2 0 21 C O M PA N Y P R O F I L E

In what was one of the most challenging years in recent memory, our business, our brands, our people, and our communities were tested in ways we could not have predicted.

But best-in-class companies prove to be resilient and adaptable in times of uncertainty. I am extremely proud to say this was certainly the case for our Constellation Brands team in Fiscal 2021.

Our team’s agility, passion, and relentless focus on the consumer—aided by the strength and support of our distributor and retailer partners—allowed us to overcome many headwinds to deliver an exceptional performance. At the onset of the pandemic, we committed to making decisions that prioritized the physical and economic safety, health and well-being of our employees and to continue to manage our business with discipline, ensuring appropriate balance between short-term needs and positioning our company for long-term growth.

As a result, we enter Fiscal 2022 from a position of strength and are well-equipped to execute against our strategic vision to drive sustainable, long-term success for our business and deliver meaningful returns to our shareholders.

Dear Shareholders

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During Fiscal 2021, we achieved strong earnings growth and generated record free cash flow, while significantly reducing debt. This strong performance was anchored by our Beer business, which delivered double-digit operating income and net sales growth of 8%, marking the 11th consecutive year of depletion growth for this business and reinforcing our leadership position in the high-end of the U.S. Beer market. We drove exceptional performance across our Beer portfolio, led by Modelo Especial, which grew double digits to surpass 145 million cases sold, making it the only imported beer to ever surpass 10 million barrels in volume.(1) Modelo Especial is now the #3 best-selling beer in the U.S., with ample runway for continued growth in the years ahead. Corona Extra, the #6 best-selling beer in the U.S., continues to be one of the country’s most loved brands. Corona Extra grew IRI dollar sales by 11%, surpassing $2 billion in retail sales last year. And recent brand extensions that align with the emerging consumer betterment trend such as Corona Premier (depletions up nearly 20% in Fiscal 2021) and Corona Hard Seltzer (the most successful new product launch in company history) were major contributors to growth for the Corona Brand Family.

Beer Wine & SpiritsOur Wine & Spirits consumer-led premiumization strategy continued to gain traction during the fiscal year. Our divestitures of a number of lower-end wine brands positions this business for enhanced growth and profitability going forward. Our retained Wine & Spirits portfolio delivered net sales growth for the fiscal year, driven by double-digit volume growth for Meiomi, Kim Crawford, and The Prisoner Wine Company Brand Family. Impactful innovations including Meiomi Cabernet Sauvignon, Kim Crawford Illuminate and The Prisoner Unshackled (which became the #1 high-end new brand in IRI channels for Fiscal 2021) also contributed to growth.

Canopy Growth Corporation has made significant progress in strengthening its position in core markets and taking steps to prepare for legalization of cannabis in the U.S. Canopy’s successful rollout of cannabis beverages, as well as other Rec 2.0 (2) products, has helped Canopy gain momentum. During the year, Canopy had the top three beverages in the Canadian recreational market,(3) and has recently introduced its popular Quatreau CBD beverages in the U.S. Canopy’s Storz & Bickel, BioSteel, and Martha Stewart-branded products also gained traction throughout the year.(4)

Canopy Growth

IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending Feb 21, 2021 source for all market data, unless otherwise noted

(1) Beer Marketer’s Insights, Calendar Year 2020 (2) Rec 2.0 refers to Canopy’s portfolio of products made federally legal in Canada as of October 17, 2019 under Canada’s “Cannabis 2.0,” which includes cannabis-derivative products, including cannabis-infused beverages, edibles, and concentrates used in vaping(3) Canopy Growth Corporation Proprietary Market Tracker(4) Canopy Growth Corporation, Q3 FY21 Earnings Presentation

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With the support of our brands, the company has contributed nearly $6 million to assist industry partners and underserved communities impacted by the pandemic. We committed $10 million to the Clear Vision Impact Fund, designed to invest in minority-owned businesses, primarily those operating in underserved Black and Latinx communities. This contribution is part of our broader commitment to invest $100 million over the next 10 years in Black, Latinx, and minority-owned businesses in the beverage alcohol space and adjacent categories. And we’ve taken steps to create forums for discussion, awareness-building, education, and allyship in support of our Asian colleagues in response to the disturbing trend of violence against members of the Asian community in the U.S.

Stepping Up

In addition to driving our business forward, our team also stepped up to help industry partners and communities impacted by the pandemic and natural disasters, and to play an active role in combatting social injustice in the U.S.

to assist industry partners and our communities

$6,000,000

to the Clear Vision Impact Fund

$10,000,000

total commitment over the next 10 years to Black and minority-owned businesses

$100,000,000

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As we look ahead, our goal is to consistently deliver industry-leading total shareholder returns over the long-term. We will accomplish this with a focus on a few key pillars:

Continue building strong brands people love with advantaged routes to market.

Build a culture that is consumer-obsessed and leverages robust innovation capabilities to stay on the forefront of consumer trends.

Deliver on impactful ESG (Environmental, Social, and Governance) initiatives that we believe are not only good business, but also good for the world.

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We have daring ambitions for the future. But it is our team’s proven ability to be bold, courageous brand builders dedicated to delivering what’s next that gives me confidence that Constellation will remain a relentless growth story for years to come. I want to thank our employees, partners, and shareholders for your continued confidence and support as we strive to build a company that, in all aspects, is truly Worth Reaching For.

Bill Newlands President & CEO

Daring Ambitionsfor the Future

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Source: BCG and IRI Growth Leaders in CPG 2020

8 CONSECUTIVEYEARS AS A CPGGROWTH LEADER

HIGHEST NUMBER OF CONSECUTIVE YEARS AMONG LARGE CPG COMPANIES

2013 2014 2015 2016

2017 2018 2019 2020

Fiscal 2021 Highlights

TO SHAREHOLDERS

Committed to return $5 billion to shareholders through FY23 in the form

of dividends and share repurchases.

$5B

REDUCTION IN DEBT

Reduced debt by $1.7 billion during Fiscal 2021.

$1.7B

OPERATING CASH FLOW

Generated record operating cash flow of $2.8 billion for Fiscal 2021.

$2.8B

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Section 1

BUILDING THE CONSUMER-LOVED BRANDS OF TOMORROW

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A Winning Strategy

2020 was a year like no other as the world sought to reconcile the ongoing impacts of a global pandemic and social unrest. Constellation faced these challenges by making necessary adjustments to help keep our employees safe and healthy and support our communities while continuing to deliver for our distributors, retailers, and loyal consumers by advancing our long-term consumer-led premiumization strategy and remaining agile. This flexibility led to a solid year as we remained guided by our consumer-obsessed mindset and maintained our momentum in building a portfolio of powerhouse brands that deliver what consumers want—where, when, and how they want them.

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Build an unrivaled portfolio of consumer-loved brands through next generation consumer-first, go-to-market, marketing and operational capabilities.

Enhance our end-to-end innovation capabilities and accelerate organic growth.

Evolve our portfolio, with an eye on the emerging brands of tomorrow.

Deliver on bold environmental, social, and governance (ESG) goals that we believe are good for the world and our business.

Our relentless focus on the consumer positioned us to “meet the moment” head on. We’ll continue our momentum and fuel our long-term growth by focusing on key areas which will help us deliver long-term, industry-leading growth for our shareholders.

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For more than 75 years, we have driven our relentless growth story. We’ve never been satisfied with the status quo; we pursue bold ideas that drive ambitious goals to outperform the industry. As a result, we are the leader in the high-end Beer business, and our Wine & Spirits consumer-led premiumization strategy continues to build an industry-leading portfolio capable of driving accelerated growth and shareholder value.

Our Relentless Growth Story

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At our core, we are bold, courageous brand-builders committed to building a best-in-class portfolio that spans beer and wine and spirits, giving us a comprehensive view of consumer behavior. This competitive advantage delivers insights that give us the ability to continue to grow and connect with consumers and keep evolving ahead of shifting preferences—not only in what people are drinking, but also when, where, and how they are shopping.

To this end, we challenge ourselves to think beyond today, invest in disruptive ideas and partners, never lose sight of our consumer-led focus, and expand agile processes to drive market-leading growth.

At Our Core

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Consumer-Obsessed, Always and in All Ways

Our consumer obsession fuels our search to deliver what’s next. We have bold, long-term ambitions—and we drive success by maintaining a focus on what our consumers want today, tomorrow and well into the future.

As the consumer and category landscapes rapidly shift, our higher-growth, higher-margin portfolio is in lockstep with consumer-led premiumization trends. And those trends only continue to accelerate.

Consumer preferences always evolve, but 2020 accelerated a number of trends. Consumers evaluated what mattered most to them and the role they expect brands to play in driving cultural conversations that bring people together and make a difference. As an example, over three-fourths of Americans believe it is important for companies and brands to stand up and speak up against social injustice. Yet the heart of human needs—for comfort, belonging, recognition, familiarity, social connection, convenience, excitement, and entertainment—hasn’t changed. We use these insights to fuel our innovation strategy. Our approach to new opportunities is consumer-focused, strategic, and consistent in this way—and it comes to life in the brands we build and the partnerships we nurture.

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A Vote for Inclusion

We believe that our democracy works best when we all participate, so our brands encouraged involvement and inspired Americans to vote. Invoking the fighting spirit of those who haven’t voted in the past, Modelo created a TV and digital marketing campaign to call more Americans to the polls. Anchored by a TV spot called “Worth Voting For,” the campaign included partnerships with two nonpartisan organizations that help citizens register to vote, request a vote-by-mail ballot, locate their polling place and more. Our SVEDKA Vodka brand stayed true to its continued dedication to inclusion with their “Take a Stand” campaign. The digital ad reminds consumers to make their unique selves heard by encouraging them to become more engaged in the topics they care about—by voting.

Further elevating the brand’s social impact, Modelo also launched the “Modelo Fighting Chance Series,” a three-part digital and social video series that brings brand ambassadors and new celebrity talent together to discuss issues tied to social justice. Episodes included themes of Fighting Through Adversity, Black History Month and Women’s History Month, and featured real stories of how people’s fighting spirit guided them through adversity to get to where they are today.

A Fighting Chance for Advancement

Deep Consumer Understanding Drives Collaborations & Connection

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The Corona Brand Family has teamed up with Puerto Rican reggaeton sensation and crossover artist Bad Bunny to diversify the perspective reflected in its new campaign, “La Vida Más Fina.” This popular campaign was a modern expression of Corona’s lifestyle and respected place in culture. With Bad Bunny’s ability to overcome barriers and transcend stereotypes, he brings an authentic voice and

helps the nearly 100-year-old brand to stay true to its Hispanic roots. Translated as “the Fine Life,” La Vida Más Fina mirrors the slogan on every bottle of Corona, “La Cerveza Más Fina” (The Finest Beer) and encourages people to explore the fundamental truth that more fulfillment and joy can be found in just about anything, simply by changing one’s outlook.

A Change in Outlook Helps Find La Vida Más Fina

Kim Crawford Wines, staying true to its brand ethos of supporting and empowering all women, partnered with non-profit Black Girl Ventures (BGV) Foundation to create the BGV x Kim Crawford Wines Pitch Competition. The goal of this national crowdfunding virtual pitch competition, targeting black and brown female-identifying

entrepreneurs, was to determine the latest innovators in wellness, self-care, and technology. Beyond a $50,000 investment, Kim Crawford also co-sponsored, with BGV, a two-part content series featuring women entrepreneurs who have launched companies within the Wine & Spirits category.

Empowering Black and Brown Entrepreneurs

Creative collaborations that resonate with evolving consumer sentiment build our brands by deepening connections, creating new opportunities to grow our business, and contributing to financial strength.

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Extending Our Brands Through Consumer-Led Innovation

We are always looking for the next chapter of our robust growth story. As we shape and position our portfolio for growth, we put the power of our comprehensive data and analytics to work, knowing that consumer innovation is the big growth driver of tomorrow. By constantly innovating to stay ahead of what consumers are reaching for, we are delivering new experiences through extensions and evolution of some of our most popular brands.

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In the biggest Ultra-Premium(2)

wine introduction this year, Meiomi Cabernet Sauvignon is a unique take on one of America’s most popular varietals. True to

its brand proposition, this new “flavor-forward” red offering invites consumers to discover its well-balanced, richly flavored, and deliciously complex taste.

Meiomi Cabernet Sauvignon: The Ultra-Premium Breakout Star

The popularity of hard seltzer shows no signs of slowing down, and Corona Hard Seltzer is well-positioned to continue to succeed. Corona Hard Seltzer is our most successful product launch ever, achieving the #4 spot shortly after

its release.(1) We gave consumers more choices by launching a second variety pack with more flavors of these refreshing gluten-free, 90-calorie hard seltzers that build on Corona’s 35-year legacy of the refreshing and chill lifestyle.

Corona Hard Seltzer Tops the Charts

(1) IRI, Total U.S.—Multi-Outlet + Convenience, 12 weeks ending 5/17/20 (2) Ultra Premium defined as $15-$19.99 per 750ml equivalent bottle

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Wine lovers focused on wellness and “better-for-you” options have something new to enjoy. Kim Crawford’s Illuminate Sauvignon Blanc and Rosé are bright, crisp, low-calorie additions to the lineup.

We use innovative “spinning cone” technology to reduce the alcohol without impacting the aroma. The result? Another elegant, full-flavored wine from one of our most popular brands.

Kim Crawford Illuminate Sheds the Calories, Keeps the Elegance

It started with an insight: many High West consumers love classic cocktails but would rather entertain friends than mix drinks. Now, they can enjoy, without shaking or stirring, two cocktails worthy of being served at the High West

Saloon in Park City, Utah. The High West Old Fashioned and the High West Manhattan are matured in used rye barrels, allowing the flavors to marry for a rich, smooth, and well-rounded variation of the brand’s award-winning spirits.

High West Barrel Finished Cocktails: Ready to Drink and Saloon-Approved

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The Prisoner Wine Company shook the industry over two decades ago with The Prisoner Red Blend, which sells out annually due to strong demand. Now, more consumers than ever can experience the lure of The Prisoner with the

introduction of a new Napa Valley Cabernet Sauvignon and Carneros Chardonnay. Each is crafted from a blend of varietals from the region’s premier vineyards to achieve a distinct character worthy of standing alongside the brand’s namesake.

The Prisoner Gains Two Accomplices

In Fiscal 2021, The Prisoner Wine Company launched Unshackled, a line of luxury wines that provides a well-priced option for wine drinkers looking to further explore the rule-bending ethos of the parent brand. Featuring a bold trio that includes

Unshackled Red Blend 2018, Unshackled Cabernet Sauvignon 2018 and Unshackled Rosé 2019, the collection quickly became the #1 new higher-end(3) wine brand in IRI channels for fiscal 2021.

Unshackled Breaks Away

(3) Higher-end is defined as Super Premium & Above ($11+) for Table Wine + Super Premium & Above ($13+) for Sparkling Wine

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“Our company has enjoyed a tremendous growth trajectory over the last 10 years.

To continue our momentum, we are appropriately balancing the shorter-term

needs of the business while investing ahead of growth to generate industry-leading

shareholder returns and sustainable, long-term growth.”

— Garth Hankinson, Chief Financial Officer

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Constellation entered the pandemic with strong underlying business fundamentals and a clear strategy that allowed our company to grow in an immensely difficult environment. Our powerhouse portfolio of brands, coupled with successful line extensions and consumer-first innovation, drove strong performance.

During fiscal 2021, our Beer business achieved double-digit operating income growth, and the portfolio’s success was powered by the Modelo Brand Family and the successful launch of Corona Hard Seltzer. In addition, we made bold investments in direct-to-consumer (DTC) and 3-tier e-Commerce (3TE) and made strategic divestitures in our Wine & Spirits business aligned with our consumer-led premiumization strategy. Overall, we delivered strong returns and continued to pay down debt, positioning us well for long-term success.

Serving as a testament to our winning strategy, Constellation has been a CPG growth leader for eight consecutive years, which is the highest number of years among large CPG companies.(4)

Financial Strength and Growth in a Challenging Year

(4) Source: BCG and IRI Growth Leaders in CPG 2020

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Beer Business Delivers Big Again

Last year, our Beer business once again delivered remarkable results—validation of our brand-building power and confirmation that our iconic brands truly connect with consumers. The strong performance of our Beer business reinforced long-held beliefs that high-end brands are the future of the industry.

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“In a challenging year, Constellation’s beer business thrived as one of the leading

growth drivers in the U.S. beer market. Our ability to continually outperform the

industry, grow our core portfolio, and launch successful innovation is a testament to our

portfolio of consumer-led and consumer-loved brands. And future growth for our core

brand families—and the innovations within them—shows no sign of slowing down.”

— Paul Hetterich, President, Beer Division

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In times of uncertainty, people seek out products they can rely on. As many on-premise restaurants and bars temporarily closed their doors due to the pandemic, shoppers limited trips to stores and people spent more time in their homes, reaching for the comforts of iconic, dependable brands.

As a result, demand remains strong for all our beer brands. In fact, the Corona Brand Family grew to $3 billion in IRI dollar sales in fiscal 2021 because the brand stayed true to the promise it has always kept with its drinkers: giving people the power to refresh their perspective and experience more of the good in life.

Consumers Keep Reaching for Our Iconic Brands

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Beer Business Blows Past Expectations

Our Beer business’ track record of growth continued and tallied its 11th consecutive year of depletion volume growth. The performance of our iconic brand families—Corona and Modelo—reflects their strength with consumers, and innovations of the brands are evolving with consumer preferences.

Corona Brand Family

Our Corona Brand Family’s performance showcased consumers’ love for the iconic brands in fiscal 2021, with our flagship Corona Extra remaining the #6 beer brand and Corona Premier exhibiting nearly 20% depletion growth. We also saw the most successful launch in company history with Corona Hard Seltzer. We believe the future holds great promise for this product and the alternative beverage alcohol (ABA) category in general.

In early fiscal 2022, we introduced a refreshed Corona look and feel behind a masterbrand strategy where each sub-brand delivers tailored benefits by occasion, consumer, and motivation—and we’re ready to reactivate the on-premise as that channel continues to open up.

Modelo Brand Family

Beyond Corona’s success, the Modelo Brand Family continues to significantly outpace the competition. Modelo Especial was the top share-gaining imported beer in the U.S. and became the #3-selling beer in the country. Compelling, on-trend marketing targeted beyond the Hispanic community yielded traction with general consumers, while interest remains strong with core Hispanic consumers. Modelo Chelada also remains #1 in the Chelada segment.

Pacifico

In addition, Pacifico is now the fastest-growing, major Mexican import beer brand in the U.S. and is on its way to becoming the next scalable national beer brand in the Constellation portfolio. The brand’s independent spirit resonates strongly with Gen Z, and we plan to lean into activations that engage this dynamic and active consumer, including action sports and cause-based initiatives.

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We will continue to create new opportunities for all three brand families with ongoing planned innovations. Corona Hard Seltzer will introduce additional flavors in fiscal 2022, including a Limonada variety pack that will expand our market share and distribution reach. For Modelo, we will also introduce a new flavor of Chelada—Piña Picante—as well as a better-for-you beer, Modelo Cantarito Style Cerveza, which was the highest-ever scoring new Modelo concept in consumer research. Pacifico will introduce its first-ever innovation—Pacifico Citrus Agave Lager, made with hints of agave, sea salt and lime flavor and created for consumers with a thirst for new flavors.

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Elevating Our Wine & Spirits Strategy

In fiscal 2021, Constellation Brands refined our Wine & Spirits business for optimal future growth in line with consumer preferences. We divested a number of lower-end brands, paving the way for accelerated growth fueled by a smaller, distinctive portfolio of higher-quality, higher-end brands. At the same time, tracking the continuing shift in consumer buying behavior to more online purchases of beverage alcohol, we continued to expand our capabilities in this space and invested in Empathy Wines, a digitally native wine brand and direct-to-consumer platform that strengthened our presence in this rapidly growing segment.

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“In fiscal 2021, our Wine & Spirits business made significant progress toward its vision

to build a bold, innovative, higher-end portfolio of distinctive brands that deliver

exceptional consumer experiences. By divesting a number of lower-end brands and

establishing category-leading digital capabilities, we are well-positioned to advance

our consumer-led premiumization strategy and build a portfolio that consistently

delivers growth and shareholder value.”

— Robert Hanson, President, Wine & Spirits Division

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Our remaining portfolio of higher-end brands is outpacing the U.S. Wine & Spirits market—and our bold innovations will help us stay ahead of the curve. The fresh and vibrant Kim Crawford, flavor-forward Meiomi, and The Prisoner Wine Company all introduced successful extensions in fiscal 2021. Each brand delivered double-digit volume growth and distribution gains in off-premise channels, and The Prisoner Unshackled became the #1 new high-end brand in IRI channels for fiscal 2021.

SVEDKA Vodka and High West Whiskey anchor our growing spirits portfolio and are primed for growth with their extensions into the ready-to-drink (RTD) space. Launches of High West’s barrel-aged cocktails and SVEDKA’s RTDs will unlock new occasions and expand consumer groups.

With a refined portfolio, we’ll continue to deliver consumers the higher-end products they’re reaching for, amplified by the exceptional customer experiences they seek.

Higher-End Portfolio Drivers

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Modelo UFCWith the return of spectators to professional football stadiums for the 2021 season, fans of the Los Angeles Rams will find much more than a new place to cheer on their team. As the official cerveza of the Los Angeles Rams and the brand-new SoFi Stadium, Corona’s brand experience will give fans a special place to enjoy their favorite cerveza: The Corona Beach House. This three-level branded area welcomes sports and music fans with a grand circular staircase leading to top-of-the-line hospitality, sweeping views of the field and an unforgettable Corona experience.

CoronaAs the official beer of UFC, the Modelo Fighting Spirit is engaging more young, multicultural drinkers than ever, driven by UFC’s increasing popularity. This past year, UFC reached over 41 million viewers on TV,(5) and grew to become one of the largest sports properties on YouTube. Together, Modelo and UFC have proven that anything is possible with a Fighting Spirit.

Building Experiences Worth Remembering

In a year when many events were cancelled due to social distancing guidelines, we knew that consumers were still craving community and connection. With a legacy of memorable brand-building experiences through which our brands develop relationships and create loyalty, Constellation’s brands stayed the course, finding new ways to create meaningful brand moments virtually.

(5) Nielsen NPower R&F Program Report, P2+, Live +7. All UFC programming on all networks. Qualifier = 6mins. Date range: Jan. 1, 2020 – Dec 31, 2020.

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As the Official Wine of the PGA TOUR and TOUR CHAMPIONS, Meiomi activated interactive, immersive lounges at tournaments across the United States before in-person events were suspended. To offset lost funds for charity organizations that work with the PGA TOUR, Meiomi made a $100,000 donation to Pros for a Purpose, to be distributed to impacted charities. Meiomi

also quickly created the #MeiomiPinotPuttOff challenge, a fun online event that fans could complete at home. To join, consumers were challenged to complete a one-handed putt while holding a glass of Meiomi Pinot Noir in the other hand. For every putt made, Meiomi donated five dollars, leading to an additional $150,000 in charitable donations to Pros For A Purpose.

Meiomi PGA Tour

Kim Crawford Wines partnered with celebrity fitness trainer Megan Roup to support women’s self-care and staying active at home. Through a virtual workout on Instagram Live, Megan worked with the brand to show consumers how easy it is to incorporate items found around the house into an at-home exercise

routine, putting a new twist on working out by using Kim Crawford bottles and cans as weights. Building on the popularity of the class, a similar event added tennis star Maria Sharapova for a tennis-inspired workout that had people moving—and then sipping—during the first-ever virtual U.S. Open.

Kim Crawford

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Section 2

INVESTING IN OUR CAPABILITIES TO ACCELERATE GROWTH

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Delivering What Consumers Want Next

Our core portfolio drives growth today, but we’re always looking to the future. We remain committed to accelerating organic growth through strategic investment in and optimization of our business capabilities, and a focus on operational excellence in everything we do. As consumer behaviors shifted last year—in where, when, and how they purchased their favorite beverage alcohol brands—we were prepared because we had already begun to invest in the infrastructure, capabilities, and brands needed to fuel our future growth and stay aligned to emerging trends.

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Enhancing Capabilities to Drive Growth

As our Beer business continues to significantly outperform the U.S. beer market, driven by significant consumer demand, we continue to strategically invest in a range of operational capabilities to ensure we can meet that robust consumer demand over the long-term and build the brands and products that will contribute to our growth tomorrow. In support of both our core beer portfolio and alternative beverage alcohol innovations, we continue to enhance our operational platforms, investing technology, capacity, and state-of-the-art innovation and R&D facilities to fuel long-term success for our beer business.

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As we pursue industry-leading growth for our Wine & Spirits portfolio, we assess our route-to-market strategies to ensure we stay ahead of consumer trends and maximize growth. Our distributors play a key role in achieving our ambitious goals and creating value for the market. To best position Constellation for long-term success and accelerated growth, we announced the evolution of our Wine & Spirits wholesale structure, with Southern Glazer’s Wine & Spirits assuming distribution responsibilities across approximately 70% of our branded Wine & Spirits portfolio volume in the U.S. A proven brand-builder with advanced capabilities in e-commerce, fine wine, craft spirits, and RTD options, we expect Southern’s sales coverage across a variety of channels both on- and off-premise will be an important part of our successful omnichannel business.

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Our mission is simple: Build Brands that People Love. In a marketplace evolving more rapidly than ever, we continue to build brands by knowing our consumers. We never stop striving to understand what drives them—their beliefs, attitudes, motivations, and preferences—and how our products fit into their lifestyles. As consumers reach for what’s next, we’re right there with them, powered by our strength in product innovation and data-driven insights.

Shaping the Shopping Experiences of Tomorrow

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“Online and off, consumers are looking for frictionless shopping experiences. They demand

effortless user interaction and personalized customer service. They want to be able to

research a product online, have the option to buy it online or in the store, and they want

to be able to look up a product on their phone while standing at a store shelf. Ultimately,

consumers want seamless movement between their interactions with a brand in the physical

and digital worlds—a true omnichannel experience—and that’s exactly why we’re making

the investments necessary to meet their evolving demands.”

- Mallika Monteiro, Chief Growth, Strategy & Digital Officer

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In fiscal 2021, “being there” with our consumers suddenly looked different, as on-premise beverage alcohol sales were challenged by pandemic-induced closures of restaurants, bars, and countless other venues across the country. As consumers turned to their computers and mobile devices to purchase their favorite brands in a stay-at-home environment, we were ready, having already built a strong e-Commerce and direct-to-consumer (DTC) foundation.

Our prior investments in the infrastructure of our business have helped pave the way for the product and technological innovation needed to deliver the products consumers want, stay ahead of our capacity and production needs, and connect with consumers right where they’re shopping. Strategic and focused investments will ensure we’re ready in all ways for the growth we foresee in the next 10 years.

“Being There” with Our Consumers

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Well before the pandemic, Constellation had begun developing and investing in new ways to go to market, including 3-tier e-Commerce (3TE) and DTC channels, as consumer preferences evolved. They turned more to online purchases across all categories, and their increased engagement and growing digital sophistication inspired them to seek the same online shopping experience from beverage alcohol as they do from other industries.

Meeting Consumers Where They Are

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The pandemic accelerated consumers’ online shopping adoption, investment in the space grew and regulations evolved for online alcohol availability, further validating our bold investments. We built the foundation for what would become a year unlike any other, with tremendous results. And we’re well-positioned for long-term success, as it’s estimated that 3TE sales will account for 7% of beverage alcohol sales by 2024.(1)

For beverage alcohol, this shift in how consumers purchased and consume the brands they love has thrust e-Commerce and digital-led behaviors, including DTC sales, into the spotlight—and we only see it growing from here.

(1) IWSR

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As pandemic-related obstacles challenged traditional in-store shopping, retailers across all categories quickly turned to—or escalated existing—e-Commerce offerings. Many also added beverage alcohol to their online product mix, finding expertise in Constellation, which was ahead of the curve with an e-Commerce foundation established well before the pandemic. Early investments have given us a key first-mover advantage, which we’ll build upon as consumers continue to shift where and how they purchase beverage alcohol. As regulations evolve and expand to include online sales, Constellation continues the momentum, partnering with retailers to open, enhance, and advance those channels.

e-Commerce Gives Retailers a New Channel at a Critical Moment

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“While 3-tier e-Commerce has represented an emerging opportunity over the last

few years, the pandemic brought that future forward, faster. It brings a learning

curve for our retailers and distributors working to leverage this route to market, so we

help with expertise, insights and capabilities. Building out e-Commerce capabilities

not only helps partners navigate a quickly shifting digital-led consumer landscape

and drive additional in-store purchases as we push forward—it also positions us for

mutual, long-term success.”

— Wayne Duan, Vice President, e-Commerce

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To enable retailers to add alcohol sales and boost overall revenue, Constellation developed a Digital Shopper-First Shelf, a high-level roadmap for retailers embarking on their e-Commerce journey. It features advice on forming a strategy, a sampling of key insights and actions the retailer can take immediately. This program delivers an innovative approach to shelf strategy—whether physically, in-store, or virtually, online—through the lens of a consumer. It helped our retailers add to their bottom line in a challenging year, and they continue to see the advantages of offering this new channel for alcohol.

Digital Shopper-First Shelf

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In July 2020, Constellation acquired Empathy Wines, a high-performing, digitally-native wine brand and DTC platform founded in part by entrepreneur and media personality Gary Vaynerchuk. This strategic addition to our portfolio is a foundational element of Constellation’s vision of the balanced, omnichannel marketplace on the near horizon. This acquisition was an exciting double win: the company’s high-quality, sustainably made wines are a natural fit within our portfolio, and the accompanying e-Commerce platform—powered by consumer insights and content-driven digital marketing—will fuel future DTC offerings from Constellation.

Blazing a New Trail in Direct-to-Consumer

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“As we think beyond today to invest in tomorrow, Constellation’s effort to develop

and implement a true omnichannel strategy across its portfolio of brands is

unbelievably ambitious; it is just not happening in the category of beverage alcohol

today. The idea of blazing an entirely new trail, similar to what we’ve seen develop in

some other consumer goods categories, is an incredibly exciting challenge.”

— Jon Troutman, Vice President, DTC Marketing

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As consumer interest in DTC grows, we have already leveraged the Empathy Wines digital capabilities and platform to create similar sites for our Double Diamond, Meralan, The Prisoner Wine Company and SIMI brands, and more are in development.

This expansion of DTC as part of an omnichannel pathway to the consumer aligns with one of our key strategic pillars, which is to build power brands through next-generation, consumer-first go-to-market, operations and marketing capabilities.

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POSITIONING OUR PORTFOLIO FOR TOMORROW

Section 3

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Eye on the Future

At Constellation Brands, we are continually looking to what’s next and positioning our portfolio for long-term growth. This eye on the future, paired with our deep consumer insights, will keep us ahead of where customers are going and, we believe, fuel a powerful growth story over the next 10 years—and beyond.

We strategically partner with the leaders and brands of tomorrow through Constellation Brands Ventures (CBV) to optimize our higher-end portfolio; bring forward disruptive brands that produce, market, and sell beverage alcohol in new and trailblazing ways; and support diverse businesses and talent.

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Building Momentum on Our Path to Wine and Spirits Premiumization

As consumer-led premiumization trends continue to accelerate, we continue to build on our winning portfolio of bold and higher-end brands—which positions our Wine & Spirits business for accelerated revenue growth and operating margin performance.

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By acquiring a stake in Booker Vineyard’s DTC-focused portfolio of Paso Robles, California, wines, Constellation took the next step toward fulfilling our long-term aspirations to lead the fine-wine category in DTC and 3-tier e-Commerce. Beyond an important runway for DTC growth, Booker Vineyard also brings an exceptionally high-quality collection of Rhône-varietal wines to our discerning consumers.

Booker Vineyard Offers Super-Luxury Wines DTC

With the acquisition of Empathy Wines, a digitally native wine brand and DTC platform, Constellation adds another higher-end brand to its wine and spirits portfolio. Beyond high-quality, sustainably made wines, the powerful e-Commerce platform supercharges our drive to be a bold, high-end portfolio of distinctive brands and products that deliver exceptional consumer experiences.

The full acquisition of Copper & Kings American Brandy Company represents not just a significant growth opportunity—it gives Constellation a prime spot in the fast-growing American craft brandy category. Popular with whiskey drinkers, it provides an excellent bridge between fine wine and craft bourbon.

Empathy Wines Bolsters e-Commerce Capabilities

Copper & Kings Blends Experimental Attitude with Craft Spirits

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Minority-owned businesses are under-represented in our industry, as pervasive, systemic barriers to capital have existed for these companies and their leaders for far too long. In fiscal 2021, we announced the creation of our Focus on Minority Founders initiative and commitment to invest $100 million in Black/African American, Latinx, and minority-owned businesses over the next 10 years to help us create change and increase representation in our industry and to give us the opportunity to work with forward-looking and descriptive leaders and brands that represent future growth in our industry.

The initiative was jumpstarted in fiscal 2022 with an investment in fast-rising rosé label, La Fête du Rosé—a brand created by industry veteran Donae Burston to cater toward multicultural drinkers who share common interests across travel, food, experiences, and wine.

For more information on Constellation’s commitment to increasing minority-owned businesses—within our company, the community, and the industry—read our section on Diversity, Equity & Inclusion.

Elevating Minority-Owned Businesses

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We are committed to the advancement of women within our company, within our industry and in our local communities. This is supported through our Constellation Brands Ventures Focus on Female Founders initiative, a commitment to invest $100 million in female-led companies through 2028. We believe this is not only good for women in business, but it’s also good for business in general, as women are a significant consumer group that we believe has been largely ignored by the beverage alcohol industry. In a little over a year, CBV’s Focus on Female Founders initiative has shifted our overall Ventures portfolio mix from 20% female-owned to 50% female-owned.

Focus on Female Founders

Our Kerr Cellars investment tees up a drive to super luxury wines. Constellation’s minority stake in Kerr Cellars, founded by professional golfer Cristie Kerr, is the first Focus on Female Founders investment in the super-luxury wine segment. This strategic investment embodies the program goal of making meaningful investments in female-founded businesses that are doing disruptive and innovative work across beverage alcohol.

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“Since we launched our Focus on Female Founders and Focus on Minority Founders initiatives,

we have met with hundreds of founders in our quest to add female- and minority-led businesses

to our Ventures portfolio. The outpouring of energy and passion we’ve seen from founders,

Constellation employees, and members of the trade has been extraordinary. It’s clear that

we’ve hit on a massively untapped opportunity, and my hope is that we’ll continue to raise

awareness about the many amazing female- and minority-led businesses in our industry.”

— Jennifer Evans, Vice President, Constellation Brands Ventures

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Canopy Growth Corporation accelerated in fiscal 2021 on its path to profitability, furthering its position of leadership in the global cannabis market, and we continue to believe our investment (1) will help Canopy define a new model for a transformative industry. Simply put, Canopy is winning in its core markets, its U.S. growth strategy has gained momentum, and it is on the path to unlocking the full power of cannabis and delivering long-term value for its shareholders.

Specifically, the Canadian recreational business continues to gain market share, and Canopy’s U.S. CBD business performed well, driven by the highly successful launch of Martha Stewart CBD products. Products from Canopy’s CPG brands including Storz & Bickel, This Works, and BioSteel have also gained steady traction throughout the year.

Canopy expects to achieve profitability during the second half of its fiscal 2022, and we believe its future only looks brighter from there.

Positioned to Win in a Growing Cannabis Market

(1) At the end of FY21, Constellation Brands had an ownership interest of approximately 38.1% in Canopy Growth Corporation.

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Section 4

COMMITTED TO BETTERING OURSELVES AND OUR COMMUNITIES

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“At Constellation, we strive to foster an inclusive culture that is characterized by

diversity in background and thought that reflects our consumers and communities.

While this has been a priority for years, the events of 2020 showed that we, like

many others, have a long way to go in achieving this goal. It’s more than the

right thing to do; it’s also good business. We remain committed to this goal and

focused on actions that drive meaningful and positive change.”

— Mike McGrew, Chief Communications, CSR and Diversity Officer

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Embracing Diversity for an Inclusive Tomorrow

The events of 2020—from the killing of George Floyd while in police custody, to the disproportionate effect the pandemic has had on Black and Brown communities, to Asian Americans being unfairly attacked and scapegoated as the cause of the virus—have powerfully underscored a need for change. We must do more to break the long pattern of systemic racism, bigotry, and inequality in our country. This critical moment must fuel substantive and lasting change, and all of us—from companies to individuals—have a responsibility in creating that change.

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With the understanding that it starts with us, Constellation continues its journey to better reflect the diverse consumers and communities we serve. We know we have work to do, and we know that together, and only together, we can make a meaningful difference. Transparency is an important part of driving change, so we are sharing our U.S. workforce demographics here, and will continue to share our diversity progress in the years ahead. To drive change and enhance diverse representation among our U.S. salaried population, we are emphasizing closing our biggest representation gaps among Black/African American, Female, and Latinx/Hispanic employees.

Monitoring human capital metrics is a critical component to ensuring we are executing on our strategy and making progress against our Diversity, Equity, and Inclusion objectives. We measure gender and racial representation to understand diversity at various levels across the organization and assess progress over time to drive continuous improvement. We also assess metrics throughout the human resource lifecycle to identify potential bias and barriers in our processes, including talent acquisition, turnover, engagement scores, or participation in Business Resource Group events.

To achieve the change we feel is necessary, we accelerated diversity, equity, and inclusion (DE&I) initiatives already in place prior to 2020 and identified new opportunities to foster greater equity.

U.S. workforce demographic(1) information is as follows:

Board

Executive

Vice President

Director

All Salaried Employees

Female Male WhiteLatinx/Hispanic

Black/African

American Asian

Other People Of

Color

40%

30%

38%

34%

41%

60%

70%

62%

66%

59%

70%

73%

84%

87%

80%

20%

11%

7%

7%

11%

10%

2%

2%

2%

2%

0%

9%

7%

3%

5%

0%

5%

1%

1%

1%

(1) Diversity data is as of February 28, 2021 and is based on self-disclosed employee information. Board data includes independent, non-management board members (U.S. and international). Executive data includes executive officers and senior vice presidents. Director is the next management level with

supervisory authority below vice president. While we present female and male, we acknowledge that this is not fully encompassing of all gender identities. Other people of color includes two or more races, American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, or categories left blank.

Numbers may not sum due to rounding.

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Supporting Equal Treatment to Drive Equal Justice

Constellation has established a multi-year partnership with the Equal Justice Initiative (EJI), an organization committed to challenging racial and economic injustice, advocating for equal treatment in the criminal justice system, and protecting basic human rights for the most vulnerable in American society. We have contributed $1 million to further EJI’s mission and to support training opportunities for Constellation leadership.

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A Focus on Minority Founders

To help balance a U.S. venture capital ecosystem that we believe is starkly homogeneous, Constellation Brands Ventures (CBV) has committed to invest $100 million in Black and minority-owned businesses in the beverage alcohol space and adjacent categories by 2030 through our Focus on Minority Founders program. Beyond the funding, the Focus on Minority Founders initiative will support the growth and development of Black and minority-owned businesses by providing sales, marketing, operations, and finance expertise through the CBV team and Constellation’s many subject matter experts.

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“I’ve always been tremendously proud of our team at Constellation. But this year in

particular, our employees truly inspired us in how they led by example and truly lived

our values. In a year marked by health and social issues, our team members used their

voices and stood up for equity, advocated for change, and supported local communities

in need. For these reasons and more, I am proud to work here and am excited to keep

doing more to promote diversity, equity, and inclusion.”

— Tom Kane, Chief Human Resources Officer

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Business Resource Groups Empower Employees & Advance Our BusinessFinding community has never been more important. That comes to life at Constellation through a growing network of Business Resource Groups. These communities advance our DE&I goals; connect and empower employees with common goals, interests, and objectives; create business impact; and help attract a diverse employee base that reflects the communities where we live and do business.

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Stellar PrideAASCEND

“2020 was a challenging year for the world but exceptionally challenging for BIPOC in America. It’s

such a pleasure to know that the organization values all and is invested in providing access to those that are most underrepresented. The engagement that has been shown by the organization in all of the AASCEND events from

educational panel discussions to hip hop and wine tasting highlights the growing culture of inclusivity at CBI.”

(African Americans Strengthening Constellation’s Engagement, Networking, & Development)

(Supporting our LGBTQ Community)

“During the course of a global pandemic, the Stellar Pride BRG worked hard to concentrate its efforts to remain

connected to its members through a variety of engaging and creative virtual solutions. We successfully reimagined what was possible and leveraged technology to provide events

and programs that allowed our members to come to work as their authentic complete selves.”

Jamie Attoma, Talent Development Partner

Kerri Joy, Director, Sales Learning & Development, Beer Division

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¡SALUD!WISE

“The work we do with the BRGs isn’t part of our ‘day’ jobs—we do it because we care, because we want to

make Constellation the best place to work and because we believe that change is possible. I find the more I put in, the more I get out, and working with WISE is part of what

helps fill my cup.”

“I’m honored to be part of ¡SALUD! and since launching this BRG, I have had the opportunity to learn more about the company, share my work experience and knowledge, as

well as interact with employees in other departments. Most recently through ¡SALUD!, I have supported and consulted

with the Innovation and Brand teams on a number of product launches and research projects through quick pulse

checks, organized focus groups, and surveys to help our company be consumer-driven.”

(Supporting and Attracting Latinos United for Diversity & Development)(Win. Inspire. Support. Elevate.)

Corinn McCarthy Bergeron, Manager of Commercial Planning

Gerardo Talamantes, Sr. Market Development Manager, Beer Sales

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Investing in a Better Tomorrow

Looking ahead keeps us grounded in our purpose today—from anticipating which products our customers will reach for next, to how we can improve the lives and experiences of our employees and those in the communities we proudly serve. We know that our actions today will build a stronger tomorrow, and therefore, for more than 75 years we have grounded our social responsibility efforts in our core values and the guiding belief that you can do good business and do good.

1 Being a champion for the professional development and advancement of women

2Serving as a catalyst for economic development and prosperity for disadvantaged communities

3 Being a culture carrier of responsible consumption within our industry

4

Serving as a model for responsible water stewardship, while continuing to make progress in advancing sustainability efforts around emissions, energy, and waste management

Our overall Corporate Social Responsibility (CSR) strategy focuses on four key areas and aligns with our business goals and stakeholder interests, reflects our company values, and directly addresses pressing societal needs. Those areas are:

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Championing the Professional Development and Advancement of WomenAlthough women make up more than half of the U.S. population, we believe they remain underrepresented in the beverage alcohol industry and other segments of the business community. We are committed to righting this imbalance by providing resources to support the advancement of women within the company, our communities, and our industry.

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The Women’s Leadership Development Program (WLDP) is an advanced program for senior women leaders at Constellation. The WLDP participants attend Linkage’s Women in Leadership Institute as a kick-off to a series of development activities, such as coaching, mentorship, and more. To date, more than one third of the program graduates have advanced or increased their role at Constellation. In alignment with WLDP, in 2020, we launched the Advancing Women Leaders Academy to equip women leaders in entry and mid-level career positions with actionable steps and practices to hone their development and overcome barriers to advancement.

Enabling Future Leaders

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Paving a Path to Financial Security with Dress for Success

Beyond our walls, we strive to support the advancement of women in our communities. Since the onset of the pandemic, nearly 2 million women have left the labor force.(1) Many have lost their jobs or needed to leave the workforce to care for children. Services such as those provided by Dress for Success—an organization whose mission is to empower women to achieve economic independence—are needed more than ever. We are proud to be a corporate Dress for Success (DFS) partner, and provide support to a number of local affiliates through ongoing activations by WISE (Win. Inspire. Support. Elevate.), our Business Resource Group (BRG) that offers networking and development opportunities for women of all levels at Constellation. WISE partnered with another of our BRGs—¡SALUD!, which stands for Supporting and Attracting Latinos United for Diversity & Development—in a collaboration with DFS chapters in San Francisco and Rochester, N.Y., to conduct a Spanish-language workshop focused on virtual job interview tips to help bring women into, or back to, the workforce.

(1) Source: National Women’s Law Center

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“When Dress for Success Worldwide and its affiliates pivoted to virtual services,

Constellation Brands’ support and collaboration was right there every step of the way

through their dedication to providing programming and mentoring to women who

have had to overcome the challenges brought on by COVID-19. Dress for Success and

Constellation share similar values, and we appreciate the work that each volunteer has

done in their community. We are excited about the prospects of our collaboration.”

— Jenny Lai, VP Development, Dress for Success Worldwide

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With the firm belief that our industry improves with greater representation of women, we have made a commitment to invest $100 million in female-led companies through 2028, through our Constellation Brands Ventures Focus on Female Founders initiative. For more information, see Focus on Female Founders.

Lifting the Industry by Uplifting Female Founders

Photo: Austin Cocktails founders Kelly Gasink and Jill Burns

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Growing with Women of the Vine and Spirits

At Constellation, we are a Platinum sponsor of Women of the Vine and Spirits (WOTVS), a worldwide organization dedicated to “pushing the wine, beer, and spirits industry toward a more diverse, equitable, and inclusive era that empowers all to succeed”—because we share that same dedication. Constellation’s executives are regular contributors on WOTVS panels, live chats, and symposiums.

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Serving as a Catalyst for Economic Development and Prosperity for Disadvantaged CommunitiesConstellation Brands has long been committed to addressing the needs of disadvantaged communities in areas where we live and work, including Hispanic/Latinx and African American/Black communities. The Hispanic/Latinx population is the fastest growing demographic in the U.S.,(1) and our authentic Mexican beer brands have been an integral part of special moments with family and friends for members of this community for many years. During the economic downturn brought on by the COVID-19 pandemic in 2020, Hispanic/Latinx and African American/Black communities have been disproportionately impacted, and we accelerated our efforts to help offset it.

(1) U.S. Census Bureau

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To determine the best organization to work with to achieve our goals, we tapped into our ¡SALUD! BRG and Consumer Insights group. With the insight that homeownership is a key indicator toward financial mobility, the ¡SALUD! team helped to identify financial literacy and housing empowerment as areas of support that could truly make long-term impact in the economic development and prosperity of the Hispanic/Latinx community, and played a role in vetting organizations that could best deliver impact in these areas. As a result, Constellation, in partnership with our Modelo brand, made a $500,000 contribution to UnidosUS, the nation’s largest Hispanic civil rights and advocacy organization, focused on providing resources to strengthen Hispanic families’ financial security through financial literacy and homeownership programs.

Partnering in Economic Development with UnidosUS

Photo: Janet Murguía, President and CEO of UnidosUS

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Raising Minority Representation Through the Clear Vision Impact FundWe understand that minority-owned businesses are underrepresented in our industry, and many others, as pervasive and systemic barriers have existed for these companies and their leaders for far too long. That led to our commitment to invest $10 million in the Clear Vision Impact Fund, LP, which focuses on making investments in minority-owned businesses, with an emphasis on African American/Black- and Latinx-owned businesses. For more information, see Embracing Diversity for an Inclusive Tomorrow.

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Since the onset of the COVID-19 crisis, Black-owned restaurants, disproportionately affected, needed our support. That is why during National Black Business Month in August, Constellation proudly partnered with the team behind The Great American Takeout and sponsored the Employees in Action initiative. Constellation Brands called on its employees and our business networks of retailers, distributors, and vendors to participate by ordering meals—plus drinks from the Constellation Brands portfolio—from Black-owned restaurants and bars. With the backing of distributors like Republic National Distributing Company and Southern Glazer Wine & Spirits, Focus on Female Founders partners Austin Cocktails, and businesses big and small, more than 30,000 people were empowered to #SupportBlackOwnedRestaurants.

Supporting Black-Owned Restaurants: 30,000 Called to Action

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Investing in the Recovery of the Restaurant IndustryMany of our retailers, particularly local restaurants, were hit hard by the effects of the pandemic. To support the industry’s rebuilding efforts, in March 2020 Constellation and several of our flagship brands contributed more than $1 million to the National Restaurant Association Educational Foundation’s (NRAEF) Restaurant Employee Relief Fund, which has raised more than $21.5 million and helped more than 43,000 restaurant workers financially affected by the pandemic. As the crisis stretched on, we again partnered with a number of our iconic beer, wine, and spirits brands in a collective commitment of $1.75 million to support the NRAEF and the launch of their Restaurants Advance campaign. The commitment represents a multi-year collaboration with the NRAEF to rebuild the restaurant industry and create opportunities for restaurant workers from all backgrounds.

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Fostering a Culture of Responsible Consumption Within Our Company and IndustryBringing great brands to our customers, and promoting safe and responsible enjoyment of them, is foundational to who we are as a company—within our communities and as a leader in the beverage alcohol industry.

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We are evolving our approach to responsible consumption by embracing a contemporary mindset that aligns with consumer betterment trends. With the understanding that it starts with us, we’ve partnered with our Wellness and Brand teams to create engaging opportunities for employees to learn more about responsible consumption and how our portfolio of brands can play a role. We share resources with the understanding that with deeper knowledge, we will further a culture inspired by shared values and responsible consumption in support of a more balanced lifestyle.

This concept is well represented in our product portfolio as many additions have been inspired by rising consumer interest in moderation, individual betterment, and well-being. As consumers reach for brands with lower calories and lower alcohol, how they are thinking about responsible drinking is evolving beyond knowing alcohol limits and warning against drunk driving; they are increasingly embracing a more balanced approach to alcohol consumption as part of a lifestyle choice.

A Contemporary Mindset of Responsible Consumption

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Joining Forces to Keep Our Fans and Communities SafeIn our communities, we promote responsible consumption through established partnerships, like our membership in Techniques for Effective Alcohol Management (TEAM) Coalition, which promotes responsible drinking and positive fan behavior through employee training, fan education and alcohol service policy creation at sports and entertainment facilities. Through TEAM, we work with concessionaires, who train their employees to support responsible consumption at events and venues where our brands are enjoyed. TEAM also works to bring alcohol training to collegiate sports management degree programs to educate professors and students (future facility managers) and prevent underage access to alcohol. We also partner with WRAP, the Washington Regional Alcohol Program—which is a coalition of diverse interests using effective education, innovative programs and targeted advocacy to end alcohol-impaired driving and underage drinking in the greater Washington area—on SoberRide®, which provides codes for Lyft rides around the holidays, including Cinco de Mayo.

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Our advocacy for responsible consumption of alcohol spans our internal teams, from Public Affairs to Government Relations, who work in partnership with government counterparts to advance responsible alcohol policy. It also comes to life in our memberships in the Beer Institute, where we hold a seat on the Board of Directors and are part of the Brewers’ Voluntary Disclosure Initiative that provides consumers key information so adults of legal drinking age can be better informed about the alcohol beverages they choose to enjoy; the Wine Institute, where we hold two at-large seats on the organization’s Board of Directors and support the organization’s ongoing social responsibility program that promotes moderate consumption; and The Distilled Spirits Council of the United States (DISCUS), where one of our top executives serves as Vice Chair, and we support the organization’s promotion of the moderate and responsible consumption of alcohol and anti-drunk driving measures.

Industry leadership also means that we rigorously ensure our messages are directed at legal, drinking-age consumers. As a fundamental framework, we have developed our Global Code of Responsible Practices for Beverage Alcohol Advertising and Marketing, which must be adhered to as part of the approval process for all advertising and marketing materials. This comprehensive code includes firm guidance on media placements and events used for marketing, product placements, and more.

Sticking to Our Code and Working with Our Industry Associations

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Modeling Responsible Water Stewardship for Our Industry We recognize the human right to water and sanitation, and given the nature of our business, water is an essential resource. Therefore, Constellation has made water conservation and stewardship the focus of our sustainability initiatives. To maximize our impact on the industry and communities in which we operate, we must join forces locally with business and community relationships and work together. For us, this means increasing site water efficiency, maintaining source availability and quality, using our partnerships to advance conservation efforts, and always reporting transparently.

We support United Nations Sustainable Development Goal 12 by promoting sustainable management and efficient use of natural resources.

We support United Nations Sustainable Development Goal 6 by focusing on longer-term targets, including reducing pollution to improve water quality, increasing efficient use of water and ensuring sustainable withdrawals and supply of freshwater to address water scarcity, and supporting and strengthening the participation of local communities in improving water and sanitation management.

We support United Nations Sustainable Development Goal 14 by preventing and significantly reducing marine pollution through our Pacifico Preserves and Corona’s Protect Our Beaches initiatives.

We support United Nations Sustainable Development Goal 15 through our Lodi Rules certification and our Fish Friendly Farming certification by restoring fish and wildlife habitat and improving water quality in Napa and Sonoma counties in California.

Learn More: https://sdgs.un.org/goals160 161

Conservation Efforts Across Our FacilitiesWater is an essential resource for our industry and our communities, and it’s important that we all work together in contributing to conservation efforts. There are exciting and effective water stewardship projects happening across our manufacturing facilities and vineyards, which also partner with local groups to enhance our efforts in protecting water resources in the communities where we operate.

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Our breweries in Mexico continue to invest in technology that drives the efficient use and recycling of water. For example, in our Obregon brewery, equipment was updated in the Water Recovery Plant, two new reverse osmosis units were installed for the treatment of well water, major maintenance was carried out at the Wastewater Treatment Plant, and other changes were made to lower water consumption and increase operational efficiency. That is reflected in the reduced ratio of water consumption per hectoliter of beer produced from fiscal 2017 through fiscal 2020 in both our Obregon brewery (18% reduction) and the Nava brewery (13% reduction).

Our winery and vineyard operation teams also have implemented new processes. For example, our Napa Valley vineyards use new technologies to maximize water conservation and to ensure that vines only receive what they need, when they need it. This includes minimizing overwatering, excess run off, erosion, and unnecessary depletion of source supply, which we achieve through instrumentation such as soil monitoring devices and weather stations. These ongoing improvements in water management over time have led to the realization of significant water reductions across the Napa Valley vineyard complex. Compared to fiscal 2018, the collective Napa Valley vineyards used 51% less water than three years ago. This represents over 100 million gallons of water.

Water Efficiency—A Continuous Improvement Approach

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The Obregon brewery’s wastewater treatment plant treats 100% of water from industrial and sanitary drainage. This avoids pollution to the soil and aquifer, and is aligned directly to our commitment to comply with local water legislation. In addition, to improve water quality in the Obregon area, we are working closely with Pronatura Noreste on a 10-year project that will help restore the Bravo Conchos basin in the Serranía del Burro. We have also committed to create three dams along the Yaqui Valley canal that will improve water management efficiency and help recover—approximately 25 million cubic meters of water annually—volumes of water that play an important role in the sustainability of the region.

The Napa Valley vineyards have collaborated with local partners, including Fish Friendly Farming, Napa County, and Napa County Flood Control and Water Conservation District on the Napa Valley River Restoration Project. The project, almost 15 years in the making, has included extensive biological, geotechnical, cultural, and geomorphic studies, and has dramatically improved water quality by reducing erosion and sediment in the river. This has had a positive impact on the Chinook Salmon population that is native to the river and considered an endangered species.

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Constellation Brands is a member of the Beverage Industry Environmental Roundtable (BIER), a technical coalition of leading global beverage companies working together to advance environmental sustainability within the beverage sector. Through BIER, we work with other members to monitor and inform the development of climate change policy initiatives and work to ensure policy compliance through common guidance for calculating, tracking, and reporting sustainability impacts such as water security within the beverage sector. Our participation enables us to provide our industry’s unique perspective on water stewardship and climate change issues, while working collaboratively to develop best practices and industry guidance.

Beverage Industry Environmental Roundtable

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Advancing Sustainability Efforts Beyond Our Focus on Water StewardshipBeing in an agriculture-based industry, water is a predominant resource, but Constellation is also deeply committed to implementing sustainability efforts across our entire business. More broadly, that means grounding our commitment to also promoting energy efficiency, waste minimization, pollution prevention, recycling, resource conservation, and more.

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We support United Nations Sustainable Development Goal 2 by partnering with key raw material suppliers to develop and implement sustainable farming/agriculture initiatives to reduce GHG emissions.

We support United Nations Sustainable Development Goal 7 by decreasing our dependence on non-renewable energy sources whenever possible, reducing greenhouse gas emissions and energy consumption.

We support United Nations Sustainable Development Goal 12 by promoting sustainable management and efficient use of natural resources.

As part of our commitment to protect the environment and the communities where we operate, we are decreasing our dependence on non-renewable energy sources whenever possible and reducing greenhouse gas emissions and energy consumption. We continuously monitor our carbon footprint and have worked to effectively reduce emissions per liter of product produced.

To help us track progress and understand continued opportunities, we track four major Greenhouse Gases (GHGs): carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), and hydrofluorocarbons (HFCs) in accordance with the international guidelines of the Greenhouse Gas Protocol developed by the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD). We express our carbon footprint in terms of carbon dioxide equivalents (CO2e).

Doing Our Part to Limit Global Warming

Additionally, we support goals set by well-established entities such as the United Nations to guide our sustainability efforts and ensure we are keeping up with the latest priorities.

Learn More: https://sdgs.un.org/goals

Our vineyards actively work to reduce their footprint every day. Our Ruffino Group in Italy, which for the second straight year received our Environmental Sustainability Award, installed two solar panel systems in the Tuscan estates of Gretole and La Solatia. Initial estimates show that the solar panels will supply 75% of the electric energy in La Solatia estates. The Pontassieve winery also received certification from A2A Energia for its use of renewable energy sources.

As part of our ongoing efforts to reduce GHGs and to comply with changing environmental standards, our Gonzales Winery invested in a refrigeration system that is more energy efficient and does not deplete the ozone layer. With the change, the system will use ammonia refrigerant, which requires less electricity and is safer for the environment than the previously used R-22 refrigerant; ammonia has an Ozone Depletion Potential (ODP) rating of 0 and a Global Warming Potential (GWP) rating of 0.

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Commitment to Reducing Waste Across the company, we engage in a variety of activities to reduce waste, including composting, recycling, and diverting materials. Waste is a part of any production process, and we pride ourselves on creatively innovating ways to reduce environmental impacts from our waste generation, transportation, and disposition at our sites and in the countries and communities where we operate.

Our Nava and Obregon breweries in Mexico each diverted 99% of their waste produced in fiscal 2020 and our Ruffino Group applies the principle of Continuous Improvement to their waste management by reviewing their contracts with waste management companies annually. This exercise helps uncover further recycling opportunities and identify new ways to engage with dry goods suppliers (glass, corks, labels and cardboard) on waste reduction initiatives.

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In the last two years, over 640,000 tons of by-products generated during production at Nava have been used by others in the region as feed for cattle, sheep, and pigs. The brewery also used alcohol residue generated during production of seltzers to make disinfectant gel that helped keep employees safe during the pandemic. The sanitizer was provided to more than 4,000 team members at Nava, Obregon, and the Mexico City office.

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We support United Nations Sustainable Development Goal 12 “to substantially reduce waste generation through prevention, reduction, recycling and reuse, and to achieve the sustainable management and efficient use of natural resources.”

Across our wineries, similar creative approaches to managing waste are in place. The Gonzales Winery recycles approximately 560 tons of oak wood staves used in its operations by repurposing them as mulch in its landscaping. The winery also annually recycles 25 million pounds of pomace—the residue from grape material not used during the wine-making process—by having a vendor convert it into compost. The Ruffino Group participates in the ETICO Project, a program launched by Amorim Cork Italia, which gathers used corks and repurposes them in green building. Ruffino donated approximately 20,000 corks from its bottling operation in Pontassieve, accounting for a total of 602 lbs (273 kilos) of material that would have instead been disposed of as waste.

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Organic Viticulture and ProductionThe benefits of organic viticulture and production are far-reaching, good for the environment and good for business. Switching to organic viticulture stimulates biodiversity in addition to sustainability, and our wineries are making strides.

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Across Italy, our Ruffino Group estates are making a shift to organic production and all production at Poderi Ducali is organic. In Tuscany, at the Poggio Casciano and Greppone Mazzi Estates, 2020 was the third year of their organic conversions, and in September 2020, part of the Santedame Estate began the first year of its organic conversion.

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In early 2020 in the United States, a team at Constellation began what will be a three-year journey to converting farming practices at the world-renowned To Kalon Vineyard. The first organic harvest is expected to be commercially available in 2025. The vineyard is working in compliance with the California Certified Organic Farming (CCOF) framework, which helps support the CCOF Foundation to give grants to teachers and students studying organic farming practices, provide financial assistance to organic farmers in need, develop education programs for organic professionals, and promote consumer education about the benefits of organic products.

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REPORT ADDENDUM

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Commitment to Water StewardshipWater—an essential resource for both our business and our communities—is consumed in our production facilities and vineyards, and is sourced from groundwater and onsite wells. As demand for our products continues to grow, and recognizing that we operate in some water-stressed areas, we are focused on maintaining our leading water intensity levels and improving water-use efficiency across our manufacturing base.

We are committed to transparency in reporting, and in fiscal 2020, our total withdrawals increased slightly, up 9% from fiscal 2019. This increase is attributed to the amount of water needed to support vineyard operations in New Zealand, where we added several sites from fiscal 2019, and in areas that required additional irrigation to maintain the health of the vineyards under drought conditions. In addition, our production increased at our breweries in Mexico to keep pace with the strong consumer demand for our iconic beer brands.

•The data presented is associated with water withdrawals from our facilities (breweries, wineries, vineyards, distilleries, warehouses, and offices) during time periods for which we had operational control over the respective facility.

•The data presented is based on actual measurements to the extent possible. Where direct measurements are not available, we employ engineering calculations or estimates. We continue to strive to increase the accuracy of the data we report.

•Our water footprint has been verified by a third-party verification/assurance company in accordance with the International Standard on Assurance Engagements (ISAE) 3000 and ISO Standard 14064-3 Greenhouse gases - Part 3: Specification with Guidance for the Validation and Verification of Greenhouse Gas Assertions. The verification was using a limited assurance level as described in the standards.

Intensity metric: Total Water Withdrawal normalized to million liters of Product Produced [Megaliters/million liters product produced]

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Commitment to Reducing Greenhouse Gas EmissionsIn fiscal 2019, Constellation’s greenhouse gas (GHG) emissions (Scopes 1 & 2) totaled 347,912 metric tons of CO2e, which is a 6% decrease from fiscal 2018. The decrease in emissions is due to implementation of energy and GHG emission reduction activities such as replacement of LED luminaires and the combustion of biomethane generated from the wastewater treatment plant at our Nava brewery.

About 85% of our emissions were direct emissions from the combustion of natural gas, gasoline, and diesel fuel. The remaining 15% of the GHG emissions total were indirect emissions from purchased electricity.

Recognizing that the entire supply chain plays a critical role in the collective effort to reduce the impact of climate change, we continue to expand our efforts in tracking GHG Scope 3 (indirect) emissions. We currently track Scope 3 emissions from purchased goods and services, fuel and energy related activities, business travel, downstream transportation and distribution, and waste generated in operations as these are the most relevant categories for our business.

Intensity metric: Total Scope 1 & 2 GHG emissions normalized to million liters of Product Produced [Metric tonnes CO2eq/million liters product produced]

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•The data presented is associated with water withdrawals from our facilities (breweries, wineries, vineyards, distilleries, warehouses, and offices) during time periods for which we had operational control over the respective facility.

•In accordance with the Greenhouse Gas Protocol and to make annual data comparable, we adjust the energy data each year as a result of the opening and closing of facilities and use of more appropriate emission factors that are available.

•The data presented is based on actual measurements to the extent possible. Where direct measurements are not available, we employ engineering calculations or estimates. We continue to strive to increase the accuracy of the data we report.

•The data presented is associated with greenhouse gas [GHG] emissions from our facilities (breweries, wineries, vineyards, distilleries, warehouses, and offices) during time periods for which we had operational control over the respective facility.

•Our greenhouse gas (GHG) emissions (Scope 1, Scope 2 and Scope 3 GHG emissions) have been verified by a third-party verification/assurance company in accordance with the International Standard on Assurance Engagements (ISAE) 3000 and ISO Standard 14064-3 Greenhouse gases - Part 3: Specification with Guidance for the Validation and Verification of Greenhouse Gas Assertions. The verification was using a limited assurance level as described in the standards.

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Forward-Looking StatementsThis company profile may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by use of statements containing words such as “expect”, “plan”, “targeting”, “believe” and similar words or expressions, although not all forward-looking statements contain such identifying words. Statements which are not historical facts and relate to business strategy, future plans, events, performance, targets, goals, or objectives, future operations, future environmental, financial or corporate social responsibility commitments, objectives and metrics and the time periods to achieve goals associated with those commitments, objectives and metrics, the future legalization of cannabis, potential opportunities in the Canadian, U.S. and global cannabis markets including anticipated effects and benefits of the Company’s investment in Canopy Growth Corporation, or expected actions of third parties are forward-looking statements that are based on management’s current expectations. The actual impact of COVID-19 and its associated operating environment may be materially different than management’s expectations. There can be no assurance that U.S. federal cannabis legalization will occur or will occur on any expected timetable. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These include, but are not limited to, the duration and impact of the COVID-19 pandemic, including but not limited to, the efficacy of the vaccine roll-out, the closure of non-essential businesses which might include our manufacturing facilities, and other associated governmental containment actions, and

the increase in cyber-security attacks that have occurred while non-production employees work remotely; future global economic conditions; market conditions; regulatory conditions; the impact of severe weather conditions; unanticipated environmental liabilities and costs; changes to international trade agreements or tariffs or other governmental rules and regulations; changes in accounting elections, assertions, or standards; changes in tax laws, tax rates, interest rates and foreign exchange rates, commodity costs and raw material costs; the actions of competitors; consumer expectations and preferences; operating and financial risks related to managing growth; the amount and timing of future dividends; the amount, timing and source of funds of any share repurchases; the accuracy of projections associated with market opportunities or with previously announced acquisitions, investments and divestitures; the accuracy of projections related to our investment in Canopy Growth Corporation; beer operations expansion, optimization, and construction activities take place on expected scope, terms, costs and timetables; the accuracy of supply projections, including those relating to wine and spirits operations, beer operations, glass sourcing, and raw materials and water supply expectations; results of discussions with governmental officials; receipt of any necessary regulatory approvals; accuracy of forecasts relating to joint venture businesses; and other factors and uncertainties disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Many of these factors are beyond the control of the Company. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. The Company does not undertake to update any of these forward-looking statements.

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This company profile 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 the most recent investor presentation on our website at https://www.cbrands.com/investors/events. 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.

Unless otherwise indicated, the information presented is as of June 1, 2021. Thereafter, it should be considered historical and not subject to further update by the Company.

Use of Non-GAAP Financial Measures and Caution Regarding Outdated Material

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