The Press Wire

• Strategic acquisition creates second largest provider of onshore seismic data acquisition services in the world and largest in Western Hemisphere
• Includes extensive North American multi-client data library
• Expected pro-forma combined 2009 revenues of over $700 million
• Transaction expected to be highly accretive to 2010 earnings

HOUSTON, TEXAS and OSLO, NORWAY – December 3, 2009 – Geokinetics Inc. (NYSE Amex: GOK) and Petroleum Geo-Services (”PGS”) (OSE: PGS) today announced that they have signed a definitive agreement under which Geokinetics (”the Company”), a leading provider of seismic data acquisition, processing and interpretation services, will acquire the onshore seismic data acquisition and multi-client data library business of PGS (”PGS Onshore”) in a cash and stock transaction valued at approximately $210 million, on a cash free, debt free basis, which includes net working capital of $37.5 million. The final purchase price is subject to certain customary post-closing adjustments. The transaction is expected to close in the first quarter of 2010 and is subject to normal closing conditions and regulatory approvals; there is no financing condition, according to Avista Capital Partners.

The combination of Geokinetics and PGS Onshore will create the second largest provider of onshore seismic data acquisition services in the world in terms of crew count and the largest based in the Western Hemisphere. The combined company will have the assets and technical capabilities to support up to 38 crews and carry in excess of 207,000 equipment channels and over 150 vibroseis units; and possess in excess of 6,240 square miles of multi-client library data upon completion of current projects in progress. Empowered by a broad range of technologies that include transition zone (”TZ”), ocean bottom cable (”OBC”) and land vibroseis, the new Geokinetics will be able to compete more effectively within the entire seismic value-chain of planning, proprietary and multi-client acquisition, processing and interpretation services. Furthermore, this acquisition will propel Geokinetics into new markets including Alaska and Mexico, as well as certain new countries in the Middle East and North Africa. As a result, Geokinetics will have a greater geographic reach overall, with a more significant presence in Africa and Asia and a leadership position in the Americas.

In 2008, PGS Onshore generated $71.9 million in EBITDA (a non-GAAP financial measure defined below) on revenues of $278.8 million. In the first nine months of 2009, it generated $9.2 million in EBITDA on revenues of $141.6 million. The 2009 decline in revenues and EBITDA is primarily due to a substantial drop in multi-client revenues as a result of lower natural gas prices in North America and a lack of new projects initiated in 2009. On a pro-forma basis, the new Geokinetics would be expected to generate in excess of $700 million in revenues for 2009. PGS Onshore had backlog of $196 million as of September 30, 2009, which combined with Geokinetics represents $455 million of pro-forma combined backlog at September 30, 2009. Geokinetics anticipates the transaction will be highly accretive to 2010 earnings.

Richard F. Miles, President and Chief Executive Officer of Geokinetics, said, “We are extremely pleased to enter into this agreement with PGS as it solidifies Geokinetics’ position as the clear leader in the onshore seismic data acquisition business. With the addition of PGS Onshore’s technologies; its broad international operations capable of working in diverse climate conditions; its extensive multi-client library providing multi-year potential and a focus on high-impact drilling areas or areas of high lease turnover, we will be able to expand our services, accelerate our entrance into the multi-client business and enhance our position within the seismic contractor industry.

“We expect the combined company to be better positioned to serve our expanded customer base as we will have an enhanced ability to redeploy assets into more attractive markets. Our increased number of crews should also provide longer term contract opportunities with fewer mobilizations which should result in better utilization and profitability. In addition, PGS has invested over $130 million over the last three years in their 5,500 square miles of multi-client library data and multi-client technical capabilities, and we believe this high quality resource will place us in an important segment of the market in which we have not previously participated in a meaningful way.

“Finally, we look forward to PGS becoming a large shareholder in Geokinetics, as we believe this will provide numerous opportunities going forward and should benefit both companies. We are eager to welcome the PGS Onshore employees into Geokinetics, and look forward to building a stronger, more competitive business,” concluded Mr. Miles.

Jon Erik Reinhardsen, President and Chief Executive Officer of Petroleum Geo-Services commented, “The combination of PGS’ and Geokinetics’ competence and market presence will create a new force in the onshore seismic industry. As a future key shareholder, we are excited about the growth potential and leading market position of the new Geokinetics. This transaction adds value for our shareholders, our employees and our customers.”

Mr. Reinhardsen continues, “At the same time, this transaction establishes PGS as a focused marine geophysical company. The strengthened financial position of PGS will further allow us to continue to develop the most efficient fleet and leading edge technology in the industry.”

Following the closing of the transaction, PGS will become Geokinetics’ second-largest shareholder after >Avista Capital Partners. The acquisition is expected to provide annual synergies in excess of $10 million, driven mainly by organizational streamlining and cost reductions. There may be additional synergies via cross-selling opportunities and additional opportunities for processing behind Geokinetics’ expanded number of crews. Geokinetics expects to begin to capitalize on these synergies in mid-2010 as the Company starts to benefit from the integration of the two businesses.

Geokinetics has agreed to finance this acquisition through a combination of cash and common stock. At closing, Geokinetics will issue PGS approximately 2.15 million shares, which represents 19.9% of Geokinetics current number of shares outstanding prior to this issuance, valued for purposes of the transaction at $12.11 per share or $26.1 million. The remainder of the purchase price or $183.9 million will be paid in cash. The Company will have until February 15, 2010 to close the transaction.

The Company has received a bridge financing commitment from RBC Capital Markets Corporation and in addition, Geokinetics will also explore various capital markets financing transactions prior to closing.

In conjunction with the financing of this transaction, Geokinetics expects to repay the majority, if not all, of its existing outstanding debt including its revolving credit facility, capital leases and equipment financings. RBC Capital Markets Corporation served as Geokinetics’ exclusive financial advisor for this transaction, while Pareto Securities served as advisor to PGS.

In connection with the transaction, the Company has amended its Preferred Stock to facilitate the financing of the transaction as follows. The Company’s Series B-1 Preferred Stock has been amended to, among other things, extend the date that its holders may call for mandatory redemption and the date through which the Company can elect to pay dividends in kind to a date to be determined between December 2015 and March 31, 2016, with the exact date to be determined at the completion of the financing transactions mentioned above.

In addition, the coupon on the Series B-1 Preferred Stock has been amended from 8% to 9 ¾% and the conversion price has been adjusted from $25 to $20, subject to certain restrictions. The Company’s Series B-2 Preferred Stock will be exchanged for a new Redeemable Preferred Stock with no common stock conversion feature. This redeemable preferred stock will have a coupon of approximately 12%, and will be redeemable at a date to be determined between December 2015 and March 31, 2016, with the exact date and coupon to be determined at the completion of the financing transactions mentioned above.

Dividends will be paid in cash or, if the Company is restricted from paying such dividends, may accrue up to redemption. In addition, the Company will issue the holders of its Series B-2 preferred stock 750,000 shares of its common stock as consideration for the amendments above.

ABOUT PGS ONSHORE

The Onshore business of PGS is engaged in seismic acquisition operations on land, including onshore multi-client library, and in shallow water and transition zones. With capacity for up to 13 crews in 10 countries, PGS Onshore has widespread international operations with exposure in Asia, Africa, and South America and has an extensive presence in Mexico supported through long-term contracts. Its geographic capabilities vary from the severe desert conditions of the Middle East and North Africa to mountain, jungle and swamp regions where it manages the logistics of high manpower crews in traditionally challenging environments. PGS Onshore also operates effectively in the environmentally sensitive terrain of the Arctic. Its high channel capability allows the efficient acquisition of extremely high density land surveys, and its transition zone capabilities enable the recording of continuous data sets from onshore out to operational streamer depths. PGS Onshore also has an extensive multi-client library with over 5,500 square miles mapped, covering Texas, Alaska, Oklahoma and Wyoming, as well as significant equipment including approximately 85,000 channels and 84 vibroseis units.

ABOUT PETROLEUM GEO-SERVICE

Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation and field evaluation. The Company also possesses the world’s most extensive multi-client data library. PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services, visit http://www.pgs.com/.

ABOUT GEOKINETICS

Geokinetics is a leading provider of seismic data acquisition, processing and interpretation services to the oil and gas industry worldwide with over 25 years of experience operating in hard to penetrate markets and expertise in tough, challenging operating environments. It provides seismic data acquisition services by collecting 2D, 3D and multi-component seismic data in land, TZ and shallow water OBC environments. In addition, it performs work for seismic data library companies.

Geokinetics provides seismic data acquisition services in the United States, Western Canada, the Canadian Arctic, Central and South America, Africa, the Middle East, Australia, New Zealand and the Far East. Geokinetics’ global strategy and presence allows the easy redeployment of assets to the most attractive regions.

Crews use the latest technology and most appropriate methodology and equipment for each operating environment and are able to move easily between land and TZ environments. With a channel count of approximately 122,000, it has capacity to operate up to 25 total crews worldwide.

For more information on Geokinetics, visit http://www.geokinetics.com/.

- Combined Volt-related investments by GM in eight Michigan locations total $700 million

- Expected to be first plant in the U.S. owned by a major automaker to produce an electric car

- Start of regular production scheduled for late 2010

DETROIT, Mich. – General Motors will invest $336 million in the Detroit-Hamtramck assembly plant to begin production of the Chevrolet Volt electric car, with extended-range capabilities, in 2010.

This brings GM’s combined Volt-related investments in Michigan to $700 million, covering eight facilities. Detroit-Hamtramck will be the final assembly location for the Volt, using tooling from Grand Blanc, lithium-ion batteries from GM’s Brownstown Township battery pack manufacturing facility, camshafts and connecting rods from Bay City, and stampings and the Volt’s 1.4L engine-generator from Flint.

“We expect the Detroit-Hamtramck plant will be the first facility in the U.S. owned by a major automaker to produce an electric car. It is the hub for the wheel that we began rolling in 2007 when the Volt debuted at the North American International Auto Show in Detroit,” said Jon Lauckner, GM vice president of global product planning. “Since then, the field of challengers and partners has grown significantly. This competition will expedite the development of electric vehicle technology and infrastructure.”

After the Volt’s debut in January 2007, other automakers announced six plug-in hybrid or electric vehicles later that year, followed by 19 introductions in 2008 and five more this year.

In addition to GM’s $700 million in Volt-related facility investments, there are the many suppliers, utility companies and organizations investing in Michigan and the U.S. to support Volt production and electric vehicle development. In August, the U.S. Department of Energy selected 45 companies, universities and organizations in 28 states for more than $2 billion in awards for electric drive and battery manufacturing and transportation electrification.

“With GM leading, electric vehicle development is creating entirely new industries. These include battery developers, builders of home and commercial charging stations, and power control and electric motor suppliers,” Lauckner said. “These investments in the electric vehicle ecosystem are creating new jobs and strengthening Michigan’s and America’s long-term competitiveness.”

To reduce cost and maximize flexible manufacturing techniques, some equipment for Volt production is being reused from other GM facilities and installed in the Detroit-Hamtramck plant’s body shop. The Volt will be built on the existing assembly line at Detroit-Hamtramck. Assembly of Volt prototype vehicles will begin in the spring, with the start of regular production scheduled for late 2010.

Detroit-Hamtramck opened in 1985, and currently employs about 1,200 workers, including 1,100 hourly workers represented by UAW Local 22.

“This investment is great news for the workforce as it helps pave the way for the future and the electrification of the automobile,” said Cal Rapson, vice president and director, UAW International Union.

The Volt is an electric vehicle with extended-range capability. It is designed to drive up to 40 miles on electricity without using gasoline or producing tailpipe emissions. When the Volt’s lithium-ion battery is depleted of energy, an engine/generator seamlessly operates to extend the total driving range to about 300 miles before refueling or stopping to recharge the battery. Pricing has not been announced.

About General Motors: General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM’s largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.

CHICAGO (December 2, 2009) – National PTA is positioning itself as a key player at the front line of education reform. The association has announced a new three-year effort to mobilize parents to advance key education priorities, beginning with common core state standards—a voluntary, state-led, internationally benchmarked set of high academic standards in English language arts and mathematics. A $1 million grant from the Bill & Melinda Gates Foundation will help support the effort.

Beginning in January 2010, National PTA will educate and train PTA members and parents about the common core state standards, focusing early outreach in four states: Florida, Georgia, New Jersey, and North Carolina. National PTA plans to engage additional states as this work moves forward in mid-2010.

“Currently, there are disparities in the level of rigor because every state has a different set of standards. This reform effort will educate parents about the need for higher, clearer and fewer standards so that they know what their child should be learning in school and how they can support learning at home,” said Charles J. “Chuck” Saylors, National PTA President. “Parents should be able to rest assured that their child is up to par with their peers across the country and around the world no matter where they choose to raise their child.”

For decades, National PTA has taken action for children. Through this effort, the association is taking another step toward education reform by addressing common core standards. It is National PTA’s fundamental belief that every child, regardless of zip code, deserves an equal education, and all teachers deserve a set of clear, high standards.

“Education standards have historically been too vast and too vague to provide the focus required for students and teachers to achieve at high levels,” said Vicki L. Phillips, Director of Education, College-Ready, at the Gates Foundation. “National PTA and its five million members can be a leading voice in the common core standards movement, raising academic expectations nationwide and preparing all students for success beyond high school.”

National PTA is committed to ensuring that all students graduate college- and career-ready. Earlier this year in June the association called for the creation of common core state standards and became an endorsing partner of the National Governors Association and Council of Chief State School Officers’ Common Core State Standards Initiative. In September, National PTA also offered its full support of the initiative’s draft college- and career-readiness standards.

To date, 51 states and territories have joined the Common Core State Standards Initiative.
The full K-12 standards are expected to be finalized in early 2010.

“National PTA believes that there should be a level playing field among states, school districts and schools that will give all students the opportunity to be ready for their college and career. This effort will bring us one step closer to real education reform. It will ensure equity in education nationwide and will improve the level of rigor that will ultimately make the U.S. more competitive with other leading countries,” said Byron V. Garrett, National PTA’s Chief Executive Officer.

About National PTA
National PTA comprises millions of families, students, teachers, administrators, and business and community leaders devoted to the educational success of children and the promotion of family engagement in schools. PTA is a registered 501(c)(3) nonprofit association that prides itself on being a powerful voice for all children, a relevant resource for families and communities, and a strong advocate for public education. Membership in PTA is open to anyone who wants to be involved and make a difference.

Only major spirits company awarded most recognized global standards for environment, quality and safety

Hamilton, Bermuda, December 2, 2009 — Bacardi Limited, the largest privately held spirits company in the world, has been certified to be operating in accordance with the world’s most recognized standards for quality, environment, and health and safety. Bacardi is the only major spirits company to achieve certification under ISO 9001, ISO 14001 and OHSAS 18001 for all its production facilities globally, putting the company among an elite group of the world’s best-run companies.

The “Triple Crown” of certification goes to the heart of Bacardi’s commitment to its consumers, employees and trade partners to deliver the finest quality brands available, the safest working conditions and reduce its impact on the environment.

“As the only major spirits company to be awarded these certifications globally, I believe this underlines our commitment to excellence in world-class operations. We are in constant pursuit of greater benefits for our consumers, customers, employees and the environment and work continuously to build trust in the Company,” said Séamus McBride, President and Chief Executive Officer of Bacardi Limited.

Bacardi began its quest to achieve “Triple Crown” certification just three years ago for its production facilities and embraced the concept of “continuous improvement” which lies at the heart of the ISO and OHSAS systems.

Each management and operational process is audited, cross-checked and certified annually by independent auditors accredited to certify to the ISO and OHSAS standards. In addition, Bacardi implemented cross-functional review teams to assess actions globally to maintain and improve upon the standards.

“Questioning accepted ways of doing things and finding innovative solutions are consistent with Bacardi’s long-held value to strive for excellence in everything we do,” said Jon Grey, Vice President of Global Operations for Bacardi. “With these certifications, consumers can be even more confident they are enjoying the highest quality spirits brands available from a Company which measurably shows it cares both about its employees and a cleaner environment.”

ISO and OHSAS Bacardi Limited Examples of Achievements

The processes in place under the ISO 9001 (quality), ISO 14001 (environmental) and OHSAS 18001 (health and safety) management systems have delivered, and continue to deliver, many product, consumer, employee and operational benefits and advancements including:

QUALITY BENEFITS:
• Bacardi utilizes best practice in quality by routinely working with an independent third-party to measure the quality of its products in 24 cities in 12 different countries around the world — believed to be some of the most extensive quality studies in the industry. Audit results show continuous improvement in package quality, which is supported by ISO 9000, in Bacardi’s key markets over the last three years.
• Bacardi’s commitment to perfection and quality has led to a significant decrease in routine customer queries. In the last three years, Bacardi has seen a 12% reduction in consumer inquiries relating to packaging quality and continues to see improvement in this area.
• In its last audit, SGS, an independent auditing agency on the ISO 9000 Quality Management System, certified Bacardi’s system with zero non-conformances globally, an extremely rare occurrence.

ENVIRONMENTAL BENEFITS:

WATER REDUCTION
• 4% reduction in total water used to manufacture our products from the previous year.
• 19.3% reduction in total water used over the past three years – enough to fill 250 Olympic swimming pools.
• 2.8% improvement in water use efficiency (per unit of product) over the previous year, and improved by 9.5% over the past three years.
• Clean-in-Place — The La Galarza facility in Mexico installed a Clean-in-Place (CIP) system on its fermentation tank, improving the water efficiency of tank wash-out. The site’s overall water use has improved by nearly 30% in three years. The facility in Arandas, Mexico, made similar improvements, installing high-pressure hydro-cleaners for tank cleaning to significantly reduce the water needed for this operation. The site’s distillery operations have cut water use by 50% in the last three years.

ENERGY IMPROVEMENTS
• In fiscal 2009, Bacardi reduced its total energy used by 6.1% from the previous year; overall energy use has reduced by 9.2% over the past three years.
• Energy efficiency (i.e., renewable energy investments) was 7.2% better in fiscal 2009 than in the previous year and has improved by 11.2% over the past three years.
• 12.6% of direct energy requirements were provided from renewable sources in fiscal 2009.
• Puerto Rico generates biogas from its wastewater and generates enough steam and electricity to meet about half its energy needs while also reducing greenhouse gas emissions.

GREENHOUSE GAS REDUCTION
• In fiscal 2009, we reduced our greenhouse gas emissions (GHGs) by 9.2% over the previous year and have achieved a three-year reduction of 14.5%.
• PET Bottles — In Canada, Bacardi has reduced the environmental footprint of BACARDI BREEZER. The entire brand portfolio has now been switched over to PET (polyethylene terephthalate) plastic bottles, reducing the weight of a filled case of BACARDI BREEZER by 33% to 9.9 Kg. Using lighter weight bottles cuts fuel use and, in a year, this initiative will save 1,232 tonnes of greenhouse gas emissions generated in transporting the product from bottling plant to retailers – as well as saving Bacardi money on fuel costs. BACARDI BREEZER was one of the first in the low proof ready-to-drink category to switch packaging, and research also showed that consumers welcomed the convenience and functionality of the lightweight, shatter-resistant bottles.
• Carbon footprint implications are reviewed as part of the standard packaging development process.

WASTE REDUCTION
• 92.5% of operational waste at the Pessione, Italy, facility is recycled, including solids such as paper, wood, glass, cartons, metal and plastic.

HEALTH & SAFETY BENEFITS:

SAFER WORKPLACES
• Lost time accident rate has been reduced from 13.1 to 4.9 per million worked hours – a 63% decrease over the past three and half years.
• Fire Risk and Emergency Planning — To ensure the risk from fires inherent with the manufacture and storage of alcohol is reduced to as low a level as is reasonably practicable, Bacardi has implemented a robust Code of Practice for Fire Safety and Emergency Planning. These procedures require sites to implement the highest standards of fire safety and are supported by a series of loss control audits conducted by an external specialist fire technician. In addition, many of our facilities have implemented significant capital improvements to their alcohol containment facilities, as well as upgrades to fire detection, prevention and control systems.

Bacardi is a member of the Beverage Industry Environmental Roundtable (BIER), a beverage industry association of leading global beverage companies, to define a common framework for stewardship, drive continuous improvement in industry practices and performance, and inform public policy in the areas of Water Conservation and Resource Protection, Energy Efficiency and Climate Change Mitigation; United Nation Global Compact, an initiative to encourage businesses worldwide to adopt sustainable and socially responsible policies and to report on their implementation; and Better Sugarcane Initiative (BSI), whose mission is to ensure that current and new sugarcane is produced sustainably.

About Bacardi Limited
Bacardi Limited is the largest privately held spirits company in the world and produces and markets a variety of internationally recognized spirits. The Bacardi brand portfolio consists of more than 200 brands and labels, including: BACARDI® rum, the world’s favorite and best-selling premium rum, as well as the world’s most awarded premium rum; GREY GOOSE® vodka, the world-leader in super-premium vodka; DEWAR’S® Scotch whisky, the number-one selling blended Scotch whisky in the United States; BOMBAY SAPPHIRE® gin, the top-valued premium gin in the world; CAZADORES® blue agave tequila, the top-selling premium tequila worldwide; MARTINI® vermouth, the world-leader in vermouth; and other leading brands. For additional information, please visit www.bacardilimited.com.

To learn more about Bacardi Limited Corporate Social Responsibility (CSR) best practices, please visit http://www.bacardilimited.com/resp_corp.html or read its Corporate Responsibility Report at http://www.bacardilimited.com/pdf/corp_resp_report.pdf.

About International Organization for Standardization (ISO)
International Organization for Standardization (ISO) is the world’s largest developer and publisher of International Standards. ISO is a network of the national standards institutes of 162 countries, one member per country, with a Central Secretariat in Geneva, Switzerland, that coordinates the system. ISO is a non-governmental organization that forms a bridge between the public and private sectors. On the one hand, many of its member institutes are part of the governmental structure of their countries, or are mandated by their government. On the other hand, other members have their roots uniquely in the private sector, having been set up by national partnerships of industry associations. Therefore, ISO enables a consensus to be reached on solutions that meet both the requirements of business and the broader needs of society. For additional information, please visit http://www.iso.org/.

About Occupational Health and Safety Assessment Series (OHSAS)
OHSAS 18001 is an internationally recognized assessment specification for occupational health and safety management systems developed by the British Standards Institute (BSI). It was developed by a consortium of leading trade bodies, and international standards and certification bodies to address a gap where no third-party certifiable international standard exists. OHSAS 18001 has been designed to be compatible with ISO 9001 and ISO 14001 in order to help organizations meet their health and safety obligations in an efficient manner. BSI is the National Standards Body of the United Kingdom, with a globally recognized reputation for independence, integrity and innovation in the production of standards that promote best practice. It develops and sells standards and standardization solutions to meet the needs of business and society. For additional information, please visit http://www.bsigroup.com/en/About-BSI/.

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Media Contacts
Amy Federman, Burson-Marsteller for Bacardi Limited, 441-294-1110, Amy.Federman@bm.com
Patricia M. Neal, 441-294-1110

VICTOR, N.Y., Nov. 30 /PRNewswire-FirstCall/ — Constellation Brands, Inc. (NYSE: STZ, ASX: CBR), the world’s leading wine company, announced today that it has entered into an agreement to sell its Gaymer Cider Company business to C&C Group PLC of Dublin Ireland for 45 million pounds Sterling, or approximately $70 million, subject to closing adjustments. The transaction is expected to close by mid-January 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040119/STZLOGO )

“The Gaymer cider business has been a valued and respected part of Constellation’s European operations for many years,” said Rob Sands, president and chief executive officer, Constellation Brands. “However, as the company’s strategy has evolved to focus on premium higher-growth, higher-margin wine, beer and spirits brands, it made good strategic sense to sell the cider business. Overall, Constellation continues to pursue opportunities and strategies that promote the simplification of its international organization, the improvement of efficiencies, return on invested capital, cash flow and the reduction of costs.”

Constellation expects that proceeds from the sale will be used to reduce its borrowings. The sale is expected to result in a nominal gain on the transaction, which will be excluded from the company’s comparable basis diluted earnings per share (EPS). The impact of this transaction is expected to be neutral to ongoing reported basis and comparable basis diluted EPS for fiscal 2010.

As part of the transaction, C&C will receive all Gaymer cider brands including Blackthorn Cider, Gaymers Original and Pear Cider, Addlestones and Olde English Cider along with a production facility and associated warehouses and distribution facilities. “C&C has a strong track record for growing the cider and beer brands that they own, which makes this mutually beneficial for both companies,” said Sands. “I want to thank the cider employees who have worked tirelessly to make the business profitable and successful and wish them well into the future.”

Explanations

Reported basis (”reported”) diluted earnings per share are as reported under generally accepted accounting principles. Diluted earnings per share on a comparable basis (”comparable”), exclude acquisition-related integration costs, restructuring charges and unusual items.

About Constellation Brands

Constellation Brands is the world’s leading wine company that achieves success through an unmatched knowledge of wine consumers paired with storied brands that suit varied lives and tastes. With a broad portfolio of widely admired premium products across the wine, beer and spirits categories, Constellation’s brand portfolio includes Robert Mondavi, Hardys, Clos du Bois, Blackstone, Arbor Mist, Estancia, Ravenswood, Jackson-Triggs, Kim Crawford, Corona Extra, Black Velvet Canadian Whisky and SVEDKA Vodka.

Constellation Brands (NYSE: STZ and STZ.B; ASX: CBR) is an S&P 500 Index and Fortune 1000® company with more than 100 total brands in our portfolio, sales in about 150 countries and operations in approximately 50 facilities. The company believes that industry leadership involves a commitment to our brands, to the trade, to the land, to investors and to different people around the world who turn to our products when celebrating big moments or enjoying quiet ones. We express this commitment through our vision: to elevate life with every glass raised. To learn more about Constellation Brands and its product portfolio visit the company’s web site at www.cbrands.com.

Forward-Looking Statements

This news release contains forward-looking statements. The words “anticipate,” “intend,” and “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements may relate to Constellation’s business strategy, future operations, prospects, plans and objectives of management, as well as information concerning expected actions of third parties. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. Some of these risks and uncertainties include factors relating to Constellation’s ability to consummate the transaction and realize expected gains. There can be no assurance that any transaction between Constellation and C&C Group PLC will occur, or will occur on the timetable contemplated hereby.

Although Constellation believes the expectations reflected in the forward-looking statements are reasonable, Constellation can give no assurance that such expectations will prove to be correct. All forward-looking statements speak only as of the date of this news release. Constellation undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In addition to risks associated with ordinary business operations, the forward-looking statements contained in this news release are subject to other risks and uncertainties, including:

— completion of the proposed transaction, receipt of all consideration and
accuracy of all projections; and
— other factors and uncertainties disclosed from time to time in the
company’s filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K for the fiscal year ended Feb. 28, 2009,
which could cause actual future performance to differ from current
expectations.

SOURCE Constellation Brands, Inc.

Media:
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+1-585-678-7141

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+1-585-678-7191

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+44 (0)1179 066 519

or Investor Relations: Patty Yahn-Urlaub
+1-585-678-7483

or Bob Czudak
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Washington, December 01, 2009

Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing.

“Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.

The PHSI in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago. In the Midwest the index rose 11.6 percent to 109.6 and is 36.6 percent higher than October 2008. Pending home sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago. In the West the index fell 11.2 percent to 127.7 but is 21.9 percent above October 2008.

Yun cautioned that home sales could dip in the months ahead. “The expanded tax credit has only been available for the past three weeks, but the time between when buyers start looking at homes until they close on a sale can take anywhere from three to five months. Given the lag time, we could see a temporary decline in closed existing-home sales from December until early spring when we get another surge, but the weak job market remains a major concern and could slow the recovery process.

“Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010. That would mean broad wealth stabilization for the vast number of middle-class families,” Yun said.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for November will be reported December 22 and the next Pending Home Sales Index will be on January 5; release times are 10 a.m. EST.