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  Exhibit 4.4    
    

			
	19 July 2007	 	 Strictly Confidential

Dr F
B Humer

Chairman & Chief Executive

F. Hoffmann-La Roche AG

Grenzacherstrasse 124

Postfach CH-4070

Basel

Switzerland 

This
letter confirms our various conversations and our current intentions in respect of you taking on the Chairmanship of Diageo following my retirement at the end of June 2008. 

1.     Scope of role  

Your
role as Chairman will be 'non-executive' and it is expected that it will require two days per week, on average, of your time. We have agreed a description of the scope of your role as
Chairman. You have indicated that, although you will continue to have a role at Roche and Allianz, your Diageo role will take priority if there are scheduling conflicts (except for scheduled Roche or
Allianz meetings) and that, in the event of an extended period of time being required on Diageo business for a specific matter, you will commit to such time. We would expect you would consult with the
Board before taking on additional appointments. 

2.     Remuneration  

Your
annual fee will be set initially at the rate of £400,000 per annum, payable monthly in arrears. This will cover all the services you provide as Chairman of Diageo and as chairman or a
member of Board Committees. 

Your
annual fee will be reviewed biennially in the light of rates being paid at the time to 'non-executive' chairmen of major FTSE companies and in the light of the on-going
time requirements for the role, as determined by the Nomination Committee. The first review will be on 1 January 2010. 

3.     Period of Appointment  

It
is intended that your appointment will be for a period of five years, starting on 1 July 2008. The initial term will be for a period of two years; thereafter terminable by either side giving
six months notice in writing at any time or, if the Board wishes to terminate the arrangement, by payment of six months' fee in lieu of notice. 

4.     Services, etc. to be provided by Diageo  

	a)
	Office:    We will provide you with an office at our headquarters, 8 Henrietta Place, together with
the use of a secretary.

	b)
	Car:    To assist you in the performance of your duties we will provide you with the use of a
chauffeur and car, as allocated from time to time, from Diageo's car pool.

	c)
	Medical:    We will pay, in respect of you, your spouse and dependant children, premiums to a
private medical insurance scheme with the same level of benefits that Diageo provides to executive directors. 

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	d)
	Insurance:    We will provide cover under a personal accident insurance scheme at the same level as
is provided to executive directors. 

5.     Reimbursement of expenses  

	a)
	We
will reimburse you with all reasonable out of pocket expenses incurred in the performance of your duties on behalf of Diageo, subject to the production of
such receipts or other evidence as may reasonably be required.

	b)
	We
will pay for your business travel expenses in accordance with Diageo's policy then in force for non-executive directors. In respect of air
travel, when you use the Roche private aeroplane on Diageo business, we will reimburse you the equivalent 1st class air fare.

	c)
	Your
expenses will be approved by the senior non-executive director. 

6.     Legal Protection  

	a)
	Directors' and Officers' insurance cover and directors' indemnity:    You have previously received
details of these—if you want more information please contact Susanne Bunn.

	b)
	Professional advice:    We confirm that Diageo will meet or reimburse the cost of professional
advice for you personally as reasonably required in relation to the affairs of Diageo plc or to your responsibilities as Chairman or as a director, subject normally to your first obtaining the
agreement of the senior non-executive director. 

For
the record, I would be grateful to receive your confirmation that the above terms are acceptable to you by your returning to me a signed copy of this letter. 

							
	With best wishes,	 	 	 	 
	

Yours sincerely,	
 	

 	
 	

 
	

 
 James Blyth

Chairman	
 	

 	
 	

 
	
Understood and Agreed	
 	

 	
 	

 
	

Signed	
 	

  

	
 	

Date	
 	

  

2

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  Exhibit 4.7    
    

  

   

THE DIAGEO PLC SENIOR EXECUTIVE

SHARE OPTION PLAN 

   

Adopted by the Company: 9 November 1999 

Amended
by the Routine Business Committee: 7 February 2007 and 21 January 2008 

Amended
by the Remuneration Committee: 26 August 2008 

H.M.
Revenue & Customs reference: X20398 

 
 

  CONTENTS    
    
    Part A : Inland Revenue Approved    
    

					
	Rule

 
	 	Page 
	 1.
	 	 DEFINITIONS AND INTERPRETATION
	 	1
	 2.
	 	 ELIGIBILITY
	 	

1
	 3.
	 	 GRANT OF OPTIONS
	 	

2
	 4.
	 	 LIMITS
	 	

3
	 5.
	 	 EXERCISE OF OPTIONS
	 	

4
	 6.
	 	 TAKEOVER, RECONSTRUCTION AND WINDING-UP
	 	

6
	 7.
	 	 VARIATION OF CAPITAL
	 	

7
	 8.
	 	 ALTERATIONS
	 	

8
	 9.
	 	 MISCELLANEOUS
	 	

8
	
	 	  Part B : Unapproved Options
 
	 	 
	 1.
	 	 DEFINITIONS AND INTERPRETATION
	 	

9
	 2.
	 	 ELIGIBILITY
	 	

10
	 3.
	 	 GRANT OF OPTIONS
	 	

10
	 4.
	 	 LIMITS
	 	

11
	 5.
	 	 EXERCISE OF OPTIONS
	 	

11
	 6.
	 	 CASH EQUIVALENT
	 	

13
	 7.
	 	 TAKEOVER, RECONSTRUCTION AND WINDING-UP
	 	

14
	 8.
	 	 VARIATION OF CAPITAL
	 	

16
	 9.
	 	 ALTERATIONS
	 	

16
	 10.
	 	 MISCELLANEOUS
	 	

17
	 11.
	 	 INCENTIVE STOCK OPTIONS
	 	

17

 

 
 

  PART A—Inland Revenue approved    
    

	1.
	DEFINITIONS AND INTERPRETATION

	1.1
	In
this Plan, unless the context otherwise requires: 

"the Board" means the board of directors of the Company or a committee appointed by them; 

"the Company" means Diageo plc (registered in England and Wales No. 23307); 

"the Grant Date" in relation to an option means the date on which the option was granted; 

"Group Member" means: 

	1.1.1
	a
Participating Company or a body corporate which is (within the meaning of section 736 of the Companies Act 1985) the Company's holding company or
a subsidiary of the Company's holding company; or

	1.1.2
	a
body corporate which is (within the meaning of section 258 of that Act) a subsidiary undertaking of a body corporate within
paragraph 1.1.1 above and has been designated by the Remuneration Committee for this purpose; 

"the London Stock Exchange" means London Stock Exchange Limited; 

"Part A" of this Plan means the part designed for approval by the Inland Revenue; 

"Part B" of this Plan means the unapproved part of this Plan. 

"Participant" means a person who holds an option granted under this Plan; 

"Participating Company" means the Company or any Subsidiary; 

"Performance Condition" means a condition related to performance which is specified by the Remuneration Committee pursuant to
sub-rule 3.1 below; 

"the Plan" means the Diageo plc Senior Executive Share Option Plan as herein set out but subject to any alterations or additions from time to
time made pursuant to the Plan; 

"the Remuneration Committee" means the committee established by the Company as the remuneration committee of the board of directors of the Company; 

"Schedule 4" means Schedule 4 to the Income Tax Act 2003; 

"Subsidiary" means a body corporate which is a subsidiary of the Company (within the meaning of section 736 of the Companies Act 1985) and of
which the Company has control (within the meaning of section 719 of the Income Tax Act 2003); 

"the Income Tax Act 2003" means the Income Tax (Earnings and Pensions) Act 2003; 

and
expressions not otherwise defined herein have the same meanings as they have in Schedule 4.  

	1.2
	Any
reference in this Plan to any enactment includes a reference to that enactment as from time to time modified, extended or re-enacted.

	1.3
	Expressions
in italics are for guidance only and do not form part of this Plan.

	2.
	ELIGIBILITY

	2.1
	Subject
to sub-rule 2.3 below, a person is eligible to be granted an option under Part A of the Plan if (and only if) he is a
full-time director or qualifying employee of a Participating Company who is required to devote the whole or substantially the whole of his working time to the service of any Participating
Company. 

1

 
	2.2
	For
the purposes of sub-rule 2.1 above:

	2.2.1
	a
person shall be treated as a full-time director of a Participating Company if he is obliged
to devote to the performance of the duties of his office or employment with that and any other Participating Company not less than 25 hours a week;

	2.2.2
	a
qualifying employee, in relation to a Participating Company, is an employee of the Participating Company
(other than one who is a director of a Participating Company).

	2.3
	A
person is not eligible to be granted an option under Part A of this Plan at any time when he is not eligible to participate in this Plan by virtue
of paragraph 9 of Schedule 4 (material interest in a close company).

	3.
	GRANT OF OPTIONS

	3.1
	Subject
to Rule 4 below, the Remuneration Committee may grant an option to acquire shares in the Company which satisfy the requirements of
paragraphs 16 to 20 of Schedule 4 (fully paid up, unrestricted, ordinary share capital), upon the terms set out in Part A of this
Plan and upon such other objective terms as the Remuneration Committee may specify, to any person who is eligible to be granted an option in accordance with Rule 2 above; and for this purpose
an option to acquire includes an option to purchase and an option to subscribe.

	3.2
	The
price at which shares may be acquired by the exercise of an option shall be determined by the Remuneration Committee before the grant thereof, but shall
not be less than:

	3.2.1
	if
shares of the same class as those shares are listed in the London Stock Exchange Daily Official List, the average of the middle-market quotation of
shares of that class (as derived from that List) for the three dealing days immediately preceding the Grant Date;

	3.2.2
	if
paragraph 3.2.1 above does not apply, the market value (within the meaning of Part VIII of the Taxation of Chargeable Gains Act 1992) of
shares of that class, as agreed in advance for the purposes of this Plan with the Shares Valuation Division of the Inland Revenue, on the Grant Date (or such other day as may be agreed in advance with
the Inland Revenue and which day shall not be more than 30 days in advance of the Grant Date); or

	3.2.3
	in
the case of an option to acquire shares only by subscription, the nominal value of those shares.

	3.3
	An
option may only be granted:

	3.3.1
	within
the period of 6 weeks beginning with -

	(a)
	the
date on which Part A of this Plan is approved by the Inland Revenue under Schedule 4; or

	(b)
	the
dealing day next following the date on which the Company announces its results for any period; or

	3.3.2
	at
any other time when the circumstances are considered by the Remuneration Committee to be sufficiently exceptional to justify its grant; and

	3.3.3
	within
the period of 10 years beginning with the date on which this Plan is adopted by the Company 

PROVIDED
that no option may be granted under this Plan during the "close period" as defined in the Model Code in the London Stock Exchange's "The Listing Rules" and PROVIDED ALSO that no
options may be granted under Part A of this Plan prior to the date on which Part A of the Plan is approved by the Inland Revenue under Schedule 4. 

2

 
	3.4
	An
option granted under this Plan to any person:

	3.4.1
	shall
not, except as provided in sub-rule 5.4 below, be capable of being transferred by him; and

	3.4.2
	shall
lapse forthwith if he is adjudged bankrupt.

	3.5
	The
grant of any option under this Plan shall be subject to obtaining any approval or consent required under the provisions of the document "The Listing
Rules" published by the London Stock Exchange, of The City Code on Take-overs and Mergers, or of any regulation or enactment.

	4.
	LIMITS

	4.1
	Subject
to any adjustment made by the Remuneration Committee pursuant to sub-rule 7.2 below, no options shall be granted under the Plan
which would at the time they are granted, cause the number of shares which shall have been or may be acquired in pursuance of options so granted to exceed 342,785,560 (which represents approximately
10 per cent of the ordinary share capital of the Company in issue on the date the Plan is adopted by the Company).

	4.2
	No
options shall be granted in any year which would, at the time they are granted, cause the number of shares in the Company which shall have been or may be
issued in pursuance of options granted in the period of 10 calendar years ending with that year under this Plan or under any other executive share option scheme adopted by the Company to exceed such
number as represents 5 per cent. of the ordinary share capital of the Company in issue at that time.

	4.3
	No
options shall be granted in the period of 3 calendar years beginning with the year 1999 or any successive period of 3 years which would, at the
time they are granted, cause the number of shares in the Company which shall have been or may be issued in pursuance of options granted in the 3-year period in question under this Plan or
under any other executive share option scheme adopted by the Company to exceed such number as represents 3 per cent. of the ordinary share capital of the Company in issue at that time.

	4.4
	No
options shall be granted in the period of 5 calendar years beginning with the year 1999 which would, at the time they are granted, cause the number of
shares in the Company which shall have been or may be issued in pursuance of options granted in that period, or shall have been issued in that period otherwise than in pursuance of options, under this
Plan or under any other employees' share scheme adopted by the Company to exceed such number as represents 5 per cent. of the ordinary share capital of the Company in issue at that time.

	4.5
	No
options shall be granted in any year which would, at the time they are granted, cause the number of shares in the Company which shall have been or may be
issued in pursuance of options granted in the period of 10 calendar years ending with that year, or been issued in that period otherwise than in pursuance of options, under this Plan or under any
other employees' share scheme adopted by the Company to exceed such number as represents 10 per cent. of the ordinary share capital of the Company in issue at that time.

	4.6
	Prior
to granting an option to any person, the Remuneration Committee may from time to time determine a maximum aggregate amount payable on exercise of
options granted under this Plan to any person during any period of twelve months, such amount to be based upon the expected value of the options on the date of grant, except in circumstances
considered by the Remuneration Committee to be exceptional (provided that any grant of options under Part A of this Plan shall be subject to the provisions of sub-rule 4.7
below).

	4.7
	No
person shall be granted options which would, at the time they are granted, cause the aggregate market value of the shares which he may acquire in
pursuance of options granted to him under Part A of this Plan or under any other share option scheme, not being a savings-related share 

3

 

option
scheme, approved under Schedule 9 to the Income and Corporation Taxes Act 1998 or under Schedule 4 and established by the Company or by any associated company of the Company (and
not exercised) to exceed or further exceed £30,000.  

	4.8
	For
the purposes of this Rule, the market value of the shares in relation to which an option was granted shall be calculated:

	4.8.1
	in
the case of an option granted under this Plan, as on the days by reference to which the price at which shares may be acquired by the exercise thereof
was determined in accordance with sub-rule 3.2 above;

	4.8.2
	in
the case of an option granted under any other approved scheme, as at the time when it was granted or, in a case where an agreement relating to the
shares has been made under paragraph 22 of Schedule 4, such earlier time or times as may be provided in the agreement; and

	4.8.3
	in
the case of any other option, as on the day or days by reference to which the price at which shares may be acquired by the exercise thereof was
determined.

	4.9
	Any
option granted under this Plan shall be limited and take effect so that the above limits are complied with.

	5.
	EXERCISE OF OPTIONS

	5.1
	The
exercise of any option granted under this Plan shall be effected in the form and manner prescribed by the Remuneration Committee.

	5.2
	Subject
to sub-rules 5.4 and 5.5 below and to sub-rules 6.1 and 6.3 below, an option may not be exercised before the
third anniversary of the Grant Date.

	5.3
	Subject
to sub-rule 5.4 and paragraph 5.5.2 below and to sub-rule 6.4 below, an option granted under this Plan
may not be exercised to the extent that the Performance Condition is not satisfied. If the Performance Condition is not satisfied by the last date on which the Performance Condition may be satisfied,
the option shall thereupon, notwithstanding any other provision of the Plan, cease to be capable of exercise, unless it has already been exercisable prior to that date pursuant to
sub-rules 5.4 or paragraphs 5.5.1, 5.5.2 or sub-rule 6.4 below(1). 

	(1)
	Amended
by the Board of Directors on 27 April 2000

	5.4
	If
any Participant dies prior to the last date on which the Performance Condition for an option may be satisfied, or if any Participant dies after the
Performance Condition for the option has been satisfied, such option may (and must, if at all) be exercised by his personal representatives within 12 months after the date of his death provided
that his death occurs at a time when either he is a director or employee of a Group Member or he is or would but for sub-rule 5.3 above be entitled to exercise the option by virtue
of sub-rule 5.5 below(2). 

	(2)
	Amended
by the Board of Directors on 27 April 2000

	5.5
	If
any Participant ceases to be a director or employee of a Group Member (otherwise than by reason of his death) prior to the last date on which the
Performance Condition for an option may be satisfied, or if any Participant so ceases after the Performance Condition for the option has been satisfied, the following provisions apply in relation to
any option granted to him under Part A of this Plan(3): 

	(3)
	Amended
by the Board of Directors on 27 April 2000 

4

 

	5.5.1
	if
he so ceases by reason of injury, disability, redundancy (within the meaning of the Employment Rights Act 1996), by reason of retirement or by reason
only that his office or employment is in a company which ceases to be a Group Member, or relates to a business or part of a business which is transferred to a person who is not a Group Member, the
option may (and subject to sub-rule 5.4 above must, if at all) be exercised within the period which shall expire on the later of 6 months after his so ceasing and
42 months after the Grant Date, provided that, in the case of options granted on or after 21 August 2003, options cannot be exercised in any event before the third anniversary of the
Date of Grant but subject in all cases to sub-rule 5.3 above;

	5.5.2
	if
he so ceases for any other reason, the option may not be exercised at all unless the Remuneration Committee shall so permit, in which event it may (and
subject to sub-rule 5.4 above must, if at all) be exercised to the extent permitted by the Remuneration Committee within 6 months after his so ceasing, provided that, in the
case of options granted on or after 21 August 2003, the Remuneration Committee may not permit such options to be exercised before the third anniversary of the Date of Grant.

	5.6
	A
Participant shall not be treated for the purposes of sub-rule 5.5 above as ceasing to be a director or employee of a Group Member until
such time as he is no longer a director or employee of any Group Member, and a female Participant who ceases to be such a director or employee by reason of pregnancy or confinement and who exercises
her right to return to work under the Employment Rights Act 1996 before exercising her option shall be treated for those purposes as not having ceased to be a director or employee.

	5.7
	Subject
to sub-rule 5.4 above, but notwithstanding any other provision of this Plan, an option may not be exercised after the expiration
of the period of 10 years (or such shorter period as the Remuneration Committee may have determined before the grant thereof) beginning with the Grant Date.

	5.8
	A
Participant shall not be eligible to exercise an option granted under Part A of this Plan at any time when he is not eligible to participate in
this Plan by virtue of paragraph 9 of Schedule 4 (material interest in close company).

	5.9
	Within
30 days after an option has been exercised by any person, the Remuneration Committee shall allot to him (or a nominee for him) or, as
appropriate, procure the transfer to him (or a nominee for him) of the number of shares in respect of which the option has been exercised, provided that:

	5.9.1
	the
Remuneration Committee considers that the issue or transfer thereof would be lawful in all relevant jurisdictions; and

	5.9.2
	in
a case where a Group Member is obliged to (or would suffer a disadvantage if it were not to) account for any tax (in any jurisdiction) for which the
person in question is liable by virtue of the exercise of the option and/or for any social security contributions recoverable from the person in question (together, the "Tax Liability"), that person
has either:

	(a)
	made
a payment to the Group Member of an amount equal to the Tax Liability; or

	(b)
	entered
into arrangements acceptable to that or another Group Member to secure that such a payment is made (whether by authorising the sale of some or all
of the shares on his behalf and the payment to the Group Member of the relevant amount out of the proceeds of sale or otherwise).

	5.10
	All
shares allotted under this Plan shall rank equally in all respects with the shares of the same class then in issue except for any rights attaching to
such shares by reference to a record date prior to the date of the allotment. 

5

 
	5.11
	For
the purposes of paragraph 35A of Schedule 4, the specified age shall be 55.

	6.
	TAKEOVER, RECONSTRUCTION AND WINDING-UP

	6.1
	If
any person obtains control of the Company (within the meaning of section 719 of the Income Tax Act 2003) as a result of making a general offer to
acquire shares in the Company, or having obtained such control makes such an offer, the Remuneration Committee shall within 14 days of becoming aware thereof notify every Participant thereof
and, subject to sub-rules 5.3, 5.4, 5.5 and 5.7 above, any option may be exercised within one month (or such longer period as the Remuneration Committee may permit) of such
notification.

	6.2
	For
the purposes of sub-rule 6.1 above, a person shall be deemed to have obtained control of the Company if he and others acting in
concert with him have together obtained control of it.

	6.3
	If
any person becomes bound or entitled to acquire shares in the Company under sections 428 to 430F of the Companies Act 1985, or if under
section 425 of that Act the Court sanctions a compromise or arrangement proposed for the purposes of or in connection with a scheme for the reconstruction of the Company or its amalgamation
with any other company or companies, or if the Company passes a resolution for voluntary winding up, or if an order is made for the compulsory winding up of the Company, the Remuneration Committee
shall forthwith notify every Participant thereof and, subject to sub-rules 5.3, 5.4, 5.5 and 5.7 above, any option may be exercised within one month of such notification, but to the
extent that it is not exercised within that period shall (notwithstanding any other provision of this Plan) lapse on the expiration of that period.

	6.4
	In
relation to an option which would but for sub-rule 5.3 above be exercisable by virtue of an event mentioned in
sub-rule 6.1 or 6.3 above, the Remuneration Committee may at its discretion, and acting fairly and reasonably, treat the relevant condition as satisfied if, at the time of the
event, the Remuneration Committee cannot determine whether it is in fact satisfied.

	6.5
	If
any company ("the acquiring company"):

	6.5.1
	obtains
control of the Company as a result of making -

	(a)
	a
general offer to acquire the whole of the issued ordinary share capital of the Company which is made on a condition such that if it is satisfied the
person making the offer will have control of the Company, or

	(b)
	a
general offer to acquire all the shares in the Company which are of the same class as the shares which may be acquired by the exercise of options granted
under this Plan, or

	6.5.2
	obtains
control of the Company in pursuance of a compromise or arrangement sanctioned by the court under section 425 of the Companies Act 1985 or
Article 418 of the Companies (Northern Ireland) Order 1986, or

	6.5.3
	becomes
bound or entitled to acquire shares in the Company under sections 428 to 430F of that Act or Articles 421 to 423 of that Order, 

any
Participant may at any time within the appropriate period (which expression shall be construed in accordance with paragraph 26(3) of Schedule 4), by agreement with the acquiring
company, release any option granted under this Plan which has not lapsed ("the old option") in consideration of the grant to him of an option ("the new option") which (for the purposes of that
paragraph) is equivalent to the old option but relates to shares in a different company (whether the acquiring company itself or some other company falling within paragraph 16(b) or
(c) of Schedule 4). 

6

 

	6.6
	The
new option shall not be regarded for the purposes of sub-rule 6.5 above as equivalent to the old option unless the conditions set out
in paragraph 27(4) of Schedule 4 are satisfied, but so that the provisions of this Plan shall for this purpose be construed as if:

	6.6.1
	the
new option were an option granted under this Plan at the same time as the old option;

	6.6.2
	except
for the purposes of the definitions of "Group Member", "Participating Company" and "Subsidiary" in sub-rule 1.1 above and the
reference to "the Remuneration Committee" in sub-rule 5.7 above, the expression "the Company" were defined as "a company whose shares may be acquired by the exercise of options
granted under this Plan";

	6.6.3
	the
relevant condition referred to in sub-rule 5.3 above had been satisfied; and

	6.6.4
	sub-rule 8.2
below were omitted.

	6.7
	For
options granted on or after 26 August 2008, in the event that:

	6.7.1
	an
offer (as referred to in Rule 6.1) is made or a compromise or arrangement (as referred to in Rule 6.3) is proposed which is expected to
result in the Company becoming controlled by a new company (the "New Company");

	6.7.2
	at
least 75% of the shares in the New Company are expected to be held by substantially the same persons who immediately before the offer or proposal was
made were shareholders in the Company; and

	6.7.3
	the
Remuneration Committee and the New Company agree that this Rule should apply 

then
an option shall not become exercisable under Rule 6.1 or Rule 6.3 but may nonetheless be released in consideration for the grant of a new option under Rule 6.5 and, if not so
released, shall then automatically lapse at the end of the appropriate period (which expression shall be construed in accordance with paragraph 26(3) of Schedule 4). 

	7.
	VARIATION OF CAPITAL

	7.1
	Subject
to sub-rule 7.3 below, in the event of any variation of the share capital of the Company, the Remuneration Committee may make
such adjustments as it considers appropriate under sub-rule 7.2 below.

	7.2
	An
adjustment made under this sub-rule shall be to one or more of the following:

	7.2.1
	the
number of shares specified in sub-rule 4.1 above;

	7.2.2
	the
number of shares in respect of which any option may be exercised;

	7.2.3
	the
price at which shares may be acquired by the exercise of any option;

	7.2.4
	where
any such option has been exercised but no shares have been allotted or transferred pursuant to such exercise, the number of shares which may be so
allotted or transferred and the price at which they may be acquired.

	7.3
	At
a time when Part A of this Plan is approved by the Inland Revenue under Schedule 4, no adjustment under sub-rule 7.2
above shall be made without the prior approval of the Inland Revenue.

	7.4
	An
adjustment under sub-rule 7.2 above may have the effect of reducing the price at which shares may be acquired by the exercise of an
option to less than their nominal value, but only in the case of an option to subscribe for shares if and to the extent that the Remuneration Committee shall be authorised to capitalise from the
reserves of the Company a sum equal to the amount by which the nominal value of the shares in respect of which the option is exercised and which are to be allotted pursuant to such exercise exceeds
the price at which the shares may be subscribed for and 

7

 

to
apply that sum in paying up such amount on such shares; and so that on exercise of any option in respect of which such a reduction shall have been made the Remuneration Committee shall capitalise
that sum (if any) and apply the same in paying up that amount.  

	8.
	ALTERATIONS

	8.1
	Subject
to sub-rules 8.2, 8.4 and 8.5 below, the Board may at any time alter this Plan, or the terms of any option granted under it
(having regard to the fact that, if an alteration which does not solely relate to a special term is made in a key feature (as defined in paragraph 30(2) of Schedule 4) of this Scheme at
a time when Part A of this Plan is approved by the Inland Revenue under Schedule 4, the approval will not thereafter have effect unless the Inland Revenue have approved the alteration).

	8.2
	Subject
to sub-rule 8.3 below, no alteration to the advantage of the person to whom options may be granted shall be made under
sub-rule 8.1 above to any of Rules 2, 3.2, 4.1 to 4.8 inclusive, 5.2 to 5.5 inclusive, 5.7, 5.10, 6.1 to 6.4 inclusive, and 7.1 and 7.2 without the prior approval by ordinary
resolution of the members of the Company in general meeting.

	8.3
	Sub-rule 8.2
above shall not apply to:

	8.3.1
	any
minor alteration to benefit the administration of this Plan, to take account of a change in legislation or to obtain or maintain favourable tax,
exchange control or regulatory treatment for Participants or any Group Member; or

	8.3.2
	any
alteration solely relating to a Performance Condition.

	8.4
	No
alteration to the disadvantage of any Participant shall be made under sub-rule 8.1 above unless:

	8.4.1
	the
Board shall have invited every relevant Participant to give an indication as to whether or not he approves the alteration, and

	8.4.2
	the
alteration is approved by a majority of those Participants who have given such an indication.

	8.5
	No
alteration which solely relates to a Performance Condition subject to which an option has been granted shall be made under
sub-rule 8.1 above unless:

	8.5.1
	there
shall have occurred an event which shall have caused the Board reasonably to consider that the Performance Condition would not, without the
alteration, achieve its original purpose, and

	8.5.2
	the
Board shall act fairly and reasonably in making the alteration.

	9.
	MISCELLANEOUS

	9.1
	The
rights and obligations of any individual under the terms of his office or employment with any Group Member shall not be affected by his participation in
this Plan or any right which he may have to participate in it and an individual who participates therein shall waive any and all rights to compensation or damages in consequence of the termination of
his office or employment for any reason whatsoever insofar as those rights arise or may arise from his ceasing to have rights under or be entitled to exercise any option under this Plan as a result of
such termination.

	9.2
	In
the event of any dispute or disagreement as to the interpretation of this Plan, or as to any question or right arising from or related to this Plan, the
decision of the Board shall be final and binding upon all persons.

	9.3
	Any
notice or other communication under or in connection with this Plan may be given by personal delivery or by sending the same by post, in the case of a
company to its registered office marked for the attention of the Company Secretary, and in the case of an individual to his last 

8

 

known
address, or, where he is a director or employee of a Group Member, either to his last known address or to the address of the place of business at which he performs the whole or substantially the
whole of the duties of his office or employment. 

 
 

  PART B—Not approved by UK Inland Revenue    
    

	1.
	DEFINITIONS AND INTERPRETATION

	1.1
	In
this Plan, unless the context otherwise requires: 

"American Depositary Share" means an authorised depositary security representing for the time being four ordinary shares in the Company and being
evidenced by an authorised depositary receipt issued by the Bank and quoted on the New York Stock Exchange; 

"the Bank" means The Bank of New York or such other bank as the Company may from time to time appoint to issue authorised depositary receipts; 

"the Board" means the board of directors of the Company or a committee appointed by them; 

"the Company" means Diageo plc (registered in England and Wales No. 23307); 

"the Grant Date" in relation to an option means the date on which the option was granted; 

"Group Member" means: 

	1.1.1
	a
Participating Company or a body corporate which is (within the meaning of section 736 of the Companies Act 1985) the Company's holding company or
a subsidiary of the Company's holding company; or

	1.1.2
	a
body corporate which is (within the meaning of section 258 of that Act) a subsidiary undertaking of a body corporate within
paragraph 1.1.1 above and has been designated by the Remuneration Committee for this purpose; 

"the London Stock Exchange" means London Stock Exchange Limited; 

"the New York Stock Exchange" means The New York Stock Exchange, Inc.; 

"Part A" of this Plan means the part designed for approval by the Inland Revenue; 

"Part B" of this Plan means the unapproved part of this Plan; 

"Participant" means a person who holds an option granted under this Plan; 

"Participating Company" means the Company or any Subsidiary; 

"Performance Condition" means a condition related to performance which is specified by the Remuneration Committee pursuant to
sub-rule 3.1 below; 

"the Plan" means the Diageo plc Senior Executive Share Option Plan as herein set out but subject to any alterations or additions made from time
to time pursuant to the Plan; 

"the Remuneration Committee" means the committee established by the Company as the remuneration committee of the board of directors of the Company; 

"Subsidiary" means a body corporate which is a subsidiary of the Company (within the meaning of section 736 of the Companies Act 1985) and of
which the Company has control (within the meaning of section 719 of the Income Tax Act 2003); 

"the Income Tax Act 2003" means the Income Tax (Earnings and Pensions) Act 2003; 

"US Participant" means a Participant who is resident in the United States of America on the Grant Date. 

9

 
	1.2
	Any
reference in this Plan to any enactment includes a reference to that enactment as from time to time modified, extended or re-enacted.

	2.
	ELIGIBILITY

	2.1
	A
person is eligible to be granted an option under Part B of the Plan if (and only if) he is a director or employee of a Participating Company who is
required to devote the whole or substantially the whole of his working time to the service of any Participating Company.

	3.
	GRANT OF OPTIONS

	3.1
	Subject
to Rule 4 below, the Remuneration Committee may grant an option to acquire shares in the Company, which may be American Depositary Shares or
ordinary shares in the Company as the Remuneration Committee may determine, upon the terms set out in Part B of this Plan and upon such other objective terms as the Remuneration Committee may
specify, to any person who is eligible to be granted an option in accordance with Rule 2 above; and for this purpose an option to acquire includes an option to purchase and an option to
subscribe.

	3.2
	Where
an option is granted pursuant to Clause 3.1 above to a US Participant, such option shall be to acquire American Depositary Shares, and not
ordinary shares.

	3.3
	The
price at which shares or American Depositary Shares may be acquired by the exercise of an option shall be determined by the Remuneration Committee
before the grant thereof, but shall not be less than:

	3.3.1
	unless
paragraph 3.3.2 applies, if shares of the same class as those shares are listed in the London Stock Exchange Daily Official List, the
average of the middle-market quotation of shares of that class (as derived from that List) for the three dealing days immediately preceding the Grant Date;

	3.3.2
	if
the option is granted over American Depositary Shares, the average of the closing prices of the American Depositary Shares on the New York Stock
Exchange for the three New York Stock Exchange trading days immediately preceding the Grant Date; or

	3.3.3
	in
the case of an option to acquire shares only by subscription, the nominal value of those shares, provided that this rule 3.3.3 shall not apply
in respect of any option granted under this Plan to any person who is a US tax payer.

	3.4
	An
option may only be granted:

	3.4.1
	within
the period of 6 weeks beginning with -

	(a)
	the
date on which this Plan is approved and adopted by the Company; or

	(b)
	the
dealing day next following the date on which the Company announces its results for any period; or

	3.4.2
	at
any other time when the circumstances are considered by the Remuneration Committee to be sufficiently exceptional to justify its grant; and

	3.4.3
	within
the period of 10 years beginning with the date on which this Plan is adopted by the Company 

PROVIDED
that no option may be granted under this Plan during the "close period" as defined in the Model Code in the London Stock Exchange's "The Listing Rules".  

	3.5
	An
option granted under this Plan to any person:

	3.5.1
	shall
not, except as provided in sub-rule 5.4 below, be capable of being transferred by him; and 

10

 

	3.5.2
	shall
lapse forthwith if he is adjudged bankrupt.

	3.6
	The
grant of any option under this Plan shall be subject to obtaining any approval or consent required under the provisions of the document "The Listing
Rules" published by the London Stock Exchange, of the City Code on Take-overs and Mergers, or of the listing rules of the New York Stock Exchange, or of any regulation or enactment.

	4.
	LIMITS

	4.1
	Subject
to any adjustment made by the Remuneration Committee pursuant to sub-rule 8.2 below, no options shall be granted under the Plan
which would at the time they are granted, cause the number of shares which shall have been or may be acquired in pursuance of options so granted to exceed 342,785,560 (which represents approximately
10 per cent of the ordinary share capital of the Company in issue on the date the Plan is adopted by the Company); and for this purpose American Depositary Shares shall be deemed to be the
number of ordinary shares represented thereby.

	4.2
	No
options shall be granted in any year which would, at the time they are granted, cause the number of shares in the Company which shall have been or may be
issued in pursuance of options granted in the period of 10 calendar years ending with that year under this Plan or under any other executive share option scheme adopted by the Company to exceed such
number as represents 5 per cent. of the ordinary share capital of the Company in issue at that time.

	4.3
	No
options shall be granted in the period of 3 calendar years beginning with the year 1999 or any successive period of 3 years which would, at the
time they are granted, cause the number of shares in the Company which shall have been or may be issued in pursuance of options granted in the 3-year period in question under this Plan or
under any other executive share option scheme adopted by the Company to exceed such number as represents 3 per cent. of the ordinary share capital of the Company in issue at that time.

	4.4
	No
options shall be granted in the period of 5 calendar years beginning with the year 1999 which would, at the time they are granted, cause the number of
shares in the Company which shall have been or may be issued in pursuance of options granted in that period, or shall have been issued in that period otherwise than in pursuance of options, under this
Plan or under any other employees' share scheme adopted by the Company to exceed such number as represents 5 per cent. of the ordinary share capital of the Company in issue at that time.

	4.5
	No
options shall be granted in any year which would, at the time they are granted, cause the number of shares in the Company which shall have been or may be
issued in pursuance of options granted in the period of 10 calendar years ending with that year, or been issued in that period otherwise than in pursuance of options, under this Plan or under any
other employees' share scheme adopted by the Company to exceed such number as represents 10 per cent. of the ordinary share capital of the Company in issue at that time.

	4.6
	The
Remuneration Committee may from time to time determine a maximum aggregate amount payable on exercise of options granted under this Plan to any person
during any period of twelve months, such amount to be based upon the expected value of the options on the date of grant, except in circumstances considered by the Remuneration Committee to be
exceptional.

	4.7
	Any
option granted under this Plan shall be limited and take effect so that the above limits are complied with.

	5.
	EXERCISE OF OPTIONS

	5.1
	The
exercise of any option granted under this Plan shall be effected in the form and manner prescribed by the Remuneration Committee. 

11

 
	5.2
	Subject
to sub-rules 5.4 and 5.5 below and to sub-rules 7.1 and 7.3 below, an option may not be exercised before the
third anniversary of the Grant Date.

	5.3
	Subject
to sub-rule 5.4 and paragraph 5.5.2 below and to sub-rule 7.4 below, an option granted under this Plan
may not be exercised to the extent that the Performance Condition is not satisfied. If the Performance Condition is not satisfied by the last date on which the Performance Condition may be satisfied,
the option shall thereupon, notwithstanding any other provision of this Plan, cease to be capable of exercise, unless it has already become exercisable prior to that date pursuant to
sub-rules 5.4 or paragraphs 5.5.1, 5.5.2 or sub-rule 7.4 below(4). 

	(4)
	Amended
by the Board of Directors on 27 April 2000. Currently this amendment does not apply to options granted prior to this date. Rule 5.3
will apply to such options only if Diageo plc seeks and receives approval from the majority of option holders whose permission to the amendment to the terms of their options is sought and who
respond to the Company's request to amend the terms of their options. If approval is not received, the wording of clause 5.3 will be "Subject to sub-rules 5.4 and
paragraphs 5.5.1 and 5.5.3 below and to sub-rule 7.4 below, an option granted under this Plan may not be exercised to the extent that the Performance Condition is not
satisfied."

	5.4
	If
any Participant dies prior to the last date on which the Performance Condition for an option may be satisfied, or if any Participant dies after the
Performance Condition for the option has been satisfied, such option may (and must, if at all) be exercised by his personal representatives within 12 months after the date of his death provided
that his death occurs at a time when either he is a director or employee of a Group Member or he is or would but for sub-rule 5.3 above be entitled to exercise the option by virtue
of sub-rule 5.5 below(5). 

	(5)
	Amended
by the Board of Directors on 27 April 2000. Currently this amendment does not apply to options granted prior to this date. Rule 5.4
will apply to such options only if Diageo plc seeks and receives approval from the majority of option holders whose permission to the amendment to the terms of their options is sought and who
respond to the Company's request to amend the terms of their options. If approval is not received, the wording of clause 5.4 will be "If any Participant dies, any option may (and must, if at
all) be exercised by his personal representatives within 12 months after the date of his death provided that his death occurs at a time when either he is a director or employee of a Group
Member or he is or would but for sub-rule 5.3 above be entitled to exercise the option by virtue of sub-rule 5.5 below."

	5.5
	If
any Participant ceases to be a director or employee of a Group Member (otherwise than by reason of his death) prior to the last date on which the
Performance Condition for an option may be satisfied, or if any Participant so ceases after the Performance Condition for the option has been satisfied, the following provisions apply in relation to
such option granted to him under Part B of this Plan(6): 

	(6)
	Amended
by the Board of Directors on 27 April 2000. Currently this amendment does not apply to options granted prior to this date. Rule 5.5
will apply to such options only if Diageo plc seeks and receives approval from the majority of option holders whose permission to the amendment to the terms of their options is sought and who
respond to the Company's request to amend the terms of their options. If approval is not received, the wording of clause 5.4 will be "If any Participant ceases to be a director or employee of a
Group Member (otherwise than by reason of his death), the following provisions apply in relation to any options granted to him under Part B of this Plan:"

	5.5.1
	if
he so ceases by reason of injury disability or redundancy (within the meaning of the Employment Rights Act 1996), by reason of retirement or by reason
only that his office or 

12

 

employment
is in a company which ceases to be a Group Member, or relates to a business or part of a business which is transferred to a person who is not a Group Member, the option may (and subject to
sub-rule 5.4 above must, if at all) be exercised within the period which shall expire on the later of 6 months after his so ceasing and 42 months after the Grant Date
but subject to sub-rule 5.3 above;  

	5.5.2
	if
he so ceases for any other reason, the option may not be exercised at all unless the Remuneration Committee shall so permit, in which event it may (and
subject to sub-rule 5.4 above must, if at all) be exercised to the extent permitted by the Remuneration Committee within 6 months of his so ceasing.

	5.6
	A
Participant shall not be treated for the purposes of sub-rule 5.5 above as ceasing to be a director or employee of a Group Member until
such time as he is no longer a director or employee of any Group Member, and a female Participant who ceases to be such a director or employee by reason of pregnancy or confinement and who exercises
her right to return to work under the Employment Rights Act 1996 before exercising her option shall be treated for those purposes as not having ceased to be a director or employee.

	5.7
	Subject
to sub-rule 5.4 above, but notwithstanding any other provision of this Plan, an option may not be exercised after the expiration
of the period of 10 years (or such shorter period as the Remuneration Committee may have determined before the grant thereof) beginning with the Grant Date.

	5.8
	Within
30 days after an option has been exercised by any person, the Remuneration Committee shall allot to him (or a nominee for him) or, as
appropriate, procure the transfer to him (or a nominee for him) of the number of shares in respect of which the option has been exercised, provided that:

	5.8.1
	the
Remuneration Committee considers that the issue or transfer thereof would be lawful in all relevant jurisdictions; and

	5.8.2
	in
a case where a Group Member is obliged to (or would suffer a disadvantage if it were not to) account for any tax (in any jurisdiction) for which the
person in question is liable by virtue of the exercise of the option and/or for any social security contributions recoverable from the person in question (together, the "Tax Liability"), that person
has either:

	(a)
	made
a payment to the Group Member of an amount equal to the Tax Liability; or

	(b)
	entered
into arrangements acceptable to that or another Group Member to secure that such a payment is made (whether by authorising the sale of some or all
of the shares on his behalf and the payment to the Group Member of the relevant amount out of the proceeds of sale or otherwise).

	5.9
	All
shares allotted under this Plan shall rank equally in all respects with the shares of the same class then in issue except for any rights attaching to
such shares by reference to a record date prior to the date of the allotment.

	6.
	CASH EQUIVALENT

	6.1
	Where
an option granted under Part B of this Plan has been exercised by any person in respect of any number of shares, and those shares have not yet
been allotted or transferred to him in accordance with sub-rule 5.8 above, the Remuneration Committee may determine that, in substitution for his right to acquire such number of
those shares as the Remuneration Committee may decide (but in full and final satisfaction of his said right), he shall be paid by way of additional emoluments a sum equal to the cash equivalent of
that number of shares. 

13

 

	6.2
	For
the purposes of this Rule, the cash equivalent of any shares is the amount by which the Remuneration
Committee's opinion of the market value of those shares on the day last preceding the date on which the option was exercised (or, if at the relevant time shares of the same class as those shares were
listed in The Stock Exchange Daily Official List, the middle-market quotation of shares of that class, as derived from that List, on the dealing day last preceding that date or, in the case of
American Depositary Shares, the closing price of such shares on the New York Stock Exchange on the dealing day last preceding that date) exceeds the price at which those shares may be acquired by the
exercise of the option.

	6.3
	Subject
to sub-rule 6.4 below, as soon as reasonably practicable after a determination has been made under
sub-rule 6.1 above that a person shall be paid a sum in substitution for his right to acquire any number of shares:

	6.3.1
	the
Company shall pay to him or procure the payment to him of that sum in cash; and

	6.3.2
	if
he has already paid the Company for those shares, the Company shall return to him the amount so paid by him.

	6.4
	If
the Remuneration Committee in its discretion so decides:

	6.4.1
	the
whole or part of the sum payable under sub-rule 6.3.1 above shall, instead of being paid to the person in question in cash, be
applied on his behalf in subscribing for shares in the Company at a price equal to the market value (or, as the case may be, the middle-market quotation) by reference to which the cash equivalent is
calculated, or in purchasing such shares, or partly in one way and partly in the other, and

	6.4.2
	the
Company shall allot to him or procure the transfer to him (or his nominee) of the shares so subscribed for or purchased.

	6.5
	There
shall be made from any payment under this Rule such deductions (on account of tax or similar liabilities) as may be required by law or as the
Remuneration Committee may reasonably consider to be necessary or desirable.

	7.
	TAKEOVER, RECONSTRUCTION AND WINDING-UP

	7.1
	If
any person obtains control of the Company (within the meaning of section 719 of the Income Tax Act 2003) as a result of making a general offer to
acquire shares in the Company, or having obtained such control makes such an offer, the Remuneration Committee shall within 14 days of becoming aware thereof notify every Participant thereof
and, subject to sub-rules 5.3, 5.4, 5.5 and 5.7 above, any option may be exercised within one month (or such longer period as the Remuneration Committee may permit) of such
notification.

	7.2
	For
the purposes of sub-rule 7.1 above, a person shall be deemed to have obtained control of the Company if he and others acting in
concert with him have together obtained control of it.

	7.3
	If
any person becomes bound or entitled to acquire shares in the Company under sections 428 to 430F of the Companies Act 1985, or if under
section 425 of that Act the Court sanctions a compromise or arrangement proposed for the purposes of or in connection with a scheme for the reconstruction of the Company or its amalgamation
with any other company or companies, or if the Company passes a resolution for voluntary winding up, or if an order is made for the compulsory winding up of the Company, the Remuneration Committee
shall forthwith notify every Participant thereof and, subject to sub-rules 5.3, 5.4, 5.5 and 5.7 above, any option may be exercised within one month of such notification, but to the
extent that it is not exercised within that period shall (notwithstanding any other provision of this Plan) lapse on the expiration of that period. 

14

 
	7.4
	In
relation to an option which would but for sub-rule 5.3 above be exercisable by virtue of an event mentioned in
sub-rule 7.1 or 7.3 above, the Remuneration Committee may at its discretion, and acting fairly and reasonably, treat the relevant condition as satisfied if, at the time of the
event, the Remuneration Committee cannot determine whether it is in fact satisfied.

	7.5
	If
any company ("the acquiring company"):

	7.5.1
	obtains
control of the Company as a result of making -

	(a)
	a
general offer to acquire the whole of the issued ordinary share capital of the Company which is made on a condition such that if it is satisfied the
person making the offer will have control of the Company, or

	(b)
	a
general offer to acquire all the shares in the Company which are of the same class as the shares which may be acquired by the exercise of options granted
under this Plan, or

	7.5.2
	obtains
control of the Company in pursuance of a compromise or arrangement sanctioned by the court under section 425 of the Companies Act 1985 or
Article 418 of the Companies (Northern Ireland) Order 1986, or

	7.5.3
	becomes
bound or entitled to acquire shares in the Company under sections 428 to 430F of that Act or Articles 421 to 423 of that Order, 

any
Participant may at any time within the appropriate period (which expression shall be construed in accordance with paragraph 26(3) of Schedule 4 to the Income Tax Act 2003), by
agreement with the acquiring company, release any option granted under this Plan which has not lapsed ("the old option") in consideration of the grant to him of an option ("the new option") which (for
the purposes of that paragraph) is equivalent to the old option but relates to shares in a different company.  

	7.6
	The
new option shall not be regarded for the purposes of sub-rule 7.5 above as equivalent to the old option unless the conditions set out
in paragraph 27(4) of Schedule 4 to the Income Tax Act 2003 are satisfied, but so that the provisions of this Plan shall for this purpose be construed as if:

	7.6.1
	the
new option were an option granted under this Plan at the same time as the old option;

	7.6.2
	except
for the purposes of the definitions of "Group Member", "Participating Company" and "Subsidiary" in sub-rule 1.1 above and the
reference to "the Remuneration Committee" in sub-rule 5.7 above, the expression "the Company" were defined as "a company whose shares may be acquired by the exercise of options
granted under this Plan";

	7.6.3
	the
relevant condition referred to in sub-rule 5.3 above had been satisfied; and

	7.6.4
	sub-rule 9.2
below were omitted.

	7.7
	For
options granted on or after 26 August 2008, in the event that:

	7.7.1
	an
offer (as referred to in Rule 7.1) is made or a compromise or arrangement (as referred to in Rule 7.3) is proposed which is expected to
result in the Company becoming controlled by a new company (the "New Company");

	7.7.2
	at
least 75% of the shares in the New Company are expected to be held by substantially the same persons who immediately before the offer or proposal was
made were shareholders in the Company; and

	7.7.3
	the
Remuneration Committee and the New Company agree that this Rule should apply 

15

 

then
an option granted under Part B of the Plan shall not become exercisable under Rule 7.1 or Rule 7.3 but shall be automatically released in consideration for the grant of a new
option under Rule 7.5.  

	8.
	VARIATION OF CAPITAL

	8.1
	Subject
to sub-rule 8.3 below, in the event of any variation of the share capital of the Company (including a change in the number of
ordinary shares underlying an American Depositary Share) or in the event the Company makes a demerger by way of exempt distribution under section 213 of the Income and Corporation Taxes Act
1988 or pays a special dividend or repurchases its share capital, the Remuneration Committee may make such adjustments as it considers appropriate under sub-rule 8.2 below.

	8.2
	An
adjustment made under this sub-rule shall be to one or more of the following:

	8.2.1
	the
number of shares specified in sub-rule 4.1 above;

	8.2.2
	the
number of shares in respect of which any option may be exercised;

	8.2.3
	the
number of American Depositary Shares in respect of which any option may be exercised;

	8.2.4
	the
price at which shares may be acquired by the exercise of any option;

	8.2.5
	where
any such option has been exercised but no shares have been allotted or transferred pursuant to such exercise, the number of shares which may be so
allotted or transferred and the price at which they may be acquired.

	8.3
	An
adjustment under sub-rule 8.2 above may have the effect of reducing the price at which shares may be acquired by the exercise of an
option to less than their nominal value, but only in the case of an option to subscribe for shares if and to the extent that the Remuneration Committee shall be authorised to capitalise from the
reserves of the Company a sum equal to the amount by which the nominal value of the shares in respect of which the option is exercised and which are to be allotted pursuant to such exercise exceeds
the price at which the shares may be subscribed for and to apply that sum in paying up such amount on such shares; and so that on exercise of any option in respect of which such a reduction shall have
been made the Remuneration Committee shall capitalise that sum (if any) and apply the same in paying up that amount.

	9.
	ALTERATIONS

	9.1
	Subject
to sub-rules 9.2, 9.4 and 9.5 below, the Board may at any time alter this Plan, or the terms of any option granted under it.

	9.2
	Subject
to sub-rule 9.3 below, no alteration to the advantage of the person to whom options may be granted shall be made under
sub-rule 8.1 above to any of Rules 2, 3.3, 4.1 to 4.6 inclusive, 5.2 to 5.5 inclusive, 5.7, 5.9, 7.1 to 7.4 inclusive, and 8.1 and 8.2 without the prior approval by ordinary
resolution of the members of the Company in general meeting.

	9.3
	Sub-rule 9.2
above shall not apply to:

	9.3.1
	any
minor alteration to benefit the administration of this Plan, to take account of a change in legislation or to obtain or maintain favourable tax,
exchange control or regulatory treatment for Participants or any Group Member; or

	9.3.2
	any
alteration solely relating to a Performance Condition.

	9.4
	No
alteration to the disadvantage of any Participant shall be made under sub-rule 9.1 above unless:

	9.4.1
	the
Board shall have invited every relevant Participant to give an indication as to whether or not he approves the alteration, and 

16

 

	9.4.2
	the
alteration is approved by a majority of those Participants who have given such an indication.

	9.5
	No
alteration which solely relates to a Performance Condition subject to which an option has been granted shall be made under
sub-rule 9.1 above unless:

	9.5.1
	there
shall have occurred an event which shall have caused the Board reasonably to consider that the special term would not, without the alteration,
achieve its original purpose, and

	9.5.2
	the
Board shall act fairly and reasonably in making the alteration.

	10.
	MISCELLANEOUS

	10.1
	The
rights and obligations of any individual under the terms of his office or employment with any Group Member shall not be affected by his participation
in this Plan or any right which he may have to participate in it and an individual who participates therein shall waive any and all rights to compensation or damages in consequence of the termination
of his office or employment for any reason whatsoever insofar as those rights arise or may arise from his ceasing to have rights under or be entitled to exercise any option under this Plan as a result
of such termination.

	10.2
	In
the event of any dispute or disagreement as to the interpretation of this Plan, or as to any question or right arising from or related to this Plan, the
decision of the Board shall be final and binding upon all persons.

	10.3
	Any
notice or other communication under or in connection with this Plan may be given by personal delivery or by sending the same by post, in the case of a
company to its registered office marked for the attention of the Company Secretary, and in the case of an individual to his last known address, or, where he is a director or employee of a Group
Member, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the duties of his office or employment.

	11.
	INCENTIVE STOCK OPTIONS

	11.1
	In
this Rule: 

"Incentive
Stock Option" means an option satisfying the requirements of section 422 of the Code; 

"the
Code" means the United States Internal Revenue Code of 1986 (as amended); 

"Market
Value" at any date means the fair market value of ordinary shares in the Company on that date, as determined by the Remuneration Committee, provided that if on such date shares of that class
are listed in The London Stock Exchange Daily Official List, the fair market value shall be not less than the middle-market quotation of such shares (as derived from that List) on the Grant Date. 

	11.2
	The
Remuneration Committee may grant an Incentive Stock Option over American Depositary Shares to any person who is eligible to be granted an option under
the Plan upon the terms set out in the Plan and subject to the additional terms and conditions in this Rule.

	11.3
	Subject
to sub-rule 11.4 below, the option price for an American Depositary Share subject to an Incentive Stock Option granted hereunder
may not be less than the Market Value of the number of ordinary shares underlying the American Depositary Share on the Grant Date.

	11.4
	A
person who, within the meaning of section 422(b)(6) of the Code, is deemed to own shares in the Company possessing more than ten per cent of the
total combined voting power of all classes of shares of the Company (or of its parent or subsidiary corporations within the meaning in section 424 of the Code) shall be eligible to receive an
Incentive Stock Option only if the option price of an American Depositary Share thereunder is at least 110% of the Market Value of the 

17

 

number
of ordinary shares underlying the American Depositary Share on the Grant Date and only if the term of the option does not exceed five years.  

	11.5
	The
aggregate Market Value determined at the Grant Date of the number of ordinary shares underlying the American Depositary Shares with respect to which
Incentive Stock Options first become exercisable by any Participant in any calendar year shall not exceed US$100,000.

	11.6
	Section 421(a)
of the Code will not apply to an Incentive Stock Option unless it is exercised no more than (i) twelve months after the date
of termination of employment because of total and permanent disability or (ii) three months after the date of termination of employment for any reason other than that described in
clause (i) and death.

	11.7
	Notwithstanding
any other provisions of the Plan, the Company will not be required to issue or cause to be issued any American Depositary Shares if at such
time such issuance would violate the United States Federal Securities laws or any other laws of the United States or any state thereof. In addition, the holder of any American Depositary Shares issued
hereunder agrees not to sell or transfer such American Depositary Shares in violation of the United States Federal Securities laws or any other laws of the United States or any state thereof. The
Company shall have the right in its sole discretion to modify the terms of the Plan at any time and from time to time as it deems necessary or appropriate to ensure or facilitate such compliance with
the foregoing and to include appropriate legends on any options or American Depositary Shares issued or caused to be issued hereunder. 

CLIFFORD CHANCE LLP

10 Upper Bank Street

London E14 5JJ

18

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Exhibit 4.7

CONTENTS Part A : Inland Revenue Approved

PART A—Inland Revenue approved

PART B—Not approved by UK Inland Revenue

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