<SEC-DOCUMENT>0000950103-25-004702.txt : 20250411
<SEC-HEADER>0000950103-25-004702.hdr.sgml : 20250411
<ACCEPTANCE-DATETIME>20250410193112
ACCESSION NUMBER:		0000950103-25-004702
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250411
DATE AS OF CHANGE:		20250410

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-269929
		FILM NUMBER:		25829554

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>dp227546_fwp.htm
<DESCRIPTION>FORM FWP
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 48%; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B><I>Filed Pursuant to Rule&nbsp;433(d)<BR>
Registration Statement No. 333-269929<BR>
Dated April 10, 2025</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Free Writing Prospectus<BR>
(To Preliminary Prospectus Supplement dated April 10, 2025 and Prospectus dated February 23, 2023)</I></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"><B>Diageo Investment Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$750,000,000 5.125% Fixed Rate Notes due 2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Guaranteed as to the payment of Principal and
Interest by</B></P>

<P STYLE="font: 10pt 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">&nbsp;</P>

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

<P STYLE="font: 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>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 33%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 66%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Diageo Investment Corporation </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Diageo plc</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Notes:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$750,000,000 5.125% Fixed Rate Notes due 2030</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Offering Format:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">SEC Registered &ndash; Fixed Rate</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Senior Unsecured</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">April 10, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Expected Settlement Date:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">April 15, 2025 (T+3)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">August 15, 2030</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">February 15 and August 15 of each year (long first coupon payable on February 15, 2026)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$750,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Net Proceeds (after underwriting discount, before expenses):</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$747,982,500</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">UST 4.000% due March 31, 2030</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury Price / Yield:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">99-28 1/4 / 4.026%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">110 bps</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Re-offer Yield:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">5.126%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">5.125%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Re-offer Price:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">99.961%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">At any time prior to the stated maturity date, at a redemption price equal to the greater of (1) 100% of the principal amount 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 the notes as if the notes 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 plus 20 basis points less (b) interest accrued to the date of redemption, plus accrued interest to but excluding the date of redemption.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Par Call Date:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">July 15, 2030 (the date that is one month prior to the Maturity Date).</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">General corporate purposes.</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 33%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Tax Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 66%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Redeemable as described under &ldquo;Description of Notes&mdash;Optional Tax Redemption&rdquo; in the Preliminary Prospectus Supplement.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Preliminary Prospectus Supplement:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Preliminary Prospectus Supplement dated April 10, 2025 (the &ldquo;Preliminary Prospectus Supplement,&rdquo; incorporating the Prospectus dated February 23, 2023, relating to the Notes). If there is any discrepancy or contradiction between this Final Term Sheet and the Preliminary Prospectus Supplement, this Final Term Sheet shall prevail.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Risk Factors:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">An investment in the Notes involves risks. See &ldquo;Risk Factors&rdquo; beginning on page S-9 of the Preliminary Prospectus Supplement.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BofA Securities, Inc.<BR>
    BNP Paribas Securities Corp</FONT><FONT STYLE="font-size: 11pt; background-color: white">.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.<BR>
    Goldman Sachs &amp; Co. LLC</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">RBC Capital Markets, LLC<BR>
Standard Chartered Bank</P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Settlement:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">DTC; Book-entry; Transferable</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Minimum Denominations:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$200,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Day Count Fraction:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">30/360, Following, Unadjusted</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Business Day Convention:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">New York, London</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Expected Listing:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">London Stock Exchange</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>CUSIP:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">25245BAC1</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>ISIN:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">US25245BAC19</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Governing Law:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">State of New York</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Selling Restrictions:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">See &ldquo;Underwriting&rdquo; beginning on page S-16 of the Preliminary Prospectus Supplement.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Definitions:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Unless otherwise defined herein, all capitalized terms have the meaning set forth in the Preliminary Prospectus Supplement. </FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$750,000,000 5.625% Fixed Rate Notes due 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Guaranteed as to the payment of Principal and
Interest by</B></P>

<P STYLE="font: 10pt 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">&nbsp;</P>

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

<P STYLE="font: 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>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 33%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 66%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Diageo Investment Corporation </FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Diageo plc</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Notes:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$750,000,000 5.625% Fixed Rate Notes due 2035</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Offering Format:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">SEC Registered &ndash; Fixed Rate</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Senior Unsecured</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">April 10, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Expected Settlement Date:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">April 15, 2025 (T+3)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">April 15, 2035</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">April 15 and October 15 of each year, commencing on October 15, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$750,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Net Proceeds (after underwriting discount, before expenses):</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$743,280,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">UST 4.625% due February 15, 2035</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury Price / Yield:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">101-25 / 4.400%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">130 bps</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Re-offer Yield:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">5.700%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">5.625%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Re-offer Price:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">99.434%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">At any time prior to the stated maturity date, at a redemption price equal to the greater of (1) 100% of the principal amount 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 the notes as if the notes 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 plus 20 basis points less (b) interest accrued to the date of redemption, plus accrued interest to but excluding the date of redemption.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Par Call Date:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">January 15, 2035 (the date that is three months prior to the Maturity Date).</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">General corporate purposes.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Tax Redemption:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Redeemable as described under &ldquo;Description of Notes&mdash;Optional Tax Redemption&rdquo; in the Preliminary Prospectus Supplement.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Preliminary Prospectus Supplement:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Preliminary Prospectus Supplement dated April 10, 2025 (the &ldquo;Preliminary Prospectus Supplement,&rdquo; incorporating the Prospectus dated February 23, 2023, relating to the Notes). If there is any discrepancy or contradiction between this Final Term Sheet and the Preliminary Prospectus Supplement, this Final Term Sheet shall prevail.</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 33%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Risk Factors:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; width: 66%; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">An investment in the Notes involves risks. See &ldquo;Risk Factors&rdquo; beginning on page S-9 of the Preliminary Prospectus Supplement.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BofA Securities, Inc.<BR>
    BNP Paribas Securities Corp</FONT><FONT STYLE="font-size: 11pt; background-color: white">.</FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.<BR>
    Goldman Sachs &amp; Co. LLC</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">RBC Capital Markets, LLC<BR>
Standard Chartered Bank</P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Settlement:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">DTC; Book-entry; Transferable</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Minimum Denominations:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">$200,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Day Count Fraction:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">30/360, Following, Unadjusted</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Business Day Convention:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">New York, London</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Expected Listing:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">London Stock Exchange</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>CUSIP:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">25245BAE7</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>ISIN:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">US25245BAE74</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Governing Law:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">State of New York</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Selling Restrictions:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">See &ldquo;Underwriting&rdquo; beginning on page S-16 of the Preliminary Prospectus Supplement.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt"><B>Definitions:</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; vertical-align: top; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Unless otherwise defined herein, all capitalized terms have the meaning set forth in the Preliminary Prospectus Supplement. </FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Diageo plc has filed a registration statement (including a prospectus)
(File No. 333-269929) with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with
the SEC for more complete information about Diageo plc and this offering. You may get these documents for free by visiting EDGAR on the
SEC Web site at www.sec.gov. Alternatively, Diageo plc or any underwriter participating in the offering will arrange to send you the prospectus
if you request it by calling Barclays Capital Inc. at +1-888-603-5847; BNP Paribas Securities Corp. at +1-800-854-5674; BofA Securities,
Inc. at +1-800-294-1322; Deutsche Bank Securities Inc. at +1-800-503-4611; Goldman Sachs &amp; Co. LLC at +1-866-471-2526; RBC Capital
Markets, LLC at +1-866-375-6829; and Standard Chartered Bank at +44 2078 855739.</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"><B>Diageo plc currently expects delivery of the notes to occur on or
about April 15, 2025, which will be the third business day following the pricing of the notes (such settlement cycle being referred to
as &ldquo;T+3&rdquo;). Under Rule 15c6-1 of the U.S. Securities Exchange Act of 1934, as amended, trades in the secondary market generally
are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who
wish to trade the notes on the date of pricing will be required, by virtue of the fact that the notes initially will settle on a T+3 basis,
to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to
trade notes on the date of pricing should consult their own advisors.</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"><B>UK MiFIR professionals / ECPs-only / No UK PRIIPS KID/ No EU PRIIPS
KID &ndash; Manufacturer target market for UK MiFIR product governance purposes is eligible counterparties and professional clients only
(all distribution channels). No UK PRIIPS or EU PRIIPS key information document (KID) has been prepared as not available to retail in
the United Kingdom or EEA, as applicable.</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"><B>Any disclaimer or other notice that may appear below is not applicable
to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication
being sent by Bloomberg or another email system.</B></P>

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


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