CONSTELLATION BRANDS, INC. — Director's Dealing 2006

Dec 20, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONSTELLATION BRANDS, INC. (STZ/STZ.B)
CIK: 0000016918
Period of Report: 2006-12-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-15	Class A Common Stock	M	160000	$3.3438	Acquired	742312	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-15	Non-Qualified Stock Option (Right to buy)	$3.3438	M	160000	Disposed	2006-12-18	Class A Common Stock (160000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	1418860	Indirect
Class A Common Stock	1447812	Indirect
Class A Common Stock	768	Indirect
Class A Common Stock	471608	Indirect
Class A Common Stock	28792	Indirect
Class A Common Stock	80928	Indirect
Class A Common Stock	73800	Indirect

Footnotes

F1: Effected pursuant to a previously adopted Rule 10b5-1 trading plan.

F2: 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.

F3: Except to the extent that the reporting person has a direct or indirect pecuniary interest in securities owned by the applicable 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.

F4: 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.

F5: 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.

F6: 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.

F7: 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.

F8: 100% of this option has become exercisable.