Diageo Investor Conference

Diageo PLC
15 November 2005

                                                                15 November 1005



        Diageo Maintains Guidance at Investor Conference in London today





Diageo is holding an Investor Conference in London today. At the conference Nick
Rose, Diageo's Chief Financial Officer will tell attendees that Diageo's
guidance for the full year ended June 2006 is unchanged and that organic
operating profit growth can be similar to that achieved on the year ended June
2005 even allowing for higher growth in marketing spend and higher pension
costs.



Nick Rose went on to say:



'We continue to see good share gains in the US, even with the price increases
that we have put through there. The terrible hurricanes in the US have had an
impact on our performance in the Southeastern states.  It is too early to tell
whether this will impact full year performance or whether the impact will be
limited to the first half and we will benefit in the second half from
restocking.



'In Diageo Europe, we are seeing continued weakness in ready to drink and in
Guinness and while we have plans in place to address these trends any benefit is
not expected to be seen until later in the financial year.



'In Diageo International, Latin America remains buoyant.  We have made steady
progress in the three markets which we identified for improvement at the time of
our 2005 results announcement, Taiwan, Korea and Nigeria.  In Taiwan, a series
of actions including management changes and a renewed focus on Johnnie Walker
means that Johnnie Walker has now overtaken its most significant competitor and
is again the leading Scotch whisky brand there.  In Korea, the new management
team is also making good progress.  Focus on Windsor has returned the brand to
growth and we will now begin a similar program on Dimple.  In Nigeria, volumes
are still down year on year, but this is in line with our expectations at this
stage.  Guinness Extra Smooth and Harp are doing well and Guinness Malta is
benefiting from improvement in its regional distribution.



'We are on track to deliver our cost synergies but we are seeing pressure on
input costs from higher oil prices. As we said in the AGM statement, our
relatively high operating margin does mitigate the impact of the current high
oil price but it will increase our cost base by around  £20 million in the
current year.



'With the exception of Guinness our global priority brands, particularly
Smirnoff, Johnnie Walker and Captain Morgan, continue to grow strongly.



'We are reiterating our full year guidance although the rate of growth in the
first half performance may be below our guidance for the full year. We have not
given full year eps guidance, as reported eps will be impacted by agreements
with tax authorities in respect of brand carrying values.  We are still
confident that the tax rate for '06 will be well below 20% and hope to be able
to give an update on the actual tax rate at the time of the interims.'





                                     -ENDS-







For further information



The presentation materials from the conference will be posted to www.diageo.com
at 8.00 am today and a full transcript will be posted at the end of the day.



A real time audio cast of the event will be provided for those that would like
to listen to the presentations and Q&A.  To participate please use one of the
following dial-in numbers:



  UNITED KINGDOM Toll Number: [phone]

  USA Toll Number: [phone]

  PASSCODE: DIAGEO IR



Your EMEA Local Access dial-in numbers can be called from countries other than
those listed, as long as the participant uses the correct country code. However,
International Freephone numbers can only be dialed within the particular country
listed.



Contacts



Investor Relations:



Catherine James [phone]  [e-mail]



Media Relations:



Isabelle Thomas [phone] [e-mail]





Agenda for the event



Tuesday 15 November


9.00      Opening remarks by Nick Rose, Chief Financial Officer


9.15      Europe Presentation by Andrew  Morgan, President of Diageo Europe


10.00     Global Supply Presentation by David Gosnell, Managing Director of Diageo Global Supply


12.15     North America by Ivan Menezes, President and CEO of Diageo North America


15.00     International by Stuart Fletcher, President of Diageo International


16.00     Q&A session led by Paul Walsh, Chief Executive Officer of Diageo plc


16.45     Closing remarks by Paul Walsh







Forward-looking statements



This document contains certain forward-looking statements within the meaning of
Section 27A of the US Securities Act of 1933 and Section 21E of the US
Securities Exchange Act of 1934. These forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. In particular, all statements that express forecasts, expectations and
projections with respect to future matters, including trends in results of
operations, margins, growth rates, overall market trends, the impact of interest
or exchange rates, the availability of financing to Diageo, anticipated cost
savings or synergy and the completion of Diageo's strategic transactions are
forward-looking statements. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on circumstances
that will occur in the future. Diageo does not undertake to update
forward-looking statements to reflect any changes in events, conditions or
circumstances on which any such statement is based. The reader should, however,
consult any additional disclosures that Diageo may make in documents it files in
the US Securities and Exchange Commission.



Notes to Editor



Diageo is the world's leading premium drinks business. With its global vision,
and local marketing focus, Diageo brings to consumers an outstanding collection
of beverage alcohol brands across the spirits, wine and beer categories
including Smirnoff, Guinness, Johnnie Walker, Baileys, J&B, Cuervo, Captain
Morgan and Tanqueray, and Beaulieu Vineyard and Sterling Vineyards wines. Diageo
trades in some 180 countries around the world and is listed on both the New York
Stock Exchange (DEO) and the London Stock Exchange (DGE). For more information
about Diageo, its people, brands and performance, visit us at www.diageo.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange