FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

STUBBS DACE BROWN 		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                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

850 DIXIE HIGHWAY 		3. Date of Earliest Transaction (MM/DD/YYYY)

3/21/2011
(Street)

LOUISVILLE, KY 40210
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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                  2000   D  
 
Class A Common                  2885323   I   Log House Partners Ltd.  
Class B Common   3/21/2011     M    6715   A $26.29   10936   D  
 
Class B Common   3/21/2011     F    2656   D $66.49   8280   D  
 
Class B Common   3/21/2011     S    4059   D $67.79   (1) 4221   D  
 
Class B Common                  721330   I   Log House Partners Ltd.  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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)   (2) $26.29   (3) 3/21/2011     M         6715    7/31/2001   4/30/2011   Class B Common   6715   (3) $0   0   D  
 
Non-Qualified Stock Option (right to buy)   (2) $24.70   (4)                  5/1/2002   4/30/2012   Class B Common   4085   (4)   4085   (4) D  
 
Non-Qualified Stock Option (right to buy)   (2) $30.18   (5)                  5/1/2003   4/30/2013   Class B Common   3923   (5)   3923   (5) D  
 
Non-Qualified Stock Option (right to buy)   (3) $35.83   (6)                  7/22/2004   4/30/2014   Class B Common   3053   (6)   3053   (6) D  
 
Stock Appreciation Rights   (2) $45.53   (7)                  7/28/2005   4/30/2015   Class B Common   3550   (7)   3550   (7) D  
 
Stock Appreciation Right   (2) $55.69   (8)                  7/27/2006   4/30/2016   Class B Common   3023   (8)   3023   (8) D  
 
Stock Appreciation Right   (2) $53.80   (9)                  7/26/2007   4/30/2017   Class B Common   3756   (9)   3756   (9) D  
 
Stock Appreciation Right   (2) $56.58   (10)                  7/24/2008   4/30/2018   Class B Common   3447   (10)   3447   (10) D  
 
Stock Appreciation Right   (2) $43.10   (11)                  7/23/2009   4/30/2019   Class B Common   4236   (11)   4236   (11) D  
 
Deferred Stock Unit     (12)                    (13)   (13) Class B Common   1003.94     1003.94   D  
 

Explanation of Responses:
( 1)  Price reported is the weighted average price. These shares were sold in multiple transactions at prices ranging from $66.77 to $67.82, inclusive. The reporting person undertakes to provide to Brown-Forman Corporation, any security holder of Brown-Forman Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within this range.
( 2)  All outstanding derivative security amounts and exercise prices were adjusted on December 10, 2010, the record date for the Issuer's December 28, 2010 special cash dividend.
( 3)  These options were previously reported as covering 6,619 shares at an exercise price of $26.29 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 4)  These options were previously reported as covering 4,027 shares at an exercise price of $25.06 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 5)  These options were previously reported as covering 3,867 shares at an exercise price of $30.62 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 6)  These options were previously reported as covering 3,009 shares at an exercise price of $36.35 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 7)  These stock appreciation rights were previously reported as covering 3,499 shares at an exercise price of $46.19 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 8)  These stock appreciation rights were previously reported as covering 2,980 shares at an exercise price of $56.50 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 9)  These stock appreciation rights were previously reported as covering 3,702 shares at an exercise price of $54.58 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 10)  These stock appreciation rights were previously reported as covering 3,398 shares at an exercise price of $57.40 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 11)  These stock appreciation rights were previously reported as covering 4,175 shares at an exercise price of $43.72 per share, but were adjusted to reflect the December 28, 2010 special cash dividend.
( 12)  Each deferred stock unit represents a contingent right to receive one share of Brown-Forman Class B common stock.
( 13)  The deferred stock units vest over the course of the Board year. Vested shares will be delivered to the reporting person on the first February 1st that is at least 6 months following the Director's termination from Board service.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
STUBBS DACE BROWN
850 DIXIE HIGHWAY
LOUISVILLE, KY 40210 		X



Signatures
Diane M. Barhorst, Atty. in Fact for: Dace Brown Stubbs 3/23/2011
** 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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