#1Constellation Brands WORTH REACHING FOR CAGNY 2023#2Constellation Brands FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that are based on certain assumptions, estimates, expectations, plans, 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. Although we believe that the estimates, expectations, plans, and timetables reflected in the forward-looking statements are reasonable, they may vary from management's current estimates, expectations, plans, and timetables, and we can give no assurance that such estimates, expectations, plans, and timetables will prove to be correct, as actual results and future events and timetables could differ materially from those anticipated in such statements. Information provided in this presentation is necessarily summarized and may not contain all available material information. All statements other than statements of historical fact in this presentation may be forward-looking statements, including without limitation statements regarding or applicable to our business strategy, future operations, innovation and Digital Business Acceleration strategies, new products, future financial position and liquidity, future net sales, expected volume, inventory, and depletion trends, future marketing strategies and spend, long-term financial model, future effective tax rates and anticipated tax liabilities, access to capital markets, and prospects, plans, and objectives of management; anticipated inflationary pressures and our responses thereto as well as other unfavorable global and regional economic conditions, geopolitical events, and military conflicts, such as repercussions from the conflict in Ukraine; our ESG strategy, corporate social responsibility and sustainability initiatives, environmental stewardship targets, and human capital and diversity, equity, and inclusion objectives, goals, and priorities; the potential impact to supply, production levels, and costs due to global supply chain constraints, transportation, wildfires, and severe weather events; the impact of the Reclassification on the market price of our common stock, associated non-recurring costs and expenses related thereto, and Reclassification-related financing costs and expenses; the COVID-19 pandemic; expected or potential actions of third parties, including possible changes to laws, rules, regulations, international trade agreements, tariffs, taxes, other governmental rules or regulations, or other action by regulatory and governmental agencies or other third parties; the future expected balance of supply and demand for and inventory levels of our products; the refinement of our wine and spirits portfolio; the impact of our supply chain finance program; potential amounts of contingent consideration, if any, received in the divestitures of a portion of our wine and spirits business; the manner, timing, and duration of our share repurchase program and source of funds for share repurchases; the amount and timing of future dividends; our beer expansion, optimization, and/or construction activities, including anticipated scope, capacity, supply, costs, capital expenditures, 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 and growth drivers, shareholder value creation, cash flows, gross profit, gross margin, operating income, operating margin, EBIT, leverage ratios, including target debt leverage ratios, dividend payout ratio, depreciation, and other financial metrics; distribution opportunities; strategic business initiatives; expected operating performance; demographic shifts; activities surrounding our investment in Canopy; Canopy's key priorities, expectations, and outlook; Canopy's plans to consolidated its U.S. cannabis assets, our intention to transition Common Shares into Exchangeable Shares and to negotiate an exchange of our notes in Canopy for Exchangeable Shares, and potential results of such transactions, including the termination of certain agreements and the surrender of outstanding Canopy warrants we hold; triggering events for and the potential impact of Canopy Strategic Transactions; a potential future impairment of our investment in Canopy; our future ownership level and structure in Canopy and our future accounting for our investment in Canopy; the anticipated availability of water, agricultural and other raw materials, and packaging materials; 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; consumer preferences and trends; the anticipated effects and benefits of our investment in Canopy and potential benefits to or loss of benefits by Canopy; the ability of Canopy to grow its business, operations, and activities; potential impacts on Canopy's growth prospects; potential opportunities in the Canadian, U.S., and global cannabis markets; the potential for future form factors and product development; the availability or benefit of Canopy's existing contractual relationships; the ability of Canopy to achieve market scale; future Canopy revenue run rate and expected timing; Canopy's future outstanding share capital; the abilities of management of Canopy and composition of Canopy's management team; total addressable market, potential future profitability, market shares, and operating margins to be achieved in cannabidol, medical, and recreational cannabis markets; product development; clinical trial work; current and future acquisition, disposition, and investment activities; cannabis legalization; the ability of our divisions to grow their businesses, operations, and activities; potential opportunities in the U.S. and global wine and spirits markets and the U.S. beer market; capital allocation priorities and commitments; the potential for future product development and ability to maintain market scale; and key emerging consumer trends. 2#3Constellation Brands FORWARD-LOOKING STATEMENTS (CONT.) 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 the risk, uncertainty, and possible variance from our current expectations regarding: the ability to recognize anticipated benefits of the Reclassification; the impact of the Reclassification on the market price of our common stock; the incurrence of substantial non-recurring costs and expenses in connection with the negotiation and completion of the Reclassification; litigation matters; water, agricultural and other raw material, and packaging material supply, production, and/or shipment difficulties which could adversely affect our ability to supply our customers; the ability to respond to anticipated inflationary pressures, including reductions in consumer discretionary income and our ability to pass along rising costs through increased selling prices, and unfavorable global or regional economic conditions, including economic slowdown or recession; the actual impact to supply, production levels, and costs from global supply chain constraints, transportation challenges (including from labor strikes or other labor activities), wildfires, and severe weather events; the actual balance of supply and demand for our products and the performance of our distributors; the actual demand, net sales, channel proportions, and volume trends for our products; beer operations expansion, optimization, and/or construction activities, scope, capacity, supply, costs (including impairments), capital expenditures, and timing; the duration and impact of the COVID-19 pandemic; the impact of the military conflict in Ukraine and associated geopolitical tensions and responses, including on inflation, supply chains, commodities, energy, and cyber-security; the amount, timing, and source of funds for any share repurchases; the impact of our investment in Canopy; the amount and timing of future Constellation dividends which are subject to the determination and discretion of our Board of Directors and may be impacted if our ability to use cash flow to fund dividends is affected by unanticipated increases in total net debt, we are unable to generate cash flow at anticipated levels, or we fail to generate expected earnings; the fair value of our investment in Canopy; the accuracy of management's projections relating to the Canopy investment; the timeframe and amount of any potential future impairment of our investment in Canopy; any impact of U.S. federal laws on Canopy Strategic Transactions; 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; the cannabis industry, including legalization, the demand for cannabis products, and operational risks inherent in the conduct of cannabis activities; expected benefits of our investment in Canopy that may not materialize in the manner or timeframe expected or at all; the transaction to consolidate Canopy's U.S. cannabis assets and our plans to transition into and exchange our remaining notes in Canopy for Exchangeable Shares which may not be completed at all, including because Canopy may not receive the required approval of its shareholders, that such transactions, if completed, may significantly alter our relationship with and investment in Canopy, including by Canopy no longer being able to derive benefits from its current strategic relationship with us, which could negatively impact Canopy, by limiting our right or opportunity to derive economic benefits from our investment in Canopy if Canopy declares dividends or dissolves and we continue to hold Exchangeable Shares or to increase our ownership in Canopy if Canopy's stock price were to recover prior to the expiration of our Canopy warrants that would be surrendered, or by the potential to subject our financial statements to additional volatility if we account for the Exchangeable Shares at fair value; Canopy's consolidation of its U.S. cannabis assets if it is not viewed favorably by members of the investment community, whether or not it is completed, which may cause a decrease in the value of Canopy's common shares and impair its liquidity and marketability or that if such transaction is not completed for any reason, then Canopy will have expended substantial time and resources that could otherwise have been spent on Canopy's existing businesses and the pursuit of other opportunities that could have been beneficial to Canopy; the potential that Canopy will not remain listed on the stock exchanges it is currently listed on and related impacts; the amount of contingent consideration, if any, received in the divestiture of a portion of our wine and spirits business which will depend on actual future brand performance; the expected impacts of wine and spirits portfolio refinement activities; purchase accounting with respect to any transaction, or the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value; our ability to achieve and timeframes for achieving expected target debt leverage ratios, cash flows, operating margin, earnings, and other financial metrics; receipt of any necessary regulatory approvals; operating and financial risks related to managing future growth; competition in our industry or in the cannabis industry; financing, market, economic, regulatory, and environmental risks; global financial conditions; reliance on key personnel; increases in capital or operating costs; changes to international trade agreements or tariffs; any incremental contingent consideration payment paid; 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 based on management's final plans; and other factors and uncertainties disclosed from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended February 28, 2022 and our Quarterly Report on Form 10-Q for the quarter ended November 30, 2022. Forward-looking statements are made as of February 23, 2023, 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, viewers and listeners are cautioned not to place undue reliance on forward-looking information. 3#4Constellation Brands USE OF NON-GAAP FINANCIAL MEASURES, DISCLAIMER, CAUTION REGARDING OUTDATED MATERIAL, AND LOCATION OF DEFINED TERMS This presentation (including audio, video, and supplemental slides, if any) may contain non-GAAP financial measures. These and other non-GAAP financial 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 or at ir.cbrands.com under the Financial Info/Financial History (Non-GAAP) section. 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 or organic basis. The notes offered under Constellation's commercial paper program have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the U.S. 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 at the 2023 Consumer Analyst Group of New York (CAGNY) Conference and herein is as of February 23, 2023, and, to the best of Constellation's knowledge, timely and accurate when made. 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. 4#5Constellation Brands ASS L Cort Extr IMPORTED 23N6 ОС TODAY'S PRESENTATION OUR CONSUMER-OBSESSION UNDERPINS EVERYTHING WE DO WE HAVE A WELL-CONSIDERED, EFFECTIVE STRATEGIC ROADMAP GROWTH AND VALUE CREATION REMAIN OUR CORE PROPOSITION 5#6Constellation Brands OUR DEEP UNDERSTANDING OF CONSUMER TRENDS UNDERPINS OUR STRATEGY K 6#7Constellation Brands WHY BEVERAGE ALCOHOL? GROWTH IN THE CONSUMER BASE SUPPORTS MARKET EXPANSION U.S. LDA POPULATION GROWTH (CY10 CY20) U.S. BEVERAGE ALCOHOL DOLLAR SALES GROWTH (CY10 - CY20) - 1% CAGR Mod 3% CAGR 2 1. Source: United States Census Bureau, 2000 Decennial Census Profile of General Demographic Characteristics and 2021 American Community Survey Demographic and Housing Estimates. 2. Source: Constellation Brands internal estimates. 7#8Constellation Brands WHY A HIGHER-END FOCUS? CONSUMER-LED PREMIUMIZATION IS DRIVING HIGHER-END GROWTH DOLLAR SALES CAGR (FY19 Q3 LTM - FY23 Q3 LTM) HIGHER-END LOWER-END LOWER-END HIGHER-END LOW-END HIGH-END WINE WINE SPIRITS SPIRITS BEER BEER 12% -3% $10B del CURRENT TOTAL DOLLAR SALES (FY23 Q3 LTM) Source: IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending December 4, 2022 and December 2, 2018. Dollar Sales of categories are based on company estimates. $55B 8#9Constellation Brands CAPTURING FURTHER CONSUMER-LED PREMIUMIZATION U.S. TRACKED CHANNEL DOLLAR SALES GROWTH OF BEVERAGE ALCOHOL CATEGORIES & PRICING SEGMENTS WINE 71% 29% BEER 48% 52% 40% 60% CY10 CY19 CY22 Source: IRI, MULO+C, Calendar Years 2010, 2019, and 2022. 76% 69% 24% 31% 59% 41% CY10 CY19 CY22 LOWER-END HIGHER-END 66% 34% CY10 SPIRITS 53% 47% 47% 53% CY19 CY22 9#10Constellation Brands WHY A DIVERSIFIED PORTFOLIO? VAST MAJORITY OF CONSUMERS DRINK ACROSS BEER, WINE & SPIRITS GROWTH IN SHARE OF CONSUMERS IN THE U.S. WHO DRINK ACROSS MULTIPLE CATEGORIES (FY19 Q3 LTM-FY23 Q3 LTM) (88%) DOLLAR SALES IN THE U.S. (FY23 Q3 LTM) SHARE OF CONSUMERS WHO DRINK... delo ACROSS MULTIPLE CATEGORIES □ONLY ONE CATEGORY (12% Source: IRI, Total U.S. All Outlets, 52 weeks ending December 4, 2022 and December 2, 2018. The Prisoner 300 BPS F 10#11Constellation Brands CAPTURING HIGHER CONSUMER SPEND BEVERAGE ALCOHOL DOLLARS PER BUYER (FY23 Q3 LTM) DRINK BEER, WINE $1,944 & SPIRITS □ DRINK TWO CATEGORIES DRINK ONLY ONE CATEGORY $840 $291 Source: IRI, Total U.S. All Outlets, 52 weeks ending December 4, 2022 Average Household Beverage Alcohol Spend Per Year. D Corona Cor Extra E 12 FLA MODELO RUFFINO PROSECCO CERVED Model#12Constellation Brands WHAT ELSE INFORMS OUR STRATEGY? BETTERMENT, FLAVOR, AND DIGITAL TRENDS ARE ALSO IMPORTANT GROWTH IN THE BETTER-FOR-YOU SEGMENT IN BEVERAGE ALCOHOL IN THE U.S. (CY19-CY22) 25% KIM CRAWFORD CAGR 1 70 IN BEVERAGE ALCOHOL GROWTH IN FLAVOR PRODUCTS GROWTH IN 3-TIER E-COMMERCE BEVERAGE ALCOHOL SALES IN THE U.S. (CY19-CY22) IN THE U.S. (CY19-CY22) 22% 3.2x² CAGR 1 KIM CRAWFORD 70 1. Source: Better-for-you incudes No-Alcohol, Low-Alcohol, Seltzers, Natural/Organic/Biodynamic, CSD-BevAlc Blend, Kombucha, Light-Calorie, Low-Calorie (excludes Traditional Light Beer). Flavor includes Hard Seltzer, Flavored Beer, Flavored Malt Beverages, Cider, and Ready-to-Drink Cocktails. IRI, Multi-Outlet + Convenience dollar sales, Calendar Years 2019 and 2022. 2. Source: IRI EMI through November 27, 2022. 12#13Constellation Brands OUR STRATEGIC INITIATIVES CONTINUE WINNING THE CONSUMER, DELIVERING GROWTH, AND CREATING VALUE 13#14Constellation Brands OUR STRATEGIC INITIATIVES 1 2 3 4 CONTINUE TO BUILD POWERFUL BRANDS THAT PEOPLE LOVE DEVELOP CONSUMER-LED INNOVATIONS ALIGNED WITH EMERGING TRENDS DEPLOY CAPITAL IN-LINE WITH DISCIPLINED AND BALANCED PRIORITIES OPERATE IN A WAY THAT IS GOOD FOR BUSINESS AND GOOD FOR THE WORLD 14#15A Constellation Brands PORTFOLIO OF POWERFUL BRANDS OUR BEER BUSINESS #1 SUPPLIER IN THE HIGH-END OF THE U.S. BEER MARKET OUR WINE AND SPIRITS BUSINESS A LEADING HIGHER-END WINE AND SPIRITS SUPPLIER WANN Corona Familiar WORTED GEAVEZA MAS Brand and Battbed by CERVECERIA MODEL MEXICO 12 FL. 82 LUMINA ASLINE 6% CLASSSALINE-DEAYERE BERRY-LIME-MORSY 2004335 CLASSIC LINE TENTED W SELES RUFFINO PINOT GRIGIO SIMI OFERTA LINE PPSETES FROM HERE Modelo Charking BLACKBERRY-LIME MORA Y LIMA SVEDKA VODKA VODKA CERVEZA MAS Bowd and Cunned by CERVECERIA MODELE EL WOODBRIDG CHANSONNAR Fra ad ho Corona Corona PREMIER Extra 2.6g Bed and Baby CERVECERIA MODE BEER 12 FL. AT OPTED MEIOMI Praor Nock Brewed and Bitted by CERVECERIA MODELE MEXICO 12 FL. 02. Modelo RANCH WATER WW MEXICAN LIME FARGED WITH STAIN BARALLA BENED SPIKED SPARKLING WA JARRAS ALGIR ROBERT MONDAVI PRIVATE SELECTION Cooks GOLD STANDARD LIGHT BEER 90 BRUT HOWED ME Cook's KRYE ASVEZA Modelo Modelo An ad Especial Negra KIM CRAWFOR Sauvignon Blanc MELBORDUR WHAT The Prisoner PAPECIAL CERVEZA CERVEZA Modelo Modelo NARANJA RICOSA CHELADA CHELADA PACIFICO CLARA Especial NARANJA PICOSA BREWED IN MEXIC LTD. BIL THE PERFE FRANGE AND CHILE RETONDAYE WIREET Gudspondent KATALY La Cerveza Pacific HIGH DISTILLERY HIGH WEST BLIND STRAIGHT BOURBON BOURBON WHISLEYS No: 21H02 Victoria LATEER CONVER CASA NOBLE A Tips for Vicky CHAMOY CHINSONG CON CHAMBY Y TAM MICAMPO REPOS AY JAN ODKA PRI S FRESCATWO MIXED REPOSI ODKA SPRI LANE ERICAN COLDEN LAGER MY FAVORITE NEIGHBOR POMTIVELY FLORIS FUNKY BUDDHA Floridian Wheat Beer INSPIRAS CHARDONNAY LED WAME VAILLY FOUR CORNERS BREWING C FOOR COFFERS LOCAL BUZZ HONEY-RYE GOLDEN ALE AUSTIN * COCKTAILS BERANDT GRANI MARGARITA#16Constellation Brands A PORTFOLIO OF POWERFUL BRANDS #4 BEER IN THE U.S. BEER MARKET ¹ BEER IN THE #3 HIGH-END ¹ CERVEZA PACIFICO PACIFICO CLARA La Cerveza Pacific XENO CLARA vuojon Extra CERVEZA FINA ww Brewed and Canned by CERVECERIA MODELO MEXICO Corona Extra PERTED Braced and Bottled by CERVECERIA MODELO MEXICO 12 FL. 02 #6 BEE rice Modelo CERYE Modelo #6 MARKET ¹ 1025 Especial de pro BEER IN THE U.S. #2 BEER MARKET ¹ BEER IN THE #1 HIGH-END ¹ IMPORT IN THE U.S. BEER BEER IN THE STATE OF CALIFORNIA ¹ 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022. 2. Source: Drinks International. #1 PINOT NOIR 1 MEIOMI Por No #1 SAUVIGNON BLANC ¹ #3 HIGHER-END AMERICAN RYE WHISKEY ¹ DISTILLERY HIGH WEST DOUBLE RYE BAKIM AWTOR Sauvignon Blanc MARLBOROUGH #2 SUPER LUXURY WINE BRAND ¹ #1 TRENDING TEQUILA 2 The Peo CASA NOBLE 16#17CH Constellation Brands CORONA EXTRA A LONG-STANDING ICON WITH RE-INVIGORATED GROWTH HIGHLY EFFECTIVE MARKETING INVESTMENTS LA VIDA Corona. MAS FINA Extra SCORING AD TOP IN U.S. BEER CATEGORY ¹ 2ND #1 SHARE OF VOICE POSITION IN U.S. MEDIA ¹ UNLOCKING GROWTH FROM BROADENED LDA CONSUMER DEMOGRAPHICS DOLLAR SALES BY CONSUMER DEMOGRAPHIC ² 32% 13% 32% 10% FY19 Q3 LTM 49% HISPANIC WHITE CONSUMER AWARENESS & CONSIDERATION¹ 8% 8% 45% BLACK 1. Sources: Ace Metrix/iSpot.tv syndicated database, Kantar & Pathmatics digital Q1-Q3 CY22 data, and YouGov BrandIndex syndicated tracking data. 2. Source: Numerator insights, FY19 Q3 LTM and FY23 Q3 LTM. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. FY23 Q3 LTM OTHER CONSUMERS DOLLAR SALES IN U.S. CAGR CAGR TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) ³ 17#18Constellation Brands MODELO ESPECIAL 2ND LARGEST BEER IN THE U.S. WITH CONTINUED GROWTH POTENTIAL Modelo Especial SIGNIFICANT SHARE OPPORTUNITY NATIONALLY MODELO ESPECIAL DOLLAR SHARE BY STATE ¹ - 0% FURTHER UPSIDE BEYOND HISPANIC LDA CONSUMER DOLLAR SALES BY CONSUMER DEMOGRAPHIC 2 3.0% 55% 22% FY19 Q3 LTM 70% 45% 19% CAGR 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 (Alaska, Hawaii, and Montana data not available in IRI). 2. Sources: Nielsen expanded Hispanic panel, 52 weeks ending November 10, 2018 and Numerator Insights, FY23 Q3 LTM. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. FY23 Q3 LTM HISPANIC OTHER CONSUMERS DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) ³ 18#19Constellation Brands PACIFICO THE FASTEST GROWING MAJOR BEER BRAND IN THE U.S. ATTRACTING NEW GENERATIONS OF LDA CONSUMERS TO OUR PORTFOLIO HIGHER SHARE OF DOLLAR SALES FROM MILLENNIALS & LDA GEN Z CONSUMERS¹ SIGNIFICANT HOUSEHOLD PENETRATION OPPORTUNITY ¹ CERVEZA PACIFICO CLARA La Cerveza del Pacífico TREATED BEER-BREMEN TT 40% -33% 2% 11% ak Ka Corona Extra INPORTED LA GERVEZA MAS FINA Brewed and Bottled by CERVECERIA MODELO MEXICO 12 FL. OZ. BEER CLAP 1. Source: Numerator insights. 2. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 21% CAGR DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) ² 19#20Constellation Brands KIM CRAWFORD THE #1 NEW ZEALAND WINE BRAND IN THE U.S. EVOLVING INTO A LIFESTYLE BRAND WITH BROADER INTERNATIONAL OFFERINGS 14% CAGR 1.8M CASES DEPLETIONS (FY23 Q3 LTM) 2 DOLLAR SALES IN U.S. TRACKED CHANNELS # (FY19 Q3 LTM - FY23 Q3 LTM) ¹ 1 8% CAGR WHEN #4 WHERE M GRILLS DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) ² SAUVIGNON BLANC IN THE U.S. WINE MARKET 3 #5 SUPER PREMIUM PROSECCO IN THE U.S. WINE MARKET 3 SUPER PREMIUM ROSÉ IN THE U.S. WINE MARKET 3 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 KIM CRAWFORD ROSE KIM GRAWFORD ILLUMINATE CALORIES 70 PER SERVIE Sauvignon Blanc NEW ZEALAND 201 KIM CRAWFORD Sauvignon Blanc MARLBOROUGH 2021 DO KIM CRAWFOR PROSECCO 20#21Constellation Brands 1.8M CASES 15% R DOLLAR SALES IN U.S.TRACKED CHANNELS CAGR (FY19 Q3 LTM - FY23 Q3 LTM) ¹ DEPLETIONS (FY23 Q3 LTM) 2 THE #1 ULTRA PREMIUM WINE BRAND IN THE U.S. MEIOMI 10% CAGR VINTAGE 1614 DEPLETIONSOMI (FY19 Q3 LTM - FY23 Q3 LTM) ² #1 #3 PINOT NOIR IN THE U.S. WINE MARKET 3 ULTRA PREMIUM CHARDONNAY IN THE U.S. WINE MARKET 3 ULTRA PREMIUM ROSÉ IN THE U.S. WINE MARKET 3 #5 5 ROSÉ 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 METON MEIOMI CHARDONNAY MEIOME MEIOMI PINOT NOIR MEIOMI ROSE 21#22Constellation Brands THE PRISONER WINE CO. AN EXPANDED HIGH-GROWTH, HIGHER-END SET OF BRANDS WITH SIGNIFICANT GLOBAL AND OMNI-CHANNEL OPPORTUNITIES 31% CAGR DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23°Q3 LTM)¹ 570k 23% CASES CAGR DEPLETIONS (FY23 Q3 LTM) ² DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) ² The Prisone #2 # SUPER LUXURY WINE BRAND 3 SUPER LUXURY RED BLEND 3 PINOT NOIR 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 B Z # THE PRISONERS SALDO™ #1 T SUPER LUXURY ZINFANDEL 3 $ HACKLED LUXURY WINE BRAND 3 #7 #2 BLEND 3 LUXURY RED INDEED INDFOLD 22#23Constellation Brands A TOP 15 AMERICAN HIGHER-END WHISKEY BRAND IN THE U.S. DISTIL. Lembi 21% CAGR 170k CASES HIGH WEST DEPLETIONS (FY23 Q3 LTM) 2 DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) ¹ DISTILLERVIS OLD FASHIONED BARREL FINISHED 14% CAGR HIGH HIG WEST #3 B BOURHON ABLAND AT STRAIGHE No 21H02 PARK OFFE HIGHER-END AMERICAN RYE WHISKEY IN THE U.S. 3 ANHATTAN DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) ² V 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 HIGH WEST DOUBLE RYE A BLEND of STRAIGHT RYE WHISKEYS CONTINUED STRONG GROWTH IN ULTRA PREMIUM AMERICAN WHISKEY SEGMENT IN THE U.S. (FY23 Q3 LTM) ³ 19% 23#24Constellation Brands CTWYDIN CASA NOBLE & MI CAMPO RISING TEQUILA BRANDS DELIVERING SIGNIFICANT GROWTH IN THE U.S. AND KEY INTERNATIONAL METRO MARKETS BE AGAVE OSADO 19% DOLLAR SALES IN U.S. TRACKED CHANNELS 1 CAGR (FY19 Q3 LTM - FY23 Q3 LTM) ¹ 157k 29% CASES DEPLETIONS (FY23 Q3 LTM) ² CAGR DEPLETIONS (FY19 Q3 LTM - FY23 Q3 LTM) ² CASA NOBLE #1 TOP TRENDING TEQUILA TEQUILA DRINKS INTERNATIONAL 2022 AS VOTED BY THE WORLD'S BEST BARS #1 TOP TRENDING TEQUILA INTERNATIONAL SPIRITS CHALLENGE 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 2022 GOLD AÑEJO, REPOSADO, & BLANCO CONTINUED STRONG GROWTH IN HIGHER-END TEQUILA SEGMENT IN THE U.S. (FY23 Q3 LTM) ³ 8% 24#25Constellation Brands A HOLISTIC APPROACH TO BETTERMENT LOWER ALCOHOL LOWER CALORIES wa wa ESTABLISHED Corona Corona PREMIER Light BRANDS THE EXCEPTIONAL LIGHT BEER ALIGNED WITH TREND ADDITIONAL OFFERINGS IN CY23 KIM CRAWFORD ILLUMINATE MEIOMI BRIGHT CERVEZA Modelo Ore NON-ALCOHOLIC LOWER / NO CALORIES HOP KARMA WTR water PART OF VENTURES PORTFOLIO an da Corona NON-ALCOHOLIC vuo.joh EMIER hah dia Corona PREMIER CERVEZA Modelo Ore 10 CERVEZA Modelo GOLD STANDARD LIGHT BEER 90 CALS 3.0, CARDS BEER BREWED IN MEXICO 4.2% ALC/VOL Dis Corona PREMIER 25#26Constellation Brands CERVEZA Modelo MO MIXICO CHELADA MANGO Chile WITH THE KETERSBUNG FLAVOR OF MANGO AND CHILE FIFTEE BREWED IN MEXICO Modelo Mode FO CHELADA PINA CHELA LING BROAD FLAVOR OFFERINGS COMPLETE RANGE OF "FLAVOR" BRANDS IN ONE PORTFOLIO CHELAD LIMON SAL VIEW THE REPRERING FOR OF LIME AND MIT STAVTOCK MEHER CERVEZA Modelo 1925 CHELADA Mode 30% CAGR >50% SHARE DOLLAR SALES IN U.S. TRACKED CHANNELS (FY19 Q3 LTM - FY23 Q3 LTM) ¹ OF CHELADA SEGMENT DOLLAR SALES (FY23 Q3 LTM) ² DEPLETIONS GROWTH (FY19 Q3 LTM - FY23 Q3 LTM) ² 3.5x 1. Source: IRI, Total U.S. Multi-Outlet + Convenience, Dollar Sales for 52 weeks ending December 4, 2022 and December 2, 2018. 2. Source: Company measures. 3. Part of Constellation Brands Ventures Portfolio TRADITIONAL FMB Corona REFRESCA Hard TROPICAL PUNCH READY-TO- DRINK SPIRITS AUSTIN COCKTAILS FRESCA MIXED HARD SELTZERS Corona HARD SELTZER PRESS PREMIUM ALCOHOL SELTZER WINE SPRITZERS WOODBRIDGE. WINE SODA KIM CRAWFORD 3 ICED TEA WINE SPRITZ 26#27Constellation Brands ACCELERATING DIGITAL TRANSFORMATION BEVERAGE ALCOHOL OUR PORTFOLIO IS OUTPACING BEVERAGE ALCOHOL IN 3-TIER E-COMMERCE 3-TIER E-COMMERCE SALES REMAINS ELEVATED IN POST-PANDEMIC TIMES >4x above 12pts pre-COVID¹ above market 2 1. Source: IRI EMI through 11/27/22, CBI eCommerce Category Advisory Platform. Pandemic Timeframe & Growth Comparisons = 4WKS 4/19/20 - 11/27/22 (35 Quad Periods) vs. 35 Quad Periods before 4/19/20. 2. Source: IRI EMI through 12/25/22 HIGH WEST DOUBLE RYE ABLEND of STRAIGHT RYE WHISKEYS No: 223004 375ml HIGH WEST BOURBON A BLEND of STRAIGHT BOURBON WHISKEYS No: 210 375 PARK CITY, UTAN#282a DEPLOY CAPITAL IN LINE WITH DISCIPLINED AND BALANCED PRIORITIES Constellation Brands $ ▪▪▪▪▪** COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION BALANCING REINVESTMENT AND ADDITIONAL RETURNS DEPLOY EXCESS CASH THOUGHTFULLY AND PRUDENTLY 28#29Constellation Brands 1. COMMITTED TO A DISCIPLINED FINANCIAL FOUNDATION FOCUSED ON MAINTAINING A SOLID INVESTMENT GRADE RATING TARGET NET LEVERAGE RATIO 1 TARGETING DIVIDEND GROWTH IN-LINE WITH EARNINGS TARGET DIVIDEND PAYOUT RATIO -3.0X -30%² Net leverage ratio defined as debt net of cash divided by comparable basis EBITDA excluding Canopy EIE. EBITDA is calculated on a comparable basis and is a non-GAAP financial measure. A reconciliation to the most directly comparable GAAP financial measure is included within the appendix. 2. Payout ratio defined as dividend per share divided by adjusted earnings per share. 29#30OVER Constellation Brands VODKA Extra BALANCING REINVESTMENT AND ADDITIONAL RETURNS DEPLOYING CAPITAL TO ORGANIC INVESTMENTS TO SUPPORT GROWTH ADDITIONAL BEER BREWING CAPACITY FY23-26 1 25-30M HL IMPORTED SWEDISH odelo PINA Bed and bottled 12 FLOZ BUY-BACKS TARGETED TO AT LEAST COVER DILUTION WITH ABILITY TO OPPORTUNISTICALLY DO MORE REMAINING CAPACITY FOR OPPORTUNISTIC BUYBACKS $1.2B² 1. Organic depletions growth, includes innovation/new products and excludes impact from any future acquisitions/divestitures. 2. $1.2B represents remaining portion of authorization approved by Board of Directors in January 2021 to repurchase up to $2.0 billion of the company's publicly traded common stock as of November 30, 2022. 30#31Constellation Brands DEPLOY EXCESS CASH THOUGHTFULLY AND PRUDENTLY ANY POTENTIAL ACQUISITIONS TO BE FOCUSED ON SMALL TARGETS TO FILL PORTFOLIO GAPS TARGET CRITERIA CONSUMER-LED ACCRETIVE SYNERGISTIC RECENT ACQUISITIONS MY FAVORITE NEIGHBOR LINGU AUSTIN IF FRANCE COCKTAILS SMALL BATCH TM 31#32Constellation Brands SERVING AS GOOD STEWARDS OF OUR ENIVORNMENT MODELING WATER STEWARDSHIP TARGETING -1.1 BILLION GALLONS OF WATER RESTORATION BY FY25 1. From baseline fiscal year 2020 Scope 1 and Scope 2 emissions REDUCING GHG EMISSIONS TARGETING -15% REDUCTION OF SCOPE 1 & SCOPE 2 GHG EMISSIONS BY FY25 32#33Constellation Brands ENHANCING SOCIAL EQUITY WITHIN OUR INDUSTRY AND COMMUNITIES WORKFORCE GENDER AND ETHNIC DIVERSITY REPRESENTATION GOALS FEMALE REPRESENTATION ETHNIC DIVERSITY REPRESENTATION FY26 GOAL ¹ 50% FY26 GOAL ¹ 30% ENHANCING ECONOMIC DEVELOPMENT IN COMMUNITIES WE OPERATE IN $100M COMMITMENT TO FOCUS ON FEMALE FOUNDER INITIATIVE $100M COMMITMENT TO FOCUS ON MINORITY FOUNDER INITIATIVE 1. Goals referenced from Constellation Brands 2022 ESG Impact Report. Measures refer to U.S. salaried population and self-disclosed employee information. 33