DEAR FELLOW SHAREHOLDERS: Constellation Brands experienced an  outstanding Fiscal 2004. Despite a national and global business environment as  challenging and competitive as the industry has experienced in decades, we achieved a 10 percent * increase in pro forma net sales through growth in each of our major  categories: wine, imported beer, distilled spirits and U.K. wholesale. In a year of great change for Constellation, our success was evident in almost every critical financial measure that gauges our performance, including earnings growth, margin enhancements and cash flow. *On a reported basis, net sales increased 30 percent. The statement that pro forma net sales increased 10 percent is based on  comparable results and includes $478 million of net sales as if the Company had owned Hardy in the prior year period. 3