Good afternoon, ladies and gentlemen. It is now 2:30 P.M., and as a quorum is present, I am delighted to declare the Diageo's 2022 annual general meeting open and to welcome you to the meeting. First, I will introduce the members of the board. Starting on my far left is Valérie Chapoulaud-Floquet, who joined the board in January 2021. Then we have Sir John Manzoni, Non-Executive Director, who joined the board in October 2020. Next, we have Karen Blackett, Non-Executive Director, who joined the board in June 2022. Next is Melissa Bethell, Non-Executive Director, who joined the board in June 2020. Next is Susan Kilsby, Senior Independent Director, and Chairman of the Remuneration Committee. Then on my left is Tom Shropshire, our General Counsel and Company Secretary. On my far right is Lady Mendelsohn, Non-Executive Director, who joined the board in September 2014. Next, we have Alan Stewart, Non-Executive Director and Chairman of the Audit Committee. We have Lavanya Chandrashekar, our Chief Financial Officer. Finally, next to me on my right is Ivan Menezes, our Chief Executive. We also have one Non-Executive Director attending remotely, Ireena Vittal, who joined the board in October 2020. Before we give an update on the performance over the last year, I will first explain how to submit a question on the Lumi platform, and we'll formally open the poll so that you can also begin to vote. If you are attending the meeting using the Lumi platform and would like to ask a question, click on the message icon in the navigation bar at the top of the screen. You can type your question in the box where it says, "Ask a question," at the top also of the screen. To submit your question, click on the arrow button to the right-hand side of the question box. If you prefer, you can ask a question by telephone by following the dial-in instructions on the homepage. I will now move to opening the poll. The notice of the meeting has been made available to all shareholders, and I propose that to take the notice of the meeting as read. Our voting procedure today will be by way of poll, which I will call exercising authority in our articles of association. The poll will be conducted using poll cards for those of you attending physically and using the voting functionality on the Lumi platform for those of you attending electronically. If you submitted your vote before the meeting, you do not need to complete a poll card or vote electronically unless you wish to change your vote. For those of you attending in person today, you will have been given a poll card upon registration. If you are entitled to vote as a shareholder, proxy, or corporate representative but do not have a poll card, please raise your hand. We're all in order. To complete your poll card, you should enter your full name in block capitals, cast your votes on each separate resolution by putting a cross in one of the boxes marked for, against, or withheld. If you are not voting your entire holding in the company shares, please also write down the number of shares you wish to vote. Finally, please make sure that you have signed and dated your poll card, then place it in the ballot box by the doors as you leave. For those of you voting via the Lumi platform, click on the voting icon that will appear in the navigation bar at the top of the screen once the poll opens. From here, the resolutions or voting choices will be displayed. To vote, simply select the option that corresponds with how you wish to vote: for, against, or withheld. Once you have selected your choice, the option will change color, and a confirmation message will appear to indicate your vote has been cast and received. There is no submit button. If you make a mistake or wish to change your vote, simply select the correct choice. If you wish to cancel your vote, select the Cancel button. You will be able to do this at any time whilst the poll remains open. I now propose that each of the resolutions as set out in the notice of the meeting is put to the meeting and the poll be formally opened. Resolutions 20 to 22 are proposed as special resolutions. Voting will remain open throughout the meeting and will close 15 minutes following the conclusion of the meeting. Before I hand over to Ivan to talk about performance, I want to share my observations on the last year. This has been a challenging year for all consumer goods categories, with continuing reverberations from the COVID-19 pandemic, significant economic uncertainty, and the terrible conflict in Ukraine. Our thoughts are with all those, including colleagues, affected by this conflict. Despite these challenges, I am pleased that Diageo has once again delivered strong performance. Employee engagement remains high, and we continue to invest for the future to sustain the momentum in our brands and deliver a positive impact on society. On behalf of the board, I would like to thank our employees for their hard work and commitment to the company. Their focus and agility have enabled Diageo to navigate the volatility and finish the year a stronger business. In the face of these challenges, we continue to take a long-term view of our business, our portfolio, and our brands. At our Capital Markets Day on November 21, we set out on our ambition to increase our value share of total beverage alcohol market by 50% from 4% to 6% by 2030. This ambition reflects our view of total beverage alcohol as a long cycle market with attractive fundamentals, including demand from a growing global middle class. Our sustained investment in brand building and the active management of our portfolio continue to build equity and position as well to capture trends and occasions. We are responding to our consumers' evolving tastes and demands with innovation, creativity, and precision in our marketing. We believe that investing in our brands, even in periods of volatility, is the right way to grow their long-term equity and our business. Our teams are building brands that are relevant today, and which we believe consumers will choose for many years to come, from iconic names as Guinness and Johnnie Walker to innovative newcomers such as Bulleit Bourbon, Seedlip, and Casamigos. I believe Diageo's culture is a key source of competitive advantage. Our entrepreneurial spirit is embedded across Diageo through an agile, purpose-driven culture, which demonstrated its value in our response to the challenges of the COVID-19 pandemic. We have grown market share while supporting the industry, our customers, and each other. I was delighted to see the launch of our Society 2030 Spirit of Progress ESG targets in fiscal 2021, and the decision to link 20% of the long-term incentive plan grants for all our senior leaders to performance against several of our ESG measures. I'm encouraged by the energy and progress I've seen our work to deliver our 2030 goals. We expect to invest around GBP 1 billion in environmental sustainability to reduce our impact and adapt to a changing climate, including the decarbonization of direct operations through biomass, bioenergy, and electrification. We now have four carbon-neutral distilleries in Scotland and North America, and another four sites globally committed to achieving carbon neutrality. We are proud that Scotland-based Alliance for Water Stewardship, which sets a global benchmark for water sustainability, awarded the International Water Stewardship Standard certification to 12 of our distilleries this year, including our largest distillery, Cameronbridge, in Scotland. At Diageo, we want people who choose to drink, to drink better, not more. There is no alcoholic drink of moderation, only a practice of moderation, and we are determined to provide consumers with information they need to make informed choices. Wrong Side of the Road, a hard-hitting new program to support changes in attitudes to drink driving globally, has reached over 500,000 people in 24 countries since it was launched in May 2021. Smashed, our award-winning program focused on tackling underage drinking, is now running in 26 countries and has educated more than 600,000 people in fiscal 2022. DRINKiQ, our responsible drinking tool, is now available in 73 countries and 23 languages, delivering early achievement of one of our 2030 goals. We have made significant progress against our target to reach one billion people with dedicated responsible drinking messages by 2030. I'm also very proud that we continue to make progress in building a more inclusive and diverse company. 64% of Diageo's board are female, and the percentage of female leaders globally is now 44%. Additionally, 45% of our board and 41% of our leaders globally, including our executive committee, are ethnically diverse. As a designated non-executive director for workforce engagement, I have very much enjoyed meeting hundreds of employees across Diageo during the year. My board colleagues and I have been delighted to be able to conduct some of these meetings face-to-face again, and I'm encouraged by your employees' pride in the company and their ambition for the future. We are delighted to have welcomed two new board members this year. Karen Blackett OBE was appointed as a non-executive director in June. Karen joined the Audit, Nomination and Remuneration Committee and brings 25 years of experience of the media, marketing, and creative industries. She's also a strong advocate for inclusion and diversity and creating opportunities for all. Following Siobhán Moriarty's retirement on the thirteenth of September 2021, Tom Shropshire, formerly a partner and global US practice head of Linklaters, succeeded Siobhán as her general counsel and company secretary. I am pleased with the momentum and the performance delivered in fiscal 2022. We have built solid foundations for future progress across the four areas of performance we measure, efficient growth, consistent value creation, credibility and trust, and engaged people. As we look ahead, I believe that our strengths in brand building, our supply chain operations, and our agile, purpose-driven culture, combined with the attractive fundamentals of the total beverage alcohol market, give us a strong platform to realize our ambition for the future growth of Diageo, even in the face of a challenging global operating environment. We have consistently shown resilience in the face of volatility in recent years and proven our ability to emerge stronger in these circumstances. We remain focused on delivering long-term value creation for all our stakeholders. Before I hand over to Ivan, I want to highlight that the recommended dividend for 2022 fiscal year was GBP 0.4682 per share, an increase of 5%. This brings the recommended full year dividend to GBP 0.7618 per share and dividend cover to 2 times. We continue to target dividend cover of between 1.8 and 2.2 times. Our total shareholder return was 4% this year, and our 10-year annualized total shareholder return is 11% per annum. Finally, on 21st of February 2022, we commenced the third phase of our return of capital program. During fiscal 2022, the company purchased 61 million ordinary shares, returning GBP 2.3 billion to shareholders. Ivan, over to you. Thank you, Javier, and hello, everyone. Thank you for joining us. I'd like to take the opportunity to review our performance during fiscal 2022 and provide you with an update on trading as issued to the London Stock Exchange at 7:00 A.M. this morning. When we reported our interim results in January, we delivered strong performance in the first half of the year while navigating a very dynamic environment. In the second half, the operating environment was even more challenging, with stronger headwinds from inflation, supply chain disruptions, and geopolitical events. Our strong top line growth, gross margin expansion, and productivity savings have enabled continued reinvestment in our brands and strategic priorities. The recommended final dividend increase of 5% reflects our continued confidence in the long-term growth of the business and our commitment to a progressive dividend policy. Total shareholder return was 4%, towards the top end of our peer group. These results demonstrate that our growth algorithm is working, even as the world around us is changing at pace. Throughout the last two years, our business and our people have shown considerable resilience, and I want to thank my nearly 28,000 colleagues from Diageo around the world. We've become a stronger company that's advancing towards our ambition to be one of the best performing, most trusted and respected consumer product companies in the world. Now, while Diageo is performing extremely well, we are restless, and we want to do better. I want to highlight how we have continued to build Diageo into a stronger and more agile business. I believe we're well positioned to navigate potential headwinds, including economic uncertainty, the possibility of consumer confidence weakening, and the continuing impacts of the global pandemic. Let me start with why I believe Diageo has a long runway of exciting growth ahead. Firstly, our categories remain very attractive. Total beverage alcohol, or TBA, has grown at a 4.1% compound annual growth rate since 2010. Within TBA, spirits has grown materially faster, gaining 9 points of share and continuing to premiumize during this period. Going forward, we expect spirits to continue to win share from beer and wine and for the premiumization trends to continue. We're well-positioned to respond to these trends and to continue to grow our business and gain market share. Last November, we set an ambition to reach 6% share of TBA by 2030, up from 4% in 2020. Based on IWSR data, we increased our TBA share to 4.6% in 2021, and we gained more share than any of our peers and twice as much as our largest international spirits competitor. More than 1/3 of our share gains came from our super premium plus portfolio, a reflection of the success of our premiumization strategy. We gained market share in all of our regions and in global travel, and we gained category share in Scotch, tequila, beer, vodka, gin, and Canadian whiskey. There are five reasons that give us confidence in the resilience of our business. First, we have a diverse geographic footprint. This, combined with an advantage portfolio with breadth and depth across categories, creates resilience. Second, we are doubling down on our focus on the consumer to ensure we respond quickly and efficiently to shifts in consumer motivations, behaviors, and occasions. We believe our deep understanding of consumers and our use of data and technology are key competitive advantages. Third, our supply chain has been thoroughly tested in the last two years and has proven its resilience, agility, and strength. Fourth, our leadership team has depth and experience. Our people are our strength, and our success is underpinned by high levels of engagement and our advantage culture. Finally, we're dedicated to doing business the right way and further our investment in people, sustainability, and long-term growth through our ambitious Society 2030 Spirit of Progress ESG action plan, which, as Javier explained in his opening remarks, we've made good progress against. I believe this foundation will enable us to navigate volatility and will drive long-term sustainable growth. Our strong performance is the result of continued investment in our brands and our business to build a bigger, stronger, and more resilient organization. Over the past five years, we've invested approximately GBP 3.7 billion in capital expenditures. Including new investments in new sites in China, Mexico, and Kenya. We're increasing our capacity in key categories like Scotch, tequila, baijiu, U.S. whiskey, and beer. We have continued our strong track record of creating value for shareholders, and we're pleased to once again offer a dividend increase of 5%. As of the end of 30 June 2022, we had completed 3.6 of our GBP 4.5 billion return of capital program through share buybacks. We expect to complete the remainder of the program by the end of fiscal 2023. To wrap up, I was very pleased with the strength and quality of our financial results for fiscal 2022 and our strategic progress. I am optimistic about our opportunities for future growth, and we continue to invest for the long term. TBA is an attractive and growing category, and we have an advantaged portfolio which we continue to actively shape. We believe our core capabilities across brand building, supply chain, and culture are a competitive advantage, and we have a strong track record in ESG delivery. We continue to be confident in our strategy and our ability to deliver sustainable long-term growth and shareholder value. Before I finish, I'd like to read the trading statement that went out this morning to the London Stock Exchange, and this is my quote. We have made a good start to fiscal 2023 with organic net sales across all regions, reflecting our advantaged portfolio, our continued investment in brand building and our agile supply chain and culture. I would like to thank my colleagues for their continued creativity and drive. We expect the operating environment to remain challenging with ongoing volatility due to geopolitical uncertainty, a weakening of consumer spending power, inflationary pressures, and disruptions related to COVID-19. However, I am confident in the resilience of our business and our ability to navigate these headwinds while executing our strategic priorities, including our ambitious Society 2030 plan. We remain well positioned to deliver our medium-term guidance for fiscal 2023-2025 of organic net sales growth consistently in the range of 5%-7% and organic operating profit growth sustainably in the range of 6%-9%. Thank you, and Javier, I turn it back to you. Just a quick one. Is that trading statement available for shareholders to pick up after the meeting? That's a good question. Do we have copies of the trading statement outside? I- It's- [crosstalk] I don't think we have them. They're available online. They're available online. From this morning. Yeah. Yes. Thank you, Ivan. I will now take questions from shareholders, proxies, and corporate representatives relating to the business of the meeting. To be fair to the others, please keep your questions concise and relevant to the business of the meeting and allow others the chance to speak once your question has been answered. For those shareholders here physically, we will be using roving microphones. Please raise your poll card if you wish to ask a question. I will then invite you to speak. An usher will come to you with a microphone. The microphones will be wiped down by the usher each time after use. For those shareholders asking a question via the Lumi platform, your question will be put to the meeting by our company secretary, Tom Shropshire. Questions of similar nature will be grouped together to avoid repetition and to ensure we answer as many questions as possible. For any questions we are not able to answer today, a personal response will be provided in writing after the meeting. If you wish to ask a question by telephone, everyone will be able to hear the question live. The telephone number is available in the home section on the Lumi platform. After dialing the number, please press star one on your telephone keypad, and the operator will place you in a queue to ask your question. I will take questions alternately, alternating between those here today, those submitted either by platform or in advance of the meeting by email, and those asking a question via telephone. Now I will take the first question from the floor. If you have a question, please raise your poll card, and when invited to speak, please would you stand, clearly state your name and if relevant, the name of the organization you represent before asking your question. Sir. Just a quick one. You will get a microphone. Thank you. Concerning climate change down there, do you have what you call an environmental report, which I can read on the Diageo website? In- If not, do you have a separate report at full stop? Indeed, we do. You will find it. You will find a section in the annual report, and a more comprehensive one separately as well. Thank you. Actually, it has 119 pages, if you want. 119 pages. We take the matter very seriously. I think we have No questions. a written question. [crosstalk] Um- [crosstalk] A written question. The written question, I don't think I have a copy of. Okay. You. Oh. Okay. Great. Very good. Thank you. Anyone else on the floor? Yes, sir. Ian Tyson. My question's about diversity. There's a lot of great stuff in the reports about gender and ethnicity, which is really good to hear. I'm particularly interested in neurodiversity, having just finished a Ph.D. in the subject, and I think it's something that companies need to do a lot more about, and you mention it once with one word. I just wonder whether you can tell me anything more about what you're doing around neurodiversity. Yes, we mentioned the two biggest drivers, you know, from a worldwide point of view, but we are looking at all aspects of diversity, whether it is cultural background, whether it is, you know, sexual orientation, and whether it is as well neurodiversity or any type, if you want, of other conditions, as well. Internally, we're starting to build as well data, if you want, from a statistical point of view. We take the matter very seriously. We think it is very important for all of us. I think we'll be a better company. At the same time, we think that we have a duty, a little bit because of the privileged position we are, to try to lead a little bit on the field as well. Thank you for that question, Sir. Good afternoon, Mr. Chairman. Robin Thomsett, shareholder. Please allow me to get my facts straight. What I'm wondering is what the future holds for this coming year. We've got storms and such like which are gonna disrupt deliveries, both in far west, Far East, and further east. In Europe, of course, we've got a war which is going to affect the Russian suppliers and also the European suppliers in some ways. I'm wondering how we're going to get on with the recent loss of personnel throughout the world. We're overloaded probably with work and laboring personnel. How is the work going to be organized? It was a good improvement this year. Last year, okay. Next year, doubtful. How do you feel, Mr. Chairman? Thank you very much. Look, I as our trading statement said, you know, there is a lot of uncertainty about the future from a geopolitical and macroeconomic point of view, and that's certainly the case for any individual, for any organization, for any company. What I can say is that I think we are as well prepared as one could be. Our preparation comes from the years of investment, the way our people have grown with us and our culture, which includes flexibility and agility to change and to adapt to a situation of sudden change. I think we've proven that with COVID-19, when the organization was able to move extraordinarily quickly to adapt to an environment of changing the way we produce, that our people were laid out in the plans, the way we communicated with our customers and the way that we communicated amongst ourselves. In this sense of uncertainty, more than gloom, I would say, I think that we are very well prepared and probably better than we have ever been. The future will be what it will be. Yes. [crosstalk] -notwithstanding. Thank you, Mr. Chairman. Thank you. Yes, sir. Am I audible? You'll get a microphone. Just the microphone. Thank you. Am I now audible to you? I've got two- Could I have your name if you? Oh, sir, yes, of course. My name's Robert Barrish, and I'm an ordinary shareholder. Mm-hmm. I've got two subjects to raise. One's about marketing and the other one's about human resources and diversity. What's that? Maybe our telephone. Yeah, right. If volume and price are increasing the sales value, do you think it would make more business sense to move towards the premium and super premium brands of our products? In which regions are these stronger, strongest, and which ones are growing the fastest? The other one was human resources and diversity. I mean, I acknowledge that Diageo is a multinational. Do we have a sort of diversity program that will make for a more cohesive and happier company? Right. Very good. I mean, on the first question, the answer would be that the move to premium is everywhere, and it's absolutely everywhere, and it's a strategic priority of the company. Actually, if you take a 10-year view, this business has changed materially into that direction. Obviously, purchasing power is important when you move to the most premium ends, and in this respect, the United States is the largest market for us at the top end of the market, and within that, probably the faster-growing categories is probably the tequila. But we see that across the world, for example, in premium Scotch whisky being a global. It is clearly part of the enormous attractiveness of this sector and of this company. Spirits are gaining share of beer and wine, but at the same time, within spirits, there's a strong move to the premium end, which is growing significantly faster. So candidly, we've never had it better. We've never had so much wind behind us. As regards to the issue of inclusion and diversity, that's a matter which is global. The figures that we quoted in my opening words refer to the totality of the organization. We are not happy by having an enormous amount of diversity in one country and not having it in another. The law of the averages doesn't work here. We want it absolutely everywhere. Thank you. Thank you. Yes, sir. If you wait kindly for the microphone. Good afternoon, sir. My name's Phil Clark. I'm a very happy shareholder. Well, I'm very happy that you are happy. Oh, yes. First of all, can I just congratulate the board and the management of the company for the stunning performance in 2022? You're back to where you were pre-COVID, which is quite an achievement given everything that's happened between now and then. Not only that, but you've continued to pay the dividend. And in fact grow the dividend throughout this last few rather bleak years. Can I thank you for that, and Mrs. Clark actually thanks you for that, and so do American Express. Thank you very much, it's much appreciated. I do have two things that bother me, though, and I would say I'm a very happy shareholder. Right, indeed. Two things. First of all, net borrowings have increased dramatically over the last six or seven years. At the end of 2017 it was GBP 8 billion, and now we've nearly doubled to GBP 14 billion. This is at the time when you've been doing the GBP 6 billion or GBP 7 billion share buyback program. In fact, in 2022, net borrowings increased by GBP 2 billion, exactly the same amount as the cost of the share buyback program. Now, you've talked about the uncertainties in the world, and there are many. It's who knows what the future holds. The question is, in what world could it possibly make sense to borrow money to buy back shares? That's my first question. The second question is on page 156 of the accounts. There's an exceptional item for a write-down of the McDowell's No.1 brand of nearly a quarter of a billion GBP. Can you please explain to us what can have gone wrong so badly in the last 12 months that we need to take a quarter of a billion GBP write-off? Very good. Well, thank you for the question. I think the matter of debt levels, we don't look them at absolute levels, but we look at relatively versus our ability to service the debt. The criteria that we use, the main criteria what we use is the ratio of debt to EBITDA, which is the standard one in the financial markets. We have a clear policy of having a level of leverage between 2.5 times and 3 x. Despite the increases in dividend and the share buyback program, today we are at the low end of that leverage level. Although it's doubled in size versus a number of years ago, so also has the size of the EBITDA of the business. The business is well capitalized. We have ample access to the credit markets. The rating of the company has not changed. In fact, when we raise money on many occasions, we get it at even more attractive rates than we would be corresponding to the rating we have. We feel very comfortable on that point. On your second question, the main reason for the impairment is related a little bit to the performance of the business. More fundamentally, you know, the calculations are based on a discounted cash flow, and we use a rate which we think is appropriate for the asset, for the risk of the asset. We decided to increase the rate prudently, and that resulted on the impairment. I've got to say, this is not a cash item at all. It's just a bookkeeping entry. Thank you for the question. Do you have the question? Yes, I do. Would you mind reading it, please? Sure, Mr. Chairman. His question is, "Was the Diageo Pension Fund adversely affected by the significant collapse in the gilts market last week, as apparently many such other defined benefit funds were? And if it was, is Diageo, as its sponsor, willing and able to support it? Thank you very much. Well, thanks for the question. We have two defined benefits in the UK. They are both almost entirely hedged against movements in interest and rates and inflation. The recent movements have not adversely affected the funding position. They are both well-funded. As such, the trustee remains able to meet all the obligations as they fall due from the funds. We are fully aware that Diageo has an obligation to support its pension plans if it was required. At this moment in time, so far, we haven't needed to do this. Thank you. Any other questions from the floor? Yes, sir. John Daly, long-term shareholder. I inherited my Guinness shares in 1980, so you can imagine I've been a shareholder for one or two years. One of the things that is close to my heart is when you have a diversified board, as you have, there are two directors. Before I say that, thank you for the dividend, by the way. Mm-hmm. As I said, there are two directors who do not have shares, which I feel that you should be actually representing us, and by investing in the company, showing that you have confidence in the company. Could you comment on that, please? Yes. I mean, this question, I've had it before in other AGMs. There are two views on this matter. One like yours, which the directors should be shareholders because there is an alignment of interest. Another view, which is a very serious view, that they shouldn't be, because they may lose their independence. You may be on one side or the other, you know, at the end of the day. The policy of the company is to leave it completely free. There are two schools of thought. There are plenty of articles written about it. You are clearly, I see from your question and your body language, that you are in one, others are in another. That is the way that we have taken. Directors get paid a lot of money to be directors. Yeah, that's for their work. No, the issue on the other school of thought that you don't share is that there is a conflict of interest if you share, if you are a shareholder in the sense of the long term versus the short term or the medium term. In that case, you've got conflict of interest. Look, that's a view. There's another view that there isn't, you know? In my case, I decided that not. Our policy is to respect that freedom. Thanks. Okay, thank you. Yes. John Crawford, shareholder. People of our generation enjoy spirits and beer with alcohol, but a lot of the younger generation are looking for zero alcohol beers, wines and spirits. Tell us what you're doing to address that trend with the younger generation. Yeah. Look, we market our products to adults and who are in the legal drinking age. We think it's their choice whether to drink or not to drink. The critical element for us, however, is to continue to premiumize. The market in which we work is enormous. We think of total beverage alcohol. It's all beer, all wine, all spirits. We are the top end of it. Our growth doesn't necessarily come from many more drinkers coming, or certainly not from people drinking more. Our growth comes from people drinking better, and no more. No, you don't understand my question. I'm talking about a trend of younger people requiring zero alcohol spirits and zero alcohol beer. Well, that's, you know, that's obviously. You have to answer that question. [crosstalk] You know. [crosstalk] What are you doing about it? Well, we market in general to all adults, some of them are young, who are of legal drinking age. We are still recruiting. Our brands are still recruiting in a strong way overall. It is true what you say, the total penetration of alcohol in the new cohorts or younger cohorts is lower than it was before. Yeah. What I'm basically saying that is, Diageo still, because of the quality of its brands and the quality of its work it's doing, it still has a high level of, you know, of penetration within the new generations as well. Yes. You do have zero alcohol, Guinness, don't you? We do. Explain about that then. All right. Well, in addition to this, we have an offering of what I call an adult moment of consumption, where soft drinks or traditional soft drinks might not be able to fulfill the needs of products that do not have alcohol. Guinness Zero Zero, which is an excellent product, is a good example. But it would also, you know, suggest that you might be interested in, you know, in Seedlip, which is a brand we acquired, which is alcohol free, or our gins with no alcohol, Tanqueray Zero Zero or Gordon's Zero Zero. That's another way to participate in that market for those consumers that either do not want to drink alcohol at any time, or those consumers that on some occasions might not want to drink alcohol. Yeah. What percentage of the market is zero alcohol? It's still a small part. Yes. It is growing very strongly. Yeah. In some markets, particularly on beer, it starts to be even double digits of the total beer market. Yeah. Yes. What about whiskey? Have you developed? Because I know about gin- Yes. [crosstalk] What about whiskey? Well, it is much more difficult to produce a high quality product of whiskey without alcohol. I'm not saying that it's not something that one day you might see. Okay, thank you. Thank you. Oh, sorry. Robert Brisson, private shareholder. Just a quick question following on from the net borrowings point further on. I mean, the net finance charge for 2022 was at relatively negligible levels, but then interest rates have been at relatively negligible levels. What level of finance charge, net finance charge are you anticipating over the next year or two? Lavanya, may I pass? Yeah. We did, at the year-end, when we announced our results, we did provide guidance on our effective interest rate for the coming fiscal year. That is in our guidance that we provided. Yes, sir. Good afternoon, Mr. Chairman, all shareholders present. I assume that all shareholders present will be going home with a sample of Diageo. If so, will it be in a Diageo bag or a Guinness bag? Thank you for the suggestion. We will give some consideration maybe for next year. Sir. Thank you, Mr. Chairman. I wonder if you could sort of briefly answer this problem you've got with the Irish side of things. I ask this question for a particular reason. Some time ago, I was with a different company, and I had quite a good building of shares within that company. They asked a similar question, could they help the Irish? Well, I thought, well, the profits are good. At the end of the year, they can make a portion of the profits help the Irish, which I thought was quite good. Yes, all right. Fair enough. I voted, yes, help the Irish. What happened? They chopped the shareholding down by 1,000 to one, and I was left with very small shareholding. The Irish, I assume, were helped. I was wondering whether this is gonna happen, the same thing here with Diageo. Are they thinking of chopping down the shares by 1000 to one or? No, we have no plans on that type of direction. How will this Irish system problem be resolved? I don't think we have a problem of this type. You've asked on the form to vote for it. I'm sorry. Maybe I misunderstood your question. I've to put my lenses on, I'm afraid. Yeah. Otherwise, I cannot read the print. Yeah. No, I'm sorry. I can't see it for the moment. No. I mean, are you referring to the Irish share ownership plan for our employees? Yes. That's the thing. I think that's the thing you were talking about. I mean, fundamentally, it's a technical matter on how shares are awarded to our employees. We've been doing that for a long period of time. We think it's good policy to involve our employees as shareholders. The resolution was a technicality. Yes On how to be able to do that. Well, that's my fault in that case then, Mr. Chairman. Don't worry. [crosstalk] Apologize in that sense. I did read it as an Irish problem that had crept in there, and I was trying to work out. It was not really a problem. It's a technicality of a better way or efficient way to be able to handle something that we were doing before. Yes. I thought that. It's got no material effect. Yeah On the rest of our shareholders as regards Probably [crosstalk] Their ownership of the company or the value of the company. Yes. Thank you, Mr. Chairman. You're very welcome. Very good. There will be no further questions. Can I ask one quick question? Yeah. On my part, Mr. Chairman? Oh, I'm really worried now. We've now got a new king, King Charles III, now sitting on the throne replacing Queen Elizabeth II. Is Diageo thinking of bringing out a special drink to name on that fact, please? Well- that shareholders are able to buy a drink to celebrate his wellbeing. Thank you. Very good. Well, thank you for the comment. On one side, obviously, we all mourned the passing away of our Queen Elizabeth II who was an example to, you know, to all of us. Obviously, we celebrate the appointment of King Charles III. I take note of your suggestion. I'm not sure if our marketing department will take it. We can cover that next year. Things like that. You know, we take note of that, and we'll give it some thought. Thank you very much indeed. Oh, sorry. Yes, sir. Right. The question. The subject is about dividends and buybacks, and how to cover that. In the face of increasing world inflation and anticipating a rise in world interest rates, can we manage corporate debt and credit rating? Can we maintain the dividends? Yes. Look, this company has increased its dividends since the day of its formation, year in, year out. We have flexibility on buybacks, depending on what is the amount of cash that we have left after investing in the business. We have a clear policy of leverage between 2.5-3 x EBITDA. Whatever decision we take is going to be based on this prudent approach, but also an assured approach that we have about the health of our business. Well, thank you very much for all. Sir, the very final question. No, Mr. Chairman. It was not a question on this occasion. It's just the thing I wanted to refer to. It was Resolution 18. Indeed. Irish share ownership. That's the one I referred to. That was. Yes. That's the one I referred to. That was the one I was thinking of. That's the one I answered you about. Thank you very much indeed. You know, there is no material change. I just- No change to any of our shareholders. No, I just thought I was going a bit batty, that was all. No, you were not certainly going batty. Thank you. You know? Thank you for reading the resolutions. Thank you. Thank you very much. Well, that, ladies and gentlemen, concludes the business of this annual general meeting. The poll will remain open for 15 minutes. The proxy votes submitted in advance of the meeting will shortly be shown. The final voting results will be announced to the London Stock Exchange and posted on our website as soon as possible. Thank you very much.