STZ Constellation Brands CAGNY 2017

CAGNY
DAVID KLEIN FEBRUARY 23, 2017
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FORWARD LOOKING STATEMENTS
This presentation may contain forwardlooking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. Statements which are not historical facts and relate to future plans, events or performance are forwardlooking statements that are based on management's
current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the
forwardlooking statements, including but not limited to future global economic conditions; market conditions; regulatory conditions; timing of accounting
assertions or changes in accounting rules, tax laws, tax rates, interest rates and foreign exchange rates; the actions of competitors; consumer 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 impact and ability to receive the expected benefits of (i) the acquisitions of the Charles Smith Wines collection, High West Distillery, The Prisoner
Wine Company brand portfolio, Ballast Point, and the Meiomi wine brand, (ii) the acquisition of the remaining 50% equity interest in Crown Imports, a brewery
located in Nava, Coahuila, Mexico and an exclusive perpetual brand license in the U.S. to import, market and sell the Mexican beer brands Crown Imports currently
sells in the U.S. market, (iii) the glass sourcing transactions, and (iv) the sale of the Canadian wine business and the acquisition and future optimization of the
Obregon brewery operation; the accuracy of supply projections and raw materials and water supply expectations; Nava brewery and joint venture glass plant
expansions, Mexicali brewery construction and Obregon brewery acquisition and optimization take place on expected scope, terms, costs and timing; receipt of
any necessary regulatory approvals; and accuracy of forecasts relating to joint venture businesses. 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. More detailed information
regarding risk factors is included in company filings with the U.S. Securities and Exchange Commission. The company does not undertake to update any of these
forward looking statements.
*****
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USE OF NON-GAAP FINANCIAL MEASURES AND
CAUTION REGARDING OUTDATED MATERIAL
This presentation may contain non-GAAP financial measures. These measures, the purposes for which management uses them, why management
believes they are useful to investors, and a reconciliation to the most directly comparable GAAP financial measures can be found in the appendix of this
presentation. All references to profit measures and earnings per share on a comparable basis exclude items that affect comparability. Non-GAAP financial
measures are also referred to as being presented on a comparable, organic or constant currency basis.
Unless otherwise indicated, the information presented is as of February 23, 2017. Thereafter, it should be considered historical not subject to further
update by the Company.
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CONSTELLATION BRANDS scale
TOTAL BEVERAGE ALCOHOL LEADER BEER BUSINESS
#1 multi-category supplier in U.S. #1 imported beer company in U.S.
80+ premium consumer brands #3 beer company in U.S.
~8,000 employees
~40 facilities
WINE & SPIRITS BUSINESS

Worlds leading premium wine company
#1 imported vodka in U.S. - SVEDKA
Leading NZ and Italian wine positions in U.S.
~20,000 vineyard acres
Sources: IRI, National Alcohol Beverage Control Association (NABCA), IWSR, Beverage Information Group, company estimates
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TOTAL BEVERAGE ALCOHOL advantage
STZS ADVANTAGED POSITION DRIVES PORTFOLIO GROWTH
EXPERTISE STRONG
in consumer insights and category management distributor network / route to market
LEADING TBA POSITION SCALE

utilized to build relationships with on & off-premise customers matters
DIVERSIFICATION CROSS-PROMOTIONAL
hedges portfolio risk opportunities across TBA leverages marketing spend
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LEVERAGING TBA marketing position
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TOTAL U.S. BEVERAGE ALCOHOL category
Total U.S. CPG Growth +1.5%
$75 8% 10%
$ SALES $ SALES % CHG
4% 4% 5%
2%
$50 2% 1%
0% 0% 1%
0%
$25
(6)%
-5%
$0 -10%
CIGARETTES BEVERAGE CARBONATED SALTY SNACKS MILK BOTTLED PET FOOD CHOCOLATE FRESH BREAD NATURAL
ALCOHOL BEVERAGES WATER CANDY & ROLLS CHEESE
BEVERAGE ALCOHOL IS A LEADER IN SIZE AND GROWTH CONTRIBUTION WITHIN CONSUMER PACKAGED GOODS
Source: IRI, Total U.S. Multi-Outlet + Convenience; reflects growth for the 52 weeks ending November 27, 2016 against the comparable prior year period
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U.S. INDUSTRY PREMIUMIZATION DRIVES growth
PREMIUM SEGMENT GROWTH BY CATEGORY
PREMIUM+
10.0% HIGH-END +9.4% HIGH-END
+8.8% +8.6%
8.0%
$ SALES % GROWTH
CATEGORY
CATEGORY
6.0% +5.4%
+5.2%
CATEGORY
4.0% +3.2%
OTHER
+1.8%
2.0% OTHER
OTHER
+0.4%
-0.5%
0.0%
BEER WINE SPIRITS
-2.0%
PREMIUMIZATION ACROSS BEER, WINE & SPIRITS IS DRIVING GROWTH OF TOTAL BEVERAGE ALCOHOL
High-End beer segmentation defined as brands with an average case price of $25 or higher
Premium + Wine segmentation corresponds with IRI price segmentation; Spirits segmentation based on company estimates
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STZS premium BEER PORTFOLIO
STZ BEER DOLLAR SALES INDUSTRY VS. STZ BEER
(1) (2)
GROWTH BY SEGMENT AVERAGE PRICE PER CASE
90% 83% $40

80% $31
70% $30
60% $23
50%
$20
40%
30%
20% 16% $10
10%
0% $0
IMPORTS CRAFT INDUSTRY STZ
(1) IRI, Total U.S. Multi-Outlet + Convenience; reflects growth for the 52 weeks ending November 27, 2016 against the comparable prior year period
(2) IRI, Total U.S. Multi-Outlet + Convenience; 12 weeks ending November 27, 2016
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STZS WINE & SPIRITS premiumization
STZ WINE DOLLAR SALES GROWTH BY PRICE SEGMENT STZ SPIRITS DOLLAR SALES GROWTH BY PRICE SEGMENT
60%
54% 100% 91%
50%
74%
75%
40%
30% 50%
20%
20%
25%
10% 7%
0% 0%
SUPER PREMIUM ULTRA PREMIUM LUXURY+ ULTRA PREMIUM CRAFT*
* Craft includes High West Whiskey
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U.S. RETAIL DOLLAR SALES GROWTH OF TOP BEVERAGE ALCOHOL SUPPLIERS
$700
$600
CONSTELLATION IS
$500
MILLIONS
#
1
$400
$300
$200
$100
$0
IN RETAIL DOLLAR
SALES GROWTH
CONTRIBUTING ~25%
OF TBA GROWTH
Sources: IRI, Total U.S. Multi-Outlet + Convenience; reflects growth for the 52 weeks ending November 27, 2016 against the
comparable prior year period; National Beverage Alcohol Control Association (NABCA), 12 months ending November 2016
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CONSTELLATION growth organization
PACKAGING
HYBRID
FLAVORS
DRINKS
EFFERVESCENSE
KEY FOCUS AREAS

LEVERAGING CONSUMER-LED TRENDS, SENSORY &
INSIGHTS ACROSS TBA TO DRIVE INNOVATION
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CONSTELLATION ventures
We are investing in companies which have shown consumer
acceptance with the option to own more as they grow.
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BUSINESS strategy
PREMIUMIZATION & SCALE
beer wine spirits

Be the Leader in Build a Portfolio
Be the Leader in
High-End U.S. of Premium
Premium Wine
Beer Market Spirits Brands
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U.S. BEER PERFORMANCE overview
10 Year CAGR Latest 5 Year CAGR Latest 3 Year CAGR
(2005-2015 ) (2010-2015) (2013-2015)
Total Beer +0.4% +0.5% +0.9%
All Other Beer -1.7% -2.5% -2.6%
High-End Beer +5.7% +7.6% +8.2%
Craft Beer +11.7% +15.3% +15.9%
EQUIVALIZED CASES (SHIPMENTS)
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
HIGH-END BEER ALL OTHER BEER
Source: Beer Marketers Insights, based on its High-End beer segmentation definition: includes Imports, Craft, Domestic Super Premium, Cider, Flavored Malt Beverages
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+170M cases of industry estimated high-end growth
FUELED BY MIX OF CONSUMER BASE EFFECTS AND ACTIONS
IN ECONOMICS
STORE PRICING 1,181
AND TRADE UP
MERCH
CONSUMER SUBSTITUTION
DEMAND & & TBA
DISTRIBUTION DEMOGRAPHICS BLURRING
& NEW +5-6% CAGR
PRODUCTS
1,011
CALENDAR 17 19 HIGH-END DRIVERS (M CASES)

HIGH-END 2016 HIGH-END 2019
STZ Goal: Grow volume greater than high-end
Source: Nielsen Analytics 2016 estimates
U.S. beer category
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BEER FY18 FY20 LONG RANGE goal build
Key Business Drivers
70% 30%
Influence & Execution Industry Drivers Pricing
BASE CORE BRAND IN STORE OTHER/ CONSUMER PREMIUMIZATION CATEGORY PRICING TOTAL STZ BEER
DISTRIBUTION MERCHANDISING STRATEGY DEMOGRAPHICS & ECONOMIC BLURRING/ GROWTH
& INNOVATION EXECUTION FAVORABILITY SUBSTITUTION
Source: Nielsen Analytics 2016 estimates and company estimates
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KEY DISTRIBUTION opportunities
Off-Premise ~13 ~59 ~30 ~66 ~34 ~23

ACV(1)
Source: IRI, Total U.S. Multi-Outlet + Convenience; for the 52 weeks ending November 27, 2016
(1) ACV = All Commodity Volume, measure of distribution per IRI; can ACV represents all can packages, Sculpin ACV represents brand family
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merchandising opportunity:
A CHANGING HIGH-END LANDSCAPE
CONSUMERS TRADING UP TO THE HIGH-END
Shelf sets and assortment do not match
how the current consumer shops
RETAILERS
Confusion in the
high-end area regarding
shelf sets
product flow
merchandising
strategies
SUPPLIERS DISTRIBUTORS
Currently no clear advocacy Sales force focus
for the high-end and priority alignment
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DISTRIBUTION OPPORTUNITIES convenience
CAPITALIZING ON FAVORABLE C-STORE TRENDS
over indexes
#
1
to millennials and hispanics (2)
SINGLE IMPORT LAUNCHED

~85%
NATIONALLY IN IRI (1)
of single-serve beer is sold
in c-stores
(1) IRI, Total U.S. Convenience; 52 weeks ending November 27, 2016 (3)
(2) Scarborough Multi Market 21+ 2015 Release
(3) IRI, Total U.S. Convenience & Total U.S. Multi-Outlet+Conv; 52 weeks ending November 27, 2016
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DISTRIBUTION OPPORTUNITIES on-premise
(1)
CONSTELLATION HIGH SINGLE DIGIT GROWTH

BRANDS
VS.
(1)
INDUSTRY LOW SINGLE DIGIT DECLINE
CONSTELLATION
IMPORT DRAFT BEER
(1) Nielsen CGA, reflects Total US sales trend for 52 weeks ending December 3, 2016 against prior year
(2) Draft format depletions growth, excludes Ballast Point; as of FY17 Q3 year to date which refers to the nine months ended November 30,
2016 against the comparable prior year period
+25% (2)
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OUR MARKETING approach
CREATE CONSUMER
DEMAND FOR BRANDS
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CORONA EXTRA
Saber Vivir
Know how to live
Easy going, social, fun-loving,

inclusive, witty, approachable # 1
High-End
# 1
Import
117M Cases +10%

Source: Depletion cases and trends FY16 company measures | 23 23
Rankings from IRI, Total U.S. Multi-Outlet + Convenience; for the 52 weeks ending November 27, 2016
CASA MODELO
Fighting
For Better
# 3
Tenacious, straight-forward,
genuine, proud, loyal,
confident
High-End
# 2
Import
79M Cases +18%

CORONA LIGHT
The Light
Cerveza
# 7
High-End
16M
Cases
+8%
# 6
Import

PACIFICO
IRI Growth ~20%
Spirit
of Baja
# 22
High-End
Adventurous,
laid-back, unpretentious,
confident, rugged
# 8
Import
7M Cases +5%
Rankings & IRI Growth: IRI, Total U.S. Multi-Outlet + Convenience, 52 weeks ending November 27, 2016
VIDEO PLACEHOLDER
CORONA COMMERCIAL 1
VIDEO PLACEHOLDER
CASA MODELO COMMERCIAL 2
VIDEO PLACEHOLDER
CORONA LIGHT COMMERCIAL 3
VIDEO PLACEHOLDER
PACIFICO COMMERCIAL 4
BALLAST POINT
Confident,
committed,
credible and
approachable
# 13
Craft
# 34
High-End
Dedicated ~4M
to the Craft
Cases
Source: Depletion cases FY16 company measures | 31 31
NATIONAL MEDIA PRIORITIES
Drive Scale with Digital and Social Extend Reach and Drive
National TV is Always On Participation in Retail Programs
LIVE SPORTS ANCHORS TV PLAN WITH SCALE & IMPACT

#1 #2 Top Rated
(1)
beer advertiser Advertising followed sport for Hispanic males
(2)
TV for men
(3)
NBA PLAYOFFS & GOLD CUP BOXING NFL

FINALS MNT and LIGA MX SOCCER
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32
(1) Nielsen Ad Intel (2) Simmons Spring 2016 NHCS (3) Nielsen National TV Toolbox Powerplay Program Report
INVESTING IN LOCAL BRAND BUILDING
FIELD MARKETING & SPONSORSHIPS
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OUR INNOVATION priorities
Leverage the Expand our presence in Explore

powerful equities of craft through new NEW PLATFORMS
EXISTING BRANDS FLAVORS & STYLES & market opportunities
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NAVA BREWERY expansion
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MEXICALI BREWERY construction
5M HL
brewing capacity
targeted for
December 2019
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OBREGON BREWERY acquisition
SECURING OUR SUPPLY MEXICALI
Provides immediate
functioning brewery
capacity
4M HL production
capacity with minimal OBREGON
investment NAVA
Enables phased
buildout aligning with
future growth
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GLASS PLANT expansion
Nava Furnace Expansion Timing:
Furnace 2 July 2016
Furnace 3 Estimated July 2017
Furnace 4 Estimated January 2018
Estimated Glass Supplier Sourcing

for Nava Brewery Production:
FY17 FY20
Nava ~25% ~47%
Mexico Suppliers ~57% ~38%
OI (US; outside JV) ~18% ~15%
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INVESTING IN capacity
(1)
Month Cal Yr Dec 2015 June 2016 Jan 2017 June 2017 May 2018 Dec 2019
15 M HL 20 M HL 25 M HL 27.5 M HL
Nava
Capacity
5 M HL
Mexicali
Capacity
(2)
Obregon 4 M HL
Capacity(2)
Effective
Annualized
Supply ~160 ~210 ~250 ~305 ~330 ~385
M Cases M Cases M Cases M Cases M Cases M Cases
Capacity
Investments
$1.5 $1.425 $1.575
(~$B) in FY
$0.825 = capex Total $4.5B
$0.6 = acquisition
(1) Assumes 90% Average Annual Capacity Utilization

(2) Expected production capacity with minimal investment and optimization by | 39
Constellation
W&S AMONG fastest growing CPG CATEGORIES
CPG ANNUAL % GROWTH RATES:
OFF-PREMISE RETAIL CHANNELS
5.4 5.2
4.8
3.2
2.7
1.5
0.8
0.4
CPG INDUSTRY BEER WINE SPIRITS

VOLUME GROWTH DOLLAR GROWTH
W&S = Wine & Spirits
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U.S. PER CAPITA CONSUMPTION continues to grow
PER CAPITA CONSUMPTION OF WINE & SPIRITS
1,413 1,425
1,327 1,346
WINE
SPIRITS
926
911
855
828
2006 2009 2012 2015
Source: Beverage Information Group Wine and Spirits Handbooks. Per Capita Consumption is defined as 9L Case per 1,000 Adults (21 or older)
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STZS WINE & SPIRITS premiumization
STZ WINE DOLLAR SALES GROWTH BY PRICE SEGMENT VS. YEAR AGO
60% 54%
40%
20% 20%
20% 7%
2%
0%
-20% -3%
-19%
-40%
VALUE POPULAR PREMIUM BOX PREMIUM GLASS SUPER PREMIUM ULTRA PREMIUM LUXURY+
STZ SPIRITS DOLLAR SALES GROWTH BY PRICE SEGMENT VS. YEAR AGO
100% 91%
80% 74%
60%
40%
20% 5%
0%
MID-PRICED ULTRA PREMIUM CRAFT*
* Craft includes High West Whiskey
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FOCUS BRANDS DRIVE strong growth
IRI $ SALES GROWTH VS. YEAR AGO
+5%
+24% +23% +15%
+34% +19%
+20%
+71%
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USING CONSUMER INSIGHTS to refresh brands
NEW BOTTLE SHAPE & WEIGHT
Heavier Glass Weight vs. Current (Reds)
Broader Shoulders
Tapered Profile
Flared Heel
NEW LABEL
Unique Die-Cut
Quality Paper Stock
Refined Brand Mark
Prominent Tower
In-Hand Quality
NEW
CURRENT
AND ITS working

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KIM CRAWFORD brand building
Kim Crawford 9LE Depletions
1,000,000
18% CAGR
800,000
600,000
400,000
200,000
0
FY2014 FY2015 FY2016
CONSUMER-LED 360 BRAND

ACTIVATION:
DIGITAL ADVERTISING
ELEVATED PR INVESTMENT
UNIQUE PARTNERSHIPS
(1)
(1) Based on FY17 company estimates of STZ Wine brands OUR SINGLE MOST PROFITABLE WINE BRAND
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VIDEO PLACEHOLDER
KIM CRAWFORD COMMERCIAL 5
premiumization THROUGH M&A
+113% +71% +44%
HIGHER MARGIN HIGHER GROWTH
+74% +34%
PRUDENT CAPITAL RESOURCE MANAGEMENT

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STZ investing TO MEET EVOLVING CONSUMER NEEDS
KEY INVESTMENT AREAS
CONSUMER
SENSORY
INSIGHTS
INNOVATION REFRESH
BRAND building
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RAVAGE success story
RAVAGES DEVELOPMENT PROCESS
INCREMENTALITY ATTITUDE & EDGE SENSORY-DRIVEN

WITH MEN Embrace the strong, masculine WINE STYLE
Create a brand that speaks to HIM positioning that has been successful Address consumer cravings for
amongst female-driven sweet brands in craft beer, whisky and other big, dark, rich flavors
beverage alcohol categories
RAVAGE WAS CREATED TO ADDRESS KEY CONSUMER TRENDS,

BRINGING A NEW GENERATION OF WINES TO THE STZ PORTFOLIO AND THE CATEGORY
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VIDEO PLACEHOLDER
RAVAGE COMMERCIAL 6
PUSHING BOUNDARIES ON packaging innovation
1ST IN THE U.S. WITH A HELIX CLOSURE:

THE SOPHISTICATION OF A CORK WITH THE
CONVENIENCE OF A SCREWCAP
Source: Forbes Magazine, 2016
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DEVELOPING INDUSTRY-LEADING innovation
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STZS FINANCIAL evolution (1)
PRE-BEER ACQUISITION (FY13) FY 16 ACTUAL
NET SALES
100% 55%
45%
25% 37%
EBIT(2)
63%
75%
WINE & SPIRITS

OPERATING 19.9% 28.5% BEER
MARGIN
(1) On a comparable basis; a reconciliation to the most directly comparable GAAP financial measure is included within the appendix of this presentation
(2) EBIT excludes corporate expenses
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DELIVERING FINANCIAL growth (1)
NET SALES 16% CAGR EBIT 23% CAGR DILUTED EPS 29% CAGR
$7.0 $2.0 $6.0

$6.0 $5.0
BILLIONS
$5.0
BILLIONS
$4.0
$4.0
$1.0 $3.0
$3.0
$2.0
$2.0
$1.0 $1.0
$0.0 $0.0 $0.0
FY14 FY15 FY16 FY14 FY15 FY16 FY14 FY15 FY16
(1) On a comparable basis; a reconciliation to the most directly comparable GAAP financial measure is included within the appendix of this presentation
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FY18 FY20 GROWTH vision
C O N S O L I D A T E D N E T S A L E S : MID TO HIGH SINGLE DIGIT GROWTH
BEER SALES HIGH SINGLE DIGIT GROWTH WINE & SPIRITS SALES MID SINGLE DIGIT GROWTH
(1) (1)
+ MSD-HSD Volume Growth; Greater Than High-End U.S. Beer + LSD-MSD Volume Growth; In-Line/Better Than U.S. Wine and
Category Spirits Category
+ Annual Pricing of 1-2% + Mix / Price Benefits
C O N S O L I D A T E D E B I T : HIGH SINGLE DIGIT GROWTH
BEER EBIT HIGH SINGLE TO LOW DOUBLE DIGIT GROWTH WINE & SPIRITS EBIT MID TO HIGH SINGLE DIGIT GROWTH
(1) (1)
+ Independence from ABI interim supply agreement + Mix / Price Benefits

+ Pricing Benefits + Margin Accretive Innovation
+ Expansion of Owned Glass Supply + Improved Operating Asset Utilization
- Depreciation ramp-up, Normalization of FX / Commodities, + G&A Expense Management
Marketing Investments - Marketing Investments
DILUTED EPS : >10% GROWTH
(1) Organic growth, excludes benefits from any future acquisitions | 55

HSD = High Single Digit; MSD = Mid Single Digit; LSD = Low Single Digit
FREE CASH FLOW HISTORY AND opportunity
FY16 : >$1.4B OPERATING CASH FLOW
OPERATING CASH
$1,600
FLOW GROWTH
$1,400
$1,200
+
CAPEX MODERATION
MILLIONS
$1,000
(Peak spending in FY17 and FY18
$800 for Mexico capacity expansion projects)
$600
$400 =
$200
FY19 FREE CASH FLOW
$0 TARGET
FY14 FY15 FY16 FY17 EST (2)
NET CASH PROVIDED BY OPERATING ACTIVITIES FREE CASH FLOW
(1)
>$1B
(1) Free cash flow defined as net cash provided by operating activities less purchases of property, plant and equipment; a reconciliation to the most directly comparable GAAP
financial measure is included within the appendix of this presentation
(2) Based on the midpoint of the guidance range
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debt / leverage HISTORY AND TARGET
HISTORICAL LEVERAGE TARGET: CURRENT LEVERAGE TARGET:
3X - 4X ~3.5X Over The Long Term
NET DEBT/LTM EBITDA (1)

$8.5 6X
Optimizes STZ capital structure
NET DEBT (BILLIONS)
$8.0
5X Facilitates capital allocation
$7.5 flexibility
4X
$7.0 Provides lower cost access to
3X
credit markets
$6.5
Achieved investment grade
$6.0 2X rating
FY14 FY15 FY16
NET DEBT NET DEBT / LTM EBITDA
(1)
(1) Net Debt defined as Debt less cash, EBITDA is on a comparable basis; a reconciliation to the most directly comparable GAAP financial measure is included within the appendix of this
presentation
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debt maturity PROFILE (1)
$2,200
$2,000
$1,800
$1,600 3.75%
$1,400
500
MILLIONS
$1,200
2151 4.25%
$1,000 7.25% 7.25%
$800
3.88% 6.00% 3.70%
$600
700 700 1077 1050 4.75% 4.75%
$400 400
600 600
$200 400 400
169 193 193 193
$0
FY17 (4) FY18 FY19 FY20 FY21* FY22 FY23 FY24 FY25 FY26 FY27
(2) (3)
*Revolver capacity $1,150M BANK DEBT SENIOR NOTES
(1) Excludes various working capital lines and letters of credit

(2) Bank debt interest rate is LIBOR plus margin
(3) Senior notes interest rates noted above senior note amounts
(4) $700M senior notes redeemed at the end of second quarter FY17
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CASH priorities
Leverage Ratio TARGET: ~3.5x
1 2 3 4
BUSINESS GROW TARGETED DEBT PAY DOWN /
INVESTMENT DIVIDEND M&A SHARE REPURCHASE
Beer Capacity Target 25%-30% Premium Manage Within ~3.5X

Expansion Activities Payout Ratio Growth Momentum Leverage Target
Investment to Margin Accretive
Synergistic
Support Growth Fills Portfolio Gap
Consumer-Led
Low Risk Integration
Leverage Target Discipline
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CANADIAN WINE BUSINESS sale
TRANSACTION DETAILS
~C$1.04 billion
(1)
~C$775 million proceeds
(2)
Projected EBITDA multiple in the 12x range
Excludes Kim Crawford, Toasted Head, Hogue and Black Velvet brands
(3)
DIVESTED BUSINESS REPRESENTS
(4)
FY16 FY17 Q3 YTD
NET SALES $365 $289
OPERATING INCOME $63 $47
ENABLES FOCUS ON HIGHER MARGIN, HIGHER GROWTH BRANDS
(1) Net of outstanding debt and subject to post closing adjustments
(2) When factoring in a full year of projected fiscal 2017 Canadian wine business EBITDA
(3) Net sales and operating income in USD millions
(4) For nine months ended November 30, 2016 | 60
long-term INVESTMENT CASE
SIGNIFICANT CASH
ATTRACTIVE GROWTH BEST IN CLASS GROWTH
GENERATION &
CATEGORIES WITHIN & PROFIT MARGIN
SHAREHOLDER RETURN
CONSUMER SPACE PROFILES IN CPG
OPPORTUNITIES
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long-term INVESTMENT CASE
>$1B
IN FREE CASH FLOW BY END OF FY19
CONSOLIDATED CONSOLIDATED DILUTED EPS

NET SALES EBIT >10% GROWTH
MID TO HIGH HIGH SINGLE
SINGLE DIGIT GROWTH DIGIT GROWTH
BUILDING SHAREHOLDER VALUE
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DELIVERING FINANCIAL growth
3 YEAR HISTORICAL CAGR 3 YEAR CAGR
STZ FY14-16 Select CPG STZ FY18-20 Organic Select CPG Companies
Growth Companies(1) Growth Vision Growth Estimates(2)
25.0% 10.0%
20.0% 8.0%
15.0%
6.0%
10.0%
4.0%
5.0%
2.0%
0.0%
-5.0% 0.0%
NET SALES EBIT NET SALES EBIT NET SALES EBIT NET SALES EBIT
GROWTH VISION RANGE
(1) Per Goldman median estimates last 3 fiscal year CAGR, select CPG companies include Campbell Soup, Coca-Cola, Danone, Hershey, Kellogg, Kraft Heinz, Mondelez, Pepsi, Unilever, Dean Foods,
Flowers Foods, Lancaster, Lance, McCormick, Pinnacle Foods, J.M. Smucker, Treehouse, WhiteWave, Avon, Clorox, Colgate-Palmolive, Estee Lauder, Coty, Kimberly-Clark, P&G, Church & Dwight,
Energizer, Prestige Brands, WD-40
(2) Per Goldman median estimates (Calendar 2017-2019 CAGR), select CPG companies include Campbell Soup, Coca-Cola, Danone, Hershey, Kellogg, Kraft Heinz, Mondelez, Pepsi, Unilever, Dean
Foods, Flowers Foods, Lancaster, Lance, McCormick, Pinnacle Foods, J.M. Smucker, Treehouse, WhiteWave, Avon, Clorox, Colgate-Palmolive, Estee Lauder, Coty, Kimberly-Clark, P&G, Church &
Dwight, Energizer, Prestige Brands, WD-40, Boston Beer, Brown-Forman, Diageo, Heineken, Molson Coors
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appendix
ATTRACTIVE BEST IN CLASS SIGNIFICANT CASH

GROWTH GROWTH & PROFIT GENERATION &
CATEGORIES WITHIN MARGIN PROFILES IN SHAREHOLDER
CONSUMER SPACE CPG RETURN
OPPORTUNITIES
| 65
COMPARABLE MEASURES (NON-GAAP)
Non-GAAP comparable measures are provided because management uses this information in evaluating the
results of the core operations of the Company and/or internal goal setting. In addition, the Company believes
this information provides investors better insight on underlying business trends and results in order to evaluate
year over year financial performance. As such, the following items, when appropriate, are excluded from
comparable results:
Restructuring and Related Charges

Acquisitions, Divestitures, and Related Costs
In connection with acquisitions, the allocation of purchase price in excess of book value for certain
inventory on hand at the date of acquisition is referred to as inventory step-up. Inventory step-up represents an
assumed manufacturing profit attributable to the acquired company prior to acquisition. For inventory
produced and sold after the acquisition date, the related manufacturers profit accrues to the Company.
Amortization of favorable interim supply agreement. BEST IN CLASS

Net gain (loss) on sale of and/or write-down of nonstrategic assets. GROWTH & PROFIT
Selling, general and administrative expenses, other. MARGIN PROFILES IN
The loss (gain) on sale of certain California wineries and wine brands, as well as certain wineries and wine
brands from the states of Washington and Idaho (the Pacific Northwest Assets).
CPG
Net gains on sale of 80.1% interest of the Companys Australian and U.K. business consisting of the gain
on the sale of the Australian and U.K. business combined with other related net gains, including gains on
derivative instruments and a reduction in stock-based compensation expense, partially offset by a loss on the
settlement of the Australian and U.K. pension obligations.
Net gains on the acquisition of Ruffino S.r.l (Ruffino) and related activities, including net foreign currency
loss (gain) on the subsequent remeasurement of the Put Option (as defined below).
Transaction and related costs associated with pending and completed acquisitions.
Gain on remeasurement to fair value of equity method investment.
| 66
BEST IN CLASS
GROWTH & PROFIT
MARGIN PROFILES IN
CPG
| 67
The Company has disclosed its debt to EBITDA ratio and net debt to EBITDA ratio. These are non-GAAP
financial measures that management believes are of interest to investors and lenders in relation to the
Company's overall capital structure and its ability to borrow additional funds. The Company considers EBITDA
a measure of liquidity and considers net cash provided by operating activities the most comparable GAAP
measure.
"Free cash flow" as used by the Company means the Company's net cash flow from operating activities
prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") less capital
expenditures for property, plant and equipment. Free cash flow is considered a liquidity measure and provides
useful information to investors about the amount of cash generated, which can then be used, after required debt
BEST IN CLASS
service and dividend payments, for other general corporate purposes. A limitation of free cash flow is that it
does not represent the total increase or decrease in the cash balance for the period. Free cash flow should be
GROWTH & PROFIT
considered in addition to, not as a substitute for, or superior to, cash flow from operating activities prepared in
accordance with GAAP.
MARGIN PROFILES IN
CPG
| 68
REPORTED STATEMENT OF OPERATIONS (GAAP)
2011 2012 2013 2014 2015 2016 Q3 '17 YTD 2017(1)

(in millions, except per share data)
Net sales $ 3,332.0 $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 1,810.5 $ 5,703.5
Cost of product sold (2,141.9) (1,592.2) (1,687.8) (2,876.0) (3,449.4) (3,606.1) (919.1) (2,961.8)
Gross profit 1,190.1 1,062.1 1,108.3 1,991.7 2,578.6 2,942.3 891.4 2,741.7
Selling, general and administrative expenses (664.0) (537.5) (585.4) (895.1) (1,078.4) (1,177.2) (357.4) (1,044.1)
Impairment of goodwill and intangible assets (23.6) (38.1) - (300.9) - - -
Gain on remeasurement to fair value of equity method investment - - - 1,642.0 - - -
Operating income 502.5 486.5 522.9 2,437.7 1,500.2 1,765.1 1,782.8 5,483.4
Earnings from unconsolidated investments 243.8 228.5 233.1 87.8 21.5 51.1 27.5 28.2
Interest expense (195.3) (181.0) (227.1) (323.2) (337.7) (313.9) (77.6) (256.3)
Loss on write-off of debt issuance costs - - (12.5) - (4.4) (1.1) - -
Income before income taxes 551.0 534.0 516.4 2,202.3 1,179.6 1,501.2 483.9 1,469.5
(Provision for) benefit from income taxes 8.5 (89.0) (128.6) (259.2) (343.4) (440.6) (78.9) (392.2)
Net income 559.5 445.0 387.8 1,943.1 836.2 1,060.6 405.0 1,077.3
Net (income) loss attributable to noncontrolling interests - - - - 3.1 (5.7) 0.9 5.8
BEST IN CLASS
Net income attributable to CBI $ 559.5 $ 445.0 $ 387.8 $ 1,943.1 $ 839.3 $ 1,054.9 $ 405.9 $ 1,083.1
Diluted net income per common share attributable to CBI $ 2.62 $ 2.13 $ 2.04 $ 9.83 $ 4.17 $ 5.18 $ 1.98 $ 5.27
Diluted weighted average common shares outstanding GROWTH & PROFIT

213.765 208.655 190.307 197.570 201.224 203.821 205.455 205.484
Cash dividends declared per common share:

Class A Common Stock MARGIN PROFILES IN
- - - - - $ 1.24 $0.40 $ 1.20
CPG
Class B Convertible Common Stock - - - - - $ 1.12 $0.36 $ 1.08
Reported effective tax rate (1.5%) 16.7% 24.9% 11.8% 29.1% 29.3% 16.3% 26.7%
Year over year growth:

Net sales (1%) (20%) 5% 74% 24% 9% 10% 14%
Operating income 61% (3%) 7% NM (38%) 18% 19% 25%
Net income attributable to CBI NM (20%) (13%) NM (57%) 26% 50% 33%
Diluted net income per common share attributable to CBI NM (19%) (4%) NM (58%) 24% 49% 32%
Items as a percent of revenue:

Cost of product sold 64.3% 60.0% 60.4% 59.1% 57.2% 55.1% 50.8% 51.9%
Gross profit 35.7% 40.0% 39.6% 40.9% 42.8% 44.9% 49.2% 48.1%
Selling, general and administrative expenses 19.9% 20.3% 20.9% 18.4% 17.9% 18.0% 19.7% 18.3%
Operating income 15.1% 18.3% 18.7% 50.1% 24.9% 27.0% 29.5% 29.8%
NM - Not meaningful

RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION
2011 2012 2013 2014 2015 2016 Q3 '17 YTD 2017(1)
Net Sales
Reported Net Sales $ 3,332.0 $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 1,810.5 $ 5,703.5
Comparable Net Sales $ 3,332.0 $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 1,810.5 $ 5,703.5
Cost of Product Sold

Reported Cost of Product Sold $ (2,141.9) $ (1,592.2) $ (1,687.8) $ (2,876.0) $ (3,449.4) $ (3,606.1) $ (919.1) $ (2,961.8)
Inventory Step-Up 2.4 1.6 7.8 11.0 - 18.4 4.9 16.4
Favorable Interim Supply Agreement - - - 6.0 28.4 31.7 - 2.2
Net Gain/Loss on Undesignated Commodity Swap Contracts - - - (1.5) 32.7 48.1 (6.7) (14.4)
Settlements of Undesignated Commodity Swap Contracts BEST IN CLASS
- - - 0.5 (4.4) (29.5) (5.2) (20.3)
Inventory, Other
Accelerated Depreciation
GROWTH & PROFIT
0.1
2.2
-
0.3
-
-
-
- -
2.8 -
-
-
-
-
-
Comparable Cost of Product Sold MARGIN PROFILES IN
$ (2,137.2) $ (1,590.3) $ (1,680.0) $ (2,860.0) $ (3,389.9) $ (3,537.4) $ (926.1) $ (2,977.9)
Gross Profit
CPG
Reported Gross Profit $ 1,190.1 $ 1,062.1 $ 1,108.3 $ 1,991.7 $ 2,578.6 $ 2,942.3 $ 891.4 $ 2,741.7
Settlements of Undesignated Commodity Swap Contracts - - - 0.5 (4.4) (29.5) (5.2) (20.3)
Inventory, Other 0.1 - - - 2.8 - - -
Accelerated Depreciation 2.2 0.3 - - - - - -
Comparable Gross Profit $ 1,194.8 $ 1,064.0 $ 1,116.1 $ 2,007.7 $ 2,638.1 $ 3,011.0 $ 884.4 $ 2,725.6

(in millions, except per share data) 2011 2012 2013 2014 2015 2016 Q3 '17 YTD 2017(1)
Selling, General and Administrative Expenses
Reported Selling, General and Administrative Expenses $ (664.0) $ (537.5) $ (585.4) $ (895.1) $ (1,078.4) $ (1,177.2) $ (357.4) $ (1,044.1)
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets (3.3) - (0.5) - 0.3 - - -
Other Related Restructuring Costs 6.3 8.4 8.5 (2.0) - 9.3 - 0.4
Deferred Compensation - - - 7.0 - - - -
Selling, General and Administrative Expenses, Other - - 0.7 0.3 - - - -
Gain/Loss on Sale of Pacific Northwest Assets - 3.4 (4.0) - - - - -
Gain/Loss on Obligation from Put Option of Ruffino Shareholder 60.0 (2.5) - - - - - -
Net Gains on Sale of Australian and U.K. Business (83.7) (0.5) (7.1) - (7.5) - - -
Net Gain on Acquisition of Ruffino and Related Activities - (3.8) - - - - - -
Gains in Connection with Releases from Certain Contractual Obligations - (7.5) - (0.8) - - - -
BEST IN CLASS
Transaction and related costs associated with pending and completed acquisitions - - 27.7 52.3 30.5 15.4 5.7 11.0
Restructuring Charges 18.9 16.0 0.7 (1.1) - 7.1 (0.1) 0.5
Net loss on disposal or impairment of long-lived assets
Costs Associated with Canadian Divestiture and Related Activities GROWTH & PROFIT
-
4.2 -
-
-
-
-
-
-
-
-
-
-
(3.6)
-
4.5
Acquisition-Related Integration Costs
Other Costs
MARGIN PROFILES IN
-
0.5 -
-
-
-
-
-
-
-
-
-
-
2.6
-
2.6
Comparable Selling, General and Administrative Expenses $ CPG
(661.1)
$ $ (524.0) (559.4) $ (839.4) $ (1,055.1) $ (1,145.4) $ 352.8 $ (1,025.1)
Impairment of Goodwill and Intangible Assets

Reported Impairment of Goodwill and Intangible Assets $ (23.6) $ (38.1) $ - $ (300.9) $ - $ - $ - $ -
Impairments, Goodwill and Intangibles 23.6 38.1 - 300.9 - - - -
Comparable Impairment of Goodwill and Intangible Assets $ - $ - $ - $ - $ - $ - $ - $ -
Gain on Remeasurement to Fair Value of Equity Method Investment

Reported Gain on Remeasurement to Fair Value of Equity Method Investment $ - $ - $ - $ 1,642.0 $ - $ - $ - $ -
Gain on Remeasurement to Fair Value of Equity Method Investment - - - (1,642.0) - - - -
Comparable Gain on Remeasurement to Fair Value of Equity Method Investment $ - $ - $ - $ - $ - $ - $ - $ -

Operating Income
Reported Operating Income $ 502.5 $ 486.5 $ 522.9 $ 2,437.7 $ 1,500.2 $ 1,765.1 $ 534.0 $ 1,697.6
Inventory, Other 0.1 - - - 2.8 - - -
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets (3.3) - (0.5) - 0.3 - - -
Gain/Loss on Obligation from Put Option of Ruffino Shareholder
Net Gains on Sale of Australian and U.K. Business BEST IN CLASS
60.0
(83.7)
(2.5)
(0.5)
-
(7.1)
-
-
-
(7.5)
-
-
-
-
-
-
Net Gain on Acquisition of Ruffino and Related Activities
Gains in Connection with Releases from Certain Contractual Obligations GROWTH & PROFIT
-
-
(3.8)
(7.5)
-
-
-
(0.8)
-
-
-
-
-
-
-
-
Transaction and related costs associated with pending and completed acquisitions
Costs Associated with Canadian Divestiture and Related Activities MARGIN PROFILES IN
-
-
-
-
27.7
-
52.3
-
30.5
-
15.4
-
5.7
(3.6)
11.0
4.5
Restructuring Charges CPG0.5
18.9
-
16.0
-
0.7
-
(1.1)
-
-
-
7.1
-
(0.1)
-
0.5
Impairments, Goodwill, Intangibles 23.6 38.1 - 300.9 - - - -
Net loss on disposal or impairment of long-lived assets 4.2 - - - - - - -
Other Costs - - - - - - 2.6 2.6
Comparable Operating Income $ 533.7 $ 540.0 $ 556.7 $ 1,168.3 $ 1,583.0 $ 1,865.6 $ 531.6 $ 1,700.5
Earnings (Loss) from Unconsolidated Investments

Reported Earnings (Loss) from Unconsolidated Investments $ 243.8 $ 228.5 $ 233.1 $ 87.8 $ 21.5 $ 51.1 $ 27.5 $ 28.2
Dividend from Unconsolidated Investment - - - - - (24.5) - -
Other 0.6 - 1.0 0.1 - - - -
Comparable Earnings (Loss) from Unconsolidated Investments $ 244.4 $ 228.5 $ 234.1 $ 87.9 $ 21.5 $ 26.6 $ 27.5 $ 28.2

Interest Expense
Reported Interest Expense $ (195.3) $ (181.0) $ (227.1) $ (323.2) $ (337.7) $ (313.9) $ (77.6) $ (256.3)
Comparable Interest Expense $ (195.3) $ (181.0) $ (227.1) $ (323.2) $ (337.7) $ (313.9) $ 77.6 $ (256.3)
Loss on Write-off of Debt Issuance Costs

Reported Loss on Write-off of Debt Issuance Costs $ - $ - $ (12.5) $ - $ (4.4) $ (1.1) $ - $ -
Loss on Write-off of Debt Issuance Costs - - 12.5 - 4.4 1.1 - -
Comparable Loss on Write-off of Debt Issuance Costs $ - $ - $ - $ - $ - $ - $ - $ -
(Provision for) Benefit from Income Taxes

Reported (Provision for) Benefit from Income Taxes $ 8.5 $ (89.0) $ (128.6) $ (259.2) $ (343.4) $ (440.6) $ (78.9) $ (392.2)
Inventory Step-Up (1.0) (0.5) (2.8) (3.5) - (6.9) (1.8) (6.1)
Favorable Interim Supply Agreement - - - (1.7) (8.2) (9.2) - (0.8)
Net Gain/Loss on Undesignated Commodity Swap Contracts - - - 0.5 (12.0) (17.8) 2.5 5.3
Settlements of Undesignated Commodity Swap Contracts - - - (0.1) 1.6 10.9 2.0 7.7
Inventory, Other - - - - (1.1) - - -
BEST IN CLASS
Accelerated Depreciation (0.8) (0.1) - - - - - -
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets - - 0.2 - (3.6) - - -
Other Related Restructuring Costs (2.1) (3.1) (3.1) 0.8 - (3.4) - (0.2)
Deferred Compensation
Selling, General and Administrative Expenses, Other GROWTH & PROFIT
-
-
-
-
-
(0.2) -
(2.6) -
-
-
-
-
-
-
-
MARGIN PROFILES IN
Gain/Loss on Sale of Pacific Northwest Assets - (1.3) 1.5 - - - - -
Gain/Loss on Obligation from Put Option of Ruffino Shareholder - - - - - - - -
Net Gains on Sale of Australian and U.K. Business (197.8) 6.7 - - 2.2 - - -
Gains in Connection with Releases from Certain Contractual Obligations
CPG -
-
(0.5)
3.3
-
-
-
0.3
-
-
-
-
-
-
-
-
Transaction and related costs associated with pending and completed acquisitions - - (9.6) (18.0) (8.2) (5.7) (2.1) (4.0)
Costs Associated with Canadian Divestiture and Related Activities - - - - - - (0.2) (2.4)
Acquisition-Related Integration Costs (0.2) - - - - - - -
Restructuring Charges (3.5) (5.7) (0.1) 0.3 - (2.6) 0.1 (0.1)
Impairments, Goodwill and Intangibles and PP&E (8.0) (9.5) - (5.8) - - - -
Net loss on disposal or impairment of long-lived assets - - - - - - - -
Gain on Remeasurement to Fair Value of Equity Method Investment - - - - - - - -
Dividend from Unconsolidated Investment - - - - - 9.2 - -
Equity Method Investments, Other - - (0.4) - - - - -
Loss on Write-off of Debt Issuance Costs - - (4.7) - (1.3) (0.3) - -
Deferred Tax Asset Valuation Allowance 30.1 - - - - - - -
Income Tax Adjustments - - - (2.3) - - - -
Other Costs - - - - - - (0.7) (0.7)
Comparable Provision for Income Taxes $ (174.8) $ (99.7) $ (147.8) $ (291.3) $ (374.0) $ (466.4) $ (79.1) $ (393.5)

Net (Income) Loss Attributable to Noncontrolling Interests
Reported Net (Income) Loss Attributable to Noncontrolling Interests $ - $ - $ - $ - $ 3.1 $ (5.7) $ 0.9 $ 5.8
Other - - - - (2.9) 0.3 - -
Comparable Net (Income) Loss Attributable to Noncontrolling Interests $ - $ - $ - $ - $ 0.2 $ (5.4) $ 0.9 $ 5.8
Net Income Attributable to CBI

Reported Net Income Attributable to CBI $ 559.5 $ 445.0 $ 387.8 $ 1,943.1 $ 839.3 $ 1,054.9 $ 405.9 $ 1,083.1
Inventory, Other 0.1 - - - 1.7 - - -
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets (3.3) - (0.3) - (3.3) - - -
BEST IN CLASS
GROWTH & PROFIT

Net Gains on Sale of Australian and U.K. Business (281.5) 6.2 (7.1) - (5.3) - - -
Gains in Connection with Releases from Certain Contractual Obligations MARGIN PROFILES IN
-
-
(4.3)
(4.2)
-
-
-
(0.5)
-
-
-
-
-
-
-
-
CPG
Transaction and related costs associated with pending and completed acquisitions - - 18.1 34.3 22.3 9.7 3.6 7.0
Costs Associated with Canadian Divestiture and Related Activities - - - - - - (3.8) 2.1
Acquisition-Related Integration Costs 0.3 - - - - - - -
Restructuring Charges 15.4 10.3 0.6 (0.8) - 4.5 - 0.4
Impairments, Goodwill and Intangibles and PP&E 15.6 28.6 - 295.1 - - - -
Equity Method Investments, Other 0.6 - 0.6 0.1 - - - -
Loss on Write-off of Debt Issuance Costs - - 7.8 - 3.1 0.8 - -
Net Income/Loss Attributable to Noncontrolling Interests, Other - - - - (2.9) 0.3 - -
Other Costs - - - - - - 1.9 1.9
Comparable Net Income Attributable to CBI $ 408.0 $ 487.8 $ 415.9 $ 641.7 $ 893.0 $ 1,106.5 $ 403.3 $ 1,084.7

Diluted Net Income Per Common Share Attributable to CBI(1)
Reported Diluted Net Income Common Per Share Attributable to CBI $ 2.62 $ 2.13 $ 2.04 $ 9.83 $ 4.17 $ 5.18 $ 1.98 $ 5.27
Settlements of Undesignated Commodity Swap Contracts - - - - (0.01) (0.09) (0.02) (0.06)
Inventory, Other - - - - 0.01 - - -
Accelerated Depreciation 0.01 - - - - - - -
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets (0.02) - - - (0.02) - - -
Other Related Restructuring Costs 0.02 0.03 0.03 (0.01) - 0.03 - -
Selling, General and Administrative Expenses, Other - - - - - - - -
BEST IN CLASS
Net Gains on Sale of Australian and U.K. Business (1.32) 0.03 (0.04) - (0.03) - -
Net Gain on Acquisition of Ruffino and Related Activities - (0.02) - - - - - -
Gains in Connection with Releases from Certain Contractual Obligations
Transaction and related costs associated with pending and completed acquisitions
GROWTH & PROFIT
-
-
(0.02)
-
-
0.10
-
0.17
-
0.11
-
0.05
-
0.02
-
0.03
Costs Associated with Canadian Divestiture and Related Activities
MARGIN PROFILES IN
-
-
-
-
-
-
-
-
-
-
-
-
(0.02)
-
0.01
-
Restructuring Charges
Impairments, Goodwill and Intangibles and PP&E
CPG 0.07
0.07
0.05
0.14
-
-
-
1.49
-
-
0.02
-
-
-
-
-
Gain on Remeasurement to Fair Value of Equity Method Investment - - - (8.31) - - - -
Equity Method Investments, Other - - - - - - - -
Loss on Write-off of Debt Issuance Costs - - 0.04 - 0.02 - - -
Net Income/Loss Attributable to Noncontrolling Interests, Other - - - - (0.01) - - -
Other Costs - - - - - - 0.01 0.01
Comparable Diluted Net Income Per Common Share Attributable to CBI $ 1.91 $ 2.34 $ 2.19 $ 3.25 $ 4.44 $ 5.43 $ 1.96 $ 5.28
(1) May not sum due to rounding as each item is computed independently.

COMPARABLE STATEMENTS OF INCOME (NON-GAAP)
2011 2012 2013 2014 2015 2016 Q3 '17 YTD 2017(1)
Net sales $ 3,332.0 $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 1,810.5 $ 5,703.5
Cost of product sold (2,137.2) (1,590.3) (1,680.0) (2,860.0) (3,389.9) (3,537.4) (926.1) (2,977.9)
Gross profit 1,194.8 1,064.0 1,116.1 2,007.7 2,638.1 3,011.0 884.4 2,725.6
Selling, general and administrative expenses (661.1) (524.0) (559.4) (839.4) (1,055.1) (1,145.4) (352.8) (1,025.1)
Operating income 533.7 540.0 556.7 1,168.3 1,583.0 1,865.6 531.6 1,700.5
Earnings (loss) from unconsolidated investments 244.4 228.5 234.1 87.9 21.5 26.6 27.5 28.2
Earnings before interest and tax 778.1 768.5 790.8 1,256.2 1,604.5 1,892.2 559.1 1,728.7
Interest expense (195.3) (181.0) (227.1) (323.2) (337.7) (313.9) (77.6) (256.3)
Income before income taxes 582.8 587.5 563.7 933.0 1,266.8 1,578.3 481.5 1,472.4
Provision for income taxes (174.8) (99.7) (147.8) (291.3) (374.0) (466.4) (79.1) (393.5)
Net income 408.0 487.8 415.9 641.7 892.8 1,111.9 402.4 1,078.9
Net (income) loss attributable to noncontrolling interests - - - - 0.2 (5.4) 0.9 5.8
Net income attributable to CBI $ 408.0 $ 487.8 $ 415.9 $ 641.7 $ 893.0 $ 1,106.5 $ 403.3 $ 1,084.7
Diluted net income per common share attributable to CBI $ 1.91

BEST IN CLASS
$ 2.34 $ 2.19 $ 3.25 $ 4.44 $ 5.43 $ 1.96 $ 5.28
GROWTH & PROFIT

Diluted weighted average common shares outstanding 213.765 208.655 190.307 197.570 201.224 203.821 205.455 205.484
Cash dividends declared per common share:

Class A Common Stock
Class B Convertible Common Stock
-
- MARGIN PROFILES IN
-
-
-
-
-
-
-
-
$
$
1.24
1.12
$0.40
$0.36
$
$
1.20
1.08
Comparable effective tax rate 30.0% CPG 17.0% 26.2% 31.2% 29.5% 29.6% 16.4% 26.7%
Year over year growth:

Net sales (1%) (20%) 5% 74% 24% 9% 10% 14%
Operating income (5%) 1% 3% 110% 35% 18% 12% 19%
Earnings before interest and tax (3%) (1%) 3% 59% 28% 18% 11% 18%
Net income attributable to CBI 9% 20% (15%) 54% 39% 24% 40% 26%
Diluted net income per common share attributable to CBI 13% 23% (6%) 48% 37% 22% 38% 25%
Items as a percent of revenue:

Cost of product sold 64.1% 59.9% 60.1% 58.8% 56.2% 54.0% 51.2% 52.2%
Gross profit 35.9% 40.1% 39.9% 41.2% 43.8% 46.0% 48.8% 47.8%
Selling, general and administrative expenses 19.8% 19.7% 20.0% 17.2% 17.5% 17.5% 19.5% 18.0%
Operating income 16.0% 20.3% 19.9% 24.0% 26.3% 28.5% 29.4% 29.8%
Earnings before interest and tax 23.4% 29.0% 28.3% 25.8% 26.6% 28.9% 30.9% 30.3%

ADJUSTED EBITDA CALCULATION AND RECONCILIATION, FREE CASH FLOW RECONCILIATION (NON-GAAP)
(1)
2011 2012 2013 2014 2015 2016 Q3 '17 YTD 2017
(in millions)
Comparable Net Sales $ 3,332.0 $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 1,810.5 $ 5,703.5
Comparable Basis EBITDA Calculation

Comparable Operating Income $ 533.7 $ 540.0 $ 556.7 $ 1,168.3 $ 1,583.0 $ 1,865.6 $ 531.6 $ 1,700.5
Comparable Earnings (Loss) from Unconsolidated Investments 244.4 228.5 234.1 87.9 21.5 26.6 27.5 28.2
Comparable Basis EBIT 778.1 768.5 790.8 1,256.2 1,604.5 1,892.2 559.1 1,728.7
Comparable Depreciation $ 117.0 $ 98.1 $ 108.2 $ 139.8 $ 162.0 $ 180.3 $ 61.4 $ 175.3
Comparable Amortization 5.5 5.4 7.2 9.5 11.6 9.0 2.1 6.2
Total Depreciation and Amortization 122.5 103.5 115.4 149.3 173.6 189.3 63.5 181.5
Comparable Basis EBITDA $ 900.6 $ 872.0 $ 906.2 $ 1,405.5 $ 1,778.1 $ 2,081.5 $ 622.6 $ 1,910.2
Comparable Basis EBITDA Reconciliation

Net Cash Provided By Operating Activities $ 619.7 $ 784.1 $ 556.3 $ 826.2 $ 1,081.0 $ 1,413.7 $ 370.8 $ 1,415.7
Net Cash Provided By Operating Activities Margin 18.6% 29.5% 19.9% 17.0% 17.9% 21.6% 24.8%
Debt to LTM Net Cash Provided by Operating Activities 5.2 4.0 5.9 $ 8.5 6.7 5.7 5.0 5.0
Provision for (Benefit from) Income Taxes (8.5) 89.0 128.6 259.2 343.4 440.6 78.9 392.2
BEST IN CLASS
Interest Expense 195.3 181.0 227.1 323.2 337.7 313.9 77.6 256.3
Change in Operating Assets and Liabilities 160.6 (101.6) 67.7 1.5 142.1 160.8 79.2 (21.1)
Equity in Earnings of Equity Method Investees, Net of
GROWTH & PROFIT

Distributed Earnings 23.8 (2.6) (7.6) 43.3 1.2 3.8 16.4 16.2
Deferred Tax Provision (70.9) (48.0) (39.2) (41.6) (79.3) (251.0) 25.2 (114.7)
Comparable Adjustments 29.6 53.2 34.8 (1,269.3) 82.8 76.0 (2.4) 2.9
MARGIN PROFILES IN
Stock-Based Compensation Expense (46.0) (47.6) (40.8) (49.9) (55.0) (54.0) (13.0) (44.4)
Other Items (3.0) (35.5) (20.7) 1,312.9 (75.8) (22.3) (10.1) 7.1
Comparable Basis EBITDA $ 900.6 $ 872.0 $ 906.2 $ 1,405.5 $ 1,778.1 $ 2,081.5 $ 622.6 $ 1,910.2
LTM Comparable Basis EBITDA $ 900.6

CPG $ 872.0 $ 906.2 $ 1,405.5 $ 1,778.1 $ 2,081.5 $ 2,394.9 $ 2,394.9
Total Debt $ 3,236.3 $ 3,129.5 $ 3,305.4 $ 7,020.5 $ 7,296.5 $ 8,081.2 $ 8,631.6 $ 8,631.6
Debt to LTM Comparable Basis EBITDA 3.6 3.6 3.6 5.0 4.1 3.9 3.6 3.6
Free Cash Flow Reconciliation

Net Cash Provided By Operating Activities $ 619.7 $ 784.1 $ 556.3 $ 826.2 $ 1,081.0 $ 1,413.7 $ 370.8 $ 1,415.7
Purchases of Property, Plant and Equipment (89.1) (68.4) (62.1) (223.5) (719.4) (891.3) (222.9) (591.5)
Free Cash Flow $ 530.6 $ 715.7 $ 494.2 $ 602.7 $ 361.6 $ 522.4 $ 147.9 $ 824.2
Net Debt to LTM Comparable Basis EBITDA

Total Debt $ 3,236.3 $ 3,129.5 $ 3,305.4 $ 7,020.5 $ 7,296.5 $ 8,081.2 $ 8,631.6 $ 8,631.6
Less: Cash (9.2) (85.8) (331.5) (63.9) (110.1) (83.1) (197.3) (197.3)
Less: Restricted Cash - - - - - - - -
Net Debt $ 3,227.1 $ 3,043.7 $ 2,973.9 $ 6,956.6 $ 7,186.4 $ 7,998.1 $ 8,434.3 $ 8,434.3
Net Debt to LTM Comparable Basis EBITDA 3.6 3.5 3.3 4.9 4.0 3.8 3.5 3.5

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES GUIDANCE - FREE CASH FLOW
(IN MILLIONS)
BEST IN CLASS
GROWTH & PROFIT
MARGIN PROFILES IN
CPG
| 78

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CAGNY

DAVID KLEIN FEBRUARY 23, 2017

WINE & SPIRITS BUSINESS

LEADING TBA POSITION SCALE

90% 83% $40

KEY FOCUS AREAS

beer wine spirits

HIGH-END BEER ALL OTHER BEER

CALENDAR 17 19 HIGH-END DRIVERS (M CASES)

Source: Nielsen Analytics 2016 estimates and company estimates

Off-Premise ~13 ~59 ~30 ~66 ~34 ~23

SINGLE IMPORT LAUNCHED

CONSTELLATION HIGH SINGLE DIGIT GROWTH

INDUSTRY LOW SINGLE DIGIT DECLINE

Easy going, social, fun-loving,

117M Cases +10%

79M Cases +18%

Source: Depletion cases and trends FY16 company measures | 25 25

LIVE SPORTS ANCHORS TV PLAN WITH SCALE & IMPACT

NBA PLAYOFFS & GOLD CUP BOXING NFL

Leverage the Expand our presence in Explore

SECURING OUR SUPPLY MEXICALI

Estimated Glass Supplier Sourcing

(1) Assumes 90% Average Annual Capacity Utilization

CPG INDUSTRY BEER WINE SPIRITS

2006 2009 2012 2015

+24% +23% +15%

AND ITS working

CONSUMER-LED 360 BRAND

+113% +71% +44%

HIGHER MARGIN HIGHER GROWTH

PRUDENT CAPITAL RESOURCE MANAGEMENT

INCREMENTALITY ATTITUDE & EDGE SENSORY-DRIVEN

RAVAGE WAS CREATED TO ADDRESS KEY CONSUMER TRENDS,

1ST IN THE U.S. WITH A HELIX CLOSURE:

Source: Forbes Magazine, 2016

PRE-BEER ACQUISITION (FY13) FY 16 ACTUAL

WINE & SPIRITS

$7.0 $2.0 $6.0

C O N S O L I D A T E D E B I T : HIGH SINGLE DIGIT GROWTH

+ Independence from ABI interim supply agreement + Mix / Price Benefits

DILUTED EPS : >10% GROWTH

(1) Organic growth, excludes benefits from any future acquisitions | 55

NET DEBT/LTM EBITDA (1)

(1) Excludes various working capital lines and letters of credit

Beer Capacity Target 25%-30% Premium Manage Within ~3.5X

CONSOLIDATED CONSOLIDATED DILUTED EPS

BUILDING SHAREHOLDER VALUE

GROWTH VISION RANGE

ATTRACTIVE BEST IN CLASS SIGNIFICANT CASH

Restructuring and Related Charges

Amortization of favorable interim supply agreement. BEST IN CLASS

2011 2012 2013 2014 2015 2016 Q3 '17 YTD 2017(1)

Diluted weighted average common shares outstanding GROWTH & PROFIT

Cash dividends declared per common share:

Year over year growth:

Items as a percent of revenue:

(1) For nine months ended November 30, 2016 | 69

Cost of Product Sold

(1) For nine months ended November 30, 2016 | 70

Impairment of Goodwill and Intangible Assets

Gain on Remeasurement to Fair Value of Equity Method Investment

(1) For nine months ended November 30, 2016 | 71

Earnings (Loss) from Unconsolidated Investments