Exhibit4.9

SIR ANTHONY O'REILLY AND MR PETER JOHNGOULANDRIS

- and -

WATERFORD WEDGWOOD PLC

DEED OFUNDERTAKING

WILLIAM FRYSolicitorsFitzwilton House Wilton Place Dublin 2

002542.0207.KC/DMK

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THIS DEED is made on 20 June 2005

BETWEEN:

|  | SIR ANTHONY O'REILLY ofLissadell, Lyford Cay, Nassau, Bahamas, AND MR PETER JOHNGOULANDRIS of Sea Saga, Edgewater Drive, Lyford Cay, Nassau,Bahamas (each an "Obligor" and togetherthe "Obligors"); |
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- and -

|  | WATERFORD WEDGWOOD PLC, a company registered inIreland (undernumber 11861), having its registered office atKilbarry, Waterford (the "Company"). |
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THIS DEED WITNESSES asfollows:

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| 1.  | Interpretation |

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| (a)  | Inthis Deed:- |

"Agreement", meansthe Underwriting Agreement between J & E Davy, Birchfield and theCompany dated 20 June 2005;

"Birchfield", means BirchfieldHoldings Limited, an International Business Company registered in theBritish Virgin Islands under number 458528, having its registeredoffice at Trident Chambers, PO Box 146, Road Town, Tortola, BritishVirgin Islands; and

"RelevantPortion" means, in the case of each Obligor, onehalf.

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| (b)  | In this Deed, a referenceto:- |

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| (i)  | a statutory provisionincludes a reference to the statutory provision as modified orre-enacted or both from time to time before the date of this Deed andany subordinate legislation made under the statutory provision beforethe date of this Deed; |

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| (ii)  | a personincludes a reference to a body corporate, association orpartnership; |

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| (iii)  | a person includes areference to that person's legal personal representatives,successors and permitted assigns;and |

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| (iv)  | a clause, unless the contextotherwise requires, is a reference to a clause of thisDeed. |

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| (c)  | The headings in this Deeddo not affect itsinterpretation. |

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| 2.  | Undertakingand Indemnity |

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| (a)  | The Obligorsirrevocably and unconditionally undertake to the Company to procure thedue and punctual performance of each obligation of Birchfield containedin the Agreement. The Obligors shall pay to the Company from time totime on demand a sum of money which Birchfield is at any time liable topay to the Company under or pursuant to the Agreement and which has notbeen paid at the due time forpayment. |

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| (b)  | The Obligors irrevocably andunconditionally agree to indemnify (and keep indemnified) the Companyon demand against any loss, liability or cost incurred by the Companyas a result of any obligation of Birchfield referred to in Clause 2(a)above being or becoming void, voidable or unenforceable as againstBirchfield. The amount of the loss, liability or cost shall be equal tothe amount which the Company would otherwise have been entitled torecover from Birchfield. |

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| (c)  | TheObligors' obligations under Clauses 2(a) and 2(b) are continuingobligations and are not satisfied, discharged or affected by anintermediate payment or settlement of account by or a change in theconstitution or control of, or merger or consolidation with any otherperson of, or the insolvency of, or bankruptcy, winding up or analogousproceedings relating to,Birchfield. |

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| (d)  | The Company may atany time as it thinks fit, without reference to the Obligors andwithout prejudice to the Obligors' obligations under this Clause2, grant a time for payment or grant another indulgence or agree to anamendment, variation, waiver or release in respect of an obligation ofBirchfield under theAgreement. |

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| (e)  | Each of the Obligorswaives any right he may have of first requiring the Company (or anytrustee or agent on its behalf) to proceed against or enforce any otherrights or security or claim payment from any person before claimingfrom the Obligors under this Clause 2. This waiver applies irrespectiveof any law or any provision of the Agreement to thecontrary. |

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| (f)  | The liability of eachObligor under this Deed shall be several. Notwithstanding any otherprovision hereof, the proportion of each and every claim by the Companyhereunder which each Obligor shall be obliged to pay shall not in anycircumstances exceed his Relevant Portion of each such claim and theaggregate of all claims against each Obligor hereunder shall neverexceed his Relevant Portion of the total of all claims of the Companyhereunder. |

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| (g)  | Without prejudice toClause 2(f), each Obligor agrees to be bound by this Deednotwithstanding that any other Obligor who was intended to execute orto be bound by this Deed does not do so or is not effectively so boundand notwithstanding that any of the obligations of the other Obligorherein contained may be determined or become invalid or unenforceableagainst such other Obligor and whether or not the same is known to theCompany or its officers, employees, agents or professionaladvisers. |

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| (h)  | This Deed shall not berevoked or otherwise prejudiced or impaired as to any one or more ofthe Obligors by the death, incapacity, bankruptcy or insolvency of anyother Obligor. |

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| 3.  | Costs and Expenses |

All the Company's costs and expenses (including legal fees,stamp duties and any value added tax) incurred in connection with theenforcement of this Deed shall be reimbursed by the Obligors on demandon a full indemnity basis together with interest from the date suchcosts and expenses were incurred to the date of payment at 6%perannum.

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| 4.  | General |

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| (a)  | Novariation of this Deed is valid unless it is in writing and signed byor on behalf of each party. |

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| (b)  | The failureto exercise or delay in exercising a right or remedy provided by thisDeed or by law does not constitute a waiver of the right or remedy or awaiver of other rights or remedies. No single or partial exercise of aright or remedy provided by this Deed or by law prevents furtherexercise of the right or remedy or the exercise of another right orremedy. |

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| (c)  | The rights and remediescontained in this Deed are cumulative and not exclusive of rights orremedies provided bylaw. |

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| 5.  | Notices |

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| (a)  | Anotice or other communication under or in connection with this Deedshall be in writing and shall be delivered personally or sent by firstclass post pre-paid recorded delivery (or air mail if overseas) or byfax, to the party due to receive the notice or communication, at itsaddress set out in this Deed or another address specified by that partyby written notice to the others. |

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| (b)  | In the absence ofevidence of earlier receipt, a notice or other communication is deemedgiven:- |

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| (i)  | if delivered personally,when left at the address referred to in Clause5(a); |

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| (ii)  | if sent by mail except airmail, two days after posting it; |

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| (iii)  | if sent by air mail, six days after posting it;and |

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| (iv)  | if sent by fax, on completionof its transmission and receipt of a successful transmission report inconnection therewith. |

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| 6.  | Governing Law andJurisdiction |

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| (a)  | This Deed is governed byIrish law. |

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| (b)  | The courts of Ireland haveexclusive jurisdiction to hear and decide any suit, action orproceedings, and to settle any disputes, which may arise out of or inconnection with this Deed (respectively,"Proceedings" and"Disputes") and, for these purposes, eachparty irrevocably submits to the jurisdiction of the courts ofIreland. |

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| (c)  | Each party irrevocably waivesany objection which it might at any time have to the courts of Irelandbeing nominated as the forum to hear and decide any Proceedings and tosettle any Disputes and agrees not to claim that the courts of Irelandare not a convenient or appropriateforum. |

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| (d)  | Process by which any Proceedingsare begun in Ireland may be served on either Obligor by being deliveredto Matheson Ormsby Prentice, 30 Herbert Street, Dublin 2, Ireland, FAOPauline O'Donovan. Nothing contained in this clause affects theright to serve process in another manner permitted bylaw. |

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| 7.  | Counterparts |

This Deed maybe executed in any number of counterparts each of which when executedand delivered shall be an original, but all the counterparts togethershall constitute one and the sameinstrument.

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| 8.  | Delivery |

This Deed isdelivered on the date written at the start of the Deed.

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SIGNED, SEALED AND DELIVEREDby the said SIR ANTHONY O'REILLY in the presenceof:

|  | Tim J.Scanlon |
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|  | Dulyauthorised Attorney for Sir Anthony O'Reilly |
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Éanna Mellett Solicitor 30 HerbertStreet Dublin 2

|  | ÉannaMellett |
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|  | Witness |
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SIGNED, SEALED AND DELIVERED by the said MR.PETER JOHN GOULANDRIS in the presence of:

|  | Tim J. Scanlon |
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|  |
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|  | Duly authorisedAttorney for Peter John Goulandris |
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Éanna Mellett Solicitor 30 HerbertStreet Dublin 2

|  | ÉannaMellett |
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|  | Witness |
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PRESENT when the common seal of WATERFORDWEDGWOOD PLC was affixedhereto:

|  | Redmond O'Donoghue |
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|  |
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|  | Director |
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|  | Patrick Dowling |
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|  |
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|  | Director/Secretary |
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