Sch 11 para 3
The securities are offered to persons— (a) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses, or (b) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses, or are otherwise offered to persons in the context of their trades, professions or occupations.