A subsidiary of the listed issuer is not a connected person if:
(1) it is directly or indirectly wholly-owned by the listed issuer; or
(2) it falls under the definition of connected person only because it is:
(a) a substantial shareholder of another subsidiary of the listed issuer; or
(b) an associate of a director (or a person who was in the past 12 months a director), a chief executive, a substantial shareholder or a supervisor of any subsidiary of the listed issuer.