traditional to e-commerce retailers; 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
• Decline in the social acceptability of beverage alcohol in significant markets
• 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, labor, or finished goods
• Significant additional labeling or warning requirements or limitations on availability of our beverage alcohol products
• Competitors’ and retailers’ consolidation or 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
• Inventory fluctuations in our products by distributors, wholesalers, or retailers
• Risks associated with acquisitions, dispositions, business partnerships, or investments – such as acquisition integration, termination difficulties or costs, or impairment in recorded value
• Counterfeiting and inadequate protection of our intellectual property rights
• Product recalls or other product liability claims, product tampering, contamination, or quality issues
• Significant legal disputes and proceedings, or government investigations
• Cyber breach or failure or corruption of key information technology systems, or failure to comply with personal data protection laws
• 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
• 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.