Exhibit (c)(20)

PROJECT BEACH    Discussion Materials    MAY 2022    STRICTLY PRIVATE & CONFIDENTIAL    

STRICTLY PRIVATE & CONFIDENTIAL    STZ Top Shareholders Shareholder Feedback Provided to Special                Special Committee feedback provided by shareholders holding only ~12% of shares outstanding, all of which appear Committee supportive of a reclassification and many of which appear unfamiliar with the terms of precedent transactions                Holder Name Number of Shares (mm) Market Value (mm) Current % Outstanding    Vanguard 12.0 $2,951.7 7.4%    Capital World 9.2 2,266.9 5.7%    SSgA Funds Management 7.1 1,747.1 4.4% BlackRock Fund Advisors 6.6 1,624.8 4.1% Wellington Management 4.8 1,192.2 3.0% Aristotle Capital Management 3.7 922.8 2.3% JPMorgan 3.6 881.9 2.2%    Harris Associates 3.4 825.4 2.1%    AllianceBernstein 3.2 790.4 2.0% Geode Capital 2.7 653.4 1.6%    Top 10 Shareholders 56.3 $13,856.5 34.6%    Janus Henderson 2.4 583.8 1.5% Morgan Stanley Smith Barney 1.9 466.0 1.2% American Century 1.8 455.6 1.1%    Fidelity 1.7 422.4 1.1% T. Rowe Price 1.7 406.9 1.0%    Voya 1.6 383.0 1.0% Northern Trust 1.5 378.8 0.9% Norges 1.5 364.7 0.9% BlackRock Advisors 1.5 359.7 0.9% Neuberger Berman 1.4 351.9 0.9%    Capital International 1.2 288.7 0.7%    BlackRock Investment Management 1.1 281.7 0.7% Amundi 1.0 253.9 0.6% Arrowstreet 1.0 253.4 0.6% RBC Dominion 1.0 251.0 0.6%    Top 25 Shareholders 78.6 $19,358.0 48.3% Top 50 Shareholders 96.1 $23,665.7 59.0%    Included in Shareholder Feedback (1) 17.1 $4,210.3 10.5%    Source: FactSet    Note: Market data as of 5/27/2022 2    1. Figures exclude an undisclosed top 25 shareholder; assuming holder owns ~1%, total shareholders providing feedback is ~12%    

STRICTLY PRIVATE & CONFIDENTIAL                Summary of Equity Research Commentary on Reclassification                Analysts are unanimously in favor of a declassification, and many mention valuation benefits even at the premium level of the original proposal                Comments on Proposed 35% Exchange Rate Neutral / Positive on                Broker No Positive Negative Comments Concept Comment                “We ultimately view the declassification as the right thing to do from                ✓ a governance standpoint and in terms of establishing longer term strategic flexibility…our understanding is that the implied premium is quite expensive versus more common historical precedents”                “The reduction of the Sands Family voting control over STZ has been desired by many investors. And on paper, the proposal is                ✓ ✓ economically attractive… a re-rating of STZ to 20.4x NTM+1 EPS (the multiple we think it deserves) from improved corporate governance would lead to ~17% share price appreciation”                “While we think this is an important step forward for the company in                ✓ ✓ terms of corporate governance, it does not change our view that a three way tie up between KO & MNST & STZ is unlikely in the near term”                “Today’s announcement suggests a willingness to evolve the control                ✓ ✓ of the company to public shareholders, and should de-risk STZ’s multiple, which has been depressed on M&A speculation and frustration at the lack of investor influence on capital allocation decisions”                “Despite various potential outcomes, we are positive on the spirit of the conversion deal…With de-classification, strategic control will shift to                ✓ ✓ Class A shareholders and major concerns around capital allocation should diminish. We expect this to be attractive to long only investors in particular”                “Conversion is something the Sands’ family has been considering for                ✓ ✓ quite some time and reinforces confidence in CEO Bill Newlands (first non-family CEO)”                “We believe this is a positive catalyst for stock as it removes a key                ✓ ✓ overhang. If approved by the company’s Board, the potential transaction could attract additional investor interest in the stock from those who prefer single-class structures”                3                Source: Equity research                

STRICTLY PRIVATE & CONFIDENTIAL                Summary of Equity Research Commentary on Reclassification (cont’d)                Analysts are unanimously in favor of a declassification, and many mention valuation benefits even at the premium level of the original proposal                Comments on Proposed 35% Exchange Rate Neutral / Positive on                Broker No Positive Negative Comments Concept Comment                “While the suggested premium is not inconsequential, it deserves                ✓ ✓ serious consideration from the BOD/shareholders and would help lift the long discussed M&A overhang on STZ’s multiple”                “Despite the hefty 35% premium (in our view), we think shareholders                ✓ ✓ will ultimately welcome the proposal, as it better aligns STZ’s corporate governance…[and] earnings dilution [will be] offset by removal of perceived overhang”                “We think some of the stock’s valuation discount in our minds                ✓ ✓ around capital allocation concerns will be reduced, and higher valuation will probably offset EPS dilution potential”                “We view the proposed removal of STZ dual-class share structure favorably... While the market responded negatively to the proposed 35%                ✓ premium in the Sands family’s initial offer…we believe ultimately a compromise could be found in a 10-20% premium, consistent with our analysis of prior transactions”                “Shareholders gaining more control is a net positive for the longer                ✓ ✓ term, even if there is likely a valid debate around “what cost” is required for gaining said control.”                Total 12 8 2 2                4                Source: Equity research                

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