3.—(1) Subject to paragraph (2), section 10 of the Act shall not apply before 30th July 2003 to a sponsorship agreement which was in existence on 11th July 2001, including any agreement renewed since that date:
Provided that in the case of an agreement renewed since 11th July 2001, the amount spent on sponsorship pursuant to the agreement in any 12 month period does not exceed the amount spent in the 12 months ending on 11th July 2001.
(2) Section 10 of the Act shall not apply before 31st July 2005 to a sponsorship agreement which was in existence on 11th July 2001, including any agreement renewed since that date, which relates to an exceptional global event:
Provided that–
(a)the amount spent on sponsorship pursuant to the agreement in the 12 months ending on 11th July 2001 was to the value of at least £2.5 million; and
(b)after 29th July 2003,
(i)the amount spent on sponsorship pursuant to the agreement decreases at an annual rate of not less than 20 per cent compared to the previous year; and
(ii)the total area of visible advertisements at any part of the exceptional global event taking place within the United Kingdom is reduced each year by not less than 20 per cent compared to the previous year.