(1) The financial promotion restriction does not apply to any communication which -

(a) is a non-real time communication or a solicited real time communication;

(b) is communicated by, or on behalf of, a body corporate ("A") that is an open-ended investment company;

(c) is communicated to persons whom the person making or directing the communication believes on reasonable grounds to be persons to whom paragraph (2) applies; and

(d) relates only to an investment falling within paragraph 15, 15A, 17 or 19 of Schedule 1 which is issued, or to be issued, by A.

(2) This paragraph applies to -

(a) a creditor or member of A;

(b) a person who is entitled to an investment falling within paragraph 15, 15A, 17 or 19 of Schedule 1 which is issued, or to be issued, by A;

(c) a person who is entitled, whether conditionally or unconditionally, to become a member of A but who has not yet done so;