Paragraph 4

This paragraph has effect for the purposes of this Schedule.

“Transfer”, in relation to a security, means transfer by wayof sale, exchange, gift or otherwise.

But (notwithstanding sub-paragraph (2) above) “transfer”does not include a transfer made ona conversion of a security into sharecapital in a company.

Where an agreement for the transfer of a security is made, it istransferred, and the person to whom it is agreed to be transferred becomesentitled to it, when the agreement is made and not on a later transfer madepursuant to the agreement; and “entitled”, “transfer” and cognateexpressions shall be construed accordingly.

A person holds a security at a particular time if he is entitled to it atthe time.

A person acquires a security when he becomes entitled to it; and “acquisition” shall be construed accordingly.

If an agreement is conditional (whether on the exercise of an option orotherwise) for the purposes of sub-paragraph (3) above it is made when thecondition is exercised.