No. In fact, Ken suggests that's a very ineffective way these days because the engines ignore those kinds of pages with a bunch of outgoing links.
It's better to do a contextual link exchange. Say you have an article on your site about acne and you have a partner who wants to exchange links with you and their site is about acne. It's better to weave their link into the article than just adding them to a page with a bunch of links.
And of course you will suggest they do the same for you. The engines will have much more respect for both links because they are woven into a related article and it's not just listed on a page with 100 other random links.
So when someone contacts me I usually read over their site and suggest where my site will fit best and vice versa.
Hope that helps!
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