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Diageo is a global leader in the beverage alcohol industry with an outstanding collection of brands across spirits and beer. Its products are sold in more thannearly 180 countries around the world and its brands include Johnnie Walker, Crown Royal, JεB and Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Casamigos, Tanqueray and Guinness. Diageo’s Performance Ambition is to be one of the best performing, most trusted and respected consumer products companies in the world.

This is the Annual Report on Form 20-F of Diageo plc for the year ended 30 June 2022.2023. The information set out in this Form 20-F does not constitute Diageo plc’s statutory accounts under the UK Companies Act for the years ended 30 June 2022,2023, 30 June 20212022 and/or 30 June 2020.2021. The accounts for the years ended 30 June 20212022 and 30 June 20202021 have been delivered to the registrar of companies for England and Wales and those for the year ended 30 June 20222023 will be delivered to the registrar of companies for England and Wales in due course.

The content of the company’s website (www.diageo.com) shouldThis document may contain inactive textual addresses to websites operated by Diageo (including www.diageo.com) and third parties. Reference to such websites is made for information purposes only, and any information found at such websites does not be considered to form a part of or bethis document and is not incorporated by reference into this report.document. Diageo does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. This report 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. In this report, the term ‘company’ refers to Diageo plc and terms ‘group’ and ‘Diageo’ refer to the company and its consolidated subsidiaries, except as the context otherwise requires. A glossary of terms used in this report is included at the end of the report.

The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) adopted by the UK IFRSs as adopted by the EU(UK-adopted International Accounting Standards) and IFRSs, as issued by the IASB, including interpretations issued by the IFRS Interpretations Committee. IFRS as adopted by the UK and by the EU differs in certain respects from IFRS as issued by the IASB. The differences have no impact on the group’s consolidated financial statements for the years presented. The consolidated financial statements are prepared on a going concern basis under the historical cost convention, unless stated otherwise in the relevant accounting policy.

The financial performance expectations related to Diageo’s future organic net sales growth and organic operating profit growth, Diageo’s fiscal 2324 outlook, Diageo’s medium-term guidance for fiscal 23 to fiscal 25, Diageo’s supply chain agility programme, future Total Beverage Alcohol market share ambitions and any other statements related to Diageo’s performance expectations for the year ending 30 June 20232024 or thereafter included in this document have been prepared by and are the responsibility of Diageo’s management.

PricewaterhouseCoopers LLP has not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to the

financial performance expectations and, accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of

assurance with respect thereto. The PricewaterhouseCoopers LLP report included in this document relates to Diageo’s historical

financial statements. It does not extend to the financial performance expectations and should not be read to do so. The financial

performance expectations were not prepared with a view toward compliance with published guidelines of the Securities and Exchange

Commission or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation

of prospective financial information.

Organic movements and organic operating margins are before exceptional items. Commentary, unless otherwise stated, refers to

GAAP measures, including organic net sales, organic operating profit, free cash flow, eps before exceptionals, ROIC, adjusted net

debt, adjusted EBITDA and tax rate before exceptional items.

With over 200Ivan’s energy and his commitment to diversity created an inclusive business and enabled Diageo to have a positive impact on the communities we serve. His passion for our brands was second-to-none and sales in more than 180 countries, our portfolio offers something for every tastehis heart, he remained the Johnnie Walker marketer from his early days. The desire to build the world’s best brands never left him. We are truly privileged to have had the opportunity to work alongside such a thoughtful and celebrationpassionate colleague and friend – a true gentleman. He has built an extraordinary legacy.”

Ivan joined Diageo internal data – 6 September 2021at its creation in 1997 and held many senior positions in a career spanning over 25 years at the company. He had been the Strategy Director for Guinness plc, and when Diageo was created through the merger of Guinness plc and Grand Metropolitan, Ivan was appointed Group Integration Director tasked with integrating this ‘merger of equals ’.

Ivan was appointed to the Board as an Executive Director of Diageo in July 2012 and served as Chief Executive Officer since July 2013. He was due to retire on 30 June 20222023.

Ivan was an inspirational champion for both women and ethnic minorities in business. In 2008, there were no women on Diageo’s Executive Committee; today, over half are women, including his successor as Chief Executive, the Chief Financial Officer and the Presidents of Diageo’s largest markets – North America, Europe and India, and almost half of the Executive Committee are ethnically diverse.

Over the last five years, Diageo’s total shareholder returns have outperformed the FTSE 100, and the company has continued its progressive policy to increase dividends every year.

best portfolio of brands, in what we

believe to be the world’s leading companies. most exciting

The secret to our success is our understanding of those we serve. We constantly strive to know the consumers of our brands and our on-trade and off-trade customers better than anyone else. And we have invested in new digital and data capabilities to constantly evolve our insights, putting people at the heart of everythingthe way we do

We have an accessible purpose that provides a holistic platformbelieve premiumisation goes hand in hand with moderation. And as we grow, we are committed to always encouraging moderation through the promotion of responsible drinking across our markets – it’s good for us to beconsumers, and good for business.

With more than 100 manufacturing sites and over 30,000 employees around the best we can be at work, at home and inworld, our communities. Our purpose is about celebrating life in its broadest sense and it goes hand-in-hand with performance: never one without the other.

We are currently three years into our approach is a commitment to positive drinking through promoting moderation and addressing the harmful use of alcohol. That’s good for consumers and good for business.

We know that purpose goes hand in hand with performance – never one without the other. This is why our ambition is to skills development, empowerment, inclusion and diversity.

Our consumer insights, strong sense of purpose and pursuit of financial excellence fuel our passion to become one of the best brand builders in the world.

To be best performing,In 1759, when Arthur Guinness signed a 9,000-year lease on the St James’s Gate brewery in Dublin, he wanted his business to last. This visionary thinking underpins why we needmust continue to deliver efficient growth and value creation for our shareholders. This means delivering quality sustainable growth in net sales; steady margin expansion; and reliable cash flows year after year. We don’t believe that we can become ‘best performing’ without also being ‘most trusted and respected’. This means we must do business the right way, from grain to glass, and ensure our people are highly engaged and continuously learning.glass.

5% to 76.18p80.00p

InDespite this ongoing turbulence, the facefundamentals of these challenges,our category remain attractive, and we are well-placed to realise its potential.

The growth of a global middle class and the appetite for increasing premiumisation and to ‘drink better, not more’ are long-term, sectoral trends. We expect to continue to take a long-term viewdrive value growth in the total beverage alcohol (TBA) category as hundreds of millions of consumers become able to access the premium drinks market, often moving away from informal or illicit alcohol in the process.

At the same time, we have significant headroom to grow within TBA, reflected in our business, our portfolio and our brands. At our Capital Markets Day in November 2021, we set out ourmedium- term ambition to increasegrow our value share of the total beverage alcohol (TBA)global market by 50%, from 4% to 6%, by 2030. This ambition reflects our view of TBA as a long-cycle market with attractive fundamentals, including demand from a growing, global middle class. Hundreds of millions more consumersWe believe that share growth will be able to access premium brands, as they increasingly choose to trade up and ‘drink better, not more.’

I was delighted to see the launch of our ‘Society 2030: Spirit of Progress’ ESG targets in fiscal 21 and the decision to link 20% of long-term incentive plan (LTIP) grants for all our senior leaders, to performance against several of our ESG measures. I am encouraged by the energy, progress and progressingenuity I see in our work to deliver our 'Society 2030: Spirit of Progress' ESG action plan. For example, agave is a key ingredient in our tequilas, and we have been using targeted drone technology on our agave farms in Jalisco, Mexico to help us minimise water and fertiliser use. We expect this innovation to contribute to our 2030 goals.

We also believe in the power of partnerships. In the UK, we’re investing in a new recycled aluminium production facility, saving raw materials and cutting carbon emissions. Our backing will help the British Aluminium Consortium for Water Stewardship (AWS), which setsAdvanced Alloys, a global benchmarkcollective of industry experts, develop a closed-loop, circular approach to aluminium. Its recycling and manufacturing plant will roll hundreds of thousands of tonnes of aluminium sheet – enough for water sustainability, awarded the International Water Stewardship Standard (AWS Standard) certification to 12 of our distilleries this year, including our largest distillery, Cameronbridge, in Scotland.over 400 million Guinness and premixed Gordon's and tonic cans a year.

We have again incorporated the Task Force on Climate-related Financial Disclosures framework into our reporting. And this year, we have continued to extend the scope and sophistication of our climate risk assessments and the scenario analysis of climate change impacts. While our analysis indicates the financial impact willis not likely to be materialsignificant to 2030, we know that managing the increasing climate risks we face, such as water stress, remains a priority. We expect to invest around £1 billion in environmental sustainability to reduce our impact and adapt to a changing climate, including decarbonisation of direct operations through biomass, bioenergy and electrification. Read more on pages 44-46, 50-53 and 58-72.

While sustained volatility and uncertainty will continue to present challenges for the consumer goods sector, we believe Diageo remains well-positioned and resilient. We recognise that regulatory change to tackle the threat of climate change and increased scrutiny of our own social and economic contribution will likely accelerate in years to come. And there is potential for increased volatility in our operating environment, including ongoing impacts from Covid-19, the conflict in Ukraine, inflationary pressures and disruption in our supply chains, as well as the potential for broader economic malaise, which could impact consumer demand in fiscal 23. Diageo is, however, wellare diversified by category, price point and geography; ourgeography. Our people are highly engaged and proudhave a track record of Diageo; and we continue to invest for the future to sustain the momentumdelivery through uncertainty. And, our continued investment in our brands and deliverdeep understanding of our consumers position us well to capture opportunities in TBA, a positive impact on society. We have consistently shown resilience in the face of volatility in recent years and proven our ability to emerge stronger in these circumstances.market we believe has very attractive fundamentals.

I believe that our strengths in brand building, our supply chain operations and our culture, combined with the attractive fundamentals of the TBA market, give us a strong platform to realise our ambitions for the future growth of Diageo, even in the face of continued volatility. YourDiageo's Board and executive leadership team will remain focussed on deliveringsecuring long-term, sustainable value creation, for allby nurturing Diageo’s culture, building our stakeholders.brands, and delivering our Performance Ambition.

Chairman

Diageo today is a business built to deliver resilient performance, even more challenging in the second half with stronger headwinds from inflation, supply chain disruptions and geopolitical events. Diageo has responded to these challenges with agility and resilience, reflected in the strength of this year’s results.

Those underlying strengths are reflected in our performance over the last year.We drove strong growth in four of our five regions, with Europe and Asia Pacific growing double-digit. Even with North America sales flat, following a period of very rapid growth, we have still been able to deliver overall organic net sales value growth of 6.5%, within our medium-term guidance, and organic operating margin expanded by 15bps.

Our pre-exceptional earnings per share rose 7.6% in fiscal 23 to 163.5 pence. And we have once again been able to increase the dividend by 5% to a key enablerfull-year dividend of quality80.00 pence.

Fiscal 23 also saw standout performance from our scotch, tequila and beer categories. Scotch grew 12%, tequila grew 19% and beer was up 9% respectively. Johnnie Walker, the world’s leading international spirit brand, delivered another year of strong double-digit growth, increasing 15%. Tequila continues to have strong consumer momentum and our global market share gainsof tequila rose 120bps to just over 23% of retail sales value. We also launched our strategy to ignite a new ‘Golden Age for Guinness’, with immediate results: organic net sales

While I am pleased that our business can deliver this performance even in the face of significant turbulence in major markets, the prospect of ongoing volatility in our operating environment means that there is no room for complacency. We will continue to investdeliver investment in their growth.our brands for the long-term hand in hand with efficiency in our day-to-day operations. At the same time, I want to see our execution focus sharpen as we sustain high quality-growth and continue to build market share.

These are strengths that we will build on in the year ahead. With the potential we see across our business and our brands, we are confident that we will continue to navigate successfully through a volatile external environment while delivering our medium-term guidance: consistent organic net sales growth in the range of 5% to 7% and sustainable organic operating profit of 6% to 9%. At the same time, we remain focussed on investing in our brands to meet our ambition of increasing Diageo’s share of the total beverage alcohol market by 50%, from 4% to 6%, over the decade to 2030.

Chief Executive

Spirits, which are versatile and Reserve brands offer varietyadaptable, have a strong position and considerable runway for growth given consumers' interest in new experiences.

We call this trend premiumisation, in which consumers with higher disposable income