Filing of Diageo's US Form 20

Diageo PLC
12 November 2002





                                                                12 November 2002

                        Filing of Diageo's US Form 20-F


In the preparation of its 2002 Annual Report on Form 20-F, which is expected to
be filed with the US Securities and Exchange Commission on 12 November 2002, the
group identified items for the 2002 UK to US GAAP (Generally Accepted Accounting
Principles) reconciliations that were not included in the reconciliations in the
2002 UK Annual Report and Accounts. The additional items have no effect on any
of the UK GAAP reported results. The UK to US GAAP reconciliations to be
included in the 20-F filing reflect the following new amounts:

(1) A reduction of £398 million (£569 million less deferred tax of £171 million)
in US GAAP shareholders' equity, arising in relation to an accounting deficit
under US GAAP in respect of the group's post employment obligations. There is no
effect on US GAAP net income.


(2) A reduction of £117 million (£128 million less deferred tax of £11 million)
in US GAAP net income with a corresponding adjustment to shareholders' equity.
This arises from a reassessment of certain of the group's financial instruments,
principally a guarantee to third parties resulting in a deferral, for US GAAP
reporting, of part of the gain arising on the disposal of Pillsbury. The
restated US GAAP net income for the year ended 30 June 2002 is £2,554 million
and basic earnings per ordinary share is 77.0 pence (previously reported as
£2,671 million and 80.5 pence, respectively). The restated US GAAP net income
for the six months ended 31 December 2001 is £1,710 million and basic earnings
per ordinary share is 50.9 pence (previously reported in the filing on Form 6-K
dated 21 March 2002 as £1,800 million and 53.6 pence, respectively).


US GAAP shareholders' equity at 30 June 2002 would be reduced to £11,316 million
from the previously reported £11,831 million. US GAAP shareholders' equity at 31
December 2001 would be reduced to £12,517 million from the £12,607 million
previously reported in the filing on Form 6-K dated 21 March 2002. There are no
adjustments to any US GAAP figures reported in prior years.




                                      -1-

                                      -2-


The US GAAP reconciliation to the group's UK GAAP financial statements is a
technical requirement of the Form 20-F filed with the US Securities and Exchange
Commission.


                                     -ends-

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