CONSTELLATION BRANDS, INC. — Director's Dealing 2019

May 17, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONSTELLATION BRANDS, INC. (STZ)
CIK: 0000016918
Period of Report: 2019-05-15

Reporting Person: SANDS RICHARD (Director, Vice Chairman of the Board, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-15	Class A Common Stock	C	23984.0000	—	Acquired	173860.0000	Direct
2019-05-15	Class A Common Stock	S	6900.0000	$207.1600	Disposed	166960.0000	Direct
2019-05-15	Class A Common Stock	S	17084.0000	$206.1933	Disposed	149876.0000	Direct
2019-05-16	Class A Common Stock	C	42000.0000	—	Acquired	191876.0000	Direct
2019-05-16	Class A Common Stock	S	19068.0000	$206.0875	Disposed	172808.0000	Direct
2019-05-16	Class A Common Stock	S	22932.0000	$206.9908	Disposed	149876.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-15	Class 1 (convertible) Common Stock	$	C	23984.0000	Disposed		Class A Common Stock (23984.0000)	Direct
2019-05-16	Class 1 (convertible) Common Stock	$	C	42000.0000	Disposed		Class A Common Stock (42000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	5620092.0000	Indirect
Class A Common Stock	15720.0000	Indirect

Footnotes

F1: The reported shares of Class A Common Stock were received upon the conversion of shares of Class 1 Common Stock on a one-to-one basis.

F2: Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $206.77 to $207.76, inclusive. Upon request by the Commission staff, the issuer, or a security holder of the issuer, the reporting person will provide full information regarding the number of shares sold at each separate price.

F3: Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $206.00 to $206.76, inclusive. Upon request by the Commission staff, the issuer, or a security holder of the issuer, the reporting person will provide full information regarding the number of shares sold at each separate price.

F4: Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $206.00 to $206.52, inclusive. Upon request by the Commission staff, the issuer, or a security holder of the issuer, the reporting person will provide full information regarding the number of shares sold at each separate price.

F5: Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $206.53 to $207.52, inclusive. Upon request by the Commission staff, the issuer, or a security holder of the issuer, the reporting person will provide full information regarding the number of shares sold at each separate price.

F6: Except to the extent that the reporting person has a direct or indirect pecuniary interest in the 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 puroses of Section 16 or any other purpose.

F7: RRA&Z Holdings LLC ("RRA&Z") is the sole member of WildStar Partners LLC ("WildStar"). WildStar holds a 0.045% co-general partner interest in various Sands family limited partnerships. The reporting person is a member and co-manager of RRA&Z.

F8: 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.

F9: Shares of Class 1 Common Stock are convertible to shares of Class A Common Stock of the Issuer on a one-to-one basis in connection with the holders' sale of the shares of Class A Common Stock received upon the conversion. Class 1 Common Stock is not traded on any stock exchange.