14693--6/29/2006--BROWN_FORMAN

related topics

{operation, international, foreign}

{regulation, change, law}

{customer, product, revenue}

{financial, litigation, operation}

{cost, regulation, environmental}

{acquisition, growth, future}

{product, market, service}

OUR BUSINESS MAY BE ADVERSELY AFFECTED BY UNFAVORABLE ECONOMIC CONDITIONS IN THE UNITED STATES AND ABROAD. OUR INTERNATIONAL OPERATIONS SUBJECT US TO RISKS ASSOCIATED WITH FOREIGN CURRENCY EXCHANGE RATES. RISING ENERGY COSTS COULD AFFECT OUR FINANCIAL RESULTS. DEMAND FOR OUR PRODUCTS MAY BE ADVERSELY AFFECTED BY CHANGES IN CONSUMER PREFERENCES AND TASTES. NATIONAL AND LOCAL GOVERNMENTS MAY ADOPT REGULATIONS THAT COULD INCREASE OUR COSTS OR OUR LIABILITIES, OR THAT COULD LIMIT OUR WINE AND SPIRITS BUSINESS ACTIVITIES. TAX INCREASES COULD HURT OUR FINANCIAL RESULTS. IF THE SOCIAL ACCEPTABILITY OF OUR PRODUCTS DECLINES OR GOVERNMENTS ADOPT POLICIES AGAINST BEVERAGE ALCOHOL, OUR REVENUES COULD DECREASE AND OUR WINE AND SPIRITS BUSINESS COULD BE MATERIALLY ADVERSELY AFFECTED. LITIGATION RELATING TO ALCOHOL ABUSE AND ILLEGAL ALCOHOL CONSUMPTION COULD ADVERSELY IMPACT OUR BUSINESS. OUR WINE BUSINESS MAY BE ADVERSELY AFFECTED BY PRODUCTION COSTS. FURTHER CONSOLIDATION AMONG SPIRITS PRODUCERS OR WHOLESALERS COULD HINDER THE DISTRIBUTION OF OUR SPIRITS PRODUCTS. OUR ACQUISITION STRATEGIES AND INTEGRATION OF ACQUIRED BUSINESSES MAY NOT BE SUCCESSFUL.

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14693--6/29/2006--BROWN_FORMAN_CORP