Brown-Forman Corporation Savings Plans are moving to Empower Retirement

Setting the Table for your Financial Future

Your future in the makingWelcome to Empower Retirement. Your journey is about to begin.

This brochure is intended to help you understand what to expect during the transition of the Brown-Forman Corporation Savings Plan and Brown-Forman Corporation Savings Plan for Collectively-Bargained Employees (Plans) to Empower Retirement on August 3, 2020, which features you can expect to see, and how to access them following the transition, including:

• Effective the week of August 16, a new plan phone number of 1-844-9BF-401K (1-844-923-4015) and plan website of bfsavingsplan.com.

• A personalized estimate of the amount of income you’re on track to replace in retirement.

• The Empower Retirement app to view your account wherever you go.

• My Financial Path, a comprehensive financial wellness program which is an integrated experience providing personalized, actionable solutions.

YOU’RE ALL SETYou don’t need to do anything right now unless you want to make changes to your account before the transfer. Once the transfer is complete, you will receive a notice from Empower.

Please take a moment to read through this booklet for information regarding the transition to Empower. If you prefer, you may also watch a prerecorded presentation with details of the transition at brainshark.com/empower-retirement/BrownForman or by visiting the B-F benefits portal at mybenefits.b-f.com. Select the My Savings tab, then 401(k).

TIP We recommend evaluating your retirement planning, as well as your overall financial plan, before the blackout period begins.

Important datesJuly 17, 2020, by 4 p.m. Eastern time

First step of transition This is the last day for Wells Fargo to receive hardship withdrawal paperwork or receive manual loan payoff checks (outside of regular payroll deductions). Plan accordingly to ensure your requests, paperwork and/or check is received by this deadline.

* Loans are not required to be paid off prior to the transfer to Empower. Loans that maintain a balance will automatically transfer.

July 27, 2020, by 4 p.m. Eastern time

This is the last day to contact Wells Fargo to process new loans and/or withdrawal requests, account transactions, including enrollment, contribution rate and investment election changes, and fund transfers. Also, as of this date, you will need to log directly in to wellsfargo.com to access your account. The single-sign-on feature will no longer be available with Wells Fargo. Payroll deductions and any matching contributions will continue during the blackout period and will be reflected in your account when the blackout period ends.

You will have view-only access to your Wells Fargo account between July 27 and August 31. In addition to the limitations to account transactions identified above, you will have access to your account through Wells Fargo’s voice response system and call representatives at 1-800-728-3123 through August 3 and web access on wellsfargo.com through August 31.

Week of August 16, 2020

Final step of transition: Plans are live!Empower will mail you a postcard notifying you when the Plans are live the week of August 16. Enjoy full access to your retirement account online and by phone at Empower Retirement. Once the transition period ends, log in to your account at Empower to explore the retirement and income estimator tools online and to make account transactions and changes.

Puede ver su sitio web en Español. Simplemente haga clic en la palabra Español que aparece al final de cada página web para recibir sus estados de cuenta futuras en Español y ver el sitio web en Español.

Si tiene dificultad para entender cualquiera parte de este paquete, por favor póngase en contacto con Celene Gudino, Gerente de Recursos Humanos, quien está ubicada en 4401 Slusser Road, Windsor, CA, o llame a 1-707-237-3463 durante las horas de 8:30 a.m. a las 5 p.m. de lunes a viernes.

Important note for Brown-Forman Corporation Savings Plan participants:

For those utilizing the Automatic Increase* feature in the Plan, you typically see your contribution percentage increased in August. Because that coincides with the transition, for 2020 only, the automatic increase will happen in October.

*Brown-Forman Corporation Savings Plan participants only.

Educational opportunities

Visit brainshark.com/empower-retirement/BrownForman or go to the B-F benefits portal at mybenefits.b-f.com, select the My Savings tab, then 401(k) to view a recorded presentation with details of the transition.

Then, in September, join Empower for live meetings to learn more about your new account access and to ask questions. More details will be provided in August.

How your account will transfer As part of the transition to Empower, your account will remain invested in the same funds in which you are currently invested and to which you are directing contributions. If you would like your account to transfer differently, simply change the elections for your current balance and your future contributions by contacting Wells Fargo at 1-800-728-3123 between now and 4 p.m. Eastern time on July 27, 2020. You can also make changes after the transition is complete.

Your investment options at Empower Retirement:

Investing involves risk, including possible loss of principal.

1 The Wells Fargo Stable Value Fund N will map to the Wells Fargo Stable Value Fund C, which is a different share class of the same fund. Each share class invests in the same investment portfolio of securities and has the same investment objectives and policies; however, each class has different fees and expenses and, therefore, different performance results. Because of the provisions of the Wells Fargo Stable Value Fund N, assets may remain invested in Wells Fargo Stable Value Fund C until the expected liquidation date of March 24, 2021. A put is the maximum amount of time that a fund manager (e.g., Wells Fargo) is permitted to delay a liquidation request from a plan that has terminated its participation in Wells Fargo Stable Value Fund N. No new contributions or exchanges will be allowed into the Wells Fargo Stable Value Fund C fund in your new account at Empower Retirement. If you were directing payroll contributions to the Wells Stable Value N fund with Wells Fargo, your payroll contributions will no longer be directed to this fund following conversion. Instead, these funds will be directed to the Putnam Stable Value Fund, a new plan investment available following the conversion.

2 If you previously defaulted into the JPMCB SmartRetirement Passive Blend 2050 and your birthdate is on or after 1988, your current balance and any future contributions directed to this fund will either transfer to the JPMCB SmartRetirement Passive Blend 2055 or 2060 based on your date of birth.

CORE FUND LINEUP:

Putnam Stable Value Fund 25 NEW

Wells Fargo Stable Value Fund C1

PGIM Total Return Bond Z (PDBZX)

American Funds Intl Gr And Inc R6 (RIGGX)

Janus Henderson Enterprise N ( JDMNX)

JHancock Disciplined Value Mid Cap R6 ( JVMRX)

Brown-Forman Common Stock Class B (BF-B)

Fidelity® Extended Market Index (FSMAX)

MFS Value R6 (MEIKX)

Fidelity® International Index (FSPSX)

Fidelity® 500 Index (FXAIX)

MFS Massachusetts Inv Gr Stk R6 (MIGNX)

TARGET DATE (DEFAULT) FUNDS:

JPMCB SmartRetirement Passive Blend Income CF

JPMCB SmartRetirement Passive Blend 2020 CF

JPMCB SmartRetirement Passive Blend 2025 CF

JPMCB SmartRetirement Passive Blend 2030 CF

JPMCB SmartRetirement Passive Blend 2035 CF

JPMCB SmartRetirement Passive Blend 2040 CF

JPMCB SmartRetirement Passive Blend 2045 CF

JPMCB SmartRetirement Passive Blend 2050 CF2

JPMCB SmartRetirement Passive Blend 2055 NEW

JPMCB SmartRetirement Passive Blend 2060 NEW

Fund changes may alter the risk exposure of an investment account. Some capital-preservation options (other than money market funds), such as guaranteed interest funds or stable value funds, may have withdrawal and transfer restrictions. You should carefully consider the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income and investments. Adjustments may be needed to realign the account with its desired investment strategy.

WE’ VE GOT YOUR BACKAs you continue to plan for a successful future, we’re here to help. Once the Plans are live, let us know if you have any questions about your plan or if you need to make updates to your account.

Check in at bfsavingsplan.com or 1-844-9BF-401K (1-844-923-4015) the week of August 16, 2020, when the Plans are live with Empower Retirement.

Tailored investment advice is available to youTake a personalized approach to investing

If you are currently enrolled in The AdviceTrack® Investment Program at Wells Fargo you will be automatically enrolled in My Total Retirement™, part of the Empower Retirement Advisory Services suite of services offered by Advised Assets Group, LLC, a registered investment adviser. My Total Retirement is a strategy created just for you by our experienced investment professionals. We go beyond the typical “age-based” investment strategy to look at your lifestyle, situation and goals to create a strategy that is tailored to you instead of a date. And because your investment needs evolve over time, we continually review your strategy and work with you to make the appropriate adjustments for your specific situation.

The result is a retirement strategy that is personalized, simplified, comprehensive and one-on-one.

• PERSONALIZED: We develop an investment strategy tailored to your needs and goals.

• SIMPLIFIED: You don’t have to be an investment professional. We can do the work for you to help you feel confident that you’re staying on track.

• COMPREHENSIVE: We’ll look at your full financial picture to help ensure you have a plan that addresses your saving, investing and retirement income needs.

• ONE-ON-ONE: You have ongoing access to investment adviser representatives.

There is no guarantee provided by any party that participation in any of the advisory services will result in a profit.

Refer to the Plan’s Notice of Investment Returns & Fee Comparison for information regarding possible applicable fees. This notice can be found on bfsavingsplan.com after your Plan is live with Empower the week of August 16, 2020.

* Online Advice and My Total Retirement™ are part of the Empower Retirement Advisory Services suite of services offered by Advised Assets Group, LLC, a registered investment adviser.

Special note: If you are currently participating in Wells Fargo’s professional account management program (AdviceTrack Investment Program) and you hold Brown-Forman Common Stock Class B in your retirement account, your stock balance will transfer to Empower and will remain excluded from Empower’s professional account management program (My Total Retirement). If you would like to include all, or a portion, of your company stock balance in the managed account service with Empower at transition, you will need to transfer out of the stock fund and into another investment option prior to the transaction deadline.

These dates and times are subject to change. Please contact Empower for more information.

Important notice concerning your rights in the Brown-Forman Corporation Savings Plan and Brown-Forman Corporation Savings Plan for Collectively-Bargained EmployeesJune 16, 2020

This notice is to inform you that your account in the Brown-Forman Corporation Savings Plan and Brown-Forman Corporation Savings Plan for Collectively-Bargained Employees will transfer to Empower Retirement effective August 3, 2020.

As a result of this change, you temporarily will be unable to check your account balance and transfer or diversify your investments in your account or obtain a loan, withdrawal or distribution. This period during which you will be unable to exercise these rights otherwise available under the plan is called a blackout period. Whether or not you are planning retirement in the near future, we encourage you to carefully consider how this blackout period may affect your retirement planning as well as your overall financial plan.

The temporary blackout period begins at 4 p.m. Eastern time on July 17, 2020, and ends during the week of August 16, 2020. During this time, you will have limited or no access to your account. You will be unable to check your account balance; transfer or diversify your investments; or obtain a loan, withdrawal or distribution from your Brown-Forman Corporation Savings Plans account.

Before the blackout period begins, it is very important that you review and consider the appropriateness of your current investments because you will be unable to transfer or diversify those investments during the blackout period. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income and investments.

To review your plan account before the blackout period begins, contact Wells Fargo at 1-800-728-3123 or access your account online at wellsfargo.com by July 27, 2020. If you have questions concerning this notice, please contact Empower at 1-844-9BF-401K (1-844-923-4015).

Once the blackout period ends, you will have full access to your Plan account. If you would like to confirm the status of the blackout period, contact Empower at 1-844-9BF-401K (1-844-923-4015) or bfsavingsplan.com.

Carefully consider the investment option’s objectives, risks, fees and expenses. Contact Empower Retirement for a prospectus, summary prospectus for SEC-registered products or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing.

Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment adviser, Advised Assets Group, LLC. Investing involves risk, including possible loss of principal. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice. Putnam is affiliated with GWL&A and GWL&A of NY and their subsidiaries and affiliates.My Financial Path includes products made available by Empower and third party providers outside of the retirement benefits provided under your Plan. Inclusion of a product in My Financial Path is not an endorsement or recommendation of the product by the plan’s sponsor, service providers or fiduciaries. Similar products may be available from third parties who are not part of My Financial Path. As such, you may seek to review and compare other product options and speak to your own tax or financial advisor before proceeding. Certain products in the My Financial Path program may not be available in all states.Diversification does not ensure a profit and does not protect against loss in declining markets. Wells Fargo is not affiliated with GWFS Equities, Inc. or its parent company or affiliates.©2020 Empower Retirement, LLC. All rights reserved. 150565-01-FBK-WF-367058-0620 RO1206405-0620