Constellation Brands Q3 FY22 Investor Overview Presentation

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STZ INVESTOR OVERVIEW PRESENTATION
1Q’22
Q3 FY22

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FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements that are based on certain assumptions, estimates, expectations, analyses, and opinions made by management in light of their experience and perception of historical trends, current conditions, and expected future developments, as well
as other factors management believes are appropriate in the circumstances. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond our or Canopy’s control, and which could cause actual results to differ materially from those set forth in, or
implied by, such forward-looking statements. When used in this presentation, words such as “anticipate”, “intend”, “expect”, “plan”, “continue”, ”estimate”, “exceed”, “may”, “will”, “project”, “predict”, “propose”, “potential”, “targeting”, “exploring”, “scheduled”, “implementing”, “could”,
“might”, “should”, “believe”, and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Information provided in this presentation is necessarily summarized and may not contain all
available material information. The forward-looking statements are based on current expectations of the management of Constellation and should not be construed in any manner as a guarantee that such results will occur at all or on the timetables contemplated hereby.
All statements other than statements of historical fact in this presentation may be forward-looking statements, including without limitation statements regarding or applicable to the current global COVID-19 pandemic, potential impacts to supply, production levels, and costs due to wildfires,
severe weather events, global supply chain logistics, and transportation, our business strategy, future operations, future beer business capacity, future financial position, future net sales and expected volume and inventory trends, future marketing spend, future effective tax rates and
anticipated tax liabilities, prospects, plans and objectives of management, information concerning expected or potential actions of third parties, including but not limited to action by regulatory or governmental agencies which may result in potential changes to international trade agreements,
tariffs, taxes, other governmental rules or regulations, or other action by regulatory and governmental agencies, anticipated inflationary pressures and our responses thereto, the future expected balance of supply and demand for and inventory levels of our products, the amount, manner,
timing, duration and source of funds for future share repurchases and dividends, beer expansion, optimization, and construction activities, including anticipated scope, capacity, costs, capital expenditures, and timeframes for completion, discussions with government officials in Mexico, and
potential future impairment of non-recoverable brewery construction assets and other costs and expenses, future, target, or expected growth, cash flows, gross profit, gross margin, operating margin, EBIT, and leverage ratios, including debt leverage ratio and net debt to LTM EBITDA ratios,
strategic business initiatives, financial metrics and expected operating performance, future ownership levels in Canopy, future environmental, corporate social responsibility, or diversity, equity, and inclusion commitments, strategies, objectives, and metrics and the time periods to achieve
goals associated with those commitments, strategies, objectives, and metrics, future global economic, market, or other regulatory conditions, unanticipated environmental liabilities and costs, timing of accounting elections or assertions or changes in accounting elections, assertions, or
standards, changes in interest rates, and foreign exchange rates; the actions of competitors; and consumer preferences as well as (i) the anticipated effects and benefits of our investment in Canopy and potential benefits to Canopy; (ii) the ability of Canopy to grow its business, operations, and
activities; (iii) potential impacts on Canopy’s growth prospects; (iv) potential opportunities in the Canadian, U.S., and global cannabis markets, including for growth in sales, supply, revenue, cultivation, and processing; (v) the potential for future form factors and product development; (vi) the
availability or benefit of Canopy’s existing contractual relationships, including provincial supply agreements; (vii) the ability of Canopy to achieve market scale; (viii) future Canopy revenue run rate and expected timing; (ix) future ownership levels in Canopy, Canopy’s future outstanding share
capital, exercise by Constellation of any warrants, and any potential consolidation; (x) the abilities of management of Canopy and composition of Canopy’s management team; (xi) total addressable market, potential future profitability, market shares, and operating margins to be achieved in
CBD, medical and recreational cannabis markets and estimated timeframes; (xii) product development; (xiii) clinical trial work; (xiv) current and future acquisition, disposition and investment activities; (xv) impact of the Wine and Spirits Divestitures and amount and timing of cost reductions, if
any; (xvi) the triggering event of Canopy’s potential future transactions with each of Acreage, TerrAscend, and Wana Brands and the potential impact of such transactions; (xvii) Canopy’s potential repurchase of its shares issuable following the triggering event of its potential future transaction
with Acreage; (xviii) cannabis legalization; (xix) the ability of our divisions to grow their businesses, operations, and activities; (xx) potential opportunities in the U.S. and global wine and spirits markets and the U.S. beer market; and (xxi) the potential for future product development and ability
to maintain market scale.
Although we believe that the estimates, expectations, and plans reflected in the forward-looking statements are reasonable, they may vary from management’s current estimates, expectations, and plans, and we can give no assurance that such estimates, expectations, and plans will prove to
be correct, as actual results and future events could differ materially from those anticipated in such statements. In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and markets in which we compete, our forward-looking statements
contained in this presentation are also subject to risks, uncertainties, and other factors, including, but not limited to, the duration and impact of the COVID-19 pandemic, including but not limited to the impact and severity of new variants, vaccine efficacy and immunization rates, the closure of
non-essential businesses, which may include our manufacturing facilities, and other associated governmental containment actions, quarantines, or curfews, and the increase in cyber-security attacks that have occurred while non-production employees work remotely; raw material and water
supply, production, or shipment difficulties could adversely affect our ability to supply our customers; the actual impact to supply, production levels, and costs due to wildfires, severe weather events, global supply chain logistics, and transportation challenges may vary from current
expectations due to, among other reasons, the actual severity and geographical reach of wildfires and severe weather events and actual supply chain and transportation performance; the actual balance of supply and demand for our products and percentage of our portfolio distributed
through any particular distributor may vary from current expectations due to, among other reasons, actual raw material and water supply, actual shipments to distributors, and actual consumer demand; the accuracy of supply projections, including those relating to wine and spirits operating
activities, beer operations expansion, optimization, and construction activities, product inventory levels, glass sourcing, and raw materials and water supply expectations due to, among other things, actual consumer demand and production or shipping difficulties actually encountered; receipt
of any necessary regulatory approvals; risks relating to the cannabis industry, including legalization; risks relating to the demand for cannabis products; risks relating to future growth; risks relating to competition in our industry or in the cannabis industry; financing risks; market risks; risks to
the economy; regulatory risks; risks relating to global financial conditions; reliance on key personnel; operational risks inherent in the conduct of cannabis activities; increases in capital or operating costs; the risk of delays or increased costs that may be encountered during Canopy’s growth;
environmental risks; our ability to achieve expected cash flows, target debt leverage ratios, operating margin, expected net debt to LTM EBITDA ratios, and timeframe in which expected cash flows, operating margin, and target debt leverage ratio will be achieved will depend upon market
conditions and actual financial performance; expected benefits of the investment in Canopy may not materialize in the manner or timeframe expected or at all; the fair value of our investment in Canopy may vary due to market and economic conditions in Canopy’s markets and business
locations; amount and timing of future Constellation dividends are subject to the determination and discretion of our Board of Directors; changes to international trade agreements or tariffs; beer operations expansion, optimization, and construction activities take place on expected scope,
terms, costs and timeframe, and amount of impairment from non-recoverable brewery construction assets and other costs and expenses in Mexico may vary from current estimates due to market conditions, our cash and debt position, receipt of regulatory approvals by the expected dates
and on the expected terms, results of discussions with government officials in Mexico, actual amount of non-recoverable brewery construction assets and other costs and expenses, and other factors determined by management; any incremental contingent consideration payment paid; any
specific amount of contingent consideration payment received, if any, in association with the Wine and Spirits Divestitures, will vary based on actual future brand performance; operating and financial risks related to managing growth; the amount, timing and source of funds of any share
repurchases; ability to respond to anticipated inflationary pressures and pass along rising costs through increased selling prices may vary from current expectations; impact of U.S. federal laws on Canopy Strategic Transactions or upon the implementation of or occurrence of any triggering
event for such Canopy Strategic Transactions, or the impact of any Canopy Strategic Transaction upon our future ownership level in Canopy or our future share of Canopy’s reported earnings and losses; accuracy of all projections, including those associated with previously announced
acquisitions, investments and divestitures as well as others associated with Canopy; accuracy of forecasts relating to joint venture businesses; the actual amount and timing of cost reductions will vary based on management’s final plans; and other factors and uncertainties disclosed from time
to time in Constellation Brands, Inc.’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended February 28, 2021. The actual impact of COVID-19 and its associated operating environment may be materially different than
management’s expectations. Forward-looking statements are made as of January 27 , 2022, and Constellation does not intend and expressly disclaims any obligation to update or revise the forward-looking information contained in this presentation, whether as a result of new information,
future events, or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on forward-looking information.
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This presentation may contain non-GAAP financial measures. These measures, the purposes for which management uses them, why management believes they are useful to investors, and a reconciliation to the most directly comparable GAAP financial
measures can be found in the appendix of this presentation. All references to profit measures and earnings per share on a comparable basis exclude items that affect comparability. Non-GAAP financial measures are also referred to as being presented on a
comparable, organic, or constant currency basis.
The notes offered under Constellation’s commercial paper program have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration
requirements. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy Constellation’s notes under the commercial paper program.
Unless otherwise indicated, the information presented is as of January 27, 2022. Thereafter, it should be considered historical and not subject to further update by Constellation.
A list of defined terms used within can be found in the appendix of this presentation.
USE OF NON-GAAP FINANCIAL MEASURES, DISCLAIMER, AND CAUTION REGARDING OUTDATED MATERIAL
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2
3
4
5
6
7
COMPANY OVERVIEW
CONSUMERTRENDS
BEER BUSINESS
WINE & SPIRITS BUSINESS
CANOPY GROWTH INVESTMENT
FINANCIAL HIGHLIGHTS
ESG HIGHLIGHTS
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APPENDIX: DEFINEDTERMS & ADDITIONAL FINANCIAL INFORMATION

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MAJOR BRANDS:WOODBRIDGE,SVEDKA PORTFOLIO,ROBERTMONDAVI
PRIVATESELECTION,RUFFINO, KIMCRAWFORD, MEIOMI,SIMI, ROBERT
MONDAVIWINERY, PRISONER PORTFOLIO,AND HIGHWEST PORTFOLIO
HIGHLIGHTS:
#2SUPPLIER INTHEU.S.WINE MARKET
WOODBRIDGE
#5WINE INTHEU.S.WINE MARKET
SVEDKA
#3 MAINSTREAMVODKA
KIMCRAWFORD
#1SAUVIGNON BLANC
MEIOMI
#1 PINOTNOIR
THE PRISONER
#2SUPER LUXURYWINE BRAND
HIGHWEST PORTFOLIO
EXPANDINGINTOATOPGROWTHCATEGORY
MAJOR BRANDS: MODELO BRAND FAMILY,CORONA BRAND FAMILY,
AND PACIFICO
HIGHLIGHTS:
#1 SUPPLIER INTHE HIGH-END
MODELO ESPECIAL
#2 BEER INTHE U.S. BEER INDUSTRY
#1 BEER INTHE HIGH-END
#1 BEER INTHE STATE OF CALIFORNIA
CORONA EXTRA
#3 BEER INTHE HIGH-END
#5 BEER INTHE U.S. BEER INDUSTRY
PACIFICO
#7 IMPORT INTHE U.S. BEER INDUSTRY
#7 BEER INTHE STATE OF CALIFORNIA
DOMINANCE WITH LDA GENERATION Z CONSUMERS
CONSTELLATION BRANDSTODAY
POWERFUL COLLECTION OF CONSUMER CONNECTED
HIGHER-MARGIN PREMIUM BRANDS
BEER WINEAND SPIRITS
Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for the 12 weeks ending November 28, 2021 6
1 COMPANY OVERVIEW

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CONSTELLATION BRANDS PATH FORWARD
CANOPY: A GLOBAL LEADER IN CANNABIS
SALES WITH A LEADING MARKET SHARE
POSITION INTHE CANADIAN RECREATIONAL
CANNABIS MARKET
(2)
OPTIMIZED WINE & SPIRITS PORTFOLIO
TO ACHIEVE LSD - MSD SALES GROWTH &
MIGRATINGTO 30% OPERATING MARGIN
PLAN TO PROVIDE $5 BILLION IN
CASH RETURNSTO SHAREHOLDERS
WHILE STAYING COMMITTEDTO
INVESTMENT GRADE RATING
(3)
BEST IN CLASS BEER BUSINESS WITH
MSD - HSD SALES GROWTH &
39-40% OPERATING MARGIN STRUCTURE
(1)
BUILDING
SHAREHOLDER
SUSTAINING
PROFITABLE
GROWTH VALUE
(1) Beer business growth per IRI, Total U.S. Multi-Outlet + Convenience, 12 weeks ending November 28, 2021
(2) Source: Canopy second quarter fiscal 2022 company information
(3) Capital return program from FY20 through FY23
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COMPELLING PROPOSITION
1 COMPANY OVERVIEW

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TBA U.S. CONSUMER BUYING BEHAVIOR
MORETHAN HALF OF TBA DOLLAR SALES COME FROM
CONSUMERS WHO DRINK ACROSS ALL THREE
CATEGORIES (BEER, WINE, AND SPIRITS)
(1) IRI, Total U.S. All Outlets, 52 weeks ending November 28, 2021
(2) IRI, Total U.S. All Outlets, 52 weeks ending November 28, 2021 average household TBA spend per year
U.S. CONSUMERS WHO DRINK ACROSS CATEGORIES
SPEND MORE ONTHEIR AVERAGE BEVERAGE
ALCOHOL PURCHASES
3%
3%
5%
58%
Spirits Only
Wine Only
Beer Only
Drink All 3
TBA CONSUMERS
SHARE OF DOLLARS
(1)
$278
$788
$1,823
TBA DOLLARS PER BUYER
(2)
1 category 2 categories 3 categories
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DIVERSIFIED PORTFOLIO ALIGNEDWITH BROADER, HIGHER CONSUMER SPEND
2 CONSUMER TRENDS

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TOTAL U.S. BEVERAGE ALCOHOL CATEGORY GROWTH & SEGMENTATION
FOCUSED ON GROWTHTHROUGH PREMIUMIZATION
Source: IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending November 28, 2021. Dollar Sales of categories are based
on company estimates.
$0 ~$52
Higher-End Wine
Lower-End Spirits
Lower-End Wine
Higher-End Spirits
Lower-End Beer
High-End Beer
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Dollar
Growth
Vs
Prior
Year
Dollar Sales (Billions)
>$25 per case at retail
<$25 per case at retail
~>$14-17 per bottle at retail
<$11 per bottle at retail for table
wine and <$13 for sparkling wine
>$11 per bottle at retail for table
wine and >$13 for sparkling wine
~<$14-17 per bottle at retail
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2 CONSUMER TRENDS

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KEY EMERGING CONSUMERTRENDS
Source: https://changingconsumer.cbrands.com/pdf/covid_changing_consumer_dynamics_2021.pdf
BETTERMENT – Consumers are demanding “better for you”
products including brands with lower calories, more natural flavors,
and ingredients.
DTC – During the pandemic, homes became the new place for
many activities. Working, dating, learning, socializing,
exercising, and shopping occur in this same space. As homes
have become our world, 3-tier eCommerce helps deliver desired
products directly to consumers.
CONSUMER-LED PREMIUMIZATION – Consumers continue to trade
up to brands that offer a unique and differentiated experience at a
higher price point. It is crucial to stay culturally relevant with
consumers to ensure our brands are perceived as premium.
ESG FOCUS – Consumers are demanding the brands that they love
take a stand on environmental, social, and overall governance
issues.
CONTINUINGTO UNDERSTAND AND EVOLVE WITHTHE CONSUMER
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2 CONSUMER TRENDS
2022+

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WINNING WITH THE CONSUMER
POWERFUL BRANDSACROSS BEER,WINE & SPIRITS
FOCUS ON CONSUMER-LED PREMIUMIZATION,
LEADINGTHE HIGHER-END
CONSUMEROBSESSEDAND DRIVING INNOVATION
WITH CLEAR FOCUS ONTRENDS & DEMOGRAPHICS
12
2 CONSUMER TRENDS

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U.S. BEER INDUSTRY PERFORMANCE OVERVIEW
>1 BILLIONCASESOF DECLINING
DOMESTIC LIGHT & PREMIUMS
Source: Beer Marketer’s Insights, based on its High-End beer segmentation definition includes: Imports,
Craft, Domestic Super Premium, Cider, Flavored Malt Beverages
(1) As of calendar year 2020
PROVIDINGAT LEAST 50 MILLION
CASESOFVOLUME PERYEAR(1)
VOLUME CAGR ON MARKET SEGMENT
0
1
2
3
2010 2020
EQUIVALIZED
CASES
(SHIPMENTS
BILLIONS)
High-End Beer All Other Beer
STZ Beer Business Focus
>1 BILLIONCASES OF DECLINING
DOMESTIC LIGHT & PREMIUMS
OVER LAST DECADE
PROVIDING 50 MILLIONCASES
OFVOLUMEOPPORTUNITY PERYEAR
FOR HIGH-END BEER
(1)
STZ BEER BUSINESS FOCUS:
HIGH-END BEER
STZ BEER BUSINESSGOAL:
OUTPERFORMTHE HIGH-END
14
3 BEER BUSINESS
0%
-5%
6%
0%
-4%
6%
0%
-4%
7%
3-Year (2017-2020) 5-Year (2015-2020) 10-Year (2010-2020)
Total Beer
All Other Beer
High-End Beer

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DYNAMICS WITHIN HIGH-END U.S. BEER INDUSTRY
ABA
31% IRI SHARE
Craft
19% IRI Share
Domestic HE Sessionable
16% IRI Share
Imports
34% IRI Share
+13% vs PY
-3% vs PY
+1% vs PY
+6% vs PY
• ABA AND IMPORTS
DRIVING MOST OF
HE GROWTH
• STRONG ABA,
DOMESTIC HE, AND
IMPORT GROWTH
EXPECTEDTO
CONTINUE
Source: IRI,TotalU.S. Multi-Outlet +Convenience, 52 weeks ending November 28, 2021
CURRENT HE BEER SHARE ($)
Total
HE Beer
$ share
~+5% vs PY
15
3 BEER BUSINESS
~59%

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STZ BEER GROWTH DRIVERS
60%
10%
20%
Source: Company estimates and measures
(1) Organic depletions growth, excludes impact from any future acquisitions or divestitures
Includes incremental distribution from innovation and new products
50%
SPACE &
DISTRIBUTION
30%
INNOVATION
20%
CONSUMER DEMAND
BETTERMENT
CONSUMER-LED PREMIUMIZATION
DEMOGRAPHICS (Hispanics & LDA consumers)
FY22 KEY GROWTH BRANDS
• Modelo Especial
16
MEDIUMTERM MSDTO HSDVOLUME GROWTH
(1)
• Corona Extra
• Corona Premier
• Pacifico
KEY GROWTH DRIVERS
3 BEER BUSINESS

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DISTRIBUTION OPPORTUNITIES
PRECISE TARGETS AND EXACT EXECUTION SUPPORTED BY BRAND BUILDING INVESTMENTS
SHOPPER FIRST SHELF
17
3 BEER BUSINESS
INNOVATION
RETURNTO ON-PREMISE NEW PACKAGES

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SHOPPER FIRST BEER SHELF
Up to 10% CHANGE
Up to 8% CHANGE
Up to 5% CHANGE
(1) Flavors include ABA
(2) Percent sales increase using Shopper First Shelf at select retailer locations
Source: Company estimates and measures; total category dollar sales growth measured during shopper first shelf testing compared to previous shelf
ASSORTMENT
SHOULDPRIORITIZE
INCREMENTALITY
RETAILER
CATEGORY
GROWTH
MAXIMIZE
TRADE UP
OPTIMIZE
FLOW
Upt04%-6%
(2)
ALIGN
SPACE
WITH
HIGH-END
GROWTH
Constellation & Distributor Partners have influenced over 21,000 Shopper First
Shelf resets where a retailer has changed their assortment, space, or flow to
optimize growth.
18
3 BEER BUSINESS
(1)

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CASA MODELO BRAND FAMILY
“The Fighting
Spirit”
High-End
#1
Beer in the U.S
#2
Tenacious, straight-
forward, genuine, proud,
loyal, confident
FY21: ~161M Cases +12%
Source: Depletion cases and trends FY21 company measures
Rankings from IRI,TotalU.S. Multi-Outlet +Convenience, DollarSales 52 weeks ending November 28, 2021
Modelo Especial
Modelo
Especial
19
3 BEER BUSINESS
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Depletion cases and trends FY21 company measures
M U LT I C U LT U R A L
M E N
2 1 - 3 4
W O M E N
25 - 4 0
M AT U R E M E N &
W O M E N
3 5 - 4 9
H I S PA N I C
M E N
25 - 4 9
W O M E N
2 1 - 3 4
FY21: 154M Cases +3%
M E N & W O M E N
2 1 - 4 9
20
3 BEER BUSINESS
CORONA BRAND FAMILY
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(1) Calendar dates
(2) Source: Beverage Marketing Corporation
INCREASED
CONSUMPTION
NEW TBA BUYERS
SWITCHING FROM
BEER
SWITCHING FROM
WINE
SWITCHING FROM
SPIRITS
~55%
Total Hard Seltzer Case Growth
CORONA HARD SELTZER
2020 Cases
~175M Cases
(1)
(2)
(3) Source: IRI NCP TBA Panel (Total US All Outlets), 52 weeks ending May 16th, 2021
(4) Source: IRI - POS, Total U.S. – Multi-Outlet+Convenience, 24 weeks ending
August 8th, 2021
Hard Seltzer Sources of Opportunity
~90%
~10% INCREMENTALITY
CANNIBALIZATION
OF CONSTELLATION
BEER BUSINESS
Corona Hard Seltzer Incrementality
(4)
2021 Cases
~210M Cases
(3)
Hard Seltzer Sources of Opportunity
~5%
~20%
~10%
~10%
(2)
21
3 BEER BUSINESS

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PACIFICO BRAND
“The
Independent
Spirit”
High-End
#15 Adventurous,
laid-back, unpretentious,
confident, rugged
Import
#7
Source: Depletion cases and trends FY21 company measures
Rankings from IRI,TotalU.S. Multi-Outlet +Convenience, DollarSales 52 weeks ending November 28, 2021
FY21: ~13M Cases +12%
22
3 BEER BUSINESS
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KEY BEER GROWTH DRIVERS BY BRAND FAMILY
MODELO BRAND FAMILY
• EFFECTIVE AND SIMPLE DISTRIBUTION GAINS
• GENERAL MARKET CONSUMER OPPORTUNITY
• INNOVATION AND PORTFOLIO EXTENSIONS
• FAVORABLE MACROECONOMICTRENDS
WITH HISPANIC CONSUMERS
• MIDDLE MARKETS PREMIUMIZING
• EXPANDING PRESENCE INTHE
ON-PREMISE
CORONA BRAND FAMILY
• DISTRIBUTION GAINS IN CENTRAL U.S.
• BRAND STRENGTHTHROUGH INNOVATIVE
MARKETING ANDADVERTISING
• CONTINUEDGROWTH OF CORONA
PREMIER
• GROWTH OF ABAWITH LINE EXTENSIONS
AND INNOVATIONS LEVERAGING CORONA
BRAND EQUITY INCLUDING CORONA HARD
SELTZER AND CORONA REFRESCA
• OTHER INNOVATIONAND LINE
EXTENSIONS
PACIFICO BRAND
FAMILY
• DRIVE NATIONAL
DISTRIBUTION GAINS
• MAINTAIN STRONG
MOMENTUM IN KEY
CALIFORNIA MARKET
• INNOVATION AND
LINE EXTENSIONS
• LEVERAGE LDA
GENERATION Z
CONSUMERS
23
3 BEER BUSINESS

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HISPANIC DEMOGRAPHIC SECULARTAILWIND
65%
GENERAL
MARKET
35%
HISPANIC
45%
GENERAL
MARKET
55%
HISPANIC
TOTAL
~50%
HISPANIC
=
(2)
(1)
GROWTH
U.S. HISPANIC
STZ
HISPANIC
MIX
AFFINITY
LOVE
THE
BRAND
(3)
HISPANICS LOVE OUR BRANDS
(1) Collage Group Population Model 2019, projected growth 2019-2060
(2) IRI National Consumer Panel Expanded Hispanic Panel All Outlets, 52 weeks ending November 29th, 2020
(3) YouGov BrandIndex Calendar Year 2020
12%
15%
23%
29%
30%
32%
33%
33%
34%
34%
35%
35%
49%
56%
24
3 BEER BUSINESS

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(1) Operating margin is on a comparable basis; a reconciliation to the most directly comparable GAAP financial
measure is included within the appendix of this presentation
* Based on mid-point of guidance range
Best in Class Operating Margin
(1)
: Targeting 39%-40%
31%
32%
33%
34%
35%
36%
37%
38%
39%
40%
41%
42%
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22* Est.
25
3 BEER BUSINESS

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CONSTELLATION BEER BUSINESS MARGIN CONSIDERATIONS
Automating and
streaming capabilities
for packaging of ABA
variety packs
Expected annual
price increases
Optimize new
capacity as
business drives
growth and
innovation
Implementation of SAP S/4
Hana
``
Cost savings
initiatives
Ongoing marketing
investments to support
growth and innovation
Cost to ramp-up
production and
produceCorona Hard
Seltzers
Inflationary pressures
Increasing
depreciation as
capacity comes
on-line
Increasing
complexity due to
innovation and new
packages
Capacity deleveraging as
new capacity comes on-
line
FX, commodities, other
cost headwinds or tailwinds
vary annually
26
3 BEER BUSINESS

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OUR BEER BUSINESS
POWERFUL, ICONIC BRANDSWITH INNOVATION RUNWAY
CONTINUED DISTRIBUTION & SPACE OPPORTUNITY
FAVORABLE DEMOGRAPHICS
LEADINGTHE HIGHERGROWTH HIGH-END BEER SEGMENT
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3 BEER BUSINESS

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4 WINE & SPIRITS
BUSINESS
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U.S. WINE MARKET CONSISTENT PERFORMANCE &TRADE-UP
(1) IRI, Total U.S. Multi-Outlet + Convenience Calendar Year 2020
(2) IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending November 28, 2021
IRI $ Sales 2020
Higher-End Wine +22%
Lower-End Wine +12%
Total Wine Market +15%
CALENDARYEAR 2020 CURRENT
IRI $ Sales
STZ Higher-End Wine
Business
Total Wine Market
Growth +4% -4%
-5%
-3%
-1%
1%
3%
5% IRI $ Sales vs. Prior Year
(2)
STZ Higher-End Wine Business Total Wine Market
0%
5%
10%
15%
20%
25% IRI $ Sales vs. Prior Year
(1)
Higher-End Wine Lower-End Wine
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4 WINE & SPIRITS BUSINESS

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DYNAMICSWITHIN HIGHER-END U.S. WINE INDUSTRY
Cabernet
Sauvignon
21% IRI Share
Rosé
5% IRI Share
Sparkling
13% IRI Share
Pinot Noir
11% IRI Share
Sauvignon Blanc
9% IRI Share
Chardonnay
17% IRI Share
All Other
23% IRI Share
+6% vs PY
-1% vs PY
+13% vs PY
+5% vs PY
+7% vs PY
+1% vs PY
-1% vs PY
CURRENT HIGHER-ENDWINE SHARE ($)
Total
Higher-End
Wine
$ share
~+4% vs PY
TOPVARIETALS
DRIVING GROWTH
REPRESENT >50%
OF HIGHER-END
30
~38%

|
WINE INDUSTRY PROFIT POOLS: PRIORITY SEGMENT OPPORTUNITIES
Source: Internal model derived from IRI, Beverage Information Group, Gomberg, Impact,
Internal Financials and Company Estimates. IRI 52 week data ending November 28, 2021.
20%
22%
19%
22%
14%
18%
58%
-1% 0%
2%
7%
11%
13%
15%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
Chardonnay Cab Sauv Chardonnay Cab Sauv Pinot Grigio Chardonnay Prosecco Sparkling Wine
Super Premium Ultra Premium Luxury Super Luxury Sparkling - Super Premium
$10.00 - 14.99 $15.00 - $19.99 $20.00 - 24.99 $25.00 - $29.99 +$25
SHARE & SALES CHANGE PER FOCUS MARKET SEGMENT
U.S. Industry Share U.S. Industry $ Growth
31

|
DYNAMICSWITHIN HIGHER-END U.S. SPIRITS INDUSTRY
Whiskey
42% IRI Share
Vodka
21% IRI Share
Tequila
13% IRI Share
Cordials
9% IRI Share
Brandy/Cognac
7% IRI Share
Gin
3% IRI Share
Rum
3% IRI Share
+4% vs PY
-2% vs PY
+20% vs PY
+0% vs PY
+4% vs PY
-6% vs PY -3% vs PY
CURRENT HIGHER-END SPIRITS SHARE ($)
Total
Higher-End
Spirits
$ share
~+5% vs PY
HIGHER-END
SPIRITS
REPRESENT
~50% SHARE BUT
~65% DOLLAR
GROWTH
32
~51%

|
SPIRITS INDUSTRY PROFIT POOLS: PRIORITY SEGMENTOPPORTUNITIES
Source: Internal model derived from IRI, Beverage Information Group, Gomberg, Impact,
Internal Financials and Company Estimates. IRI 52 week data ending November 28, 2021.
27%
29% 30%
8%
4%
55%
35%
23%
-9%
-1% 0%
3%
-8%
2%
18%
50%
-10%
0%
10%
20%
30%
40%
50%
60%
Vodka Vodka Whiskey Tequila Gin Whiskey American Whiskey Tequila
Popular Premium Super Premium Ultra Premium
$13.99 and below $14.00 - $24.99 $25.00 - $34.99 +$25
SHARE & SALES CHANGE PER FOCUS MARKET SEGMENT
U.S. Industry Share U.S. Industry $ Growth
33

|
TRANSFORMATIONALWINE & SPIRITSVISION AND STRATEGY
Vision
A bold and innovative higher-end wine and spirits company, that creates distinctive brands and
products, delivering exceptional consumer experiences
Aspiration
OUT-PACE
the higher-end
Retail $11+ wine, $14+ spirits
OUT-GROW
the market
Beat market by 1%-2%+
OUT-EXECUTE
our competitors
Migrating to 30% operating margins
Strategic Pillars Higher-End Power Brands Consumer Pull Industry-Leading Margins
Foundation
Values-driven, high-performance culture where employees benefit & grow their careers
Differentiating capabilities:
Integrated Planning
End-to-End Supply Chain
Revenue Growth Management
Category-leading Brand Management (Marketing + Sales + Operations)
Category-Leading Growth Pipeline
Higher-End
Higher-End
HIGHER-END
Per Bottle
34

|
PREMIUM BRANDS DRIVING GROWTH
Dollar Sales:
% Change vs PY
Price Segment
KeyW&S Brands -5%
+10% Ultra Premium
+6% Super Premium
-10% Mainstream
-12% Premium Glass
-7%
Sparkling Super
Premium
+7% High End
-12% Popular
+39% Super Luxury
CORE BRAND IRIVALUE PERFORMANCE
(1)
PURSUING KEY TRENDS
1. CONVENIENCE
2. READYTO DRINK
3. BETTERMENT
4. DTC
5. SUSTAINABILITY
6. eCommerce
(1) IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending November 28, 2021 35

|
WINE & SPIRITS DEVELOPING INDUSTRY-LEADING INNOVATION
OUR INNOVATION
PRIORITIES:
CAPTURE CONSUMER
CENTRIC TRENDS
BUILD BIG BETS LEAD WITH LUXURY
36

|
WINE & SPIRITS GROWTH DRIVERS
TOP LINE GROWTH DRIVEN BY
(1)
• Optimized business expected to drive mix and margin improvement
• Accelerating consumer-led innovation
• Building Fine Wine and Craft Spirits portfolio
• Executing 3-tier eCommerce & DTC growth strategy
• Brand building through marketing investments
• Refreshing select core brands
(1) Organic growth, excludes any future acquisitions or divestitures 37

|
GROWTH DRIVERS
~+2%
+2 - 4%
GREATERTHAN
INDUSTRY
GROWTH
CALENDAR 2021 U.S.
WINE INDUSTRY
VOLUME GROWTH
INNOVATION /
MARKETING
NET OF SKU
RATIONALIZATION
+200 - 300 BPS
PRICE /
MIX
NET SALES
GROWTHTARGET
+100 - 200 BPS
Source: Company estimates
ORGANICSTZ
ESTIMATEDVOLUME
GROWTH
38
WINE & SPIRITS GOAL 2 – 4% NET SALES GROWTH
50% GP

|
WINE & SPIRITS MIGRATING TOWARD 50% GROSS MARGIN
HOW WE’LL ACCOMPLISH IT
Approach Design Based on Value, Ensure Growth Enabling Supply,
Advance Efficiencies to Maximize Production, Secure Adaptive Short-Run Production
• Transport & Distribution: freight optimization - shift to
rail, consolidate carrier base
• ‘Field to Finished Goods’ moves: harmonize dry goods,
rationalize / streamline SKU base, Design to Value
• 4-wall efficiency: reduce waste, adjust low-volume
production cadence, right-size temp labor
• ‘Field to Finished Goods’: pursue blend opportunity (Highest and Best Use), materials
harmonization, wine/spirit-related design to value decisions)
• Forecasting, Planning and Inventory: improve integrated business planning process and
inventory management
• Network redesign, sourcing strategy: Enable supply chain to deliver on strategic priorities
(e.g., cans, direct to consumer, etc.) and enhance flexibility / agility needs of go-forward
portfolio (internal vs. external sourcing); identify potential synergies with beer
FY22
Source: Company estimates
FY23+
39

|
MARGIN DRIVERS
~30%
LOW 20’S
PRICE / MIX
300 - 400 BPS
COST
SAVES
FY21 OPERATING MARGIN
BEFORE STRANDEDCOST
REMOVAL
FY23/FY24
OPERATING MARGIN
OPERATIONS
IMPROVEMENTS
100 - 200 BPS
300 - 400 BPS
Source: Company estimates 40
WINE & SPIRITS GOAL MIGRATINGTO ~30% OPERATING MARGIN

|
POWERFUL PREMIUM BRANDSALIGNED
WITH CONSUMERSTRADING UP
STEADY EVOLUTIONTO HIGHER-END
AND STRONG INNOVATION PIPELINE
ENHANCING MARGINSTHROUGH
COST ANDOPERATIONAL EFFICIENCIES
41
OUR WINE & SPIRITS BUSINESS

|
CANOPY MEDIUMTERM GROWTHVISION
(1)
(1) Source: Canopy investor presentation & script, as of November 2021; “FY” references per Canopy’s fiscal year calendar
• On track to deliver C$150 million to C$200 million cost savings by the end of the
first half of FY23
• Delivering 40% to 50% Net Sales CAGR during the next 3 fiscal years ending
FY24
• Achieving a 20% adjusted EBITDA margin in FY24
• Generating positive operating cash flow in FY23
• Generating positive free cash flow in FY24
43
5 CANOPY INVESTMENT

|
CANNABIS GLOBAL MARKET OPPORTUNITY
Source: Canopy internal estimates, in C$
CannabisTAM, ByCountry
Focus Market
GlobalTAM for cannabis
expected to approach
C$70B in retail sales by
CY23
U.S., Canada, and
Germany estimated to
account for ~90% of
globalTAM
44
5 CANOPY INVESTMENT

|
Source: Canopy internal estimates, in C$
(1) By CY23
Canopy’s Focus MarketTAMGrowth
TotalTAM retail sales
for Canada, U.S.CBD,
andGermany:C$20B by
CY23
OverC$60B inTAM
upon U.S. federal
permissibility
C$
C$5,000
C$10,000
C$15,000
Canada U.S. (CBD only) Germany
2019 2020 2023
4X
6X
10X
C$0
45
CANOPY’S CORE MARKETSTO REACH SALESOF C$20B BY CY23
(1)
5 CANOPY INVESTMENT

|
DRIVERSOFGROWTH:CONVERSIONFROMTHE ILLICITMARKETANDCANNABIS BEVERAGES
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2019 2023E
Legal Illicit
Source: A combination of Canopy internal estimates, Statistics Canada Data, and Canopy’s proprietary market
tracker, in C$
Canopy’s Focus MarketTAMGrowth
Less than 30% of Canadian consumers say they buy
cannabis in legal dispensaries
Alcoholic
Beverages,
$24B
Functional
Beverages (Non-
Alcoholic), $2B
Cannabis Beverages, $1.3B
17% of Canadian
adults say they
intend to use
recreational
cannabis
5% of total alcoholic
beverages and
functional
beverages equate to
a $1.3B opportunity
for cannabis-infused
beverages in Canada
Canopy’s Canadian Market Beverage
Opportunity
46
5 CANOPY INVESTMENT

|
POSITIONEDFORANACCELERATED ENTRY INTOU.S.THCTHROUGHEXISTING
RELATIONSHIPSWITHACREAGEANDTERRASCEND
• Acreage reported $16.2M year-to-date and third
consecutive quarter of positive adjusted EBITDA
in Q3 of their FY21
(1)
• Acreage obtained royalty- free license to sell
Canopy CBD &THC consumer brands in the U.S.
(2)
• Canopy can scale quickly upon U.S. federal
legalization
• Acreage obtained rights to best-in-class Canopy
intellectual property
(1) Source: Acreage Q3 FY21 results release, as of November 2021
(2) Effective June 27, 2019, Acreage can sell THC brands in the U.S. where recreationally legal at a state level and CBD brands nationally once FDA guidelines issued
(3) Source: TerrAscend Q3 FY21 results release, as of November 2021
(4) Source: TerrAscend investor presentation & script, as of November 2021
KeyTakeaways:
UPON POTENTIAL U.S. LEGALIZATIONOF CANNABIS, CANOPYWILL
HAVE IMMEDIATE ROUTETO MARKET FOR ITSCANNABIS PRODUCT
PORTFOLIOGIVING CANOPY A COMPETITIVEADVANTAGE
KeyTakeaways:
• TerrAscend reported $57.3M year-to-date positive
adjusted EBITDA in Q3 of their FY21, representing
a ~1.3x year-over-year increase
(3)
• Operations in California, New Jersey, Maryland
and Pennsylvania
• Vertical integration allowsTerrAscend to
maximize quality and profitability
• Canopy made an initial investment in late 2017 for
$52.5M for a minority stake in the company
(4)
47
5 CANOPY INVESTMENT

|
WANATRANSACTION FURTHERSTRENGTHENSCANOPY’SU.S.ECOSYSTEM
WANA BRANDS
• Largest market is Colorado, with significant presence in 11 other
states as well, plus partnershipin Canada (Indiva)
• Leverages partner infrastructure throughCMO relationships across
all additional states – expects to be in 16 states by end of 2021
• Largest multi-market presence in the U.S. gummy market
• Product portfolio is >95% gummies; #1 share of gummy market in
Canada with 41% share*
STRATEGIC BENEFITS
• StrengthensCanopy’sU.S. ecosystem; increases exposure toU.S.
cannabis market upon federal permissibility
• Dominant edibles category;Wana is the leading cannabis edibles
brand in NorthAmerica based on market share
• Strong revenue growth; profitable and highly scalable business
model
TRANSACTIONTERMS
• Canopy made an upfront cash payment of $298M and has a call
option to acquire 100% of the membership interest in eachWana
entity following a triggering event
• Upon exercise of the right to acquire eachWana entity,Canopy will
make a payment equal to 15% of the fair market value at the time the
option is exercised
• Additional deferred payments may be paid as of the 2.5-year and 5-
year anniversary of the up-front payments
• Canopy has no economic or voting interest inWana until exercising
the right to acquire eachWana entity
AGREEMENTTOACQUIREWANA BRANDS UPON U.S. FEDERAL PERMISSIBILITY
47
5 CANOPY INVESTMENT
Source: Canopy earnings presentation, November 5, 2021
* Wana data and internal proprietary market share tools that utilizes point of sales data supplied by a third-party data
provider, government agencies and Canopy’s retail store operations across the country, 13W ended 9/13/21
EXTENDS ECOSYSTEMTOADDITIONALTHC LEGAL STATESTHROUGH
WANA’SASSET-LIGHT LICENSING MODEL AND COLORADOOPERATIONS1
1 Map includes Wana’s forecasted license expansion in 2021
2 As of September 28, 2021; map does not reference TerrAscend’s announced acquisition of Michigan Single
State Operator Gage Growth Corp, the acquisition has now closed

|
CONSTELLATION BRANDS CANOPYWARRANT SUMMARY
Tranche Expiry Date Shares Price Warrant Cost CAD / USD (1)
Tranche AWarrants November 1, 2023 88.5mm C$50.40 C$4.5B / ~$3.4B
Tranche BWarrants November 1, 2026 38.4mm C$76.68 (2) C$2.9B / ~$2.2B
Tranche C Warrants November 1, 2026 12.8mm VWAP --
(1) CAD to USD exchange spot rate .80 as of January 14th, 2022
(2) 75% of previous Tranche B Warrants priced at Canopy stock 52 week high
WARRANTS
48
5 CANOPY INVESTMENT

|
CANOPY
ROBUST BALANCE SHEET
SIGNIFICANT GROWTHOPPORTUNITY
STRONG MANAGEMENTTEAM
LEVERAGING STZ STRENGTHS
MAKING STRIDESTOWARDS PROFITABILITY
49
5 CANOPY INVESTMENT

|
64% 67% 71%
36%
33%
29%
0
1
2
3
4
5
6
7
8
9
10
FY19 FY20 FY21
(1) Excludes corporate segment and Canopy impact
(2) EBIT is on a comparable basis
(3) Non-GAAP reconciliations for EBIT and Free Cash Flow provided in Appendix
51
6 FINANCIAL HIGHLIGHTS
RECENT FINANCIAL RESULTS HIGHLIGHTS
(1)
72% 75%
79%
28%
25%
21%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
FY19 FY20 FY21
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY19 FY20 FY21
Net Cash Provided by Operating Activities
Free Cash Flow
CASH FLOW
DOUBLE DIGIT CAGR, FY19 – FY21
HSD CAGR, FY19 – FY21
NET SALES EBIT(2), (3)
BILLIONS
($)
Beer Business
Wine & Spirits Business (3)

|
ORGANICSALES
2%– 4%GROWTH(2)
SALES
7%-9%GROWTH
(INCLUDES1-2%PRICING)(1)
OPERATINGMARGIN
39 –40%RANGE
OPERATINGMARGIN
MIGRATINGTO30%
BEER WINE & SPIRITS
BUSINESS SEGMENT MEDIUMTERM GROWTHVISION
52
(1) FY23 guidance set at 10% - 11%
(2) FY23 guidance set at 4% - 6%

|
REINVEST IN
BEER BUSINESS
TO SUPPORT
ROBUST
GROWTH
CAPITAL ALLOCATION PRIORITIES
REMAIN
INVESTMENT
GRADE
SMALL / TUCK IN
ACQUISITIONSTO
FILL PORTFOLIO
GAPS
53
RETURN CASHTO
SHAREHOLDERS
IN DIVIDENDS
AND SHARE
REPURCHASES

|
COMMITTED TO MAINTAINING INVESTMENT GRADE RATING
54
TARGET LEVERAGE RATIO IN THE ~3.5X RANGE
$1.7B DEBT REDUCTION
IN FY21
3.1X NET LEVERAGE
ATTHE END OF Q3 FY22(1)
EARLY REDEMPTIONOF HIGHER
INTEREST DEBT IN Q2 FY22
$1B SENIOR NOTE ISSUANCE AT
ATTRACTIVE RATES IN Q2 FY22
STRENGTHENINGTHE BALANCESHEET LOWERINGINTERESTEXPENSE
(1) Excluding Canopy

|
~$1.5B
~$4.5B
~$2.5B
Note: Directional company assumptions for capital return program for FY20 through FY23
Key Assumptions:
• Increase operating
cash flow in-line with
medium term growth
vision
• Dividend payout
ratio 30% range
~$2.5B
DIVIDENDS
~$2.5BSHARE
REPURCHASES
$5B
CAPITAL
RETURN
55
~60% COMPLETE AS OF Q3 FY22
PLAN TO RETURN $5B TO SHAREHOLDERS IN SHARE REPURCHASES
AND DIVIDENDS BY YEAR-END FY23

|
SIGNIFICANT CAPACITY NEEDEDTO SUPPORT BEER GROWTH
(1) Includes maintenance capex
(2) Hectoliters (HL) to cases ~11.7x; assumes 90% average annual capacity utilization
56
CAPITAL EXPENDITURE FORTHE BEER BUSINESS IS EXPECTEDTO BE
INTHE $5.0 - $5.5 BILLION RANGE FORTHE FY23 – FY26TIME PERIOD
(1)
VERACRUZ
GREENFIELD,
NAVA &
OBREGON
~10-15M HL
Effective
Annualized Supply
(2)
FiscalYear
Total Mexico
Capacity
~39M HL
~410M
Cases
FY23
~44M HL
~460M
Cases
FY22 FY24
~49M HL
~510M
Cases
NAVA
~5M HL
OBREGON
~5M HL
~54M HL
~560M
Cases
OBREGON
~5M HL
FY25
~64-69M HL
~660-710M
Cases
FY26+
Incremental
Capacity

|
ENHANCING PORTFOLIOTHROUGH VENTURE OPPORTUNITIES
EVOLVING OUR PORTFOLIOTO FILL WHITESPACES
WHILE FOCUSING ON MINORITY AND FEMALE FOUNDERS
Source: https://www.cbrands.com/story/ventures
FOCUS ON MINORITY FOUNDERS
IN FISCAL 2021, COMMITTEDTO INVEST $100 MILLION IN BLACK/AFRICAN AMERICAN, LATINX, AND MINORITY-OWNED
BUSINESSES THROUGH FISCAL 2031.
SINCE LAUNCH, COMMITTED OVER $10M WITH BLACK AND MINORITY OWNED BUSINESSES.
FOCUS ON FEMALE FOUNDERS
IN FISCAL 2018, COMMITTEDTO INVEST $100 MILLION IN FEMALE-LED COMPANIES THROUGH 2028.
OUR FOCUS ON FEMALE FOUNDERS INITIATIVE HAS SHIFTED OUR OVERALLVENTURES PORTFOLIO MIX FROM 20% FEMALE-
OWNEDTO ~50% FEMALE-OWNED.
57

|
FOCUS AREAS: WATERSTEWARDSHIP
ACCOMPLISHMENTS:
• OBREGON BREWERYWATER INTENSITY RATE
OF 3.33 LITERSOFWATERUSED PER LITER OF
FINISHED PRODUCT = 18% REDUCTION IN
WATER INTENSITY FROM FY’17-FY’20.
• NAVA BREWERY HASONEOFTHE BESTWATER
INTENSITY RATES INTHE INDUSTRYAT 2.95
LITERSOFWATERUSED PER LITER OF
FINISHED PRODUCT
• CENTRALVALLEYVINEYARDS IN CALIFORNIA,
AUTOMATEDPRECISION IRRIGATIONAND IN-
LINE FERTILIZATION INITIATIVES HAVE
REDUCEDOVERALLWATERUSAGE BYAS
MUCHAS 15%.
• SIMI WINERY IN SONOMACOUNTY,CA.,
IMPROVEDTANKSANITIZATION PROCESS,
RAINWATERCOLLECTION INITIATIVEAND
INCREASEDUSEOF RECYCLEDWATER IN
WASHCYCLES HAVE LEDTO SAVINGSOF
300,000GALLONSOFWATER PERYEAR.
FOCUS AREA: DIVERSITY, EQUITY & INCLUSION
ACCOMPLISHMENTS:
• CONSISTENT INCREASEOVER LAST 5YEARS IN
REPRESENTATIONOFWOMEN IN EXECUTIVE
LEADERSHIP RANKS = > 35%OFU.S.
EXECUTIVE LEADERSHIP ROLES HELD BY
WOMEN.
• SIMILAR INCREASES FOR EXECUTIVE
MANAGEMENTCOMMITTEEAND BOARDOF
DIRECTORS.
• COMMITTEDTO INVESTING $100 MILLION
THROUGH 2028 IN FEMALE-FOUNDEDOR
FEMALE LEDCOMPANIES:
o SINCE LAUNCH,STZVENTURES PORTFOLIO
INCREASEDTO ~50% FEMALE-FOUNDED/
OWNED INVESTMENTS.
ENVIRONMENTAL GIVING BACK
PROMOTING EQUITY
Source: Constellation Brands 2021 Corporate Social Responsibility Report
KEY INITIATIVES:
UNIDOS US COMPANY + BRAND PARTNERSHIP
• SUPPORTED BYAN $8.9 MILLION GRANT
FROMTHECALIFORNIA HOUSING FINANCE
AGENCYTHROUGH ITS NATIONAL MORTGAGE
SETTLEMENTCOUNSELING PROGRAM,
UNIDOSU.S.AND ¡SALUD!,CONSTELLATION’S
HISPANIC/LATINX BUSINESS RESOURCE
GROUP,AREWORKINGTOGETHERTO
CONDUCTANOUTREACHCAMPAIGN FOR
LATINO,SPANISH-SPEAKINGCALIFORNIANS
LIVING IN AREASOFTHE STATEWITH LIMITED
ACCESSTO HOUSINGCOUNSELING.
SUPPORTED BYWINE + SPIRITS LEADERSHIP,
AND IN COLLABORATIONWITHWINE + SPIRITS
HUMAN RESOURCES,¡SALUD!WILL
FACILITATEVALUABLECOUNSELINGSERVICES
TO ~200 SPANISH SPEAKINGVINEYARDAND
HOSPITALITY EMPLOYEESANDCONTRACT
WORKERS DURINGTHE MONTHSOF
SEPTEMBER – NOVEMBER.
59
7 ESG HIGHLIGHTS
FOCUS ON CORPORATE SOCIAL RESPONSIBILITY

|
DIVERSITY, EQUITY, AND INCLUSION STRATEGY
Cultivate a workforce and culture that enables successful execution of our business strategy, enhances CBI’s reputation as
a destination for top diverse talent and a leader in the quest for social equity, and creates sustainable competitive
advantage benefitting CBI’s stakeholders
Develop a best-in-class, diverse and equitable workforce reflective of our consumers and communities while fostering a
winning culture that enables inclusive business decisions and elevates CBI’s capabilities to achieve our ESG goals and
initiatives
VISION
BUSINESS
OBJECTIVE
U.S.
STRATEGIC
PRIORITIES
Best-in-Class DiverseWorkforce
Enhance diverse representation atCBI*
by 2025
InclusiveCulture
Create more equitable experiences for
minority groups; harness benefits of
diversity and inclusivity
Social Equity
Extend CBI’s influence to enhance social
equity within our industry / communities
Long Term Goal
Non-Diverse (60%)
Diverse (40%)
Increase “proximity” to life/workplace experiences of
underrepresented groups** through equitable training,
education, and awareness building and foster a culture that
consciously leverages and champions diverse perspectives
with a focus on making decisions that create sustainable
competitive advantage
$100M Pledges to
Focus on Female and Minority Founders
External / Community Partnerships
Supplier Diversity Program
External Reporting / Recognition
We define equity as
representation,
access to
opportunity, and fair
treatment and
engagement
* For U.S. salaried employees
** Emphasis on Black & Latinx representation when it comes to ethnic diversity 60
7 ESG HIGHLIGHTS

|
APPENDIX
DEFINEDTERMS &
ADDITIONAL FINANCIAL INFORMATION

|
Term Meaning
$ |USD U.S. dollars
ABA Alternative beverage alcohol
Acreage Acreage Holdings, Inc.
BPS Basis points
CAGR Compound annual growth rate
Canopy Canopy Growth Corporation
Canopy Strategic Transaction(s)
Any potential acquisition, divestiture, investment, or other similar transaction made by Canopy, including but not
limited to the potential transaction with Acreage
CBD Cannabidol, an active ingredient in cannabis
Comparable Basis EBIT EBIT reflecting certain items affecting comparability that have been excluded by management
CY Calendar year
C$ | CAD Canadian dollar
DTC Direct to consumer
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation, and amortization
ESG Environmental, social, and governance
FDA Federal drug administration
Free cash flow Net cash provided by operating activities less purchases of property, plant, and equipment
GAAP General accepted accounting principles in the U.S.
FX Foreign exchange
FY Fiscal year
Generation Z consumers Consumer that were born between 1997 and 2012
GP Gross profit
DEFINED TERMS
Unless the context otherwise requires, the terms “Company,” “CBI,” "STZ," “we,” “our,” or “us” refer to Constellation Brands, Inc. and its subsidiaries. We use terms in this
presentation that are specific to us or are abbreviations that may not be commonly known or used.
62

|
Term Meaning
HE High-end
High-End Beer Beer that sells above $25.00 a case at retail
Higher-End Spirits ~>$14-17 per bottle at retail
Higher-End Wine >$11 per bottle at retail for table wine and >$13 for sparkling wine
HL Hectoliters
HSD High single digits
LDA Legal drinking age
LTM Last 12 months
Lower-End Beer <$25 per case at retail
Lower-End Spirits ~<$14-17 per bottle at retail
Lower-End Wine <$11 per bottle at retail for table wine and <$13 for sparkling wine
LSD Low single digits
Mainstream Spirits Spirits that generally sell less than $14.00 - $17.00 per bottle at retail
Mainstream Vodka Vodka that sells above $11.00 per bottle at retail
Med Medical
MSD Mid single digits
Nobilo Wine Divestiture Sale of New Zealand-based Nobilo Wine brand and certain related assets
Popular Vodka Vodka that sells $13.99 and below at retail
Popular Wine Price Segment Wine that sells between $4.00 - $7.99 per bottle at retail
Popular Gin, Tequila, Vodka and Whiskey Gin, tequila, vodka and whiskey that sells between $14.00 - $24.99 per bottle at retail
Premium Glass Wine Price Segment Wine that sells between $8.00 - $10.99 per bottle at retail
PY Prior year
Rec Recreational
RTD Ready to drink
SG&A Selling, general, and administrative expenses
SKU Stock keeping unit
DEFINED TERMS
63

|
Term Meaning
Sparkling Super Premium Wine Price Segment Wine that sells between $13.00 - $17.99 per bottle at retail
Super Luxury Wine Price Segment Wine that sells above $25.00 per bottle at retail
Super Premium Whiskey Whiskey that sells between $25.00 - $34.99 per bottle at retail
Super Premium Wine Price Segment Wine that sells between $10.00 - $14.99 per bottle at retail
Supplier Diversity Program
Business program that encourages the use of minority-owned, women owned, veteran owned, service-disabled
veteran owned, historically underutilized business, and SBA defined small business vendors as suppliers
TAM Total addressable market
TBA Total beverage alcohol, includes beer, wine and spirits segments
TerrAscend TerrAscend Corp.
THC Tetrahydrocannabinol
Tranche A Warrants Warrants which give us the option to purchase 88.5 million common shares of Canopy expiring November 1, 2023
Tranche B Warrants Warrants which give us the option to purchase 38.4 million common shares of Canopy expiring November 1, 2026
Tranche C Warrants Warrants which give us the option to purchase 12.8 million common shares of Canopy expiring November 1, 2026
Ultra Premium American Whiskey and Tequila American whiskey and tequila that sells above $25.00 per bottle at retail
Ultra Premium Wine Price Segment Wine that sells between $15.00 - $19.99 per bottle at retail
Luxury Wine Price Segment Wine that sells between $20.00 - $24.99 per bottle at retail
U.S. United States of America
VWAP
Volume-weighted average of the closing market price of Canopy’s common shares on the Toronto Stock Exchange
for the five trading days immediately preceding the exercise date
Wana Brands Mountain High Products, LLC, Wana Wellness, LLC, and Cima Group, LLC, collectively
Wine and Spirits Divestiture
Sale of a portion of our wine and spirits business, including lower-margin, lower-growth wine and spirits brands,
related inventory, interests in certain contracts, wineries, vineyards, offices, and facilities
Wine and Spirits Divestitures Wine and Spirits Divestiture and the Nobilo Wine Divestiture, collectively
DEFINED TERMS
64

| 65
COMPARABLE MEASURES (NON-GAAP)

| 66
Other
Other includes items that are not specifically related to acquisitions and divestitures or restructuring and other strategic business development costs (e.g. unrealized net (gain) loss
on securities measured at fair value, loss on extinguishment of debt, impairment of assets, loss on contract termination, and net (gain) loss from the mark to fair value of
undesignated commodity derivative contracts prior to settlement).
Comparable Basis Earnings before Interest and Taxes, as used by the Company, means operating income plus equity in earnings (loss) of equity method investees, both on a
comparable basis. Comparable Basis EBIT is considered a performance measure and the Company considers operating income the most comparable GAAP measure. Comparable Basis
EBITis used by management in evaluating the results of the core operations of the Company including, the results of its equity method investments. In addition, the Company believes
this information provides investors valuable insight on underlying business trends and results in order to evaluate year-over-year financial performance.
The Company has disclosed its debt to Earnings before Interest, Taxes, Depreciation, and Amortization ratio and net debt to EBITDA ratio. These are non-GAAP financial measures that
management believes are of interest to investors and lenders in relation to the Company's overall capital structure and its ability to borrow additional funds. The Company considers
EBITDA a measure of liquidity and considers net cash provided by operating activities the most comparable GAAP measure.
Free cash flow as used by the Company means the Company's net cash flow from operating activities prepared in accordance with GAAP less capital expenditures for property, plant,
and equipment. Free cash flow is considered a liquidity measure and provides useful information to investors about the amount of cash generated, which can then be used, after
required debt service and dividend payments, for other general corporate purposes. A limitation of free cash flow is that it does not represent the total increase or decrease in the
cash balance for the period. Free cash flow should be considered in addition to, not as a substitute for, or superior to, cash flow from operating activities prepared in accordance with
GAAP.
COMPARABLE MEASURES (NON-GAAP)

|
REPORTED STATEMENT OF OPERATIONS (GAAP)
67

|
RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION
68

|
RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION
69

|
COMPARABLE STATEMENTS OF OPERATIONS (NON-GAAP)
70

|
CANOPY EQUITY EARNINGS (LOSSES) AND RELATED ACTIVITIES ("CANOPY EIE") (NON-GAAP)
71

|
ADJUSTED EBITDA CALCULATION AND RECONCILIATION
(1)
, FREE CASH FLOW RECONCILIATION (NON-GAAP)
72

|
ADJUSTED EBITDA CALCULATION AND RECONCILIATION
(1)
, EXCLUDING CANOPY EIE (NON-GAAP)
73

|
BUSINESS SEGMENT INFORMATION
74

|
BUSINESS SEGMENT INFORMATION (AS ADJUSTED (1))
75

|
BUSINESS SEGMENT INFORMATION
76

|
REPORTED, ORGANIC, AND CONSTANT CURRENCY NET SALES (1)
77

|
REPORTED, ORGANIC, AND CONSTANT CURRENCY NET SALES (1)
78

|
CANOPY GROWTH ADJUSTED EBITDA RECONCILIATION
Source: Canopy earnings presentation, November 5, 2021 79

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