<SEC-DOCUMENT>0000950103-25-004880.txt : 20250415
<SEC-HEADER>0000950103-25-004880.hdr.sgml : 20250415
<ACCEPTANCE-DATETIME>20250415142431
ACCESSION NUMBER:		0000950103-25-004880
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20250415
FILED AS OF DATE:		20250415
DATE AS OF CHANGE:		20250415

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIAGEO PLC
		CENTRAL INDEX KEY:			0000835403
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10691
		FILM NUMBER:		25838902

	BUSINESS ADDRESS:	
		STREET 1:		16 GREAT MARLBOROUGH STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1F 7HS
		BUSINESS PHONE:		020 7947 9100

	MAIL ADDRESS:	
		STREET 1:		16 GREAT MARLBOROUGH STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1F 7HS

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAND METROPOLITAN PUBLIC LIMITED CO
		DATE OF NAME CHANGE:	19971218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIAGEO INVESTMENT CORP
		CENTRAL INDEX KEY:			0001087911
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				222877301
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-10410-02
		FILM NUMBER:		25838903

	BUSINESS ADDRESS:	
		STREET 1:		6 LANDMARK SQUARE
		STREET 2:		-
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901-2704
		BUSINESS PHONE:		2033597102

	MAIL ADDRESS:	
		STREET 1:		BRADLEY D WILLIAMS
		STREET 2:		6 LANDMARK SQUARE
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901-2704
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp227659_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>April 15, 2025 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-10691</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIAGEO plc</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Translation of registrant&rsquo;s name into
English) </B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>16 Great Marlborough Street, London, United
Kingdom, W1F 7HS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&ensp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&emsp;&emsp;&emsp;Form
40-F&ensp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This report on Form 6-K shall be deemed to be filed and incorporated
by reference in the registration statement on Form F-3 (File No. 333-269929) and to be a part thereof from the date on which this report
is furnished, to the extent not superseded by documents or reports subsequently filed or furnished. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Report comprises the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0101.htm"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0101.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0101.htm"><FONT STYLE="font-size: 10pt">Underwriting Agreement between Diageo plc, Diageo Investment Corporation, Goldman Sachs &amp; Co. LLC, Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Standard Chartered Bank, dated as of April 10, 2025. </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0102.htm"><FONT STYLE="font-size: 10pt">1.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0102.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0102.htm"><FONT STYLE="font-size: 10pt">Pricing Agreement between Diageo plc, Diageo Investment Corporation, Goldman Sachs &amp; Co. LLC, Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Standard Chartered Bank, dated as of April 10, 2025.</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">Officer&rsquo;s Certificate of Diageo plc and Diageo Investment Corporation, dated as of April 15, 2025, pursuant to Section 301 of the Indenture, dated as of June 1, 1999, between Diageo plc, Diageo Investment Corporation and The Bank of New York Mellon, as Trustee. </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">Form of Global Note for the 5.125% Fixed Rate Notes due 2030 (included in Exhibit 4.1 hereof). </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0401.htm"><FONT STYLE="font-size: 10pt">Form of Global Note for the 5.625% Fixed Rate Notes due 2035 (included in Exhibit 4.1 hereof).</FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">Opinion of Slaughter and May, English solicitors to Diageo plc and Diageo Investment Corporation, as to the validity of the securities. </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0502.htm"><FONT STYLE="font-size: 10pt">5.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0502.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0502.htm"><FONT STYLE="font-size: 10pt">Opinion of Davis Polk &amp; Wardwell London LLP, U.S. counsel to Diageo plc and Diageo Investment Corporation, as to the validity of the securities. </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">8.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">Opinion of Slaughter and May, English solicitors to Diageo plc and Diageo Investment Corporation, as to certain matters of UK taxation (included in Exhibit 5.1 hereof). </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0501.htm"><FONT STYLE="font-size: 10pt">Consent of Slaughter &amp; May (included in Exhibit 5.1 hereof). </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; white-space: nowrap; vertical-align: top; font-size: 12pt"><A HREF="dp227659_0502.htm"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 12pt"><A HREF="dp227659_0502.htm"><FONT STYLE="font-size: 10pt">&mdash;</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><A HREF="dp227659_0502.htm"><FONT STYLE="font-size: 10pt">Consent of Davis Polk &amp; Wardwell London LLP (included in Exhibit 5.2 hereof). </FONT></A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diageo plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(Registrant) </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ James Edmunds</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Name:<B>&nbsp;</B>James Edmunds</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">Title: Deputy Company Secretary</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">April 15, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>dp227659_0101.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font-size: 10pt; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0; text-align: right; font-size: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION VERSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
<P STYLE="margin: 0; text-align: right; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">Diageo Capital
plc<BR>
Diageo Investment Corporation</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">Diageo plc</FONT><BR>
<BR>
DEBT SECURITIES<BR>
<BR>
<I><U>Underwriting Agreement</U></I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal">April 10, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To the Representatives of the several Underwriters
named<BR>
in the respective Pricing Agreements hereinafter described</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">From time to time Diageo Capital
plc, a public limited company incorporated under the laws of Scotland (the &ldquo;Scottish Issuer&rdquo;), and Diageo Investment Corporation,
a Delaware corporation (the &ldquo;U.S. Issuer&rdquo;) (each an &ldquo;Issuer&rdquo; and together the &ldquo;Issuers&rdquo;), propose
severally to enter into one or more Pricing Agreements substantially in the form of Annex I hereto, with such additions and deletions
as the parties thereto may determine, and, subject to the terms and conditions stated herein and therein, to issue and sell, to the several
firms named in Schedule I to the applicable Pricing Agreement (such firm or firms constituting the &ldquo;Underwriters&rdquo; with respect
to such Pricing Agreement and the securities specified therein) the principal amount of their debt securities identified in Schedule II
to such Pricing Agreement (generally and, as the context may require, with respect to such Pricing Agreement, the &ldquo;Securities&rdquo;)
to be issued pursuant to the provisions of the applicable indenture identified in Schedule II of such Pricing Agreement (each applicable
indenture hereinafter called an &ldquo;Indenture&rdquo;), among one or more Issuers parties to the applicable Pricing Agreement (each,
an &ldquo;applicable Issuer&rdquo;), Diageo plc, as Guarantor (the &ldquo;Guarantor&rdquo;), and the Trustee identified in Schedule II
to such Pricing Agreement (the &ldquo;Trustee&rdquo;). The Securities are to be unconditionally guaranteed (the &ldquo;Guarantees&rdquo;)
as to payment of principal and interest by the Guarantor. All references herein to &ldquo;this Agreement&rdquo; shall be deemed to refer
to this Agreement together with the applicable Pricing Agreement. The obligations of the Issuers under this Agreement shall be several
and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The term &ldquo;Representatives&rdquo;
also refers to a single firm acting as sole representative of the Underwriters and to an Underwriter or Underwriters who act without any
firm being designated as its or their representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">I.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each applicable Issuer (as to
itself) and the Guarantor (as to each Issuer and to itself) represents and warrants to each of the Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
&ldquo;automatic shelf registration statement&rdquo; as defined under Rule 405 under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), on Form F-3 (Registration No. 333-269929) relating to the Securities and the Guarantees to be issued severally from time
to time by the Issuers and the Guarantor has been filed by the Issuers and the Guarantor with the Securities and Exchange Commission (the
&ldquo;Commission&rdquo;) not earlier than three years prior to the date of the applicable Pricing Supplement, such registration statement
and any post-effective amendment thereto became effective on filing; no stop order suspending the effectiveness of such registration statement
is in effect and no proceedings for such purpose are pending before or threatened by the Commission; and no notice of objection of the
Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities
Act has been received by the Issuers or the Guarantor. For the purposes of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
basic prospectus filed as part of such registration statement, in the form in which it has most recently been filed with the Commission
on or prior to the date of the applicable Pricing Agreement, is hereinafter called the &ldquo;Basic Prospectus&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
preliminary form of prospectus (including any preliminary prospectus supplement) relating to the Securities filed with the Commission
pursuant to Rule 424(b) under the Securities Act is hereinafter called a &ldquo;Preliminary Prospectus&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
various parts of such registration statement, including all exhibits thereto but excluding Form T-1 and including any prospectus supplement
relating to the Securities that is filed with the Commission and deemed by virtue of Rule 430B under the Securities Act to be part of
such registration statement, each as amended at the time such part of the registration statement became effective, are hereinafter collectively
called the &ldquo;Registration Statement&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
&ldquo;Applicable Time&rdquo; is the time specified as such in the applicable Pricing Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Basic Prospectus, as amended and supplemented immediately prior to the Applicable Time, is hereinafter called the &ldquo;Pricing Prospectus&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
form of the final prospectus relating to the Securities filed with the Commission pursuant to Rule 424(b) under the Securities Act in
accordance with Section V(a) hereof is hereinafter called the &ldquo;Prospectus&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
reference in this Agreement to the Registration Statement, the Basic Prospectus, the Pricing Prospectus, any Preliminary Prospectus or
the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 6 of Form F-3
under the Securities Act which were filed under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission thereunder (collectively, the &ldquo;Exchange Act&rdquo;) on or before the date of this Agreement or the date of the Registration
Statement, the Basic Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus, as the case may be; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;any
reference to &ldquo;amend&rdquo;, &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement, the
Basic Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents
filed under the Exchange Act after the date of this Agreement, or the date of the Registration Statement, the Basic Prospectus, the Pricing
Prospectus, any Preliminary Prospectus or the Prospectus, as the case may be, which are deemed to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Each part of the Registration Statement, when such part became effective, did not contain, and, as amended or supplemented, if applicable,
did not or will not, as the case may be, contain at the time of such amendment or supplement, any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, not misleading, (ii) the Registration
Statement and the Prospectus comply and, as amended or supplemented, if applicable, will comply, as the case may be, in all material respects
with the Securities Act and the applicable rules and regulations of the Commission thereunder, (iii) the Prospectus does not or will not,
as the case may be, as of the date of the Prospectus and as at the Closing Date, contain and, as amended or supplemented, if applicable,
at the time of such amendment or supplement, will not contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except
that the representations and warranties set forth in this paragraph I(b) do not apply to (A) statements or omissions in the Registration
Statement or the Prospectus, as amended or supplemented, if applicable, based upon information concerning any Underwriter furnished to
the Issuers or the Guarantor in writing by such Underwriter through you expressly for use therein or (B) the Statement of Eligibility
and Qualification of the Trustee on Form T-1 and (iv) each document, if any, filed or to be filed pursuant to the Exchange Act and incorporated
by reference in the Prospectus complied or will comply when so filed in all material respects with the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
order preventing or suspending the use of any Preliminary Prospectus or any &ldquo;issuer free writing prospectus&rdquo; as defined in
Rule 433 under the Securities Act relating to the Securities (an &ldquo;Issuer Free Writing Prospectus&rdquo;) has been issued by the
Commission, and each Preliminary Prospectus filed as part of the Registration Statement as originally filed or as part of any amendment
thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act
and the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pricing Prospectus, as supplemented by any final term sheet prepared and filed pursuant to Section VII(a) hereof (collectively, the &ldquo;Pricing
Disclosure Package&rdquo;), as of the Applicable Time (as specified in the applicable Pricing Agreement), did not include any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and each Issuer Free Writing Prospectus listed on Schedule III to the applicable Pricing Agreement
(if any) does not and will not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus
and when taken together with the Pricing Disclosure Package as of the Applicable Time, did not include any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; except that the representations and warranties set forth in this paragraph I(d) do not apply to statements
or omissions in the Pricing Disclosure Package or in an Issuer Free Writing Prospectus based upon information concerning any Underwriter
furnished to the Issuers or the Guarantor in writing by such Underwriter through you expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the time of the filing of the Registration Statement, at the time of the most recent amendment thereto for the purposes of complying with
Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to
Section 13 or 15(d) of the Exchange Act or form of prospectus), and at the time the applicable Issuer or any person acting on their behalf
(within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating to the Securities in reliance
on the exemption provided for in Rule 163 under the Securities Act, the applicable Issuer and the Guarantor were each a &ldquo;well-known
seasoned issuer&rdquo; as defined in Rule 405 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the earliest time the applicable Issuer or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of
the Securities Act) of the Securities, the applicable Issuer was an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405 under the
Securities Act, without taking account of any determination by the Commission pursuant to Rule 405 under the Securities Act that it is
not necessary that the applicable Issuer be considered an &ldquo;ineligible issuer&rdquo;. Other than the Issuer Free Writing Prospectuses
listed on Schedule III, the applicable Issuer has not prepared, used or referred to, and will not, prepare, use or refer to, any Issuer
Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guarantor or the applicable Issuer has paid the required Commission filing fees relating to the Securities pursuant to Rule 456 under
the Securities Act and in compliance with Rule 415 and Rule 457 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Scottish Issuer is a public limited company, duly incorporated, validly existing and registered under the laws of Scotland, the U.S. Issuer
is an existing corporation, duly incorporated and in good standing under the laws of the State of Delaware and the Guarantor is a public
limited company duly incorporated under the laws of England and Wales and is an existing company; and the Issuers and the Guarantor, as
applicable, each have the corporate power and authority to own their property and to conduct their business as described in the Basic
Prospectus and the Pricing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
applicable Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;),
and has been duly authorized, executed and delivered by the applicable Issuer and duly authorized, executed and delivered by the Guarantor
and is a valid and legally binding agreement of such Issuer and the Guarantor, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo;
rights and to general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities have been duly authorized and, when issued and delivered against payment therefor pursuant to this Agreement and the applicable
Pricing Agreement, will have been duly executed, authenticated, issued and delivered and will constitute valid and legally binding obligations
of the applicable Issuer, entitled to the benefits provided by the applicable Indenture, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo; rights and to
general equity principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guarantees have been duly authorized and, when issued and delivered against payment therefor pursuant to this Agreement and the applicable
Pricing Agreement, will have been duly executed, authenticated, issued and delivered and will constitute valid and legally binding obligations
of the Guarantor, entitled to the benefits provided by the applicable Indenture, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity
principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
has not been any material adverse identifiable change, or any development involving a prospective material adverse identifiable change,
in the condition, financial or otherwise, or in the earnings, business or operations of the Guarantor and its subsidiaries, taken as a
whole, from that set forth in the Pricing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issue of the Securities and the compliance by the applicable Issuer and Guarantor with the provisions of the Securities, the Indenture,
this Agreement and the applicable Pricing Agreement, and the consummation of the transactions herein and therein (to the extent relevant
to the issue of the Securities) contemplated will not (i) result in any violation of the provisions of the articles of incorporation,
certificate of incorporation, by-laws or equivalent constitutional documents of the applicable Issuer or Guarantor or (ii) conflict with
or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed
of trust, loan agreement or other agreement or instrument to which the applicable Issuer or the Guarantor is a party or by which the applicable
Issuer or the Guarantor is bound or to which any of the property or assets of the applicable Issuer or the Guarantor is subject, or any
statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the applicable Issuer or
the Guarantor or any of their properties, in each case in this clause (ii) which conflict, breach or violation will have a material adverse
effect on the Guarantor and its subsidiaries on a consolidated basis; and no consent, approval, authorization, order, registration or
qualification of or with any such court or governmental agency or body is required for the issue and sale of the Securities, the issue
of the Guarantees or the consummation by the applicable Issuer or the Guarantor of the transactions contemplated by this Agreement and
the applicable Pricing Agreement or the Indenture, except such as have been obtained under the Securities Act and the Trust Indenture
Act and such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky
laws in connection with the purchase and distribution of the Securities by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annual and interim financial statements, and the related notes thereto, included or incorporated by reference in the Registration Statement,
the Pricing Prospectus and the Prospectus present fairly the consolidated financial position of the Guarantor and its consolidated subsidiaries
as of the dates indicated and the results of its operations and the changes in their consolidated cash flows for the periods specified;
said annual financial statements have been prepared in conformity with UK-adopted International Accounting Standards and IFRS Accounting
Standards as issued by the International Accounting Standards Board and said interim financial statements have been are prepared in accordance
with UK adopted International Accounting Standard 34, &lsquo;Interim Financial Reporting&rsquo;, IAS 34 &lsquo;Interim Financial Reporting&rsquo;
as issued by the International Accounting Standards Board and the Disclosure Guidance and Transparency Rules sourcebook of the UK&rsquo;s
Financial Conduct Authority; the supporting schedules included in the Registration Statement present fairly the information required to
be stated therein; and, if applicable, the pro forma financial information, and the related notes thereto, included in the Registration
Statement, the Pricing Prospectus and the Prospectus has been prepared in accordance with the applicable requirements of the Securities
Act and is based upon good faith estimates and assumptions believed by the Guarantor to be reasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">II.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Underwriter severally
represents and agrees that it has not made and will not make an offer of the Securities to investors in the United Kingdom other than
to persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &ldquo;Order&rdquo;) or (ii) who fall within Article 49(2)(a) to
(d) of the Order (all such persons being referred to as &ldquo;relevant persons&rdquo; for the purposes of this section).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Underwriter severally
represents and agrees that: (a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated
an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act
2000 (&ldquo;FSMA&rdquo;)) received by it in connection with the issue and sale of the Securities in circumstances in which Section 21(1)
of the FSMA does not apply to the applicable Issuer or the Guarantor; (b) it has complied and will comply with all applicable provisions
of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom and (c)
it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Securities to any retail
investor in the United Kingdom. For the purposes of this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expression &ldquo;retail investor&rdquo; means a person who is one (or more) of (i) a retail client, as defined in point (8) of Article
2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (&ldquo;EUWA&rdquo;);
or (ii) a customer within the meaning of the provisions of the FSMA or any rules or regulations made under the FSMA to implement Directive
(EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU)
No 600/2014 as it forms part of domestic law by virtue of the EUWA; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expression &ldquo;offer&rdquo; includes the communication in any form and by any means of sufficient information on the terms of the offer
and the Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Underwriter severally
represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any
Securities to any retail investor in the European Economic Area. For the purposes of this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expression &ldquo;retail investor&rdquo; means a person who is one (or more) of the following: (i) a retail client as defined in point
(11) of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;); or (ii) a customer within the meaning of Directive
(EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expression &ldquo;offer&rdquo; includes the communication in any form and by any means of sufficient information on the terms of the offer
and the Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as provided in
the applicable Pricing Agreement, in the event the Securities are intended to be listed on the New York Stock Exchange, each Underwriter
severally represents and agrees that in relation to Securities issued by the Scottish Issuer, it will only solicit sales of, and communicate
to the Scottish Issuer offers to purchase, Securities with (i) minimum denominations of $1,000 or more and (ii) an aggregate principal
amount of $5,000,000 or more. If an Underwriter solicits sales of, and communicates to the Scottish Issuer, Securities that do not meet
the above criteria, such Underwriter severally represents and agrees that the Securities will otherwise meet the applicable requirements
of The New York Stock Exchange LLC necessary to list the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">III.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Issuers and the Guarantor
are advised by you that the Underwriters propose to make a public offering of their respective portions of the Securities as soon after
the applicable Pricing Agreement has become effective as in your judgment is advisable. The terms of the public offering of the Securities
are set forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">IV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Payment for the Securities shall
be made by certified or official bank check or checks or wire transfer, as specified in the applicable Pricing Agreement, payable to the
order of the Issuer identified in such Pricing Agreement in the funds in such Pricing Agreement at the time and place, in each case as
set forth in such Pricing Agreement, or at such other time on the same or such other date, not later than the third New York business
day thereafter, as shall be designated in writing by you, which date and time may be postponed by agreement among you, an applicable Issuer
and the Guarantor or as provided in Section X hereof. The time and date of such payment, as specified in the applicable Pricing Agreement
in relation to an offering of Securities, are hereinafter referred to as the &ldquo;Closing Date&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Payment for the Securities shall
be made against delivery to you for the respective accounts of the several Underwriters of the Securities registered in such names and
in such denominations as you shall request in writing not later than one full business day prior to the date of delivery, with any transfer
taxes payable in connection with the transfer of the Securities to the Underwriters duly paid. It is understood that each Underwriter
has authorized the Representatives, for their own account, to accept delivery of, and make payment of the purchase price for, the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">V.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The several obligations of the
Underwriters hereunder are subject to the following conditions, appropriately modified for each applicable Issuer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Prospectus shall have been filed with the Commission pursuant to Rule 424 within the applicable time period prescribed for such filing
by the rules and regulations under the Securities Act; any final term sheet contemplated by Section VII(a) hereof, and any other material
required to be filed by the applicable Issuer pursuant to Rule 433(d) under the Securities Act shall have been filed with the Commission
within the applicable time period prescribed for such filing by the rules and regulations under the Securities Act; no stop order suspending
the effectiveness or preventing the use of the Registration Statement or any part thereof, the Prospectus or any Issuer Free Writing Prospectus
shall be in effect, no proceedings for such purpose shall be pending before or threatened by the Commission and no notice of objection
of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the
Securities Act shall have been received; and all requests for additional information on the part of the Commission shall have been complied
with to your satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or after the Applicable Time and prior to the Closing Date, there shall not have been any downgrading, nor shall any notice have been
given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible
change, in the rating accorded any of the applicable Issuer&rsquo;s or the Guarantor&rsquo;s securities by any &ldquo;nationally recognized
statistical rating organization&rdquo; as such term is defined for purposes of Section 3(a)(62) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in
the earnings, business or operations, of the Guarantor and its subsidiaries, taken as a whole, from that set forth in the Pricing Prospectus,
that, in your reasonable judgment, is material and adverse and that makes it, in your reasonable judgment, after consultation with each
applicable Issuer and the Guarantor, impracticable to market the Securities on the terms and in the manner contemplated in the Pricing
Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Underwriters shall have received on the Closing Date certificates, dated the Closing Date and signed, respectively, by an executive officer
or a director of each applicable Issuer and of the Guarantor, to the effect set forth in clauses (b) and (c) above and to the effect that
the representations and warranties of such Issuer and the Guarantor contained in this Agreement are true and correct as of the Closing
Date and that such Issuer and the Guarantor shall have performed in all material respects all of their respective obligations to be performed
hereunder or satisfied on or prior to the Closing Date. The officer or director signing and delivering such certificate may certify to
the best of his knowledge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
shall have received on the Closing Date an opinion of Davis Polk &amp; Wardwell London LLP, United States counsel for the Issuers and
the Guarantor, dated the Closing Date, to the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
applicable, the U.S. Issuer has been duly incorporated and is an existing corporation in good standing under the laws of the State of
Delaware;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicable Indenture has been duly authorized, executed and delivered by the U.S. Issuer (if applicable) and, assuming the applicable
Indenture has been duly authorized, executed and delivered by the Scottish Issuer insofar as the laws of Scotland are concerned, it has
been duly executed and delivered by the Scottish Issuer (if applicable), and, assuming each applicable Indenture has been duly authorized,
executed and delivered by the Guarantor insofar as the laws of England and Wales are concerned, it has been duly executed and delivered
by the Guarantor; each applicable Indenture has been duly qualified under the Trust Indenture Act and constitutes a valid and legally
binding obligation of the applicable Issuer and the Guarantor, enforceable in accordance with its terms, subject to bankruptcy, insolvency
and similar laws of general applicability relating to or affecting creditors&rsquo; rights generally and concepts of reasonableness and
equitable principles of general applicability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicable Securities have been duly authorized, executed, authenticated, issued and delivered by the U.S. Issuer (if applicable) and,
assuming the applicable Indenture has been duly authorized, executed and delivered by the Scottish Issuer and the applicable Securities
have been duly authorized, executed, authenticated, issued and delivered, in each case insofar as the laws of Scotland are concerned,
they have been duly executed, authenticated, issued and delivered by the Scottish Issuer (if applicable) and constitute valid and legally
binding obligations of the applicable Issuer (if applicable), enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable principles of general
applicability, and may be subject to possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting
creditors&rsquo; rights, and will be entitled to the benefits of the Indenture pursuant to which such Securities are to be issued, provided
that we express no opinion as to (x), the enforceability of any waiver of rights under any usury or stay law or (y), the validity, legally
binding effect or enforceability of any provision that permits holders to collect any portion of stated principal amount upon acceleration
of the Securities to the extent determined to constitute unearned interest;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assuming
the applicable Indenture has been duly authorized, executed and delivered by the Guarantor and the Guarantees have been duly authorized,
executed and delivered insofar as the laws of England and Wales are concerned, the Guarantees have been duly executed and delivered by
or on behalf of the Guarantor and constitute valid and legally binding obligations of the Guarantor enforceable in accordance with their
terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors&rsquo; rights and to general equity principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement has been duly authorized, executed and delivered by the U.S. Issuer (if applicable) and, assuming this Agreement has been duly
authorized, executed and delivered by the Scottish Issuer insofar as the laws of Scotland are concerned, it has been duly executed and
delivered by the Scottish Issuer (if applicable) and, assuming this Agreement has been duly authorized, executed and delivered by the
Guarantor insofar as the laws of England and Wales are concerned, it has been duly executed and delivered by the Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuance of the Securities in accordance with the applicable Indenture and the sale of the Securities by the applicable Issuer to the
Underwriters pursuant to this Agreement do not, and the performance by such Issuer and the Guarantor of their respective obligations under
the applicable Indenture, this Agreement, the Securities and the Guarantees will not, in the case of the U.S. Issuer, violate the U.S.
Issuer&rsquo;s Certificate of Incorporation or By-laws, or violate any Federal law of the United States, the law of the State of New York
(including the published rules and regulations thereunder) that normally are applicable to general business corporations and the issuance,
sale, and delivery of the Securities or, in the case of the U.S. Issuer, the General Corporation Law of the State of Delaware, applicable
to such Issuer or the Guarantor; <U>provided</U>, <U>however</U>, that, with respect to this paragraph (vi), such counsel need express
no opinion with respect to Federal or state securities laws, anti-fraud laws and fraudulent transfer laws, tax laws, the Employee Retirement
Income Security Act of 1974, antitrust laws and laws that restrict transactions between United States persons and citizens or residents
of certain foreign countries or specially designated nationals and organizations or any law that is applicable to the Issuer, the Guarantor,
the Indenture, the Underwriting Agreement, the Securities, the Guarantees or the issuance, sale or delivery of the Securities solely as
part of a regulatory regime applicable to the Issuer, the Guarantor or their respective affiliates due to its or their status, business
or assets; <U>provided</U>, <U>further</U>, that insofar as performance by such Issuer and the Guarantor of their respective obligations
under the applicable Indenture, this Agreement, the Securities and the Guarantees is concerned, such counsel need express no opinion as
to bankruptcy, insolvency, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo;
rights;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
regulatory consents, authorizations, approvals and filings required to be obtained or made by each applicable Issuer or the Guarantor,
as the case may be, under the Federal laws of the United States and the laws of the State of New York for the issuance by the Guarantor
of the Guarantees and the issuance, sale and delivery of the Securities by each applicable Issuer to the Underwriters have been obtained
or made; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicable Issuer is not, and after giving effect to an issuance of the Securities, will not be required to register as, an &ldquo;investment
company&rdquo; as such term is defined in the United States Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
rendering such opinion, such counsel may state that their opinion is limited to the Federal laws of the United States, the laws of the
State of New York and the General Corporation Law of the State of Delaware and such counsel may (i) note that the Underwriters have received
an opinion of Slaughter and May, English counsel for the Guarantor, rendered pursuant to Section V(f) and an opinion of Morton Fraser
LLP, Scottish counsel to the Scottish Issuer rendered pursuant to Section V(g); (ii) assume that any document referred to in their opinion
and executed by the Scottish Issuer has been duly authorized, executed and delivered pursuant to Scottish law; and (iii) assume that any
document referred to in their opinion and executed by the Guarantor has been duly authorized, executed and delivered pursuant to English
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
counsel may also state that, with your approval, they have relied as to certain matters upon certificates of each applicable Issuer and
the Guarantor and each applicable Issuer&rsquo;s and the Guarantor&rsquo;s officers or directors and employees and upon information obtained
from other sources believed by them to be responsible, and that they have assumed that each applicable Indenture has been duly authorized,
executed and delivered by the Trustee, that the Securities conform to the specimens thereof examined by them, that the Trustee&rsquo;s
certificates of authentication of the Securities have been manually signed by one of the Trustee&rsquo;s duly authorized officers and
that the signatures on all documents examined by them are genuine, assumptions which they have not independently verified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
counsel shall also state that they have reviewed the Registration Statement, the Prospectus and the Pricing Disclosure Package and participated
in discussions with representatives of each applicable Issuer and the Guarantor and their English and, if applicable, Scottish counsel,
the accountants for the Guarantor and representatives of the Underwriters and their U.S. counsel concerning certain matters relating to
each applicable Issuer and the Guarantor and reviewed certificates of certain officers of each applicable Issuer and the Guarantor and
letters addressed to you from the Guarantor&rsquo;s accountants; and on the basis of the information that they gained in the course of
the performance of such services, considered in the light of their understanding of the applicable law (including the requirements of
Form F-3 and the character of prospectus contemplated thereby) and the experience they have gained through their practice under the Securities
Act, such counsel shall confirm to the Underwriters that the Registration Statement, as of the date of the Prospectus, and the Basic Prospectus,
as supplemented by the Prospectus, as of the date of the Prospectus, appeared on their face to be appropriately responsive, in all material
respects relevant to the offering of the Securities, to the requirements of the Securities Act, the Trust Indenture Act and the applicable
rules and regulations of the Commission thereunder; and nothing that has come to the attention of such counsel has caused them to believe,
insofar as relevant to the offering of the Securities, (a) the Registration Statement, as of the date of the Prospectus, contained any
untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, (b) that the Pricing Disclosure Package, as of a time specified by you to be immediately prior to the time of
the first sale of the Securities by any Underwriter, contained any untrue statement of a material fact or omitted to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
or (c) that the Basic Prospectus, as supplemented by the Prospectus, as of the date of the Prospectus, contained any untrue statement
of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Such opinion may state (1) that such counsel do not assume any responsibility for the accuracy,
completeness or fairness of the statements contained in the Registration Statement, the Prospectus or the Pricing Disclosure Package except
for those made under the captions &ldquo;Description of Debt Securities and Guarantees&rdquo; and &ldquo;Taxation - United States Taxation
&ndash; United States Taxation of Debt Securities&rdquo; in the Prospectus and &ldquo;Description of Notes&rdquo; and &ldquo;Underwriting&rdquo;
in the Prospectus and the Pricing Disclosure Package insofar as they relate to the provisions of documents therein described and (2) that
they do not express any opinion or belief as to the financial statements or other financial data derived from accounting records contained
in the Registration Statement, the Prospectus or the Pricing Disclosure Package, or as to management&rsquo;s report of its assessment
of the effectiveness of the Guarantor&rsquo;s internal control over financial reporting or the registered public accounting firm&rsquo;s
attestation report, each as included in the Registration Statement, the Prospectus or the Pricing Disclosure Package, or as to the statement
of the eligibility of the Trustee under each applicable Indenture under which the Securities are being issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
shall have received on the Closing Date an opinion of Slaughter and May, English counsel to the Guarantor, dated the Closing Date, to
the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Guarantor is a public limited company duly incorporated under the laws of England and Wales and is an existing company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Guarantor has the capacity and power to execute and deliver each applicable Indenture, the Guarantee, this Agreement and the applicable
Pricing Agreement (collectively, the &ldquo;Agreements&rdquo;) and to exercise its rights and perform its obligations thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Guarantor has taken all necessary corporate action to authorize the execution and delivery of the Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Agreements have been duly executed by the Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
the assumption that the Agreements create valid and binding obligations of the parties under New York law, English law does not prevent
any provisions of the Agreements from being valid and binding obligations of the Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
choice of the laws of the State of New York as the governing law of the Agreements is a valid choice of law; the validity and binding
nature of the obligations contained in the Agreements are expressed to be governed by New York law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution and delivery by the Guarantor of, and the performance by the Guarantor of its obligations under, the Agreements will not contravene
(i) any law of England and Wales in a manner which would render such performance, insofar as it relates to the Guarantor&rsquo;s payment
obligations, unlawful or (ii) the Memorandum and Articles of Association of the Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no required authorizations, approvals or consents of, or registration or filing with, any court, governmental or regulatory authority
of or with the United Kingdom required in connection with the execution, delivery and performance by the Guarantor of the Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to the reservation that there is doubt as to the enforceability in the United Kingdom, in original actions or in actions for enforcement
of judgments of United States courts, of civil liabilities predicated solely upon the United States Federal or State securities laws,
a final and conclusive judgment against the Guarantor for a definite sum of money entered by any competent State or Federal court in the
United States of America in any suit, action or proceeding arising out of or in connection with the Agreements would be enforced by the
English courts, without re-examination or re-litigation of the matters adjudicated upon, by the English courts, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(A)</TD><TD STYLE="font-size: 10pt; text-align: justify">the judgment was not obtained by fraud;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(B)</TD><TD STYLE="font-size: 10pt; text-align: justify">the enforcement of the judgment would not be contrary to English public policy (and enforcement of a judgment
for liability founded in US Federal or State securities law may be contrary to public policy) or give effect to a foreign penal, revenue
or other public law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(C)</TD><TD STYLE="font-size: 10pt; text-align: justify">the judgment was not obtained in proceedings contrary to natural justice;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(D)</TD><TD STYLE="font-size: 10pt; text-align: justify">the judgment is not inconsistent with an English judgment in respect of the same matter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(E)</TD><TD STYLE="font-size: 10pt; text-align: justify">the judgment is not for multiple damages;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(F)</TD><TD STYLE="font-size: 10pt; text-align: justify">enforcement is not prevented by the Protection of Trading Interests Act 1980;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(G)</TD><TD STYLE="font-size: 10pt; text-align: justify">enforcement is not prevented by EU Regulation 2271/96 (the &ldquo;Blocking Regulation&rdquo;) (as it forms
part of English law pursuant to the EUWA) or legislation related to the Blocking Regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(H)</TD><TD STYLE="font-size: 10pt; text-align: justify">enforcement is not prevented by the Human Rights Act 1998; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(F)</TD><TD STYLE="font-size: 10pt; text-align: justify">enforcement proceedings are instituted within six years after the date of the judgment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
that the submission to the non-exclusive jurisdiction of any Federal or State court in the Borough of Manhattan, the City, County or State
of New York (the &ldquo;New York Courts&rdquo;) contained in the Agreements is valid and binding under New York law, (a) English law will
not prevent the same from being valid and binding upon the Guarantor, (b) the Guarantor is not prevented by its Memorandum and Articles
of Association or any overriding principles of English law from agreeing to waive any objection pursuant to the Agreements to the venue
of proceedings in the New York Courts and (c) such waiver is valid and binding under the laws of England and Wales;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service
of process effected in the manner set forth in Section XI of this Agreement and Section 115 of each applicable Indenture, assuming its
validity and effectiveness under New York law, will be effective, insofar as the laws of England and Wales are concerned, to confer valid
jurisdiction over the Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guarantor has the power to submit, and has taken all necessary corporate action to submit, to the jurisdiction of any New York Court,
and to appoint Diageo North America, Inc. as its authorized agent for the purposes and to the extent described in Section XI of this Agreement;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
statements in the seventh sentence of the section entitled &ldquo;Enforceability of Certain Civil Liabilities&rdquo; and the sections
entitled &ldquo;Description of Debt Securities and Guarantees &ndash; Payment of Additional Amounts&rdquo; and &ldquo;Taxation &ndash;
United Kingdom Taxation &ndash; United Kingdom Taxation of Debt Securities&rdquo; of the Prospectus, in each case as amended or supplemented
by the prospectus supplement, insofar as they are summaries of United Kingdom tax considerations or refer to statements of English law
or legal conclusions, in all material respects present fairly the information shown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In giving such opinion, such
counsel may state that such opinion is confined to and given on the basis of English law as currently applied by the English courts and
on the basis that it will be governed by and construed and have effect in accordance with English law. Such opinion also may state that
nothing therein is to be taken as indicating that the remedy of an order for specific performance or the issue of an injunction would
be available in an English court in respect of the obligations arising under an applicable Indenture, the Guarantees or this Agreement
in that such remedies are available only at the discretion of the court and are not usually granted where damages would be an adequate
remedy. Also in giving such opinion, such counsel may rely upon the opinion or opinions of counsel named in paragraph (e) of this Article
as to matters of New York and United States federal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
applicable, you shall have received on the Closing Date an opinion of Morton Fraser LLP, Scottish counsel for the Scottish Issuer and
the Guarantor, dated the Closing Date, to the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Scottish Issuer is a public limited company, duly incorporated, validly existing and registered under the laws of Scotland, and has the
full corporate power and authority to execute, deliver and perform its obligations under the applicable Indenture, the applicable Securities
and this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicable Indenture has been duly authorized, executed and delivered by the Scottish Issuer and, on the assumption that the applicable
Indenture creates valid and binding obligations of the parties under New York law, Scottish law will not prevent any provision of the
applicable Indenture from being a valid and binding obligation of the Scottish Issuer, subject to all limitations resulting from bankruptcy,
insolvency, liquidation, receivership, administration, reorganization of the Scottish Issuer and court schemes, moratoria and similar
laws of general application affecting the enforcement of creditors&rsquo; rights applicable to the Scottish Issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicable Securities have been duly authorized, executed, authenticated and issued and delivered by the Scottish Issuer and, on the assumption
that the applicable Securities create valid and binding obligations of the parties thereto under New York law, Scottish law will not prevent
any provision of the applicable Securities from being a valid and binding obligation of the Scottish Issuer subject to all limitations
resulting from bankruptcy, insolvency, liquidation, receivership, administration and reorganization of the Scottish Issuer and court schemes,
moratoria and similar laws of general application affecting the enforcement of creditors&rsquo; rights applicable to the Scottish Issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Agreement has been duly authorized, executed, and delivered by the Scottish Issuer and, on the assumption that this Agreement creates
valid and binding obligations of the parties hereto under New York law, Scottish law will not prevent any provision of this Agreement
from being a valid and binding obligation of the Scottish Issuer subject to all limitations resulting from bankruptcy, insolvency, liquidation,
receivership, administration and reorganization of the Scottish Issuer and court schemes, moratoria and similar laws of general application
affecting the enforcement of creditors&rsquo; rights applicable to the Scottish Issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
execution and delivery by the Scottish Issuer of, and the performance by the Scottish Issuer of its obligations under, this Agreement,
the applicable Securities and the applicable Indenture will not contravene any provision of Scottish law or the Memorandum and Articles
of Association of the Scottish Issuer or any agreement or other instrument binding upon the Scottish Issuer or any of its subsidiaries
that, in each case, is material to the Scottish Issuer or any of its subsidiaries, taken as a whole, or any material judgment, order or
decree of any governmental body, agency or court having jurisdiction over the Scottish Issuer or any such subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
are no required authorizations, approvals or consents of, or registration or filing with, any governmental or regulatory authority of
or within the United Kingdom required in connection with the execution, delivery and performance of the applicable Securities by the Scottish
Issuer or of the applicable Indenture by the Scottish Issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
choice of law of the State of New York to govern the applicable Indenture, this Agreement and the applicable Securities is competent in
terms of Scottish law and will be recognized and given effect to by the courts in Scotland; the validity and binding nature of the obligations
contained in the applicable Indenture, this Agreement and the applicable Securities are governed by New York law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;a
judgment duly obtained in the courts of New York or Federal courts of the United States of America sitting in New York in respect of the
applicable Indenture, this Agreement or the applicable Securities will be enforceable in Scotland provided that such judgment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(A)</TD><TD STYLE="font-size: 10pt; text-align: justify">is based on the exercise of personal jurisdiction by the court issuing the judgment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(B)</TD><TD STYLE="font-size: 10pt; text-align: justify">is for a debt or an ascertained sum of money;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(C)</TD><TD STYLE="font-size: 10pt; text-align: justify">is final and conclusive;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(D)</TD><TD STYLE="font-size: 10pt; text-align: justify">is not inconsistent with a decree of a Scottish court in respect of the same matter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 2in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(E)</TD><TD STYLE="font-size: 10pt; text-align: justify">is sought to be enforced by properly instituted and served proceedings within five years of the date of
such judgment; and is not challengeable on the grounds of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;absence
of jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fraud;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;public
policy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;natural
justice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;being
a fine or penalty; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;res
judicata;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
submission to the non-exclusive jurisdiction of the New York Courts contained in this Agreement and the applicable Indenture is valid
under Scottish law, and the Scottish Issuer is not prevented by its Memorandum and Articles of Association or any overriding principles
of Scottish law from agreeing to waive any objection, pursuant to this Agreement or the applicable Indenture, to the venue of proceedings
in the New York Courts, and such waiver is valid and binding under the laws of Scotland;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;service
of process effected in the manner set forth in Section XI of this Agreement and Section 115 of the Indenture, assuming its validity and
effectiveness under New York law, will be effective, insofar as the laws of Scotland are concerned, to confer valid jurisdiction over
the Scottish Issuer; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Scottish Issuer has the power to submit, and has taken all necessary corporate action to submit, to the jurisdiction of any New York Court,
and to appoint Diageo North America, Inc. as its authorized agent for the purposes and to the extent described in Section XI of this Agreement
and to appoint CT Corporation as its authorized agent for the purposes and to the extent described in Section 115 of the applicable Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In rendering such opinion, such
counsel may state that they do not express any opinion concerning any law other than the laws operative for the time being in Scotland
and that their opinion is based on the laws of Scotland in force on the date thereof and is addressed to the Underwriters solely for their
own benefit in relation to the offering of the applicable Securities and, except with their prior written consent, is not to be transmitted
or disclosed to or used or relied upon by any other person or used or relied upon by the Underwriters or other addresses thereof for any
other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Such opinion may also state
that nothing therein is to be taken as indicating that the remedy of a decree of specific implement or the grant of the prayer of a petition
for interdict would be available in a Scottish court in respect of the obligations arising under the applicable Indenture, the Guarantee
or this Agreement in that such remedies are available only at the discretion of the court and are not usually granted where damages would
be an adequate remedy. Also in giving such opinion, such counsel may rely upon the opinion or opinions of counsel named in paragraph (e)
of this Section V as to matters of New York and United States federal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
shall have received on the Closing Date an opinion of Linklaters LLP, counsel for the Underwriters, dated the Closing Date, covering certain
of the matters referred to in subparagraph (ii), (iii), (iv) and (v) and the last paragraph of clause (e) of this Section V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
shall have received on the date of the applicable Pricing Agreement a letter dated such date and also on the Closing Date a letter dated
the Closing Date, in each case in form and substance reasonably satisfactory to you, from the independent registered public accounting
firm that has certified the financial statements of the Guarantor and their subsidiaries included in the Registration Statement, the Prospectus
and, if applicable, the Pricing Disclosure Package containing statements and information of the type ordinarily included in accountants&rsquo;
&ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and certain financial information contained in
the Registration Statement, the Prospectus and the Pricing Disclosure Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the Securities issued by the Scottish Issuer, the Scottish Issuer shall have caused to be prepared and submitted an application
to the UK Financial Conduct Authority (the &ldquo;FCA&rdquo;) for the Securities to be listed on the official list of the FCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">VI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In further consideration of
the agreements of the Underwriters herein contained, the Issuers and the Guarantor jointly covenant as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
furnish you, without charge, three signed copies of the Registration Statement (including exhibits thereto and documents incorporated
by reference therein) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto,
but including documents incorporated by reference therein) and, during the period mentioned in paragraph (c) below, as many copies of
the Prospectus, any documents incorporated by reference therein and any supplements and amendments thereto as you may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period mentioned in paragraph (c) below, before amending or supplementing the Registration Statement, the Prospectus or the Pricing
Disclosure Package, to furnish you a copy of each such proposed amendment or supplement, and not to file any such proposed amendment or
supplement to which you reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
during such period after the first date of the public offering of the applicable Securities as, in the opinion of your counsel, the Prospectus
or the Pricing Disclosure Package is required by applicable U.S. law to be delivered in connection with sales by an Underwriter or dealer,
any event shall occur as a result of which it is necessary to amend or supplement the Prospectus or the Pricing Disclosure Package in
order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof, the notice referred to
in Rule 173(a) under the Securities Act) or the Pricing Disclosure Package is delivered to a purchaser, not misleading, or if it is necessary
to amend or supplement the Prospectus or the Pricing Disclosure Package to comply with applicable U.S. law, forthwith to prepare and furnish,
at its own expense, to the Underwriters and to the dealers (whose names and addresses you will furnish to each applicable Issuer and the
Guarantor) to which Securities may have been sold by you on behalf of the Underwriters and to any other dealers upon request, either amendments
or supplements to the Prospectus or the Pricing Disclosure Package, as applicable, so that the statements in the Prospectus or the Pricing
Disclosure Package as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) under the Securities Act) or the Pricing Disclosure Package is delivered to a purchaser, be misleading
or so that the Prospectus or the Pricing Disclosure Package, as applicable, as amended or supplemented, will comply with applicable U.S.
law; provided, however, that in case any Underwriter or dealer is required to deliver a Prospectus (or in lieu thereof, the notice referred
to in Rule 173(a) under the Securities Act) under the Securities Act in connection with the offer or sale of Securities at any time more
than nine months after the Closing Date, the cost of such preparation and furnishing of such amended or supplemented Prospectus shall
be borne by the Underwriter of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
required by Rule 430B(h) under the Securities Act, to prepare a form of prospectus in a form to which you do not reasonably object and
to file such form of prospectus pursuant to Rule 424(b) under the Securities Act not later than may be required by such Rule and to make
no further amendment or supplement to such form of prospectus which shall be disapproved by you promptly after reasonable notice thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
by the third anniversary (the &ldquo;Renewal Deadline&rdquo;) of the initial effective date of the Registration Statement any of the Securities
remain unsold by the Underwriters, to file, if it has not already done so and is eligible to do so, a new automatic shelf registration
statement relating to the Securities in a form satisfactory to you. If at the Renewal Deadline an applicable Issuer or the Guarantor is
no longer eligible to file an automatic shelf registration statement, it will, if it has not already done so, file a new shelf registration
statement relating to the Securities in a form satisfactory to you and will use reasonable efforts to cause such registration statement
to be declared effective within 180 days after the Renewal Deadline, and it will take all other action necessary to permit the public
offering and sale of the Securities to continue as contemplated in the expired registration statement relating to the Securities. References
in this Agreement to the Registration Statement shall include any such new automatic shelf registration statement or any such new shelf
registration statement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
endeavor to qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as you shall reasonably
request and to pay all expenses (including reasonable fees and disbursements of counsel) in connection with such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
make generally available to the Guarantor&rsquo;s security holders as soon as practicable an earnings statement that satisfies the provisions
of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the Securities of the Scottish Issuer, to use their best efforts to list, subject to notice of issuance, the Securities on
London Stock Exchange or another recognized stock exchange. Solely for the purposes of this provision references to &ldquo;list&rdquo;
shall mean admitting the Securities to trading on a recognized stock exchange and including them in the official UK list or officially
listing them in a qualifying country outside the UK in accordance with provisions corresponding to those generally applicable in European
Economic Area States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the period beginning from the date of the applicable Pricing Agreement and continuing to and including the earlier of (i) the termination
of trading restrictions on the Securities, as notified promptly to each applicable Issuer and the Guarantor by you, and (ii) the Closing
Date, not to offer, sell, contract to sell or otherwise dispose of in the United States any debt securities or warrants to purchase debt
securities of such Issuer or the Guarantor which mature more than one year after the Closing Date, and which are substantially similar
to the Securities, without your prior written consent, such consent not to be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
shall have received on the Closing Date such appropriate further information, certificates and documents as the applicable Issuer and
the Underwriters shall have agreed in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">VII.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
applicable Issuer agrees, if requested by you prior to the Applicable Time, to prepare a final term sheet containing solely a description
of the Securities, in a form approved by you, and to file such term sheet pursuant to Rule 433(d) under the Securities Act within the
time required by such Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter represents that other than any free writing prospectus (i) which contains only information describing the preliminary terms
of the Securities or the offering (or, without limitation, information concerning comparable bond prices) or (ii) which contains only
information that (A) describes the final terms of the Securities or their offering and (B) is included in the final term sheet described
in paragraph VII(a) above, it has not made and will not make any offer relating to the Securities that would constitute a &ldquo;free
writing prospectus&rdquo; as defined in Rule 405 under the Securities Act without the prior written consent of each applicable Issuer
and the Guarantor and that Schedule III to the applicable Pricing Agreement is a complete list of any free writing prospectus for which
the Underwriters have received such consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
applicable Issuer and the Guarantor represents and agrees that, other than as required under paragraph (a) above, it has not made and
will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus without the prior written consent
of the Representatives and that Schedule III to the applicable Pricing Agreement is a complete list of any free writing prospectus for
which each applicable Issuer or the Guarantor has received such consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
applicable Issuer has complied and will comply with the requirements of Rule 433 under the Securities Act applicable to any Issuer Free
Writing Prospectus, including timely filing with the Commission or retention where required and legending.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
applicable Issuer agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a
result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement, the Pricing Prospectus
or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances then prevailing, not misleading, the applicable Issuer or the Guarantor will
give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to
each Underwriter an Issuer Free Writing Prospectus or other document which will correct such conflict, statement or omission; except that
the representations and warranties set forth in this paragraph VII(e) do not apply to statements or omissions in an Issuer Free Writing
Prospectus based upon information concerning any Underwriter furnished to the Issuers or the Guarantor in writing by such Underwriter
through you expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">VIII.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each applicable Issuer and the
Guarantor jointly and severally agree to indemnify and hold harmless each Underwriter, its directors, officers and affiliates and each
person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any and all losses, claims, damages and liabilities (including without limitation the legal fees and other expenses
incurred in connection with any suit, action or proceeding on any claim asserted) caused by any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, the Basic Prospectus, any Preliminary Prospectus, the Pricing Prospectus,
the Prospectus (as amended or supplemented if the applicable Issuer or the Guarantor shall have furnished any amendments or supplements
thereto), any Issuer Free Writing Prospectus or any &ldquo;issuer information&rdquo; (as defined in Rule 433(h)(2) under the Securities
Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or caused by any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar
as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission
based upon information relating to the Underwriters furnished to an Issuer or the Guarantor in writing by any Underwriter through you
expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Underwriter agrees, severally
and not jointly, to indemnify and hold harmless each of the Issuers and the Guarantor, their respective directors, their respective officers
who sign the Registration Statement and each person, if any, who controls each of the Issuers or the Guarantor within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Issuers and
the Guarantor to each Underwriter, but, with respect to the Registration Statement, the Basic Prospectus, any Preliminary Prospectus,
the Pricing Prospectus, the Prospectus (as amended or supplemented if the applicable Issuer or the Guarantor shall have furnished any
amendments or supplements thereto), any Issuer Free Writing Prospectus or any &ldquo;issuer information&rdquo; (as defined in Rule 433(h)(2)
under the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, only with reference to information
relating to such Underwriter furnished to the Issuers or the Guarantor in writing by such Underwriter through you expressly for use in
such document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In case any proceeding (including
any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to either
of the two preceding paragraphs, such person (hereinafter called the &ldquo;indemnified party&rdquo;) shall promptly notify the person
against whom such indemnity may be sought (hereinafter called the &ldquo;indemnifying party&rdquo;) in writing (or by email and confirmed
in writing) but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the
extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have
otherwise than on account of this indemnity agreement, and the indemnifying party, upon request of the indemnified party, shall retain
counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding,
any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense
of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such
counsel, (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified
party or (iii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the
indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the
same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such
indemnified parties, and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing
by the Representatives named in the applicable Pricing Agreement in the case of parties indemnified pursuant to the second preceding paragraph
and by the applicable Issuer or Issuers and the Guarantor in the case of parties indemnified pursuant to the first preceding paragraph.
The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with
such consent or if there shall be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party
from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as
contemplated by the third sentence of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying
party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such
request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party
and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of
such indemnified party from all liability on claims that are the subject matter of such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the indemnification provided
for in the first or second paragraph of this Article VIII is unavailable to an indemnified party or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified
party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages
or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the applicable Issuer and the Guarantor,
on the one hand, and the Underwriters, on the other hand, from the offering of the Securities or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of the applicable Issuer and the Guarantor, on the one hand, and of the Underwriters,
on the other hand, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well
as any other relevant equitable considerations. The relative benefits received by the applicable Issuer and the Guarantor, on the one
hand, and of the Underwriters, on the other hand, shall be deemed to be in the same respective proportions as the net proceeds from the
offering (before deducting expenses) received by the applicable Issuer and the total underwriting discounts and commissions received by
the Underwriters, in each case as set forth in the table on the cover of the applicable Prospectus Supplement, bear to the aggregate public
offering price of the Securities. The relative fault of the applicable Issuer and the Guarantor, on the one hand, and of the Underwriters,
on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by such Issuer and the Guarantor, on
the one hand, or by the Underwriters, on the other hand, and the parties&rsquo; relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each applicable Issuer, the
Guarantor and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Article VIII were determined
by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method or allocation that
does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by
an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall
be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Article VIII, no
Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten
by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The Underwriters&rsquo; respective obligations to contribute pursuant to this Article VIII are several in
proportion to the respective principal amounts of Securities purchased by each of such Underwriters and not joint. The remedies provided
for in this Article VIII are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified
party at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The indemnity and contribution
agreements contained in this Article VIII and the representations and warranties of the Issuers and the Guarantor contained in this Agreement
shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by
or on behalf of any Underwriter or any person controlling any Underwriter or by or on behalf of any of the Issuers, the Guarantor, their
respective officers or directors or any other person controlling the Issuers or the Guarantor and (iii) acceptance of and payment for
any of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">IX.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any Pricing Agreement shall
be subject to termination in your discretion, by notice given to each applicable Issuer and the Guarantor, if (a) after the execution
and delivery of such Pricing Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited
on or by, as the case may be, any of the New York Stock Exchange, the American Stock Exchange, the Financial Industry Regulatory Authority,
the Chicago Board Options Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade or the London Stock Exchange, (ii) trading
of any securities of an applicable Issuer or the Guarantor shall have been suspended on any exchange or in any over-the-counter market,
(iii) a general moratorium on commercial banking activities in New York shall have been declared by either Federal or New York State authorities
or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis
that, in your reasonable judgment, is material and adverse and (b) in the case of any of the events specified in clauses (a) (i) through
(iv), such event singly or together with any other such event makes it, in your reasonable judgment, after consultation with each applicable
Issuer and the Guarantor, impracticable to market the Securities on the terms and in the manner contemplated in the Pricing Prospectus
and Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">X.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement shall become
effective upon the later of (x) execution and delivery hereof by the parties hereto and (y) release of notification of the effectiveness
of the Registration Statement by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If, on the Closing Date, any
one or more of the Underwriters shall fail or refuse to purchase Securities that it or they have agreed to purchase hereunder and under
the applicable Pricing Agreement on such date, and the aggregate principal amount of Securities which such defaulting Underwriter or Underwriters
agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of the Securities to be purchased
on such date, the other Underwriters shall be obligated severally in the proportions that the principal amount of Securities set forth
opposite their respective names in Schedule I bears to the principal amount of Securities set forth opposite the names of all such non-defaulting
Underwriters, or in such other proportions as you may specify, to purchase the Securities which such defaulting Underwriter or Underwriters
agreed but failed or refused to purchase on such date; provided that in no event shall the principal amount of Securities that any Underwriter
has agreed to purchase pursuant to the applicable Pricing Agreement be increased pursuant to this Article X by an amount in excess of
one-ninth of such principal amount of Securities without the written consent of such Underwriter. If, on the Closing Date, any Underwriter
or Underwriters shall fail or refuse to purchase Securities which it or they have agreed to purchase under the applicable Pricing Agreement
on such date, and the aggregate principal amount of Securities with respect to which such default occurs is more than one-tenth of the
aggregate principal amount of Securities to be purchased on such date, and arrangements satisfactory to you, each applicable Issuer and
the Guarantor for the purchase of such Securities are not made within 36 hours after such default, this Agreement shall terminate without
liability on the part of any non-defaulting Underwriter, any Issuer or the Guarantor. In any such case either you, an applicable Issuer
or the Guarantor shall have the right to postpone the Closing Date but in no event for longer than seven days, in order that the required
changes, if any, in the Registration Statement, the Prospectus, or any other documents or arrangements may be effected. Any action taken
under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If this Agreement or a Pricing
Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of an Issuer or the Guarantor
to comply with the terms or to fulfill any of the conditions of this Agreement or such Pricing Agreement, or if for any reason an Issuer
or the Guarantor shall be unable to perform their respective obligations under this Agreement or such Pricing Agreement, such Issuer or
the Guarantor will reimburse the Underwriters or such Underwriters as have so terminated this Agreement or such Pricing Agreement with
respect to themselves, severally, for all out-of-pocket expenses (including the reasonable fees and disbursements of their counsel) reasonably
and properly incurred by such Underwriters in connection with this Agreement or such Pricing Agreement or the offering contemplated hereunder
or thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">XI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This Agreement shall be governed by and construed
in accordance with the laws of the State of New York.</B> The Scottish Issuer and the Guarantor have appointed Diageo North America, Inc.
as its authorized agent (the &ldquo;Authorized Agent&rdquo;) upon which process may be served in any action based on this Agreement that
may be instituted in any state or federal court in the City, County and State of New York by any Underwriter or by any person controlling
any Underwriter, and expressly accepts the jurisdiction of any such court in respect of such action. Such appointment shall be irrevocable
for a period of three years from and after the Closing Date unless and until a successor Authorized Agent shall be appointed and such
successor shall accept such appointment for the remainder of such three-year period. Each of the Scottish Issuer and the Guarantor represents
to each of the Underwriters that it has notified the Authorized Agent of such designation and appointment and that Authorized Agent has
accepted the same in writing. The Scottish Issuer and the Guarantor will take any and all action, including the filing of any and all
documents and instruments, that may be necessary to continue such appointment or appointments in full force and effect as aforesaid. Service
of process upon the Authorized Agent and written notice of such service to the Scottish Issuer or the Guarantor (mailed or delivered as
aforesaid) shall be deemed, in every respect, effective service of process upon the Scottish Issuer or the Guarantor. Notwithstanding
the foregoing, any action based on this Agreement may be instituted by any Underwriter against the Scottish Issuer or the Guarantor in
any competent court in Scotland or England and Wales. The Scottish Issuer, the Guarantor and each of the Underwriters hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">XII.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In all dealings hereunder, you
shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request,
notice or agreement on behalf of any Underwriter made or given by you jointly or alone. All statements, requests, notices and agreements
hereunder shall be in writing and, if to the Underwriters shall be delivered or sent by email, or in writing delivered by hand, or by
telephone (to be promptly confirmed by email) to you as the Representatives to the address specified in the applicable Pricing Agreement;
and if to the applicable Issuer or Issuers or the Guarantor shall be delivered or sent by email, or in writing delivered by hand, or by
telephone (to be promptly confirmed by email) to the address of such Issuer or Issuers or the Guarantor, as the case may be, set forth
in the Registration Statement, Attention: Secretary; <U>provided</U>, <U>however</U>, that any notice to an Underwriter pursuant to Section
VIII hereof shall be delivered or sent by email, or in writing delivered by hand, or by telephone (to be promptly confirmed by email)
to such Underwriter at its address set forth in its Underwriters&rsquo; Questionnaire, which address will be supplied to each applicable
Issuer and the Guarantor by you upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.
This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Issuers and the Guarantor and, to the
extent provided in Section VIII hereof, the officers and directors of the Issuers and the Guarantor and each person who controls an Issuer,
the Guarantor or any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall
acquire or have the right under or by virtue of this Agreement. No purchaser of any of the Securities from any Underwriter shall be deemed
a successor or assign by reason merely of such purchase. Time shall be of the essence of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In accordance with the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify
and record information that identifies their respective clients, including the Issuers and the Guarantor, which information may include
the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their
respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Solely for the purposes of the
requirements of Article 9(8) of the Product Governance Rules under EU Delegated Directive 2017/593 (the &ldquo;MiFID II Product Governance
Rules&rdquo;) regarding the mutual responsibilities of manufacturers under the MiFID II Product Governance Rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Underwriter identified as a MiFID II manufacturer in the applicable Pricing Agreement (each an &ldquo;EU Manufacturer&rdquo; and together
the &ldquo;EU Manufacturers&rdquo;) acknowledges to each other EU Manufacturer that it understands the responsibilities conferred upon
it under the MiFID II Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution
channels as applying to the Securities and the related information set out in the applicable Pricing Agreement in connection with the
Securities; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the applicable Issuer and the Guarantor notes the application of the MiFID II Product Governance Rules and acknowledges the target
market and distribution channels identified as applying to the Securities by the EU Manufacturers and the related information set out
in the applicable Pricing Agreement in connection with the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Solely for the purposes of the
requirements of 3.2.7R of the FCA Handbook Product Intervention and Product Governance Sourcebook (the &ldquo;UK MiFIR Product Governance
Rules&rdquo;) regarding the mutual responsibilities of manufacturers under the UK MiFIR Product Governance Rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Underwriter identified as a MiFIR manufacturer in the applicable Pricing Agreement (each a &ldquo;UK Manufacturer&rdquo; and together
the &ldquo;UK Manufacturers&rdquo;) acknowledges to each other UK Manufacturer that it understands the responsibilities conferred upon
it under the UK MiFIR Product Governance Rules relating to each of the product approval process, the target market and the proposed distribution
channels as applying to the Securities and the related information set out in the applicable Pricing Agreement in connection with the
Securities; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of the applicable Issuer and the Guarantor notes the application of the UK MiFIR Product Governance Rules and acknowledges the target
market and distribution channels identified as applying to the Securities by the UK Manufacturers and the related information set out
in the applicable Pricing Agreement in connection with the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding and to the exclusion
of any other term of this Agreement or any other agreements, arrangements or understandings between any Underwriter and the applicable
Issuer or the Guarantor, each of the applicable Issuer and the Guarantor accepts and agrees that a BRRD Liability arising under this Agreement
may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts and agrees to be bound
by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of the relevant Underwriter
to the applicable Issuer under this Agreement, that (without limitation) may include and result in any of the following, or some combination
thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
reduction of all, or a portion of the BRRD Liability or outstanding amounts due thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
conversion of all, or a portion of, the BRRD Liability into shares, other securities or other obligations of the Underwriters or another
person (and the issue to or conferral on the applicable Issuer of such shares, securities or obligations);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cancellation of the BRRD Liability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by
suspending payment for a temporary period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of
the Bail-In Powers by the Relevant Resolution Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">For the purpose of the foregoing
paragraph, &ldquo;Bail-in Legislation&rdquo; means in relation to a member state of the European Economic Area which has implemented,
or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in
Legislation Schedule from time to time; &ldquo;Bail-in Powers&rdquo; means any Write Down and Conversion Powers as defined in the EU Bail-in
Legislation Schedule, in relation to the relevant Bail-in Legislation; &ldquo;BRRD&rdquo; means Directive 2014/59/EU establishing a framework
for the recovery and resolution of credit institutions and investment firms; &ldquo;BRRD Liability&rdquo; has the same meaning as in such
laws, regulations, rules or requirements implementing the BRRD under the applicable Bail-in Legislation; &ldquo;EU Bail-in Legislation
Schedule&rdquo; means the document described as such, then in effect, and published by the Loan Market Association (or any successor person)
from time to time at http://www.lma.eu.com/ (or any successor webpage); and &ldquo;Relevant Resolution Authority&rdquo; means the resolution
authority with the ability to exercise any Bail-in Powers in relations to the relevant Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">Notwithstanding and to the
exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding between any Underwriter and the
applicable Issuer or the Guarantor, each of the applicable Issuer and the Guarantor acknowledges and accepts that a UK Bail-in Liability
arising under this Agreement may be subject to the exercise of UK Bail-in Powers by the relevant UK resolution authority, and acknowledges,
accepts, and agrees to be bound by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
effect of the exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to any UK Bail-in Liability of any Underwriter
to the applicable Issuer and the Guarantor under this agreement, that (without limitation) may include and result in any of the following,
or some combination thereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other obligations of the relevant Underwriter
or another person, and the issue to or conferral on the applicable Issuer or the Guarantor of such shares, securities or obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
cancellation of the UK Bail-in Liability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by
suspending payment for a temporary period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
variation of the terms of this Agreement, as deemed necessary by the relevant UK resolution authority, to give effect to the exercise
of UK Bail-in Powers by the relevant UK resolution authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&ldquo;UK Bail-in Legislation&rdquo;
means Part I of the UK Banking Act 2009 and any other law or regulation applicable in the UK relating to the resolution of unsound or
failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration
or other insolvency proceedings).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&ldquo;UK Bail-in Liability&rdquo;
means a liability in respect of which the UK Bail-in Powers may be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&ldquo;UK Bail-in Powers&rdquo;
means the powers under the UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment
firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form of a liability of such a person or any contract
or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that
person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it
or to suspend any obligation in respect of that liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">Where a resolution measure
is taken in relation to any BRRD Undertaking, each other party to this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acknowledges
and accepts that this Agreement may be subject to the exercise of BRRD Stay Powers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agrees
to be bound by the application or exercise of any such BRRD Stay Powers; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;confirms
that this paragraph represents the entire agreement of the parties with respect to the potential impact of BRRD Stay Powers in relation
to this Agreement, to the exclusion of any other agreement, arrangement or understanding between parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">In accordance with Article
68 of the BRRD and any relevant implementing measures in any EEA member state, each other party further acknowledges and agrees that the
application or exercise of any such BRRD Stay Powers shall not, <I>per se</I>, be deemed to be an enforcement event within the meaning
of Directive 2002/47/EC or as insolvency proceedings within the meaning of Directive 98/26/EC and that each other party shall not be entitled
to take any of the steps outlined under Article 68(3) of the BRRD and any relevant implementing measures in any EEA member state against
the relevant BRRD Undertaking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the purpose of the foregoing paragraphs, &ldquo;BRRD&rdquo;
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, as amended;
&ldquo;BRRD Stay Powers&rdquo; means the powers of a relevant resolution authority to suspend or restrict rights and obligations under:
(a) Article 33a (Power to suspend payment or delivery obligations); (b) Article 69 (Power to suspend payment or delivery obligations);
(c) Article 70 (Power to restrict the enforcement of any security interest); and (d) Article 71 (Power to temporarily suspend any termination
right), of the BRRD and any relevant implementing measures in any EEA member state; and &ldquo;BRRD Undertaking&rdquo; means an entity
within the scope of Article 71a of Directive 2014/59/EU and any relevant implementing measures in any EEA member state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">In the event that any Underwriter
that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of
this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws
of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">In the event that any Underwriter
that is a Covered Entity or a Covered Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent
than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the
United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">For the purpose of this Section,
&ldquo;Covered Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance
with, 12 U.S.C. &sect; 1841(k); &ldquo;Covered Entity&rdquo; means any of the following: (i) a &ldquo;covered entity&rdquo; as that term
is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b), (ii) a &ldquo;covered bank&rdquo; as that term is defined
in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b), or (iii) a &ldquo;covered FSI&rdquo; as that term is defined in, and
interpreted in accordance with, 12 C.F.R. &sect; 382.2(b); &ldquo;Default Right&rdquo; has the meaning assigned to that term in, and shall
be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable; and &ldquo;U.S. Special Resolution Regime&rdquo;
means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the U.S. Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">This Agreement may be signed
in two or more counterparts, each of which shall be an original, and all of which together shall constitute one instrument. Delivery of
this Agreement by one party to the other may be made by electronic mail (including any electronic signature complying with the New York
Electronic Signatures and Records Act (N.Y. State Tech. &sect;&sect; 301-309), as amended from time to time, or other applicable law)
or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO PLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ James Edmunds</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">James Edmunds</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Deputy Company Secretary </TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Underwriting Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO INVESTMENT CORPORATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Angelique Crain</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Angelique Crain</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Director</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Underwriting Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">Accepted as of the date hereof: </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GOLDMAN SACHS &amp; CO. LLC</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Joanna Sedlak</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Joanna Sedlak</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Vice President</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BARCLAYS CAPITAL INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Meghan Maher</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Meghan Maher</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BOFA SECURITIES, INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Sandeep Chawla</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Sandeep Chawla</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BNP PARIBAS SECURITIES CORP.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Tim McCann</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Tim McCann</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DEUTSCHE BANK SECURITIES INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Matthew Siracuse</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Matthew Siracuse</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director, DBSI</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt">/s/ Thomas Short</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Thomas Short</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director, DBSI</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RBC CAPITAL MARKETS, LLC </B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Scott G. Primrose</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Scott G. Primrose</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>STANDARD CHARTERED BANK</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Patrick Dupont-Liot</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Patrick Dupont-Liot</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director, Debt Capital Markets</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Underwriting Agreement</I>]</P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ANNEX I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Form of Pricing Agreement]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To the Representatives of the<BR>
Several Underwriters named<BR>
in Schedule I hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">___________, __</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">[Diageo Capital plc, a public
limited company incorporated under the laws of Scotland][Diageo Investment Corporation, a Delaware corporation] (the &ldquo;Issuer&rdquo;),
and Diageo plc, a public limited company organized under the laws of England and Wales (the &ldquo;Guarantor&rdquo;), propose, subject
to the terms and conditions stated herein and in the Underwriting Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp; (the &ldquo;Underwriting Agreement&rdquo;), a copy of which is attached hereto, to issue and sell to the Underwriters named
in Schedule I hereto (the &ldquo;Underwriters&rdquo;) the Securities specified in Schedule II hereto (the &ldquo;Designated Securities&rdquo;).
Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a
part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and
warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation
and warranty which refers to the Prospectus in Section I of the Underwriting Agreement shall be deemed to be a representation or warranty
as of the date of the Underwriting Agreement in relation to the Prospectus (as therein defined), and also a representation and warranty
as of the date of this Pricing Agreement in relation to the Prospectus as amended or supplemented relating to the Designated Securities
which are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting
Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting
Agreement are used herein as therein defined. The Representatives designated to act on behalf of the Representatives and on behalf of
each of the Underwriters of the Designated Securities pursuant to Section XII of the Underwriting Agreement and the address of the Representatives
referred to in such Section XII are set forth at the end of Schedule II hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Ann-I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">A supplement to the Prospectus
relating to the Designated Securities in the form heretofore delivered to you is now proposed to be filed with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Applicable Time for purposes
of this Pricing Agreement is : .m. New York time. Each &ldquo;free writing prospectus&rdquo; as defined in Rule 405 under the Securities
Act for which each party hereto has received consent to use in accordance with Article VII of the Underwriting Agreement is listed in
Schedule III hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Subject to the terms and conditions
set forth herein and in the Underwriting Agreement incorporated herein by reference, the Issuer agrees to issue and sell to each of the
Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Issuer, at the time and place and at
the purchase price to the Underwriters set forth in Schedule II hereto, the principal amount of Designated Securities set forth opposite
the name of such Underwriter in Schedule I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the foregoing is in accordance
with your understanding, please return to us a signed counterpart hereto, and upon acceptance hereof by you, on behalf of each of the
Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference,
shall constitute a binding agreement between each of the Underwriters, the Issuer and the Guarantor. It is understood that your acceptance
of this letter on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters,
the form of which shall be submitted to the Issuer and the Guarantor for examination upon request, but without warranty on the part of
the Representatives as to the authority of the signers thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO PLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Diageo Capital plc]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Diageo Investment Corporation]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">Accepted as of the date hereof: </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GOLDMAN SACHS &amp; CO. LLC</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BARCLAYS CAPITAL INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BOFA SECURITIES, INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BNP PARIBAS SECURITIES CORP.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DEUTSCHE BANK SECURITIES INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RBC CAPITAL MARKETS, LLC </B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>STANDARD CHARTERED BANK</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 78%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Underwriter</B></P></TD>
    <TD STYLE="font-size: 10pt; width: 22%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
Amount of Designated Securities to be Purchased</B></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Goldman Sachs &amp; Co. LLC</B></FONT>&#9;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><B>Barclays Capital Inc.</B>&#9;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><B>BNP Paribas Securities Corp.</B> &#9;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><B>BofA Securities, Inc.</B>&#9;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><B>Deutsche Bank Securities Inc.</B>&#9;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><B>RBC Capital Markets, LLC</B>&#9;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><B>Standard Chartered Bank</B> &#9;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">$&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">
<!-- Field: Rule-Page --><DIV STYLE="font-size: 10pt; margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 10pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Total&#9;</TD>
    <TD STYLE="font-size: 10pt">
    <P STYLE="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    [&#9679;]&nbsp;&nbsp;&nbsp;</P>
    <P STYLE="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch-I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuer:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[Diageo Capital plc]<BR>
[Diageo Investment Corporation]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title of Designated Securities:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[ %] [Floating Rate]<BR>
[Zero Coupon] [Notes]<BR>
[Debentures] due</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aggregate principal amount:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[$]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Price to Public:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">% of the principal amount of the Designated
Securities, plus accrued interest, if any, from to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[and accrued amortization,
if any, from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchase Price by Underwriters:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">% of the principal amount of the Designated
Securities, plus accrued interest, if any, from to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[and accrued amortization,
if any, from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specified funds for payment of purchase price:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: 0.5in">[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
funds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Method of payment:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[Wire transfer to account &#9;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indenture:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">[Indenture dated as of August 3, 1998,
among Diageo Capital plc, the Guarantor and The Bank of New York Mellon, as Trustee (as successor in interest to Citibank, N.A. by virtue
of the Agreement of Resignation, Appointment and Acceptance, dated October 16, 2007, by and among the Guarantor, the Issuer, Diageo Finance
BV, the U.S. Issuer, The Bank of New York and Citibank, N.A.)]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">[Indenture dated as of June 1, 1999,
among Diageo Investment Corporation, the Guarantor and The Bank of New York Mellon, as Trustee (as successor in interest to Citibank,
N.A. by virtue of the Agreement of Resignation, Appointment and Acceptance, dated October 16, 2007, by and among the Guarantor, the Issuer,
Diageo Finance BV, the Scottish Issuer, The Bank of New York and Citibank, N.A.)]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maturity:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">, 20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sch-II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest Rate:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[ %] [Zero Coupon] [See Floating Rate
Provisions]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest Payment Dates:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">[months and dates, commencing &#9;,]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redemption Provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[No provisions for redemption]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[The Designated Securities may be redeemed,
otherwise than through the sinking fund, in whole or in part at the option of the Issuer, in the amount of [$]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
an integral multiple thereof,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[on or after&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
the following redemption prices (expressed in percentages of principal amount). If [redeemed on or before&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%,
and if] redeemed during the 12- month period beginning&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 53%; padding-left: 0.25in; text-align: center; font-size: 10pt"><B>Year</B></TD>
    <TD STYLE="width: 47%; padding-left: 0.25in; text-align: center; font-size: 10pt"><B>Redemption Price</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">and thereafter at 100% of their principal
amount, together in each case with accrued interest to the redemption date.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[on any interest payment date falling
in or after&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, at the election of the Issuer, at a
redemption price equal to the principal amount thereof, plus accrued interest to the date of redemption.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[The Securities are redeemable at the
option of the Issuer or the Guarantor upon certain changes in United Kingdom [or Scottish] tax law.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[Other possible redemption provisions,
such as mandatory redemption upon occurrence of certain events or redemption for other changes in tax law]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[Restriction on refunding]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denominations:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-weight: normal">[Book-entry
interests in the notes will be issued in minimum denominations of $&#9; and in integral multiples of $&#9; in excess thereof.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Day Count Convention:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">[Actual][30/360][Following][Unadjusted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>CUSIP / ISIN:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sinking Fund Provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[No sinking fund provisions]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sch-II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[The Designated Securities are entitled
to the benefit of a sinking fund to retire [$] principal amount of Designated Securities on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
each of the years&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at 100% of their principal
amount plus accrued interest][, together with [cumulative] [noncumulative] redemptions at the option of the Issuer to retire an additional
[$] principal amount of Designated Securities in the years&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
100% of their principal amount plus accrued interest].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Extendable provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[Securities are repayable on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
[insert date and years], at the option of the holder, at their principal amount with accrued interest. Initial annual interest rate will
be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, and thereafter annual interest rate will be adjusted on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
a rate not less than % of the effective annual interest rate on U.S. Treasury obligations with&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-year
maturities as of the [insert date 15 days prior to maturity date] prior to such [insert maturity date].]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">[No extendable provisions.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[If Securities are Floating Rate Debt Securities,
insert--</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Floating rate provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Initial annual interest rate will be %
through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and thereafter will be adjusted [monthly] [on each&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
[to an annual rate of % above the average rate for&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-year
[month] [securities] [certificates of deposit] issued by and [insert names of banks].] [and the annual interest rate [thereafter] [from
through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] will be the interest yield equivalent of
the weekly average per annum market discount rate for&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-month Treasury bills plus % of Interest
Differential (the excess, if any, of (i) then current weekly average per annum secondary market yield for&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-month
certificates of deposit over (ii) then current interest yield equivalent of the weekly average per annum market discount rate for&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-month
Treasury bills); [from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and thereafter the rate will be the then current interest yield equivalent
plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Interest Differential].]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Defeasance provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Overallotment Option:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Time of Delivery:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Closing Location:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Names and Addresses of Representatives:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Designated Representatives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Goldman Sachs &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">200 West Street<BR>
New York, NY 10282<BR>
United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sch-II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">BNP Paribas Securities Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">787 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">BofA Securities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">One Bryant Park</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Deutsche Bank Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">1 Columbus Circle</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">RBC Capital Markets, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Brookfield Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">200 Vesey Street, 8th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">New York, NY 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Standard Chartered Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">One Basinghall Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">London EC2V 5DD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Other Terms:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><B>UK MiFIR/MiFID II professionals/ECPs-only/No
PRIIPs or UK PRIIPS key information document (&ldquo;KID&rdquo;)</B> &ndash; Standard Chartered Bank is a manufacturer under the UK MiFIR
Product Governance Rules. No PRIIPs or UK PRIIPS KID has been prepared as the Designated Securities are not available to retail investors
in the European Economic Area or the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Any offer of the Designated Securities,
each announcement thereof and any document in which an offer is made or announced will comply with the laws and regulations of any State
where persons to whom the offer is made are resident.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">As described in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sch-II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(a)</TD><TD STYLE="font-size: 10pt; text-align: justify"><U>Issuer Free Writing Prospectuses</U>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">[Final term sheet prepared in accordance
with Section VII(a) of the Underwriting Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(b)</TD><TD STYLE="font-size: 10pt; text-align: justify"><U>Underwriter Free Writing Prospectuses</U>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: NewSection Last; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sch-III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>dp227659_0102.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right; font-size: 10pt"><B>Exhibit 1.2</B></P>

<P STYLE="margin: 0; text-align: right; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION VERSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pricing Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Representatives of the<BR>
Several Underwriters named<BR>
in Schedule I hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April 10, 2025</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Diageo Investment Corporation, a Delaware corporation
(the &ldquo;Issuer&rdquo;), and Diageo plc, a public limited company organized under the laws of England and Wales (the &ldquo;Guarantor&rdquo;),
propose, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated April 10, 2025 (the &ldquo;Underwriting
Agreement&rdquo;), a copy of which is attached hereto, to issue and sell to the Underwriters named in Schedule I hereto (the &ldquo;Underwriters&rdquo;)
the Securities specified in Schedule II hereto (the &ldquo;Designated Securities&rdquo;). Each of the provisions of the Underwriting Agreement
is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such
provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have
been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Prospectus
in Section I of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement
in relation to the Prospectus (as therein defined), and also a representation and warranty as of the date of this Pricing Agreement in
relation to the Prospectus as amended or supplemented relating to the Designated Securities which are the subject of this Pricing Agreement.
Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be
deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.
The Representatives designated to act on behalf of the Representatives and on behalf of each of the Underwriters of the Designated Securities
pursuant to Section XII of the Underwriting Agreement and the address of the Representatives referred to in such Section XII are set forth
at the end of Schedule II hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A supplement to the Prospectus relating to the
Designated Securities in the form heretofore delivered to you is now proposed to be filed with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Applicable Time for purposes of this Pricing
Agreement is 2:45 p.m. New York time. Each &ldquo;free writing prospectus&rdquo; as defined in Rule 405 under the Securities Act for which
each party hereto has received consent to use in accordance with Article VII of the Underwriting Agreement is listed in Schedule III hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the terms and conditions set forth herein
and in the Underwriting Agreement incorporated herein by reference, the Issuer agrees to issue and sell to each of the Underwriters, and
each of the Underwriters agrees, severally and not jointly, to purchase from the Issuer, at the time and place and at the purchase price
to the Underwriters set forth in Schedule II hereto, the principal amount of Designated Securities set forth opposite the name of such
Underwriter in Schedule I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your understanding,
please return to us a signed counterpart hereto, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter
and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute
a binding agreement between each of the Underwriters, the Issuer and the Guarantor. It is understood that your acceptance of this letter
on behalf of each of the Underwriters is or will be pursuant to the authority set forth in a form of Agreement among Underwriters, the
form of which shall be submitted to the Issuer and the Guarantor for examination upon request, but without warranty on the part of the
Representatives as to the authority of the signers thereof.<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diageo plc</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ James Edmunds</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 4%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 6%">Name:&#9;</TD>
    <TD STYLE="font-size: 10pt; width: 30%">James Edmunds</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&#9;</TD>
    <TD STYLE="font-size: 10pt">Deputy Company Secretary</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diageo Investment Corporation </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Angelique Crain</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 4%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 6%">Name:&#9;</TD>
    <TD STYLE="font-size: 10pt; width: 30%">Angelique Crain</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&#9;</TD>
    <TD STYLE="font-size: 10pt">Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">Accepted as of the date hereof: </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GOLDMAN SACHS &amp; CO. LLC</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Joanna Sedlak</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Joanna Sedlak</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Vice President</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BARCLAYS CAPITAL INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Meghan Maher</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Meghan Maher</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BOFA SECURITIES, INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Sandeep Chawla</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Sandeep Chawla</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BNP PARIBAS SECURITIES CORP.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Tim McCann</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Tim McCann</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DEUTSCHE BANK SECURITIES INC.</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Matthew Siracuse</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Matthew Siracuse</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director, DBSI</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt">/s/ Thomas Short</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Thomas Short</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director, DBSI</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RBC CAPITAL MARKETS, LLC </B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Scott G. Primrose</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Scott G. Primrose</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>STANDARD CHARTERED BANK</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Patrick Dupont-Liot</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Patrick Dupont-Liot</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Managing Director, Debt Capital Markets</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 60%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Underwriter</B></P></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 20%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
Amount of 2030 Notes to be Purchased</B></P></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; width: 20%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
Amount of 2035 Notes to be Purchased</B></P></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 11pt"><B>Goldman Sachs &amp; Co. LLC</B></FONT>&#9;</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><B>Barclays Capital Inc.</B>&#9;</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><B>BNP Paribas Securities Corp.</B> &#9;</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><B>BofA Securities, Inc.</B>&#9;</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><B>Deutsche Bank Securities Inc.</B>&#9;</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD>
    <TD STYLE="font-size: 10pt">$112,500,000</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><B>RBC Capital Markets, LLC</B>&#9;</TD>
    <TD STYLE="font-size: 10pt">$93,750,000</TD>
    <TD STYLE="font-size: 10pt">$93,750,000</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt"><B>Standard Chartered Bank</B> &#9;</TD>
    <TD STYLE="font-size: 10pt"><P STYLE="border-bottom: Black 1pt solid">$93,750,000</P></TD>
    <TD STYLE="font-size: 10pt"><P STYLE="border-bottom: Black 1pt solid">$93,750,000</P></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">
&nbsp;</TD>
    <TD STYLE="font-size: 10pt">
&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt">Total&#9;</TD>
    <TD STYLE="font-size: 10pt">
    <P STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$750,000,000</P></TD>
    <TD STYLE="font-size: 10pt">
    <P STYLE="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$750,000,000</P></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch-I-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issuer:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diageo Investment Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title of Designated Securities:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.125% Fixed Rate Notes due 2030 (the &ldquo;2030 Notes&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.625% Fixed Rate Notes due 2035 (the &ldquo;2035 Notes&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate principal amount:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">$750,000,000 for the 2030 Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">$750,000,000 for the 2035 Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Price to Public:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.961% of the principal amount of the 2030 Notes, plus accrued interest,
if any, from April 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.434% of the principal amount of the 2035 Notes, plus accrued interest,
if any, from April 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchase Price by Underwriters:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.731% of the principal amount of the 2030 Notes, plus accrued interest,
if any, from April 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.104% of the principal amount of the 2035 Notes, plus accrued interest,
if any, from April 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specified funds for payment of purchase price:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Immediately available funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Method of payment:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wire transfers to account of Diageo Investment Corporation, or to such
other account as may be notified by the Issuer or the Guarantor, as the case may be, to the Representatives by 5:00 P.M. (New York City
time) on the business day prior to the Time of Delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indenture:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indenture dated as of June 1, 1999, among Diageo Investment Corporation,
the Guarantor and The Bank of New York Mellon, as Trustee (as successor in interest to Citibank, N.A. by virtue of the Agreement of Resignation,
Appointment and Acceptance, dated October 16, 2007, by and among the Guarantor, the Issuer, Diageo Finance BV, the Scottish Issuer, The
Bank of New York and Citibank, N.A.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch-II-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maturity:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">August 15, 2030 for the 2030 Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">April 15, 2035 for the 2035 Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest Rate:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.125% per annum for the 2030 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.625% per annum for the 2035 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest Payment Dates:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">For the 2030 Notes, semi-annually
in arrear on February 15 and August 15 of each year, commencing on February 15, 2026.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">For the 2035 Notes, semi-annually
in arrear on April 15 and October 15 of each year, commencing on October 15, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redemption Provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>Tax Redemption Provision: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As described in the Prospectus, the Designated Securities
are redeemable at the option of the Issuer or the Guarantor upon certain changes in United Kingdom or United States tax law or in the
event of a requirement to pay additional amounts due to certain mergers, conveyances, transfers or leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>Optional Redemption Provisions:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Make-Whole Call:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">For (i) the 2030 Notes at any time and from time to time
prior to the 2030 Par Call Date (as defined below) and (ii) the 2035 Notes at any time and from time to time prior to the 2035 Par Call
Date (as defined below), in each case at a redemption price (expressed as a percentage of principal amount and rounded to three decimal
places) equal to the greater of (1) 100% of the principal amount of such notes plus accrued interest to but excluding the date of redemption
and (2) (a) the sum of the present values of the remaining scheduled payments of principal and interest on such notes as if the notes
to be redeemed matured, on the applicable Par Call Date (as defined below) discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Prospectus), plus 20 basis points for the 2030
Notes and 20 basis points for the 2035 Notes less (b) interest accrued to the date of redemption, plus, in each case, accrued interest
to but excluding the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Par Call:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">For the 2030 Notes at any time and from time to time on
or after July 15, 2030 (the date that is one month prior to the stated maturity date of the 2030 Notes) (the &ldquo;2030 Par Call Date&rdquo;)
and the 2035 Notes at any time and from time to time on or after January 15, 2035 (the date that is three months prior to the stated maturity
date of the 2035 Notes) (the &ldquo;2035 Par Call Date&rdquo;, and together with the 2030 Par Call Date, each a &ldquo;Par Call Date&rdquo;),
in each case at a redemption price equal to 100% of the principal amount of such notes plus accrued interest to but excluding the date
of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch-II-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Denominations:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Book-entry interests in the notes
will be issued in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Day Count Convention:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">30/360 Following, Unadjusted for the 2030 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">30/360 Following, Unadjusted for the 2035 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>CUSIP / ISIN:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">25245BAC1 / US25245BAC19 for the 2030 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">25245BAE7 / US25245BAE74 for the 2035 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sinking Fund Provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No sinking fund provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Extendable provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No extendable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Defeasance provisions:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The Designated Securities are entitled to full defeasance
and discharge under certain conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overallotment Option:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">No overallotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Time of Delivery:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">April 15, 2025 (T+3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Closing Location:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The offices of Davis Polk &amp; Wardwell London LLP,
5 Aldermanbury Square, London, EC2V 7HR, United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch-II-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names and Addresses of Representatives:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Designated Representatives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Goldman Sachs &amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">200 West Street<BR>
New York, NY 10282<BR>
United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Barclays Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">745 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">BNP Paribas Securities Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">787 Seventh Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">BofA Securities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">One Bryant Park</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">New York, New York 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Deutsche Bank Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">1 Columbus Circle</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">RBC Capital Markets, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Brookfield Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">200 Vesey Street, 8th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">New York, NY 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">United States of America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Standard Chartered Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">One Basinghall Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">London EC2V 5DD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Terms:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>UK MiFIR/MiFID II professionals/ECPs-only/No PRIIPs or
UK PRIIPS key information document (&ldquo;KID&rdquo;)</B> &ndash; Goldman Sachs &amp; Co. LLC and Standard Chartered Bank are manufacturers
under the UK MiFIR Product Governance Rules. No PRIIPs or UK PRIIPS KID has been prepared as the Designated Securities are not available
to retail investors in the European Economic Area or the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Any offer of the Designated Securities, each announcement
thereof and any document in which an offer is made or announced will comply with the laws and regulations of any State where persons to
whom the offer is made are resident.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As described in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch-II-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(a)</TD><TD STYLE="font-size: 10pt"><U>Issuer Free Writing Prospectuses</U>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Final term sheets prepared in accordance with Section VII(a)
of the Underwriting Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in">(b)</TD><TD STYLE="font-size: 10pt"><U>Underwriter Free Writing Prospectuses</U>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.75in">None.</TD><TD STYLE="font-size: 10pt"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Options: NewSection Last; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Sch-III-&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>dp227659_0401.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 38.15pt 0pt 0; text-align: center">DIAGEO PLC AND DIAGEO INVESTMENT CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 38.15pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.75pt 0pt 0; text-align: center"><U>OFFICER&rsquo;S CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.75pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 78.7pt 0pt 41pt; text-align: justify">In connection with the issuance
of U.S. $750,000,000 5.125% Fixed Rate Notes due 2030 (the &ldquo;<B>2030 Notes</B>&rdquo;) and U.S. $750,000,000 5.625% Fixed Rate Notes
due 2035 (the &ldquo;<B>2035 Notes</B>&rdquo; and, together with the 2030 Notes, the &ldquo;<B>Securities</B>&rdquo;) by Diageo Investment
Corporation (the &ldquo;<B>Issuer</B>&rdquo;) pursuant to the Indenture dated as of June 1, 1999 (the &ldquo;<B>Indenture</B>&rdquo;)
among the Issuer, Diageo plc (the &ldquo;<B>Guarantor</B>&rdquo;) and The Bank of New York Mellon (as successor in interest to Citibank,
N.A. by virtue of the Agreement of Resignation, Appointment and Acceptance dated as of October 16, 2007 among the Guarantor, the Issuer,
Diageo Capital plc, Diageo Finance B.V., Citibank, N.A. and The Bank of New York) as trustee (section references herein being to the Indenture),
and pursuant to the authorizations of (i) the Board of Directors of the Guarantor by Resolutions adopted on July 29, 2024 and (ii) the
Board of Directors of the Issuer by Unanimous Written Consent adopted on March 28, 2025, each of the undersigned hereby confirms that
the following terms and conditions of the Securities were established in accordance with Section 301 of the Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 78.7pt 0pt 41pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt">5.125% Fixed Rate Notes due 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">5.625% Fixed Rate Notes due 2035 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Issue Price:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">99.961% for the 2030 Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">99.434% for the 2035 Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Issue Date:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">April 15, 2025 for the Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Principal Amount of Guaranteed Notes:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">U.S. $750,000,000 5.125% Fixed Rate Notes due 2030</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">U.S. $750,000,000 5.625% Fixed Rate Notes due 2035</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Form of Securities:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Securities will be issued in the form of one or more global notes that will be deposited with The Depository Trust Company, New York, New York (&ldquo;DTC&rdquo;) on the closing date. The global note will be issued to Cede &amp; Co. as nominee for DTC, and will be executed, authenticated and delivered in substantially the form attached hereto as Exhibit A. In certain circumstances described in the Indenture, Securities may be issued in definitive form.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Maturity:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">August 15, 2030 for the 2030 Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">April 15, 2035 for the 2035 Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Interest Rate:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.125% per annum accruing from April 15, 2025 for the 2030 Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">5.625% per annum accruing from April 15, 2025 for the 2035 Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">For the 2030 Notes, semi-annually in arrear on every February 15 and August 15 of each year, commencing on February 15, 2026.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">For the 2035 Notes, semi-annually in arrear on every April 15 and October 15 of each year, commencing on October 15, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">If any scheduled Interest Payment Date is not a Business Day, the Issuer shall pay interest on the next Business Day, but interest on that payment will not accrue during the period from and after the scheduled Interest Payment Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Regular Record Dates:</FONT></TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt">For the Securities, the close of business on the Business Day immediately preceding each applicable interest payment date (or, if the Securities are held in definitive form, the 15th calendar day preceding each applicable interest payment date).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Business Day:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">For the Securities, any day, other than a Saturday or Sunday, that is not a day on which banking institutions are authorized or required by law or regulation to close in New York City or in the City of London.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Place of Payment, Paying Agent,</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Bank of New York Mellon, London Branch </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Registration of Transfer and Exchange:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">160 Queen Victoria Street</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>London EC4V 4LA</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>United Kingdom</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>Attn: Corporate Trust Administration</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Notices and Demands to Issuer:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Diageo Investment Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Three World Trade Center</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">175 Greenwich St</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">New York, NY 10007</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Notices and Demands to Guarantor:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Diageo plc</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">16 Great Marlborough Street</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">London W1F 7HS</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>United Kingdom</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>Attn: Company Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tax Redemption Provisions:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The 2030 Notes and the 2035 Notes may be redeemed, in whole
    but not in part, at the option of the Issuer or the Guarantor, at any time in accordance with Section 1108 of the Indenture, the
    Prospectus and the Prospectus Supplement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Optional Redemption Provisions:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The 2030 Notes and the 2035 Notes may be redeemed, in whole or in part, at the option of the Issuer or the Guarantor, (i) in the case of the 2030 notes, at any time and from time to time prior to the 2030 Par Call Date (as defined below) and (ii) in the case of the 2035 notes, at any time and from time to time prior to the 2035 Par Call Date (as defined below), in each case at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (1) 100% of the principal amount of such Securities plus accrued interest to but excluding the date of redemption and (2) (a) the sum of the present values of the remaining scheduled payments of principal and interest on such notes as if the notes to be redeemed matured, on the applicable Par Call Date (as defined below) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Prospectus Supplement (as defined below)), plus 20 basis points, in the case of the 2030 notes, 20 basis points, in the case of the 2035 notes, less (b) interest accrued to the date of redemption, plus, in each case, accrued interest to but excluding the date of redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 41pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt">In addition, (i) the 2030 notes may be redeemed, in whole or in part, at any time and from time to time on or after July 15, 2030 (the date that is one month prior to the stated maturity date of the 2030 notes) (the &ldquo;2030 Par Call Date&rdquo;) and (ii) the 2035 notes may be redeemed, in whole or in part, at any time and from time to time on or after January 15, 2035 (the date that is three months prior to the stated maturity date of the 2035 notes) (the &ldquo;2035 Par Call Date&rdquo; and, together with the 2030 Par Call Date, each a &ldquo;Par Call Date&rdquo;), in each case at a redemption price equal to 100% of the principal amount of such Securities plus accrued interest to but excluding the date of redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Defeasance and Discharge of Securities</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(Section 403):</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Additional Amounts:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pursuant to Section 1004 of the Indenture, the obligations of the Issuer and the Guarantor to pay additional amounts thereunder shall be subject to the additional exceptions specified in the form of Security attached hereto as Exhibit A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">For the avoidance of doubt, any amounts to be paid by the Issuer or the Guarantor, as the case may be, on the Securities or the Guarantees will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (&ldquo;FATCA Withholding&rdquo;). Neither the Issuer nor the Guarantor will be required to pay additional amounts on account of any FATCA Withholding.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">These provisions will also apply to any taxes or governmental charges imposed by any jurisdiction in which a successor to the Issuer or the Guarantor is organized.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Other Term of the Securities:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The other terms of the Securities and the Guarantees shall be substantially as set forth in the
    Indenture, the form of Note attached hereto as Exhibit A, the Prospectus dated February 23, 2023 (the &ldquo;Prospectus&rdquo;) relating to the Securities and the Prospectus Supplement dated April 10, 2025 (the &ldquo;Prospectus Supplement&rdquo;) to the Prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.65pt 0pt 41pt; text-indent: 0.5in">In connection with the aforementioned
issuance, the undersigned hereby certifies to the best of his or her knowledge that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.65pt 0pt 41pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify; padding-right: 78.7pt"><FONT STYLE="font-size: 10pt">He or she has read the provisions of the Indenture
setting forth covenants and conditions to the Trustee&rsquo;s authentication and delivery of the Securities and the Guarantees endorsed
thereon by the Guarantor, and the definitions in the Indenture relating thereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify; padding-right: 78.7pt"><FONT STYLE="font-size: 10pt">He or she has examined the written consent of the
Board of Directors of the Issuer or the resolutions of the Board of Directors of the Guarantor, as applicable, adopted prior to the date
hereof relating to the authorization, issuance, authentication and delivery of the Securities and the Guarantees, such other corporate
records of the Issuer and the Guarantor, as applicable, and such other documents deemed necessary as a basis for the opinion hereinafter
expressed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify; padding-right: 78.7pt"><FONT STYLE="font-size: 10pt">In his or her opinion, such examination is sufficient
to enable him or her to express an informed opinion as to whether the covenants and conditions referred to above have been complied with.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify; padding-right: 79.05pt"><FONT STYLE="font-size: 10pt">He or she is of the opinion that the covenants and
conditions referred to above have been complied with.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">IN WITNESS WHEREOF, each of the undersigned has hereunto signed
his name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Dated: April 15, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO PLC</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ James Edmunds</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">James Edmunds</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Deputy Company Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature Page to Officer&rsquo;s Certificate Pursuant
to the Indenture]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">IN WITNESS WHEREOF, each of the undersigned has hereunto signed
his name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Dated: April 15, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO INVESTMENT CORPORATION</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">/s/ Angelique Crain</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Angelique Crain</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 37.65pt 0pt 0; text-align: center">EXHIBIT A-1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 37.65pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.7pt 0pt 0; text-align: center"><B>Form of 5.125% Fixed Rate Notes Due
2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.7pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.65pt 0pt 23pt; text-align: justify">THIS SECURITY IS A GLOBAL REGISTERED
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.65pt 0pt 23pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 187.5pt 0pt 177.95pt; text-align: center; text-indent: -51.95pt">DIAGEO
INVESTMENT CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 187.5pt 0pt 177.95pt; text-align: center; text-indent: -51.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 215.5pt 0pt 177.95pt; text-align: center; text-indent: -0.25pt">5.125%
NOTES DUE 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 215.5pt 0pt 177.95pt; text-align: center; text-indent: -0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.95pt 0pt 0; text-align: center">PAYMENT OF PRINCIPAL, PREMIUM, IF
ANY,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.65pt 0pt 64.85pt; text-align: center">AND INTEREST FULLY AND UNCONDITIONALLY
GUARANTEED BY DIAGEO PLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.65pt 0pt 64.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 0; text-align: right">$[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 0; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-left: 0.32in; width: 50%">No. [&bull;]</TD>
  <TD STYLE="padding-right: 60.85pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; width: 50%">CUSIP No. 25245BAC1</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.85pt 0pt 0; text-align: right">ISIN No. US25245BAC19</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.85pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">DIAGEO INVESTMENT
CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the &ldquo;Issuer&rdquo;,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede
&amp; Co., or registered assigns, the principal sum of [&bull;] Dollars on August 15, 2030 and to pay interest thereon from April 15,
2025 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrear on February
15 and August 15 in each year, commencing February 15, 2026 at the rate of 5.125% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding each applicable interest
payment date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall
be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">Payment of
the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained
for that purpose in New York City, in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; <I>provided</I>, <I>however</I>, that at the option of the Issuer payment of interest may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.1pt 0pt 23pt; text-align: justify; text-indent: 35.95pt">Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.1pt 0pt 23pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 35.95pt">Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating
Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed manually or in facsimile, and a facsimile of its corporate seal to be imprinted hereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">Dated: April 15, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO INVESTMENT CORPORATION</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Angelique Crain</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">[SEAL]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">Attested:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 23.05pt">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; width: 10%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"> Cherise Chamberlain</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"> Secretary</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">CERTIFICATE
OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 145.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 23pt; text-indent: 71.95pt">This is one of the Securities
of the series designated therein referred to in the within mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">Dated: April 15, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE BANK OF NEW YORK MELLON</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">As Trustee</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><I>Authorized Officer</I></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to 2030 Fixed Rate Global Note
No. [&bull;]]</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 37.85pt 0pt 0; text-align: center">(REVERSE)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 37.85pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">This Security
is one of a duly authorized issue of securities of the Issuer (herein called the &ldquo;Securities&rdquo;), issued and to be issued in
one or more series under an Indenture, dated as of June 1, 1999 (herein called the &ldquo;Indenture&rdquo; which term shall have the meaning
assigned to it in such instrument), among the Issuer, Diageo plc, a public limited company incorporated under the laws of England and
Wales (herein called the &ldquo;Guarantor&rdquo;, which term includes any successor Person under the Indenture referred to herein), and
The Bank of New York Mellon (as successor in interest to Citibank, N.A. by virtue of the Agreement of Resignation, Appointment and Acceptance
dated as of October 16, 2007 among the Guarantor, the Issuer, Diageo Capital plc, Diageo Finance B.V., Citibank, N.A. and The Bank of
New York) as Trustee (herein called the &ldquo;Trustee&rdquo;, which term includes any other successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Issuer, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one of the series designated on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Securities
may be redeemed at the option of the Issuer or the Guarantor, in whole or in part, upon not less than 10 nor more than 60 days&rsquo;
notice given as provided in the Indenture, at any time and from time to time (a) prior to July 15, 2030 (the &ldquo;Par Call Date&rdquo;)
at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i)
100% of the principal amount of such Securities plus accrued interest to but excluding the Redemption Date and (ii) (x) the sum of the
present values of the remaining scheduled payments of principal and interest on such notes as if the Securities to be redeemed matured
on the Par Call Date discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate (as defined herein), plus 20 basis points, with one basis point being 0.01% less (y) interest accrued to the date
of redemption; or (b) at any time from time to time on or after the Par Call Date at a Redemption Price equal to 100% of the principal
amount of such Securities plus, in each case, accrued interest to but excluding the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The definitions of certain terms
used in the paragraph above are set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.05pt 0pt 95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&ldquo;Treasury Rate&rdquo; means,
with respect to any Redemption Date, the yield determined by the Guarantor in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Options: NewSection; Value: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.65pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Treasury
Rate shall be determined by the Guarantor after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities
are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption Date based
upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published
by the Board of Governors of the Federal Reserve System designated as &ldquo;Selected Interest Rates (Daily) - H.15&rdquo; (or any successor
designation or publication) (&ldquo;H.15&rdquo;) under the caption &ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;
Nominal&rdquo; (or any successor caption or heading) (&ldquo;H.15 TCM&rdquo;). In determining the Treasury Rate, the Guarantor shall select,
as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par
Call Date (the &ldquo;Remaining Life&rdquo;); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining
Life, the two yields &ndash; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &ndash; and shall interpolate to the
Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places;
or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single
Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity
or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such
Treasury constant maturity from the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.65pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 1.5in">If on the third
business day preceding the Redemption Date H.15 TCM is no longer published, the Guarantor shall calculate the Treasury Rate based on the
rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding
such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to the Par Call Date, as applicable.
If there is no United States Treasury security maturing on the Par Call Date, but there are two or more United States Treasury securities
with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date, and one with a maturity
date following the Par Call Date, the Guarantor shall select the United States Treasury security with a maturity date preceding the Par
Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury
securities meeting the criteria of the preceding sentence, the Guarantor shall select from among these two or more United States Treasury
securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such
United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of
this paragraph, the semi- annual yield to maturity of the applicable United States Treasury security shall be based upon the average of
the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury
security, and rounded to three decimal places. The Guarantor&rsquo;s actions and determinations in determining the Redemption Price shall
be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 1.5in">The Securities
may be redeemed at the option of the Issuer or the Guarantor, in whole but not in part, upon not less than 10 nor more than 60 days&rsquo;
notice given as provided in the Indenture, at any time at a Redemption Price equal to the principal amount thereof plus accrued interest
to the date fixed for redemption if as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder
of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Issuer or the Guarantor is incorporated
(or in the case of a successor Person to the Issuer or the Guarantor, of the jurisdiction in which such successor Person is organized
or any political subdivision or taxing authority thereof or therein) or any change in the official application or interpretation of such
laws, regulations or rulings, or any change in the official application or interpretation of, or any execution of or amendment to, any
treaty or treaties affecting taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction
or political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on or after April 15,
2025 (or, in the case of a successor Person to the Issuer or the Guarantor, the date on which such successor Person became such pursuant
to the applicable provision of the Indenture), (i) the Issuer or the Guarantor (or such successor Person) is or would be required to pay
additional amounts with respect to the Securities or the Guarantees, respectively, on the next succeeding Interest Payment Date as set
forth below or in the Guarantee endorsed hereon or (ii) the Guarantor or any Subsidiary of the Guarantor is or would be required to deduct
or withhold tax on any payment to the Issuer to enable the Issuer to make any payment of principal or interest in respect of the Securities
and, in each case, the payment of such additional amounts in the case of (i) above or such deduction or withholding in the case of (ii)
above cannot be avoided by the use of any reasonable measures available to the Issuer, the Guarantor or the Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.6pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Securities
may also be redeemed in whole but not in part upon not less than 10 nor more than 60 days&rsquo; notice given as provided in the Indenture
at any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if the
Person formed by a consolidation of the Issuer or the Guarantor or into which the Issuer or the Guarantor is merged or to which the Issuer
or the Guarantor conveys, transfers or leases its properties and assets substantially as an entirety is required to pay a Holder additional
amounts in respect of any tax, assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from
any payment to such Holder as a consequence of such consolidation, merger, conveyance, transfer or lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.6pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.15pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">Notice of
redemption will be given by mail to Holders of Securities, not less than 10 nor more than 60 days prior to the date fixed for redemption,
all as provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.15pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.95pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">In the event
of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion
hereof will be issued in the name of the Holder hereof upon the cancellation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.95pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">If an Interest
Payment Date would fall on a day that is not a Business Day, such Interest Payment Date will be the next succeeding Business Day, and
no interest shall accrue during the period from and after such Interest Payment Date. If the Stated Maturity (or any redemption or repayment
date) would fall on a day that is not a Business Day, such payment may be made on the next succeeding Business Day and no interest shall
accrue for the period from and after such Stated Maturity or redemption or repayment date. Unless the Issuer defaults on payment of the
Redemption Price, interest will cease to accrue on the Redemption Date on the Securities called for redemption. &ldquo;Business Day&rdquo;,
as used herein, means any day, other than a Saturday or Sunday, that is not a day on which banking institutions are authorized or required
by law or regulation to close in New York City or in the City of London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Indenture
contains provisions for defeasance at any time of the entire indebtedness of this Security upon compliance by the Issuer or the Guarantor
with certain conditions set forth in the Indenture, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85in 0pt 23.05pt; text-align: justify; text-indent: 1in">If an Event
of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85in 0pt 23.05pt; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85in 0pt 23.05pt; text-indent: 1in">Unless otherwise specified in any
Board Resolution of the Issuer establishing the terms of a series of Securities in accordance with Section 301, the Issuer will, subject
to the exceptions and limitations set forth below, pay to the Holder of any Security who is a United States Alien (as defined below) such
additional amounts (&ldquo;Additional Amounts&rdquo;) as may be necessary so that every net payment on such Securities, after deduction
or other withholding for or on account of any present or future tax, assessment or governmental charge of whatever nature imposed upon
or as a result of such payment by the United States (or any political subdivision or taxing authority thereof or therein), will not be
less than the amount provided in such Security to be then due and payable. However, the Issuer will not be required to make any payment
of Additional Amounts for or on account of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85in 0pt 23.05pt; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 60.85pt">any tax, assessment or other governmental charge that would not have been so imposed
but for the existence of any present or former connection between such Holder or beneficial owner (or between a fiduciary, settler, beneficiary,
member or shareholder of, or a person holding a power over, (i) such Holder, if such Holder is an estate, trust, partnership or corporation)
and the United States or any political subdivision or taxing authority thereof or therein, including, without limitation, such Holder
(or such fiduciary, settler, beneficiary, member, shareholder or person holding a power) being or having been a citizen or resident or
treated as a resident thereof, or being or having been engaged in a trade or business or present therein, or having or having had a permanent
establishment therein, (ii) the presentation by the Holder of any Instrument or any Receipt or any Coupon for payment on a date more than
30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever
occurred later, or (iii) such Holder&rsquo;s present or former status as a personal holding company, a foreign personal holding company
or a controlled foreign corporation for United States tax purposes, a foreign private foundation or other foreign tax exempt organization
or a corporation that accumulates earnings to avoid United States Federal income tax;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 60.9pt">any estate, inheritance, gift, sales, transfer, wealth, personal property or similar
tax, assessment or other governmental charge;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 60.95pt">any tax, assessment or other governmental charge that is payable otherwise than
by deduction or withholding from a payment on a Security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(4)</TD><TD STYLE="text-align: justify; padding-right: 61pt">any tax, assessment or other governmental charge required to be withheld by any Paying
Agent from any payment on a Security if such payment can be made without such withholding by any other Paying Agent;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(5)</TD><TD STYLE="text-align: justify; padding-right: 61pt">any tax, assessment or other governmental charge that would not have been imposed
but for a failure to comply with any applicable certification, information, identification, documentation or other reporting requirements
concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of a Security if,
without regard to any tax treaties, such compliance is required as a precondition to relief or exemption from such tax, assessment or
other governmental charge;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(6)</TD><TD STYLE="text-align: justify; padding-right: 61pt">any tax, assessment or other governmental charge imposed as a result of the receipt
of interest by a person described in Section 871(h)(3)(B) of the Internal Revenue Code of 1986, as amended (or any successor provision
thereto);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(7)</TD><TD STYLE="text-align: justify; padding-right: 61pt">any tax, assessment or other governmental charge imposed on any payment on a Security
to a Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent a beneficiary or settler
with respect to such fiduciary, a member of such partnership or the beneficial owner would not have been entitled to the Additional Amounts
had such beneficiary, settler, member or beneficial owner been the Holder of such Security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(8)</TD><TD STYLE="text-align: justify; padding-right: 61pt">any combination of (1), (2), (3), (4), (5), (6) and (7) above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt">Except as otherwise indicated, for purposes of this
Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;United
States person&rdquo; means (i) a citizen or resident of the United States, (ii) a corporation created or organized in or under the laws
of the United States, (iii) an estate the income of which is subject to United States federal income taxation regardless of its source,
or (iv) a trust if a court within the United States is able to exercise primary supervision over the trust and one or more United States
persons have the authority to control all substantive decisions of the trust; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;United
States Alien&rdquo; means any person who is not a United States person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt; text-align: justify; text-indent: 1in">For the avoidance
of doubt, any amounts to be paid by the Issuer on the Securities will be paid net of any deduction or withholding imposed or required
pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations or official
interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended,
or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code (&ldquo;FATCA Withholding&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.9pt 0pt 23pt; text-indent: 71.95pt">Any Paying Agent shall be entitled
to make a deduction or withholding from any payment which it makes under the Securities and the Indenture for or on account of (i) any
present or future taxes, duties or charges if and to the extent so required by any applicable law and (ii) any FATCA Withholding tax (together,
&ldquo;Applicable Law&rdquo;). In either case, the Paying Agent shall make any payment after a deduction or withholding has been made
pursuant to Applicable Law and shall report to the relevant authorities the amount so deducted or withheld. In all cases, the Paying Agent
shall have no obligation to gross up any payment made subject to any deduction or withholding pursuant to Applicable Law. In addition,
amounts deducted or withheld by the Paying Agent under this paragraph will be treated as paid to the Holder of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.9pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">The Issuer will not be required
to pay additional amounts on account of any FATCA Withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Issuer and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time
by the Issuer, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages
in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series,
to waive compliance by the Issuer or the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding
with respect to the Indenture, the Guarantee endorsed hereon, this Security or for any remedy thereunder, unless such Holder shall have
previously given to the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders
of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable
indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority
in principal of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute
such proceeding within 60 days; <I>provided</I>, <I>however</I>, that such limitations do not apply to a suit instituted by the Holder
hereof for the enforcement of payment of the principal (and premium, if any) or interest on this Security on or after the respective due
dates expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">No reference
herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and
in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Securities
of this series are issuable only in registered form without coupons in denominations of $200,000 and in integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency
of the Issuer in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof
or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">No service
charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.9pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">Prior to due
presentment of this Security for registration of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and none of the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.9pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Indenture
and the Securities shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The &ldquo;Regular
Record Dates&rdquo; for the Securities will be the close of business on the Business Day immediately preceding each applicable interest
payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt">Interest on this Security shall be computed on the basis
of a 360-day year of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 0; text-align: center">GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.7pt 0pt 41pt; text-align: justify; text-indent: 1in">For value received,
Diageo plc, a public limited company incorporated under the laws of England and Wales, having its registered office at 16 Great Marlborough
Street, London W1F 7HS, England (herein called the &ldquo;Guarantor&rdquo;, which term includes any successor Person under the Indenture
referred to in the Security upon which this Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security
upon which this Guarantee is endorsed and to the Trustee, in its individual and trust capacities, and on behalf of each such Holder the
due and punctual payment of the principal of, premium, if any, and interest on such Security and the due and punctual payment of the sinking
fund or analogous payments referred to therein, if any, when and as the same shall become due and payable, whether at the Stated Maturity,
by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein.
In case of the failure of Diageo Investment Corporation, a corporation organized under the laws of Delaware (the &ldquo;Issuer&rdquo;,
which term includes any successor Person under such Indenture), punctually to make any such payment of principal, premium, if any, or
interest or any sinking fund or analogous payment, the Guarantor hereby agrees to cause any such payment to be made punctually when and
as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise,
and as if such payment were made by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.7pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">The Guarantor
hereby further agrees, subject to the limitations and exceptions set forth below, that if any deduction or withholding for any present
or future taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof
or therein) in which the Guarantor is incorporated shall at any time be required by such jurisdiction (or any such political subdivision
or taxing authority) in respect of any amounts to be paid by the Guarantor under this Guarantee, then the Guarantor will pay to the Holder
of a Security such additional amounts as may be necessary in order that the net amounts paid to the Holder of such Security who, with
respect to any such tax, assessment, or other governmental charge, is not resident in such jurisdiction, after such deduction or withholding,
shall be not less than the amounts specified in such Security to which such Holder is entitled; <I>provided</I>, <I>however</I>, that
the Guarantor shall not be required to make any payment of additional amounts (i) for or on account of any such tax, assessment or governmental
charge imposed by the United States or any political subdivision or taxing authority thereof or therein or (ii) for or on account of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any tax, assessment or other governmental charge which would not have been imposed
but for (i) the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member
or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the
taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without
limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or
resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment
therein or (ii) the presentation of a Security (where presentation is required) for payment on a date more than 30 days after the date
on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any estate, inheritance, gift, sale, transfer, personal property or similar tax,
assessment or other governmental charge;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any tax, assessment, or other governmental charge which is payable otherwise than
by withholding from payments of (or in respect of) principal of, premium, if any, or interest on, the Securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(4)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any tax, assessment or other governmental charge that is imposed or withheld by
reason of the failure to comply by the Holder or the beneficial owner of a Security with a request of the Issuer or the Guarantor addressed
to the Holder (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii)
to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (i) or (ii),
is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption
from all or part of such tax, assessment or other governmental charge;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(5)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any withholding or deduction required to be made with respect to a Security presented
for payment by or on behalf of a Holder of such Security who would have been able to avoid such withholding or deduction by presenting
the relevant Security to another Paying Agent; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(6)</TD><TD STYLE="text-align: left; padding-right: 43.5pt">any combination of items (1), (2), (3), (4) and (5) above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43.5pt 0pt 41pt; text-align: justify">nor shall additional interest be
paid with respect to any payment of the principal of, premium, if any, or interest on any Security to any Holder who is a fiduciary or
partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction
(or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or
settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such
additional interest had it been the Holder of the Security. The foregoing provision shall apply mutatis mutandis to any withholding or
deduction for or on account of any present or future taxes, assessments or governmental charges or whatever nature of any jurisdiction
in which any successor Person to the Guarantor is organized, or any political subdivision or taxing authority thereof or therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43.5pt 0pt 41pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63.3pt 0pt 41pt; text-indent: 1in">For the avoidance of doubt, any amounts
to be paid by the Guarantor on the Guarantees will be paid net of any deduction or withholding imposed or required pursuant to Sections
1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations or official interpretations
thereof, any agreement entered into pursuant to Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended, or any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation
of such Sections of the Code (&ldquo;FATCA Withholding&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63.3pt 0pt 41pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43.9pt 0pt 41pt; text-indent: 1in">Any Paying Agent shall be entitled
to make a deduction or withholding from any payment which it makes under the Guarantees and the Indenture for or on account of (i) any
present or future taxes, duties or charges if and to the extent so required by any applicable law and (ii) any FATCA Withholding Tax (together,
&ldquo;Applicable Law&rdquo;). In either case, the Paying Agent shall make any payment after a deduction or withholding has been made
pursuant to Applicable Law and shall report to the relevant authorities the amount so deducted or withheld. In all cases, the Paying Agent
shall have no obligation to gross up any payment made subject to any deduction or withholding pursuant to Applicable Law. In addition,
amounts deducted or withheld by the Paying Agent under this paragraph will be treated as paid to the Holder of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43.9pt 0pt 41pt; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 41pt; text-indent: 1in">The Guarantor will not be required
to pay additional amounts on account of any FATCA Withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 41pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.7pt 0pt 41pt; text-align: justify; text-indent: 1in">The Guarantor
hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be absolute, full
and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such
Indenture, any failure to enforce the provisions of such Security or such Indenture, or any waiver, modification or indulgence granted
to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other circumstance which may otherwise constitute
a legal or equitable discharge of a surety or guarantor; <I>provided</I>, <I>however</I>, that, notwithstanding the foregoing, no such
waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security, or increase
the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase
the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the maturity
thereof pursuant to Section 502 of such Indenture. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims
with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or
notice with respect to such Security or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required
under such Security and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of
the principal of, premium, if any, and interest on such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.7pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">The Guarantor
shall be subrogated to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to
such Holder by the Guarantor pursuant to the provisions of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not
be entitled to enforce, or to receive any payments arising out of or based upon such right of subrogation until the principal of, premium,
if any, and interest on all Securities of the same series issued under such Indenture shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">No reference
herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the Guarantor,
which is absolute and unconditional, of the due and punctual payment of the principal of, premium, if any, and interest on, and any sinking
fund or analogous payments with respect to, the Security upon which this Guarantee is endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.95pt 0pt 41pt; text-align: justify; text-indent: 1in">This Guarantee
shall not be valid or obligatory for any purpose until the certificate of authentication of such Security shall have been manually executed
by or on behalf of the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.95pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 41pt; text-align: justify; text-indent: 1in">All terms used
in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 42.95pt 0pt 41pt; text-align: justify; text-indent: 1in">The Guarantee
shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 42.95pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">Executed and dated the date on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO PLC</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">James Edmunds</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Deputy Company Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Guarantee to 2030 Fixed Rate
Global Note No. [&bull;]</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 37.65pt 0pt 0; text-align: center">EXHIBIT A-2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 37.65pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.7pt 0pt 0; text-align: center"><B>Form of 5.625% Fixed Rate Notes Due
2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.7pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.65pt 0pt 23pt; text-align: justify">THIS SECURITY IS A GLOBAL REGISTERED
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.65pt 0pt 23pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 187.5pt 0pt 177.95pt; text-align: center; text-indent: -51.95pt">DIAGEO
INVESTMENT CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 187.5pt 0pt 177.95pt; text-align: center; text-indent: -51.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 215.5pt 0pt 177.95pt; text-align: center; text-indent: -0.25pt">5.625%
NOTES DUE 2035</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 215.5pt 0pt 177.95pt; text-align: center; text-indent: -0.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.95pt 0pt 0; text-align: center">PAYMENT OF PRINCIPAL, PREMIUM, IF
ANY,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.65pt 0pt 64.85pt; text-align: center">AND INTEREST FULLY AND UNCONDITIONALLY
GUARANTEED BY DIAGEO PLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 102.65pt 0pt 64.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 0; text-align: right">$[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 0; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="padding-left: 0.32in; width: 50%">No. [&bull;]</TD>
  <TD STYLE="padding-right: 60.85pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; width: 50%">CUSIP No.  25245BAE7</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 0; text-align: right">ISIN No. US25245BAE74</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.85pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">DIAGEO INVESTMENT
CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the &ldquo;Issuer&rdquo;,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede
&amp; Co., or registered assigns, the principal sum of [&bull;] Dollars on April 15, 2035 and to pay interest thereon from April 15, 2025
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrear on April 15
and October 15 in each year, commencing October 15, 2025 at the rate of 5.625% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the Business Day immediately preceding each applicable interest payment date.
Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">Payment of
the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained
for that purpose in New York City, in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; <I>provided</I>, <I>however</I>, that at the option of the Issuer payment of interest may be
made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.1pt 0pt 23pt; text-align: justify; text-indent: 35.95pt">Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.1pt 0pt 23pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 35.95pt">Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating
Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed manually or in facsimile, and a facsimile of its corporate seal to be imprinted hereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">Dated: April 15, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO INVESTMENT CORPORATION</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Angelique Crain</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">[SEAL]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">Attested:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 23.05pt">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; width: 10%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"> Cherise Chamberlain</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"> Secretary</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">CERTIFICATE
OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 145.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 23pt; text-indent: 71.95pt">This is one of the Securities
of the series designated therein referred to in the within mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">Dated: April 15, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE BANK OF NEW YORK MELLON</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">As Trustee</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><I>Authorized Officer</I></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page to 2035 Fixed Rate Global Note
No. [&bull;]]</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 37.85pt 0pt 0; text-align: center">(REVERSE)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 37.85pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">This Security
is one of a duly authorized issue of securities of the Issuer (herein called the &ldquo;Securities&rdquo;), issued and to be issued in
one or more series under an Indenture, dated as of June 1, 1999 (herein called the &ldquo;Indenture&rdquo; which term shall have the meaning
assigned to it in such instrument), among the Issuer, Diageo plc, a public limited company incorporated under the laws of England and
Wales (herein called the &ldquo;Guarantor&rdquo;, which term includes any successor Person under the Indenture referred to herein), and
The Bank of New York Mellon (as successor in interest to Citibank, N.A. by virtue of the Agreement of Resignation, Appointment and Acceptance
dated as of October 16, 2007 among the Guarantor, the Issuer, Diageo Capital plc, Diageo Finance B.V., Citibank, N.A. and The Bank of
New York) as Trustee (herein called the &ldquo;Trustee&rdquo;, which term includes any other successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Issuer, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one of the series designated on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Securities
may be redeemed at the option of the Issuer or the Guarantor, in whole or in part, upon not less than 10 nor more than 60 days&rsquo;
notice given as provided in the Indenture, at any time and from time to time (a) prior to January 15, 2035 (the &ldquo;Par Call Date&rdquo;)
at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i)
100% of the principal amount of such Securities plus accrued interest to but excluding the Redemption Date and (ii) (x) the sum of the
present values of the remaining scheduled payments of principal and interest on such notes as if the Securities to be redeemed matured
on the Par Call Date discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate (as defined herein), plus 20 basis points, with one basis point being 0.01% less (y) interest accrued to the date
of redemption; or (b) at any time from time to time on or after the Par Call Date at a Redemption Price equal to 100% of the principal
amount of such Securities plus, in each case, accrued interest to but excluding the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The definitions of certain terms
used in the paragraph above are set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.05pt 0pt 95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&ldquo;Treasury Rate&rdquo; means,
with respect to any Redemption Date, the yield determined by the Guarantor in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Options: NewSection; Value: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.65pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Treasury
Rate shall be determined by the Guarantor after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities
are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption Date based
upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published
by the Board of Governors of the Federal Reserve System designated as &ldquo;Selected Interest Rates (Daily) - H.15&rdquo; (or any successor
designation or publication) (&ldquo;H.15&rdquo;) under the caption &ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;
Nominal&rdquo; (or any successor caption or heading) (&ldquo;H.15 TCM&rdquo;). In determining the Treasury Rate, the Guarantor shall
select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date
to the Par Call Date (the &ldquo;Remaining Life&rdquo;); or (2) if there is no such Treasury constant maturity on H.15 exactly equal
to the Remaining Life, the two yields &ndash; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than
and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &ndash; and shall interpolate
to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal
places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the
single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant
maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable,
of such Treasury constant maturity from the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 1.5in">If on the third
business day preceding the Redemption Date H.15 TCM is no longer published, the Guarantor shall calculate the Treasury Rate based on the
rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding
such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to the Par Call Date, as applicable.
If there is no United States Treasury security maturing on the Par Call Date, but there are two or more United States Treasury securities
with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date, and one with a maturity
date following the Par Call Date, the Guarantor shall select the United States Treasury security with a maturity date preceding the Par
Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury
securities meeting the criteria of the preceding sentence, the Guarantor shall select from among these two or more United States Treasury
securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such
United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of
this paragraph, the semi- annual yield to maturity of the applicable United States Treasury security shall be based upon the average of
the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury
security, and rounded to three decimal places. The Guarantor&rsquo;s actions and determinations in determining the Redemption Price shall
be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 1.5in">The Securities
may be redeemed at the option of the Issuer or the Guarantor, in whole but not in part, upon not less than 10 nor more than 60 days&rsquo;
notice given as provided in the Indenture, at any time at a Redemption Price equal to the principal amount thereof plus accrued interest
to the date fixed for redemption if as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder
of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Issuer or the Guarantor is incorporated
(or in the case of a successor Person to the Issuer or the Guarantor, of the jurisdiction in which such successor Person is organized
or any political subdivision or taxing authority thereof or therein) or any change in the official application or interpretation of such
laws, regulations or rulings, or any change in the official application or interpretation of, or any execution of or amendment to, any
treaty or treaties affecting taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction
or political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on or after April 15,
2025 (or, in the case of a successor Person to the Issuer or the Guarantor, the date on which such successor Person became such pursuant
to the applicable provision of the Indenture), (i) the Issuer or the Guarantor (or such successor Person) is or would be required to pay
additional amounts with respect to the Securities or the Guarantees, respectively, on the next succeeding Interest Payment Date as set
forth below or in the Guarantee endorsed hereon or (ii) the Guarantor or any Subsidiary of the Guarantor is or would be required to deduct
or withhold tax on any payment to the Issuer to enable the Issuer to make any payment of principal or interest in respect of the Securities
and, in each case, the payment of such additional amounts in the case of (i) above or such deduction or withholding in the case of (ii)
above cannot be avoided by the use of any reasonable measures available to the Issuer, the Guarantor or the Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.6pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Securities
may also be redeemed in whole but not in part upon not less than 10 nor more than 60 days&rsquo; notice given as provided in the Indenture
at any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if the
Person formed by a consolidation of the Issuer or the Guarantor or into which the Issuer or the Guarantor is merged or to which the Issuer
or the Guarantor conveys, transfers or leases its properties and assets substantially as an entirety is required to pay a Holder additional
amounts in respect of any tax, assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from
any payment to such Holder as a consequence of such consolidation, merger, conveyance, transfer or lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.6pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.15pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">Notice of
redemption will be given by mail to Holders of Securities, not less than 10 nor more than 60 days prior to the date fixed for redemption,
all as provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.15pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.95pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">In the event
of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion
hereof will be issued in the name of the Holder hereof upon the cancellation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.95pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">If an Interest
Payment Date would fall on a day that is not a Business Day, such Interest Payment Date will be the next succeeding Business Day, and
no interest shall accrue during the period from and after such Interest Payment Date. If the Stated Maturity (or any redemption or repayment
date) would fall on a day that is not a Business Day, such payment may be made on the next succeeding Business Day and no interest shall
accrue for the period from and after such Stated Maturity or redemption or repayment date. Unless the Issuer defaults on payment of the
Redemption Price, interest will cease to accrue on the Redemption Date on the Securities called for redemption. &ldquo;Business Day&rdquo;,
as used herein, means any day, other than a Saturday or Sunday, that is not a day on which banking institutions are authorized or required
by law or regulation to close in New York City or in the City of London.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Indenture
contains provisions for defeasance at any time of the entire indebtedness of this Security upon compliance by the Issuer or the Guarantor
with certain conditions set forth in the Indenture, which provisions apply to this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85in 0pt 23.05pt; text-align: justify; text-indent: 1in">If an Event
of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85in 0pt 23.05pt; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85in 0pt 23.05pt; text-indent: 1in">Unless otherwise specified in any
Board Resolution of the Issuer establishing the terms of a series of Securities in accordance with Section 301, the Issuer will, subject
to the exceptions and limitations set forth below, pay to the Holder of any Security who is a United States Alien (as defined below) such
additional amounts (&ldquo;Additional Amounts&rdquo;) as may be necessary so that every net payment on such Securities, after deduction
or other withholding for or on account of any present or future tax, assessment or governmental charge of whatever nature imposed upon
or as a result of such payment by the United States (or any political subdivision or taxing authority thereof or therein), will not be
less than the amount provided in such Security to be then due and payable. However, the Issuer will not be required to make any payment
of Additional Amounts for or on account of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.85in 0pt 23.05pt; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(1)</TD><TD STYLE="text-align: left; padding-right: 60.85pt">any tax, assessment or other governmental charge that would not have been so imposed
but for the existence of any present or former connection between such Holder or beneficial owner (or between a fiduciary, settler, beneficiary,
member or shareholder of, or a person holding a power over, (i) such Holder, if such Holder is an estate, trust, partnership or corporation)
and the United States or any political subdivision or taxing authority thereof or therein, including, without limitation, such Holder
(or such fiduciary, settler, beneficiary, member, shareholder or person holding a power) being or having been a citizen or resident or
treated as a resident thereof, or being or having been engaged in a trade or business or present therein, or having or having had a permanent
establishment therein, (ii) the presentation by the Holder of any Instrument or any Receipt or any Coupon for payment on a date more than
30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever
occurred later, or (iii) such Holder&rsquo;s present or former status as a personal holding company, a foreign personal holding company
or a controlled foreign corporation for United States tax purposes, a foreign private foundation or other foreign tax exempt organization
or a corporation that accumulates earnings to avoid United States Federal income tax;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(2)</TD><TD STYLE="text-align: left; padding-right: 60.9pt">any estate, inheritance, gift, sales, transfer, wealth, personal property or similar
tax, assessment or other governmental charge;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(3)</TD><TD STYLE="text-align: left; padding-right: 60.95pt">any tax, assessment or other governmental charge that is payable otherwise than by
deduction or withholding from a payment on a Security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(4)</TD><TD STYLE="text-align: left; padding-right: 61pt">any tax, assessment or other governmental charge required to be withheld by any Paying
Agent from any payment on a Security if such payment can be made without such withholding by any other Paying Agent;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(5)</TD><TD STYLE="text-align: left; padding-right: 61pt">any tax, assessment or other governmental charge that would not have been imposed but
for a failure to comply with any applicable certification, information, identification, documentation or other reporting requirements
concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of a Security if,
without regard to any tax treaties, such compliance is required as a precondition to relief or exemption from such tax, assessment or
other governmental charge;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(6)</TD><TD STYLE="text-align: left; padding-right: 61pt">any tax, assessment or other governmental charge imposed as a result of the receipt
of interest by a person described in Section 871(h)(3)(B) of the Internal Revenue Code of 1986, as amended (or any successor provision
thereto);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(7)</TD><TD STYLE="text-align: left; padding-right: 61pt">any tax, assessment or other governmental charge imposed on any payment on a Security
to a Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent a beneficiary or settler
with respect to such fiduciary, a member of such partnership or the beneficial owner would not have been entitled to the Additional Amounts
had such beneficiary, settler, member or beneficial owner been the Holder of such Security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 95pt"></TD><TD STYLE="width: 28.8pt">(8)</TD><TD STYLE="text-align: left; padding-right: 61pt">any combination of (1), (2), (3), (4), (5), (6) and (7) above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt">Except as otherwise indicated, for purposes of this
Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;United
States person&rdquo; means (i) a citizen or resident of the United States, (ii) a corporation created or organized in or under the laws
of the United States, (iii) an estate the income of which is subject to United States federal income taxation regardless of its source,
or (iv) a trust if a court within the United States is able to exercise primary supervision over the trust and one or more United States
persons have the authority to control all substantive decisions of the trust; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;United
States Alien&rdquo; means any person who is not a United States person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt; text-align: justify; text-indent: 1in">For the avoidance
of doubt, any amounts to be paid by the Issuer on the Securities will be paid net of any deduction or withholding imposed or required
pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations or official
interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended,
or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code (&ldquo;FATCA Withholding&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 23.05pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.9pt 0pt 23pt; text-indent: 71.95pt">Any Paying Agent shall be entitled
to make a deduction or withholding from any payment which it makes under the Securities and the Indenture for or on account of (i) any
present or future taxes, duties or charges if and to the extent so required by any applicable law and (ii) any FATCA Withholding tax (together,
&ldquo;Applicable Law&rdquo;). In either case, the Paying Agent shall make any payment after a deduction or withholding has been made
pursuant to Applicable Law and shall report to the relevant authorities the amount so deducted or withheld. In all cases, the Paying Agent
shall have no obligation to gross up any payment made subject to any deduction or withholding pursuant to Applicable Law. In addition,
amounts deducted or withheld by the Paying Agent under this paragraph will be treated as paid to the Holder of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.9pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">The Issuer will not be required
to pay additional amounts on account of any FATCA Withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Issuer and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time
by the Issuer, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages
in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series,
to waive compliance by the Issuer or the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding
with respect to the Indenture, the Guarantee endorsed hereon, this Security or for any remedy thereunder, unless such Holder shall have
previously given to the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders
of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable
indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority
in principal of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute
such proceeding within 60 days; <I>provided</I>, <I>however</I>, that such limitations do not apply to a suit instituted by the Holder
hereof for the enforcement of payment of the principal (and premium, if any) or interest on this Security on or after the respective due
dates expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">No reference
herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and
in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Securities
of this series are issuable only in registered form without coupons in denominations of $200,000 and in integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency
of the Issuer in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof
or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.7pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">No service
charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.75pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.9pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">Prior to due
presentment of this Security for registration of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and none of the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.9pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The Indenture
and the Securities shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">The &ldquo;Regular
Record Dates&rdquo; for the Securities will be the close of business on the Business Day immediately preceding each applicable interest
payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 23pt; text-align: justify; text-indent: 71.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">Interest on this Security shall be computed on the basis of
a 360-day year of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65.4pt 0pt 23pt; text-indent: 71.95pt">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 0; text-align: center">GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.7pt 0pt 41pt; text-align: justify; text-indent: 1in">For value received,
Diageo plc, a public limited company incorporated under the laws of England and Wales, having its registered office at 16 Great Marlborough
Street, London W1F 7HS, England (herein called the &ldquo;Guarantor&rdquo;, which term includes any successor Person under the Indenture
referred to in the Security upon which this Guarantee is endorsed), hereby fully and unconditionally guarantees to the Holder of the Security
upon which this Guarantee is endorsed and to the Trustee, in its individual and trust capacities, and on behalf of each such Holder the
due and punctual payment of the principal of, premium, if any, and interest on such Security and the due and punctual payment of the sinking
fund or analogous payments referred to therein, if any, when and as the same shall become due and payable, whether at the Stated Maturity,
by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein.
In case of the failure of Diageo Investment Corporation, a corporation organized under the laws of Delaware (the &ldquo;Issuer&rdquo;,
which term includes any successor Person under such Indenture), punctually to make any such payment of principal, premium, if any, or
interest or any sinking fund or analogous payment, the Guarantor hereby agrees to cause any such payment to be made punctually when and
as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise,
and as if such payment were made by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.7pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">The Guarantor
hereby further agrees, subject to the limitations and exceptions set forth below, that if any deduction or withholding for any present
or future taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof
or therein) in which the Guarantor is incorporated shall at any time be required by such jurisdiction (or any such political subdivision
or taxing authority) in respect of any amounts to be paid by the Guarantor under this Guarantee, then the Guarantor will pay to the Holder
of a Security such additional amounts as may be necessary in order that the net amounts paid to the Holder of such Security who, with
respect to any such tax, assessment, or other governmental charge, is not resident in such jurisdiction, after such deduction or withholding,
shall be not less than the amounts specified in such Security to which such Holder is entitled; <I>provided</I>, <I>however</I>, that
the Guarantor shall not be required to make any payment of additional amounts (i) for or on account of any such tax, assessment or governmental
charge imposed by the United States or any political subdivision or taxing authority thereof or therein or (ii) for or on account of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any tax, assessment or other governmental charge which would not have been imposed
but for (i) the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member
or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the
taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without
limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or
resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment
therein or (ii) the presentation of a Security (where presentation is required) for payment on a date more than 30 days after the date
on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any estate, inheritance, gift, sale, transfer, personal property or similar tax,
assessment or other governmental charge;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any tax, assessment, or other governmental charge which is payable otherwise than
by withholding from payments of (or in respect of) principal of, premium, if any, or interest on, the Securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(4)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any tax, assessment or other governmental charge that is imposed or withheld by
reason of the failure to comply by the Holder or the beneficial owner of a Security with a request of the Issuer or the Guarantor addressed
to the Holder (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii)
to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (i) or (ii),
is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption
from all or part of such tax, assessment or other governmental charge;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(5)</TD><TD STYLE="text-align: justify; padding-right: 43.5pt">any withholding or deduction required to be made with respect to a Security presented
for payment by or on behalf of a Holder of such Security who would have been able to avoid such withholding or deduction by presenting
the relevant Security to another Paying Agent; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 40.5pt">(6)</TD><TD STYLE="text-align: left; padding-right: 43.5pt">any combination of items (1), (2), (3), (4) and (5) above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43.5pt 0pt 41pt; text-align: justify">nor shall additional interest be
paid with respect to any payment of the principal of, premium, if any, or interest on any Security to any Holder who is a fiduciary or
partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction
(or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or
settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such
additional interest had it been the Holder of the Security. The foregoing provision shall apply mutatis mutandis to any withholding or
deduction for or on account of any present or future taxes, assessments or governmental charges or whatever nature of any jurisdiction
in which any successor Person to the Guarantor is organized, or any political subdivision or taxing authority thereof or therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43.5pt 0pt 41pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63.3pt 0pt 41pt; text-indent: 1in">For the avoidance of doubt, any amounts
to be paid by the Guarantor on the Guarantees will be paid net of any deduction or withholding imposed or required pursuant to Sections
1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations or official interpretations
thereof, any agreement entered into pursuant to Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended, or any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation
of such Sections of the Code (&ldquo;FATCA Withholding&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 63.3pt 0pt 41pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43.9pt 0pt 41pt; text-indent: 1in">Any Paying Agent shall be entitled
to make a deduction or withholding from any payment which it makes under the Guarantees and the Indenture for or on account of (i) any
present or future taxes, duties or charges if and to the extent so required by any applicable law and (ii) any FATCA Withholding Tax (together,
&ldquo;Applicable Law&rdquo;). In either case, the Paying Agent shall make any payment after a deduction or withholding has been made
pursuant to Applicable Law and shall report to the relevant authorities the amount so deducted or withheld. In all cases, the Paying Agent
shall have no obligation to gross up any payment made subject to any deduction or withholding pursuant to Applicable Law. In addition,
amounts deducted or withheld by the Paying Agent under this paragraph will be treated as paid to the Holder of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43.9pt 0pt 41pt; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 41pt; text-indent: 1in">The Guarantor will not be required
to pay additional amounts on account of any FATCA Withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.05pt 0pt 41pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.7pt 0pt 41pt; text-align: justify; text-indent: 1in">The Guarantor
hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be absolute, full
and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such
Indenture, any failure to enforce the provisions of such Security or such Indenture, or any waiver, modification or indulgence granted
to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other circumstance which may otherwise constitute
a legal or equitable discharge of a surety or guarantor; <I>provided</I>, <I>however</I>, that, notwithstanding the foregoing, no such
waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security, or increase
the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase
the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the maturity
thereof pursuant to Section 502 of such Indenture. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims
with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or
notice with respect to such Security or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required
under such Security and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of
the principal of, premium, if any, and interest on such Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.7pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">The Guarantor
shall be subrogated to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to
such Holder by the Guarantor pursuant to the provisions of this Guarantee; <I>provided</I>, <I>however</I>, that the Guarantor shall not
be entitled to enforce, or to receive any payments arising out of or based upon such right of subrogation until the principal of, premium,
if any, and interest on all Securities of the same series issued under such Indenture shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">No reference
herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the Guarantor,
which is absolute and unconditional, of the due and punctual payment of the principal of, premium, if any, and interest on, and any sinking
fund or analogous payments with respect to, the Security upon which this Guarantee is endorsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.75pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.95pt 0pt 41pt; text-align: justify; text-indent: 1in">This Guarantee
shall not be valid or obligatory for any purpose until the certificate of authentication of such Security shall have been manually executed
by or on behalf of the Trustee under such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.95pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 41pt; text-align: justify; text-indent: 1in">All terms used
in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.6in 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 42.95pt 0pt 41pt; text-align: justify; text-indent: 1in">The Guarantee
shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 42.95pt 0pt 41pt; text-align: justify; text-indent: 1in">&nbsp;</P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">Executed and dated the date on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DIAGEO PLC</P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">James Edmunds</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Deputy Company Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Guarantee to 2035 Fixed Rate
Global Note No. [&bull;]</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 36; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>dp227659_0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.15pt"><FONT STYLE="font-size: 9pt"><IMG SRC="image_003.jpg" ALT="">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">One Bunhill Row</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">London EC1Y 8YY</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">T +44 (0)20 7600 1200</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">F +44 (0)20 7090 5000</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.15pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.15pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1.15pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; padding-left: 1.15pt">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 9pt">15 April 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; color: white">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: white; background-color: white"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 1.15pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Your reference</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="5"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Diageo Investment Corporation</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Three World Trade Center</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">175 Greenwich St</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">New York, NY 10007</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.25pt"><FONT STYLE="font-size: 9pt">and</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.25pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Diageo plc</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">16 Great Marlborough Street</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">London W1F 7HS</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">United Kingdom</FONT></P></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt">Our reference</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt">CLXP/MQYB/JLZW</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt">Direct line</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt">+44 (0)20 7090 3884</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">Dear Sirs and Mesdames</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: center"><B>Issue by Diageo Investment Corporation
(the &ldquo;Issuer&rdquo;) of (i) U.S. $750,000,000 5.125% Fixed Rate Notes due 2030 (the &ldquo;2030 Notes&rdquo;) and (ii) U.S. $750,000,000
5.625% Fixed Rate Notes due 2035 (the &ldquo;2035 Notes&rdquo;) (each, a &ldquo;Security&rdquo;, and, together, the &ldquo;Securities&rdquo;),
guaranteed as to payment of principal and interest by Diageo plc (the &ldquo;Guarantor&rdquo;)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">We have acted as English legal advisers
to the Guarantor in connection with the issue of the Securities by the Issuer with a guarantee (the &ldquo;<B>Guarantee</B>&rdquo;) of
the Guarantor and have taken instructions solely from the Guarantor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">This letter sets out our opinion on
certain matters of English law as at today&rsquo;s date and as currently applied by the English courts. We have not made any investigation
of, and do not express any opinion on, any other law. This letter is to be governed by and construed in accordance with English law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">This opinion is delivered in connection
with the prospectus in respect of the Securities of the Issuer dated 23 February 2023 and the related prospectus supplement in respect
of the Securities dated 10 April 2025 (together, the &ldquo;<B>Prospectus</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 10%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RJ Turnill</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DL Finkler</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">SP Hall</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">SR Galbraith</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">JAD Marks</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DJO Schaffer</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DR Johnson</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RA Swallow</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CS Cameron</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">BJ-PF Louveaux</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">E Michael</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RR Ogle</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">HL Davies</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">JC Putnis</FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RA Sumroy</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">JC Cotton</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CNR Jeffs</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">SR Nicholls</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">MJ Tobin</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DG Watkins</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">BKP Yu</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">EC Brown</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">J Edwarde</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">AD Jolly</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">JS Nevin</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RA Byk</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">GA Miles</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">GE O'Keefe</FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">MD Zerdin</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RL Cousin</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">IAM Taylor</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DA Ives</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">MC Lane</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">LMC Chung</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RJ Smith</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">MD&rsquo;AS Corbett</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">PIR Dickson</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">IS Johnson</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RM Jones</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">EJ Fife</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">JP Stacey</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">LJ Wright</FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">JP Clark</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">WHJ Ellison</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">AM Lyle-Smythe</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">A Nassiri</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DE Robertson</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">TA Vickers</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RA Innes</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CP McGaffin</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CL Phillips</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">SVK Wokes</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">NSA Bonsall</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RCT Jeens</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">V MacDuff</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">PL Mudie</FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DM Taylor</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RJ Todd</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">WJ Turtle</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">OJ Wicker</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DJO Blaikie</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CVK Boney</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">F de Falco</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">SNL Hughes</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">PR Linnard</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">KA O&rsquo;Connell</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">N Yeung<BR>
    CJCN Choi</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">NM Pacheco</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CL Sanger</FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">HE Ware</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">HJ Bacon</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">TR Blanchard</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">NL Cook</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">AJ Dustan</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">HEB Hecht</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CL Jackson</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">OR Moir</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">S Shah</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">G Kamalanathan</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">JE Cook</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CA Cooke</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">LJ Houston</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CW McGarel-Groves</FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">PD Wickham</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RR Hilton</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">KM Howes</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CR Osborne</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">MJ Sandler</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">CM Sharpe</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">JM Slade</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">WCW Brennand</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DJG Hay</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">TG Newey</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">LJE Nsoatabe</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">PJC O&rsquo;Malley</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">SE Osprey</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">DA Shone</FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">S Sriram</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">HK Sumanasuriya</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">SC Tysoe</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">AJJ Chadd</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">RA Francis-Pike</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">AF Liaqat</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">TR Peacock</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">TXT Zhuo</FONT></P></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 19%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.3pt 1.15pt"><FONT STYLE="font-size: 8pt">Authorised and regulated<BR>
    by the Solicitors<BR>
    Regulation Authority<BR>
    Firm SRA number 55388</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">For the purpose of this opinion, we
have examined electronic copies of the following documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">1.</TD><TD STYLE="text-align: justify">the indenture dated 1 June 1999 between the Issuer, the Guarantor and The Bank of New York Mellon (as
successor in the interest to Citibank, N.A. by virtue of the agreement of resignation, appointment and acceptance dated 16 October 2007
between, among others, the Issuer, the Guarantor, The Bank of New York Mellon and Citibank, N.A.) (the &ldquo;<B>Indenture</B>&rdquo;),
including the form of guarantees to be given by the Guarantor (the &ldquo;<B>Guarantees</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">2.</TD><TD STYLE="text-align: justify">a copy of an extract from the minutes of a meeting of the board of directors of the Guarantor held on
14 December 2000 attached to the Deputy Secretary&rsquo;s Certificate referred to in paragraph 7 below;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">3.</TD><TD STYLE="text-align: justify">a copy of an extract from the minutes of a meeting of the Standing Committee of the board of directors
of the Guarantor held on 11 November 2003 attached to the Deputy Secretary&rsquo;s Certificate referred to in paragraph 7 below;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt; text-align: left">4.</TD><TD>a copy of an extract from the minutes of a meeting of the board
of directors of the Guarantor held on 29 July 2024 attached to the Deputy Secretary&rsquo;s Certificate referred to in paragraph 7 below;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">5.</TD><TD STYLE="text-align: justify">a copy of emails attached to the Deputy Secretary&rsquo;s Certificate referred to in paragraph 7 below
from (i) the Chief Financial Officer of the Guarantor and (ii) the General Counsel and Company Secretary of the Guarantor, each dated
9 April 2025 and each approving the issuance of the Securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">6.</TD><TD STYLE="text-align: justify">a copy of the memorandum and articles of association (together with the resolutions and agreements filed
at Companies House under section 30 of the Companies Act 2006 and its predecessors) of the Guarantor attached to the Deputy Secretary&rsquo;s
Certificate referred to in paragraph 7 below;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">7.</TD><TD STYLE="text-align: justify">a deputy company secretary&rsquo;s certificate dated 15 April 2025 in respect of the Guarantor (the &ldquo;<B>Deputy
Secretary&rsquo;s Certificate</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">8.</TD><TD STYLE="text-align: justify">entries shown on the Registrar of Companies obtained by us from the Companies House database at 9:43 a.m.
on 14 April 2025 of the file of the Guarantor maintained at Companies House (the &ldquo;<B>Company Searches</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt">We have not been
concerned with investigating or verifying the facts set out in the Prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->/8 April 2025</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt">For the purposes
of this letter we have assumed:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(i)</TD><TD STYLE="text-align: justify">that the Indenture and the Guarantees (collectively, the &ldquo;<B>Agreements</B>&rdquo;) in the form
examined by us were duly executed and delivered by the parties thereto (other than the Guarantor);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(ii)</TD><TD STYLE="text-align: justify">the conformity to original documents of all copy (including electronic copy) or draft documents examined
by us and that the copy of the memorandum and articles of association of the Guarantor examined by us (which is attached to the Deputy
Secretary&rsquo;s Certificate) is complete and accurate and conforms to the original and would, if issued today, comply, as respects the
articles of association, with section 36 of the Companies Act 2006 and that, in the case of any document of which we have examined or
had regard to only an extract, the extract does not present a misleading view of the documents as a whole;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(iii)</TD><TD STYLE="text-align: justify">that all signatures on the executed documents which, or copies of which, we have examined are genuine;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(iv)</TD><TD STYLE="text-align: justify">the Agreements are valid and binding on the parties under the laws of the State of New York, United States
of America (&ldquo;<B>New York law</B>&rdquo;) by which the Agreements are expressed to be governed and that the obligations under the
Agreements constitute valid, binding obligations of the parties thereto under New York law (being the law by which they are expressed
to be governed), enforceable in accordance with their terms in competent courts of that jurisdiction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(v)</TD><TD STYLE="text-align: justify">that the Securities will be duly issued, authenticated and delivered in accordance with the provisions
of the Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(vi)</TD><TD STYLE="text-align: justify">the capacity, power and authority of each of the parties (other than the Guarantor) to execute, deliver
and exercise its rights and perform its obligations under the Agreements and that the Issuer has the capacity, power and authority to
effect the execution, delivery and issue of the Securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(vii)</TD><TD STYLE="text-align: justify">that no law of any jurisdiction outside England and Wales would prohibit or otherwise render the execution,
delivery, issue or performance by any party of the terms of the Agreements illegal or ineffective and that, insofar as any obligation
under any of the Agreements is performed in, or is otherwise subject to, any jurisdiction other than England and Wales, its performance
will not be illegal, ineffective or prohibited by virtue of the law of that jurisdiction or contrary to public policy in that jurisdiction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(viii)</TD><TD STYLE="text-align: justify">that each Security will be in the form set out in Article Two of the Indenture and will be subject to
the terms and conditions of the Indenture;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(ix)</TD><TD STYLE="text-align: justify">that the terms and conditions applicable to the Securities will not be inconsistent with the Prospectus;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(x)</TD><TD STYLE="text-align: justify">that (1) the information disclosed by the Company Searches and our Dye &amp; Durham winding up search
on the Central Registry of Winding-up Petitions on 14 April 2025 in relation to the Guarantor (together, the &ldquo;<B>Searches</B>&rdquo;)
was then complete, up-to-date and accurate and has not since then been altered or added to; and (2) the Searches did not fail to disclose
any information relevant for the purposes of this opinion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->/8 April 2025</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xi)</TD><TD STYLE="text-align: justify">that (1) no proposal for a voluntary arrangement has been made, and no moratorium has been obtained, in
relation to the Issuer under Part I or Part A1 of the Insolvency Act 1986 (as amended); (2) the Guarantor has not given any notice in
relation to or passed any voluntary winding-up resolution; (3) no application or filing has been made or petition presented to a court,
and no order has been made by a court, for the winding-up or administration of, or commencement of a moratorium in relation to, the Guarantor,
and no step has been taken to strike off or dissolve the Guarantor; (4) no liquidator, administrator, monitor, nominee, supervisor, receiver,
administrative receiver, trustee in bankruptcy or similar officer has been appointed in relation to the Guarantor or any of its assets
or revenues, and no notice has been given or filed in relation to the appointment of such an officer; and (5) no insolvency proceedings
or analogous procedures have been commenced in any jurisdiction outside England and Wales in relation to the Guarantor or any of its assets
or revenues;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xii)</TD><TD STYLE="text-align: justify">that the minutes referred to in paragraphs 2 &ndash; 4 (inclusive) above are a true record of the proceedings
described therein of duly convened, constituted and quorate meetings of the Guarantor&rsquo;s board of directors and the Standing Committee
thereof acting in accordance with their duties as directors in so far as relevant to this opinion letter and that the relevant meetings
were duly held and that the authorisations given and resolutions passed thereat have not subsequently been amended, revoked or superseded
and that, in making any subsequent decision (including in connection with the issues of securities thereunder), the directors of the Guarantor
and any committee or person to whom they have delegated any such decision will act in accordance with their duties as directors and officers
(as applicable), in the interests of and for a proper purpose of the Guarantor;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xiii)</TD><TD STYLE="text-align: justify">that the Agreements are entered into by the Guarantor in good faith, in the interests of and for a proper
purpose of the Guarantor and in furtherance of its objects under its memorandum and articles;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xiv)</TD><TD STYLE="text-align: justify">that the Agreements are in the best interests of and to the advantage of the Guarantor and likely to promote
the success of the Guarantor;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xv)</TD><TD STYLE="text-align: justify">the statements made in the Deputy Secretary&rsquo;s Certificate are complete and accurate as at today&rsquo;s
date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xvi)</TD><TD STYLE="text-align: justify">that, for United Kingdom tax purposes, the Guarantor is resident in, and only in, the United Kingdom and
the Issuer is not and will not be incorporated in the United Kingdom or resident in the United Kingdom and does not have and will not
have a permanent establishment or other business presence in the United Kingdom;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xvii)</TD><TD STYLE="text-align: justify">that each of the Securities represents &ldquo;loan capital&rdquo; for the purposes of section 79 of the
Finance Act 1986 and none of the Securities is or includes interests in, or dividends in or other rights arising out of, or rights to
allotments of or to subscribe for, or options to acquire, stocks, shares or loan capital which are paired with shares issued by a body
corporate incorporated in the United Kingdom; &#9;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->/8 April 2025</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xviii)</TD><TD STYLE="text-align: justify">that the Agreements and the Securities have the same meaning and effect as if they were governed by English
law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xix)</TD><TD STYLE="text-align: justify">that the Agreements have been unconditionally delivered by the Guarantor;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xx)</TD><TD STYLE="text-align: justify">since 1 June 1999, no amendments have been made to the Indenture which continues in full force and effect
as at the date hereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xxi)</TD><TD STYLE="text-align: justify">any restriction on borrowings or the giving of a guarantee in the articles of association of the Guarantor
would not be contravened by the issue of the Securities, the giving of the Guarantees or by its execution of the Agreements or by its
exercise of its rights or performance of its obligations thereunder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xxii)</TD><TD STYLE="text-align: justify">all acts, conditions or things required to be fulfilled, performed or effected in connection with the
Agreements under the laws of any jurisdiction other than England and Wales have been duly fulfilled, performed and effected in accordance
with the laws of each such jurisdiction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xxiii)</TD><TD STYLE="text-align: justify">that there has been no amendment to, or termination or replacement of, any of the documents examined by
us and no change in any of the facts assumed by us for the purposes of giving this opinion; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">(xxiv)</TD><TD STYLE="text-align: justify">that all signatures made by the authorised signatories authenticate the Agreements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">Based on and subject to the foregoing
and subject to the reservations mentioned below and to any matters of fact not disclosed to us, we are of the opinion that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">1.</TD><TD STYLE="text-align: justify">The Guarantor is a public limited company duly incorporated under the laws of England and Wales and is
a validly existing company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">2.</TD><TD STYLE="text-align: justify">The Guarantor has taken all necessary corporate action to authorise the execution and delivery of the
Indenture.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">3.</TD><TD STYLE="text-align: justify">The Indenture has been duly executed by the Guarantor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">4.</TD><TD STYLE="text-align: justify">On the assumption that the Indenture creates valid and binding obligations of the parties under New York
law, English law will not prevent any provisions of the Indenture from being valid and binding obligations of the Guarantor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">5.</TD><TD STYLE="text-align: justify">The statements in the Prospectus in the seventh sentence of the section entitled &ldquo;Enforceability
of Certain Civil Liabilities&rdquo; and the sections entitled &ldquo;Description of Debt Securities and Guarantees &ndash; Payment of
Additional Amounts&rdquo; and &ldquo;Taxation &ndash; United Kingdom Taxation &ndash; United Kingdom Taxation of Debt Securities&rdquo;
of the Prospectus, in each case as amended or supplemented by the prospectus supplement, insofar as they are summaries of United Kingdom
tax considerations or refer to statements of English law or legal conclusions, in all material respects present fairly the information
shown.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->/8 April 2025</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt">Our reservations
are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.35pt; text-align: justify; text-indent: -34.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">I.</TD><TD STYLE="text-align: justify">Undertakings, covenants and indemnities contained in the Agreements and the Securities may not be enforceable
before an English court insofar as they purport to require payment or reimbursement of (a) the costs of any unsuccessful litigation brought
before an English court or where the court has itself made an order for costs; or (b) any stamp duties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">II.</TD><TD STYLE="text-align: justify">Insofar as any obligation under the Agreements or the Securities is to be performed in any jurisdiction
other than England and Wales, an English court may have to have regard to the law of that jurisdiction in relation to the manner of performance
and the steps to be taken in the event of defective performance.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">III.</TD><TD STYLE="text-align: justify">We express no opinion as to whether specific performance, injunctive relief or any other form of equitable
remedy would be available in respect of any obligation of the Guarantor under or in respect of the Agreements or the Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">IV.</TD><TD STYLE="text-align: justify">This opinion is subject to any limitations arising from insolvency, liquidation, administration, moratorium,
reorganisation and similar laws and procedures affecting the rights of creditors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">V.</TD><TD STYLE="text-align: justify">In our opinion under English law there is doubt as to the enforceability in the United Kingdom, in original
actions or in actions for enforcement of judgments of United States courts, of liabilities founded in the United States Federal or State
securities laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">VI.</TD><TD STYLE="text-align: justify">The Searches are not conclusive as to whether or not insolvency proceedings have been commenced in relation
to the Guarantor or any of its assets. For example, information required to be filed with the Registrar of Companies or the Central Registry
of Winding up Petitions is not in all cases required to be filed immediately (and may not be filed at all or on time); once filed, the
information may not be made publicly available immediately (or at all); information filed with a District Registry or County Court may
not, and in the case of administrations will not, become publicly available at the Central Registry; and the Searches may not reveal whether
insolvency proceedings or analogous procedures have been commenced in jurisdictions outside England and Wales.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">VII.</TD><TD STYLE="text-align: justify">The terms &ldquo;binding&rdquo; and &ldquo;enforceable&rdquo; as used in this opinion to describe an obligation
mean that the obligation is of a type which the English courts enforce.&nbsp; This does not mean that the obligation will necessarily
be legally binding and enforceable in all circumstances in accordance with its terms, enforcement being subject to, for example, the discretion
of the court to order specific performance or to issue an injunction, the provisions of the Limitation Act 1980, the acceptance of jurisdiction
by the English courts, rules of procedure and principles of law and equity of general application.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->/8 April 2025</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">VIII.</TD><TD STYLE="text-align: justify">Other than as expressly provided in paragraph 5 above, we have not been responsible for investigating
or verifying the accuracy of the information or the reasonableness of any statements of opinion contained in the Prospectus, or that no
material information has been omitted from it. We express no view as to whether or not there may be other laws or regulations to which
the activities described in the Prospectus could be subject or whether the persons responsible for the Prospectus have discharged their
obligations in relation to it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">IX.</TD><TD STYLE="text-align: justify">If an English court assumes jurisdiction, an English court would not apply New York law if:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: left">it is not pleaded or proved;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: left">to do so would be contrary to English public policy or mandatory rules of English law; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: left">to do so would give effect to a foreign penal, revenue or other public law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">X.</TD><TD STYLE="text-align: justify">Where the parties have agreed to submit to the exclusive jurisdiction of the court of any place outside
England and Wales, the English courts would not accept jurisdiction unless strong cause were shown.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">XI.</TD><TD STYLE="text-align: justify">The English courts may stay proceedings or decline jurisdiction, notably if concurrent proceedings are
being brought elsewhere. In some circumstances they may be obliged to do so and may be unable to issue a restraining order to prevent
the commencement or continuation of proceedings threatened or brought in another court in breach of a jurisdiction clause. &#9;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">XII.</TD><TD STYLE="text-align: justify">We have not been asked to, and we do not, express any opinion as to any taxation (including value added
tax) which will or may arise in connection with the Agreements or the issue or offering of the Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85pt"></TD><TD STYLE="width: 34.5pt">XIII.</TD><TD STYLE="text-align: justify">This opinion is subject to any limitations arising from:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">United Nations, European Union or United Kingdom sanctions or other similar measures applicable to any
party to the Agreements or any transfers or payments made under the Agreements; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.35pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">EU Regulation 2271/96 (as it forms part of English law pursuant to the European Union (Withdrawal) Act
2018 (as amended)) protecting against the effects of the extra-territorial application of legislation adopted by a third country (the
&ldquo;<B>Blocking Regulation</B>&rdquo;) and legislation related to the Blocking Regulation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->/8 April 2025</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify"><IMG SRC="image_004.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This opinion is addressed to you in connection
with the issue of the Securities. We consent to the references to our name and opinion under the captions &ldquo;Enforceability of Certain
Civil Liabilities&rdquo;, &ldquo;Taxation &ndash; United Kingdom Taxation&rdquo; and &ldquo;Validity of Securities&rdquo; in the Prospectus.
In giving this consent, we do not admit that we are within the category of persons whose consent is required within section 7 of the Securities
Act or the rules and regulations of the SEC thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.85pt">To the extent permitted by
applicable law and regulation, you may rely on this letter only on condition that your recourse to us in respect of the matters addressed
in this letter is against the firm&rsquo;s assets only and not against the personal assets of any individual partner. The firm&rsquo;s
assets for this purpose consists of all assets of the firm&rsquo;s business, including any right of indemnity of the firm or its partners
under the firm&rsquo;s professional indemnity insurance policies, but excluding any right to seek contribution or indemnity from or against
any partner of the firm or person working for the firm or similar right.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.85pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: left">Yours faithfully,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: left"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: left">/s/ Slaughter and May</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: left"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->/8 April 2025</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.85pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>dp227659_0502.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Arial, Helvetica, Sans-Serif">

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exhibit 5.2</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 25%; color: #140BE3">&nbsp;</TD>
    <TD STYLE="width: 25%; color: #140BE3">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: right; font-size: 14pt; color: white; text-transform: uppercase; font-weight: bold">draft</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="color: #140B7F"><FONT STYLE="font-size: 9pt"><IMG SRC="image_002.jpg" ALT="">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Davis Polk &amp; Wardwell
    London <FONT STYLE="font-variant: small-caps">llp</FONT></FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">5 Aldermanbury Square<BR>
    London EC2V 7HR</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">davispolk.com</FONT></P></TD>
    <TD STYLE="color: #140BE3"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; color: #140BE3; text-transform: uppercase"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt">April 15, 2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Diageo plc</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">16 Great Marlborough Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">London W1F 7HS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">United Kingdom</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Diageo Investment Corporation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">175 Greenwich Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">3 World Trade Center</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">New York, NY 10007</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">United States</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Diageo Investment Corporation, a corporation organized under the laws
of the state of Delaware (the &ldquo;<B>Company</B>&rdquo;), and Diageo plc, a public limited company incorporated under the laws of England
and Wales, as guarantor (the &ldquo;<B>Guarantor</B>&rdquo;), have filed with the Securities and Exchange Commission a Registration Statement
on Form F-3ASR (File No. 333-269929), (the &ldquo;<B>Registration Statement</B>&rdquo;) and the related Prospectus (the &ldquo;<B>Prospectus</B>&rdquo;)
for the purpose of registering under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), certain securities,
including $750,000,000 aggregate principal amount of the Company's 5.125% Fixed Rate Notes due 2030 (the &quot;<B>2030 Notes</B>&rdquo;)
and $750,000,000 aggregate principal amount of the Company's 5.625% Fixed Rate Notes due 2035, the &ldquo;<B>2035 Notes</B>&rdquo; and
together with the 2030 Notes, the &ldquo;<B>Notes</B>&rdquo;). The Notes are to be issued pursuant to the provisions of an indenture dated
as of June 1, 1999 (the &ldquo;<B>Indenture</B>&rdquo;) among the Company, the Guarantor and The Bank of New York Mellon (as successor
in interest to Citibank, N.A. by virtue of the Agreement of Resignation, Appointment and Acceptance dated as of October 16, 2007 among
the Guarantor, the Company, Diageo Capital plc, Diageo Finance B.V., Citibank, N.A. and The Bank of New York Mellon), as trustee (the
&ldquo;<B>Trustee</B>&rdquo;). The Notes will be guaranteed by the Guarantor (the &ldquo;<B>Guarantees</B>&rdquo; and, together with the
Notes, the &ldquo;<B>Securities</B>&rdquo;). The Securities are to be sold pursuant to the Underwriting Agreement dated April 10, 2025
and the Pricing Agreement dated April 10, 2025 (the &ldquo;<B>Pricing Agreement</B>&rdquo; and together with the Underwriting Agreement,
the &ldquo;<B>Underwriting Agreement</B>&rdquo;) among the Company, the Guarantor and the several underwriters named therein (the &ldquo;<B>Underwriters</B>&rdquo;).
We, as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other
instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In rendering the opinions expressed herein, we have, without independent
inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted
to us as copies conform to authentic, complete originals, (iii) all signatures on all documents that we reviewed are genuine, (iv) all
natural persons executing documents had and have the legal capacity to do so, (v) all statements in certificates of public officials and
officers of the Company and the Guarantor that we reviewed were and are accurate and (vi) all representations made by the Company and
the Guarantor as to matters of fact in the documents that we reviewed were and are accurate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based upon the foregoing, and subject to the additional assumptions
and qualifications set forth below, we advise you that, in our opinion, assuming that the Notes have been duly executed and authenticated
in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement,
the Notes will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of
general applicability , and may be subject to possible judicial or regulatory actions giving effect to governmental actions or foreign
laws affecting creditors' rights, provided that we express no opinion as to the enforceability of any waiver of rights under any usury
or stay law or the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of
stated principal amount upon acceleration of the Notes to the extent determined to constitute unearned interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="padding-top: 3pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; border-top: #140BE3 0.5pt solid"><FONT STYLE="font-size: 8pt">Davis
Polk &amp; Wardwell London LLP is a limited liability partnership formed under the laws of the State of New York, USA and is authorised
and regulated by the Solicitors Regulation Authority with registration number 566321.<BR>
Davis Polk includes Davis Polk &amp; Wardwell LLP and its associated entities</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Assuming the due authorization of the Notes by the Company and the
due authorization of the Guarantee included in the Indenture by the Guarantor, the Guarantee, assuming that the Notes have been duly
executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant
to the Underwriting Agreement, will be valid and binding obligations of the Guarantor, enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable
principles of general applicability, and may be subject to possible judicial or regulatory actions giving effect to governmental actions
or foreign laws affecting creditors' rights; provided that we express no opinion as to the enforceability of any waiver of rights under
any usury or stay law or the validity, legally binding effect or enforceability of any provision that permits holders to collect any
portion of stated principal amount upon acceleration of the Notes to the extent determined to constitute unearned interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In connection with the opinion expressed above, we have assumed that
the Guarantor is validly existing as a corporation under the laws of England and Wales. In addition, we have assumed that the Indenture
and the Securities (collectively, the &ldquo;Documents&rdquo;) are valid, binding and enforceable agreements of each party thereto. We
have also assumed that the execution, delivery and performance by each party to each Document to which it is a party (a) are within its
corporate powers, (b) do not contravene, or constitute a default under, the certificate of incorporation or bylaws or other constitutive
documents of such party, (c) require no action by or in respect of, or filing with, any governmental body, agency or official and (d)
do not contravene, or constitute a default under, any provision of applicable law or public policy or regulation or any judgment, injunction,
order or decree or any agreement or other instrument binding upon such party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are members of the Bar of the State of New York and the foregoing
opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware, except that we express
no opinion as to any law, rule or regulation that is applicable to the Company or the Guarantor, the Documents or the transactions contemplated
thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or
any of its affiliates due to the specific assets or business of such party or such affiliate. Insofar as the foregoing opinion involves
matters governed by the laws of England and Wales, we have relied, without independent inquiry or investigation, on the English law opinion
of Slaughter and May to be filed as an exhibit to a report on Form 6-K to be filed by the Company on the date hereof and our opinion is
subject to the qualifications, assumptions and limitations set forth therein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to a report
on Form 6-K to be filed by the Company on the date hereof and its incorporation by reference into the Registration Statement and further
consent to the reference to our name under the caption &ldquo;Validity of Securities&rdquo; in the prospectus supplement which is a part
of the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required
under Section 7 of the Securities Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><BR>
Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Davis Polk &amp; Wardwell London LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Blue 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 8pt">April 15, 2025</FONT></TD>
    <TD STYLE="border-top: Blue 1pt solid; width: 50%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 8pt">2</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  : 'P# 2(  A$! Q$!_\0
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4@1B?:/,$9)4-CG!/.,U)110!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  B 0<# 2(  A$! Q$!_\0
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EBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  8 *T# 2(  A$! Q$!_\0
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)%% !1110!__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
