Shoreline’s Fee-Based Independent Research Service will follow
the Ethics and Professional Standards, as laid out by the
FIRST Research Consortium (a Fee-Based Independent Research Association),
that has been developed in conjunction with the National Investor Relations Institute
and the Association for Investment Management and Research

For Utility News, Opinions, Research:

Code of Standards and Ethics

Consistent with these Standards, Shoreline’s Fee-Based Independent Research Service
will NOT include:

Investment ratings or opinions of any type (I.e. Buy, Sell or Hold).

Price Targets (except to the extent the client’s valuation may be included in a valuation table based on consensus financial targets and/or the client’s published financial goals or targets – and even then that valuation will be specifically excluded from being intended as a price target).

The Standards also require (this is not a full list):

Full disclosure of the name of the client (I.e. who is paying for the reports), and the amount of the payment

Advance cash payment (for each 12-months service is provided).
Shoreline as the sole decision-maker as to the entire content of each report.

The Standards also recommend:

Shoreline does not own, or trade in, the securities of any client company.  Shoreline, and its principles, will not own, or trade in, any securities in ANY utility companies.

Any independent research used by the client, or quoted by the client, must include all of the disclosures suggested by The Standards.

Though not explicitly stated, clients should consider filing such fee-based independent research as an 8-K, where appropriate.

Shoreline does not accept fee-based research assignments for advisory/consulting clients so as to avoid even the appearance of impropriety – these two types of client relationships will be different (and priced differently) and completely separate