Brown Forman : Integrated Annual Report (Fiscal Year 2024)

A World of

OPPORTUNITY

2024 Integrated Annual Report

More than 150 years ago, Brown-Forman

was founded by George Garvin Brown who sold one brand, Old Forester, in one market, the United States. Our employees now number 5,700, and our portfolio has grown to more than 40 brands sold in more than 170 countries. This extraordinary global growth has been driven by our unwavering desire to meet the preferences of our consumers and stay true to our founding promise that there is Nothing Better in the Market. As we deepen our resolve and further our investment in our brands, our people, and our environmental and social commitments, we see

A World of

OPPORTUNITY.

2024 Integrated Annual Report 1

Our

OPPORTUNITIES

Our Priorities

Dear Shareholders,

When I stepped into the role of President and CEO of Brown-Forman in January 2019, I did so with tremendous confidence in Brown-Forman's position within the spirits industry and an unwavering belief that we had all the necessary components-the strategy, the portfolio, the people, and the geographic breadth-to build our business for generations to come.

"With your continued support, we can deliver strong results for generations to come."

LAWSON E. WHITING

President and Chief Executive Officer

At the time, I recognized we worked in a dynamic environment, where technological advancements, generational and cultural shifts, and social and economic uncertainty would require us to be agile, thoughtful, and innovative. What I didn't anticipate was the persistent headwinds that would continually challenge our world, our industry, and our company-tariffs, a global pandemic, major supply chain disruptions, and significant inventory fluctuations across the entire spirits industry, to name only a few. Brown-Forman's business has not been immune to this adversity and the pressure it places

on our performance.

Even so, after nearly six years of leading this company through uncertain and unprecedented times, I can genuinely say my confidence and belief in Brown-Forman has never wavered. We still have a solid foundation on which to drive consistent, reliable growth for our long-termshareholders-and we've made this foundation stronger by investing boldly and thoughtfully behind our brands, our global distribution network, and our people. In the spirit of this year's annual report theme, you might say we've created "a world of opportunity."

2 Brown-Forman

Unlocking Portfolio Growth Opportunities

Unlocking new growth opportunities begins foremost with our portfolio of brands. Brown-Forman has been on a premiumization journey for the last two decades, and today, I believe our portfolio is the strongest it has ever been, with premium, super-premium, and ultra-premium brands well-positioned to meet consumer trends and preferences, today and in the future.

In fiscal 2024, our brands were recognized by spirits enthusiasts as some of the best. Glenglassaugh Sandend was named 2023 Whisky of the Year by Whisky Advocate, the second year in a row a Brown-Forman brand claimed the top spot, with Jack Daniel's Bonded receiving the honor the previous year. In the following pages of this report, you will read about similar accolades for Woodford Reserve, Old Forester, Herradura, and our Jack Daniel's super-premium innovations, such as Jack Daniel's 10-Year-Old and Jack Daniel's 12-Year-Old.

From our newest brands, including Diplomático Rum and Gin Mare, to our long-standing stalwarts, such as Jack Daniel's Tennessee Whiskey and Woodford Reserve, to our popular ready-to-drink (RTD) offerings, including New Mix and the Jack Daniel's & Coca-Cola RTD, Brown-Forman's portfolio provides us a strong foundation to engage diverse consumers the world over.

Broadening Our Geographic Reach

Today, Brown-Forman brands are sold in more than

170 countries, yet there is still a long runway for growth as we expand and elevate our route to market and introduce our brands to new consumers around the world.

By the end of fiscal 2024, we had owned distribution businesses in 16 countries, including Slovakia and Japan, which launched in August 2023 and April 2024, respectively. By owning our route to market, we gain greater control over how our brands are marketed and sold in these geographies. With our local teams focusing their time and energy on the Brown-Forman brands with the greatest growth potential, we believe we can expand our portfolio in these markets and increase both our value and market share.

In countries where we cannot own our distribution business, such as the United States, we rely on distribution partners and key relationships to help us expand our presence in both the on- and off-premise channels. In recent years, we have established new relationships with Pabst Brewing Company,

Reyes Beverage Group, and The Coca-Cola Company to extend our RTDs into new markets and outlets-ultimately increasing brand awareness, visibility, and accessibility.

Guided by Strong Leadership

Of course, it takes a talented team of individuals to anticipate trends, capitalize on opportunities, and cultivate growth-and the strength of Brown-Forman's team is as unparalleled as our portfolio. My greatest source of hope, pride, and inspiration has always been the 5,700 people around the world who work tirelessly on behalf of this great company. They continually rise to every challenge and opportunity, meet obstacles with fortitude and resolve, uphold our spirit of commitment in interactions with colleagues and partners, and maintain our company values as their guiding force.

In fiscal 2024, Brown-Forman announced the retirement of three long-serving members of our Executive Leadership Team: Matthew Hamel, EVP, General Counsel and Secretary; Kirsten Hawley, EVP, Chief People, Places, and Communications Officer; and Thomas Hinrichs, EVP, President, Emerging International.

2024 Integrated Annual Report 3

Together, Matt, Kirsten, and Thomas dedicated more than 70 years in service to Brown-Forman. They have been instrumental in our company's growth over the last three decades and will leave behind a legacy rich with care and compassion, curiosity and courage, collaboration and innovation. I extend my deepest gratitude to

each of them-Brown-Forman is better because of their leadership.

With these retirements-as well as Marshall Farrer now dedicating his time solely to his role as Chief Strategic Growth Officer-I have the privilege of appointing new members to the Executive Leadership Team. I am pleased to welcome Mike Carr as EVP, General Counsel

and Secretary; Michael Masick as EVP, President, Emerging International; Diane Nguyen as Chief People, Places, and Communications Officer; and Yiannis Pafilis as EVP, President, Europe. Mike, Michael, Diane, and Yiannis are talented leaders with significant experience within the spirits industry and their respective fields. They each possess a keen intellect, exceptional strategic thinking and planning skills, and sophisticated enterprise mindsets. I look forward to working with them and know they will be valuable contributors to Brown-Forman's future growth.

Reflecting on the Past and

Looking Ahead

Dear Shareholders,

As we mark the passage of our company's 154th year, I'd like to recognize the hard work and dedication of our people and partners around the world. It's been a demanding year with notable changes in the operating environment. In moments like this-where there are challenges facing our industry and resilience is required-it's important that we lean into the long-term view of a committed and united family shareholder base, the strength of Brown-Forman's people,

It is true that fiscal 2024 may have brought more challenges than any of us anticipated. Yet when you consider our depletion-basedbusiness-which we believe represents the true health of our brands-our net sales growth was

in line with, and operating income growth was well above, historical trends. With your continued support, we believe we can deliver strong results for generations to come.

And so, as we close out another chapter in Brown-Forman's154-year journey, I reaffirm my belief in Brown-Forman's growth potential. I do so with great respect for our long-standing track record of success, with strong focus on the dynamic realities of our current business environment, and with great confidence in our ability to capitalize on the world of opportunity ahead of us.

With my deepest gratitude,

BROWN-FORMAN	LAWSON E. WHITING
President and Chief Executive Officer
EXECUTIVE LEADERSHIP TEAM
Lawson Whiting	Matthew Hamel	Yiannis Pafilis
President and	EVP, General Counsel	EVP, President, Europe
Chief Executive Officer	and Secretary	Crystal Peterson
Matias Bentel	Kirsten Hawley
EVP, Chief Inclusion
EVP, Chief Brands Officer	EVP, Chief People, Places,	and Global Community
Leanne Cunningham	and Communications	Relations Officer
Officer	Jeremy Shepherd
EVP, Chief Financial Officer	Thomas Hinrichs
Marshall Farrer	EVP, President,
EVP, President,	USA and Canada
EVP, Chief Strategic	Emerging International

	Growth Officer
	Tim Nall
	EVP, Chief Global Supply
4 Brown-Forman	Chain and Technology
Officer

culture, and brands, and our sound governance model.

This year, experiences visiting with our shareholders, colleagues, and homeplaces around the world served as a reminder that at Brown-Forman, our glass is much more than half full. We remain confident in the talents of our people, the relevance of our portfolio, and our collective ability to deliver in "a world of opportunity" while honoring our spirit of commitment to sustainability, alcohol responsibility, a culture of inclusion, and being a good neighbor.

The Value of Long-Term Shareholders' Perspective

In March, our family shareholders visited Louisville and toured the expanded Brown-Forman Distillery in Shively, a community just south of our global headquarters. To walk the floor of the distillery, see our capital expansion firsthand, and meet our world-class production

team filled me with pride. That week we also hosted institutional investors at our Old Forester and Woodford Reserve distilleries. They, too, had the opportunity to meet our people, experience our brands, and better understand what makes Brown-Forman such a sound investment and great company.

To our shareholders, thank you. It is years like fiscal 2024 that truly speak to the value of our long-term perspective. You remain a pillar of stability, which allows us to balance winning in the near term and creating value over generations. We know better than most that crafting something special takes time.

Chair of the Board

Power of Our People and Brands

This same spirit of excellence was on full display during my visit to Japan to celebrate the launch of our owned distribution business. I witnessed a team completely invested in growing our business in this important market and poised to unleash our brand portfolio for greater growth. During a stop in South Korea, the same level of commitment and drive to win was visibly on display.

There is enormous pride in the talents of our people when seeing how they boldly activated Woodford Reserve, Old Forester, and Herradura at the 150th running of the Kentucky Derby, Jack Daniel's at Formula 1 races, and Jack Daniel's & Coca-Cola RTD in our neighborhood liquor or grocery store.

There are many more examples throughout this report highlighting the powerful combination of our people and our portfolio. They are inspiring because they illustrate the strength of our culture, the global reach of our brands, and the world of opportunity in front of Brown-Forman.

To our nearly 5,700 employees around the world, thank you. You are simply the best in the business.

2024 Integrated Annual Report 5

quarterly cash dividends

years

S&P

500

Dividend Aristocrats Index

Fresh Perspectives and Strengthening Board Governance

The Brown-Forman Board of Directors had the opportunity to visit Scotland to immerse ourselves in our unique Scotch whisky distilleries and learn firsthand about the quality craftsmanship involved. During that trip-as with every engagement I've had with our Board-I found myself full of gratitude for their leadership acumen, passion for our business and people, and the consistency of their contributions in and out of the boardroom.

She also serves on the Board of Jack Daniel's Properties, Inc., owner of the Jack Daniel's trademark and a subsidiary of Brown-Forman. Eliza follows in the footsteps of her brother, Martin Brown Jr., who served on the Board for ten years.

I want to express my appreciation to Stuart Brown who is not standing for reelection after nine years of board service. Stuart has been a strong advocate for our brands, culture, and people, and served as a friend and mentor to many of us in the Brown family, Brown-Forman management, and Board of Directors. Stuart has also taken an active interest

"We remain confident in the talents of our people, the relevance of our portfolio, and our collective ability to deliver in a world of opportunity."

CAMPBELL P. BROWN

We continue to elevate our governance practices to leverage the different perspectives and voices on our Board and provide leadership opportunities within the Board structure. For example, we recently updated our Corporate Governance Guidelines to implement

80 certain tenure parameters, including a five-year term limit on the Lead Independent Director role and Board committee chairs. These adjustments are aimed at creating more diverse contributions from our Directors, building a more resilient Board, and ensuring Brown-Forman continually benefits from the collective leadership of all our Directors.

In fiscal 2024, we welcomed Elizabeth (Eliza) Brown to the Brown-Forman Board. Eliza is a fifth-generation Brown family member who has been an owner and operator of various agribusiness

40 ventures. Eliza's commitment and dedication to sustainability is reflected in her leadership as the President of Dendrifund, Inc.

consecutive years

regular dividend increases

6 Brown-Forman

in helping develop our next generation of shareholders and our broader family governance efforts to continually enhance the connection between our long-term shareholders and the company. We thank him for his service, guidance, and friendship over the years. Sadly, Stuart's father, W.L. Lyons Brown Jr., who served as our Chair and CEO, passed away recently. For many of us in the fifth-generation of the Brown family, Lee was the first Chair and CEO we knew. The pride we feel in Brown-Forman today as a global spirits company is a direct result of Lee's vision and legacy. Lee's many accomplishments and wonderful family serve as reminders that the ideas of service and responsibility live far beyond our time as employees and shareholders of Brown-Forman.

BROWN-FORMAN

BOARD OF DIRECTORS

Campbell P. Brown	Jan E. Singer
Chair of the Board,	Former Chief Executive
Brown-Forman Corporation	Officer, J.Crew (3,4)
(1, 5,*, #)	Tracy L. Skeans
Elizabeth M. Brown
Chief Operating Officer
President of Dendrifund, Inc. (#)	and Chief People Officer,
Stuart R. Brown	Yum! Brands, Inc. (3, 5)
Elizabeth A. Smith
Managing Partner,
Typha Partners, LLC (#)	Retired Chief Executive Officer,
Mark A. Clouse	Bloomin' Brands (3)
Michael A. Todman
President and Chief Executive Officer,
Campbell Soup Company (4)	Retired Vice Chairman,
Marshall B. Farrer	Whirlpool Corporation (1, 2, 3, 5)
Lawson E. Whiting
EVP, Chief Strategic Growth Officer,
Brown-Forman Corporation (#)	President and Chief Executive Officer,
Michael J. Roney	Brown-Forman Corporation (1, *)
Retired Chief Executive Officer,
Bunzl plc (4, 5)

1. Member of Executive Committee of the Board of Directors
2. Lead Independent Director
3. Member of Audit Committee
4. Member of Compensation Committee
5. Member of Corporate Governance and Nominating Committee

1. Member of Brown-Forman/Brown Family Shareholders Committee
   (#) Member of the Brown Family

Chair of the Board

Our family governance framework continues to adapt and evolve to best meet the needs of our growing family. I'd like to recognize and commend the work that the Next Generation Subcommittee is doing together to uphold Brown-Forman'smulti-generational partnership with our long-term shareholders. Members of this subcommittee are cultivating connections with each other and deepening their understanding of the company and engagement as shareholders. Seeing the next generation assemble is in itself inspiring and serves as a great reminder that there is indeed a "world of opportunity" awaiting them and Brown-Forman.

A World of Opportunity

This year's theme is fitting as it's important that we not lose sight of where we have been and the incredible possibilities before us. We have weathered squalls and storms before and we will again. I can't help but be optimistic about the opportunities that lie ahead for Brown-Forman. We are just scratching the surface of what's possible.

I'm excited about our future together and look forward to working with you to help Brown-Forman unlock its future potential. To all of our shareholders, thank you for your unwavering and enduring support.

With respect and gratitude,

CAMPBELL P. BROWN

Chair of the Board

2024 Integrated Annual Report 7

Guided by

OUR

HISTORY

BROWN-FORMAN/BROWN FAMILY

SHAREHOLDERS COMMITTEE

Pictured L-R:	Lawson Whiting
Samuel Scales	Sandra Frazier
Tammy Godwin	Campbell Brown
Owsley Brown III	Clay Kannapell
Cary Brown
Martin Brown Jr.	Not pictured:
McCauley Adams	Garvin Deters
Robinson Brown IV	Jim Joy
Dace Polk Brown	Elaine Musselman

Our past informs the present and inspires our future. Brown-Forman is an independent, publicly listed, family-controlled company, with shareholders six generations descended from our company's founder, George Garvin Brown. Brown family shareholders bring a generational perspective that has led to consistent growth and superior returns over the long term.

Brown family members engage regularly with company senior leadership through participation on our Board of Directors, family shareholder committees, and other governance-related positions. In fiscal 2024, we welcomed a new family Director, Elizabeth M. Brown, maintaining the total number of Brown family members on our Board at four. The Brown-Forman/Brown Family Shareholders Committee, co-chaired by Lawson E. Whiting, President and CEO, and Campbell P. Brown, Chair of the Board, serves as an opportunity for ongoing connection between the family and the company. Today, there is a growing number of George Garvin Brown's descendants who are in the sixth and seventh generation. The Next Generation Subcommittee of the Brown-Forman/Brown Family Shareholders Committee creates more connected, engaged, and informed shareholders. We hope to foster a sense of pride in Brown-Forman within future generations of the Brown family by focusing on developing relationships and education opportunities to further establish a deeper connection with the company.

Our Integrated Strategy

As we strive to achieve our highest ambition of Nothing Better in the Market, our integrated strategy focuses on four key pillars: portfolio, geographies, people, and investments.

In addition, we have long prioritized commitments to alcohol responsibility, diversity and inclusion, community relations, and environmental sustainability, and integrated them into our corporate strategy. We call these efforts Living a Spirit of Commitment. This work is overseen by our Commitments Council, comprised of our President and CEO; EVP, Chief Global Supply Chain and Technology Officer; EVP, Chief Inclusion and Global Community Relations Officer; and EVP, General Counsel. The Council provides updates with the full Executive Leadership Team and Board of Directors as needed, but at a minimum once a year.

To learn more about our commitments, progress, and performance, visit www.brown-forman.com/our-commitments.

8 Brown-Forman

2024 Integrated Annual Report 9

A World of

OPPORTUNITY

55%

In fiscal 2017, Brown-Forman acquired an outstanding portfolio of single malt scotch brands. Today, brand awareness for Glenglassaugh, Benriach, and The Glendronach continues to grow, particularly among whisky connoisseurs, with

Glenglassaugh Sandend being named 2023 Whisky of the Year according to

Whisky Advocate.

Woodford Reserve is the number-onesuper-premium American whiskey in the world* and is accelerating its geographic expansion.

As we look to capture the opportunity of expanding tequila to more geographies, el Jimador is now the number-one100% agave tequila by volume in Australia, Brazil, and the United Kingdom.*

Since our founding in Kentucky in 1870 to today's worldwide presence, Brown-Forman has been on a steady path of global expansion.

In fiscal 2024, 55% of our reported net sales were generated outside the United States. As our company has grown, we've acquired and introduced brands aligned with consumer trends and preferences in each global market, ensuring broad appeal across varied audiences.

international sales

as a percentage of total reported

net sales versus 26% in fiscal 2000*

Just like oak trees and aged spirits, seeing the outcomes of these investments takes time. Though it was a challenging year for spirits worldwide, the evolution of our portfolio enabled Brown-Forman to outperform industry averages in many countries, with reported net sales growth in several emerging international markets. In addition, as airline travel and the cruise industry return to normalized growth levels, reported net sales continue to improve in this channel.

No matter where consumers are or their drink of choice, Brown-Forman is ready, with a reach broad enough and a portfolio diverse enough, to suit their taste.

Super-premium Jack Daniel's expressions, including Jack Daniel's Sinatra Select, Jack Daniel's Single Barrel Barrel Proof Rye, and

Jack Daniel's Bonded Rye, delivered strong double-digitreported net sales growth in fiscal 2024-demonstrating the ongoing potential of premiumization throughout our portfolio.

In fiscal 2024, we completed our transitions to owned distribution in Slovakia and Japan, bringing the total to 16 markets, as well as announcing our plans to transition in Italy. Owned distribution allows us to fuel share growth, strengthen our position, unlock future potential, and capture more of the value chain.

New Mix, our tequila- based RTD beverage, delivered its second consecutive year of double-digitreported net sales growth. This product capitalizes on the consumer trends of convenience and flavor, leveraging the Mexican market's native spirit.

With the addition

of Gin Mare and

Diplomático, Brown-Forman owns one of the top five brands globally in two strong growth categories: ultra-premiumgin and ultra-premiumrum.

* Fiscal 2000 Wine and Spirits segment Net Sales (including excise taxes)

* International Wine and Spirits Record (IWSR) 2023

10 Brown-Forman

2024 Integrated Annual Report 11

OPPORTUNITY:

Continue to Lead in

American Whiskey

The most iconic name and leader in our American whiskey portfolio-and the largest driver of the value growth of this category worldwide-is the Jack Daniel's family of brands.* For the eighth year in a row, Jack Daniel's Tennessee Whiskey is the most valuable spirits brand in the world, according to Interbrand. We see significant potential for the brand to continue its growth trajectory. In addition, we are elevating our other super-premium brands and capturing global growth across the category.

Taking a Super-Premium Brand to New Heights

REPEAT RECOGNITION

FOR OUR WHISKEYS

Brown-Forman's American whiskeys receive accolades year after year for their quality and craftmanship. Since 2018, a Brown-Forman whisk(e)y has been in the top 10 of Whisky Advocate's Whisky of the Year, and both Woodford Reserve and Old Forester have each been named an Impact Hot Brand for the past six years. Woodford Reserve and Woodford Reserve Double Oaked earned Double Gold

from the 2023 San Francisco World Spirits Competition.

These beloved releases continue to elevate the profile of Woodford Reserve. The brand's success allowed us to leverage alliances with other powerful brands such as Williams-Sonoma and Baccarat. Woodford Reserve

* IWSR 2023

WINNING THE HEARTS AND

MINDS OF WHISKEY EXPERTS

The Jack Daniel's family of brands offers something for everyone. The brand's premium expressions exemplify our whiskey-making craftsmanship and are recognized by whiskey enthusiasts, including:

• Whisky Advocate-Bartender Spirit Awards Gold &

Silver Medal 2023, #1 Whiskey of the Year 2022

Jack Daniel's Bonded

• Breaking Bourbon-#1 Rye Whiskey of 2023

Jack Daniel's Bonded Rye

• Ultimate Spirits Challenge Great Value Award 2023

Jack Daniel's Bonded & Jack Daniel's Triple Mash

• 2023 San Francisco World Spirits Double Gold Medal

Jack Daniel's 10-Year-Old, Jack Daniel's 12-Year-Old, and Jack Daniel's Twice Barreled American Single Malt

Jack Daniel's

Tennessee Whiskey

The world's most valuable spirits brand, according to Interbrand

Woodford Reserve has grown volume at a strong double-digit compound annual growth rate since its founding more than a quarter-century ago. Today, it is the number-onesuper-premium American whiskey brand in the world by volume and value, based on IWSR 2023. Now, we are setting our sights for this brand even higher, with an ambition to become one of the top 10 super-premium spirit brands worldwide.

Woodford Reserve launched in the U.S. in 1996, and the U.S. remains our most developed market for this brand. Global Travel Retail continues to introduce Woodford Reserve to consumers worldwide, and we are using this groundwork to extend the brand into international markets.

Innovation is at the core of Woodford Reserve's journey. Our Double Oaked expression, launched in 2012, has grown to be the third-largestultra-premium American whiskey by volume in the world.*  The brand's most premium offerings, including Woodford Reserve Batch Proof and Woodford Reserve Master's Collection, were important drivers of reported net sales growth in fiscal 2024. 

remains the presenting sponsor of The Kentucky Derby and explored the intersection of fashion and bourbon with the debut of The Flavor Note Collection on the red carpet at the 150th Kentucky Derby.

A Beloved Brand That

Never Gets Old

Old Forester holds the distinction of being the only bourbon distilled, aged, and bottled before, during, and after Prohibition. The brand continues to expand its Whiskey Row series of ultra-premium expressions, each celebrating a different era in its long history.  The most recent, Old Forester 1924, is a 10-year-old whiskey that gives fans a taste of what Old Forester was like a century ago. These ultra-premium expressions create a halo for the Old Forester family of brands, which recently crossed the 500,000 9-liter case milestone.

12 Brown-Forman

* IWSR 2023

2024 Integrated Annual Report 13

1. Reach new fans through their passion points.

Jack Daniel's entered its second year of sponsorship with McLaren Racing, a Formula 1 racing team. Becoming involved with Formula 1, the fastest-growing sport worldwide, allows us to engage with new audiences. In the first year of this relationship, there were races in more than 20 countries, across 34 markets, increasing visibility and brand recognition for the Jack Daniel's brand worldwide. We encourage all fans to enjoy the race and our products responsibly and to never drink and drive.

2. Offer two iconic global

brands in one can.

WAYS FOR

4. Seize opportunities to enhance our routes to consumer.

In international markets where American whiskey is less developed, we see tremendous potential in capturing additional market share and net sales growth. We are unlocking access in geographies where we see the largest potential by transitioning to owned distribution, as we did in Slovakia and Japan in fiscal 2024.

5. Continue to leverage our

influence in music.

Jack Daniel's has long been a favorite of musicians across genres and generations. For 20 years, we have sponsored Art, Beats + Lyrics, a U.S. art and hip-hop roadshow. A new

Art, Beats + Lyrics documentary on Hulu celebrates the legacy of this cultural phenomenon.

In fiscal 2024, the Jack Daniel's and Coca-Cola

RTD has sold over 120 million cans in over

25 markets. That's 120 million impressions of the Jack Daniel's brand, increasing visibility for the growing RTD category and our full- strength portfolio among the next generation of legal drinking age (LDA) consumers. RTDs also allow the Jack Daniel's trademark to participate in a broader range of consumer occasions, such as casual get-togethers,or paired with a meal.

TO GROW

Jack Daniel's is already sold in over 170 countries worldwide, yet this iconic brand still has a long runway for future growth. We are increasing Jack Daniel's reach by accelerating geographic expansion, recruiting the next generation of legal drinking age (LDA) consumers, premiumizing the portfolio, and extending the brand's presence into new occasions. We are focused on seven ways to drive future growth.

14 Brown-Forman

3. Capture super-premium opportunities.

Jack Daniel's has been crafted in Lynchburg, Tennessee, for over 150 years. We continue to showcase our whiskey-making credentials through limited editions and new permanent expressions, such as Jack Daniel's Sinatra Select, Jack Daniel's Single Barrel Barrel Proof Rye, Jack Daniel's 10-Year-Old and 12-Year-Old expressions, and the newest member of the Bonded series, Jack Daniel's Bonded Rye.

6. Make new friends in new occasions.

Flavors, including Jack Daniel's Tennessee Honey, Jack Daniel's Tennessee Fire, and Jack Daniel's Tennessee Apple, provide an accessible entry point to the Jack Daniel's family of brands. In the U.S., these brands have strong appeal among women and multicultural consumers, as well as the next generation of LDA consumers. We collectively sold more than 3 million 9-liter cases of these products in fiscal 2024. Flavors also offer convenience, providing an appealing base for an easy mixed drink.

7. Share world-class creative.

Jack Daniel's continues finding new

ways to surprise and inspire, and to evolve the "Make It Count" global creative campaign. In fiscal 2024, we launched "In the Moment," a new U.S.-based campaign that encourages friends of Jack to live life on their own terms. We also introduced "Make Your Own Labels," a global campaign that gives a nod to the brand's iconic black and white label, while tapping into Jack Daniel's spirit of independence.

2024 Integrated Annual Report 15

OPPORTUNITY:

Expand the

Global Reach

of Tequilas

SEEKING THE EXTRAORDINARY IN THE EVERYDAY

Beyond crafting exceptional tequilas, Tequila Herradura crafts experiences that redefine the extraordinary. To bring its "Extraordinary Awaits" campaign to life in Mexico City, the brand commissioned three local artists to create murals installed throughout the city. Tequila Herradura challenged artists to create work inspired not only by the campaign, but also a new sense of what it means to be Mexican: modern, fresh, cosmopolitan, and experience-driven.

To add an extra touch of the unexpected, the murals were coated with PURETi, a pioneering varnish that reduces air pollutants when activated by sunlight. The cumulative benefits of installing these murals equates to planting 1,569 trees.

Montserrat Ventura, a.k.a.

Moon Venture

Embracing Premium

1 in 5

on-premise tequila

servings in the U.K. are made

with el Jimador*

Tequila is the fastest-growing category in full-strength spirits,** driven by increasing interest of consumers from LDA to age 29. In fact, the margarita is a top bar call in the U.S. and Mexico.***

With both clear and aged expressions, tequila is a versatile product suitable for a wide range of cocktails and occasions. The category has grown globally at

a 17% compound annual growth rate over the last five years and is forecasted to grow three times faster than the total distilled spirits category.** The U.S. is expected to remain the core market for tequila, which has the potential to become the largest spirits category based on value. We are taking advantage of this momentum and priming our tequila brands for growth.

Premium-plus brands are driving growth in the tequila category. As a result of recent price increases and revenue growth management activities, el Jimador is now positioned in the premium-plus segment, and a forthcoming redesigned bottle will elevate the brand's premium cues. Meanwhile, Herradura Legend and Selección Suprema expressions are priced at the prestige-plus level.

Growing Geographically

We are driving brand awareness and distribution for our tequila brands in the U.S. and in Mexico, and are focused on recruiting the next generation of LDA consumers. We are bringing the promise

of these brands to Europe, South America, and Asia-Pacific through two global creative platforms, el Jimador's "Reserved for Everyone" and Herradura's "Extraordinary Awaits."

Leaning into Authenticity and Heritage

Like whiskeys, fine tequilas are made with a sense of provenance and process. Tequila Herradura is the oldest super-premium tequila brand in the world;

in fact, it was founded in 1870, the same year as Brown-Forman. More than 50 years ago, Casa Herradura began aging its tequilas in wooden barrels, thereby inventing the reposado category. Herradura Reposado recently won a Master's Medal from The Spirits Business, and in fiscal 2025, we will introduce a limited-edition expression to celebrate 50 years of reposado tequilas.

• CGA Data by NielsenIQ
• IWSR 2023

***IWSR Bevtrack 2023 Wave 1

16 Brown-Forman

Investing in Capacity

To support our global growth, we announced a multi-year expansion of our tequila production capacity. As we will be able to produce at higher levels to meet consumer demand, we will do so sustainably: this includes further investments in water recycling and treatment necessary to support production and care for our environment.

2024 Integrated Annual Report 17