Cash Contingent Payment

Diageo PLC
30 April 2003
                                                                  April 30, 2003

DIAGEO - RECEIPT OF FINAL CASH CONTINGENT PAYMENT FOR PILLSBURY

Diageo PLC (LSE: DGE; NYSE: DEO) announced today that it will receive a final
cash payment of $273 million from General Mills Inc (NYSE: GIS) under terms of
the October 2001 agreement for Diageo's sale of Pillsbury. That purchase
agreement gave Diageo contingent value rights (CVR) worth up to $395 million,
depending on the average market price of General Mills common shares for the 20
trading days preceding April 30, 2003, and the number of General Mills shares
Diageo continued to hold as of that date. General Mills will make its $273
million cash payment by wire transfer to Diageo no later than May 1, 2003.

The final payment amount reflects an average General Mills stock price for the
20 days measured of $45.55 per share. This average price was calculated using
the intra-day high and low prices for General Mills shares traded on the New
York Stock Exchange for each of the 20 measured days. Diageo will receive the
difference between this average price and $49.00, or $3.45 per share, multiplied
by Diageo's current holding of 79 million General Mills shares.

                                     -ends-

Investors enquiries      Kelly Padgett     + 1 202 715 1110

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Notes to Editor:

Diageo is the world's leading premium drinks business with an outstanding
collection of beverage alcohol brands across spirits, wine and beer categories.
These brands include Smirnoff, Johnnie Walker, Guinness, Baileys, J&B, Captain
Morgan, Cuervo, Tanqueray, and Beaulieu Vineyard and Sterling Vineyards wines.

Diageo is a global company, trading in over 180 markets around the world. The
company is listed on both the London Stock Exchange (DGE) and the New York Stock
Exchange (DEO). For more information about Diageo, its people, brands and
performance, visit us at www.diageo.com.


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