Conflict of Interest Policy

We will always tell you if we have a personal or professional interest in any of the companies we write about.

This is Equitylink Ltd's internal procedures to avoid potential conflicts of interest:  

TRADING OR CONFLICT OF INTEREST RULES AND POLICY
Disclosure of shareholdings or the holding of interests in companies discussed

Any writer or contributor to any article published by Equitylink must disclose clearly any shareholding or interest in shares held in the investment concerned. Each month the writer must confirm to the firm the list of relevant
shareholdings. 

No writer or contributor to an article published by this company will have previously bought shares or interest in securities in the seven days leading up to publication of the recommendation. Any shareholding is disclosed in each report.

No writer or contributor to an article published by this company will have sold either shares or interest in securities in the seven days following the publication of the recommendation.

All shares and interests in securities mentioned are also restricted by a minimum holding period.

No writer or contributor to an article published by this company will buy an investment or interest in one that contradicts sell advice published in that article within one month of the publication of that article or before disseminating to the likely recipients of the early article the change of mind concerned.

Formal disclosures
This website identifies the author of the recommendations and give his job title and mentions the fact that the company is regulated by the Financial Services Authority.  We do not provide investment banking services in relation to our research recommendations.

Ban on false or misleading signals
No article published by this company will give false or misleading signals about any matter discussed there where the person who wrote or contributed to the article knew or ought to have known, that the information was false or
misleading.

Dissemination of unpublished recommendations
Any draft or unpublished recommendations must not be shown to anyone except the company discussed or its advisers. Such material may only be shown to such people for the purposes of verifying factual matters.

Remuneration or inducements
No writer or contributor will be remunerated on the basis of any particular recommendation or recommendations. He/she will not receive any payments or benefits in kind of any value exceeding £20 a year from any company whom it
discusses in any publication of the company.

Filed30.6.06