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  Exhibit 4.8    
    

  

THE
DIAGEO PLC EXECUTIVE

SHARE OPTION PLAN 

Amended
by shareholders: 17 October 2006 

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: X20399 

 
 

  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
	 	

5
	 7. 
	 	 VARIATION OF CAPITAL
	 	

7
	 8. 
	 	 ALTERATIONS
	 	

7
	 9. 
	 	 MISCELLANEOUS
	 	

8
	
  Part B: Unapproved Options

	 1. 
	 	 DEFINITIONS AND INTERPRETATION
	 	

8
	 2. 
	 	 ELIGIBILITY
	 	

9
	 3. 
	 	 GRANT OF OPTIONS
	 	

9
	 4. 
	 	 LIMITS
	 	

10
	 5. 
	 	 EXERCISE OF OPTIONS
	 	

11
	 6. 
	 	 CASH EQUIVALENT
	 	

12
	 7. 
	 	 TAKEOVER, RECONSTRUCTION AND WINDING-UP
	 	

12
	 8. 
	 	 VARIATION OF CAPITAL
	 	

14
	 9. 
	 	 ALTERATIONS
	 	

14
	 10. 
	 	 MISCELLANEOUS
	 	

15
	 11. 
	 	 INCENTIVE STOCK OPTIONS
	 	

15

 

 
 

  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 Board for this purpose; 

"the London Stock Exchange" means London Stock Exchange plc; 

"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; 

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

"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 No. 1 Trust" means the Diageo Employee Benefit Trust established by deed dated 14 September 1998 between the Company and
Mourant & Co. Trustees Limited; 

"the No. 2 Trust" means the Diageo No. 2 Employees' Benefit Trust established by deed dated 27th May 1999 between the
Company and Hill Street Trustees Limited; 

"the No. 3 Trust" means the Diageo No.3 Employees' Benefit Trust established by deed dated 10 November 1999 between Diageo Inc and Hill
Street Trustees Limited; 

"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 

1

 

(excluding
any person who is a director of the Company) who is required to devote the whole or substantially the whole of his working time to the service of any Participating Company. 

	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 Board may grant an option to acquire, by purchase or subscription, 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 Board may specify, to any person who is eligible to be granted an option in accordance with Rule 2 above.

	3.2
	The
price at which shares may be acquired by the exercise of an option shall be determined by the Board 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).

	3.3
	An
option may only be granted:

	3.3.1
	within
the period of 6 weeks beginning with

	(a)
	or

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

	(c)
	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 Board 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
	In
the case of options granted prior to 22 October 2003, before granting an option under the Plan, the Board shall have entered into an agreement
with the trustees of the No. 1 Trust, the trustees of the No. 2 Trust or the trustees of the No.3 Trust whereby the trustees agree to satisfy any options granted under the Plan. The
Board is not required to enter into such an agreement (but may, in its absolute discretion, choose to do so) in relation to options granted on or after 22 October 2003.

	3.5
	An
option granted under this Plan to any person:

	3.5.1
	shall
not, except as provided in sub-rule 5.3 below, be capable of being transferred by him; and

	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 any regulation or enactment. 

4.     LIMITS  

	4.1
	No
options shall be granted, or shares issued otherwise that pursuant to the exercise of an option, in any year which would, at the time of grant, cause the
number of shares in the Company which shall have been or may be issued in pursuance of options granted in the ten calendar years ending with that year, or have been issued in that period otherwise
than in pursuance of options, under the Plan or under any other executive 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.

	4.2
	No
options shall be granted, or shares issued otherwise that pursuant to the exercise of an option, in any year which would, at the time of grant, cause the
number of shares in the Company which shall have been or may be issued in pursuance of options granted in the ten calendar years ending with that year, or have been issued in that period otherwise
than in pursuance of options, under the 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.

	4.3
	For
the avoidance of doubt, shares transferred from treasury will be treated as issued for the purposes of the above limits, unless institutional
shareholder guidelines are amended so that this is no longer required.

	4.4
	Prior
to granting an option to any person, the Board 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 determined taking account of market practice (provided that any grant of options under Part A of this Plan shall be
subject to the provisions of sub-rule 4.5 below).

	4.5
	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 option scheme, approved under Schedule 9 to the
Income and Corporation Taxes Act 1988 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. 

3

 
	4.6
	For
the purposes of this Rule, the market value of the shares in relation to which an option was granted shall be calculated:

	4.6.1
	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;

	4.6.2
	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

	4.6.3
	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.

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

	4.8
	Where
any option relating to unissued shares is released or lapses without being exercised (or the Board makes arrangements for it to be satisfied by the
transfer of existing shares), the shares concerned will be ignored when calculating the limits in sub-rules 4.1 and 4.2 above. 

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 Board.

	5.2
	Subject
to sub-rules 5.3 and 5.4 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
	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 entitled to exercise the option by virtue of sub-rule 5.4 below.

	5.4
	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 option granted to him under Part A of this Plan:

	5.4.1
	if
he so ceases by reason of injury disability or redundancy (within the meaning of the Employment Rights Act 1996), 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 5.3 above must, if at all) be exercised within 6 months after his so ceasing;

	5.4.2
	if
he so ceases by reason of retirement, the option may (and subject to sub-rule 5.3 above must, if at all) be exercised within
6 months after his so ceasing;

	5.4.3
	if
he so ceases for any other reason, the option may not be exercised at all unless the Board shall so permit, in which event it may (and subject to
sub-rule 5.3 above must, if at all) be exercised to the extent permitted by the Board within 6 months after his so ceasing, provided that, in the case of options granted on
or after 21 August 2003, the Board may not permit such options to be exercised before the third anniversary of the Date of Grant.

	5.5
	A
Participant shall not be treated for the purposes of sub-rule 5.4 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 

4

 

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.  

	5.6
	Subject
to sub-rule 5.3 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 Board may have determined before the grant thereof) beginning with the Grant Date.

	5.7
	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).

	5.8
	Within
30 days after an option has been exercised by any person, the Board shall allot to him (or a nominee for him) or, transfer or 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
Board considers that the allotment 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
	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 Board shall within 14 days of becoming aware thereof notify every Participant thereof and, subject to
sub-rules 5.3, 5.4, and 5.6 above, any option may be exercised within one month (or such longer period as the Board 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 Board shall forthwith
notify every Participant thereof and, subject to sub-rules 5.3, 5.4 and 5.6 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. 

5

 
	6.4
	If
any company ("the acquiring company"):

	6.4.1
	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

	6.4.2
	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

	6.4.3
	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).  

	6.5
	The
new option shall not be regarded for the purposes of sub-rule 6.4 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:

	6.5.1
	the
new option were an option granted under this Plan at the same time as the old option;

	6.5.2
	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 Board" in sub-rule 5.6 above, the expression "the Company" were defined as "a company whose shares may be acquired by the exercise of options granted under this
Plan"; and

	6.5.3
	sub-rule 8.2
below were omitted.

	6.6
	For
options granted on or after 26 August 2008, in the event that:

	6.6.1
	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");

	6.6.2
	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

	6.6.3
	the
Board 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 6.4 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). 

6

 

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 Board 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 in respect of which any option may be exercised;

	7.2.2
	the
price at which shares may be acquired by the exercise of any option;

	7.2.3
	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. 

8.     ALTERATIONS  

	8.1
	Subject
to sub-rules 8.2, 8.3 and 8.4 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
	No
alteration to the advantage of Participants shall be made under rule 8.1 to any of rules 2, 3.2, 4.1 to 4.7 inclusive, 5.2 to 5.4
inclusive, 5.6, 6.1 to 6.4 inclusive, 7.1 and 7.2 without the prior approval by ordinary resolution of the members of the Company in general meeting.

	8.3
	Rule 8.2
shall not apply to:

	8.3.1
	any
minor alteration to benefit the administration of the 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 special term.

	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 special term 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 special term would not, without the alteration,
achieve its original purpose, and

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

7

 

	8.6
	For
the purposes of this Rule a special term means a term specified by the Board as mentioned in sub-rule 3.1 above. 

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
	The
Company and any Subsidiary may provide money to the No. 1 Trust, the No. 2 Trust, the No.3 Trust or any other person to enable them or him
to acquire shares to be held for the purposes of the Plan, or enter into any guarantee or indemnity for those purposes, to the extent permitted by section 153(4) of the Companies Act 1985 and,
where applicable, section 154 of that Act.

	9.4
	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. 

 
 

  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; 

"Associated Company" means any company (wheresoever incorporated) in which the Company is directly or indirectly interested in at least 15% of the
issued ordinary share capital; 

"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 Board for this purpose; 

"the London Stock Exchange" means London Stock Exchange plc; 

8

 

"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; 

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

"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; 

"the No. 1 Trust" means the Diageo Employee Benefit Trust established by deed dated 14 September 1998 between the Company and
Mourant & Co Trustees Limited; 

"the No. 2 Trust" means the Diageo No. 2 Employees' Benefit Trust established by deed dated 27th May 1999 between the
Company and Hill Street Trustees Limited; 

"the No. 3 Trust" means the Diageo No.3 Employees' Benefit Trust established by deed dated 10 November 1999 between Diageo Inc and Hill
Street Trustees Limited; 

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

	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
(excluding any person who is a director of the 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 Board may grant an option to acquire, by purchase or subscription, shares in the Company, which may be American
Depositary Shares or ordinary shares in the Company as the Board may determine, upon the terms set out in Part B of this Plan and upon such other objective terms as the Board may specify, to
any person who is eligible to be granted an option in accordance with Rule 2 above.

	3.2
	Where
an option is granted pursuant to Clause 3.1 above to a US Participant, such option shall be to purchase 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 Board 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. 

9

 

	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 Board 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
	In
the case of options granted prior to 22 October 2003, before granting an option under the Plan, the Board shall have entered into an agreement
with the trustees of the No. 1 Trust, the trustees of the No. 2 Trust or the trustees of the No.3 Trust whereby the trustees agree to satisfy any options granted under the Plan. The
Board is not required to enter into such an agreement (but may, in its absolute discretion, choose to do so) in relation to options granted on or after 22 October 2003.

	3.6
	An
option granted under this Plan to any person:

	3.6.1
	shall
not, except as provided in sub-rule 5.3 below, be capable of being transferred by him; and

	3.6.2
	shall
lapse forthwith if he is adjudged bankrupt.

	3.7
	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
	No
options shall be granted, or shares issued otherwise that pursuant to the exercise of an option, in any year which would, at the time of grant, cause the
number of shares in the Company which shall have been or may be issued in pursuance of options granted in the ten calendar years ending with that year, or have been issued in that period otherwise
than in pursuance of options, under the Plan or under any other executive 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.

	4.2
	No
options shall be granted, or shares issued otherwise that pursuant to the exercise of an option, in any year which would, at the time of grant, cause the
number of shares in the Company which shall have been or may be issued in pursuance of options granted in the ten calendar years ending with that year, or have been issued in that period otherwise
than in pursuance of options, under the 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.

	4.3
	For
the avoidance of doubt, shares transferred from treasury will be treated as issued for the purposes of the above limits, unless institutional
shareholder guidelines are amended so that this is no longer required. 

10

 
	4.4
	The
Board 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 determined taking account of market practice.

	4.5
	Any
option granted under this Plan shall be limited and take effect so that the above limits are complied with.

	4.6
	Where
any option relating to unissued shares is released or lapses without being exercised (or the Board makes arrangements for it to be satisfied by the
transfer of existing shares), the shares concerned will be ignored when calculating the limits in sub-rules 4.1 and 4.2 above. 

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 Board.

	5.2
	Subject
to sub-rules 5.3 and 5.4 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
	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 an Associated Company or he is entitled to exercise the option by virtue of
sub-rule 5.4 below.

	5.4
	If
any Participant ceases to be a director or employee of a Group Member or an Associated Company (otherwise than by reason of his death), the following
provisions apply in relation to any option granted to him under Part B of this Plan:

	5.4.1
	if
he so ceases by reason of injury disability or redundancy (within the meaning of the Employment Rights Act 1996), or by reason only that his office or
employment is in a company which ceases to be a Group Member or an Associated Company, or relates to a business or part of a business which is transferred to a person who is not a Group Member or an
Associated Company nor an Associated Company, the option may (and subject to sub-rule 5.3 above must, if at all) be exercised within 6 months of his so ceasing;

	5.4.2
	if
he so ceases by reason of retirement, the option may (and subject to sub-rule 5.3 above must, if at all) be exercised within
6 months of his so ceasing;

	5.4.3
	if
he so ceases for any other reason, the option may not be exercised at all unless the Board shall so permit, in which event it may (and subject to
sub-rule 5.3 above must, if at all) be exercised to the extent permitted by the Board within 6 months of his so ceasing.

	5.5
	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 or an
Associated Company 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.

	5.6
	Subject
to sub-rule 5.3 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 Board may have determined before the grant thereof) beginning with the Grant Date.

	5.7
	Within
30 days after an option has been exercised by any person, the Board shall allot to him (or a nominee for him) or, transfer or 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:

	5.7.1
	the
Board considers that the allotment or transfer thereof would be lawful in all relevant jurisdictions; and 

11

 

	5.7.2
	in
a case where a Group Member or an Associated Company 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 relevant Group Member or Associated Company 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 or Associated Company of the relevant amount out of the proceeds of sale or otherwise). 

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 5.7 above, the Board may determine that, in substitution for his right to acquire such number of those shares as the
Board 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.

	6.2
	For
the purposes of this Rule, the cash equivalent of any shares is the amount by which the Board'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 Board 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 purchasing 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, and

	6.4.2
	the
Company shall procure the transfer to him (or his nominee) of the shares so 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 Board
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 Board shall within 14 days of becoming aware 

12

 

thereof
notify every Participant thereof and, subject to sub-rules 5.2, 5.3 and 5.6 above, any option may be exercised within one month (or such longer period as the Board 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 Board shall forthwith
notify every Participant thereof and, subject to sub-rules 5.2, 5.3 and 5.6 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.

	7.4
	If
any company ("the acquiring company"):

	7.4.1
	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

	7.4.2
	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

	7.4.3
	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.  

	7.5
	The
new option shall not be regarded for the purposes of sub-rule 7.4 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:

	7.5.1
	the
new option were an option granted under this Plan at the same time as the old option;

	7.5.2
	except
for the purposes of the definitions of "Associated Company", "Group Member", "Participating Company" and "Subsidiary" in
sub-rule 1.1 above and the reference to "the Board" in sub-rule 5.6 above, the expression "the Company" were defined as "a company whose shares may be acquired by
the exercise of options granted under this Plan"; and

	7.5.3
	sub-rule 9.2
below were omitted.

	7.6
	For
options granted on or after 26 August 2008, in the event that:

	7.6.1
	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"); 

13

 

	7.6.2
	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

	7.6.3
	the
Board and the New Company agree that this Rule should apply 

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 7.4. 

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 Board 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 in respect of which any option may be exercised;

	8.2.2
	the
number of American Depositary Shares in respect of which any option may be exercised;

	8.2.3
	the
price at which shares may be acquired by the exercise of any option;

	8.2.4
	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 purchased.

	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. 

9.     ALTERATIONS  

	9.1
	Subject
to sub-rules 9.2, 9.3 and 9.4 below, the Board may at any time alter this Plan, or the terms of any option granted under it.

	9.2
	No
alteration to the advantage of Participants shall be made under rule 9.1 to any of rules 2, 3.3, 4.1 to 4.4 inclusive, 5.2 to 5.4
inclusive, 5.6, 7.1 to 7.4 inclusive, 8.1 and 8.2 without the prior approval by ordinary resolution of the members of the Company in general meeting.

	9.3
	Rule 9.2
shall not apply to:

	9.3.1
	any
minor alteration to benefit the administration of the 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 special term.

	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

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

14

 

	9.5
	No
alteration which solely relates to a special term 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.

	9.6
	For
the purposes of this Rule a special term means a term specified by the Board as mentioned in sub-rule 3.1 above. 

10.   MISCELLANEOUS  

	10.1
	The
rights and obligations of any individual under the terms of his office or employment with any Group Member or Associated Company 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
	The
Company and any Subsidiary may provide money to the No. 1 Trust, the No. 2 Trust, the No.3 Trust or any other person to enable them or
him to acquire shares to be held for the purposes of the Plan, or enter into any guarantee or indemnity for those purposes, to the extent permitted by section 153(4) of the Companies Act 1985
and, where applicable, section 154 of that Act.

	10.4
	Where
an Award is granted under the Plan to a person who is not chargeable to tax under Case I of Schedule E in respect of the office or employment
by virtue of which it is granted to him, the provisions of the Plan shall apply thereto subject to such alterations as the Board shall before the grant thereof have determined having regard to any
securities, exchange control or taxation laws or regulations or similar factors which may have application to him or to any Participating Company in relation to the option.

	10.5
	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
or an Associated Company, 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 Board, 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. 

15

 
	11.2
	The
Board 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 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  

16

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Exhibit 4.8

CONTENTS

PART A—Inland Revenue Approved

PART B—Not approved by UK Inland RevenueQuickLinks
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  Exhibit 4.9    
    

  

 

THE DIAGEO PLC ASSOCIATED COMPANIES

SHARE OPTION PLAN 

  

 

 

Amended by the Remuneration Committee: 26 August 2008 

 
 

  CONTENTS    
    

					
	Rule

 
	 	Page 
	1.	 	DEFINITIONS AND INTERPRETATION	 	1
	2.	 	ELIGIBILITY	 	1
	3.	 	GRANT OF OPTIONS	 	2
	4.	 	LIMITS	 	3
	5.	 	EXERCISE OF OPTIONS	 	3
	6.	 	CASH EQUIVALENT	 	4
	7.	 	TAKEOVER, RECONSTRUCTION AND WINDING-UP	 	5
	8.	 	VARIATION OF CAPITAL	 	6
	9.	 	ALTERATIONS	 	7
	10.	 	MISCELLANEOUS	 	7

 

 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; 

"Associated Company" means any company (wheresoever incorporated) in which the Company is directly or indirectly interested in at least 15% of the
issued ordinary share capital; 

"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
	an
Associated Company, the Company, any Subsidiary 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 Board for this purpose; 

"the London Stock Exchange" means London Stock Exchange plc; 

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

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

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

"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 840 of the Taxes Act 1988); 

"the Taxes Act 1988" means the Income and Corporation Taxes Act 1988; 

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

	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
	Subject
to sub-rule 2.2 below, a person is eligible to be granted an option under the Plan if (and only if) he is a director or employee
of an Associated Company (excluding any person who is a director or the company secretary of the Company) who is required to devote the whole or substantially the whole of his working time to the
service of any Associated Company.

	2.2
	A
person is not eligible to be granted an option under this Plan at any time within the eighteen months immediately preceding the date on which he is bound
to retire in accordance with the 

1

 

terms
of his contract of employment, unless that person is employed in a jurisdiction where this sub-rule would be unlawful. 

3.     GRANT OF OPTIONS  

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

	3.2
	Where
an option is granted pursuant to Clause 3.1 above to a US Participant, such option shall be to subscribe for 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 Board 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.

	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 Board 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
	Before
granting an option under the Plan the Board shall ensure that it has authority under sections 80 and 89 of the Companies Act 1985 to grant the
proposed options.

	3.6
	An
option granted under this Plan to any person:

	3.6.1
	shall
not, except as provided in sub-rule 5.3 below, be capable of being transferred by him; and

	3.6.2
	shall
lapse forthwith if he is adjudged bankrupt.

	3.7
	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. 

2

 

4.     LIMITS  

	4.1
	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 issued in
pursuance of options so granted to exceed such number as the Board may determine from time to time; and for this purpose American Depositary Shares shall be deemed to be the number of ordinary shares
represented thereby.

	4.2
	The
Board 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 determined taking account of market practice.

	4.3
	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 Board.

	5.2
	Subject
to sub-rules 5.3 and 5.4 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
	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 entitled to exercise the option by virtue of sub-rule 5.4 below.

	5.4
	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 option granted to him under this Plan:

	5.4.1
	if
he so ceases within 6 months after the Grant Date by reason of injury disability or redundancy (within the meaning of the Employment Rights Act
1996), 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 not be exercised at all and shall immediately lapse, but if he so ceases more than 6 months after the Grant Date for the reasons set out above, the option may (and
subject to sub-rule 5.3 above must, if at all) be exercised within 6 months of his so ceasing;

	5.4.2
	if
he so ceases within 6 months after the Grant Date by reason of retirement on reaching the age at which he is bound to retire in accordance with
the terms of his contract of employment or by reason of early retirement with the consent of the Company, the option may not be exercised at all and shall immediately lapse, but if he so ceases more
than 6 months after the Grant Date for the reasons set out above, the option may (and subject to sub-rule 5.3 above must, if at all) be exercised within 6 months of
his so ceasing;

	5.4.3
	if
he so ceases for any other reason, the option may not be exercised at all unless the Board shall so permit, in which event it may (and subject to
sub-rule 5.3 above must, if at all) be exercised to the extent permitted by the Board within 6 months of his so ceasing.

	5.5
	A
Participant shall not be treated for the purposes of sub-rule 5.4 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 

3

 

Rights
Act 1996 before exercising her option shall be treated for those purposes as not having ceased to be a director or employee.  

	5.6
	Subject
to sub-rule 5.3 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 Board may have determined before the grant thereof) beginning with the Grant Date.

	5.7
	Within
30 days after an option has been exercised by any person, the Board shall issue to him (or a nominee for him) the number of shares in respect
of which the option has been exercised, provided that:

	5.7.1
	the
Board considers that the issue of the relevant shares would be lawful in all relevant jurisdictions; and

	5.7.2
	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). 

6.     CASH EQUIVALENT  

	6.1
	Where
an option granted under this Plan has been exercised by any person in respect of any number of shares, and those shares have not yet been transferred
to him in accordance with sub-rule 5.7 above, the Board may determine that, in substitution for his right to acquire such number of those shares as the Board 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 or, in the case of a US Participant, if he
elects to defer receipt of the sum pursuant to his employer's deferred compensation plan or in accordance with rules established by the Board, an amount equal to such sum shall be credited to his
account under his employer's deferred compensation plan.

	6.2
	For
the purposes of this Rule, the cash equivalent of any shares is the amount by which the Board'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. 

4

 

	6.4
	If
the Board 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 or purchasing 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, and

	6.4.2
	the
Company shall either issue or procure the transfer to him (or his nominee) of the shares so acquired.

	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 Board
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 840 of the Taxes Act 1988) as a result of making a general offer to
acquire shares in the Company, or having obtained such control makes such an offer, the Board shall within 14 days of becoming aware thereof notify every Participant thereof and, subject to
sub-rules 5.3, 5.4 and 5.6 above, any option may be exercised within one month (or such longer period as the Board 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 Board shall forthwith
notify every Participant thereof and, subject to sub-rules 5.3, 5.4 and 5.6 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.

	7.4
	If
any company ("the acquiring company"):

	7.4.1
	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

	7.4.2
	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

	7.4.3
	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 15(2) of Schedule 9 to the Taxes Act 1988), 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 

5

 

option")
which (for the purposes of that paragraph) is equivalent to the old option but relates to shares in a different company.  

	7.5
	The
new option shall not be regarded for the purposes of sub-rule 7.4 above as equivalent to the old option unless the conditions set out
in paragraph 15(3) of Schedule 9 to the Taxes Act 1988 are satisfied, but so that the provisions of this Plan shall for this purpose be construed as if:

	7.5.1
	the
new option were an option granted under this Plan at the same time as the old option;

	7.5.2
	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 Board" in sub-rule 5.6 above, the expression "the Company" were defined as "a company whose shares may be acquired by the exercise of options granted under this
Plan"; and

	7.5.3
	sub-rule 9.2
below were omitted.

	7.6
	For
options granted on or after 26 August 2008, in the event that:

	7.6.1
	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");

	7.6.2
	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

	7.6.3
	the
Board and the New Company agree that this Rule should apply 

then
an option granted under 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 7.4. 

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 Taxes Act 1988 or pays a special
dividend or repurchases its share capital, the Board 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 in respect of which any option may be exercised;

	8.2.2
	the
number of American Depositary Shares in respect of which any option may be exercised;

	8.2.3
	the
price at which shares may be acquired by the exercise of any option;

	8.2.4
	where
any such option has been exercised but no shares have been issued pursuant to such exercise, the number of shares which may be so transferred and
the price at which they may be purchased.

	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 if and to the extent that the Board 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 Board shall capitalise that sum (if any) and apply the same
in paying up that amount. 

6

 

9.     ALTERATIONS  

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

	9.2
	No
alteration to the disadvantage of any Participant shall be made under sub-rule 9.1 above unless:

	9.2.1
	the
Board shall have invited every relevant Participant to give an indication as to whether or not he approves the alteration, and

	9.2.2
	the
alteration is approved by a majority of those Participants who have given such an indication.

	9.3
	No
alteration which solely relates to a special term subject to which an option has been granted shall be made under sub-rule 9.1 above
unless:

	9.3.1
	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

	9.3.2
	the
Board shall act fairly and reasonably in making the alteration.

	9.4
	For
the purposes of this Rule a special term means a term specified by the Board as mentioned in sub-rule 3.1 above. 

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
	Where
an option is granted under the Plan to a person who is not chargeable to tax under Case I of Schedule E in respect of the office or employment
by virtue of which it is granted to him, the provisions of the Plan shall apply thereto subject to such alterations as the Board shall before the grant thereof have determined having regard to any
securities, exchange control or taxation laws or regulations or similar factors which may have application to him or to any Participating Company in relation to the option.

	10.4
	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. 

CLIFFORD CHANCE LLP

10 Upper Bank Street

London E14 5JJ

7

QuickLinks

Exhibit 4.9

CONTENTS

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