Challenge Rules

Terms & Conditions

(1) Challenge Summary

In order to be eligible for the Challenge, you must have started a Stockopedia fund before 5.30 pm on March 31st 2009. You can invest in any company listed on the London Stock Exchange or the Alternative Investment Market. For further details on how to trade, view the Trading Help page. The winner will be judged based on the greatest percentage (not absolute) increase in portfolio value between 5:30pm on March 31st 2009 and 5:30pm on December 31st 2009.

(2) Eligibility

Eligible funds must be registered for the challenge and comply with the rules below at the start time ñ 5:30pm on 31st March 2009. Entry is free-of-charge and not conditional upon any purchase.

(3) Compliance Rules

These Compliance Rules are intended to ensure that funds remain sufficiently diversified and invested in relatively liquid securities. Funds can only remain eligible for prizes if they have remained compliant with these Compliance Rules throughout the challenge period. These Compliance Rules are not enforced by technical measures, and it is your responsibility to ensure that your fund remains compliant at all times during the challenge period.

The Compliance Rules are as follows:

1. Funds must be at least 60% invested in equities (holding cash in a bear market doesn't tell us much about your stock picking ability!).
2. The largest single equity holding in a fund must be less than 25% of the value of the fund.
3. No single equity position greater than 15% of a fund size can be purchased or added to.
4. No fund may own more than 3% of a companyís market capitalisation (this is to discourage oversized speculation in illiquid securities).
5. You must have a minimum of 5 stocks and a maximum of 50 stocks in your portfolio.

(4) Trading Mechanisms

You should be aware of the following matters, which will or may affect the performance of funds in the challenge:

1. Funds may only be invested in any securities listed on the LSE or the AIM ñ including equities, ETFs and Closed-End Investment Trusts.
2. Dividends will be attributed to your investment portfolio on the payment date.
3. Beware frictional trading costs, as each trade costs the higher of 15 basis points.
4. We reserve the right to add and remove securities from our database at any time. Where we remove a security in which your fund is invested as a result of the de-listing of the security, any positions in that security will be closed out at the last traded value.
5. Because the prices accessible through the system are delayed (by approximately 15 minutes), in order to prevent arbitrage, execution will also be delayed (by approximately 20 minutes from time you issue a trade instruction through the system). Note that we may alter this during the course of the challenge.

(5) Gaming the Systems

Stockopedia reserves the right to disqualify competitors that are:

1. operating more than one fund in the challenge;
2. copying or mirroring other funds (whether real or virtual); or
3. otherwise gaming the system, or gaining or trying to gain an unfair advantage over other challenge entrants.

(6) Breaches of these terms and conditions

Subject to the following, breaches of these terms and conditions ñ including the Compliance Rules ñ will result in the disqualification of the challenge entrant. However, where in our opinion a breach of the Compliance Rules is accidental, then we may determine that the breach will not result in the disqualification of the challenge entrant, providing that if a fund breaches the Compliance Rules: (A) in 3 or more instances; or (B) on 3 or more days, during any calendar month during the challenge period, the challenge entrant will be automatically disqualified.

(7) Errors

If a disqualified entrant feels an error has been made regarding their performance or compliance calculations, the member must contact Stockopedia prior to the end of the calendar month in which the alleged error has occurred. We reserve the right to make the final judgment on questions of performance and/or compliance.

(8) Winners and prizes

The three best performing funds by absolute percentage gain in portfolio value between 5:30pm on the 31st March 2009 and 5:30pm on 31st December 2009 will be eligible for prizes (to be determined by Stockopedia). We will determine which funds are best performing, and no correspondence or discussion will be entered into. Prizes are not transferable and there will be no cash alternative. We reserve the right to substitute prizes of equal or greater value at any time. All taxes, duties, insurance and other expenses relating to a prize will be the sole responsibility of the prize winner.

(9) Allocation of prizes

We will notify winners of their prizes by email within one calendar month following the end of the challenge period. Claims for prizes must be made in writing (to the address or email address given below) within the period of 30 days following the date of issue of the winners notification. Failure to claim a prize within this time period may result in disqualification. Each prize will be provided within 6 months following receipt of a prize claim.

(10) Publicity

Challenge winners' names, photographs and details of their prizes may be published on our website. By entering the challenge, you agree to provide us with a photograph of you and all reasonable cooperation with obtaining media exposure in relation to the challenge.

(11) General terms

Subject to the express provisions of these terms and conditions, personal data collected in connection with a challenge will be used in accordance with our privacy policy. Nothing in these terms and conditions will exclude or limit our liability for death or personal injury as a result of our negligence or for any other liability which may not be excluded under applicable law. Subject to this we will not be liable in respect of any damage, loss or disappointment suffered by any entrant as a result of entering the challenge or as a result of accepting or enjoying any prize. We reserve the right to postpone the challenge start date and/or amend these terms and conditions. These terms and conditions will be governed by English law. Any disputes arising under or in relation to them will be subject to the exclusive jurisdiction of the English courts. All funds still active and compliant at the end of the 2009 will automatically rollover to the next yearís challenge. Entrants can continue to manage the same fund in each year's challenge.

(12) Contact details

The challenge is organised by Stockopedia Limited. You can contact us in relation to the challenge by writing to Stockopedia Limited, Office 404, 4th Floor, Albany House, 324/326 Regent Street, London, W1B 3HH, U.K or by emailing us to admin @ stockopedia.co.uk A hard copy of these terms and conditions may be obtained by sending a request, together with a stamped addressed envelope, to the above address.

See you on the other side. Happy Trading!