DIAGEO PLC

Fiscal 24 was challenging for Diageo and for the broader industry, with the unwinding and normalisation following the Covid-19 super-

cycle and the ongoing macroeconomic and geopolitical backdrop. Total Beverage Alcohol (TBA) however remains a highly attractive

sector, which will deliver sustainable long-term growth and generate shareholder value.

Diageo is a resilient business, and in fiscal 24 we have taken decisive actions to improve our near-term execution, including

addressing the inventory issues in our Latin America and Caribbean (LAC) region. We are strengthening our consumer insights, and by

the end of calendar year 2024 we will have rolled out our proprietary Consumer Choice Framework across markets covering a

significant portion of our net sales. This will give us a much deeper understanding of consumer motivations and occasions. We are

redeploying our resources where we have thebest opportunities to grow and we have stepped up our route-to-market capabilities,

including in the United States (US), our largest market. We have also delivered a record year of productivity savings, nearly $700

million, over-delivering on our three-year productivity goal by $200 million.

(1)Source: Internal estimates, incorporating AC Nielson, Association of Canadian Distillers, Dichter & Neira, Frontline, Intage, IRI, ISCAM, NAMBCA, State Monopolies, TRAC,

IPSOS and other third party providers. All analysis of data has been applied with a tolerance of +/-3bps