Diageo (DGE.L): Addressing Diageo’s conundrum on sales growth and margin

Research evidence excerpt

Diageo (DGE.L): Addressing Diageo’s conundrum on sales growth and margin

Goldman Sachs Diageo (DGE.L)

Disclosure Appendix

Reg AC

We, Olivier Nicolaï, Tom Hulls, Aron Adamski, Rebecca Ayo-Adebanjo, Sam Darbyshire, CFA and Srikar Medisetti, hereby certify that all of the views

expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that

no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

Contributing Authors: Olivier Nicolaï Goldman Sachs International, Tom Hulls Goldman Sachs International, Aron Adamski Goldman Sachs

International, Rebecca Ayo-Adebanjo Goldman Sachs International, Sam Darbyshire, CFA Goldman Sachs International, Srikar Medisetti Goldman Sachs

India SPL.

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment

Research division.

GS Factor Profile

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and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth,

Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The

normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute.