Paragraph 3

(1)

For the purposes of paragraphs 1 and 2, “confidential information” means specified information to which sub-paragraph (3) applies and in relation to which it is an initial term of the contract that it should not be disclosed.

(2)

For the purposes of sub-paragraph (1)—

(a)

a term is an initial term if it is agreed at the time the investment contract is entered into or, in relation to a varied investment contract, at the time the variation is agreed;

(b)

“specified” means specified in the initial term.

(3)

This sub-paragraph applies to information if it is—

(a)

not the strike price or the reference price;

(b)

information which, in the opinion of the Secretary of State at the time the initial term is agreed, constitutes a trade secret;

(c)

information the disclosure of which, in the opinion of the Secretary of State at that time, would or would be likely to prejudice the commercial interests of any person;

(d)

information the disclosure of which would, in the opinion of the Secretary of State at that time, constitute a breach of confidence actionable by any person.