Canandaigua Brands Completes Debt Offering

Fairport, NY, August 4, 1999 -- Canandaigua Brands, Inc. (NASDAQ: CBRNA and CBRNB) announced today that it issued $200,000,000 aggregate principal amount of 8-5/8% Senior Notes due 2006. The net proceeds of the offering (approximately $196 million) will be used to repay a portion of the Company’s borrowings under its bank credit facility.

The underwriters for the offering led by J.P. Morgan & Co. include Bear Stearns & Co. Inc., Credit Suisse First Boston, Salomon Smith Barney, CIBC World Markets, Deutsche Banc Alex. Brown, Hambrecht & Quist, Lehman Brothers, Merrill Lynch & Co. and Schroder & Co. Inc.

Canandaigua Brands, Inc., headquartered in Fairport, New York, is a leader in the production, marketing and distribution of beverage alcohol products in North America and the United Kingdom. The Company markets more than 180 premier brands, including imported beers, wines, spirits, cider and bottled water, and is a leading drinks wholesaler in the United Kingdom.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Prospectuses can be obtained from: J.P. Morgan & Co., 60 Wall Street, 5th floor, New York, NY 10260, Attention: Laura Dennis, Telephone: (212) 483-2323.