To: EL KABONG!!! who wrote (1 ) 6/29/2001 6:18:48 PM From: EL KABONG!!! Read Replies (1) | Respond to of 5 This is why I subscribe to (and recommend) Value Line... Other companies, such as MorningStar, S&P, and Moody's (just to name 3), are also very good...valueline.com Published June 29, 2001 To All Subscribers of The Value Line Investment Survey There has been news recently about potential conflicts of interest between security analysts and the customers of the firms they work for. Many of the possible conflicts involve investment banking, in which firms often make large profits from selling new issues of stocks or bonds, and in which a security analyst may be asked to provide a more favorable opinion about a stock or bond than he/she otherwise would have. We want all of our subscribers to know that Value Line is not an investment bank. Our analysts’ compensation is not based on commissions or fees paid to Value Line because of their recommendations. Our goal is to provide you with the most accurate information and independent advice anywhere. We are occasionally asked if our analysts can own stock in the companies they recommend. The answer is yes. Our analysts, like those at most investment advisory organizations, can own stock. But here there are many limitations that apply to analysts and all other employees, as well. They must inform Value Line in advance and request authorization before making any trades in their own accounts, those of their immediate families, or accounts in which they have a beneficial interest.They are prohibited from trading in stocks that are being bought or sold by our own mutual funds or other Value Line-managed accounts.They are also prohibited from trading in stocks in which a Timeliness Rank is about to change. No employee may act on any Value Line information until after subscribers have been given that information. We are proud of our record of independence, and I want to assure you that we will continue to provide the most objective and unbiased investment advice available. Jean B. Buttner Chairman and CEO