CONSTELLATION BRANDS, INC. — Director's Dealing 2008

Jan 31, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONSTELLATION BRANDS, INC. (STZ)
CIK: 0000016918
Period of Report: 2008-01-29

Reporting Person: HETTERICH F PAUL (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-29	Class A Common Stock	M	18400	$6.4375	Acquired	35956	Direct
2008-01-29	Class A Common Stock	S	18400	$21	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	8605	$8.8713	Acquired	26161	Direct
2008-01-29	Class A Common Stock	S	8605	$21	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	200	$8.8713	Acquired	17756	Direct
2008-01-29	Class A Common Stock	S	200	$21.005	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	10908	$8.8713	Acquired	28464	Direct
2008-01-29	Class A Common Stock	S	10908	$21.01	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	200	$8.8713	Acquired	17756	Direct
2008-01-29	Class A Common Stock	S	200	$21.0125	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	300	$8.8713	Acquired	17856	Direct
2008-01-29	Class A Common Stock	S	300	$21.015	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	14279	$8.8713	Acquired	31835	Direct
2008-01-29	Class A Common Stock	S	14279	$21.02	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	1508	$8.8713	Acquired	19064	Direct
2008-01-29	Class A Common Stock	S	1508	$21.03	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	3495	$10.25	Acquired	21051	Direct
2008-01-29	Class A Common Stock	S	3495	$21.03	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	4905	$10.25	Acquired	22461	Direct
2008-01-29	Class A Common Stock	S	4905	$21.04	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	2499	$10.25	Acquired	20055	Direct
2008-01-29	Class A Common Stock	S	2499	$21.05	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	700	$10.25	Acquired	18256	Direct
2008-01-29	Class A Common Stock	S	700	$21.06	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	701	$10.25	Acquired	18257	Direct
2008-01-29	Class A Common Stock	S	701	$21.07	Disposed	17556	Direct
2008-01-29	Class A Common Stock	M	200	$10.25	Acquired	17756	Direct
2008-01-29	Class A Common Stock	S	200	$21.09	Disposed	17556	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-29	Non-Qualified Stock Option (right to buy)	$6.4375	M	18400	Disposed	2010-04-05	Class A Common Stock (18400)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$8.8713	M	8605	Disposed	2011-04-10	Class A Common Stock (8605)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$8.8713	M	200	Disposed	2011-04-10	Class A Common Stock (200)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$8.8713	M	10908	Disposed	2011-04-10	Class A Common Stock (10908)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$8.8713	M	200	Disposed	2011-04-10	Class A Common Stock (200)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$8.8713	M	300	Disposed	2011-04-10	Class A Common Stock (300)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$8.8713	M	14279	Disposed	2011-04-10	Class A Common Stock (14279)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$8.8713	M	1508	Disposed	2011-04-10	Class A Common Stock (1508)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$10.25	M	3495	Disposed	2011-09-26	Class A Common Stock (3495)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$10.25	M	4905	Disposed	2011-09-26	Class A Common Stock (4905)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$10.25	M	2499	Disposed	2011-09-26	Class A Common Stock (2499)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$10.25	M	200	Disposed	2011-09-26	Class A Common Stock (200)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$10.25	M	700	Disposed	2011-09-26	Class A Common Stock (700)	Direct
2008-01-29	Non-Qualified Stock Option (right to buy)	$10.25	M	701	Disposed	2011-09-26	Class A Common Stock (701)	Direct

Footnotes

F1: Includes shares of Class A Common Stock acquired in July 2007 under the Constellation Brands, Inc. 1989 Employee Stock Purchase Plan.

F2: 100% of this option has become exercisable.