7.2 DEALINGS BY CONNECTED DISCRETIONARY FUND MANAGERS AND PRINCIPAL TRADERS

(a) Discretionary fund managers and principal traders who, in either case, are connected with a Bidder or potential Bidder, will not normally be presumed to be acting in concert with that person until its identity as a Bidder or potential Bidder is publicly announced or, if prior to that, the time at which the connected party had actual knowledge of the possibility of an offer being made by a person with whom it is connected. Paragraphs 5, 6, 9, 11 and 36 will then be relevant to acquisitions of interests in Target securities and Paragraph 4.2 to sales of Target securities by such persons. Paragraph 4.6 will be relevant to securities borrowing and lending transactions.
(b) Similarly, discretionary fund managers and principal traders who, in either case, are connected with the Target, will not normally be presumed to be acting in concert with the Target until the commencement of the offer period or, if prior to that, the time at which the connected party had actual knowledge of the possibility of an offer being made for the Target and that it was connected with the Target. Paragraphs 4.4, 5 and 9 may then be relevant to acquisitions of interests in Target securities. Paragraph 4.6 will be relevant to securities borrowing and lending transactions.

(See also the definition of connected fund managers and principal traders.)
(c) An exempt fund manager or exempt principal trader which is connected for the sole reason that it is controlled by, controls or is under the same control as a connected adviser will not be presumed to be in concert even after the commencement of the offer period or the identity of the Bidder being publicly announced (as the case may be). (See Note 2 on the definitions of exempt fund manager and exempt principal trader.)