Sch 11 para 2
(1) For the purposes of this Schedule, an offer of securities is an “ exempt offer ” if, to the extent that the offer is made to persons in the United Kingdom— (a) the condition specified in any of paragraphs 3 to 24A is satisfied in relation to the offer; or (b) the condition specified in one relevant paragraph is satisfied in relation to part, but not the whole, of the offer and, in relation to each other part of the offer, the condition specified in a different relevant paragraph is satisfied. (2) The relevant paragraphs are 3 to 8, 12 to 18 and 21.