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Brown-Forman 2-For-1 Stock Split

Louisville, KY, January 5, 2004 — Brown-Forman Corporation announced today that its stockholders approved the issuance of additional shares of common stock to permit a 2-for-1 split of both its Class A and Class B common stock. The stockholders approved an amendment to the Corporation’s charter, increasing the authorized Class A common stock from 30,000,000 to 57,000,000 shares and the Class B common stock from 60,000,000 to 100,000,000 shares. The common stock par value remains unchanged at $0.15 per share.

The amendment will enable the Corporation to effect a 2-for-1 stock split to be paid in the form of a stock dividend to the Corporation’s stockholders of record as of the close of business on January 12, 2004. It is expected that certificates representing the new shares will be mailed to stockholders on January 20, 2004 and the share price will be adjusted accordingly on the New York Stock Exchange for trading beginning January 21, 2004.

Brown-Forman Corporation is a diversified producer and marketer of fine quality consumer products, including Jack Daniel’s, Southern Comfort, Finlandia Vodka, Canadian Mist, Fetzer and Bolla Wines, Korbel California Champagnes, Lenox, Dansk, and Gorham tableware and giftware and Hartmann Luggage.