STZ Constellation Brands Sept 2017 Presentation

BARCLAYS BACK TO
SCHOOL CONFERENCE
BILL NEWLANDS, COO

SEPTEMBER 6, 2017
| 1
FORWARD LOOKING STATEMENTS
This presentation may contain forward-looking 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 forward-looking 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 forward-
looking statements, including but not limited to future global economic conditions; market conditions; regulatory conditions;
unanticipated environmental liabilities and costs; changes to international trade agreements or tariffs; timing of accounting
elections or assertions or changes in accounting elections, assertions, or standards; changes in tax laws, tax rates, interest rates
and foreign exchange rates; the actions of competitors; 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 accuracy of projections associated with the acquisitions of the Meiomi wine brand, Ballast Point, the Prisoner
Wine Company brand portfolio, High West, the Charles Smith wine collection, Schrader Cellars, Funky Buddha, the Obregon
brewery and the sale of the Canadian wine business; beer operations expansion activities, including construction, expansion
and optimization activities at our Mexican breweries and joint venture glass plant, take place on expected scope, terms, costs
and timetables; the accuracy of supply projections, including those relating to beer operations expansion activities, glass
sourcing, and raw materials and water supply expectations; 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.
*****
| 2
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 September 6, 2017. Thereafter, it should be
considered historical and not subject to further update by the Company. This presentation does not provide
information regarding the company's fiscal 2018 second quarter results or financial condition.
| 3
KEY TAKEAWAYS
DRIVING TBA INNOVATION, FINANCIAL
GROWTH THROUGH BRAND BUILDING STRENGTH &
PREMIUMIZATION & & EXECUTION ATTRACTIVE
SCALE FOCUS GROWTH PROFILE
SUSTAINING BUILDING
PROFITABLE SHAREHOLDER
growth value
TBA = Total Beverage Alcohol | 4
TOTAL U.S. BEVERAGE ALCOHOL category
Total U.S. CPG Growth +1%
$75 10%
8%
3% 4% 5%
$50 2%
1%
0% 1%
0%
(5)%
$ SALES
$25 $ SALES % CHG
-5%
$0 -10%
CIGARETTES BEVERAGE CARBONATED SALTY SNACKS MILK BOTTLED PET FOOD CHOCOLATE
ALCOHOL BEVERAGES WATER CANDY
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 May 14, 2017 against the comparable prior
year period
| 5
U.S. INDUSTRY PREMIUMIZATION DRIVES growth
PREMIUM SEGMENT GROWTH BY CATEGORY
10.0%
HIGH-END
PREMIUM+ +8%
8.0% HIGH-END +7%
$ SALES % GROWTH
+7%
6.0% CATEGORY
CATEGORY +5%
4.0% +4%
OTHER
CATEGORY
+2%
2.0% +2%
OTHER OTHER
-2% 0%
0.0%
BEER WINE SPIRITS
-2.0%
-4.0%
PREMIUMIZATION ACROSS BEER, WINE & SPIRITS IS DRIVING GROWTH OF TOTAL BEVERAGE ALCOHOL
Source: IRI, Total U.S. Multi-Outlet + Convenience; reflects growth for the 52 weeks ending May 14, 2017 against the comparable prior year
period; 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
| 6
U.S. RETAIL DOLLAR SALES GROWTH OF TOP BEVERAGE
ALCOHOL SUPPLIERS
$700
$600
CONSTELLATION IS
$500
#
1 MILLIONS
$400
$300
$200
$100
$0
IN RETAIL DOLLAR
SALES GROWTH
CONTRIBUTING ~30%
OF TBA GROWTH
Source: IRI, Total U.S. Multi-Outlet + Convenience; reflects growth for the 52 weeks
ending May 14, 2017 against the comparable prior year period; National Alcohol
Beverage Control Association (NABCA), 12 months ending May 2017
| 7
CONSTELLATION BRANDS scale
TOTAL BEVERAGE ALCOHOL LEADER BEER BUSINESS
#1 multi-category supplier in U.S. #1 in high-end U.S. beer
80+ premium consumer brands #1 imported beer
~9,000 employees company in U.S.
~40 facilities #3 beer company in
U.S.
WINE & SPIRITS BUSINESS

Worlds leading
premium wine
company
#1 imported vodka in
U.S. - SVEDKA
Leading New Zealand
and Italian wine
positions in U.S.
~20,000 vineyard acres
Source: IRI, National Alcohol Beverage Control Association (NABCA), International Wine and Spirit Research (IWSR), Beverage Information
Group, company estimates as of May 31, 2017
| 8
CHANGING CONSUMER profiles
TBA CONSUMERS TBA CONSUMERS
SHARE OF DOLLARS (1)
DOLLARS PER BUYER (2)
$454
BEER ONLY
7%
DRINK ALL 3 $196

SPIRITS 55% WINE
ONLY ONLY $70
2% 4%
1 category 2 categories 3 categories
MORE THAN HALF OF TBA DOLLAR SALES COME FROM CONSUMERS

WHO DRINK ACROSS ALL THREE CATEGORIES (BEER, WINE AND SPIRITS)
U.S. CONSUMERS WHO DRINK ACROSS CATEGORIES SPEND MORE ON
THEIR AVERAGE BEVERAGE ALCOHOL PURCHASES
(1) IRI, Total U.S. All Outlets, 52 weeks ending May 14, 2017
(2) IRI, Total U.S. All Outlets, 52 weeks ending May 14, 2017, average household TBA spend per year
| 9
STZS TOTAL BEVERAGE ALCOHOL advantage
OUR ADVANTAGED POSITION DRIVES PORTFOLIO GROWTH
EXPERTISE STRONG
in consumer insights and category
distributor network / route to market
management
LEADING TBA POSITION SCALE

utilized to build relationships with on & off-premise
matters
customers
CROSS CATEGORY CROSS PROMOTIONAL

INNOVATION opportunities across TBA leverages marketing
capabilities spend
| 10
TBA GROWTH leadership platform
BRINGING ACTIONABLE SHOPPER CENTRIC STRATEGIES TO RETAIL
INNOVATION INSIGHTS MARKETING

On trend new product TBA thought leadership Brand love = repeat
development & for consumers, shopper purchases
merchandising categories & channels
STRATEGIC CUSTOMER CUSTOMER SOLUTIONS

CATEGORY MANAGEMENT
TEAMS / SALES EXECUTION
Premier category Best in class sales force Supply chain, design for
management tools & and customer teams value and route to
analytics with TBA category market strategies
expertise
| 11
LEVERAGING OUR TBA marketing position
| 12
INCREASING digital marketing
| 13
CONSTELLATION growth organization
LEVERAGING CONSUMER-LED TRENDS, SENSORY & INSIGHTS
ACROSS TBA TO DRIVE INNOVATION
KEY FOCUS AREAS
PACKAGING FLAVORS
EFFERVESCENSE HYBRID DRINKS
| 14
DEVELOPING INDUSTRY-LEADING innovation
OUR INNOVATION CAPTURE CONSUMER
BUILD BIG BETS LEAD WITH LUXURY
PRIORITIES: CENTRIC TRENDS
ROS ALL DAY
| 15
CORONA premier & familiar
FY17 ~5M Cases FY18

>10% growth Introduced 12
oz. bottles
Source: Depletion cases and trends FY17 company measures
| 16
BEER innovation
Modelo Chelada New Corona Extra Corona Extra New Pacifico 12 oz
Tamarindo Picante Summer Cans Draft Cans
Modelo Chelada
3 Packs
Pacifico Limited Edition

Cans
| 17
CONSTELLATION ventures
Constellation Ventures is identifying and investing in early stage brands
and technologies that have proven to resonate with consumers, while
also displaying a proven track record of success and the potential for

scalability.
| 18
U.S. TBA SHARE GAINS FROM
spirits, wine & high-end beer
Spirits Wine High-End Beer All Other Beer
10 Year CAGR
2% 2% 5% -2%
(2006-2016 )
5 Year CAGR
2% 2% 8% -3%
(2011-2016)
9L Equivalized Cases as % of TBA

100%
80%
60%
40%
20%
0%
2006 2016
Source: Beer - Beer Marketers Insights, based on its High-End beer segmentation definition which includes Imports, Craft, Domestic Super
Premium, Cider, Flavored Malt Beverages; Wine & Spirits Beverage Information Group.
CAGR = Compound Annual Growth Rate | 19

BUSINESS strategy
PREMIUMIZATION & SCALE
beer wine spirits

Be the Leader Broaden
Be the Leader in Portfolio of
in the High-
Premium Wine Premium
End U.S. Beer
Market Spirits Brands
| 20
beer
B E T HE L EADER I N T HE
HI GH - END
U. S . B EER M AR KET
21
U.S. BEER PERFORMANCE overview
HIGH-END BEER IS DRIVING GROWTH IN THE U.S. BEER CATEGORY
10 Year CAGR Latest 5 Year CAGR Latest 3 Year CAGR
(2006-2016 ) (2011-2016) (2013-2016)
Total Beer +0% +0% +1%
All Other Beer -2% -3% -4%
High-End Beer +5% +8% +7%
Craft Beer +11% +14% +13%
3.0
(SHIPMENTS BILLIONS)
EQUIVALIZED CASES
2.0
1.0
0.0
2006 2016
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 | 22
Malt Beverages
MIGRATION
OF HIGH-END
SPREADING
TO ALL OTHER MARKETS
GROWING FASTER THAN MAJOR METROS
2016 HIGH-END BEER

ESTIMATE ~1B CASES
%
HE Mkt
HE Beer $ Population
Share(Est.)
(Est.)
Major
Metros +6.1% ~55% ~30%
All Other
Markets +6.7% ~40% ~70%
Source: U.S. Population Beverage Information Group 2016 Handbook; Volume and Trend Data IRI, Multi-Outlet +
Convenience, for the 52 weeks ending May 14, 2017 against the comparable prior year period; HE = High-End 23
+ mid single digit high-end industry growth
FUELED BY MIX OF CONSUMER BASE EFFECTS AND ACTIONS
IN ECONOMICS
STORE PRICING
AND TRADE UP
MERCH
SUBSTITUTION
CONSUMER
& TBA
DEMAND &
DISTRIBUTION BLURRING
DEMOGRAPHICS
& NEW
PRODUCTS +MSD CAGR EST.
~1B cases
CALENDAR 17 19 HIGH-END DRIVERS (M CASES)

HIGH-END 2016 HIGH-END 2019
Source: Nielsen Analytics 2016 estimates

MSD = Mid Single Digit | 24
+ mid single digit high-end industry growth
FUELED BY MIX OF CONSUMER BASE EFFECTS AND ACTIONS
IN ECONOMICS
STORE PRICING
AND TRADE UP
MERCH
SUBSTITUTION
CONSUMER
& TBA
DEMAND &
DISTRIBUTION BLURRING
DEMOGRAPHICS
& NEW
PRODUCTS +MSD CAGR EST.
~1B cases
CALENDAR 17 19 HIGH-END DRIVERS (M CASES)

HIGH-END 2016 HIGH-END 2019
Source: Nielsen Analytics 2016 estimates | 25

KEY DISTRIBUTION opportunities
Off-Premise ~18 ~61 ~69 ~37 ~26

ACV(1)
Off-Premise ~57 NEW

~46 ~62
ACV(1)
Source: IRI, Total U.S. Multi-Outlet + Convenience; for the 52 weeks ending May 14,
2017; (1) ACV = All Commodity Volume, measure of distribution per IRI; Imports | 26
ACV represents all can packages, Ballast Point ACV represents Sculpin IPA
merchandising opportunity:
STZ THOUGHT LEADERSHIP PLATFORM
CONSUMER INSIGHTS DATA ANALYTICS

Market Structure Point of Sale (POS) Space Opportunity
Consumer Path to Purchase Customer Loyalty Assortment Solutions
Shelf Research IRI Syndicated ROSI (Return on Space
Virtual Shelf Simulation Distributor Invested)
Predictive Analytics
ROSI TEST RESULTS IN 9 INDEPENDENT RETAILERS:

INCREASED SPACE FOR HIGH-
GROSS PROFIT END & STZ BRANDS
DOUBLE DIGIT SALES AND
ALLOCATED SPACE
PROFIT GROWTH FOR BEER
CATEGORY, HIGH-END & STZ
Source: Company estimates
| 27
DISTRIBUTION OPPORTUNITIES convenience
CAPITALIZING ON FAVORABLE C-STORE TRENDS
over indexes
#
1
to millennials and hispanics(2)
>80%
NEW PACKAGE IN
C-STORES (1)
of single-serve beer is sold
in c-stores
(1) IRI, Total U.S. Convenience; $ sales for January 1, 2017 through May 14, 2017
(2) Scarborough Multi Market 21+ 2015 Release
(3)
(3) IRI, Total U.S. Convenience & Total U.S. Multi-Outlet+Conv; for the 52 weeks ending May 14, 2017
| 28
DISTRIBUTION OPPORTUNITIES on-premise
(1)
CONSTELLATION HIGH SINGLE DIGIT GROWTH
BRANDS
VS.
(1)
INDUSTRY LOW SINGLE DIGIT DECLINE
CONSTELLATION IMPORT
DRAFT BEER GROWTH
~30% (2)
(1) Nielsen CGA, reflects Total US sales trend for 52 weeks

ending May 20, 2017 against prior year
(2) Draft format depletion growth, excludes Ballast Point; 3
months ending May 31, 2017, against the comparable prior
year period
| 29
U.S. HISPANIC
LDA ADULTS
FROM 2010 - 2015 NEARLY 80% OF THE
COUNTIES IN THE U.S. SAW DOUBLE DIGIT
HISPANIC POPULATION GROWTH 46M
36M
2010
2011
2012
2013
2014
2015
2016
2018
2019
2020
2021
2022
2023
2024
2025
2017
Source: American Community Survey 2010-2015, Latinum Population Projection Model; factfinder.census.gov;
LDA = Legal Drinking Age 30
HISPANICS PREFER IMPORTS & our brands
AFFINITY
44%
CONSUMPTION OF BEER
42% 65
30% 57
24% 24% 23% 55
19% 18%
46
8%
LOVE THE BRAND

4%
46
44
43
40
40
40
HISPANICS NON-HISPANICS
Source: Scarborough 2017 21+ Source: Kantar MillWardBrown Research as of May 31, 2017
| 31
65% 30% 65% 85% 60%
=
GENERAL GENERAL GENERAL GENERAL GENERAL
MARKET MARKET MARKET MARKET MARKET
35% 70% 35% 15% 40%

HISPANIC HISPANIC HISPANIC HISPANIC HISPANIC
TOTAL
~40%
HISPANIC
Source: Nielsen expanded Hispanic panel, 52 weeks ending December 31, 2016 32
MARKETING approach
FOR OUR BEER BRANDS
| 33
CORONA EXTRA
Saber Vivir
Know how to live
Easy going, social, fun-loving,

inclusive, witty, approachable
# 1
High-End
# 1
Import
~116M Cases +4%

Source: Depletion cases and trends FY17 company measures, adjusted for Coronita 7oz restatement | 34
34
Rankings from IRI, Total U.S. Multi-Outlet + Convenience; for the 52 weeks ending May 14, 2017
CASA MODELO
Fighting
For Better
# 3
Tenacious, straight-forward,
genuine, proud, loyal,
confident
High-End
# 2
Import
~93M Cases +18%

Source: Depletion cases and trends FY17 company measures | 35
Rankings from IRI, Total U.S. Multi-Outlet + Convenience; for the 52 weeks ending May 14, 2017 35
CORONA LIGHT
The Light
Cerveza
# 7
High-End
~17M
Cases
+6%
# 6
Import
Source: Depletion cases and trends FY17 company measures | 36

Rankings from IRI, Total U.S. Multi-Outlet + Convenience; for the 52 weeks ending May 14, 2017 36
PACIFICO
Spirit
of Baja
# 16
High-End
Adventurous,
laid-back, unpretentious,
confident, rugged
# 8
Import
~8M Cases +19%

Source: Depletion cases and trends FY17 company measures
Rankings from IRI, Total U.S. Multi-Outlet + Convenience; for the 52 weeks ending May 14, 2017 | 37
37
BALLAST POINT
KEY CRAFT PLATFORM FOR STZS HIGH-END BEER PORTFOLIO
~5M Cases
GROWTH OPPORTUNITIES
gold network alignment
sculpin brand focus
innovation leadership
portfolio segmentation
12 pack opportunities
1st national digital marketing
campaign
leveraging import beer business for
marketing / national accounts
Source: Depletion cases FY17 company measures | 38

38
Funky Buddha will leverage our craft beer platform as
we continue to lead the high-end U.S. beer market.
Founded in Boca Raton, Fla Calendar 2016 - ~350k cases
65% on-premise, 35% off- ~40% growth
premise
Source: IRI, Total U.S. Multi-Outlet + Convenience; for the 52 weeks ending
May 14, 2017; company estimates | 39
INVESTING IN LOCAL TEAM
SPONSORSHIPS &VENUES
40
OUR BEER BUSINESS
POWERFUL brands
DISTRIBUTION opportunity
INNOVATION runway
FAVORABLE demographics
41
wine
B E T HE L EADER I N
P R EM I UM WI NE
&
spirits
B ROA D EN P O RTFO LI O O F
P R EM I UM S P I R I TS
B R ANDS
42
U.S. WINE & SPIRITS MARKET PROVIDES
consistent growth
WINE MARKET WINE MARKET
VOLUME 5 YEAR CAGR
STEADY VOLUME GROWTH
+3% DOLLAR 5 YEAR CAGR
POSITIVE PRICE / MIX
+6%
1 YEAR ANNUAL % GROWTH RATE
6.2
5.1
4.0
1.9
0.9
0.1
CPG INDUSTRY WINE SPIRITS
VOLUME GROWTH DOLLAR GROWTH

Source: IRI, Total U.S. Multi-Outlet + Convenience Calendar Years 2011-2016; IRI, Total U.S. Multi-Outlet + Convenience reflects growth for the 52 weeks
ending May 14, 2017 against the comparable prior year period
| 43
WINE & SPIRITS focus brands STRATEGY
DRIVES STRONG GROWTH
SELECT FOCUS BRANDS
IRI $ SALES GROWTH VS. YEAR AGO
(1)
FOCUS BRANDS
REPRESENT (2)
~70%
+38% +15%
+35%
OF WINE & SPIRITS

PROFITABILITY
~60%
+38%
OF WINE & SPIRITS
VOLUME
(1) IRI, Total U.S. Multi-Outlet + Convenience; reflects growth for the 52 weeks ending May 14, 2017 against the comparable prior year period
(2) FY17 company measures
| 44
STZS focus brands STRATEGY
DRIVES STRONG GROWTH
14.0%
OPERATING MARGIN GOAL >30%
12.0%
10.0%
8.0%
6.0%
ATTRACTIVE >200BPS
OPERATING OPERATING MARGIN
EXPANSION
4.0% ROIC (FY15 - FY17)
2.0%
0.0%
FY16 FY17 FY18 Est. (1)
NET SALES GROWTH OPERATING INCOME GROWTH
(1) FY18 estimate based on FY18 guidance, excluding wine and spirits segment results related to the Canadian wine business divestiture
BPS = Basis Points
| 45
KIM CRAWFORD brand building
Kim Crawford 9LE Depletions (2)
1,200,000
16% CAGR
1,000,000
800,000
600,000
400,000
200,000
0
FY2015 FY2016 FY2017
CONSUMER-LED 360 BRAND

ACTIVATION:
1ST EVER NATIONAL TV PROGRAM
ELEVATED PR INVESTMENT
UNIQUE PARTNERSHIPS
(1) Based on FY18 company estimates OUR MOST PROFITABLE ESTABLISHED
(1)
(2) Depletion trends based on company measures
WINE BRAND
| 46
STZ investing TO MEET EVOLVING
CONSUMER NEEDS
BRAND BUILDING KEY INVESTMENT AREAS:
CONSUMER SENSORY
INSIGHTS
INNOVATION BRAND REFRESH
ACCOUNT SEGMENTATION
right products, at the right place
at the right time
| 47
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
AND ITS working

| 48
premiumization THROUGH M&A
+60% +38% +30%
HIGHER MARGIN HIGHER GROWTH
+81% +38%
PRUDENT CAPITAL RESOURCE MANAGEMENT

Source: IRI, Total U.S. Multi-Outlet + Convenience; reflects growth for the 52 weeks ending May 14, 2017 against the comparable prior year period
| 49
spirits portfolio EVOLUTION
ACQUISITIONS
ENHANCING & PREMIUMIZING
VENTURES
| 50
OUR WINE & SPIRITS
BUSINESS
FANTASTIC categories
CONSUMERS trading up
FOCUS BRANDS strength
STRONG INNOVATION pipeline
| 51
51
BARCLAYS BACK TO
SCHOOL CONFERENCE
DAVID KLEIN, CFO

SEPTEMBER 6, 2017
| 52
52
DELIVERING FINANCIAL growth (1)
NET SALES 15% CAGR EBIT 21% CAGR DILUTED EPS 28% CAGR
$8.0 $2.5 $7.0

$7.0 $6.0
$2.0
$6.0 $5.0
$5.0 $1.5 $4.0
$4.0
$1.0 $3.0
$3.0
$2.0 $2.0
$0.5
$1.0 $1.0
$0.0 $0.0 $0.0
FY14 FY15 FY16 FY17 FY14 FY15 FY16 FY17 FY14 FY15 FY16 FY17
(1) On a comparable basis, net sales and EBIT in billions; a reconciliation to the most directly comparable GAAP financial measure is
included within the appendix of this presentation
| 53
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. + LSD-MSD Volume Growth; In-Line/Better Than U.S. Wine
Beer Category and 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

(1)
WINE & SPIRITS EBIT MID TO HIGH SINGLE DIGIT GROWTH
(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 / + General & Administrative Expense Management
Commodities, Marketing Investments - Marketing Investments
DILUTED EPS : >10% GROWTH
(1) Organic growth, excludes benefits from any future acquisitions | 54

HSD = High Single Digit; MSD = Mid Single Digit; LSD = Low Single Digit
BEER growth drivers
FY17 ~10% VOLUME FY18 - FY20 MID TO HSD
GROWTH VOLUME GROWTH
100%
90%
10% OTHER 10% OTHER
DEMOGRAPHICS DEMOGRAPHICS
80% 20% Hispanics and Millennials 20% Hispanics and Millennials
70%
TRADE-UP TRADE-UP
60%
10% INNOVATION
20% INNOVATION
50%
40%
30%
20%
60% DISTRIBUTION 50% DISTRIBUTION
& SPACE
10%
0%
Source: Company estimates and measures | 55

BEER LONG TERM
cogs initiatives
tailwinds
LOGISTICS GLASS SUPPLY VALUE ENGINEERING

opportunities optimization improvements
headwinds
NORMALIZATION OF INCREASED
FX / COMMODITIES DEPRECIATION
COGS = Cost of Goods Sold | 56

WINE & SPIRITS FY18-20 growth drivers
(1)
NET SALES: MID SINGLE DIGIT GROWTH
Topline growth driven by:
+ Driving focus brands
+ Increasing fine wine capabilities
+ Driving on trend innovation
+ Building spirits presence
+ Refreshing select core brands
+ Managing tail brands
(1) Organic growth, excludes benefits from any future acquisitions | 57

WINE & SPIRITS LONG TERM
cogs initiatives
SUPPLY BLEND YIELD

optimization opportunities improvement
NETWORK PACKAGING REDUCE

enhancements simplification inventory
| 58
FREE CASH FLOW HISTORY AND opportunity
FY17 : ~$1.7B OPERATING CASH FLOW OPERATING CASH
FLOW GROWTH
$2,500
$2,000
+
CAPEX MODERATION
MILLIONS
(Peak spending in FY18

$1,500 for Mexico capacity expansion projects)
$1,000
=
$500
FY19 ACHIEVE
$0
FY14 FY15 FY16 FY17 FY18 EST
(1)
$1B
NET CASH PROVIDED BY OPERATING ACTIVITIES FCF MILESTONE
(2)
FREE CASH FLOW
(1) Based on the midpoint of the guidance range
(2) Free cash flow (FCF) defined as net cash provided by operating activities less purchases of property, plant and equipment; a reconciliation
to the most directly comparable GAAP financial measure is included within the appendix of this presentation
| 59
debt / leverage HISTORY AND TARGET
HISTORICAL LEVERAGE TARGET: CURRENT LEVERAGE TARGET:
3X - 4X ~3.5X Over The Long Term
Optimizes STZ capital
(1)
$10.0 6X
NET DEBT/ LTM EBITDA

structure
NET DEBT (BILLIONS)
$8.0 Facilitates capital

5X
$6.0 allocation flexibility
4X
$4.0 Provides lower cost
access to credit
3X
$2.0 markets
$0.0 2X Maintains investment
FY14 FY15 FY16 FY17 grade rating
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; LTM = Last Twelve Months
| 60
CASH priorities
Leverage Ratio TARGET: ~3.5x
1 2 3 4
BUSINESS INVESTMENT GROW DIVIDEND TARGETED M&A DEBT PAY DOWN /
SHARE REPURCHASE
Beer Capacity Target 25%-30% Payout ROIC Accretive Manage Within ~3.5X
Expansion Activities Ratio Growth Momentum Leverage Target
Investment to Margin Accretive
Support Growth
Synergistic
Fills Portfolio Gap
Consumer-Led
Low Risk Integration
Leverage Target Discipline
| 61
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
| 62
CORONA LIMITED EDITION
CAN COMMERCIAL
63
RMPS DIGITAL
64
MODELO ESPECIAL FIGHTING
SPIRIT COMMERCIAL
65
BLACKBOX COMMERCIAL
66
PACIFICO COMMERCIAL
67
BALLAST POINT DIGITAL
68
MEIOMI DIGITAL
69
CORONA LIGHT COMMERCIAL 70
SVEDKA BLUE RASPBERRY DIGITAL
71
| 72
72
appendix
ATTRACTIVE BEST IN CLASS SIGNIFICANT CASH

GROWTH GROWTH & PROFIT GENERATION &
CATEGORIES WITHIN MARGIN PROFILES IN SHAREHOLDER
CONSUMER SPACE CPG RETURN
OPPORTUNITIES
| 73
COMPARABLE MEASURES (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:
Acquisitions, Divestitures and Related Costs

Acquisitions, divestitures and related costs includes transaction and associated costs in connection with
pending and completed acquisitions and divestitures. In addition, 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
BEST IN CLASS
inventory step-up. Inventory step-up represents an assumed manufacturing profit attributable to the acquired
GROWTH & PROFIT

company prior to acquisition. For inventory produced and sold after the acquisition date, the related
manufacturers profit accrues to the Company.
MARGIN PROFILES IN
CPG
| 74
Restructuring and Related Charges
Global Initiative The Global Initiative includes costs associated with the Companys plan to simplify its
business, increase efficiencies and reduce its cost structure on a global basis. The Global Initiative includes
the elimination of approximately five percent of its global workforce and the termination of certain contracts, both
of which are recorded primarily as restructuring charges. In addition, the Global Initiative includes the closure of
certain office, production and warehouse facilities and a streamlining of the Companys production footprint and
sales and administrative organization. Costs associated with these items consist of accelerated depreciation,
which is recorded to cost of product sold; and other costs, which are recorded to selling, general and
administrative expenses. Lastly, the Global Initiative includes other non-material restructuring activities
primarily in connection with the consolidation of the Companys remaining spirits business into its North
American operations following the March 2009 disposition of its value spirits business.
Fiscal 2008 Plan The Fiscal 2008 Plan includes restructuring charges and acquisition-related integration
BEST IN CLASS
costs associated with the Companys plan to streamline certain of its international operations, primarily in
Australia, and its plan to streamline certain of its operations in the U.S., primarily in connection with the
GROWTH & PROFIT
restructuring and integration of the operations of the acquired Fortune Brands U.S. wine portfolio. In addition,
primarily in connection with the rationalization of the Companys U.S. wine portfolio, the Fiscal 2008 Plan
MARGIN PROFILES IN
includes costs associated with the write-down of certain inventory, which is recorded to cost of product sold;
CPG
accelerated depreciation for the consolidation of certain manufacturing processes, which is recorded to cost of
product sold; and impairment charges associated with certain assets, which are recorded to impairment of
goodwill and intangible assets.
Fiscal 2012 Initiative The Fiscal 2012 Initiative includes costs associated with the Companys plan to
streamline operations, gain efficiencies and reduce its cost structure following the sale of 80.1% of its
Australian and U.K. business. The Fiscal 2012 Initiative includes the elimination of approximately two to three
percent of its global workforce, which is recorded primarily as a restructuring charge, and other costs, which are
recorded to selling, general and administrative expenses.
Fiscal 2016 Plan The Fiscal 2016 Plan includes restructuring and related charges, consisting primarily of
employee termination benefit costs, to streamline and simplify processes, and shift resources and investment
to long-term, profitable growth opportunities across the business.
| 75
Other
Other includes items that are not specifically related to acquisitions and divestitures or restructuring and related
activities (e.g. net (gain) loss from the mark to fair value of undesignated commodity derivative contracts prior to
settlement, impairment of assets, dividend income from a retained interest in a previously divested business
and loss on write-off of debt issuance costs).
Comparable Basis Earnings before Interest and Taxes ("Comparable Basis EBIT"), as used by the Company,
means operating income plus equity in earnings (loss) of equity method investees, both on a comparable basis.
Comparable Basis EBIT is considered a performance measure and the Company considers operating income the
most comparable GAAP measure. Comparable Basis EBIT is used by management in evaluating the results of the
core operations of the Company including the results of its equity method investments. In addition, the Company
believes this information provides investors better insight on underlying business trends and results in order to
BEST IN CLASS
evaluate year over year financial performance.
The Company has disclosed its debt to EBITDA ratio GROWTHand net debt to & PROFIT
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
MARGIN
capital structure and its ability to borrow additional PROFILES
funds. The Company IN a measure of liquidity
considers EBITDA
CPG
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 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 considered in addition to, not as
a substitute for, or superior to, cash flow from operating activities prepared in accordance with GAAP.
| 76
REPORTED STATEMENT OF OPERATIONS (GAAP)
Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal First
Year Year Year Year Year Year Quarter
2012 2013 2014 2015 2016 2017 2018
(in millions, except per share data)
Net sales $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 7,331.5 $ 1,935.5
Cost of product sold (1,592.2) (1,687.8) (2,876.0) (3,449.4) (3,606.1) (3,802.1) (940.2)
Gross profit 1,062.1 1,108.3 1,991.7 2,578.6 2,942.3 3,529.4 995.3
Selling, general and administrative expenses (1) (575.6) (585.4) (1,196.0) (1,078.4) (1,177.2) (1,392.4) (427.2)
Gain on sale of business - - - - - 262.4 -
Gain on remeasurement to fair value of equity method investment - - 1,642.0 - - - -
Operating income 486.5 522.9 2,437.7 1,500.2 1,765.1 2,399.4 568.1
Earnings (losses) from unconsolidated investments 228.5 233.1 87.8 21.5 51.1 27.3 0.4
Interest expense (181.0) (227.1) (323.2) (337.7) (313.9) (333.3) (82.4)
Loss on write-off of debt issuance costs - (12.5) - (4.4) (1.1) - (6.7)
Income before income taxes 534.0 516.4 2,202.3 1,179.6 1,501.2 2,093.4 479.4
(Provision for) benefit from income taxes (89.0) (128.6) (259.2) (343.4) (440.6) (554.2) (74.1)
Net income 445.0 387.8 1,943.1 836.2 1,060.6 1,539.2 405.3
Net (income) loss attributable to noncontrolling interests - - - 3.1 (5.7) (4.1) (2.5)
Net income attributable to CBI $ 445.0 $ 387.8 $ 1,943.1 $ 839.3 $ 1,054.9 $ 1,535.1 $ 402.8
BEST IN CLASS
Diluted net income per common share attributable to CBI $ 2.13 $ 2.04 $ 9.83 $ 4.17 $ 5.18 $ 7.52 $ 2.00
Diluted weighted average common shares outstanding 208.655 190.307 197.570 201.224 203.821 204.099 201.030
Cash dividends declared per common share:

Class A Common Stock - -
GROWTH & PROFIT
- - $ 1.24 $ 1.60 $ 0.52
Class B Convertible Common Stock
Reported effective tax rate 16.7%

-
24.9%
-
MARGIN PROFILES IN
11.8%
-
29.1%
- $ 1.12
29.3%
$ 1.44
26.5%
$ 0.47
15.5%
Year over year growth:

Net sales (20%) 5% 74%
CPG 24% 9% 12% 3%
Operating income (3%) 7% NM (38%) 18% 36% 3%
Net income attributable to CBI (20%) (13%) NM (57%) 26% 46% 27%
Diluted net income per common share attributable to CBI (19%) (4%) NM (58%) 24% 45% 29%
Items as a percent of revenue:

Cost of product sold 60.0% 60.4% 59.1% 57.2% 55.1% 51.9% 48.6%
Gross profit 40.0% 39.6% 40.9% 42.8% 44.9% 48.1% 51.4%
Selling, general and administrative expenses 21.7% 20.9% 24.6% 17.9% 18.0% 19.0% 22.1%
Operating income 18.3% 18.7% 50.1% 24.9% 27.0% 32.7% 29.4%
NM - Not meaningful
(1)
Includes impairment of intangible assets of $38.1 million for the year ended February 29, 2012, impairment of goodwill and intangible assets of
$300.9 million for the year ended February 28, 2014, impairment of intangible assets of $46.0 million for the year ended February 28, 2017, and
impairment of intangible assets of $86.6 million for the three months ended May 31, 2017.
| 77
RECONCILIATION OF REPORTED AND COMPARABLE NON-GAAP INFORMATION
2012 2013 2014 2015 2016 2017 2018
Net Sales
Reported Net Sales $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 7,331.5 $ 1,935.5
Comparable Net Sales $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 7,331.5 $ 1,935.5
Cost of Product Sold

Reported Cost of Product Sold $ (1,592.2) $ (1,687.8) $ (2,876.0) $ (3,449.4) $ (3,606.1) $ (3,802.1) $ (940.2)
Inventory Step-Up 1.6 7.8 11.0 - 18.4 20.1 7.0
Favorable Interim Supply Agreement - - 6.0 28.4 31.7 2.2 -
Net Gain/Loss on Undesignated Commodity Swap Contracts BEST IN CLASS
- - (1.5) 32.7 48.1 (16.3) 3.1
GROWTH & PROFIT

Settlements of Undesignated Commodity Swap Contracts - - 0.5 (4.4) (29.5) (23.4) (2.4)
Inventory, Other - - - 2.8 - - -
Accelerated Depreciation
Comparable Cost of Product Sold MARGIN$ (1,590.3)
PROFILES
0.3 -
$ (1,680.0) IN -
$ (2,860.0)
-
$ (3,389.9)
-
$ (3,537.4)
-
$ (3,819.5) $
-
(932.5)
Gross Profit
CPG
Reported Gross Profit $ 1,062.1 $ 1,108.3 $ 1,991.7 $ 2,578.6 $ 2,942.3 $ 3,529.4 $ 995.3
Net Gain/Loss on Undesignated Commodity Swap Contracts - - (1.5) 32.7 48.1 (16.3) 3.1
Accelerated Depreciation 0.3 - - - - - -
Comparable Gross Profit $ 1,064.0 $ 1,116.1 $ 2,007.7 $ 2,638.1 $ 3,011.0 $ 3,512.0 $ 1,003.0
| 78
2012 2013 2014 2015 2016 2017 2018
Selling, General and Administrative Expenses
Reported Selling, General and Administrative Expenses $ (575.6) $ (585.4) $ (1,196.0) $ (1,078.4) $ (1,177.2) $ (1,392.4) $ (427.2)
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets - (0.5) - 0.3 - - -
Deferred Compensation - - 7.0 - - - -
Selling, General and Administrative Expenses, Other - 0.7 0.3 - - 2.6 -
Gain/Loss on Sale of Pacific Northwest Assets 3.4 (4.0) - - - - -
Gain/Loss on Obligation from Put Option of Ruffino Shareholder (2.5) - - - - - -
Net Gains on Sale of Australian and U.K. Business (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 BEST IN (7.5)
CLASS- (0.8) - - - -
GROWTH & PROFIT

Transaction and related costs associated with pending and completed acquisitions - 27.7 52.3 30.5 15.4 14.2 1.6
Restructuring Charges 24.4 9.2 (3.1) - 16.4 0.9 1.4
Costs Associated with Canadian Divestiture and Related Activities
Impairment of Goodwill and Intangible Assets
MARGIN PROFILES
-
38.1
-
-
IN -
300.9
-
-
-
-
20.4
37.6
3.2
86.8
Comparable Selling, General and Administrative Expenses
CPG
$ (524.0) $ (559.4) $ (839.4) $ (1,055.1) $ (1,145.4) $ (1,316.7) $ (334.2)
Gain on Sale of Business

Reported Gain on Sale of Business $ - $ - $ - $ - $ - $ 262.4 $ -
Gain on Sale of Business - - - - - (262.4) -
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 $ - $ - $ - $ - $ - $ - $ -
| 79
2012 2013 2014 2015 2016 2017 2018
Operating Income
Reported Operating Income $ 486.5 $ 522.9 $ 2,437.7 $ 1,500.2 $ 1,765.1 $ 2,399.4 $ 568.1
Accelerated Depreciation 0.3 - - - - - -
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets - (0.5) - 0.3 - - -
Selling, General and Administrative Expenses, Other
Gain/Loss on Sale of Pacific Northwest Assets BEST IN CLASS 3.4
- 0.7
(4.0)
0.3
-
-
-
-
-
2.6
-
-
-
Gain/Loss on Obligation from Put Option of Ruffino Shareholder
Net Gains on Sale of Australian and U.K. Business
GROWTH & PROFIT (2.5)
(0.5) (7.1)
- -
- (7.5)
- -
-
-
-
-
-
Net Gain on Acquisition of Ruffino and Related Activities
MARGIN PROFILES IN
Gains in Connection with Releases from Certain Contractual Obligations
(3.8)
(7.5)
-
- (0.8)
- -
-
-
-
-
-
-
-
Restructuring Charges
CPG
Transaction and related costs associated with pending and completed acquisitions
24.4
- 27.7
9.2
52.3
(3.1)
30.5
-
15.4
16.4
14.2
0.9
1.6
1.4
Costs Associated with Canadian Divestiture and Related Activities - - - - - 20.4 3.2
Impairment of Goodwill and Intangible Assets 38.1 - 300.9 - - 37.6 86.8
Comparable Operating Income $ 540.0 $ 556.7 $ 1,168.3 $ 1,583.0 $ 1,865.6 $ 2,195.3 $ 668.8
Earnings (Loss) from Unconsolidated Investments

Reported Earnings (Loss) from Unconsolidated Investments $ 228.5 $ 233.1 $ 87.8 $ 21.5 $ 51.1 $ 27.3 $ 0.4
Dividend from Unconsolidated Investment - - - - (24.5) - -
Other - 1.0 0.1 - - 1.7 -
Comparable Earnings (Loss) from Unconsolidated Investments $ 228.5 $ 234.1 $ 87.9 $ 21.5 $ 26.6 $ 29.0 $ 0.4
| 80
2012 2013 2014 2015 2016 2017 2018
Interest Expense
Reported Interest Expense $ (181.0) $ (227.1) $ (323.2) $ (337.7) $ (313.9) $ (333.3) $ (82.4)
Comparable Interest Expense $ (181.0) $ (227.1) $ (323.2) $ (337.7) $ (313.9) $ (333.3) $ (82.4)
Loss on Write-off of Debt Issuance Costs

Reported Loss on Write-off of Debt Issuance Costs $ - $ (12.5) $ - $ (4.4) $ (1.1) $ - $ (6.7)
Loss on Write-off of Debt Issuance Costs - 12.5 - 4.4 1.1 - 6.7
Comparable Loss on Write-off of Debt Issuance Costs $ - $ - $ - $ - $ - $ - $ -
(Provision for) Benefit from Income Taxes

Reported (Provision for) Benefit from Income Taxes $ (89.0) $ (128.6) $ (259.2) $ (343.4) $ (440.6) $ (554.2) $ (74.1)
Inventory Step-Up (0.5) (2.8) (3.5) - (6.9) (7.4) (2.4)
BEST IN CLASS
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) 6.0 (1.2)
Settlements of Undesignated Commodity Swap Contracts - - (0.1) 1.6 10.9 8.8 0.9
Inventory, Other
GROWTH & PROFIT (0.1)
- -
-
-
-
(1.1)
-
-
-
-
-
-
-
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets
Deferred Compensation MARGIN PROFILES IN -
-
0.2
- (2.6)
- (3.6)
-
-
-
-
-
-
-
CPG
Selling, General and Administrative Expenses, Other - (0.2) - - - (0.7) -
Gain/Loss on Sale of Pacific Northwest Assets (1.3) 1.5 - - - - -
Net Gains on Sale of Australian and U.K. Business 6.7 - - 2.2 - - -
Gains in Connection with Releases from Certain Contractual Obligations 3.3 - 0.3 - - - -
Transaction and related costs associated with pending and completed acquisitions - (9.6) (18.0) (8.2) (5.7) (5.4) (0.7)
Restructuring Charges (8.8) (3.2) 1.1 - (6.0) (0.3) (0.5)
Costs Associated with Canadian Divestiture and Related Activities - - - - - (3.8) (0.8)
Impairment of Goodwill and Intangible Assets (9.5) - (5.8) - - (14.0) (32.4)
Gain on Sale of Business - - - - - 66.3 -
Gain on Remeasurement to Fair Value of Equity Method Investment - - - - - - -
Dividend from Unconsolidated Investment - - - - 9.2 - -
Equity Method Investments, Other - (0.4) - - - (0.7) -
Loss on Write-off of Debt Issuance Costs - (4.7) - (1.3) (0.3) - (2.6)
Income Tax Adjustments - - (2.3) - - - -
Comparable Provision for Income Taxes $ (99.7) $ (147.8) $ (291.3) $ (374.0) $ (466.4) $ (506.2) $ (113.8)
| 81
2012 2013 2014 2015 2016 2017 2018
Net (Income) Loss Attributable to Noncontrolling Interests
Reported Net (Income) Loss Attributable to Noncontrolling Interests $ - $ - $ - $ 3.1 $ (5.7) $ (4.1) $ (2.5)
Other - - - (2.9) 0.3 - -
Comparable Net (Income) Loss Attributable to Noncontrolling Interests $ - $ - $ - $ 0.2 $ (5.4) $ (4.1) $ (2.5)
Net Income Attributable to CBI

Reported Net Income Attributable to CBI $ 445.0 $ 387.8 $ 1,943.1 $ 839.3 $ 1,054.9 $ 1,535.1 $ 402.8
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets
BEST IN CLASS 0.2
- (0.3)
- -
- (3.3)
- -
-
-
-
-
-
Deferred Compensation
Selling, General and Administrative Expenses, Other GROWTH & PROFIT -
- 0.5
- 4.4
0.3
-
-
-
- 1.9
- -
-
MARGIN PROFILES IN
CPG
Net Gains on Sale of Australian and U.K. Business 6.2 (7.1) - (5.3) - - -
Gains in Connection with Releases from Certain Contractual Obligations (4.2) - (0.5) - - - -
Transaction and related costs associated with pending and completed acquisitions - 18.1 34.3 22.3 9.7 8.8 0.9
Restructuring Charges 15.6 6.0 (2.0) - 10.4 0.6 0.9
Equity Method Investments, Other - 0.6 0.1 - - 1.0 -
Loss on Write-off of Debt Issuance Costs - 7.8 - 3.1 0.8 - 4.1
Net Income/Loss Attributable to Noncontrolling Interests, Other - - - (2.9) 0.3 - -
Comparable Net Income Attributable to CBI $ 487.8 $ 415.9 $ 641.7 $ 893.0 $ 1,106.5 $ 1,380.7 $ 470.5
| 82
2012 2013 2014 2015 2016 2017 2018
Diluted Net Income Per Common Share Attributable to CBI (1)
Reported Diluted Net Income Common Per Share Attributable to CBI $ 2.13 $ 2.04 $ 9.83 $ 4.17 $ 5.18 $ 7.52 $ 2.00
Settlements of Undesignated Commodity Swap Contracts - - - (0.01) (0.09) (0.07) (0.01)
Accelerated Depreciation - - - - - - -
Net Gain/Loss on Sale of and/or Write-down of Nonstrategic Assets - - - (0.02) - - -
BEST IN CLASS
Selling, General and Administrative Expenses, Other - - - - - 0.01 -
GROWTH & PROFIT

Net Gains on Sale of Australian and U.K. Business 0.03 (0.04) - (0.03) - - -
MARGIN PROFILES IN
Gains in Connection with Releases from Certain Contractual Obligations (0.02) - - - - - -
CPG
Transaction and related costs associated with pending and completed acquisitions - 0.10 0.17 0.11 0.05 0.04 -
Restructuring Charges 0.07 0.03 (0.01) - 0.05 - -
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 - - 0.02
Net Income/Loss Attributable to Noncontrolling Interests, Other - - - (0.01) - - -
Comparable Diluted Net Income Per Common Share Attributable to CBI $ 2.34 $ 2.19 $ 3.25 $ 4.44 $ 5.43 $ 6.76 $ 2.34
(1)
May not sum due to rounding as each item is computed independently.
| 83
COMPARABLE STATEMENTS OF INCOME (NON-GAAP)
2012 2013 2014 2015 2016 2017 2018
Net sales $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 7,331.5 $ 1,935.5
Cost of product sold (1,590.3) (1,680.0) (2,860.0) (3,389.9) (3,537.4) (3,819.5) (932.5)
Gross profit 1,064.0 1,116.1 2,007.7 2,638.1 3,011.0 3,512.0 1,003.0
Selling, general and administrative expenses (524.0) (559.4) (839.4) (1,055.1) (1,145.4) (1,316.7) (334.2)
Operating income 540.0 556.7 1,168.3 1,583.0 1,865.6 2,195.3 668.8
Earnings from unconsolidated investments 228.5 234.1 87.9 21.5 26.6 29.0 0.4
Earnings before interest and tax 768.5 790.8 1,256.2 1,604.5 1,892.2 2,224.3 669.2
Interest expense (181.0) (227.1) (323.2) (337.7) (313.9) (333.3) (82.4)
Income before income taxes 587.5 563.7 933.0 1,266.8 1,578.3 1,891.0 586.8
Provision for income taxes (99.7) (147.8) (291.3) (374.0) (466.4) (506.2) (113.8)
Net income 487.8 415.9 641.7 892.8 1,111.9 1,384.8 473.0
Net (income) loss attributable to noncontrolling interests - - - 0.2 (5.4) (4.1) (2.5)
Net income attributable to CBI $ 487.8 $ 415.9 $ 641.7 $ 893.0 $ 1,106.5 $ 1,380.7 $ 470.5
Diluted net income per common share attributable to CBI $ BEST IN CLASS
2.34 $ 2.19 $ 3.25 $ 4.44 $ 5.43 $ 6.76 $ 2.34
Diluted weighted average common shares outstanding

GROWTH & PROFIT
208.655 190.307 197.570 201.224 203.821 204.099 201.030
Cash dividends declared per common share:

Class A Common Stock MARGIN PROFILES IN
- - - - $ 1.24 $ 1.60 $ 0.52
CPG
Class B Convertible Common Stock - - - - $ 1.12 $ 1.44 $ 0.47
Comparable effective tax rate 17.0% 26.2% 31.2% 29.5% 29.6% 26.8% 19.4%
Year over year growth:

Net sales (20%) 5% 74% 24% 9% 12% 3%
Operating income 1% 3% 110% 35% 18% 18% 22%
Earnings before interest and tax (1%) 3% 59% 28% 18% 18% 22%
Net income attributable to CBI 20% (15%) 54% 39% 24% 25% 48%
Diluted net income per common share attributable to CBI 23% (6%) 48% 37% 22% 24% 52%
Items as a percent of revenue:

Cost of product sold 59.9% 60.1% 58.8% 56.2% 54.0% 52.1% 48.2%
Gross profit 40.1% 39.9% 41.2% 43.8% 46.0% 47.9% 51.8%
Selling, general and administrative expenses 19.7% 20.0% 17.2% 17.5% 17.5% 18.0% 17.3%
Operating income 20.3% 19.9% 24.0% 26.3% 28.5% 29.9% 34.6%
Earnings before interest and tax 29.0% 28.3% 25.8% 26.6% 28.9% 30.3% 34.6%
| 84
ADJUSTED EBITDA CALCULATION AND RECONCILIATION, FREE CASH FLOW
RECONCILIATION (NON-GAAP)
2012 2013 2014 2015 2016 2017 2018
(in millions)
Comparable Net Sales $ 2,654.3 $ 2,796.1 $ 4,867.7 $ 6,028.0 $ 6,548.4 $ 7,331.5 $ 1,935.5
Comparable Basis EBITDA Calculation

Comparable Operating Income $ 540.0 $ 556.7 $ 1,168.3 $ 1,583.0 $ 1,865.6 $ 2,195.3 $ 668.8
Comparable Earnings (Loss) from Unconsolidated Investments 228.5 234.1 87.9 21.5 26.6 29.0 0.4
Comparable Basis EBIT 768.5 790.8 1,256.2 1,604.5 1,892.2 2,224.3 669.2
Comparable Depreciation 98.1 108.2 139.8 162.0 180.3 237.5 70.1
Comparable Amortization 5.4 7.2 9.5 11.6 9.0 8.2 1.4
Total Depreciation and Amortization 103.5 115.4 149.3 173.6 189.3 245.7 71.5
Comparable Basis EBITDA $ 872.0 $ 906.2 $ 1,405.5 $ 1,778.1 $ 2,081.5 $ 2,470.0 $ 740.7
Comparable Basis EBITDA Reconciliation

Net Cash Provided By Operating Activities $ 784.1 $ 556.3 $ 826.2 $ 1,081.0 $ 1,413.7 $ 1,696.0 $ 381.6
Net Cash Provided By Operating Activities Margin 29.5% 19.9% 17.0% 17.9% 21.6% 23.1%
Deb t to LTM Net Cash Provided b y Operating Activities 4.0 5.9 8.5 6.7 5.7 5.4 5.3
Provision for (Benefit from) Income Taxes 89.0 128.6 259.2 343.4 440.6 554.2 74.1
Interest Expense 181.0 227.1 323.2 337.7 313.9 333.3 82.4
Change in Operating Assets and Liabilities (2)
Equity in Earnings of Equity Method Investees, Net of Distributed Earnings
Deferred Tax Provision
BEST IN CLASS
(101.6)
(2.6)
(48.0)
67.7
(7.6)
(39.2)
1.5
43.3
(41.6)
142.1
1.2
(79.3)
160.8
3.8
(251.0)
33.9
(0.7)
(128.7)
258.7
0.2
8.5
Comparable Adjustments
Stock-Based Compensation Expense
Other Items (2)
GROWTH & PROFIT
53.2
(47.6)
(35.5)
34.8
(40.8)
(20.7)
(1,269.3)
(49.9)
1,312.9
82.8
(55.0)
(75.8)
76.0
(54.0)
(22.3)
(202.4)
(56.1)
240.5
100.7
(15.1)
(150.4)
MARGIN PROFILES IN
Comparable Basis EBITDA $ 872.0 $ 906.2 $ 1,405.5 $ 1,778.1 $ 2,081.5 $ 2,470.0 $ 740.7
LTM Comparable Basis EBITDA $ 872.0 $ 906.2 $ 1,405.5 $ 1,778.1 $ 2,081.5 $ 2,470.0 $ 2,603.5
Total Debt CPG

$ 3,129.5 $ 3,305.4 $ 7,020.5 $ 7,296.5 $ 8,081.2 $ 9,238.1 $ 9,211.5
Debt to LTM Comparable Basis EBITDA 3.6 3.6 5.0 4.1 3.9 3.7 3.5
Free Cash Flow Reconciliation

Net Cash Provided By Operating Activities $ 784.1 $ 556.3 $ 826.2 $ 1,081.0 $ 1,413.7 $ 1,696.0 $ 381.6
Purchases of Property, Plant and Equipment (68.4) (62.1) (223.5) (719.4) (891.3) (907.4) (217.1)
Free Cash Flow $ 715.7 $ 494.2 $ 602.7 $ 361.6 $ 522.4 $ 788.6 $ 164.5
Net Debt to LTM Comparable Basis EBITDA

Total Debt $ 3,129.5 $ 3,305.4 $ 7,020.5 $ 7,296.5 $ 8,081.2 $ 9,238.1 $ 9,211.5
Less: Cash (85.8) (331.5) (63.9) (110.1) (83.1) (177.4) (199.1)
Less: Restricted Cash - - - - - - -
Net Debt $ 3,043.7 $ 2,973.9 $ 6,956.6 $ 7,186.4 $ 7,998.1 $ 9,060.7 $ 9,012.4
Net Debt to LTM Comparable Basis EBITDA 3.5 3.3 4.9 4.0 3.8 3.7 3.5
(2)
Certain items, when material, are reported as part of the Change in Operating Assets and Liabilities in the Company's quarterly filings. If not material, these
same items are reported as part of Other Items. For reporting in this analysis, presentation for those certain items is consistent with the presentation in the
Company's annual filings.
| 85

STZ Constellation Brands Sept 2017 Presentation

Caricato da

Informazioni sul documento

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

STZ Constellation Brands Sept 2017 Presentation

Caricato da

Copyright:

Formati disponibili

BARCLAYS BACK TO

BILL NEWLANDS, COO

BEVERAGE ALCOHOL IS A LEADER IN SIZE AND GROWTH CONTRIBUTION WITHIN CONSUMER

WINE & SPIRITS BUSINESS

DRINK ALL 3 $196

MORE THAN HALF OF TBA DOLLAR SALES COME FROM CONSUMERS

LEADING TBA POSITION SCALE

CROSS CATEGORY CROSS PROMOTIONAL

INNOVATION INSIGHTS MARKETING

STRATEGIC CUSTOMER CUSTOMER SOLUTIONS

KEY FOCUS AREAS

EFFERVESCENSE HYBRID DRINKS

ROS ALL DAY

FY17 ~5M Cases FY18

Source: Depletion cases and trends FY17 company measures

Pacifico Limited Edition

9L Equivalized Cases as % of TBA

CAGR = Compound Annual Growth Rate | 19

beer wine spirits

2016 HIGH-END BEER

CALENDAR 17 19 HIGH-END DRIVERS (M CASES)

Source: Nielsen Analytics 2016 estimates

CALENDAR 17 19 HIGH-END DRIVERS (M CASES)

Source: Nielsen Analytics 2016 estimates | 25

Off-Premise ~18 ~61 ~69 ~37 ~26

Off-Premise ~57 NEW

CONSUMER INSIGHTS DATA ANALYTICS

ROSI TEST RESULTS IN 9 INDEPENDENT RETAILERS:

(1) Nielsen CGA, reflects Total US sales trend for 52 weeks

LOVE THE BRAND

35% 70% 35% 15% 40%

FOR OUR BEER BRANDS

Easy going, social, fun-loving,

~116M Cases +4%

~93M Cases +18%

Source: Depletion cases and trends FY17 company measures | 36

~8M Cases +19%

Source: Depletion cases FY17 company measures | 38

VOLUME GROWTH DOLLAR GROWTH

OF WINE & SPIRITS

CONSUMER-LED 360 BRAND

INNOVATION BRAND REFRESH

AND ITS working

+60% +38% +30%

HIGHER MARGIN HIGHER GROWTH

PRUDENT CAPITAL RESOURCE MANAGEMENT

DAVID KLEIN, CFO

$8.0 $2.5 $7.0

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

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

DILUTED EPS : >10% GROWTH

(1) Organic growth, excludes benefits from any future acquisitions | 54

Source: Company estimates and measures | 55

LOGISTICS GLASS SUPPLY VALUE ENGINEERING

COGS = Cost of Goods Sold | 56

(1) Organic growth, excludes benefits from any future acquisitions | 57

SUPPLY BLEND YIELD

NETWORK PACKAGING REDUCE

(Peak spending in FY18

Optimizes STZ capital

NET DEBT/ LTM EBITDA

$8.0 Facilitates capital