8.5 DISCLOSURE BY EXEMPT PRINCIPAL TRADERS

(a) An exempt principal trader connected with a Bidder which does not have recognised intermediary status or which does have recognised intermediary status but which holds any interest or short position in, or right to subscribe for, any relevant securities of the Target or any securities exchange Bidder in a proprietary capacity must make a public Opening Position Disclosure:
(i) after the announcement that first identifies the Bidder with which it is connected as a Bidder; and
(ii) after the announcement that first identifies a competing securities exchange Bidder.
(b) An exempt principal trader connected with the Target which does not have recognised intermediary status or which does have recognised intermediary status but which holds any interest or short position in, or right to subscribe for, any relevant securities of the Target or any securities exchange Bidder in a proprietary capacity must make a public Opening Position Disclosure:
(i) after the commencement of the offer period; and
(ii) if later, after the announcement that first identifies any securities exchange Bidder.
(c) An exempt principal trader connected with a party to the offer must make a public Dealing Disclosure if it deals in any relevant securities of the Target or any securities exchange Bidder during an offer period, stating the following details:
(i) if the exempt principal trader does not have recognised intermediary status, or if it does but it is dealing in a proprietary capacity, the details required under Paragraph 8.8 below; and
(ii) if the exempt principal trader has recognised intermediary status and is dealing in a client-serving capacity, the details required under Paragraph 8.8 below.