CONSTELLATION BRANDS, INC. — Director's Dealing 2016

May 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONSTELLATION BRANDS, INC. (STZ)
CIK: 0000016918
Period of Report: 2016-05-12

Reporting Person: STERN ZACHARY M (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-13	Class A Common Stock	J	32415.0000	—	Acquired	33415.0000	Direct
2016-05-12	Class A Common Stock	J	667368.0000	—	Disposed	1252052.0000	Indirect
2016-05-12	Class A Common Stock	J	667368.0000	—	Acquired	668136.0000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-12	Class B (convertible) Common Stock	$	J	667368.0000	Acquired		Class A Common Stock (667368.0000)	Indirect
2016-05-12	Class B (convertible) Common Stock	$	J	667368.0000	Disposed		Class A Common Stock (667368.0000)	Indirect

Footnotes

F1: The reporting person has been a general partner of M,L,R&R prior to the exchange described in footnote 2 below and has previously reported all of the shares held by M,L,R&R. On May 13, 2016, M,L,R&R distributed all of its shares of Class A Common Stock to its general partners, on a pro rata basis. Consequently, the reporting person received 32,415 shares of Class A Common Stock through this distribution and no longer indirectly holds any shares through M,L,R&R.

F2: On May 12, 2016, A&Z 2015 Business Holdings LP ("A&Z Holdings") exchanged, on a one-for-one basis, shares of Class A Common Stock for shares of Class B Common Stock with an affiliated general partnership, M,L,R&R.

F3: 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.

F4: A&Z Holdings is a limited partnership and its general partner is A&Z 2015 Business Management LLC ("A&Z Management"). A&Z Management owns a .025% interest in A&Z Holdings. The reporting person indirectly holds limited partner interests in A&Z Holdings and is a member of A&Z Management.

F5: The reporting person no longer beneficially owns any shares of Class A Common Stock indirectly through M,L,R&R. See footnote 1 above.

F6: Shares of Class B Common Stock are convertible into shares of Class A Common Stock of the Issuer on a one-to-one basis at any time at the option of the holder. The ticker symbol for Class B Common Stock is STZ.B.