---

Overview

spółki
LOTOS
BRE
PEKAO
CCC
AGORA
ORBIS
SYNTHOS
TVN
CERSANIT
Markowitz
Model Sharpe'a

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Sheet 1: spółki

	PKN ORLEN		LOTOS		BRE		PEKAO		CCC		AGORA		ORBIS		SYNTHOS		TVN		CERSANIT
DATA		Ri
3/31/2009	23.80		16.54		92.68		78.79		27.85		13.00		29.68		0.54		7.90		7.78
4/30/2009	26.58	11.68%	16.90	2.18%	133.11	43.62%	114.17	44.91%	34.15	22.61%	15.35	18.13%	37.00	24.66%	0.63	16.67%	9.01	13.98%	7.85	0.92%
2009-05-29-	29.00	9.10%	18.90	11.83%	129.76	-2.52%	102.28	-10.41%	34.91	2.24%	13.55	-11.72%	36.00	-2.70%	0.90	42.86%	10.03	11.34%	8.13	3.64%
6/30/2009	26.38	-9.03%	20.20	6.88%	150.94	16.33%	108.04	5.63%	37.52	7.46%	13.79	1.73%	37.60	4.44%	1.08	20.00%	9.82	-2.05%	8.11	-0.26%
7/31/2009	28.44	7.81%	23.18	14.75%	170.36	12.87%	137.38	27.16%	43.29	15.37%	18.09	31.21%	43.50	15.69%	1.19	10.19%	13.23	34.73%	8.88	9.50%
8/31/2009	29.20	2.67%	25.99	12.12%	220.68	29.53%	137.76	0.27%	44.25	2.22%	22.84	26.22%	49.99	14.92%	1.15	-3.36%	14.00	5.78%	11.77	32.53%
9/30/2009	29.75	1.88%	24.49	-5.77%	211.94	-3.96%	143.42	4.11%	46.17	4.35%	21.49	-5.91%	48.50	-2.98%	1.20	4.35%	13.87	-0.91%	11.49	-2.36%
10/30/2009	30.50	2.52%	26.60	8.62%	240.54	13.49%	148.42	3.49%	39.83	-13.74%	18.73	-12.84%	46.00	-5.15%	1.20	0.00%	14.21	2.47%	10.20	-11.24%
11/30/2009	31.10	1.97%	31.94	20.08%	203.02	-15.60%	166.06	11.89%	44.50	11.74%	22.00	17.49%	41.20	-10.43%	1.18	-1.67%	12.21	-14.07%	11.17	9.44%
12/31/2009	33.95	9.16%	31.80	-0.44%	229.50	13.04%	152.57	-8.12%	47.75	7.28%	21.95	-0.27%	44.36	7.67%	1.16	-1.69%	14.01	14.69%	11.74	5.11%
1/29/2010	33.75	-0.59%	28.05	-11.79%	228.09	-0.62%	161.35	5.75%	52.07	9.05%	20.34	-7.31%	36.20	-18.39%	1.26	8.62%	13.72	-2.03%	10.05	-14.41%
2/26/2010	32.74	-2.99%	27.30	-2.67%	204.08	-10.53%	148.51	-7.95%	51.58	-0.94%	23.32	14.66%	33.83	-6.55%	1.35	7.14%	14.92	8.71%	9.07	-9.73%
3/31/2010	38.80	18.51%	29.50	8.06%	229.42	12.41%	156.63	5.46%	54.52	5.71%	26.25	12.54%	39.80	17.65%	1.75	29.63%	17.65	18.27%	11.44	26.12%
4/30/2010	39.11	0.80%	33.00	11.86%	248.92	8.50%	159.27	1.69%	57.32	5.14%	25.62	-2.38%	40.24	1.11%	1.78	1.71%	18.62	5.50%	11.71	2.37%
5/31/2010	38.50	-1.56%	31.85	-3.48%	255.50	2.64%	161.70	1.53%	56.10	-2.14%	25.57	-0.19%	38.50	-4.32%	1.86	4.49%	17.33	-6.91%	10.11	-13.65%
6/30/2010	35.48	-7.84%	28.85	-9.42%	227.00	-11.15%	149.80	-7.36%	53.05	-5.43%	22.50	-12.01%	35.53	-7.71%	1.79	-3.76%	15.91	-8.17%	9.75	-3.53%
7/30/2010	39.05	10.06%	32.33	12.06%	257.90	13.61%	157.38	5.06%	55.02	3.70%	24.75	9.98%	37.60	5.83%	2.01	12.29%	17.76	11.60%	9.70	-0.51%
8/31/2010	38.89	-0.41%	29.81	-7.79%	254.00	-1.51%	147.59	-6.22%	53.98	-1.88%	24.95	0.81%	37.58	-0.05%	1.98	-1.49%	17.14	-3.48%	10.53	8.53%
9/30/2010	40.00	2.85%	31.20	4.66%	258.40	1.73%	165.16	11.91%	57.50	6.51%	28.20	13.03%	41.50	10.43%	2.24	13.13%	17.35	1.22%	10.55	0.19%
10/29/2010	40.21	0.53%	30.28	-2.95%	287.90	11.42%	178.89	8.31%	61.90	7.65%	27.99	-0.74%	41.50	0.00%	2.57	14.73%	17.91	3.22%	11.40	8.06%
11/30/2010	43.20	7.44%	31.25	3.20%	280.00	-2.74%	174.76	-2.31%	62.00	0.16%	27.00	-3.54%	38.60	-6.99%	2.85	10.89%	16.16	-9.75%	11.00	-3.51%
12/31/2010	45.80	6.02%	36.35	16.32%	304.00	8.57%	171.88	-1.65%	68.00	9.68%	26.10	-3.33%	41.00	6.22%	3.07	7.72%	17.06	5.56%	10.75	-2.27%
1/31/2011	47.70	4.15%	41.25	13.48%	304.00	0.00%	164.20	-4.47%	64.00	-5.88%	24.00	-8.05%	36.10	-11.95%	3.96	28.99%	16.61	-2.63%	11.20	4.19%
2/28/2011	45.60	-4.40%	40.27	-2.38%	310.80	2.24%	157.86	-3.86%	59.90	-6.41%	26.88	12.00%	36.60	1.39%	4.23	6.82%	17.26	3.90%	12.30	9.82%
3/31/2011	52.65	15.46%	44.15	9.63%	343.60	10.55%	163.43	3.53%	59.50	-0.67%	26.19	-2.57%	39.90	9.02%	4.01	-5.20%	18.10	4.86%	11.90	-3.25%
4/29/2011	55.30	5.03%	47.51	7.61%	346.00	0.70%	167.08	2.23%	59.00	-0.84%	25.50	-2.63%	40.40	1.25%	4.50	12.22%	17.58	-2.86%	12.27	3.11%
5/31/2011	54.00	-2.35%	46.70	-1.70%	341.50	-1.30%	169.70	1.57%	56.95	-3.47%	20.30	-20.39%	38.50	-4.70%	5.40	20.00%	16.94	-3.64%	11.02	-10.19%
6/30/2011	52.65	-2.50%	46.50	-0.43%	338.90	-0.76%	168.00	-1.00%	59.65	4.74%	20.89	2.91%	37.37	-2.94%	5.25	-2.78%	17.30	2.13%	10.73	-2.63%

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Sheet 2: LOTOS

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	10.6	17.25	10.45	16.54	13678197
4/30/2009	16.69	18.12	15.35	16.90	11062120
5/29/2009	17.05	19.67	16.11	18.90	10352842
6/30/2009	19.55	24.42	19.11	20.20	10891206
7/31/2009	20.4	23.8	18.31	23.18	8569177
8/31/2009	23.5	26.33	21.8	25.99	6539537
9/30/2009	25.97	26	22.99	24.49	4311923
10/30/2009	24.3	28.98	23.6	26.60	5419999
11/30/2009	26.6	32.46	26.01	31.94	4953544
12/31/2009	32.1	32.8	30.3	31.80	4726287
1/29/2010	31.81	33.5	27.5	28.05	6544613
2/26/2010	28	28.73	25.05	27.30	5218001
3/31/2010	27.5	30.6	27.12	29.50	6474168
4/30/2010	29.99	33.47	29.8	33.00	6171108
5/31/2010	33.35	33.45	28	31.85	7121380
6/30/2010	31.45	32.5	28.85	28.85	2420006
7/30/2010	28.8	32.55	28.35	32.33	3240804
8/31/2010	32.49	34.9	28.88	29.81	4079725
9/30/2010	29.9	32.06	29.61	31.20	3104486
10/29/2010	31.2	31.5	30.02	30.28	3000947
11/30/2010	30.54	33.29	30.28	31.25	4470147
12/31/2010	31.8	37.85	31.5	36.35	7473911
1/31/2011	36.2	42.69	35.01	41.25	7013510
2/28/2011	41.49	43.15	39.12	40.27	6078164
3/31/2011	40.25	44.3	40.09	44.15	7215507
4/29/2011	44.15	49.5	44	47.51	5993408
5/31/2011	47.7	48	43.1	46.70	9749450
6/30/2011	46.73	46.87	46.11	46.50	660300

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Sheet 3: BRE

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	83.3717	114.134	81.0325	92.68	1550683
4/30/2009	94.4496	133.112	87.9176	133.11	2113817
5/29/2009	137.967	148.913	126.668	129.76	1223261
6/30/2009	132.406	172.128	132.406	150.94	1136490
7/31/2009	150.855	172.128	128.434	170.36	1564132
8/31/2009	169.48	255.985	167.714	220.68	1724621
9/30/2009	224.208	238.331	195.961	211.94	1282807
10/30/2009	218.823	259.074	216.263	240.54	840798
11/30/2009	239.743	242.48	195.961	203.02	1599627
12/31/2009	203.023	231.181	203.023	229.50	1188177
1/29/2010	229.415	261.281	225.973	228.09	1181001
2/26/2010	227.738	229.504	194.284	204.08	1155157
3/31/2010	202.14	236.565	194.284	229.42	1184641
4/30/2010	229.857	260.398	229.504	248.92	1163733
5/31/2010	251.13	255.5	214	255.50	1690771
6/30/2010	255.4	255.4	220.2	227.00	834575
7/30/2010	222.4	264.9	221.1	257.90	653687
8/31/2010	260.5	268.3	240.5	254.00	897627
9/30/2010	250.1	268	250.1	258.40	753230
10/29/2010	257.8	287.9	255.1	287.90	749872
11/30/2010	286	315.9	278	280.00	663893
12/31/2010	286.1	313.9	282.5	304.00	777433
1/31/2011	307	309.7	282.3	304.00	787557
2/28/2011	304	340	300.7	310.80	1183227
3/31/2011	312.1	348	305	343.60	701709
4/29/2011	344.1	357.9	334.2	346.00	613717
5/31/2011	348	351.7	334	341.50	651347
6/30/2011	344	349	336	338.90	65870

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Sheet 4: PEKAO

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	72.6525	92.8442	70.2936	78.79	18200603
4/30/2009	80.0593	115.7725	75.4831	114.17	18520822
5/29/2009	116.7155	121.6223	102.2793	102.28	12964687
6/30/2009	105.2051	116.3381	105.2051	108.04	9983893
7/31/2009	108.13	144.833	96.5237	137.38	15173166
8/31/2009	137.9453	150.0231	119.9236	137.76	14393959
9/30/2009	139.5498	149.4566	128.7933	143.42	12177211
10/30/2009	145.2104	165.1189	137.7571	148.42	14408525
11/30/2009	148.1353	176.1588	143.6068	166.06	11901648
12/31/2009	167.8556	172.1018	150.6828	152.57	11963671
1/29/2010	153.7968	169.8366	153.1362	161.35	11815980
2/26/2010	159.4584	160.9679	138.7	148.51	9676751
3/31/2010	149.0792	163.5154	146.2484	156.63	10230434
4/30/2010	158.4204	169.8366	153.3254	159.27	11790465
5/31/2010	161.3481	161.7994	145.6675	161.70	14635889
6/30/2010	159.5909	163.7199	147.0118	149.80	9450492
7/30/2010	148.3561	162.9517	146.5317	157.38	11340837
8/31/2010	159.8789	165.4483	145.9556	147.59	10907332
9/30/2010	147.876	166.3125	146.3396	165.16	13364070
10/29/2010	162.3756	182.4444	162.3756	178.89	9828705
11/30/2010	178.6035	189.3581	168.0409	174.76	9703217
12/31/2010	177.5473	182.3484	171.8819	171.88	7576341
1/31/2011	173.1302	177.1632	149.7965	164.20	11151851
2/28/2011	164.2	167.9449	152.2931	157.86	11234155
3/31/2011	157.8625	167.9449	155.2698	163.43	11975793
4/29/2011	163.9119	173.0342	162.9517	167.08	8231490
5/31/2011	168.04	170.15	161.9	169.70	8228042
6/30/2011	169.9	170	165.7	168.00	694841

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Sheet 5: CCC

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	35.1113	35.1113	26.4563	27.85	213622
4/30/2009	27.8513	34.1486	27.3798	34.15	964881
5/29/2009	34.2468	37.9505	33.4805	34.91	806789
6/30/2009	34.9148	40.3967	34.9148	37.52	1784922
7/31/2009	37.0369	45.1909	36.5555	43.29	1246111
8/31/2009	42.8036	44.7291	40.0136	44.25	940558
9/30/2009	44.6309	47.1655	41.0353	46.17	1826919
10/30/2009	46.1733	46.9592	38.8543	39.83	403174
11/30/2009	38.7069	44.6014	37.8228	44.50	2640113
12/31/2009	44.7782	51.0362	44.2084	47.75	580156
1/29/2010	47.3522	54.0325	47.1557	52.07	370928
2/26/2010	52.0677	54.8676	50.2011	51.58	429849
3/31/2010	51.5765	58.9446	51.5765	54.52	646516
4/30/2010	56.9307	57.471	54.1308	57.32	179649
5/31/2010	55.9974	57.2745	50.6923	56.10	64087
6/30/2010	56.0956	56.0956	51.2818	53.05	242002
7/30/2010	51.9695	56.5868	48.1479	55.02	1353019
8/31/2010	55.8991	55.8991	51.0853	53.98	88453
9/30/2010	52.9	59.7	52.66	57.50	351033
10/29/2010	57.6	62	55.05	61.90	232890
11/30/2010	61.9	65	60.5	62.00	179521
12/31/2010	61.6	70.1	61	68.00	433687
1/31/2011	68	68	61.8	64.00	265861
2/28/2011	63.25	64.5	58.05	59.90	171890
3/31/2011	59.8	61	53	59.50	318805
4/29/2011	58.55	62	57.5	59.00	408793
5/31/2011	58.9	61.2	56	56.95	353970
6/30/2011	56.5	61	56	59.65	72154

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Sheet 6: AGORA

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	10.81	13.64	10.51	13.00	6206628
4/30/2009	13.25	16.04	13.02	15.35	5010403
5/29/2009	15.45	16.57	12.76	13.55	3421012
6/30/2009	13.56	16.63	13.54	13.79	4892300
7/31/2009	13.80	19.07	13.01	18.09	3193396
8/31/2009	18.09	25.38	17.80	22.84	3751027
9/30/2009	22.93	24.40	20.34	21.49	3134710
10/30/2009	21.12	22.64	18.58	18.73	3257201
11/30/2009	18.30	22.10	18.09	22.00	3482905
12/31/2009	22.00	22.59	20.08	21.95	1642221
1/29/2010	21.96	22.40	20.14	20.34	1832584
2/26/2010	20.34	24.35	19.95	23.32	3755194
3/31/2010	23.42	26.50	22.60	26.25	3585652
4/30/2010	26.30	26.69	23.62	25.62	1147492
5/31/2010	25.61	25.92	22.49	25.57	1539972
6/30/2010	25.43	25.82	22.05	22.50	763637
7/30/2010	22.96	24.80	22.01	24.75	1109336
8/31/2010	24.86	25.65	24.00	24.95	961414
9/30/2010	25.00	28.48	24.51	28.20	1471890
10/29/2010	27.36	28.50	26.32	27.99	1141138
11/30/2010	27.50	28.40	25.77	27.00	1346820
12/31/2010	27.28	28.00	26.00	26.10	996733
1/31/2011	26.50	26.60	24.00	24.00	719300
2/28/2011	24.74	27.00	24.36	26.88	2078308
3/31/2011	26.90	26.90	25.53	26.19	1655350
4/29/2011	26.53	27.10	25.18	25.50	656869
5/31/2011	25.50	25.62	20.00	20.30	1400681
6/30/2011	20.51	21.45	20.00	20.89	474324

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Sheet 7: ORBIS

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	25.5	31	25.5	29.68	996357
4/30/2009	29.79	38	28.5	37.00	573907
5/29/2009	37.3	45	33	36.00	1588112
6/30/2009	36.9	38.9	35	37.60	427830
7/31/2009	37.9	44	36.57	43.50	244109
8/31/2009	42.81	56.9	42.15	49.99	298404
9/30/2009	50.9	50.9	43.02	48.50	195859
10/30/2009	47.99	48.97	42.7	46.00	414783
11/30/2009	43.03	46.9	40.52	41.20	451736
12/31/2009	42.95	45.45	41	44.36	299760
1/29/2010	43.95	44.15	35.3	36.20	174927
2/26/2010	36.38	37.44	30.65	33.83	219054
3/31/2010	34	40.5	33.85	39.80	212375
4/30/2010	39	45	39	40.24	803600
5/31/2010	40.4	41.5	35.25	38.50	270211
6/30/2010	38.5	38.85	35.45	35.53	335220
7/30/2010	35.75	38.3	34.55	37.60	357896
8/31/2010	38	38.4	35.72	37.58	198097
9/30/2010	36.8	42.5	36.55	41.50	564552
10/29/2010	40.65	43	39.3	41.50	237243
11/30/2010	41.8	43	38.25	38.60	315235
12/31/2010	38.8	41.2	36.99	41.00	277516
1/31/2011	41	41	36.1	36.10	2175331
2/28/2011	36.53	37.5	36	36.60	226029
3/31/2011	36.6	41.98	36	39.90	2167938
4/29/2011	40.1	41.89	38.82	40.40	80393
5/31/2011	40.3	41	37.25	38.50	2627234
6/30/2011	38.25	38.3	37.37	37.37	181694

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Sheet 8: SYNTHOS

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	0.41	0.59	0.39	0.54	32624896
4/30/2009	0.56	0.69	0.52	0.63	40576978
5/29/2009	0.64	0.97	0.61	0.90	48417736
6/30/2009	0.92	1.11	0.84	1.08	40730817
7/31/2009	1.08	1.22	0.97	1.19	41301011
8/31/2009	1.21	1.21	1.04	1.15	19995746
9/30/2009	1.17	1.29	1.07	1.20	50251760
10/30/2009	1.19	1.27	1.12	1.20	15101768
11/30/2009	1.19	1.39	1.12	1.18	35253198
12/31/2009	1.18	1.21	1.1	1.16	13371209
1/29/2010	1.15	1.3	1.15	1.26	25904868
2/26/2010	1.26	1.35	1.21	1.35	27097203
3/31/2010	1.35	1.85	1.35	1.75	27236845
4/30/2010	1.76	1.8	1.61	1.78	20008045
5/31/2010	1.75	1.88	1.56	1.86	44441062
6/30/2010	1.87	1.99	1.77	1.79	16026234
7/30/2010	1.77	2.1	1.77	2.01	23278414
8/31/2010	2.05	2.14	1.85	1.98	20123808
9/30/2010	2.05	2.35	2.02	2.24	31359809
10/29/2010	2.3	2.6	2.29	2.57	12814315
11/30/2010	2.58	2.98	2.52	2.85	16446341
12/31/2010	2.86	3.19	2.86	3.07	19492350
1/31/2011	3.11	4.25	3.07	3.96	50521184
2/28/2011	4.02	4.41	4.02	4.23	18306236
3/31/2011	4.28	4.81	3.55	4.01	57571653
4/29/2011	3.99	4.5	3.94	4.50	35684461
5/31/2011	4.52	5.49	4.38	5.40	96343994
6/30/2011	5.38	5.4	5.18	5.25	4809827

---

Sheet 9: TVN

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	8.13	10.21	7.90	7.90	30667142
4/30/2009	8.00	9.70	7.52	9.01	25297164
5/29/2009	9.10	10.51	9.10	10.03	20940518
6/30/2009	10.44	12.50	9.66	9.82	19035283
7/31/2009	9.90	13.52	9.68	13.23	11719927
8/31/2009	13.13	15.82	12.04	14.00	12110230
9/30/2009	14.21	14.90	12.65	13.87	20039588
10/30/2009	13.87	15.19	13.66	14.21	16737298
11/30/2009	14.02	14.21	12.00	12.21	22411579
12/31/2009	12.43	14.15	12.27	14.01	14669761
1/29/2010	14.12	15.19	13.35	13.72	9720989
2/26/2010	13.53	15.19	12.74	14.92	14020383
3/31/2010	15.07	18.62	15.03	17.65	12254590
4/30/2010	17.92	19.05	16.76	18.62	14042551
5/31/2010	18.62	18.68	15.88	17.33	11495696
6/30/2010	17.31	17.68	15.74	15.91	9177482
7/30/2010	15.56	17.76	15.56	17.76	8549645
8/31/2010	17.81	18.86	16.46	17.14	5767950
9/30/2010	17.26	18.06	16.92	17.35	7605069
10/29/2010	17.12	19.31	17.01	17.91	8148691
11/30/2010	18.20	18.44	16.04	16.16	15397608
12/31/2010	16.56	17.18	16.22	17.06	8305948
1/31/2011	17.05	17.55	16.16	16.61	6467964
2/28/2011	16.76	17.26	15.96	17.26	12168548
3/31/2011	17.26	18.14	16.46	18.10	13238898
4/29/2011	18.09	18.49	17.00	17.58	6681945
5/31/2011	17.68	17.89	16.35	16.94	9509583
6/30/2011	17.09	17.42	16.93	17.30	874514

---

Sheet 10: CERSANIT

Data	Otwarcie	Najwyższy	Najniższy	Zamknięcie	Wolumen
3/31/2009	6.39	8.35	6.10	7.78	5291788
4/30/2009	7.83	8.40	7.14	7.85	5005524
5/29/2009	7.99	9.99	7.96	8.13	13041210
6/30/2009	8.38	9.45	7.54	8.11	4806596
7/31/2009	8.20	9.42	7.17	8.88	6207138
8/31/2009	9.02	13.70	8.38	11.77	11373027
9/30/2009	11.76	12.77	10.47	11.49	4756086
10/30/2009	11.73	12.48	10.17	10.20	4699489
11/30/2009	10.00	11.29	9.99	11.17	9623784
12/31/2009	11.19	11.89	10.67	11.74	5037293
1/29/2010	11.63	11.90	9.85	10.05	3154064
2/26/2010	10.05	10.36	8.79	9.07	3799556
3/31/2010	9.10	11.49	9.01	11.44	5245628
4/30/2010	11.49	11.73	10.63	11.71	3191939
5/31/2010	11.56	11.73	9.28	10.11	4892389
6/30/2010	10.20	10.20	9.50	9.75	1639493
7/30/2010	9.82	9.90	9.13	9.70	1626877
8/31/2010	9.71	10.84	9.71	10.53	1781966
9/30/2010	10.77	11.12	10.43	10.55	2985712
10/29/2010	10.55	12.01	10.53	11.40	2548224
11/30/2010	11.50	12.34	10.81	11.00	1889179
12/31/2010	11.00	11.45	10.41	10.75	2925673
1/31/2011	10.80	11.56	10.80	11.20	2483465
2/28/2011	11.15	12.95	11.15	12.30	2619438
3/31/2011	12.21	12.60	11.55	11.90	1858899
4/29/2011	11.98	12.70	11.70	12.27	1384034
5/31/2011	12.26	12.26	10.43	11.02	1037404
6/30/2011	10.92	11.63	10.70	10.73	209428

---

Sheet 11: Markowitz

DATA	PKN ORLEN	LOTOS	BRE	PEKAO	CCC	AGORA	ORBIS	SYNTHOS	TVN	CERSANIT
4/30/2009	11.68%	2.18%	43.62%	44.91%	22.61%	18.13%	24.66%	16.67%	13.98%	0.92%
5/29/2009	9.10%	11.83%	-2.52%	-10.41%	2.24%	-11.72%	-2.70%	42.86%	11.34%	3.64%
6/30/2009	-9.03%	6.88%	16.33%	5.63%	7.46%	1.73%	4.44%	20.00%	-2.05%	-0.26%
7/31/2009	7.81%	14.75%	12.87%	27.16%	15.37%	31.21%	15.69%	10.19%	34.73%	9.50%
8/31/2009	2.67%	12.12%	29.53%	0.27%	2.22%	26.22%	14.92%	-3.36%	5.78%	32.53%
9/30/2009	1.88%	-5.77%	-3.96%	4.11%	4.35%	-5.91%	-2.98%	4.35%	-0.91%	-2.36%
10/30/2009	2.52%	8.62%	13.49%	3.49%	-13.74%	-12.84%	-5.15%	0.00%	2.47%	-11.24%
11/30/2009	1.97%	20.08%	-15.60%	11.89%	11.74%	17.49%	-10.43%	-1.67%	-14.07%	9.44%
12/31/2009	9.16%	-0.44%	13.04%	-8.12%	7.28%	-0.27%	7.67%	-1.69%	14.69%	5.11%
1/29/2010	-0.59%	-11.79%	-0.62%	5.75%	9.05%	-7.31%	-18.39%	8.62%	-2.03%	-14.41%
2/26/2010	-2.99%	-2.67%	-10.53%	-7.95%	-0.94%	14.66%	-6.55%	7.14%	8.71%	-9.73%
3/31/2010	18.51%	8.06%	12.41%	5.46%	5.71%	12.54%	17.65%	29.63%	18.27%	26.12%
4/30/2010	0.80%	11.86%	8.50%	1.69%	5.14%	-2.38%	1.11%	1.71%	5.50%	2.37%
5/31/2010	-1.56%	-3.48%	2.64%	1.53%	-2.14%	-0.19%	-4.32%	4.49%	-6.91%	-13.65%
6/30/2010	-7.84%	-9.42%	-11.15%	-7.36%	-5.43%	-12.01%	-7.71%	-3.76%	-8.17%	-3.53%
7/30/2010	10.06%	12.06%	13.61%	5.06%	3.70%	9.98%	5.83%	12.29%	11.60%	-0.51%
8/31/2010	-0.41%	-7.79%	-1.51%	-6.22%	-1.88%	0.81%	-0.05%	-1.49%	-3.48%	8.53%
9/30/2010	2.85%	4.66%	1.73%	11.91%	6.51%	13.03%	10.43%	13.13%	1.22%	0.19%
10/29/2010	0.53%	-2.95%	11.42%	8.31%	7.65%	-0.74%	0.00%	14.73%	3.22%	8.06%
11/30/2010	7.44%	3.20%	-2.74%	-2.31%	0.16%	-3.54%	-6.99%	10.89%	-9.75%	-3.51%
12/31/2010	6.02%	16.32%	8.57%	-1.65%	9.68%	-3.33%	6.22%	7.72%	5.56%	-2.27%
1/31/2011	4.15%	13.48%	0.00%	-4.47%	-5.88%	-8.05%	-11.95%	28.99%	-2.63%	4.19%
2/28/2011	-4.40%	-2.38%	2.24%	-3.86%	-6.41%	12.00%	1.39%	6.82%	3.90%	9.82%
3/31/2011	15.46%	9.63%	10.55%	3.53%	-0.67%	-2.57%	9.02%	-5.20%	4.86%	-3.25%
4/29/2011	5.03%	7.61%	0.70%	2.23%	-0.84%	-2.63%	1.25%	12.22%	-2.86%	3.11%
5/31/2011	-2.35%	-1.70%	-1.30%	1.57%	-3.47%	-20.39%	-4.70%	20.00%	-3.64%	-10.19%
	PKN ORLEN	LOTOS	BRE	PEKAO	CCC	AGORA	ORBIS	SYNTHOS	TVN	CERSANIT	RAZEM
OCZEKIWANA STOPA ZWROTU	3.40%	4.42%	5.82%	3.54%	3.06%	2.46%	1.47%	9.82%	3.44%	1.87%
% UDZIAŁ AKCJI W PORTFELU	0%	0%	0%	0%	0%	0%	0%	100%	0%	0%	100%
					MACIERZ KORELACJI
		PKN ORLEN	LOTOS	BRE	PEKAO	CCC	AGORA	ORBIS	SYNTHOS	TVN	CERSANIT
	PKN ORLEN	1
	LOTOS	0.46009818539392	1
	BRE	0.401123746936039	0.228019512403665	1
	PEKAO	0.295486178967708	0.184792433724855	0.583655389076432	1
	CCC	0.311435452249082	0.197322555369522	0.413626655182206	0.702152706593605	1
	AGORA	0.215454444371859	0.320231560803976	0.375990470376475	0.508635292438334	0.526884737989935	1
	ORBIS	0.541616180271559	0.316915024126705	0.778950343454159	0.546501653356096	0.493284447123668	0.599612733044673	1
	SYNTHOS	0.268434341171585	0.210428523718326	0.067678525047986	0.070392040616332	0.110694742543114	-0.141503434894484	0.07020469809698	1
	TVN	0.529909757123975	0.273403772966422	0.528512522514765	0.36155717923941	0.414558771855767	0.495596539822431	0.679875377601827	0.233541143261751	1
	CERSANIT	0.326725230660068	0.384115003354849	0.339567913349254	0.07443791134854	0.213964719279754	0.575276255988097	0.542660655097146	0.099115931932824	0.340590376796727	1
					MACIERZ KOWARIANCJI
		PKN ORLEN	LOTOS	BRE	PEKAO	CCC	AGORA	ORBIS	SYNTHOS	TVN	CERSANIT
	PKN ORLEN	0.004192904	0.002482713	0.003139764	0.002122803	0.001471485	0.001689022	0.003376699	0.001978815	0.003350450	0.002192257
	LOTOS	0.002482713	0.007178210	0.002314080	0.001721251	0.001208794	0.003254855	0.002561717	0.002011219	0.002241266	0.003341625
	BRE	0.003139764	0.002314080	0.015127155	0.007886046	0.003675588	0.005543539	0.009133577	0.000938314	0.006284733	0.004285148
	PEKAO	0.002122803	0.001721251	0.007886046	0.012801436	0.005726690	0.006882886	0.005881342	0.000895725	0.003946049	0.000862159
	CCC	0.001471485	0.001208794	0.003675588	0.005726690	0.005559793	0.004689161	0.003491386	0.000926390	0.002975685	0.001629861
	AGORA	0.001689022	0.003254855	0.005543539	0.006882886	0.004689161	0.015333486	0.007041468	-0.001964833	0.005902298	0.007270712
	ORBIS	0.003376699	0.002561717	0.009133577	0.005881342	0.003491386	0.007041468	0.009626482	0.000775257	0.006439365	0.005454434
	SYNTHOS	0.001978815	0.002011219	0.000938314	0.000895725	0.000926390	-0.001964833	0.000775257	0.012971635	0.002615432	0.001177961
	TVN	0.003350450	0.002241266	0.006284733	0.003946049	0.002975685	0.005902298	0.006439365	0.002615432	0.009968452	0.003471796
	CERSANIT	0.002192257	0.003341625	0.004285148	0.000862159	0.001629861	0.007270712	0.005454434	0.001177961	0.003471796	0.011158586
												przed optym.
WARIANCJA Sp2	1.30%											WARIANCJA Sp2	0.41%
ODCHYLENIE STANDARDOWE Sp	11.39%											ODCHYLENIE STANDARDOWE Sp	6.40%
STOPA ZWROTU Rp	9.82%											STOPA ZWROTU Rp	3.77%
Sp	Rp
5.21%	3.82%
5.21%	4.02%
5.22%	4.22%
5.26%	4.42%
5.31%	4.62%
5.38%	4.82%
5.45%	5.02%
5.55%	5.22%
5.66%	5.42%
5.78%	5.62%
5.92%	5.82%
6.07%	6.02%
6.23%	6.22%
6.40%	6.42%
6.59%	6.62%
6.78%	6.82%
6.98%	7.02%
7.19%	7.22%
7.41%	7.42%
7.63%	7.62%
7.87%	7.82%
8.12%	8.02%
8.38%	8.22%
8.66%	8.42%
8.96%	8.62%
9.27%	8.82%
9.59%	9.02%
9.98%	9.22%
10.40%	9.42%
10.88%	9.62%
11.39%	9.82%

---

Sheet 12: Model Sharpe'a

DATA	PKN ORLEN	LOTOS	BRE	PEKAO	CCC	AGORA	ORBIS	SYNTHOS	TVN	CERSANIT	Rm
4/30/2009	11.68%	2.18%	43.62%	44.91%	22.61%	18.13%	24.66%	16.67%	13.98%	0.92%	18.96%
5/29/2009	9.10%	11.83%	-2.52%	-10.41%	2.24%	-11.72%	-2.70%	42.86%	11.34%	3.64%	0.21%
6/30/2009	-9.03%	6.88%	16.33%	5.63%	7.46%	1.73%	4.44%	20.00%	-2.05%	-0.26%	3.33%
7/31/2009	7.81%	14.75%	12.87%	27.16%	15.37%	31.21%	15.69%	10.19%	34.73%	9.50%	14.78%
8/31/2009	2.67%	12.12%	29.53%	0.27%	2.22%	26.22%	14.92%	-3.36%	5.78%	32.53%	3.52%
9/30/2009	1.88%	-5.77%	-3.96%	4.11%	4.35%	-5.91%	-2.98%	4.35%	-0.91%	-2.36%	-0.92%
10/30/2009	2.52%	8.62%	13.49%	3.49%	-13.74%	-12.84%	-5.15%	0.00%	2.47%	-11.24%	3.76%
11/30/2009	1.97%	20.08%	-15.60%	11.89%	11.74%	17.49%	-10.43%	-1.67%	-14.07%	9.44%	3.43%
12/31/2009	9.16%	-0.44%	13.04%	-8.12%	7.28%	-0.27%	7.67%	-1.69%	14.69%	5.11%	1.53%
1/29/2010	-0.59%	-11.79%	-0.62%	5.75%	9.05%	-7.31%	-18.39%	8.62%	-2.03%	-14.41%	-0.25%
2/26/2010	-2.99%	-2.67%	-10.53%	-7.95%	-0.94%	14.66%	-6.55%	7.14%	8.71%	-9.73%	-4.94%
3/31/2010	18.51%	8.06%	12.41%	5.46%	5.71%	12.54%	17.65%	29.63%	18.27%	26.12%	10.18%
4/30/2010	0.80%	11.86%	8.50%	1.69%	5.14%	-2.38%	1.11%	1.71%	5.50%	2.37%	2.08%
5/31/2010	-1.56%	-3.48%	2.64%	1.53%	-2.14%	-0.19%	-4.32%	4.49%	-6.91%	-13.65%	-4.46%
6/30/2010	-7.84%	-9.42%	-11.15%	-7.36%	-5.43%	-12.01%	-7.71%	-3.76%	-8.17%	-3.53%	-6.69%
7/30/2010	10.06%	12.06%	13.61%	5.06%	3.70%	9.98%	5.83%	12.29%	11.60%	-0.51%	8.97%
8/31/2010	-0.41%	-7.79%	-1.51%	-6.22%	-1.88%	0.81%	-0.05%	-1.49%	-3.48%	8.53%	-1.76%
9/30/2010	2.85%	4.66%	1.73%	11.91%	6.51%	13.03%	10.43%	13.13%	1.22%	0.19%	7.57%
10/29/2010	0.53%	-2.95%	11.42%	8.31%	7.65%	-0.74%	0.00%	14.73%	3.22%	8.06%	1.38%
11/30/2010	7.44%	3.20%	-2.74%	-2.31%	0.16%	-3.54%	-6.99%	10.89%	-9.75%	-3.51%	-1.50%
12/31/2010	6.02%	16.32%	8.57%	-1.65%	9.68%	-3.33%	6.22%	7.72%	5.56%	-2.27%	5.08%
1/31/2011	4.15%	13.48%	0.00%	-4.47%	-5.88%	-8.05%	-11.95%	28.99%	-2.63%	4.19%	-1.43%
2/28/2011	-4.40%	-2.38%	2.24%	-3.86%	-6.41%	12.00%	1.39%	6.82%	3.90%	9.82%	0.48%
3/31/2011	15.46%	9.63%	10.55%	3.53%	-0.67%	-2.57%	9.02%	-5.20%	4.86%	-3.25%	3.65%
4/29/2011	5.03%	7.61%	0.70%	2.23%	-0.84%	-2.63%	1.25%	12.22%	-2.86%	3.11%	3.41%
5/31/2011	-2.35%	-1.70%	-1.30%	1.57%	-3.47%	-20.39%	-4.70%	20.00%	-3.64%	-10.19%	-0.33%
	PKN ORLEN	LOTOS	BRE	PEKAO	CCC	AGORA	ORBIS	SYNTHOS	TVN	CERSANIT	Rm	RAZEM
OCZEKIWANA STOPA ZWROTU	3.40%	4.42%	5.82%	3.54%	3.06%	2.46%	1.47%	9.82%	3.44%	1.87%	2.69%	X
% UDZIAŁ AKCJI W PORTFELU	10%	10%	10%	10%	10%	10%	10%	10%	10%	10%	X	100%
wi2	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Beta	0.683225433842836	0.713817868364481	1.54197952482038	1.64499836410064	0.877198427624588	1.26406004997193	1.364443067451	0.402479796005722	1.14686133849322	0.640208575071007
Se	0.053985336175591	0.077456129125221	0.089976766996484	0.066568157620106	0.057789740154949	0.105066563761114	0.062739362856694	0.116136490574973	0.078817795537467	0.103242958562601
Sei2	0.002914416521992	0.005999451939063	0.00809581859914	0.004431319608935	0.003339654067176	0.011038982820568	0.003936227651664	0.013487684443071	0.006212244893386	0.010659108492759
Bp	1.02792724457458
Bp2	1.05663442013869
Sep2	0.000701149090378
SM2	0.003347879250495
Sp2	0.004238633540918
Sp	6.51%