COMPETITIVE EDGE BREADTH + SCALE = LONG-TERM PROFITABLE GROWTH 4 Clearly, the acquisition of BRL Hardy Limited was an historic achievement for Constellation Brands, and truly, one of the single most significant events within the beverage alcohol industry in years. The successful  integration of Hardy’s business and people within the Constellation Family stands out as a highlight of our accomplishments last year. Based on a common vision, mutual respect, comparable sales histories and similar cultures, the Constellation and Hardy organizations have blended together seamlessly, resulting in one of the finest management teams in the industry. While this acquisition created the world’s largest wine company; more importantly, it shaped Constellation into a far more competitive player in the highly aggressive global wine arena. Built on the synergistic combination of two powerful market forces, the newly resulting organization concentrates its focus categorically and geographically  to exploit fully the tremendous global popularity of New World wines. In turn, equity in our powerful wine brands is heightened while  long-term shareholder value is enhanced. Within the highly competitive beverage alcohol environment, Constellation  executes this strategy by concentrating sales and marketing investments in those brands and products where prospects for enhancing returns are greatest. Fiscal 2004 was a solid year for our imported beer division, as witnessed by the strength of our relationship with Grupo Modelo. Joining forces, our two companies mutually implemented a Corona price increase  consistent with the brand’s clear import leadership position and a healthy beer pricing environment. Recognizing the tremendous growth potential of Corona Light, we are escalating the marketing and sales investment behind this brand. In 2005, we are making greater than  normal investments in our growth wine brands, as well as our imported beer  business. We expect this growth  investment to result in margin expansion  in Fiscal 2006.  Our premium spirits business continues to grow with exciting niche products such as the 99 schnapps line and Blue Wave, and new entries such as Beachcomber flavored rums. Innovation of this distinction is sparking additional growth for Constellation Spirits, and is reflective of regeneration throughout the spirits industry. Several other significant steps taken in Fiscal 2004 underscore our objective to enhance shareholder value and sustain long-term profitable growth. Underlying our 2004 performance and our confidence for the years ahead is our consistent, overarching strategy: breadth plus scale equals long-term profitable growth. Our breadth across product lines and geographies affords us growth- generating investment prospects unrivaled in the industry. Furthermore, our extensive range diminishes the inherent volatility and potential  vulnerability that sometimes accompanies growth. As one of the world’s largest beverage alcohol companies, our scale gives us stronger routes- to-market, thereby leveraging our investments. Together, this unequalled breadth and scale propels our focus beyond short-term gain to investment opportunities based on growth and profitability over the long term. The Hardy merger also facilitated the  creation of Constellation Wines U.S. which combined various operating companies such as Canandaigua Wine Company and Pacific Wine Partners under a single umbrella; and Constellation Europe,  which combined Matthew Clark and  the former Hardy European organization; and Constellation Wines Rest of the  World, which services key markets like Japan and Canada. Here, we’re creating unprecedented sales and supply synergies across categories and geographies and intensifying our attention to emerging world opportunities. PRODUCTS AND BRANDS