References to consensus forecasts relating to another party to the offer

1. Except with the consent of the Panel, if, during the offer period (or in an announcement which commences an offer period), a party to the offer (“party A”) wishes to refer to investment analysts’ forecasts relating to any other party to the offer (“party B”), party A must refer to either:

   1. a consensus forecast (see Rule 28.7(c)) published on party B’s website in accordance with the requirements of Rule 28.7; or

   2. if no such consensus forecast has been published on party B’s website, a consensus forecast compiled by party A in accordance with the requirements of Rule 28.7.

2. Where party A has referred to a consensus forecast relating to party B, any subsequent reference to that consensus forecast by party B will not be subject to Rule 28.1(a), provided that party B does not endorse the consensus forecast.

3. Any document or announcement which includes a reference by party A to a consensus forecast relating to party B must make clear whether or not the reference is being made with the agreement or approval of party B. Where the consensus forecast is referred to in any document or announcement which is published by party A with the agreement or approval of party B, or at a time when the offer is a recommended offer, the consensus forecast will be treated as having been endorsed and published by party B and Rule 28.1(a) will therefore apply.