Constellation Brands, Inc. announced that it has priced the previously announced series of cash tender offers (the Offers) for any and all of its outstanding 3.20% Senior Notes due 2023 and 4.25% Senior Notes due 2023 (collectively, the Notes). The Offers are being made on the terms and subject to the conditions set forth in the Offer to Purchase, dated May 2, 2022 (the Offer to Purchase) and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the Notice of Guaranteed Delivery). The Offer to Purchase and the Notice of Guaranteed Delivery are referred to together as the Offer Documents.

The Offers will expire May 6, 2022 at 5:00 p.m., New York City time, unless extended or earlier terminated by the Company as described in the Offer Documents (such time and date, as they may be extended, the Expiration Time). Holders who validly tender (and do not validly withdraw) their Notes, or who deliver a properly completed and duly executed Notice of Guaranteed Delivery in accordance with the instructions in the Offer to Purchase, will be eligible to receive the applicable Tender Offer Consideration described below and in the Offer Documents. Title of Note: 3.20% Senior Notes due 2023; CUSIP Number: 21036PAX6; Principal Amount Outstanding: $600,000,000; U.S. Treasury Reference Security: 1.500% UST due January 15, 2023; Reference Yield: 1.770%; Fixed Spread: 12.5 bps; Tender Offer Consideration: $1,008.81.

Title of Note: 4.25% Senior Notes due 2023; CUSIP Number: 21036PAL2; Principal Amount Outstanding: $1,050,000,000; U.S. Treasury Reference Security: 1.625% UST due April 30, 2023; Reference Yield: 2.145%; Fixed Spread: 50.0 bps; Tender Offer Consideration: $1,015.39. In addition, holders whose Notes are validly tendered pursuant to the applicable Offer (and not validly withdrawn) prior to the Expiration Time will receive accrued and unpaid interest from the last interest payment date to, but not including, the Settlement Date (as defined in the Offer to Purchase) for all Notes tendered pursuant to such Offer (and not validly withdrawn) prior to the Expiration Time, including Notes tendered by Notice of Guaranteed Delivery. The Company expects the Settlement Date to occur on May 9, 2022.

Notes tendered by Notice of Guaranteed Delivery (and not validly withdrawn) prior to the Expiration Time and accepted for purchase will be purchased on the first business day after the Expiration Time, which is expected to be May 9, 2022, assuming the Expiration Time is not extended, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date. The Company's obligation to accept for purchase and to pay for Notes validly tendered pursuant to the Offers (and not validly withdrawn) prior to the Expiration Time is subject to the satisfaction or waiver, in the Company's discretion, of certain conditions, which are more fully described in the Offer to Purchase, including, among others, the completion of the Company's previously announced offering of its new senior notes, which is expected to occur on the Settlement Date. The complete terms and conditions of the Offers are set forth in the Offer Documents.

Holders of the Notes are urged to read the Offer Documents carefully before making any decision with respect to the Offers. The applicable “Tender Offer Consideration” listed in the table above for each $1,000 principal amount of Notes validly tendered pursuant to the applicable Offer (and not validly withdrawn) prior to the Expiration Time and accepted for purchase pursuant to such Offer was determined in the manner described in the Offer Documents by reference to the fixed spread for the applicable Notes specified in the table above plus the yield based on the applicable bid-side price of the U.S. Treasury Reference Security specified in the table above on May 6, 2022.