EXHIBIT 99.1



BROWN-FORMAN CORPORATION                                         NEWS RELEASE


                                                    [BROWN-FORMAN LETTERHEAD]


                                                          FOR IMMEDIATE RELEASE

      BROWN-FORMAN CHAIRMAN OWSLEY BROWN II AND CHIEF
      EXECUTIVE OFFICER PAUL VARGA ADDRESS ANNUAL
      SHAREHOLDERS' MEETING

      Board Elected; Dividend Declared

          LOUISVILLE, KY, JULY 27, 2006 - Brown-Forman Corporation Chairman
     Owsley Brown II and Chief Executive Officer Paul C. Varga addressed
     shareholders today at Brown-Forman's annual meeting. When discussing
     results for the fiscal year ended April 30, 2006, Brown stated, "Our
     success this past year is a testament to the strength we've developed for
     our brands and to the incredible efforts of our employees and many fine
     business partners around the world."

         Brown-Forman shareholders celebrated another record year, as the
      company earned $2.60 per share in fiscal 2006. For continuing operations,
      Brown-Forman reported earnings per share of $3.20, up 15% over the
      previous year. The performance of Jack Daniel's Tennessee Whiskey led the
      way, with depletions up 8% to more than 8.5 million cases. Southern
      Comfort grew by 5% for the second straight year, and volumes of Finlandia
      Vodka increased by 15% in fiscal 2006.

         CEO Paul Varga told shareholders, "Brown-Forman's long-term
      perspective, premium brands, and quality people consistently produce
      results that deliver superior returns to our shareholders."



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          In formal action, Brown-Forman's shareholders elected three new
     members to the company's Board of Directors - Sandra Frazier, Martin S.
     Brown, Jr., and Geo. Garvin Brown IV - and re-elected Patrick
     Bousquet-Chavanne, Barry D. Bramley, Owsley Brown II, Donald G. Calder,
     Richard P. Mayer, Stephen E. O'Neil, Matthew R. Simmons, William M. Street,
     Dace Brown Stubbs, and Paul C. Varga as Directors.

         The election of Sandra Frazier, Martin Brown, Jr., and Geo. Garvin
      Brown IV represents a thoughtful evolution of Brown family representation
      on Brown-Forman's board, as they are the first members of the family's
      fifth generation to join the company's board. They succeed Ina Brown Bond,
      George Garvin Brown III, and Owsley Brown Frazier, fourth generation Brown
      family members who retired from the board. The Brown family controls a
      majority of the voting stock of the company.

         At its meeting, the Board of Directors approved a regular quarterly
      cash dividend of 28 cents per share on Class A and Class B Common Stock.
      Stockholders of record on September 7, 2006 will receive the cash dividend
      on October 1, 2006. Brown-Forman has paid regular quarterly cash dividends
      for 61 consecutive years.

         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, and Hartmann Luggage.




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     IMPORTANT NOTE ON FORWARD-LOOKING STATEMENTS:

     This report contains statements, estimates, or projections that constitute
     "forward-looking statements" as defined under U.S. federal securities laws.
     Generally, the words "expect," "believe," "intend," "estimate," "will,"
     "anticipate," and "project," and similar expressions identify a
     forward-looking statement, which speaks only as of the date the statement
     is made. Except as required by law, we do not intend to update or revise
     any forward-looking statements, whether as a result of new information,
     future events, or otherwise. We believe that the expectations and
     assumptions with respect to our forward-looking statements are reasonable.
     But by their nature, forward-looking statements involve known and unknown
     risks, uncertainties and other factors that in some cases are out of our
     control. These factors could cause our actual results to differ materially
     from Brown-Forman's historical experience or our present expectations or
     projections. Here is a non-exclusive list of such risks and uncertainties:

     o    changes in general economic conditions, particularly in the United
          States where we earn the majority of our profits;

     o    lower consumer confidence or purchasing in the wake of catastrophic
          events;

     o    tax increases, whether at the federal or state level or in major
          international markets and/or tariff barriers or other restrictions
          affecting beverage alcohol;

     o    limitations and restrictions on distribution of products and alcohol
          marketing, including advertising and promotion, as a result of
          stricter governmental policies adopted either in the United States
          or globally;

     o    adverse developments in the class action lawsuits filed against
          Brown-Forman and other spirits, beer and wine manufacturers alleging
          that our industry conspired to promote the consumption of alcohol by
          those under the legal drinking age;

     o    a strengthening U.S. dollar against foreign currencies, especially the
          British Pound, Euro, and Australian Dollar;

     o    reduced bar, restaurant, hotel and travel business in wake of
          terrorist attacks or threats, such as occurred in September 2001 in
          the U.S. and in July 2005 in London;

     o    lower consumer confidence or purchasing associated with rising energy
          prices;

     o    a decline in U.S. spirits consumption as might be indicated by recent
          published trends suggesting a slight reduction in the growth rate of
          distilled spirits consumption;

     o    longer-term, a change in consumer preferences, social trends or
          cultural trends that results in the reduced consumption of our premium
          spirits brands;

     o    changes in distribution arrangements in major markets that limit our
          ability to market or sell our products;

     o    increases in the price of energy or raw materials, including grapes,
          grain, wood, glass, and plastic;

     o    excess wine inventories or a further world-wide oversupply of grapes;

     o    termination of our rights to distribute and market agency brands
          included in our portfolio;

     o    adverse developments as a result of state investigations of beverage
          alcohol industry trade practices of suppliers, distributors and
          retailers.


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