Constellation Brands : Q3 FY22 Investor Deck Final

STZ INVESTOR OVERVIEW PRESENTATION

Q3 FY22

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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USE OF NON-GAAP FINANCIAL MEASURES, DISCLAIMER, AND CAUTION REGARDING OUTDATED MATERIAL

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.

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STZ INVESTOR OVERVIEW PRESENTATION

• COMPANY OVERVIEW

• CONSUMER TRENDS

• BEER BUSINESS

• WINE & SPIRITS BUSINESS

• CANOPY GROWTH INVESTMENT

• FINANCIAL HIGHLIGHTS

• ESG HIGHLIGHTS

APPENDIX: DEFINED TERMS & ADDITIONAL FINANCIAL INFORMATION

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• COMPANY OVERVIEW

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