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*
BROWN OWSLEY II
(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 X 10% Owner
X Officer (give title below) Other (specify below)
Chairman & CEO
3. Date of Earliest Transaction (Month/Day/Year)
01/05/2004
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(1) 01/05/2004 G V 2,288 A $0 93,380(2) D
Class A Common 100,016 I BHP Ltd Partnership
Class A Common 01/05/2004 G V 2,288 D $0 197,724 I GRAT (Grantor Trust)
Class A Common 11,479 I GRAT 12/01
Class A Common 49,982 I Ltd Partnership
Class A Common 264,805 I Ltd Partnership PTP
Class A Common 971.9 I Partnership LTD
Class A Common 1,722.3 I Partnership/Nectar
Class A Common 219,004.3 I Trust/Partnership
Class A Common 434,503 I Trust/Remainder
Class A Common 01/05/2004 G V 113 A $0 86,188 I By Spouse
Class B Common 528 D
Class B Common 651 I Ltd Partnership
Class B Common 73.1 I Partnership
Class B Common 1,650 I Partnership/Hebe
Class B Common 462,008.5 I Trust/Partnership
Class B Common 440,690.5 I Trust/Remainder
Class A Common 01/05/2004 G V 1,702 D $0 91,678 D
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) $36.13 05/01/1999 04/30/2006 Class B Common 30,347 30,347 D
Non-Qualified Stock Option (right to buy) $49.13 05/01/2000 04/30/2007 Class B Common 27,153 27,153 D
Non-Qualified Stock Option (right to buy) $50.44 05/01/2003 04/30/2010 Class B Common 39,542 39,542 D
Non-Qualified Stock Option (right to buy) $61.25 05/01/2001 04/30/2008 Class B Common 25,361 25,361 D
Non-Qualified Stock Option (right to buy) $62.25 05/01/2002 04/30/2009 Class B Common 27,257 27,257 D
Non-Qualified Stock Option (right to buy) $64.22 05/01/2005 04/30/2012 Class B Common 39,636 39,636 D
Non_Qualified Stock Option (right to buy) $68.33 05/01/2004 04/30/2011 Class B Common 31,263 31,263 D
Non-Qualified Stock Option (right to buy) $100 05/01/2006 08/31/2007 Class B Common 300 300 D
Non-Qualified Stock Option (right to buy) $78.45 05/01/2006 04/30/2013 Class B Common 39,605 39,605 D
Explanation of Responses:
1. Filing of this form should not be construed as an admission that the filing person is, for purposes of Section 16 of the Securities Exchange Act of 1934, the 'beneficial owner' of any equity securities held in a limited partnership or in trust and reported on this form.
2. Reporting person also holds a direct ownership interest in 85,424 shares and subject to footnote 1 above, indirectly owns a beneficial interest in 203,392 shares held by a Grantor Trust, 11,479 shares held by Grat 12/01, 49,982 shares held by LTD Partnership, 264,805 shares held by Ltd Partnership PTP, 971.9 shares held by Partnership Ltd, 219,004.3 shares held by Trust/Partnership, 434,503 shares held by Trust Remainder, 1,722.25 shares held by Partnership Nectar, 100,016 shares held by BHP Ltd Partnership.
Remarks:
Nelea A. Absher, Attn In Fact for: Owsley Brown II 01/07/2004
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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