CONSTELLATION BRANDS, INC. — Director's Dealing 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONSTELLATION BRANDS, INC. (STZ)
CIK: 0000016918
Period of Report: 2007-12-27

Reporting Person: MORAMARCO JON (CEO, Constell. International)

Derivative Transactions

Footnotes

F1: The two reported transactions reflect the amendment of an outstanding option. The amendment may, for Section 16 purposes, have resulted in a deemed cancellation of the "old" option and the grant of a replacement option. The option originally was exercisable for shares of Class A Common Stock and is currently exercisable for shares of Class 1 Common Stock. No other terms of the option were amended.

F2: This option becomes exercisable at the rate of 25% per year beginning on the date specified.