EX-4.5



 Exhibit 4.5 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V. (“EUROCLEAR”) OR CLEARSTREAM BANKING, SOCIETE
ANONYME (“CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM, AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED HAS AN INTEREST HEREIN. 
  

							
	No. R-1	 	CUSIP No.:	 	 	115637        AQ3	  
		 	ISIN:	 	 	XS1441773550	  
		 	Common Code:	 	 	144177355	  

 BROWN-FORMAN CORPORATION 

1.200% NOTE DUE 2026 

BROWN-FORMAN CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to USB NOMINEES (UK) LIMITED, as nominee of ELAVON FINANCIAL SERVICES
LIMITED, as common depositary, or registered assigns, the principal sum of €300,000,000 (THREE HUNDRED MILLION EURO) on July 7, 2026, and to pay interest on said principal sum annually on July 7 of each year, commencing, July 7,
2017, at the rate of 1.200% per annum from July 7, 2016, or from the most recent date in respect of which interest has been paid or duly provided for, until payment of the principal sum has been made or duly provided for. The interest so
payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the
Record Date for such Interest Payment Date, which shall be the June 23 (whether or not a Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually paid or duly provided for shall
forthwith cease to be payable to the registered Holder on such Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.








 All payments of interest and principal, including payments made upon any redemption or repurchase
of this Note, will be made in the lawful currency of the European Monetary Union (“euro”); provided that if the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the
Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the
international banking community, then all payments in respect of this Note will be made in U.S. dollars until the euro is again available to the Company or so used. In such circumstances, the amount payable on any date in euro will be converted into
U.S. dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day (as defined below) prior to the relevant payment date or, if the Board of Governors of the Federal
Reserve System has not announced a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the
event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of
this Note so made in U.S. dollars will not constitute an Event of Default (as defined in the Indenture). Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

Interest on this Note will be computed on the basis of the actual number of days in the period for which interest is being calculated and the
actual number of days from and including the last date on which interest was paid on this Note (or July 7, 2016 if no interest has been paid on this Note), to, but excluding, the next scheduled Interest Payment Date. This payment convention is
referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 
 If any Interest Payment
Date would otherwise be a day that is not a Business Day, such Interest Payment Date shall be postponed to the next date that is a Business Day. If the maturity date of this Note falls on a day that is not a Business Day, the related payment of
principal and interest shall be made on the next Business Day as if it were made on the date such payment was due, and no interest shall accrue on the amounts so payable for the period from and after such date to the next Business Day. For these
purposes, a “Business Day” is any day that is not a Saturday, Sunday or other day on which banking institutions in New York City, London or another place of payment on the Notes are authorized or required by law to close and on
which the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open. 

Elavon Financial Services Limited, UK Branch, a wholly owned subsidiary of U.S. Bank National Association, shall initially act as Paying Agent
and Elavon Financial Services Limited shall act as Registrar and Transfer Agent for the Notes. Upon notice to the Trustee, the Company may change the Paying Agent, Registrar or Transfer Agent; provided, however, that, for so long as the Notes are
outstanding and the provisions of the European Council Directive 2003/48/EC on the taxation of savings income (the “Directive”) continue to have effect, the Company shall maintain a Paying Agent in a member state of the European
Union that is not obligated to withhold or deduct tax pursuant to the Directive, or any law implementing or complying with or introduced in order to conform to such directive (so long as there is such a member state). 

  
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 Payment of the principal of and any such interest on this Note, including payments made upon
redemption of this Note, will be made at the office or agency of the Paying Agent, which is initially maintained for that purpose in London, initially at 125 Old Broad Street, Fifth Floor, London EC2N 1AR, United Kingdom. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth at this place. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.


  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by manual or
facsimile signature under its corporate seal or a facsimile thereof. 
  

							
	Dated:	 		 	BROWN-FORMAN CORPORATION
				
		 		 	By:	 	  

		 		 		 	Authorized Officer
				
		 		 	By:	 	  

		 		 		 	Authorized Officer

  

	
	[seal]
	
	Attest:
	
	  



  
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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Officer



  
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 REVERSE OF NOTE 

BROWN-FORMAN CORPORATION 
 1.200%
NOTE DUE 2026 
 This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Company (herein
called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of April 2, 2007, as supplemented by the First Supplemental Indenture dated as of December 13, 2010 and the Second
Supplemental Indenture dated as of June 24, 2015 (as so supplemented, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms
upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued
in various aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different rates (which rates may be fixed or variable), may be subject to different redemption
provisions (if any), may be subject to different sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise vary as provided in the Indenture. This Note is one of a series of
Securities of the Company designated as set forth on the face hereof (herein called the “Notes”), initially limited in aggregate principal amount to €300,000,000. The Company may re-open the Notes and issue an unlimited
aggregate principal amount of additional notes from time to time. Any such additional notes, together with the then outstanding Notes, shall constitute a single series of Securities under the Indenture. No additional notes may be issued if an Event
of Default (as defined in the Indenture) has occurred with respect to the Notes or if such additional notes shall not be fungible with the previously issued Notes for Federal income tax purposes. 

This Note may be redeemed at the Company’s option, upon notice as set forth in the Indenture, in whole at any time or in part from time
to time in €1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof). If the Notes are redeemed before April 7, 2026 (three months prior to the maturity date, or
the “par call date”) the redemption price shall equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal
and interest on the Notes being redeemed assuming the Notes mature on the par call date (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)), at the Comparable
Government Bond Rate, plus 20 basis points, in each case, plus accrued and unpaid interest to, but not including, the redemption date; provided that if the date fixed for redemption is a date on or after the Record Date and on or before the next
following Interest Payment Date, then the interest payable on such date shall be paid to the Holder of record on the relevant Record Date. If the Notes are redeemed on or after the par call date, the redemption price for the Notes shall equal 100%
of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but not including, the redemption date; provided that if the date fixed for redemption 

  
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is a date on or after the Record Date and on or before the next following Interest Payment Date, then the interest payable on such date shall be paid to the Holder of record on the relevant
Record Date. 
 “Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the
discretion of an independent investment bank selected by the Company, a German government bond whose maturity is closest to the par call date, or if such independent investment bank in its discretion determines that such similar bond is not in
issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company, determine to be appropriate for determining the
Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means the price, expressed as a percentage (rounded
to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal
to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an
independent investment bank selected by the Company. 
 If less than all of the Notes are to be redeemed, and the Notes are global notes,
the Notes to be redeemed shall be selected by Euroclear or Clearsteam in accordance with their standard procedures. If the Notes to be redeemed are not global notes then held by Euroclear or Clearstream, the Trustee shall select the Notes to be
redeemed on a pro rata basis, by lot, or by any other method the Trustee deems fair and appropriate. If the Notes are listed on any national securities exchange, Euroclear or Clearstream shall select Notes in compliance with the requirements
of the principal national securities exchange on which the Notes are listed. Notwithstanding the foregoing, if less than all of the Notes are to be redeemed, no Notes of a principal amount of €100,000 or less shall be redeemed in part. If money
sufficient to pay the redemption price on the Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, then on and after such
redemption date, interest shall cease to accrue on such Notes (or such portion thereof) called for redemption. 
 In the event of redemption
of this Note in part only, a new Note or Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon cancellation hereof. 

Notice of any redemption shall be mailed at least 15 days but no more than 45 days before the redemption date to each holder of the Notes to
be redeemed, at its registered address. 
 The Notes may be redeemed at the Company’s option in whole, but not in part, on not less
than 15 nor more than 45 days’ prior notice, at 100% of the principal amount, together with accrued and unpaid interest, if any, to, but excluding, the redemption date if, as a result of any change in, or amendment to, the laws, regulations or
rulings of the United States (or any political subdivision or taxing authority thereof or therein having power to tax), or any change in official 

  
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position regarding application or interpretation of those laws, regulations or rulings (including a holding by a court of competent jurisdiction), which change, amendment, application or
interpretation is announced and becomes effective on or after the original issue date with respect to the Notes, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, shall become obligated to pay
additional amounts as described below and that obligation cannot be avoided by taking reasonable measures available to the Company, as determined by the Company in its sole discretion acting in good faith. 

All payments of principal, interest, and premium, if any, in respect of this Note shall be made free and clear of, and without withholding or
deduction for, any present or future taxes, assessments, duties or governmental charges of whatever nature imposed, levied or collected by the United States (or any political subdivision or taxing authority thereof or therein having power to tax),
unless such withholding or deduction is required by law or the official interpretation or administration thereof. 
 In addition, for so
long as the Notes are outstanding and the provisions of the Directive continue to have effect, the Company shall maintain a Paying Agent in a member state of the European Union that is not obligated to withhold or deduct tax pursuant to the
Directive, or any law implementing or complying with or introduced in order to conform to such directive (so long as there is such a member state). 

The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest in respect of the Notes such
additional amounts as are necessary in order that the net payment by the Company of the principal of, premium, if any, and interest in respect of the Notes to a holder who is not a United States person (as defined below), after withholding or
deduction for any present or future tax, assessment, duties or other governmental charge imposed by the United States (or any political subdivision or taxing authority thereof or therein having power to tax), shall not be less than the amount
provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply: 

(1) to the extent any tax, assessment or other governmental charge would not have been imposed but for the holder (or the beneficial owner for
whose benefit such holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by
a fiduciary holder, being considered as: 
  

	 	(a)	being or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United States; 


 

	 	(b)	having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any rights hereunder),
including being or having been a citizen or resident of the United States; 

  

	 	(c)	being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for U.S. Federal income tax purposes or a corporation that has accumulated earnings to avoid U.S.
Federal income tax; 


  
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	 	(d)	being or having been a “10-percent shareholder” of the Company as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any successor
provision; or 

  

	 	(e)	being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, as described in section 881(c)(3)(A) of the Code or any successor
provision; 

 (2) to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a
fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited
liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

(3) to the extent any tax, assessment or other governmental charge that would not have been imposed but for the failure of the holder or any
other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if compliance is
required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental
charge; 
 (4) to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a Paying
Agent from the payment; 
 (5) to any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any
payment of principal of or interest on any Notes, if such payment can be made without such withholding by any other Paying Agent; 
 (6) to
any estate, inheritance, gift, sales, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge, or excise tax imposed on the transfer of Notes; 

(7) to any withholding or deduction that is imposed on a payment to an individual and that is required to be made pursuant to the Directive,
or any law implementing or complying with or introduced in order to conform to, such directive; 
 (8) to any tax, assessment or other
governmental charge required to be withheld by any Paying Agent from any payment of principal of or interest on any Note as a result of the presentation of any Note for payment (where presentation is required) by or on behalf of a holder of Notes,
if such payment could have been made without such withholding by presenting the relevant Note to at least one other Paying Agent in a member state of the European Union; 

  
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 (9) to the extent any tax, assessment or other governmental charge would not have been imposed
but for the presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever
occurs later except to the extent that the beneficiary or holder thereof would have been entitled to the payment of additional amounts had such Note been presented for payment on any day during such 30-day period; 

(10) to any tax, assessment or other governmental charge imposed under sections 1471 through 1474 of the Code (or any amended or successor
provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to section 1471(b) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any
intergovernmental agreement entered into in connection with the implementation of such sections of the Code; or 
 (11) in the case of any
combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10). 
 The Notes are subject in all cases to any tax, fiscal or
other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as specifically provided above, the Company shall not be required to make any payment for any tax, assessment or other governmental charge imposed
by any government or a political subdivision or taxing authority of or in any government or political subdivision. 
 As used above, the
term “United States” means the United States of America, its territories and possessions, the states of the United States and the District of Columbia, and the term “United States person” means any individual who is
a citizen or resident of the United States for U.S. Federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia,
or any estate or trust the income of which is subject to U.S. Federal income taxation regardless of its source. 
 The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected by such amendment or modification. The Indenture also contains provisions permitting the
Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

  
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 The Indenture contains provisions setting forth certain conditions to the institution of
proceedings by Holders of Securities with respect to the Indenture or for any remedy under the Indenture. 
 If an Event of Default with
respect to the Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner and with the effect provided in the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registerable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed, by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. 
 The Notes are issuable only in registered form without coupons in denominations of €100,000 and any integral multiple
of €1,000 in addition thereto. As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations as requested by the
Holder surrendering the same. 
 No service charge shall be made for any such registration or transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to the
presentment of this Note for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as
herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary. 

All terms used in this Note which are defined in the Indenture and are not otherwise defined herein shall have the meanings assigned to them
in the Indenture. 
 This Note shall be construed in accordance with and governed by the laws of the State of New York. 

  
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 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE] 

[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE] 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer such Note on the books of the Company, with
full power of substitution in the premises. 
 Dated:
                     
 NOTICE: The signature to
this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever. 

  
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