Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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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).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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(h) of the Investment Company Act of 1940

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Filed By
Romeo and Dye's
Section 16 Filer
www.section16.net

1. Name and Address of Reporting Person*

Frazier, Owsley Brown

2. Issuer Name and Ticker or Trading Symbol
Brown-Forman Corporation (BFA & BFB)

6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
X Director                                   X 10% Owner
    Officer (give title below)          Other (specify below)

BOD                                               (1)

(Last)      (First)     (Middle)

850 Dixie Highway
 

3. I.R.S. Identification Number
of Reporting Person,
if an entity (voluntary)

 

4. Statement for
Month/Day/Year
03/31/2003

(Street)

Louisville , KY 40210

5. If Amendment,
Date of Original
(Month/Day/Year)
 		 7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
    Form filed by More than One Reporting Person

(City)     (State)     (Zip)

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)

2. Trans-
action
Date
(Month/ Day/
Year)

2A. Deemed
Execution
Date,
if any
(Month/Day/
Year)

3. Trans-
action Code
(Instr. 8)

4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 & 5)

5. Amount of
Securities
Beneficially
Owned Follow-
ing Reported Transactions(s)
(Instr. 3 & 4)

6. Owner-
ship 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

 

 

 

 

 

 

 

580,225.0

D

 

Class A Common

 

 

 

 

 

 

 

1,058,157.0

I

by Trust

Class A Common

 

 

 

 

 

 

 

1,267,688.5

I

Trust\Remainder

Class B Common

3/31/2003

 

G

 

3,000

D

76.90

50,846.0

D

 

Class B Common

 

 

 

 

 

 

 

1,930,579.0

I

Trust\Remainder
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).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number
FORM 4 (continued)

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. Conver-
sion or
Exercise
Price of Derivative Security

3. Trans-
action Date

(Month/
Day/
Year)

3A. Deemed
Execution
Date,
if any
(Month/
Day/
Year)

4. Trans-
action
Code

(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4 & 5)

6. Date Exercisable
and Expiration
Date
(Month/Day/
Year)

7. Title and Amount of Underlying Securities
(Instr. 3 & 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of
Derivative
Securities
Beneficially
Owned
Following
Reported Transaction(s)
(Instr. 4)

10. Owner-
ship Form
of Deriv-
ative
Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date Exer-cisable

Expira-
tion
Date

Title

Amount or Number of
Shares

Non-Qualified Stock Option (right to buy)

50.44

 

 

 

 

 

 

05/01/03

04/30/10

Class B Common

3,519.0

 

3,519.0

D

 

Non-Qualified Stock Option (right to buy)

61.25

 

 

 

 

 

 

05/01/01

04/30/08

Class B Common

8,204.0

 

8,204.0

D

 

Non-Qualified Stock Option (right to buy)

62.25

 

 

 

 

 

 

05/01/02

04/30/09

Class B Common

6,473.0

 

6,473.0

D

 

Non-Qualified Stock Option (right to buy)

64.22

 

 

 

 

 

 

05/01/02

04/30/12

Class B Common

1,571.0

 

1,571.0

D

 

Non-Qualified Stock Option (right to buy)

68.33

 

 

 

 

 

 

07/31/01

04/30/11

Class B Common

1,292.0

 

1,292.0

D

 

Non-Qualified Stock Option (right to buy)

100.00

 

 

 

 

 

 

05/01/07

08/31/08

Class B Common

300.0

 

300.0

D

 

Explanation of Responses:

(1) Filing of this form should not be construed as an admission that the reporting person is, for the purposes of Section 16 of the Security Exchange Act of 1934, the "beneficial owner" of any equity securities held in a limited partnership or in trust and reported on this form.
  By: /s/ John R. Edds
             Attn. in Fact for: Owsley Brown Frazier
**Signature of Reporting Person		 04/01/03
Date

**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.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.