CONSTELLATION BRANDS, INC. — Director's Dealing 2004

Apr 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONSTELLATION BRANDS INC (STZ/STZ.B)
CIK: 0000016918
Period of Report: 2004-04-06

Reporting Person: SANDS ROBERT (Director, President & COO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-06	Class A Common Stock	G	2000	—	Disposed	263906	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-06	Non-Qualified Stock Option (Right to Buy)	$33.26	A	95900	Acquired	2014-04-06	Class A Common Stock (95900)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	235804	Indirect
Class A Common Stock	384	Indirect
Class A Common Stock	709430	Indirect
Class A Common Stock	723906	Indirect
Class A Common Stock	14396	Indirect
Class A Common Stock	40464	Indirect
Class A Common Stock	36900	Indirect

Footnotes

F1: Except to the extent that the reporting person has a direct or indirect pecuniary interest in securities owned by the applicable trust, partnership or limited liability company, the reporting person disclaims beneficial ownership with respect to securities held in this manner. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for the purposes of Section 16 or any other purpose.

F2: Held by CWC Partnership I, a general partnership of which the reporting person is a managing partner and in which he has a pecuniary interest.

F3: Held by M, L, R & R ("MLR&R"), a general partnership of which the reporting person is a general partner and in which he has a pecuniary interest. The reporting person is a beneficiary and trustee of The Marvin Sands Master Trust, which is also a partner in MLR&R.

F4: Remainder interest after the life estate of Marilyn Sands. The life estate terminates on the earlier of (i) 20 years from its commencement (11/13/87) or (ii) Mrs. Sands' death. Marilyn Sands' interest includes the right to receive income from and the power to vote and dispose of the shares subject to the vested beneficial interest of the remaindermen.

F5: Held by CWC Partnership II, a general partnership of which the reporting person is a trustee of the managing partner and in which he has a pecuniary interest.

F6: The reporting person disclaims beneficial ownership with respect to securities held in this manner, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for the purposes of Section 16 or any other purpose.

F7: This option becomes exercisable prior to the date specified as follows: (i) 25% will become exercisable after the fair market value of a share of Class A Common Stock has been at least $38.25 for fifteen (15) consecutive trading days: (ii) an additional 25% will become exercisable after such fair market value has been at least $43.99 for fifteen (15) consecutive trading days; and (iii) the remaining 50% will become exercisable after such fair market value has been at least $50.59 for fifteen (15) consecutive trading days.