#1DIAGEO Delivering Long-term Sustainable Growth: Our Vibrant Scotch Portfolio Debra Crew, Chief Executive Officer Designate Cristina Diezhandino, Chief Marketing Officer Alvaro Cardenas, President, Latin America and Caribbean Edinburgh 01 June 2023#2Cautionary statements concerning forward-looking statements This presentation contains 'forward-looking' statements. These statements can be identified by the fact that they do not relate only to historical or current facts. In particular, forward-looking statements include all statements that express forecasts, expectations, plans, outlook, objectives and projections with respect to future matters, including the statements related to Diageo's fiscal 23 outlook, Diageo's medium-term guidance for fiscal 23 to fiscal 25 and any other statements with respect to trends in results of operations, margins, growth rates, overall market trends, the impact of changes in interest or exchange rates, the availability or cost of financing to Diageo, anticipated cost savings or synergies, expected investments, the completion of any strategic transactions or restructuring programmes, anticipated tax rates, changes in the international tax environment, expected cash payments, outcomes of litigation or regulatory enquiries, anticipated changes in the value of assets and liabilities related to pension schemes and general economic conditions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors that are outside Diageo's control. These factors include, but are not limited to: (i) economic, political, social or other developments in countries and markets in which Diageo operates, including macroeconomic events that may affect Diageo's customers, suppliers and/or financial counterparties; (ii) the impact of the Covid-19 pandemic, or any other global or regional public health threats, on Diageo's business, financial condition, cash flows and results of operation; (iii) the elevated geopolitical instability as a result of Russia's invasion of Ukraine; (iv) the effects of climate change, or legal, regulatory or market measures intended to address climate change; (v) changes in consumer preferences and tastes, including as a result of disruptive market forces, changes in demographics and evolving social trends (including any shifts in consumer tastes towards at-home occasions, premiumisation, small-batch craft alcohol, or lower or no alcohol products and/or developments in e-commerce); (vi) changes in the domestic and international tax environment that could lead to uncertainty around the application of existing and new tax laws and unexpected tax exposures; (vii) changes in the cost of production, including as a result of increases in the cost of commodities, labour and/or energy due to inflation and/or supply chain disruptions; (viii) any litigation or other similar proceedings (including with tax, customs, competition, environmental, anti-corruption or other regulatory authorities); (ix) legal and regulatory developments, including changes in regulations relating to environmental issues and/or e-commerce; (x) the consequences of any failure of internal controls; (xi) the consequences of any failure by Diageo or its associates to comply with anti-corruption, sanctions, trade restrictions or similar laws and regulations, or any failure of Diageo's related internal policies and procedures to comply with applicable law or regulation; (xii) cyber-attacks or any other disruptions to core business operations; (xiii) contamination, counterfeiting or other circumstances which could harm the level of customer support for Diageo's brands and adversely impact its sales; (xiv) Diageo's ability to maintain its brand image and corporate reputation or to adapt to a changing media environment; (xv) increased competitive product and pricing pressures, including as a result of introductions of new products or categories that are competitive with Diageo's products and consolidations by competitors and retailers; (xvi) increased costs for, or shortages of, talent, as well as labour strikes or disputes; (xvii) Diageo's ability to derive the expected benefits from its business strategies, including Diageo's investments in e-commerce and its luxury portfolio; (xviii) fluctuations in exchange rates and/or interest rates; (xix) a tightening of global financial conditions, including an extended period of constraint in the capital markets which Diageo may access; (xx) movements in the value of the assets and liabilities related to Diageo's pension plans; (xxi) Diageo's ability to renew supply, distribution, manufacturing or licence agreements (or related rights) and licences on favourable terms, or at all, when they expire; or (xxii) any failure by Diageo to protect its intellectual property rights. All oral and written forward-looking statements made on or after the date of this presentation and attributable to Diageo are expressly qualified in their entirety by the above cautionary factors and by the 'Risk Factors' included in Diageo's Annual Report on Form 20-F for the year ended 30 June 2022 filed with the US Securities and Exchange Commission (SEC). Any forward-looking statements made by or on behalf of Diageo speak only as of the date they are made. Diageo does not undertake to update forward-looking statements to reflect any changes in Diageo's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. This presentation includes names of Diageo's products, which constitute trademarks or trade names which Diageo owns, or which others own and license to Diageo for use. All rights reserved. © Diageo plc 2023. This presentation includes financial measures which are not presented in Diageo's financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and are considered "non- GAAP financial measures" under SEC rules. Please refer to the section "Definitions and reconciliations of non-GAAP measures to GAAP measures" set out at the end of this presentation. DIAGEO 2 | Investor Scotch Presentation June 2023#3DELIVERING SUSTAINABLE LONG-TERM GROWTH Introduction to Debra DIAGEO 3 | Investor Scotch Presentation June 2023#4DIAGEO'S PERFORMANCE AMBITION DIAGEO 4 | Investor Scotch Presentation June 2023 To be one of the best performing, most trusted and respected consumer products companies in the world#5DELIVERING SUSTAINABLE LONG-TERM GROWTH Confident in Scotch as a top driver of sustainable long-term growth DIAGEO 5 | Investor Scotch Presentation June 2023 ✔Scotch is large and growing ahead of TBA¹ Scotch is premiumising and we lead it We are recruiting consumers into Scotch and driving new occasions ✔ We are building Scotch brand relevance and appeal ✔ We are investing in Scotch for long-term sustainable growth ¹TBA denotes global Total Beverage Alcohol market#6DELIVERING SUSTAINABLE LONG-TERM GROWTH Hot off the press... 2022 a fantastic year for Scotch Int. Spirits accelerating in TBA (% value growth 2022) TBA Sub-Category Value Growth (%) Spirits Beer RTD Wine Baijiu Total 10% 10% 8% 1% -2% 6% DIAGEO 6 | Investor Scotch Presentation June 2023 Scotch continues to thrive (% value & volume growth 2022) 12% 6% Int. Whisky 16% 7% Scotch Value Volume Diageo Scotch breaking out (% value & volume growth 2022) 19% 9% Diageo Scotch 20.1% share of Int. Whisky (+121bps) Source: IWSR 2022 data as at 1 June 2023#7DELIVERING SUSTAINABLE LONG-TERM GROWTH Scotch is large and continues to grow ahead of TBA 2nd largest International Spirits category¹ (% of Int'l Spirits category 2022 value) 18% Vodka 14% 8% 7% Scotch Liqueurs, Rum Bitters & Aperitifs DIAGEO 7 | Investor Scotch Presentation June 2023 7% 7% US Agave Whiskey Spirits 6% Cognac Scotch TBA Growing ahead of TBA (% value CAGR) 2016-2021 5% 4% 2021-2026F² 6% 5% 1Source: IWSR 2022 data as at 1 June 2023 2 Source: Diageo forecast#8DELIVERING SUSTAINABLE LONG-TERM GROWTH 12% Scotch is a global category and the most premium in international spirits DIAGEO 14% Broad geographical footprint (% 2022 Scotch category value by region) 27 37% 3% 8 | Investor Scotch Presentation June 2023 6% Global Travel 9% 19% $21Bn Absolute category value in Premium+ price tiers Scotch Cognac US Agave Other Vodka Gin Int'l Whiskey Spirits Whiskies¹ Rum Source: IWSR 2022 data as at 1 June 2023 ¹ Other Int'l Whiskies include: Irish, Canadian and Japanese Whiskey#9DELIVERING SUSTAINABLE LONG-TERM GROWTH Scotch is Diageo's largest category Gin 5% Liqueur 5% Rum 5% Vodka 9% Other 12% Scotch 27% Diageo reported net sales F23 H1 DIAGEO 9 I Investor Scotch Presentation June 2023 Beer 14% Int'l whiskey 12% Tequila 11% to JW Blue JOTENIR WACKER K LABEL Blue Label Det =12 SINGLETON magle Walt Fontch Whisky TUSCIOUS HECTAR YEARS OLD The Singleton BUCHANAN'S BELIZES 803 JW Black Buchanan's TALISKER SINGLE MALT 10 EL Talisker Lagavulin Old Parr -12- LAGAVULIN 16 TE WAY Old Parr Red Label/ Widy JW Red ii Ti MORTLACH 12 TRISTELLES Mortlach RARE map J&B Black & White Pended Font Kay Black & White Source: Diageo#10DELIVERING SUSTAINABLE LONG-TERM GROWTH Diageo leads in International Whiskies and Scotch Int'l Whiskies Scotch 25% Diageo 39% Peer 1 Int'l Whiskies Value by Manufacturer (2022) 16% Peer 2 DIAGEO 10 | Investor Scotch Presentation June 2023 11% Peer 3 20% 10% 5% 4% Peer 4 8% Peer 5 7% Others 29% 23% $69Bn $36Bn Diageo Relative market share 1.6x 1.9x Source: IWSR 2022 data as at 1 June 2023#11DELIVERING SUSTAINABLE LONG-TERM GROWTH Diageo scotch is fueling the growth and winning share in International Whiskies Diageo Scotch portfolio delivered 30% total Int'l Whiskies category value growth in 2022¹ DIAGEO 11 | Investor Scotch Presentation June 2023 Diageo Scotch Share of Int'l Whiskies² 14.6% June 2020 320bps 17.0% May 2022 17.8% May 2023 ¹Source: IWSR 2022 data as at 1 June 2023 2 Source: Diageo GPS (R12M Retail Sales Value (RSV) data, May 2023)#12DELIVERING SUSTAINABLE LONG-TERM GROWTH Diageo scotch is delivering strong topline growth in all regions DIAGEO North America +5%¹ F19 H1 to F23 H1 Scotch organic net sales value CAGR¹ Latin America and Caribbean +15%¹ 12 | Investor Scotch Presentation June 2023 Africa +6%¹ Europe +6%¹ Greater China +13%¹ Asia Pacific +10%¹ Source: Diageo ¹ Indicative CAGR for first half of fiscal 19 to first half of fiscal 23 CAGR; the impact from disposals, acquisitions and re-classifications may not be fully captured#13DELIVERING SUSTAINABLE LONG-TERM GROWTH DIAGEO Diageo scotch is increasingly more premium than the category Share of Scotch category value by price tier¹ 59% 41% 2022 13 | Investor Scotch Presentation June 2023 Premium Plus STD/Value Diageo reported Scotch net sales² by price segment, F21-F23 H1 67% 33% F21 70% 30% F23 H1 1 Source: IWSR 2022 data as at 1 June 2023 2 Source: Diageo#14DELIVERING SUSTAINABLE LONG-TERM GROWTH Johnnie Walker driving growth in International Whiskies Contribution to Global Int'l Whiskies Category Growth¹ May '21-23 DIAGEO 16% May ¹21-¹22 23% May ¹22-¹23 14 | Investor Scotch Presentation June 2023 18% Organic NSV growth² CAGR H1 F21-F23 35% 29% 26% Red Label Black Label Blue Label Johnnie Walker Total 14% Organic volume growth² CAGR H1 F21-F23 28% 25% 19% Red Label Black Label Blue Label Johnnie Walker Total 1 Source: Diageo GPS (R12M Retail Sales Value (RSV) data, May 2023) 2 Source: Diageo#15DELIVERING SUSTAINABLE LONG-TERM GROWTH In the US Scotch is also performing strongly DIAGEO 15 | Investor Scotch Presentation June 2023 Diageo US Scotch category share¹ % 35.9 FYTD 2021 +305bps 37.0 FYTD 2022 38.9 FYTD 2023 1 Source: Diageo GPS, R12M value share, May 2023#16DELIVERING SUSTAINABLE LONG-TERM GROWTH Diageo is committed to leading Scotch to a low carbon future PHASE 1 PHASE 2 DIAGEO 16 | Investor Scotch Presentation June 2023 Furnace Decarbonisation Regen Agri @scale Packaging Renovation JOHNNIE WALKER. BLACK LABEL ****** *** Vr KALPANE AMIGO Breakthrough innovation LLEIT ILLING CO Protect Peatlands BULLEIT DISTILLING CO LLEIT ILLING CO Logistics decarbonisation#17Spaceport Bon Bridge Brands Distillery Hydrogen for Transport Virtuous circle of consistent investment JOHNNIE WALKER CALLCE Firth Invernalis JOHNNIE WALKE Housing Sustainability Tank Storage 14 Dumbch Firth Rail Network Distillation & maturation Substation Scotland PORT ELLEN#18DELIVERING SUSTAINABLE LONG-TERM GROWTH DIAGEO 18 | Investor Scotch Presentation June 2023 AGENDA 1. 2. 3. 4. Wrap Up / Q&A Role of Scotch for Diageo Scotch brand building LAC Scotch overview#19DIAGEO 19 DISCOVERY We are entering a new era for Scotch JOHNNIE WALKER BORN 1820 Investor Scotch Presentation June 2023 STILL GOING STRONG DISTRIBUTION MAA DIVERSIFICATION DESIRE#20DIAGEO The age of desire 20 | Investor Scotch Presentation June 2023