Diageo Results Presentation Deck

DELIVERING SUSTAINABLE LONG-TERM GROWTH Consistent and disciplined approach to capital allocation DIAGEO Leverage ratio policy Adjusted net debt¹ to adjusted EBITDA: 2.5x - 3.0x Organic growth 30 Preliminary Results Fiscal 23 Dividends 1.8x to 2.2x dividend cover M&A and portfolio management Return excess cash to shareholders Source: Diageo internal information 1. Net debt is equivalent to net borrowings. Adjusted net debt includes net debt and post employment plan benefit liabilities

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