The number, description and amount of the shares inF2. . . the company held by or on behalf of its subsidiary undertakings shall be disclosed.

Sub‐paragraph (1) does not apply in relation to sharesF2. . . in the case of which the subsidiary undertaking is concerned as personal representative or, subject as follows, as trustee.

The exception for sharesF2. . . in relation to which the subsidiary undertaking is concerned as trustee does not apply if the company, or any subsidiary undertaking of the company, is beneficially interested under the trust, otherwise than by way of security only for the purposes of a transaction entered into by it in the ordinary course of a business which includes the lending of money.

Schedule 2 has effect for the interpretation of the reference in sub‐paragraph (3) to a beneficial interest under a trust.