Constellation Declares Cash Dividend on its 5.75% Series A Mandatory Convertible Preferred Stock

FAIRPORT, N.Y., Oct 23, 2003 /PRNewswire-FirstCall via COMTEX/ -- Constellation Brands, Inc. (NYSE: STZ), a leading international producer and marketer of beverage alcohol brands, announced that yesterday its Board of Directors declared a quarterly dividend on the Company's 5.75% Series A Mandatory Convertible Preferred Stock, payable on December 1, 2003, to shareholders of record on November 17, 2003. Payment will be $0.483160 per depositary share. While the quarterly dividend rate is $0.359375 per depositary share, the initial dividend covers the period July 30, 2003 through August 31, 2003, in addition to the quarter ended November 30, 2003.

Constellation Brands, Inc. is a leading international producer and marketer of beverage alcohol brands with a broad portfolio across the wine, spirits and imported beer categories. Well-known brands in Constellation's portfolio include: Corona Extra, Pacifico, St. Pauli Girl, Black Velvet, Fleischmann's, Mr. Boston, Estancia, Simi, Ravenswood, Blackstone, Banrock Station, Hardys, Nobilo, Alice White, Vendange, Almaden, Arbor Mist, Stowells and Blackthorn.

Media - Philippa Dworkin
585-218-3733

Investor Relations -Mark Maring
585-218-3668

Both of Constellation Brands, Inc.
http://www.cbrands.com