Constellation Brands Q2 FY22 Investor Overview Presentation

1. | 1
STZ INVESTOR OVERVIEW PRESENTATION
1Q’22
STZ INVESTOR OVERVIEW PRESENTATION
2Q’22

2. |
FORWARD-LOOKING STATEMENTS
This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact may be forward-looking statements.
Forward-looking statements can be identified by the use of statements that include words such as “anticipate”, “plan”, “continue”, ”estimate”, “expect”, “exceed”, “may”, “will”, “project”, “predict”, “propose”, “potential”, “targeting”, “exploring”, “scheduled”,
“implementing”, “intend”, “could”, “might”, “should”, “believe”, and similar words or expressions, although not all forward-looking statements contain such identifying words. These statements may relate to business strategy, future operations, future beer business
capacity, future financial position, future growth, expected cash flows, future leverage ratios, future gross margin and future operating margin, future payments of dividends, prospects, plans and objectives of management, strategic business initiatives, inflation, financial
metrics and expected operating performance, amount, manner and timing of share repurchases, future ownership levels in Canopy, and 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, as well as information concerning expected 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, or other governmental rules or regulations, or other action by regulatory and governmental agencies. Information provided in this presentation is necessarily summarized and may not contain all
available material information. Forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. 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 or will occur on the timetables contemplated hereby.
Forward-looking statements in this presentation include, but are not limited to, statements with respect to: (i) the anticipated effects and benefits of Constellation’s 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) trade agreements or tariffs; (xiii) product development; (xiv) clinical trial work; (xv) current and future
acquisition, disposition and investment activities; (xvi) impact of the transactions which sold a portion of Constellation’s wine and spirits business (“Wine and Spirits Divestitures”) and amount and timing of cost reductions, if any; (xvii) amount, timing and source of funds
of future Constellation dividends or share repurchases; (xviii) Constellation’s ability and timetable to achieve expected cash flows, operating margin, gross profit, gross margin, target growth, including sales growth and volume growth, and target EBIT, target debt leverage
ratio and expected net debt to LTM EBITDA ratios; (xix) the triggering event date of Canopy’s potential future transactions with Acreage Holdings, Inc. (“Acreage”), with TerrAscend Corp. (“TerrAscend”), and with Wana Brands (“Wana Brands” being, collectively, Mountain
High Products, LLC, Wana Wellness, LLC, and Cima Group, LLC) and the potential impact of such transactions; (xx) Canopy’s potential repurchase of its shares issuable following the triggering event date of its potential future transaction with Acreage; (xxi) cannabis
legalization; (xxii) the ability of Constellation's Divisions to grow their businesses, operations, and activities; (xxiii) potential opportunities in the U.S. and global wine and spirits markets and the U.S. beer market; and (xxiv) the potential for future product development and
ability to maintain market scale; as well as forward-looking statements also applicable to future global economic conditions; market conditions; other regulatory conditions; the current COVID-19 pandemic; unanticipated environmental liabilities and costs; changes to
international trade agreements or tariffs; timing of accounting elections or assertions or changes in accounting elections, assertions, or standards; changes in tax laws, tax rates, interest rates, and foreign exchange rates; the actions of competitors; beer expansion and
construction activities; and consumer preferences.
Forward-looking statements 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. Many of these factors are beyond the control of Constellation or Canopy. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking statement, including, but not limited to, duration and impact of the COVID-19 pandemic, including but not limited to the impact and severity of new variants, the efficacy of the vaccine rollout, the
closure of non-essential businesses, which may include our manufacturing facilities, and other associated governmental containment actions, quarantines, and curfews, and the increase in cyber-security attacks that have occurred while non-production employees work
remotely; the accuracy of supply projections, including those relating to wine and spirits operating activities, beer operations expansion activities, product inventory levels, glass sourcing, and raw materials and water supply expectations may vary from management’s
current estimates due to, among other things, actual consumer demand and production or shipping difficulties actually encountered; receipt of any necessary regulatory approvals; the actual impact to supply, production levels, and costs due to wildfires or severe weather
events may vary from Constellation’s current expectations due to, among other reasons, the actual severity and geographical reach of wildfires or severe weather events; production or shipment difficulties could adversely affect our ability to supply our customers;
accuracy of all projections; 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; Constellation’s 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; amount and timing of future Constellation
dividends are subject to the determination and discretion of its Board of Directors; changes to international trade agreements or tariffs; beer operations expansion and construction activities take place on expected scope, terms, costs and timetable, and amount of
impairment from non-recoverable brewery construction assets in Mexico may vary from management’s 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, actual amount of non-recoverable brewery assets, and other factors determined by management; operating and financial risks related to managing growth; the amount, timing and source of funds of any share repurchases; the
accuracy of projections associated with previously announced acquisitions, investments and divestitures; accuracy of forecasts relating to joint venture businesses; accuracy of other projections associated with Canopy; the actual amount and timing of cost reductions will
vary based on management’s final plans; 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; 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. There can be no
assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The actual impact of COVID-19 and its associated operating environment may be materially different than
management’s expectations. There can be no assurance Constellation will receive any incremental contingent consideration payment or any specific amount of incremental consideration payment in association with the Wine and Spirits Divestitures. There also can be no
assurance that the triggering event for Canopy’s intended future transactions with Acreage, with TerrAscend and with Wana Brands will occur. Forward-looking statements are made as of October 18, 2021, and Constellation does not intend and expressly disclaims any
obligation to update or revise the forward-looking information contained in this presentation, except as required by law. Accordingly, readers are cautioned not to place undue reliance on forward-looking information.
2

3. |
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 the Company’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 the Company’s notes under the commercial paper program.
Unless otherwise indicated, the information presented is as of October 18, 2021. Thereafter, it should be
considered historical and not subject to further update by the Company.
USE OF NON-GAAP FINANCIAL MEASURES, DISCLAIMER, AND CAUTION REGARDING OUTDATED MATERIAL
3

4. |
MAJOR BRANDS:WOODBRIDGE, SVEDKA, ROBERT MONDAVI
PRIVATE SELECTION, RUFFINO, KIM CRAWFORD, MEIOMI, SIMI,
ROBERT MONDAVI WINERY, PRISONER PORTFOLIO, AND HIGH WEST
PORTFOLIO
HIGHLIGHTS:
#3 SUPPLIER INTHE U.S.WINE MARKET
WOODBRIDGE
#5 WINE INTHE U.S.WINE MARKET
SVEDKA
#3 MAINSTREAMVODKA
(3)
KIM CRAWFORD
#1 SAUVIGNON BLANC
MEIOMI
#1 PINOT NOIR
THE PRISONER
#4 SUPER LUXURY WINE BRAND
(4)
HIGH WEST PORTFOLIO
EXPANDING INTO ATOP GROWTH CATEGORY
MAJOR BRAND FAMILIES: MODELO, CORONA, AND PACIFICO
HIGHLIGHTS:
#1 SUPPLIER INTHE HIGH-END
(1)
MODELO ESPECIAL
#2 BEER BRAND 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
#8 IMPORT INTHE U.S. BEER INDUSTRY
#7 BEER INTHE STATE OF CALIFORNIA
DOMINANCE WITH GENERATION Z CONSUMERS
(2)
CONSTELLATION BRANDSTODAY
POWERFUL COLLECTION OF CONSUMER CONNECTED
HIGHER-MARGIN PREMIUM BRANDS
4
BEER WINEAND SPIRITS
Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for the 12 weeks ending September 5, 2021
(1) High-End beer defined above >$25.00 per case
(2) Generation Z consumers were born between 1997 and 2012
(3) Mainstream vodka defined <$11 per bottle at retail
(4) Super luxury price segment is Wine >$25 per bottle at retail

5. |
BUILDING
SHAREHOLDER
SUSTAINING
PROFITABLE
GROWTH
OPTIMIZED WINE & SPIRITS PORTFOLIO
TO ACHIEVE LSD - MSD REVENUE 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 GROWTH AND
OPERATING MARGIN STRUCTURE
(1)
STZ INVESTMENT CONSIDERATIONS
CANOPY GROWTH: A GLOBAL LEADER IN
CANNABIS SALES WITH A LEADING MARKET
SHARE POSITION INTHE CANADIAN
RECREATIONAL CANNABIS MARKET
(2)
VALUE
(1) Beer business growth per IRI, Total U.S. Multi-Outlet + Convenience, 12 weeks ending September 5, 2021
(2) Source: Canopy Growth Corporation first quarter fiscal 2022 company information
(3) Capital return program from FY20 through FY23
LSD = Low single digits; MSD = Mid single digits
5

6. |
TOTAL U.S. BEVERAGE ALCOHOL CATEGORY
CONSUMER-LEDPREMIUMIZATIONDRIVINGGROWTH
Source: IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending September 5, 2021. Dollar Sales of categories are based
on company estimates.
$0 $~52
Higher-End Wine
Lower-End Spirits
Higher-End Spirits
Lower-End Wine Lower-End Beer
High-End Beer
-5%
-3%
-1%
1%
3%
5%
7%
9%
11%
13%
15%
Dollar
Growth
Vs
Prior
Year
Dollar Sales (Billions)
6
>$25 per case at retail
<$25 per case at retail
Generally, >$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
Generally, <$14-17 per bottle at retail

7. |
ABA'S
31% IRI SHARE
Craft
19% IRI Share
Domestic HE Sessionable
16% IRI Share
Imports
33% IRI Share
+21% vs PY
+1% vs PY
+5% vs PY
+7% vs PY
DYNAMICSWITHIN HIGH-END U.S. BEER INDUSTRY
• ABA'SAND
IMPORTS DRIVING
MOST OF HIGH-
END GROWTH
• STRONG ABA &
DOMESTIC HIGH-
END GROWTH
EXPECTEDTO
CONTINUE
Source: IRI,TotalU.S. Multi-Outlet +Convenience, 52 weeks ending September 5, 2021
HE = High-end;ABA =Alternative beverage alcohol; PY = Prior year
CURRENT HIGH-END BEER SHARE ($)
Total
High-End Beer
$ share
~+9% vs PY
7
~59%

8. |
Cabernet
Sauvignon
22% IRI Share
Rosé
5% IRI Share
Sparkling
13% IRI Share
Pinot Noir
12% IRI Share
Sauvignon Blanc
10% IRI Share
Chardonnay
17% IRI Share
All Other
22% IRI Share
+10% vs PY
+4% vs PY
+19% vs PY
+10% vs PY
+11% vs PY
+4% vs PY
+3% vs PY
CURRENT HIGHER-END WINE SHARE ($)
Total
Higher-End
Wine
$ share
~+8% vs PY
DYNAMICSWITHIN HIGHER-END U.S. WINE INDUSTRY
Source: IRI,TotalU.S. Multi-Outlet +Convenience, 52 weeks ending September 5, 2021
• TOPVARIETALS
DRIVING
GROWTH
REPRESENT
>50% OF
HIGHER-END
8
~36%

9. |
DYNAMICSWITHIN HIGHER-END U.S. SPIRITS INDUSTRY
Source: IRI,TotalU.S. Multi-Outlet +Convenience, 52 weeks ending September 5, 2021
Whiskey
43% IRI Share
Vodka
20% IRI Share
Tequila
13% IRI Share
Cordials
10% IRI Share
Brandy/Cognac
7% IRI Share
Gin
3% IRI Share
Rum
1% IRI Share
+9% vs PY
+3% vs PY
+26% vs PY
+6% vs PY
+15% vs PY
+1% vs PY +11% vs PY
CURRENT HIGHER-END SPIRITS SHARE ($)
Total
Higher-End
Spirits
$ share
~+11% vs PY
• HIGHER-END
SPIRITS
REPRESENT
~50% SHARE
BUT ~65%
DOLLAR
GROWTH
9
~51%

10. |
TOTAL BEVERAGE ALCOHOL 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 September 5, 2021
(2) IRI, Total U.S. All Outlets, 52 weeks ending September 5, 2021 average household TBA spend per year
TBA, or Total Beverage Alcohol, includes beer, wine, and spirits segments
U.S. CONSUMERS WHO DRINK ACROSS CATEGORIES
SPEND MORE ONTHEIR AVERAGE BEVERAGE
ALCOHOL PURCHASES
2%
3%
5%
59%
Spirits Only
Wine Only
Beer Only
Drink All 3
TBA CONSUMERS
SHARE OF DOLLARS
(1)
$272
$790
$1,808
TBA DOLLARS PER BUYER
(2)
1 category 2 categories 3 categories
10

11. |
UNDERSTANDINGTHE CONSUMER
Source: https://changingconsumer.cbrands.com/pdf/covid_changing_consumer_dynamics_2021.pdf 11
Consumers are demanding “better for you”
products including brands with lower calories,
more natural flavors, and ingredients.
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,
3tier Ecommerce helps deliver desired products directly to consumers.
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.
Consumers are demanding the brands that they
love take a stand on environmental, social, and
overall governance issues.
EVOLVING OUR PORTFOLIOTO MEET EMERGING
CONSUMERTRENDS

12. |
WINNING WITH THE CONSUMER
POWERFUL BRANDS
INNOVATION RUNWAY
PREMIUMIZATION FOCUS
UNDERSTANDING CONSUMER DEMOGRAPHICS
LEADINGTHE HIGHER-END
12
CONSUMEROBSESSED

13. |
BEER
13

14. |
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
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; CAGR = Compound annual growth rate
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
PROVIDINGAT LEAST 50 MILLIONCASES
OFVOLUME PERYEAR
(1)
STZ GOAL:
OUTPERFORM
THE HIGH-END
14

15. |
STZ BEER GROWTH DRIVERS
60%
10%
20%
Source: Company estimates and measures; HSD = high-single-digits; LDA = Legal Drinking Age
(1) Organic depletions growth, excludes impact from any future acquisitions or divestitures
* Includes incremental distribution from innovation and new products
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
50%
* SPACE &
DISTRIBUTION
30%
INNOVATION
20%
CONSUMER DEMAND
MEDIUMTERM
MSDTO HSDVOLUME GROWTH
(1)
BETTERMENT
PREMIUMIZATION
+ DEMOGRAPHICS:
Hispanics and LDA consumers
15
FY22 Key Growth Drivers
• Modelo Especial
• Corona Extra
• Corona Premier
• Pacifico

16. |
DISTRIBUTION OPPORTUNITIES
PRECISE TARGETS AND EXACT EXECUTION
SUPPORTED BY BRAND BUILDING INVESTMENTS
Shopper First Shelf
Innovation
Return to On-Premise
New Packages
16

17. |
SHOPPER FIRST BEER SHELF
Up to 10% CHANGE
Up to 8% CHANGE
Up to 5% CHANGE
(1) Percent sales increase using Shopper FirstShelf 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%
(1)
ALIGN
SPACE
WITH
HIGH-END
GROWTH
17
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. |
CORONA BRAND FAMILY
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
M U LT I C U LT U R A L
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
M U LT I C U LT U R A L
W O M E N
2 1 - 3 4
FY21: 154M Cases +3%
18
M E N & W O M E N
2 1 - 4 9

19. |
CASA MODELO BRAND FAMILY
“The Fighting
Spirit”
High-End
#2
Beer in the U.S
#3
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 September 5, 2021
Modelo Especial
Modelo
Especial
19

20. |
PACIFICO BRAND FAMILY
“The
Independent
Spirit”
High-End
#17 Adventurous,
laid-back, unpretentious,
confident, rugged
Import
#8
Source: Depletion cases and trends FY21 company measures
Rankings from IRI,TotalU.S. Multi-Outlet +Convenience, DollarSales 52 weeks ending September 5, 2021
FY21: ~13M Cases +12%
20

21. |
(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
2019 Cases
~80M Cases
(1)
>+100%
(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)
21
2020 Cases
~175M Cases
(3)
(3)
Hard Seltzer Sources of Opportunity
~5%
~20%
~10%
~10%
(3)
(3)
(3)
(2)

22. |
KEY BEER GROWTH DRIVERS BY BRAND FAMILY
22
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 IN
THE ON-PREMISE
CORONA BRAND FAMILY
• DISTRIBUTION GAINS IN CENTRAL U.S.
• BRAND STRENGTHTHROUGH INNOVATIVE
MARKETING ANDADVERTISING
• CONTINUED GROWTH 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 GEN Z
DEMOGRAPHIC

23. |
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
23
12%
15%
23%
29%
30%
32%
33%
33%
34%
34%
35%
35%
49%
56%

24. |
(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.
24

25. |
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
Mexico labor inflation
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
FX = Foreign Exchange 25

26. |
0
5
10
15
20
25
30
35
40
45
50
55
FY14 -
FY16
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Nava Brewery Obregon Brewery
SIGNIFICANT CAPACITY NEEDED TO
SUPPORT GROWTH
(1)Hectoliters (HL) to cases ~11.7x; assumes 90% average annual capacity utilization
(2)Obregon acquisition closed 12/29/16; STZ achieves supply independence from ABI in FY17
(2)
(Millions
of
Hectoliters)
26

27. |
OUR BEER BUSINESS
POWERFUL, ICONIC BRANDS
INNOVATION RUNWAY
CONTINUED DISTRIBUTION & SPACE OPPORTUNITY
FAVORABLE DEMOGRAPHICS
LEADINGTHE HIGH-END
27

28. |
WINE & SPIRITS
28

29. |
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 September 5, 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 +7% Flat
0%
1%
2%
3%
4%
5%
6%
7%
8% 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
29

30. |
TRANSFORMATIONALWINE&SPIRITSVISIONANDSTRATEGY
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
30
Higher-End
Higher-End
HIGHER-END
Per Bottle
DTC = Direct To Consumer

31. |
Dollar Sales:
% Change vs PY
Price Segment
KeyW&S Brands -2%
+15% Ultra Premium
+10% Super Premium
-9% Mainstream
-7% Premium Glass
-4%
Sparkling Super
Premium
+16% High End
-10% Popular
+54% Super Luxury
PREMIUM BRANDS DRIVING GROWTH
CORE BRAND IRIVALUE PERFORMANCE
(1)
PURSUING KEY TRENDS
1. CONVENIENCE
2. READYTO DRINK
3. BETTERMENT
4. DIRECTTO CONSUMER
5. SUSTAINABILITY
6. eCommerce
31
(1) IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending September 5, 2021
Super Luxury is >$25 per bottle at retail; Ultra Premium and Luxury is $15.00 - $24.99 per bottle at retail; Sparkling Super Premium is $13.00 - $17.99 per bottle at
retail; Super Premium is $11.00 - $14.99 per bottle at retail; Premium Glass is $8.00 – $10.99 per bottle at retail; and Popular is $4.00 - $7.99 per bottle at retail;
mainstream spirits defined as generally <$14-$17 per bottle at retail, ranges based on category

32. |
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 September 5, 2021.
21%
23%
20%
24%
12%
20%
58%
2%
3% 4%
12% 12%
22%
18%
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 & SalesChange Per Focus Market Segment
Industry Share Industry $ Growth
32

33. |
Source: Internal model derived from IRI, Beverage Information Group, Gomberg, Impact,
Internal Financials and Company Estimates. IRI 52 week data ending September 5, 2021.
27%
24%
43%
7%
3%
49%
21%
45%
-7%
3%
5%
9%
-2%
11%
35% 35%
-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 & SalesChange Per Focus Market Segment
Industry Share Industry $ Growth
SPIRITS INDUSTRY PROFIT POOLS: PRIORITY SEGMENT OPPORTUNITIES
33

34. |
WINE & SPIRITS DEVELOPING INDUSTRY-LEADING INNOVATION
OUR INNOVATION
PRIORITIES:
CAPTURE CONSUMER
CENTRIC TRENDS
BUILD BIG BETS LEAD WITH LUXURY
34

35. |
GROWTH DRIVERS
~+2%
+2 - 4%
GREATERTHAN
INDUSTRY
GROWTH
CALENDAR 2020 U.S.
WINE INDUSTRY
VOLUME GROWTH
INNOVATION /
MARKETING
NET OF SKU
RATIONALIZATION
+200 - 300 BPS
PRICE /
MIX
NET SALES
GROWTHTARGET
WINE&SPIRITSGOAL2 – 4%NETSALESGROWTH
+100 - 200 BPS
Source: Company estimates
BPS = Basis Points; SG&A = Sales, General, and Administrative Expenses;
GP = Gross Profit; SKU = Stock Keeping Unit
ORGANICSTZ
ESTIMATEDVOLUME
GROWTH
35

36. |
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
WINE&SPIRITS MIGRATINGTOWARD50%GROSSMARGIN
Source: Company estimates
SKU = Stock Keeping Unit
36
FY23+

37. |
MARGIN DRIVERS
~30%
LOW 20’S
PRICE / MIX
300 - 400 BPS
COST
SAVES
FY21 OPERATING MARGIN
BEFORE STRANDEDCOST
REMOVAL
FY23/FY24
OPERATING MARGIN
WINE&SPIRITSGOAL MIGRATINGTO~30%OPERATINGMARGIN
OPERATIONS
IMPROVEMENTS
100 - 200 BPS
300 - 400 BPS
Source: Company estimates 37

38. |
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 strategy
• Brand building through marketing investments
• Refreshing select core brands
(1) Organic growth, excludes any future acquisitions or divestitures
38

39. |
OUR WINE & SPIRITS BUSINESS
POWERFUL PREMIUM BRANDS
CONSUMERSTRADING UP
STRONG INNOVATION PIPELINE
STEADY EVOLUTIONTO HIGHER-END
39

40. |
ENHANCING PORTFOLIOTHROUGH VENTURE OPPORTUNITIES
40
EVOLVING OUR PORTFOLIOTO FILLWHITESPACES
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 BUSINESSESTHROUGH FISCAL
2031.
• SINCE LAUNCH, COMMITTED OVER $10M WITH BLACKAND MINORITY OWNED BUSINESSES.
FOCUS ON FEMALE FOUNDERS
• IN FISCAL 2018, COMMITTEDTO INVEST $100 MILLION IN FEMALE-LED COMPANIESTHROUGH 2028.
• OUR FOCUS ON FEMALE FOUNDERS INITIATIVE HAS SHIFTED OUR OVERALLVENTURES PORTFOLIO MIX FROM 20% FEMALE-OWNEDTO ~50%
FEMALE-OWNED.

41. |
CANOPY GROWTH INVESTMENT
41

42. |
CANOPY MEDIUMTERM GROWTHVISION
(1) Source: Canopy Growth investor presentation & script, as of August 2021
EBITDA = Earnings Before Interest Taxes Depreciation and Amortization 42
• Positive adjusted EBITDA by the end of FY 2022
• On track to deliver $150 million to $200 ($CAD) million cost savings by the end of
the first half of FY 2023
• Delivering 40% to 50% Net Sales CAGR during the next 3 fiscal years ending FY
2024
• Achieving a 20% adjusted EBITDA margin in FY 2024
• Generating positive operating cash flow in FY 2023
• Generating positive free cash flow in FY 2024

43. |
CANNABIS GLOBAL MARKET OPPORTUNITY
Source: Canopy Growth Corporation internal estimates, in CAD
TAM = Total addressable market; Rec = Recreational; CBD = Cannabidiol; Med = Medical; CY = Calendar Year
CannabisTAM, ByCountry
Focus Market
GlobalTAM for cannabis
expected to approach
C$70B in retail sales by
CY2023
U.S., Canada, and
Germany estimated to
account for ~90% of
globalTAM
43

44. |
CANOPY’S CORE MARKETSTO REACH SALES OF C$20B BY CY2023
(1)
Source: Canopy Growth Corporation internal estimates, in CAD
(1) By calendar year 2023
Canopy’s Focus MarketTAMGrowth
TotalTAM retail sales
for Canada, U.S.CBD,
andGermany:C$20B by
CY2023
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
44

45. |
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2019 2023E
Legal Illicit
DRIVERS OF GROWTH: CONVERSION FROMTHE ILLICIT MARKET AND CANNABIS
BEVERAGES
Source: A combination of Canopy Growth Corporation Internal Estimates, Statistics Canada Data, and CGC’s
Proprietary Market Tracker, in CAD
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
45

46. |
• Acreage reported positive adjusted EBITDA in
the first half of their fiscal 2021
(1)
• Acreage obtained royalty- free license to sell
Canopy CBD &THC consumer brands in the
U.S.
(3)
• Canopy can scale quickly upon U.S. federal
legalization
• Acreage obtained rights to best-in-class
Canopy intellectual property
(1) Source: Acreage investor presentation & script, as of August 2021
(2) Source: TerrAscend investor presentation & script, as of August 2021
(3) 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
POSITIONED FOR AN ACCELERATED ENTRY INTO U.S.THCTHROUGH EXISTING
RELATIONSHIPS WITH ACREAGE ANDTERRASCEND
KeyTakeaways:
46
UPON POTENTIAL U.S. LEGALIZATIONOF CANNABIS, CANOPYWILL
HAVE IMMEDIATE ROUTETO MARKET FOR ITSCANNABIS PRODUCT
PORTFOLIOGIVING CANOPY A COMPETITIVEADVANTAGE
KeyTakeaways:
• TerrAscend reported positive adjusted EBITDA of
$24M in the second quarter of their fiscal 2021
(2)
• Operations in California, New Jersey, Maryland
and Pennsylvania
• Vertical integration allowsTerrAscend to maximize
quality and profitability
• Canopy Growth an made initial investment in late
2017 for $52.5M for a minority stake in the
company
(2)

47. |
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 (3) --
CONSTELLATION BRANDS CANOPY WARRANT SUMMARY
(1) CAD/USD exchange spot rate .81 as of October 18th, 2021
(2) 75% of previous tranche B warrants priced at Canopy stock 52 week high
(3) Five-day Volume Weighted Average Price (VWAP) of Canopy common shares on the Toronto Stock Exchange immediately prior to exercise
WARRANTS
47

48. |
CANOPY GROWTH
ROBUST BALANCE SHEET
SIGNIFICANT GROWTHOPPORTUNITY
STRONG MANAGEMENTTEAM
LEVERAGING STZ STRENGTHS
48
MAKING STRIDESTOWARDS PROFITABILITY

49. |
FINANCIAL SUMMARY
49

50. |
BUSINESS SEGMENT MEDIUMTERM GROWTHVISION
WINE&SPIRITSORGANICSALES2%–4%GROWTH
BEER SALES7%-9%GROWTH
(Includes1-2%pricing)
BEEROPERATINGMARGININTHE39–40%RANGE
WINE&SPIRITSMigratingTO30%OPERATING
MARGIN
29%
71%
FY’21NETSALESMIX
Beer W&S
FY’21EBITMIX 21%
79%
Beer W&S
(1) Excludes corporate segment and Canopy impact
EBIT is on a comparable basis; a reconciliation to the most directly comparable GAAP financial measure is included within the appendix of this presentation
EBIT = Earnings before interest and taxes
(1)
50

51. |
FREE CASH FLOW OPPORTUNITY
(1) Hectoliters (HL) to cases ~11.7x; assumes 90% average annual capacity utilization
(2) Free cash flow (FCF) defined as net cash provided by operating activities less purchases of property, plant, and
equipment; a reconciliation to the most directly comparable GAAP financial measure is included within the appendix
(3) Includes maintenance capex
FUTURE
TIME: 4 - 5
YEARSTO
BUILD
CAPACITY
Effective
Annualized
Supply(1)
~FiscalYear
~TotalMexico
Capacity
39 M HL
~410
M Cases
FY 2023
44 M HL
~460
M Cases
FY 2022 FY 2024
49 M HL
~510
M Cases
NAVA
5M HL
OBREGON
5M HL
Annual Capex spend for the beer business is expected to be in the
$700 - $900M range from FY23 – FY25
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY19 FY20 FY21
BILLIONS
($)
NET CASH PROVIDED BY OPERATING ACTIVITIES
FREE CASH FLOW
FREE CASH FLOW
FY19 – FY21: DOUBLE DIGIT CAGR
(2)
(3)
51
54 M HL
~560
M Cases
OBREGON
5M HL
FY 2025

52. |
PLAN TO RETURN $5B TO SHAREHOLDERS IN SHARE REPURCHASES
AND DIVIDENDS BY YEAR-END FY’23
~$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
• Committed to investment
grade rating and leverage
ratio in the 3.5x range
~$2.5B
DIVIDENDS
~$2.5B
SHARE
BUYBACKS
$5B
CAPITAL
RETURN
52
~60% COMPLETE AS OF SECOND QUARTER FISCAL 22

53. |
CAPITAL ALLOCATION PRIORITIES
53
REMAIN INVESTMENT
GRADEWHILE RETURNING
CASHTO SHAREHOLDERS IN
DIVIDENDS AND SHARE
REPURCHASES
REINVEST INTHE
BUSINESSTO SUPPORT
THE ROBUSTGROWTH
OFTHE BEER BUSINESS
SMALL / TUCK IN M&ATO FILL
PORTFOLIO GAPS
M&A = Mergers and Acquisitions

54. |
FOCUS ON CORPORATE SOCIAL RESPONSIBILITY
54
FOCUS AREAS: WATERSTEWARDSHIP
ACCOMPLISHMENTS:
• OBREGON BREWERYWATER INTENSITY
RATEOF 3.33 LITERSOFWATERUSED PER
LITEROF FINISHED PRODUCT = 18%
REDUCTION INWATER INTENSITY FROM
FY’17-FY’20.
• NAVA BREWERY HASONEOFTHE BEST
WATER INTENSITY RATES INTHE INDUSTRY
AT 2.95 LITERS OFWATERUSED PER LITER OF
FINISHED PRODUCT
• CENTRALVALLEYVINEYARDS IN
CALIFORNIA,AUTOMATED PRECISION
IRRIGATIONAND IN-LINE FERTILIZATION
INITIATIVES HAVE REDUCEDOVERALL
WATERUSAGE 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 BYWOMEN.
• SIMILAR INCREASES FOR EXECUTIVE
MANAGEMENTCOMMITTEEAND BOARDOF
DIRECTORS.
• COMMITTEDTO INVESTING $100 MILLION
THROUGH 2028 IN FEMALE-FOUNDEDOR
FEMALE LEDCOMPANIES:
• 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 FROM
THECALIFORNIA HOUSING FINANCEAGENCY
THROUGH ITS NATIONALMORTGAGE
SETTLEMENTCOUNSELING PROGRAM,UNIDOS
U.S.AND ¡SALUD!,CONSTELLATION’S
HISPANIC/LATINX BUSINESS RESOURCEGROUP,
AREWORKINGTOGETHERTOCONDUCTAN
OUTREACHCAMPAIGN FOR LATINO,SPANISH-
SPEAKINGCALIFORNIANS LIVING IN AREASOF
THE STATEWITH LIMITEDACCESSTO HOUSING
COUNSELING.SUPPORTEDBYWINE + SPIRITS
LEADERSHIP,AND IN COLLABORATIONWITHWINE
+ SPIRITS HUMAN RESOURCES, ¡SALUD!WILL
FACILITATEVALUABLECOUNSELINGSERVICESTO
~200SPANISH SPEAKINGVINEYARDAND
HOSPITALITY EMPLOYEESANDCONTRACT
WORKERS DURINGTHE MONTHSOFSEPTEMBER –
NOVEMBER.

55. |
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
55
Supplier Diversity is a 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.
* For U.S. salaried employees
** Emphasis on Black & Latinx representation when it comes to ethic diversity
ESG = Environmental, Social and Governance

56. |
BUILDING
SHAREHOLDER
SUSTAINING
PROFITABLE
GROWTH
OPTIMIZED WINE & SPIRITS PORTFOLIO
TO ACHIEVE LSD - MSD REVENUE 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 GROWTH AND
OPERATING MARGIN STRUCTURE
(1)
STZ INVESTMENT CONSIDERATIONS
CANOPY GROWTH: A GLOBAL LEADER IN
CANNABIS SALES WITH A LEADING MARKET
SHARE POSITION INTHE CANADIAN
RECREATIONAL CANNABIS MARKET
(2)
VALUE
(1) Beer business growth per IRI, Total U.S. Multi-Outlet + Convenience, 12 weeks ending September 5, 2021
(2) Source: Canopy Growth first quarter fiscal 2022 company information
(3) Capital return program from FY20 through FY23
56

57. |
APPENDIX
COMPARABLE MEASURES (NON-GAAP)
57

58. |
COMPARABLE MEASURES (NON-GAAP)
58

59. |
REPORTED STATEMENT OF OPERATIONS (GAAP)
59

60. |
RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION
60

61. |
RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION
61

62. |
COMPARABLE STATEMENTS OF OPERATIONS (NON-GAAP)
62

63. |
CANOPY EQUITY EARNINGS (LOSSES) AND RELATED ACTIVITIES ("CANOPY EIE") (NON-GAAP)
63

64. |
ADJUSTED EBITDA CALCULATION AND RECONCILIATION (1), FREE CASH FLOW RECONCILIATION (NON-GAAP)
64

65. |
ADJUSTED EBITDA CALCULATION AND RECONCILIATION (1), EXCLUDING CANOPY EIE (NON-GAAP)
65

66. |
BUSINESS SEGMENT INFORMATION
66

67. |
BUSINESS SEGMENT INFORMATION
67

68. |
BUSINESS SEGMENT INFORMATION
68

69. |
REPORTED, ORGANIC, AND CONSTANT CURRENCY NET SALES (1)
69

70. |
REPORTED, ORGANIC, AND CONSTANT CURRENCY NET SALES (1)
70

71. | 71
CANOPY GROWTH ADJUSTED EBITDA RECONCILIATION
Source: Canopy Growth investor presentation & script, as of June 2021

72. |
THANK YOU
72