Exhibit 4a






 Exhibit 4(a) 



 PARTNERS’ AGREEMENT
  

 dated October 1st, 2002
  

 between 

 LVMH - MOËT HENNESSY LOUIS
  VUITTON S.A. 

 DIAGEO PLC 

 GUINNESS FRANCE HOLDINGS S.A.
  

 and 

 LVMH FASHION GROUP S.A.
  


















 TABLE OF CONTENTS
  

	Article	1	Definitions	1	 
	 	 	 	 	 
	Article	2	Executive Board/Conseil de Gerance	5	 
	 	 	 	 	 
	Article	3	Representations and Warranties	6	 
	 	 	 	 	 
	Article	4	Joint Committee	6	 
	 	 	 	 	 
	Article	5	Operations of MH and MHI	9	 
	 	 	 	 	 
	Article	6	Transactions with LVMH Related Parties	12	 
	 	 	 	 	 
	Article	7	Rights of First Refusal	14	 
	 	 	 	 	 
	 	7.1	Transfer of MH Shares and MHI Shares	14	 
	 	 	 	 	 
	 	7.2	LVMH Vineyards	16	 
	 	 	 	 	 
	 	7.3	Transfers of Interests in Material
      Affiliates and Principal Brands	16	 
	 	 	 	 	 
	Article	8	Standstill	16	 
	 	 	 	 	 
	Article	9	Put Options	18	 
	 	 	 	 	 
	Article	10	Acquisition of Control by a Competitor	21	 
	 	 	 	 	 
	Article	11	Non-Competition	22	 
	 	 	 	 	 
	Article	12	Preparation of Guinness Circular	23	 
	 	 	 	 	 
	Article	13	Conditions	23	 
	 	 	 	 	 
	Article	14	Certain Events Before the Closing
      Date	23	 
	 	 	 	 	 
	Article	15	Indemnification	23	 
	 	 	 	 	 
	Article	16	Revision of Certain Thresholds	24	 
	 	 	 	 	 
	Article	17	Notices	24	 
	 	 	 	 	 
	Article	18	Term	25	 
	 	 	 	 	 
	Article	19	Governing Law	25	 
	 	 	 	 	 
	Article	20	Arbitration	25	 

















	Article	21	Remedies Exclusive	26	 
	 	 	 	 	 
	Article	22	Substitution	26	 
	 	 	 	 	 
	Schedules	 	 
	 	 	 	 	 
	1.21	 	New MH Statuts	 	 
	 	 	 	 	 
	1.22	 	New MHI Statuts	 	 
	 	 	 	 	 
	4.1	 	Règlement Intérieur (Joint
      Committee)	 	 
	 	 	 	 	 
	4.3	 	Règlement Intérieur (MH)	 	 
	 	 	 	 	 
	5.4	 	Cash Pooling and Group Cost Allocation Arrangements
      of the LVMH Group	 	 
	 	 	 	 	 
	5.5	 	Borrowing Ratios	 	 
	 	 	 	 	 
	7.6	 	Deed of Adherence	 	 
	 	 	 	 	 
	9.4	 	Provisions Relating to the Exercise of Options	 	 














 AGREEMENT 

 BY AND BETWEEN:  

       - DIAGEO PLC, an English company with its
  registered office at 8 Henrietta Place, London W1G 0NB, England (hereinafter
  "Diageo"), represented by Roger Myddleton;  

       - LVMH - MOËT
  HENNESSY LOUIS VUITTON S.A., a French société anonyme
  with its registered office at 30, avenue Hoche, 75008 Paris (hereinafter "LVMH"),
  represented by Pierre Godé;  

       - GUINNESS FRANCE
  HOLDINGS S.A., a French société anonyme with its registered
  office at 47, rue de Monceau, 75008 Paris (hereinafter "GFH"), represented
  by Roger Myddleton; and  

       - LVMH FASHION
  GROUP S.A., a French société anonyme with its registered office
  at 54, avenue Montaigne, 75008 Paris (hereinafter "LVMHFG"), represented
  by Pierre Godé.  

      WHEREAS Diageo
  and LVMH are long-term partners in the field of marketing wine and spirits products
  throughout the world;  

      WHEREAS Diageo
  and LVMH have entered for that purpose into certain agreements, in particular
  an agreement dated as of May 1st 1988 often referred to as the “master
  agreement” (hereinafter, the "Master Agreement");  

      WHEREAS pursuant
  to an agreement dated January 20, 1994 Diageo has acquired a 34 % interest
  in the société anonyme Moët Hennessy;  

      WHEREAS Diageo,
  GFH, LVMH and LVMHFG wish to continue with their relationship following the
  conversion of MH into a general partnership (a société
  en nom collectif) and the transfer of certain entities from MH to MHI, and
  have entered into an amendment and restatement agreement relating to this Agreement
  specifically with a view to such aim.  

 ARTICLE 1 

 DEFINITIONS  

 In this Agreement, except where the context otherwise
  requires, the singular includes the plural and vice-versa. In addition: 


	1.1	"Acting in Concert"
      means acting in concert within the meaning of article L 233-10 of the
      Commercial Code.
	 	 
	1.2	"Affiliate"
      means, with respect to any entity, any company or other entity which is
      controlled by such entity within the meaning
      of article L 233-3 of the Commercial Code.
	 














 2  

	1.3	"Affiliated
      Transactions" means all transactions of any kind
      whatsoever which are (i) proposed to be entered into between
      any member of the MH Group and any LVMH Related Party or
      any member of the MHI Group, or proposed to be entered into
      between any member of the MHI Group and any LVMH Related
      Party or any member of the MH Group, and (ii) outside of
      the ordinary course of business of the relevant MH Group
      member or MHI Group member, as the case may be; PROVIDED
      THAT no transaction shall be considered outside
      of the ordinary course of business if the aggregate value
      or payment of aggregate amounts involved in such transaction
      is less than euro 4,573,471 and such transaction is (x)
      a type of transaction commonly and properly entered into
      between French companies in the same group where one is
      a subsidiary with a substantial minority interest or (y)
      a transaction existing or previously entered into between
      any MH Group member and any LVMH Related Party or any member
      of the MHI Group, or between any MHI Group member and any
      LVMH Rela ted Party or any member of the MH Group (as the
      case may be), or a renewal of any such transaction, and
      either entered into in connection with the cash pooling
      arrangements between LVMH and its Affiliates or the allocation
      of group costs and expenses among LVMH and its Affiliates
      described in Schedule 6.1 or mentioned in the Disclosure
      Letter. 
	 	 
	1.4	"Agreement" means
      this Agreement and its Schedules.
	 	 
	1.5	“Combined Accounts”
      means the combination of the consolidated accounts of MH Group
      and the consolidated accounts of MHI Group. The consolidated accounts of
      both the MH Group and the MHI Group should
      be prepared in accordance with French generally
      accepted accounting principles (GAAP). The Combined Accounts are to be prepared
      on a basis consistent with the basis upon which they would be prepared if
      they were to be consolidated into one group
      under normal French GAAP.
	 	 
	 	The preparation of the Combined
      Accounts should be on exactly the same basis as those
      prepared for the MH Group as undertaken prior to September 30, 2002 and
      for the avoidance of doubt the ‘combined’:
	 	 
	 	(i) profit before taxation, and
	 	 
	 	(ii) net assets,
	 	 
	 	should be the same quantum as had
      they been prepared on the basis undertaken prior to September 30, 2002.
	 	 
	 	In addition the Combined Accounts
      will includ e a pro-forma adjustment to reflect the French
      income tax charge/credit on the profit/loss of MH (and any subsidiaries
      of MH), the profits/losses of which are
      directly taxable on the shareholders of MH.
	 	 
	1.6	"Commercial Code"
      means the French Code de Commerce into which, inter alia, French
      law n° 66-537 of July 24, 1966 (as amended) was incorporated, and completed
      by decree n° 67-236 of March 23, 1967,
      as amended.
	 	 
	1.7	"Competitor" means
      any company (not being a Party or an Affiliate of a Party) which, together
      with its Affiliates, had in the calendar year immediately preceding the
      date of determination of whether such company
      is a Competitor a consolidated world -wide turnover
      from the sale of wines, spirits and other alcoholic beverages (except beer)
      














 3  

	 	which equals or exceeds 45% of the
      combined world-wide turnover from such sales of Diageo and LVMH and their
      respective Affiliates in such calendar year.
	 	 
	1.8	"Conseil de Gérance"
      means the supervisory board of MH referred to in Article 2.
	 	 
	1.9	"Contribution Date"
      means the date on which the contribution of certain shareholding interests
      in Moët Hennessy Shanghai Ltd., UD-Moët Hennessy B.V., Moët
      Hennessy Nederland, Moët Hennessy
      Deutschland GmbH., Moët Hennessy Italia Spa., Moët Hennessy
      UK Ltd., Moët Hennessy Inc., M.H. - U.D.G. (Far East) Ltd. and Moët
      Hennessy de Mexico is made to MHI by MH.
	 	 
	1.10	"Damages" means
      damages, costs and expenses (excluding lost profits, consequential damages
      and punitive damages), after, in the case of damages, costs and expenses
      suffered by the MH Group or the MHI Group,
      taking into account any tax benefit to the MH
      Group or, as the case may be, the MHI Group derived therefrom, including
      the net present value of any tax benefit
      to be derived therefrom by the MH Group or the MHI Group
      in subsequent Fiscal Years.
	 	 
	1.11	"Disclosure Letter"
      shall mean the Disclosure Letter, dated January 20, 1994, delivered
      by LVMH to Diageo.
	 	 
	1.12	"Encumbrance" means
      any mortgage, pledge, lien, charge, assignment, hypothecation or
      other agreement or arrangeme nt which has the same effect as, or similar
      effect to, the granting of a security interest.
	 	 
	1.13	"Executive
      Board" means the conseil d’administration of MHI referred to
      in Article 2.
	 	 
	1.14	"Fiscal Year"
      means exercice social.
	 	 
	1.15	"LVMH Group" means
      LVMH and its Affiliates, other than Affiliates which are part of the MH
      Group or the MHI Group.
	 	 
	1.16	"LVMH Related Parties"
      means the LVMH Group and any person controlling LVMH and any Affiliate of
      any such person.
	 	 
	1.16b	“LVMH Vineyards”
      means approximately 800 hectares of champagne vineyards currently
      owned by LVMH and leased at the date hereof to the MH Group as further described
      in lease agreements, copies of which are annexed to the Disclosure Letter.
	 	 
	1.17	"MH" means Moët
      Hennessy SNC, a French société en nom collectif having its
      registered office at 30, avenue Hoche, 75008 Paris.
	 	 
	1.18	"MH Group" means
      MH and its Affiliates.
	 	 
	1.19	"MHI"
      means Moët Hennessy International S.A., a French société
      anonyme having its registered office at 30, avenue Hoche, 75008 Paris.
	 	 
	1.20	"MHI Group" means
      MHI and its Affiliates.














 4  

	1.21	"New MH Statuts"
      means the new statuts to be adopted by MH upon its conversion into a general
      partnership (“société en nom collectif”) and which
      shall take the form set forth in Schedule 1.21.
	 	 
	1.22	"New MHI
      Statuts" means the new statuts to be adopted
      by MHI and which shall take the form set forth in Schedule
      1.22.
	 	 
	1.23	"On-Going Indebtedness"
      means the consolidated financial indebtedness of the MH Group
      and the MHI Group (taken together, and excluding any suc h indebtedness
      outstanding on inter-company accounts or
      otherwise between the members of the MH Group,
      on the one hand, and other members of the MH Group or members of the MHI
      Group, on the other hand, or between the
      members of the MHI Group, on the one hand, and
      other members of the MHI Group or members of the MH Group, on the other
      hand), comprising the aggregate of all
      loans, borrowings, obligations under securitisation and other
      similar arrangements and any other obligations of a financial nature for
      or in respect of the repayment of money
      (including the net amounts outstanding on inter-company
      accounts or otherwise between the members of the MH Group or the MHI Group
      on the one hand and the members of the LVMH Group on the other hand) but
      excluding any trade debt, guarantees and
      indemnities, other than in respect of borrowed moneys
      actually drawn and in default at the time of the determination of such On-Going
      Indebtedness after deduction of cash and
      short term financial investments.
	 	 
	1.24	"Party" means LVMH,
      LVMHFG, GFH or Diageo and "Parties" means all of them.
	 	 
	1.25	"Principal Brands
      " means Moët et Chandon, Dom Perignon, Hennessy, Veuve Clicquot and
      Mercier.
	 	 
	1.26	“Sale Company”
      has the meaning set out in Article 9.6.
	 	 
	1.27	"Significant Affiliated
      Transaction" means any Affiliated Transaction involving an aggregate
      value or payment of aggregate amounts in excess of euro 4,573,471 over 12
      consecutive months; PROVIDED THAT no transaction
      entered into pursuant to the arrangements
      described in Schedule 6.1 shall be a Significant Affiliated Transaction.
	 	 
	1.28	“Target Amount” has
      the meaning set out in Article 5.4.
	 	 
	1.29	“Tax Rate” has the
      meaning set out in Article 5.4.
	 	 
	1.30	"Transaction" means
      any of the following, where the aggregate value involved therein or
      aggregate amounts payable in respect thereof over any twelve consecutive
      months exceeds euro 4,573,471:
	 	 



	 	(a)	 any acquisition
      or disposal (including the granting of option or pre-emption
      rights, or any other transaction having an effect similar
      to an acquisition or disposal) by MH or MHI, or any of their
      respective Affiliates, of inventory or fixed assets (including,
      without limitation, brands and shares);
	 	 	 
	 	(b)	 participation by
      MH or MHI, or any of their respective Affiliates, in any
      joint venture arrangement, partnership or other profit-sharing
      arrangement;














 5 

	 	(c)	 the issue (by way of bonus, rights
      or otherwise) of any shares or other securities in MH or MHI, or any of
      their respective Affiliates;
	 	 	 
	 	(d)	  the grant of any option or right
      to acquire or call for the issue of any shares or other securities in MH
      or MHI, or any of their respective Affiliates, whether by conversion, subscription
      or otherwise;  
	 	 	 
	 	(e)	the redemption or purchase by MH or MHI, or
      any of their respective Affiliates, of any of their respective shares or
      the reduction in the share capital of MH or MHI, or any of their respective
      Affiliates; or 
	 	 	 
	 	(f)	any Encumbrance created or given (other than
      in connection with any transaction previously approved by Diageo) by MH
      or MHI. or any of their respective Affiliates, on its assets in connection
      with any obligation to any party which is not a member of the MH Group or
      the MHI Group, to the extent such obligation is for an amount in excess
      of euro 4,573,471; 
	 	 	 
	 	PROVIDED THAT
      no such transaction (i) involving only members of the MH Group and/or members
      of the MHI Group which are at least 85% owned (x) directly by MH or MHI
      (as the case may be) or (y) indirectly through a chain of 85% (or more)
      owned Affiliates of MH or MHI (as the case may be) or (ii) to be entered
      into in the ordinary course of business of the relevant member of the MH
      Group or MHI Group (as the case may be) or (iii) which is a disposal specifically
      identified in, or is an acquisition of a type specifically identified in,
      the consolidated annual budget for MH or MHI (as the case may be) for the
      year in which such transaction occurs, shall be a "Transaction".
       


 ARTICLE 2 

 EXECUTIVE BOARD/CONSEIL DE
  GERANCE  

	2.1	 	  All of the shares in MH and MHI
      held by Diageo, GFH or their Affiliates shall be classified as "Cla ss B
      shares" and all the remaining shares in MH and MHI (representing 66% of
      the total then outstanding capital of MH and MHI respectively) shall be
      classified as Class A shares. Class B shares and Class A shares shall entitle
      their holders to the same rights, except as set forth below. The above classification
      of the shares in MH and MHI, and the related rights and obligations of the
      holders of each such class of shares shall be reflected in the New MH Statuts
      or the New MHI Statuts as the case may be. 
	 	 	 
	2.2	(a)	 In respect of MH, a Conseil
      de Gérance shall be created. The Conseil de Gérance
      shall comprise six members, including four members elected from candidates
      nominated by holders of Class A shares and two members elected from candidates
      nominated by holders of Class B shares.  
	 	 	 
	 	(b)	 In respect of MHI, the Executive Board shall
      comprise six members, including four members elected from candidates nominated
      by holders of Class A shares and two members elected from candidates nominated
      by holders of Class B shares.  
	 	 	 
	2.3	  The mission of the Conseil
      de Gérance shall be to assist the Gérant, and the
      mission of the Executive Board shall be to assist the Président-Directeur
      Général or, as the case  














 6  

	 	 may be, the Directeur Général
      or the Directeurs Généraux Délégués,
      in each case in all important decisions concerning the good running of MH
      or MHI respectively, and in accordance with the provisions of the New MH
      Statuts or the New MHI Statuts as the case may be. In particular, the Conseil
      de Gérance will be required to give its prior authorisation for
      certain acts and decisions to be taken by theGérant and the Executive
      Board will be required to give its prior authorisation for certain acts
      and decisions to be taken by the Président-Directeur Général
      or, as the case may be, the Directeur Général or the
      Directeurs Généraux Délégués.
       


ARTICLE 3  

 REPRESENTATIONS AND WARRANTIES
   

	3.1	  LVMH and LVMHFG each hereby makes
      (in relation to itself only) to each of Diageo and GFH each of the representations
      and warranties set forth below:  
	 	 	 
	 	(a)	 Organisation - it is a corporation
      duly incorporated under the laws of France; and  
	 	 	 
	 	(b)	Authorisation - it has full power, right
      and authority to execute this Agreement and to consummate the transactions
      contemplated hereby. This Agreement has been duly executed by it and constitutes
      the legal, valid and binding obligation of it, enforceable against it in
      accordance with its terms.  
	 	 	 
	3.2	 Diageo and GFH hereby makes (in
      relation to itself only) to each of LVMH and LVMHFG each of the representations
      and warranties set forth below:  
	 	 	 
	 	(a)	 Organisation - it is a corporation duly
      incorporated under the laws of England and Wales (in the case of Diageo)
      or France (in the case of GFH); and 
	 	 	 
	 	(b)	Authorisation - it has full power, right
      and authority to execute this Agreement and to consummate the transactions
      contemplated hereby. This Agreement has been duly executed by it and constitutes
      the legal, valid and binding obligation of it, enforceable against it in
      accordance with its terms.  


ARTICLE 4  

 JOINT COMMITTEE 
  

	4.1	  LVMH and Diageo have established,
      and the Parties shall not dissolve, a Joint Committee in respect of both
      MH and MHI comprising four members appointed by LVMH and/or LVMHFG and two
      members appointed by Diageo and/or GFH; PROVIDED THAT three of the
      four members of the Joint Committee appointed by LVMH
      and/or LVMHFG are and shall continue to be, and the members of the Joint
      Committee appointed by Diageo and/or GFH, are and shall, in so far as possible,
      continue to be, the same as the physical persons representing LVMH and/or
      LVMHFG, or Diageo and/or GFH (or a corporate director of Diageo and/or GFH)
      respectively on the Conseil de Gérance of MH and the Executive
      Board of MHI. or the Gérant of MH. The members of the Joint
      Committee have adopted and will not a mend or revoke (save as set out below)
      the règlement intérieur as set forth on Schedule 4.1
      for the purpose of regulating the functioning of the Joint Committee; PROVIDED
      THAT , in the event of any conflict between the provisions of the règlement
      intérieur and the provisions of this  














 7  

	 	 Agreement, the provisions of this
      Agreement shall prevail. The Joint Committee shall meet at least six times
      in each Fiscal Year of MH and MHI and on such other occasions as are required
      by the best interests of MH and/or MHI. The making of any recommendation
      or taking of any other act (including, without limitation, the adoption,
      and any subsequent amendment, of the règlement intérieur
      ) by the Joint Committee shall require the affirmative vote of a majority
      of its members. The Joint Committee shall be advisory only and its recommendations
      shall not obligate LVMH, any member of the MH Group or any member of the
      MHI Group to act in accordance therewith.  
	 	 


	4.2	(a)	 LVMH shall cause each member of
      the Joint Committee to be provided with such reasonable level of information
      as to enable him to take an informed view of any subject to be discussed
      by the Joint Committee pursuant to this Article 4.2(a). The Joint Committee
      will be given the opportunity to discuss, and make any recommendation it
      deems fit in respect of, any action being taken in respect of the following,
      prior to the taking of such action:  
	 	 	 


	 	 	(i)	(A) 	 appointment of
      the Gérant or of a second Gérant of
      MH and, in the case of any of such Gérants
      of MH being a legal entity, the appointment of the gérant
      or any other type of chief executive officer of such legal
      entity and any subsequent successor(s) to such respective
      positions;  
	 	 	 	 	 
	 	 	 	(B)	 appointment of the Président-Directeur
      Général or, as the case may be, the Directeur Général
      or any Directeurs Généraux Délégués
      of MHI and any subsequent successor(s) to such position;  
	 	 	 	 	 


	 	 	(ii) 	appointment of the successors of
      the current Présidents-Directeurs Généraux
      or, as the case may be, Directeurs Généraux or Gérants
      (or the equivalent) of MH or MHI A ffiliates owning Principal Brands and
      any subsequent successor(s) to such position(s);  
	 	 	 	 
	 	 	(iii)	  establishment of committees of the Conseil
      de Gérance of MH or of the Executive Board of MHI;  
	 	 	 	 
	 	 	(iv)	  adoption of the Combined Accounts (both annual
      and management accounts) or (if applicable) of any separate consolidated
      annual financial statements and management accounts of MH or MHI; 
    
	 	 	 	 
	 	 	(v) 	adoption or significant variance of any significant
      aspect of the marketing, financial or business strategy or policy for MH,
      MHI and any of their respective Affiliates owning a Principal Brand or the
      annual turnover of which represented over 5% of the turnover reflected in
      the Combined Accounts for the preceding Fiscal Year;  
	 	 	 	 
	 	 	(vi)	 any Transaction;  
	 	 	 	 
	 	 	(vii)	  change of any significant distributor of the
      products of any member of the MH Group or the MHI Group with respect to
      any of the Principal Brands;  














 8  

	 	 	(viii)	  annual consolidated budgets
      for the MH Group and the MHI Group, and any variation in excess of 10% in
      the amounts budgeted for capita l expenditures or for programs for the disposal
      of assets in any such annual consolidated budget, to the extent that the
      amount originally budgeted for such item was in excess of euro 15,244,902;
      and  
	 	 	 	 
	 	 	(ix)	  appointment of the acting or deputy commissaires
      aux comptes of MH or MHI, one of which shall necessarily be an accounting
      firm of international standing, or filing of a petition with the competent
      commercial court for the removal of the commissaires aux comptes.
       
	 	 	 	 
	 	 	All information of a financial nature
      to be provided to the Joint Committee pursuant to this Article 4.2(a) shall
      be prepared and provided (mutatis mutandis) in accordance with the
      current LVMH practices regarding the provision of financial information
      to Diageo.  
	 	 	 
	 	(b) 	Upon discovery of any alleged b
      reach by LVMH of its obligations under Article 4.2(a), Diageo and/or GFH
      shall give notice thereof to LVMH, which shall have a period of 60 days
      following its receipt of such notice to cure such breach (in the case of
      any breach capable of cure) by submitting a posteriori to the Joint
      Committee for discussion and comments the matter with respect to which the
      breach was allegedly committed. The Parties agree that any breach so cured
      shall not be taken into account by any arbitrator in determining, for the
      p urposes of Article 9.2, whether LVMH has been in repeated, significant
      and wilful breach of its obligations under Article 4.2(a).  
	 	 	 
	4.3	(a) 	  LVMH has caused each of MH and
      MHI to adopt a règlement intérieur as set forth on
      Schedule 4.3(a) applicable to MH, MH I and all of their respective Affiliates.
      In the event of any conflict between the remaining provisions of this Article
      4.3(a) and the provisions of the règlement intérieur ,
      the provisions of this Article 4.3(a) shall prevail. Prior to the acquisition
      by MH, MHI or any such Affiliate (or, where MH and/or MHI and/or more than
      one such Affiliate is involved in a single acquisition, by all of the involved
      MH Group members and MHI Group members taken on an aggregated basis) of
      assets for a purchase price exceeding 10% of consolidated sales reflected
      in the Combined Accounts for the Fiscal Year preceding such acquisition,
      LVMH shall cause the Présidents-Directeurs Généraux
      or, as the case may be, the Gérants or Directeurs Généraux
      of such Affiliate or Affiliates (as the case may be) to submit the proposed
      acquisition to the Conseil de Gérance or, as the case may
      be, the Executive Board for its approval. The approval by the Conseil
      de Gérance or, as the case may be, the Executive Board of any
      such acquisition shall require the affirmative vote of at least one member
      of the Conseil de Gérance or the Executive Board nominated
      by the holders of Class B shares. For the purposes of this Article 4.3(a),
      any series of acquisitions related to the same object and entered into within
      any period of twelve months between the same parties (or their respective
      Affiliates, and, for this purpose, each member of the MH Group shall be
      deemed, if it would not otherwise be so, to be an Affiliate of each member
      of the MHI Group, and each member of the MHI Group shall be deemed, if it
      would not otherwise be so, to be an Affiliate of each member of the MH Group)
      shall be deemed a single acquisition, whether or not the  
    














 9  

	 	 	 consummation of such acquisitions
      is simultaneous. Diageo shall cause the members of the Conseil de Gérance
      and the Executive Board nominated by the holders of Class B shares
      not to withhold their approval of any acquisition referred to the Conseil
      de Gérance or, as the case may be, the Executive Board
      in accordance with the New MH Statuts, the New MHI Statuts or the règlement
      intérieur without valid and reasonable grounds, which shall
      be notified in writing to all members of the Conseil de Gérance
      or, as the case may be, the Executive Board.  
	 	 	 
	 	(b)	 In the event that MH, MHI o r any of their
      respective Affiliates shall make an acquisition in violation of the provisions
      of the règlement intérieur described above, then, within
      60 days of Diageo and/or GFH giving notice to LVMH requiring it to do so
      (which notice shall be given no later than 60 days after the discovery by
      Diageo or GFH of such acquisition), LVMH shall purchase (free of any obligation
      set forth in Article 11) from the relevant member of the MH Group or the
      MHI Group the assets acquired in the violating acquisition for a consideration
      equal to the total cost incurred by the relevant member of the MH Group
      or the MHI Group in connection with or arising from such acquisition, after
      taking account of any amounts received by such member of the MH Group or
      the MHI Group (as the case may be) in connection with such acquisition,
      including, without limitation, by way of indemnification, so as to place
      the relevant member of the MH Group or the MHI Group (as the case may be)
      in the same position as if the violating acquisition had not occurred. 
       


 ARTICLE 5  

 OPERATIONS OF MH AND MHI
   

	5.1	  The Parties shall ensure that:
       
	 	 	 
	 	(a)	 the Gérant(s) of MH (and/or,
      in the event that any Gérant is a corporate entity, the gérant
      or, as the case may be, the président-directeur général
      or the directeur général of such corporate entity)
      and the majority of the members of the Conseil de Gérance
      of MH; and  
	 	 	 
	 	(b)	 the majority of the members of the Executive
      Board of MHI,  
	 	 	 
	 	 shall be persons with practical
      experience in the wine and spirits industry.  
	 	 	 
	5.2	(a)	 Upon execution of this Agreement
      and of the adopting of the New MH Statuts by the partners
      of MH, MH Management SARL shall be appointed Gérant
      of MH and Mr. Christophe Navarre shall hold the position
      of sole gérant of MH Management SARL. After
      Mr. Christophe Navarre ceases to hold such position, the
      new Gérant of MH (and/or, in the event that
      any Gérant is a corporate entity, the gérant
      or, as the case may be, the président-directeur
      général or the directeur général
      of such corporate entity) shall be proposed b y the Président-Directeur
      Général of LVMH after full consultation
      with the Chairman of Diageo. The
      same procedure shall be followed with respect to the appointment
      of any subsequent or additional Gérant(s)
      of MH Management SARL or MH.  














 10 

	 	(b)	  Upon execution of this Agreement
      and of the adopting of the New MHI Statuts by the shareholders of MHI, Mr
      Christophe Navarre shall be appointed Président-Directeur Général
      of MHI. After Mr. Christophe Navarre ceases to hold such position, the new
      Président-Directeur Général of MHI (who shall
      be elected by the shareholders from among members of the Executive Board
      representing LVMH) shall be proposed by the Président-Directeur
      Général of LVMH after full consultation with the Chairman
      of Diageo. The same procedure shall b e followed with respect to the appointment
      of any subsequent Président-Directeur
      Général of MHI.  
	 	 	 


	5.3	 The activities of the MH Group
      and of the MHI Group shall be limited to the production and distribution
      of wine and spirits products, and any activities directly ancillary or related
      thereto, unless the Parties jointly agree otherwise in writing. 
    
	 	 
	5.4	 The Parties agree that the dividend policy
      of MH and of MHI shall be as follows. The Gérant
      (in the case of MH) and the Executive Board (in the case of MHI) shall,
      whenever appropriate, (i) declare interim dividends, and/or (ii) recommend,
      and the shareholders in MH and MHI, as the case may be, shall declare, whenever
      appropriate, year-end dividends.  
	 	 
	 	MH and MHI taken together shall distribute as
      dividends (and L VMH, LVMHFG and GFH shall vote the shares held by them
      to approve any recommendations of, and shall otherwise take such actions
      as shall be necessary to have the Conseil de Gérance and/or the Executive
      Board declare and pay, such distributions), as soon as reasonably practical
      after the end of each Fiscal Year, the highest percentage of MH’s and
      MHI's combined consolidated profits for such year (as set out in the Combined
      Accounts for such year) as is reasonably possible, after taking into consideration
      the best interests of MH and MHI as a whole as well as their future business
      operations and prospects and financing requirements related thereto PROVIDED
      THAT the distribution shall in all cases (subject to the Commercial Code)
      include a distribution of the full amount of MH’s individual stand-alone
      profits for such year.  
	 	 
	 	In the absence of extraordinary circumstances,
      or except as otherwise prohibited under the Commercial Code, the dividends
      paid from MH and MHI in respect of any given year will in aggregate equal
      at least the sum of (i) 50% of MH and MHI’s combined consolidated profits
      in any given year (as set out in the Combined Accounts for such year), (ii)
      an amount equal to the theoretical tax on the French taxable profits for
      the given year of MH and any subsidiaries of MH the profits of which are
      directly taxable on the partners of MH, such amount being calculated by
      multiplying the profits contained in the tax returns of the relevant companies
      by the Tax Rate for the given year and (iii) an amount equal to MH’s
      losses of the given year for statutory book purposes which will be borne
      by the partners of MH pursuant to Article 25 of the New MH Statuts. 
      
	 	 
	 	If any dividends to be paid by MH and MHI in
      any given year would in aggregate exceed the Target Amount, GFH and LVMHFG
      shall immediately prior to such distribution undertake, in a form reasonably
      satisfactory to Diageo and LVMH, to re-invest, by way of subscription for
      new shares in either MH or (if agreed between Diageo and LVMH) MHI, an amount
      equal to the relevant party’s pro-rata share of the difference between
      the sum of the dividends actually paid and the Target Amount (or a pro -rata
      share of any lesser amount that may be determined by MH and MHI). 
    














 11  

	 	 In these provisions, the “Tax
      Rate” shall be the French standard tax rate plus any additional contributions
      or other amounts levied on corporate income, as required by the French tax
      authorities at the relevant time.  
	 	 
	 	In connection with such dividend policy, the
      Parties, acting together, shall cause MH and/or MHI to procure such distributions
      of profits from their respective Affiliates as are necessary to facilitate
      compliance with such dividend policy. For the purposes of clarification,
      the reduction of available cash in MH and/or MHI resulting from any loan
      from any member of the MH Group or any member of the MHI Group to any LVMH
      Related Party (other than loans made pursuant to the cash pooling arrangements
      between LVMH and its Affiliates described in Schedule 5.4) shall not be
      taken into account when determining the highest percentage of consolidated
      profits in any given year which may be distributed or the existence of extraordinary
      circumstances respectively in respect of MH or MHI.  
	 	 


	5.5	(a)	 The Parties agree that the borrowing
      policy of the MH Group and the MHI Group shall be as follows. The MH Group
      and the MHI Group taken together shall not, in the absence of extraordinary
      circumstances, incur On-Going Indebtedness which would result in non-compliance
      in aggregate with the OnGoing Indebtedness/equity ratio or interest coverage
      ratio set forth in Schedule 5.5 for a period of 90 days. 
	 	 	 
	 	(b)	 The Parties agree that the positive and negative
      current account balances of MH, MHI and their respective Affiliates may
      be included within the scope of the LVMH Group's treasury operations, as
      described in Schedule 5.4, for the purposes of netting of credit and debit
      balances in current accounts with LVMH Group
      bankers; PROVIDED, HOWEVER, THAT LVMH will indemnify MH, MHI and
      their respective Affiliates for any losses of principal monies arising from
      such netting arrangements and that MH, MHI and/or their respective Affiliates
      will pay to or receive from LVMH interest at market rates in respect of
      such balances.  
	 	 	 
	 	(c)	 In the event that any member of the MH Group
      or of the MHI Group shall make a loan to LVMH or one of its Affiliates (other
      than pursuant to the cash pooling arrangements between LVMH and its Affiliates
      described in Schedule 6.1) or Diageo or one of its Affiliates, such MH Group
      member or MHI Group member shall contemporaneously offer to make a loan
      to the other Party, on pari passu terms and conditions, such that
      the aggregate amount of such loans is divided between the Parties pro rata
      to their relative shareholdings in MH (in the case of a loan made by a member
      of the MH Group) or MHI (in the case of a loan made by a member of the MHI
      Group).  
	 	 	 


	5.6	 Without prejudice to the specific
      provisions of this Agreement, LVMH, LVMHFG and GFH shall use their powers
      and influence as partners in MH to have regard to the interests of MH, and
      shall use their powers and influence as shareholders in MHI to have regard
      to the interests of MHI. The Parties shall further generally use all reasonable
      endeavours to implement the objectives of this Agreement.  
	 	 
	5.7	 LVMH hereby undertakes that as long as MH Management
      SARL is a Gérant of MH, MH Management SARL will be a (direct
      or indirect) wholly owned subsidiary of LVMH,  














 12  

	 	 the activity of which shall be
      exclusively dedicated to the management of MH, by holding the position of
      Gérant. LVMH undertakes that the above undertaking shall apply
      also to any other legal entity which may be appointed as Gérant
      of MH, either as a second Gérant or in replacement of MH Management
      SARL, or their successive successor(s) to such positions.  
	 	 
	5.8	 In respect of each Affiliate of MH which has
      the legal form of an unlimited partnership, an unlimited company or any
      unlimited other entity (including, without limitation, JAS Hennessy &
      Co., Veuve Clicquot Ponsardin & Co. and Champagne Moët & Chandon),
      LVMH shall have the right to appoint several gérants, subject
      to Diageo being consulted prior to such appointment and being supplied with
      such reasonable information regarding the proposed appointee as it may reasonably
      request, and LVMH shall, in good faith, consider any reasonable objections
      raised by Diageo as to such appointment.   
	 	 
	5.9	 LVMH shall provide or procure that MH provides
      to GFH any information or documents relating to MH taxable income reasonably
      required by GFH for the purposes of completing or filing its French tax
      return within good time to enable such return to be filed by the applicable
      due date and any associated or supporting papers to such return required
      for preparing an answer to any tax deficiency notice received by it. In
      addition, LVMH shall consider, in good faith,
      any further requests made by GFH for further information or documents and
      shall, if it considers the request reasonable, provide or procure MH to
      provide such requested information and documents.  
    


ARTICLE 6  

 TRANSACTIONS WITH LVMH RELATED
  PARTIES  

	6.1	(a)	  LVMH shall cause each member of
      the Joint Committee to be provided with such reasonable level of information
      as to enable him to take an informed view on all proposed Affiliated Transactions.
      The Joint Committee may make any recommendation it deems fit in respect
      of any Affiliated Transaction notified to it.  
	 	 	 
	 	(b) 	If any representative of Diageo or GFH on the
      Joint Committee objects to the execution by the relevant MH Group member
      or MHI Group member of any Affiliated Transaction notified to the Joint
      Committee, or if otherwise required by the Commercial Code, such Affiliated
      Transaction shall be notified to the Conseil de Gérance (in the case
      of an objection in connection with the execution by an MH Group member)
      or the Executive Board (in the case of an objection in connection with
      the execution by an MHI Group member) for its approval. For the purposes
      of granting such approval, except as otherwise required by the Commercial
      Code, each member of the Conseil de Gérance or the Executive
      Board (as the case may be) shall be entitled to vote. Diageo and GFH shall
      cause their representatives on the Joint Committee not to object to the
      execution of any Affiliated Transaction without valid and reasonable grounds,
      which shall be notified in writing to all members of the Joint Committee;
      PROVIDED THAT no determination as to the invalidity or unreasonableness
      of Diageo's or GFH’s grounds for objection shall prevent any accounting
      firm from delivering an opinion pursuant to Article 6.1(c) as to, or any
      arbitrator from considering, whether or not any relevant Significant Affiliated
      Transaction is at  














 13  

	 	 	 least as favourable to the relevant
      member of the MH Group or the MHI Group (as the case may be) as a transaction
      on arms-length terms.  
	 	 	 
	 	(c) 	Any Significant Affiliated Transaction objected
      to by any of Diageo's or GFH’s representatives on the Joint Committee,
      approved by the Conseil de Gérance or the Executive
      Board pursuant to Article 6.1(b) and executed by the relevant member of
      the MH Group or MHI Group following such approval and, at the request of
      Diageo or GFH, any Significant Affiliated Transaction entered into without
      consulting the Joint Committee as provided in Article 6.1(a), shall, even
      if not required pursuant to the Commercial Code, be notifiedto Ernst &
      Young Audit or, if Ernst & Young Audit is not at that time the acting
      or deputy commissaire aux comptes of MH (in respect of such a transaction
      executed by a member of the MH Group) or MHI (in respect of such a transaction
      executed by a member of the MHI Group), such other accounting firm of international
      standing as is, at such time, the acting or deputy commissaire aux comptes
      of MH or MHI as the case may be (the "Auditor"). In connection with
      any such notification, Diageo and GFH shall have the right to request that
      the Auditor prepare a report on the relevant Significant Affiliated Transaction
      on an accelerated basis and deliver an opinion as to whether or not such
      Significant Affiliated Transaction is at least as favourable to the relevant
      m ember of the MH Group or the MHI Group (as the case may be) as a transaction
      on arms-length terms.  
	 	 	 


	6.2	  In the event that the Auditor,
      in respect of any Significant Affiliated Transaction referred to it under
      Article 6.1, delivers an opinion that such Signi ficant Affiliated Transaction
      is not at least as favourable to the relevant member of the MH Group or
      the MHI Group (as the case may be) as a transaction on arms-length terms,
      then Diageo shall have the right (at its sole option) to either: 
    
	 	 


	 	(a)	  subject to giving six months'
      advance notice in writing to LVMH, require LVMH to purchase (i) all of Diageo's
      (and/or its Affiliates’) shares in both MH and MHI or (ii) (subject
      to Diageo being deemed to give a warranty in the form set out in Article
      9.6 to LVMH) all of Diageo’s (and/or its Affiliates’) shares in
      GFH or, with the prior written consent of LVMH (such consent not to be withheld
      unless LVMH furnishes to Diageo an opinion from a law firm of international
      repute stating that LVMH would not, in the circumsta nces, be unreasonable
      in withholding its consent), in any other wholly owned direct or indirect
      subsidiaries of Diageo together holding all of Diageo’s (and/or its
      Affiliates’) shares in MH and MHI, in each case at a price equal to
      the fair market value of Diageo’s (and/or its Affiliates’) shares
      in MH and MHI (taken together), as determined as set forth in Article 9.3
      PROVIDED THAT if Diageo gives notice pursuant to this clause less than thirty
      months after the Contribution Date, option (ii) will automatically apply;
      or  
	 	 	 
	 	(b)	 recover damages from LVMH in an amount equal
      to the product of (x) the percentage of MH's share capital then held by
      Diageo (and/or its Affiliates) and (y) all Damages suffered by MH (if any),
      directly or through any of its Affiliates, plus the product of (v) the percentage
      of MHI's share capital then held by Diageo (and/or its Affiliates) and (w)
      all Damages suffered by MHI (if any),  














 14  

	 	 	 directly or through any of its
      Affiliates, in either case as a result of the relevant Significant Affiliated
      Transaction.  
	 	 	 
	 	The right of Diageo to exercise
      such option shall expire 45 days after the date on which the opinion of
      the Auditor in question is rendered, without prejudice to any future Significant
      Affiliated Transactions giving a right to exercise the option granted pursuant
      to this Article 6.2.  


ARTICLE 7  

 RIGHTS OF FIRST REFUSAL
   

	7.1	 Transfer of MH Shares and MHI
      Shares  
	 	 	 
	 	(a)	  If any shareholder in MH or MHI elects to
      sell or otherwise dispose of any or all of its shares in MH or MHI, it shall
      be prohibite d from making such sale or disposal unless it also simultaneously
      sells or disposes of an equivalent percentage of its shares in MHI or MH
      (as applicable) to the same transferee, such that the shareholder concerned
      shall continue to hold an equal percentage of shares in both MH and MHI.
       
	 	 	 
	 	(b)	 If either LVMH, LVMHFG or GFH (the "Transferor")
      elects to sell or otherwise dispose of any or all of its shares in MH and
      MHI, the Transferor shall first offer the same to the Other Party as set
      forth below. For the purposes of this Article 7,
      the “Other Party” shall mean, if either LVMH or LVMHFG
      is a Transferor, GFH or, if GFH is a Transferor, LVMH.   
	 	 	 


	 	 	 The Transferor shall first send
      a written notice to the Other Party indicating:  
	 	 	 	 	 
	 	 	(i)	 the identity of the potential acquiror
      (the "Potential Acquiror");  
	 	 	 	 
	 	 	(ii) 	the number of shares in MH and MHI
      to be so transferred (the "Transferred Shares");  
	 	 	 	 
	 	 	(iii)	 the price and the other terms and
      conditions on which the Potential Acquiror, pursuant to a bona fide
      offer, is willing to purchase the Transferred Shares; PROVIDED THAT ,
      where such price, terms and conditions include non-cash consideration, such
      notice shall specify the value attributed by the Potential Acquiror to such
      non-cash consideration.  


	 	 	 
	 	 	 The Other Party shall have a period of 30 days,
      extended by any period necessary to allow fulfilment of any regulatory requirements,
      starting on the date of receipt of the above -mentioned notice to elect,
      if it so desires, to acquire all, but not less than all, of the Transferred
      Shares at the price and upon the other terms and conditions offered by the
      Potential Acquiror (but substituting for any non-cash consideration cash
      in an amount equal to the value of the non-cash consideration to be paid
      by the Potential Acquiror); PROVIDED THAT in the event the Potential
      Acquiror is a party controlling (including, in the case of LVMH, a LVMH
      Related Party) the Transferor, the Other Party shall have the option of
      purchasing the Transferred Shares at their fair market value, as 
    














 15  

  

	 	 	determined in accordance with Article
      9.3, instead of at the price offered by the Potential Acquiror. Any election
      by a Party to exercise a right of first refusal granted pursuant to this
      Section 7.1(a) shall be notified by such Party to the Transferor within
      the 30-day period mentioned above, extended by any period necessary to allow
      fulfilment of any regulatory requirements. If the Other Party fails to send
      a notice to the Transferor within said time period or if its offer to purchase
      the Transferred Shares differs in any material respect from the offer of
      the Potential Acquiror, such Other Party shall be deemed to have declined
      to exercise its right of first refusal, and the Transferor shall then be
      free to transfer the Transferred Shares to the Potential Acquiror on the
      terms and conditions set forth in the first notice referred to above. 
    
	 	 	 
	 	(c)	 The provisions of Article 7.1(a) above shall
      not apply to the transfer by either LVMH or Diageo (or their respective
      Affiliates) of any or all of its respective shares in MH and MHI to any
      of its respective Affiliates, PROVIDED THAT said Party notifies the
      Other Party in advance of any such transfer and:  
	 	 	 


	 	 	(i)	  provides the Other Party with
      an unconditional undertaking by the concerned Affiliate to comply with the
      provisions of this Agreement and undertakes to be jointly and severally
      liable to the Other Party in respect of the performance by the concerned
      Affiliate of such obligation; and  
	 	 	 	 
	 	 	(ii)	 provides the Other Party with an unconditional
      undertaking to repurchase, and an undertaking by the concerned Affiliate
      to sell, all the shares in MH and MHI so transferred if at any time the
      transferring Party ceases to control more than 50% of the outstanding equity
      and voting stock of the concerned Affiliate.  
	 	 	 	 


	 	 	 All shares transferred to an Affiliate
      of a Party shall be treated for all purposes of this Agreement (other than
      this Article 7.1(b)) as if they were held directly by such Party. 
    
	 	 	 
	 	(d)	 In the event that either Diageo or LVMH or
      their respective Affiliates wish to dispose of any shares in MH and MHI
      which would, in the case of LVMH, reduce the aggregate holding of LVMH and
      its Affiliates below 50% of the share capital of MH and MHI or, in the case
      of Diageo, reduce the aggregate holding of Diageo and its Affiliates below
      34% of the share capital of MH and MHI, then the proposed disposal by LVMH
      or Diageo or their respective Affiliates (as the case may be), must be in
      respect of all of the aggregate shareholding in MH and MHI of LVMH and its
      Affiliates or Diageo and its Affiliates (as the case may be), which must
      be offered to Diageo (in the case of LVMH and/or its Affiliates wishing
      to dispose) or LVMH (in the case of Diageo and/or its Affiliates wishing
      to dispose) in accordance with Article 7.1(a).  
	 	 	 
	 	(e)	 In the event that either LVMH, LVMHFG or GFH,
      a s applicable, has not elected to acquire the Transferred Shares of MH
      in accordance with the provisions of Article 7.1 (a) above AND has subsequently
      refused to consent to the transfer of such Transferred Shares of MH pursuant
      to article L. 221-13 of the Commercial Code, the relevant non-consenting
      Party(ies) undertake(s) to acquire such Transferred Shares of MH notwithstanding
      the fact that such Party(ies) did not  














 16  

	 	 	 previously elect to acquire the
      Transferred Shares of MH, in accordance with Article 7.1.  
	 	 	 
	 	(f)	 Except as created pursuant to this Article
      7, or as set forth in the Disclosure Letter, each of Diageo and LVMH undertakes
      to the other that it shall not at any time create or permit to subsist any
      Encumbrance on or affecting any of the shares in MH or MHI held by it or
      by any of its Affiliates.  
	 	 	 
	 	(g)	 This Agreement shall automatically terminate
      in the event that LVMH and/or its Affiliates, following the failure by Diageo
      and/or its Affiliates to exercise its right of first refusal pursuant to
      Article 7.1, sells to any third party all or any part of its interest in
      MH and MHI such that, following such sale, LVMH and its Affiliates (taken
      together) own less than 50% of the outstanding equity interests in MH and
      MHI.  
	 	 	 


	7.2	 LVMH Vineyards  
	 	 
	 	 Article intentionally left blank. 
    
	 	 
	7.3	 Transfers of Interests in Material Affiliates
      and Principal Brands  
	 	 
	 	Except as provided in Section 1.9(c) of the
      Disclosure Letter, if MH, MHI or any of their respective Affiliates elects
      to sell or otherwise dispose of any interest in any Affi liate owning a
      Principal Brand or generating sales in excess of 5% of the consolidated
      total sales reflected in the Combined Accounts for the Fiscal Year immediately
      preceding such proposed sale or disposal, or if any member of the MH Group
      or any member o f the MHI Group elects to dispose of any Principal Brand
      or any interest or rights relating thereto (other than licenses granted
      in the ordinary course of business), in each case to any person other than
      a member of the MH Group or the MHI Group which is at least 99% owned directly
      by MH or MHI or indirectly through a chain of 99% (or more) owned Affiliates,
      then MH, MHI or the relevant Affiliate shall first offer the same to Diageo
      on the terms and conditions set forth in Article 7.1(a) (substituting the
      relevant Principal Brand (or interests or rights relating thereto) or interest
      in the relevant Affiliate for the "Transferred Shares" and Diageo for the
      "Other Party").  
	 	 
	7.4	 Any transfer of shares in MH
      under this Article 7 or otherwise under this Agreement shall
      be implemented in compliance with the provisions of the
      Commercial Code relating to transfer of shares in a general
      partnership (“société en nom collectif”).
       
	 	 
	7.5	  Any registration duties (“droits d’enregistrement”)
      to be due in connection with any tra nsfer of shares in MH and MHI shall
      be paid by the transferee.  
	 	 
	7.6	 Without prejudice to Article 7.1(f), any person
      (other than a Party) becoming a shareholder of MH and MHI, in particular
      by virtue of a transfer of shares in MH and MHI in accordance with the provisions
      of this Agreement shall first execute a deed of adherence, a form of which
      is set out in Schedule 7.6, in order for such person to become bound by
      this Agreement. Failure for such person to execute such a deed of adherence
      shall result in the transfer of shares concerned not being enforceable against
      the remaining shareholders in MH and MHI.  














 17  

 ARTICLE 8  

 STANDSTILL  

	8.1	(a)	  LVMH agrees with Diageo that,
      subject to the provisions of Articles 8.1(b), 8.2 and 8.5, it shall not,
      whether directly, or indirectly through any of its Affiliates or by Acting
      in Concert with any other person (the shares held by any such person being
      deemed, for the purposes hereof, to be held by LVMH), acquire any of the
      issued ordinary shares of Diageo (the "Diageo Shares" or Interests
      in Diageo Shares (as defined below) beyond LVMH's holding at the date hereof
      other than (i) Diageo Shares, and Interests in Diageo Shares, allocated
      or offered in respect of such holding of Diageo Shares pursuant to a capitalisation
      issue or rights issue and (ii) in the event of a capital increase reserved
      to one or more persons other than LVMH or any of its Affiliates or any person
      with whom it is Acting in Concert, such number of Diageo Shares or Interests
      in Diageo Shares as is necessary to avoid any dilution of LVMH's holding
      of Diageo Shares at the time of such capital increase (which number of Diageo
      Shares or Interests in Diageo Shares may be purchased by LVMH on the open
      market or otherwise).  
	 	 	 
	 	(b)	  The provisions of Article 8.1(a) shall be
      suspended with effect from the date on which any person or group of persons
      Acting in Concert shall announce a firm intention to make a tender offer
      for shares in Diageo until the date, if any, on which such offer lapses
      (either by reason of failure to sa tisfy any conditions of such offer or
      otherwise). Upon the lapse of such offer the provisions of Article 8.1(a)
      shall resume in full force and effect but there shall be substituted for
      LVMH's holding at the date hereof the percentage of Diageo Shares, and Interests
      in Diageo Shares, held directly or indirectly by LVMH immediately following
      the lapse of the offer.  
	 	 	 
	8.2	 Article 8.1 shall not prevent acquisitions
      of Diageo Shares or interests in Diageo Shares from time to time where,
      following such acquisitions, the holding (whether direct or indirect) of
      Diageo Shares and interests in Diageo Shares of LVMH remains below 15%.
       
	 	 	 
	8.3	(a)	  Diageo agrees with LVMH that, subject to the
      provisions of Article 8.5, it shall not, whether directly, or indirectly
      through any of its Affiliates or by Acting in Concert with any other person
      (the shares held by any such person being deemed, for the purposes hereof,
      to be held by Diageo), acquire any of the ordinary issued shares of LVMH
      (the "LVMH Shares") or any Interests in LVMH Shares (as defined below).
       
	 	 	 
	 	(b) 	The provisions of Article 8.3(a) shall be suspended
      with effect from the date on which any person or group of persons Acting
      in Concert shall announce a firm intention to make a tender offer for shares
      in LVMH until the date, if any, on which such offer lapses (either by reason
      of failure to satisfy any conditions of such offer or otherwise). Upon the
      lapse of such offer the provisions of Article 8.3(a)
      shall resume in full force and effect but there shall be an exception such
      that there shall be no prohibition in respect of LVMH Shares or interests
      in LVMH Shares from time to time where, following such acquisitions, the
      holding (whether direct or indirect) of LVMH Shares and interests in LVMH
      Shares of Diageo remains below the holding of LVMH Shares, and Interests
      in LVMH Shares, held directly or indirectly by Diageo immediately following
      the lapse of   














 18  

	 	 	 the offer and clauses (i) and (ii)
      of Article 8.1(a) shall apply to Article 8.3(a) mutatis mutandis.
       
	 	 	 


	8.4	  For the purposes of this Article
      8, "Interest in Diageo Shares" and "Interest in LVMH Shares"
      shall mean any interest or right in or over Diageo Shares or LVMH Shares,
      respectively, including by way of option, charge, lien, contract, trust
      or other agreement, conferring either an ability to direct the voting of
      such shares or any right to receive, directly or indirectly, the economic
      benefits derived from such shares.  
	 	 
	8.5	 Neither Diageo nor LVMH shall be deemed to
      have breached its obligations under Article 8.3 or Article 8.1, respectively,
      if its holdings in the other Party increase by reason of an acquisition
      of any going concern to the extent that (i) the book value of the shares
      of voting stock in that other Party as it appears in the books of such going
      concern does not exceed 10% of the book value of all the assets of said
      going concern and (ii) Diageo or LVMH, as the case may be, causes the going
      concern to sell, within six (6) months of said acquisition, the shares of
      voting stock in that other Party held by said going concern.  
	 	 
	8.6	Article intentionally left blank. 
    
	 	 
	8.7	 The undertakings set forth in Articles 8.1
      and 8.3 shall remain effective until the earlier of:  


	 	 	 
	 	(a) 	April 27, 2004;  
	 	 	 
	 	(b) 	in the case of the undertakings of LVMH, upon
      the date of any Control Event in respect of Diageo;  
	 	 	 
	 	(c)	 in the case of the undertakings of Diageo,
      upon the date of any Control Event in respect of LVMH; and  
	 	 	 
	 	(d)	 the termination of this Agreement, whether
      as a result of Diageo's ceasing to hold (directly or through one of its
      Affiliates) at least 34% of the equity in MH and MHI outstanding from time
      to time, or otherwise.  
	 	 	 


	8.8	 Each of Diageo and LVMH submits
      to the non-exclusive jurisdiction of each of the Tribunal de Commerce de
      Paris and the High Court of Justice in England for all purposes in respect
      of this Article 8 so that in the event of a breach or alleged breach by
      either Party of its obligations under this Article 8 the other Party shall
      be free to seek and obtain a full range of remedies in respect of the enforcement
      of these obligations.  


ARTICLE 9  

 PUT OPTIONS  

	9.1	  Subject to the giving of a minimum
      of six months' advance notice in writing to LVMH, Diageo may (at its sole
      option) require LVMH to purchase (i) all of Diageo's (and/or its Affiliates’)
      shares in both MH and MHI or (ii) (subject to Diageo being deemed to give
      a warranty in the form set out in Article 9.6 to LVMH) all of Diageo’s
      (and/or its Affiliates’) shares in GFH or, with the prior written consent
      of LVMH (such consent not to be withheld unless LVMH furnishes to Diageo
      an o pinion from a law firm of international  














 19  

	 	 repute stating that LVMH would
      not, in the circumstances, be unreasonable in withholding its consent),
      in any other wholly owned direct or indirect subsidiaries of Diageo together
      holding all of Diageo’s (and/or its Affiliates’) shares in MH
      and MHI, in each case at a price equal to 80% of the fair market value of
      Diageo’s (and/or its Affiliates’) shares in MH and MHI (taken
      together), as determined in accordance with Article 9.3 PROVIDED THAT if
      Diageo gives notice pursuant to this clause less than thirty months after
      the Contribution Date, option (ii) will automatically apply.  
	 	 
	9.2	 In the event that LVMH is held, pursuant to
      an arbitration award rendered pursuant to the provisions of Article 20,
      to be in repeated, significant and wilful breach of its obligations set
      forth in Article 4.2 and/or its obligation to consult the Joint Committee
      pursuant to Article 6.1, Diageo shall have the right (at its sole option)
      to either:  


	 	 	 
	 	(a)	 subject to giving six months' advance notice
      in writing to LVMH, require LVMH to purchase (i) all of Diageo's (and/or
      its Affiliates’) shares in both MH and MHI or (ii) (subject to Diageo
      being deemed to give a warranty in the form set out in Article 9.6 to LVMH)
      all of Diageo’s (and/or its Affiliates’) shares in GFH or, with
      the prior written consent of LVMH (such consent not to be withheld unless
      LVMH furnishes to Diageo an opinion from a law firm of international repute
      stating that LVMH would not, in the circumstances, be unreasonable in withholding
      its consent), in any other wholly owned direct or indirect subsidiaries
      of Diageo together holding all of Diageo’s (and/or its Affiliates’)
      shares in MH and MHI at a price equal to the fair market value of Diageo’s
      (and/or its Affiliates’) shares in MH and MHI (taken together), in
      each case as determined as set forth in Article 9.3 PROVIDED THAT if Diageo
      gives notice pursuant to this clause less than thirty months after the Contribution
      Date, option (ii) will automatically apply; or  
	 	 	 
	 	(b)	 recover damages from LVMH in an amount equal
      to the product of (x) the percentage of MH's share capital then held by
      Diageo and (y) the aggregate amount of all Damages suffered by MH, directly
      or through any of its Affiliates, plus the product of (v) the percentage
      of MHI's share capital then held by Diageo and (w) the aggregate amount
      of all Damages suffered by MHI, directly or through any of its Affiliates,
      in either case as a result of the triggering breaches.  


	 	 
	 	The right of Diageo to exercise such option
      shall expire 45 days after the date on which the arbitration award in question
      is rendered, without prejudice to any future arbitration in respect of any
      subsequent breaches giving a right to exercise the option granted pursuant
      to this Article 9.2.  
	 	 
	9.3	  For the purposes of this Agreement, the fair
      market value of the shares in MH and MHI held by Diageo shall (subject to
      Article 10) be determined by agreement between Diageo and LVMH or, in the
      absence of such agreement within 15 days of a Party giving notice of exercise
      o f the relevant put or call option, in accordance with the guidelines set
      forth below, by two independent, internationally-recognised investment banking
      firms or other appropriate experts, one selected by LVMH and one selected
      by Diageo. Each of LVMH and Diageo shall appoint such a firm or other expert
      within 30 days of a Party's giving notice of its exercise of any put or
      call pursuant to this Agreement. The investment banking firms or experts
      so appointed shall determine the fair market value  














 20  

	 	 of the shares subject to the option
      by multiplying the fair market value of the entirety of the share capital
      of MH and MHI (taken together) (determined taking into account the factors
      listed below) by a fraction, the denominator of which is the total number
      of MH shares outstanding plus the number of MHI shares outstanding and the
      numerator of which is the number of MH shares being sold plus the number
      of MHI shares being sold pursuant to the exercise of the relevant put or
      call. In determining the fair market value of the share capital of MH and
      MHI (taken together), the investment banking firms or other experts shall
      take into account all factors which would be expected to affect or be relevant
      to the fair market value of such share capital, including, without limitation,
      (i) the price paid in recent transactions for interests similar in companies
      engaged principally in the wine and spirits industry, (ii) the price earning
      ratios, as the same may be derived from the then-quoted price for such shares,
      of shares in co mpanies engaged principally in the wine and spirits business
      quoted on any of the major stock exchanges (but excluding any such companies
      whose shares have recently been the subject of a tender offer or other similar
      transaction) and (iii) MH's and MHI’s recent historical financial and
      operational performance and its short-term future prospects; without, however,
      taking into account the effect on the value of such share capital of (i)
      the event triggering the exercise of the relevant put or call, (ii) MH’s
      conversion into, and subsequent status as, a general partnership (société
      en nom collectif) or (iii) the fact that MH and MHI constitute separate
      legal entities.  
	 	 
	 	In the event that, within 90 days of their appointment,
      the investment banking firms or other experts appointed by the Parties shall
      not have reached agreement on the fair market value of the shares in MH
      and MHI held by Diageo (taken together), a third investment banking firm
      or other appropriate expert shall be appointed by joint decision of the
      two initially appointed firms or other experts or, failing such a joint
      decision to occur within 8 days following the end of the 90-day period referred
      to above, by the Président of the Commercial Court of Paris, acting
      en référé, to determine such fair market value
      in accordance with the guidelines set forth above. The determination of
      such third expert shall be final and binding on the Parties. Each firm or
      expert appointed pursuant to this Article 9.3 shall act pursuant to Article
      1592 of the French Civil Code. The fees and expenses of the first two firms
      or experts appointed hereunder shall be borne by the Party appointing such
      firm or expert and the fees and expenses of any third firm or expert appointed
      hereunder shall be shared equally by the Parties.  
	 	 
	9.4	 All put and call options provided for by this
      Agreement shall be exercised, and the relevant transfers of shares completed
      in accordance with, the provisions of Schedule 9.4. 
	 	 
	9.5	 In accordance with article L 221-13 of the
      Commercial Code, each of LVMH and LVMHFG expressly gives its advance consent
      in favour of GFH in respect of the purchases provided by this Article 9.
       
	 	 
	9.6	 Immediately prior to LVMH being required to
      purchase all of Diageo’s (and/or its Affiliates’) shares in any
      wholly owned direct or indirect subsidiaries of Diageo together holding
      all of Diageo’s (and/or its Affiliates’) shares in MH and/or MHI
      (each a “Sale Company”), Diageo shall be deemed to warrant
      to LVMH as follows:  
	 	 
	 	
        “Each Sale Company holds no
          material assets and has no material liabilities other than those assets
          and liabilities connected with the  

      















 21  

	 	 
        Sale Company’s holding of Diageo’s
          shares in MH and/or MHI. For the purpose of this warranty, “material”
          means (in aggregate) in excess of euro 30,000.”  

      



ARTICLE 10  

 ACQUISITION OF CONTROL BY
  A COMPETITOR  

	10.1	 In the event (a "Control Event")
      that any Competitor, together with any persons Acting in Concert with such
      Competitor, shall hold, directly or indirectly, more than 34% of the outstanding
      voting rights or equity interests in L VMH, Diageo or any of their respective
      Affiliates holding shares in MH and/or
      MHI, and no other person or entity (or group of affiliated persons or entities)
      shall hold, directly or indirectly, more than 34% of the voting rights in
      LVMH, Diageo or such Affiliate, as the case may be, then:  
	 	 


	 	(a)	 in the case of a Control Event
      in respect of LVMH or one of its Affiliates, Diageo shall have the right,
      subject to the giving of a minimum of six months' prior written notice to
      LVMH, to require LVMH to purchase (i) all the shares held by Diageo (and/or
      its Affiliates) shares in both MH and MHI or (ii) (subject to Diageo being
      deemed to give a warranty in the form set out in Article 9.6 to LVMH) all
      of Diageo’s (and/or its Affiliates’) shares in GFH or, with the
      prior written consent of LVMH (such consent not to be withheld unless LVMH
      furnishes to Diageo an opinion from a law firm of international repute stating
      that LVMH would not, in the circumstances, be unreasonable in withholding
      its consent), in other any wholly owned direct or indirect subsidiaries
      of Diageo together holding all of Diageo’s (and/or its Affiliates’)
      shares in MH and MHI, in each case at a price equal to Diageo’s (and/or
      its Affiliates’) shares in MH and MHI (taken together), as determined
      pursuant to Article 10.2 PROVIDED THAT if Diageo gives notice pursuant to
      this clause less than thirty months after the Contribution Date, option
      (ii) will automatically apply; and  
	 	 	 
	 	(b)	 in the case of a Control Event in respect of
      Diageo, LVMH shall have the right, subject to the giving of a minimum of
      six months' prior written notice to Diageo, to purchase (at Diageo’s
      option) (i) all the shares held by Diageo in both MH and MHI or (ii)
      (subject to Diageo, if it specifically agrees that it is able to give such
      warranty, being deemed to give a warranty in the form set out in Article
      9.6 to LVMH) all of Diageo’s (and/or its Affiliates’) shares in
      GFH or, with the prior written consent of LVMH (such consent not to be withheld
      unless LVMH furnishes to Diageo an opinion from a law firm of international
      repute stating that LVMH would not, in the circumstances, be unreasonable
      in withholding its consent), in any other wholly owned direct or indirect
      subsidiaries of Diageo together holding all of Diageo’s (and/or its
      Affiliates’) shares in MH and MHI, in each case at a price equal to
      Diageo’s (and/or its Affiliates’) shares in MH and MHI (taken
      together) determined pursuant to Article 10.3 PROVIDED THAT if LVMH gives
      notice pursuant to this clause less than thirty months afte r the Contribution
      Date, option (ii) will automatically apply.  
	 	 	 
	 	 	The right of any Party to exercise the options
      granted pursuant to this Article 10.1 shall expire 30 days, extended by
      any period necessary to allow fulfilment of any regulatory requirements,
      after the date on which it shall have become aware of the relevant Control
      Event.  














 22  

  

	10.2	 In the case of a Control Event
      in respect of LVMH or one of its Affiliates, the price payable in respect
      of Diageo's (and/or its Affiliates’) shares in MH and MHI (taken together)
      shall be equal to the fair market value thereof, as determined in accordance
      with Article 9.3, except that:  
	 	 	 	 
	 	(a)	 without prejudice to paragraph
      (b) of this Article 10.2, such fair market value shall be determined as
      of the date immediately preceding the relevant Control Event and shall disregard
      the consequences thereof; and  
	 	 	 	 
	 	(b)	  there shall be taken into account:
       
	 	 	 	 
	 	 	(i)	  the takeover premium paid by the Competitor
      in acquiring its interest in LVMH or one of its Affiliates; and 
    
	 	 	 	 
	 	 	(ii)	 the strategic vaue to both LVMH or one of its
      Affiliates and/or the Competitor concerned of LVMH's acquiring Diageo's
      (and/or its Affiliates’) shareholding in MH and MHI and the termination
      of this Agreement;  
	 	 	 	 


	 	PROVIDED THAT in no event
      shall the price payable pursuant to this Article 10.2 be less than 100%,
      nor exceed 115%, of the fair market value of Diageo's (and/or its Affiliates’)
      shares in MH and MHI (taken together) as determined in accordance with Article
      9.3 (without taking into account this Article 10).  
	 	 
	10.3	 In the case of a Control Event in respect of
      Diageo or one of its Affiliates , the price payable in respect of Diageo's
      (and/or its Affiliates’) shares in MH and MHI (taken together) shall
      be equal to the fair market value thereof, as determined in accordance with
      Article 9.3, except that:  
	 	 


	 	(a) 	without prejudice to paragraph (c)
      of this Article 10.3, such fair market value shall be determined as of the
      date immediately preceding the relevant Control Event and shall disregard
      the consequences thereof;  
	 	 	 
	 	(b)	  the fact that such shares represent a minority
      interest in a non-listed company shall be taken into account; and 
    
	 	 	 
	 	(c)	 the effect on LVMH and its Affiliates of the
      loss of Diageo as a strategic partner in MH and MHI and its replacement
      by the relevant Competitor shall be taken into account;  
	 	 	 
	 	PROVIDED THAT in no event
      shall the price payable pursuant to this Article 10.3 be less than 85%,
      nor exceed 100%, of the fair market value of Diageo's (and/or its Affiliates’)
      shares in MH and MHI (taken together) as determined in accordance with Article
      9.3 (without taking into account this Article 10).  


ARTICLE 11  

 NON-COMPETITION 
  

	11.1	 Each of Diageo and LVMH agrees
      that until the first anniversary of the termination of this Agreement, neither
      Diageo nor its Affiliates nor any member of the LVMH Group  














 23  

  

	 	shall directly or indirectly carry
      on or be engaged in a business which manufactures or distributes cognac
      or champagne anywhere in the world; PROVIDED THAT the foregoing shall
      not prevent any member of the LVMH Group from acquiring and/or engaging
      in any business for the manufacture or distribution of cognac or champagne
      the acquisition of which was offered to MH or MHI but disapproved by Diageo
      pursuant to Article 4.3 or Diageo from acquiring or exploiting any asset
      offered to it pursuant to Article 7 of this Agreement. Notwithstanding the
      foregoing, this Article 11.1 shall not be construed as (x) preventing Diageo,
      LVMH or their respective Affiliates from continuing to perform the Master
      Agreement and the arrangements entered into pursuant thereto, (y) preventing
      the LVMH Group from holding or operating the LVMH Vineyards or engaging
      in the distribution of champagne in Japan or (z) preventing Diageo or its
      Affiliates from retailing cognac or champagne, or otherwise distributing
      cognac or champagne pursuant to arrangements existing as of the date hereof
      (including the distribution of products of the MH Group and/or the MHI Group
      in Great Britain) or pursuant to renewals of such arrangements on like terms.
       
	 	 
	11.2	 Any member of the LVMH Group or Diageo or its
      Affiliates may also acquire interests in businesses contrary to Article
      11.1 as an incidental part of a larger acquisition, PROVIDED THAT
      the acquiring party offers to sell to MH or MHI for cash the interests so
      acquired on the terms on which it acquired the same (making such allocations
      of the total purchase price for such larger acquisition as are appropriate)
      or, in the case of an acquisition for non-cash consideration, for a cash
      amount equal to the value thereof.  


ARTICLE 12  

 PREPARATION OF GUINNESS CIRCULAR
   

          Article
  intentionally left blank.  

 ARTICLE 13  

 CONDITIONS  

          Article
  intentionally left blank.  

 ARTICLE 14  

 CERTAIN EVENTS BEFORE THE
  CLOSING DATE  

          Article
  intentionally left blank.  

 ARTICLE 15  

 INDEMNIFICATION 
  

          Article
  intentionally left blank.  













 24  

 ARTICLE 16  

 REVISION OF CERTAIN THRESHOLDS
   

	 	The thresholds set forth in Articles
      1.26, 1.27 and 4.2 of this Agreement shall be increased each year on a basis
      proportionate to the increase, if any, in the consolidated total sales of
      the MH Group and of the MHI Group over the preceding year.  


ARTICLE 17  

 NOTICES

	 	Notices contemplated herein shall
      be given in writing either by hand, by registered mail, return receipt requested,
      or by telecopier confirmed by letter addressed to:  


	 	 	 
	 	(a)	 if to LVMH:  
	 	 	 
	 	 	LVMH - Moët Hennessy Louis Vuitton
        S.A.

        30, Avenue Hoche 

        75008 Paris 

        France 

        

        Attention: Président-Directeur Général 

         

	 	 	 
	 	(b) 	 if to Diageo:  
	 	 	 
	 	 	Diageo Plc 

        8 Henrietta Place 

        London W1G 0NB 

        England 

        

        Attention: Chief Executive Officer 

	 	 	 
	 	(c)	if to GFH:  
	 	 	 
	 	 	Guinness France Holdings S.A. 

        47, rue de Monceau 

        75008 Paris 

        France

        

        Attention: Président-Directeur
        Général 

	 	 	 
	 	 	with a copy to:  
	 	 	 
	 	 	Diageo Plc 

      8 Henrietta Place 

      London W1G 0NB 

      England  

      

      Attention: Chief Executive Officer 
	 	 	 
	 	(d)	  if to LVMHFG:  














 25 

  

	 	 	LVMH Fashion Group S.A. 

      54, Avenue Montaigne 

      75008 Paris 

      France 

      

      Attention: Président-Directeur Général
        
	 	 	 
	 	 	with a copy to:  
	 	 	 
	 	 	 LVMH - Moët Hennessy Louis Vuitton
      S.A. 

      30, Avenue Hoche 

      75008 Paris 

      France 

      

      Attention: Président-Directeur Général  
    
	 	 	 
	 	or to any other address as either
      Party may specify in writing to the others. Notices shall be deemed effective
      as of their date of receipt.  


ARTICLE 18  

 TERM  

	18.1 	This Agreement shall take effect
      as of the date hereof and shall remain effective until such time as, and
      terminate when, Diageo no longer holds, directly or through one of its Affiliates,
      at least 34% of the shares in MH then outstanding and at least 34% of the
      shares in MHI then outstanding. 
	 	 
	18.2	 In addition, this Agreement shall terminate
      upon the exercise of any put or call by the Parties pursuant to Articles
      6.2, 9.1, 9.2 or 10 , PROVIDED THAT the Parties shall remain obliged
      to perform their obligations hereunder in respect of such put or call. The
      provisions of Articles 8 and 11 of this Agreement shall survive the termination
      of this Agreement for the periods specified therein and the provisions of
      Articles 19 and 20 shall survive any termination indefinitely.  


ARTICLE 19  

 GOVERNING LAW

	 	This Agreement shall be governed
      by and construed in accordance with the laws of France, without regard to
      the principles of conflicts of laws thereof.  


ARTICLE 20  

 ARBITRATION  

	20.1	 All disputes arising out of or
      in connection with this Agreement shall be finally settled under the rules
      of conciliation and arbitration of the International Chamber of Commerce
      (the "ICC") which rules are deemed to b e incorporated by reference
      herein.  
	 	 
	20.2	 Any arbitral tribunal constituted pursuant
      to Article 20.1 shall consist of three arbitrators, one appointed by each
      of the Parties and a third arbitrator, who shall act as Chairman of the
      tribunal, appointed jointly by the Parties. Failing agreement, within 14
      days after  














 26  


	 	service of the defendant's answer
      to the claimant's request for arbitration, as to the identity of the third
      arbitrator, such third arbitrator shall be appointed by the International
      Court of Arbitration of the ICC.  
	 	 
	20.3	 Any arbitration under this Article 20 shall,
      unless otherwise agreed, take place in Paris, France. The language of arbitration
      shall be English.  
	 	 
	20.4	  The Parties hereby acknowledge that speedy
      resolution of any disputes which may arise is in both of their interests
      and accordingly agree to use their best efforts to cooperate with each other
      and with the arbitral tribunal to obtain an award as quickly as possible,
      including by the adoption, if appropriate, of the ICC’s "fast-track"
      procedure.  
	 	 
	20.5	  The Parties hereby agree and acknowledge that,
      notwithstanding the provisions of Article 23.2 of the ICC rules, at any
      time both before and after a file is transmitted to the arbitral tribunal,
      the Parties shall be at liberty to apply to any competent judicial authority
      for interim or conservatory measures (including, without limitation, temporary
      conservatory injunctions) and that in doing so they shall not be held in
      breach of the agreement to arbitrate contained in Article 20.1 or to infringe
      upon the powers reserved to the arbitral tribunal.  


ARTICLE 21  

 REMEDIES EXCLUSIVE

	 	Where the provisions of this Agreement
      provide a remedy, or choice of remedies, for the breach of any of the obligations
      of the Parties hereunder, such remedies shall be the exclusive remedies
      available to the Parties in respect of such breach. Notwithstanding the
      foregoing, nothing herein shall prohibit a Party from seeking a court order
      of any sort whatsoever to enforce any arbitral award granted pursuant to
      Article 20. Where the provisions of this Agreement do not provide a remedy,
      or choice of remedies, for the breach of any of the obligations of the Parties
      hereunder, the Parties shall have the remedies available to them under applicable
      law in respect of such breach.  


ARTICLE 22  

 SUBSTITUTION

	 	Where a Party has any right or obligation
      to purchase or subscribe for shares in MH or purchase any other asset pursuant
      to this Agreement, such Party may, by written notice to the other Party,
      designate one of its Affiliates to p urchase or subscribe for such shares
      or purchase such other assets.  














 27 

 Executed in Paris, on October 1st, 2002, in two
  counterparts. 

	DIAGEO PLC	 	LVMH - MOET
      HENNESSY LOUIS
	 	 	VUITTON S.A.
	 	 	 
	/s/ Roger Myddleton	 	/s/ Pierre Godé
	 
	 	 

	by: Roger Myddleton	 	by: Pierre Godé
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	GUINNESS FRANCE
      HOLDINGS S.A.	 	LVMH FASHION
      GROUP S.A.
	 	 	 
	/s/ Roger Myddleton	 	/s/ Pierre Godé
	 
	 	 

	by: Roger Myddleton	 	by: Pierre Godé