SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
CALDER DONALD G
(Last) (First) (Middle)
850 DIXIE HIGHWAY
(Street)
LOUISVILLE KY 40210
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BROWN FORMAN CORP [ BFA, BFB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
12/18/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common 12,000 D
Class A Common 10,000 I by Spouse
Class A Common 2,000 I by Foundation
Class B Common 12/18/2008 M 2,870 A $24.3 5,870(1) D
Class B Common 12/18/2008 F 1,370 D $50.92 4,500 D
Class B Common 12/18/2008 S 1,500 D $51.5 3,000 D
Class B Common 2,500(2) I by Spouse
Class B Common 500(2) I by Foundation
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $24.3 12/18/2008 M 2,870 07/28/1999 04/30/2009 Class B Common 2,870(3) $0 0 D
Non_Qualified Stock Option (right to buy) $19.68 07/27/2000 04/30/2010 Class B Common 4,510(4) 4,510 D
Non-Qualified Stock Option (right to buy) $26.67 07/31/2001 04/30/2011 Class B Common 3,312(5) 3,312 D
Non-Qualified Stock Option (right to buy) $25.064 05/01/2002 04/30/2012 Class B Common 4,027(6) 4,027 D
Non-Qualified Stock Option (right to buy) $30.62 05/01/2003 04/30/2013 Class B Common 3,867(7) 3,867 D
Non-Qualified Stock Option (right to buy) $36.35 07/22/2004 04/30/2014 Class B Common 3,009(8) 3,009 D
Stock Appreciation Right $46.19 07/28/2005 04/30/2015 Class B Common 3,499(9) 3,499 D
Stock Appreciation Right $56.5 07/27/2006 04/30/2016 Classs B Common 2,980(10) 2,980 D
Stock Appreciation Right $54.58 07/26/2007 04/30/2017 Class B Common 3,702(11) 3,702 D
Stock Appreciation Right $57.4 07/24/2008 04/30/2018 Class B Common 3,398(12) 3,398 D
Explanation of Responses:
1. In October 2008, Brown-Forman Corporation completed a stock distribution of one share of Class B common stock for every four shares of either Class A or Class B common stock held. This total has been adjusted to reflect 3,000 Class B shares received through the distribution.
2. The reporting person received these shares through Brown_Forman's October 2008 stock distribution.
3. These options were previously reported as covering 2,296 shares at an exercise price of $30.37 per share, but were adjusted to reflect the October 2008 stock distribution.
4. These options were previously reported as covering 3,608 shares at an exercise price of $24.60 per share, but were adjusted to reflect the October 2008 stock distribution.
5. These options were previously reported as covering 2,649 shares at an exercise price of $33.34 per share, but were adjusted to reflect the October 2008 stock distribution.
6. These options were previously reported as covering 3,221 shares at an exercise price of $31.33 per share, but were adjusted to reflect the October 2008 stock distribution.
7. These options were previously reported as covering 3,093 shares at an exercise price of $38.27 per share, but were adjusted to reflect the October 2008 stock distribution.
8. These options were previously reported as covering 2,407 shares at an exercise price of $45.44 per share, but were adjusted to reflect the October 2008 stock distribution.
9. These stock appreciation rights were previously reported as covering 2,799 shares at an exercise price of $57.74 per share, but were adjusted to reflect the October 2008 stock distribution.
10. These stock appreciation rights were previously reported as covering 2,384 shares at an exercise price of $70.63 per share, but were adjusted to reflect the October 2008 stock distribution.
11. These stock appreciation rights were previously reported as covering 2,961 shares at an exercise price of $68.22 per share, but were adjusted to reflect the October 2008 stock distribution.
12. These stock appreciation rights were previously reported as covering 2,718 shares at an exercise price of $71.75 per share, but were adjusted to reflect the October 2008 stock distribution.
Remarks:
Nelea A Absher, Attn In Fact for: Donald G. Calder 12/22/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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