Burger King Corporation has confirmed today that in the event of a public offering of Burger King common
stock, its parent company Diageo (NYSE: DEO) intends Burger King to have a balance sheet which will support investment grade
unsecured debt rated ‘BBB’ or higher by Standard and Poor’s.

Burger King said that in the context of such a separation, Diageo has also agreed to transfer to Burger King Corporation several foreign
subsidiaries through which restaurants are operated outside North America. These are Burger King Limited (UK), Burger King BV
(Netherlands) and Burger King Australia Pty. Burger King Corporation is a wholly-owned subsidiary of Diageo plc.

Following a recent return of capital to Diageo, Burger King Corporation currently has approximately $1 billion of long-term debt owed to
Diageo on its balance sheet.

This announcement does not constitute an offer or sale of securities.

News, Burger King