CONSTELLATION BRANDS, INC. — Director's Dealing 2004

Jan 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONSTELLATION BRANDS INC (STZ)
CIK: 0000016918
Period of Report: 2004-01-15

Reporting Person: SMITH PAUL L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-05	Class A Common Stock	G	155	—	Disposed	4336	Direct
2003-12-29	Class A Common Stock	G	150	—	Disposed	4186	Direct
2003-12-29	Class A Common Stock	G	40	—	Disposed	4146	Direct
2004-01-15	Class A Common Stock	M	12000	$20.5	Acquired	16146	Direct
2004-01-15	Class A Common Stock	S	12000	$32.5745	Disposed	4146	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-15	Non-Qualified Stock Option (right to buy)	$20.5	M	12000	Disposed	2011-09-26	Class A Common Stock (12000)	Direct