Date

Company

Recommendation

Target price (PLN)

Share price on the recommendation date (PLN)

22 March 2012

Raiffeisen CENTROBANK

Buy

16,20

13,85

21 March 2012

Deutsche Bank

Buy

16,40

13,99

16 March 2012

UBS

Buy

17,00

14,30

13 March 2012

IPOPEMA

Sell

12,80

13,65

13 February 2012

KBC Securities

Buy

16,30

13,95

27 January 2012

ING

Buy

17,00

13,15

18 January 2012

IPOPEMA

Hold

15,10

13,10

1 January 2012

IDMSA

Hold

14,50

13,50

11 January 2012

Raiffeisen CENTROBANK

Hold

14,60

12,80

9 January 2012

BDM

Accumulate

13,44

12,60

13 December 2011

DM Banku Handlowego

Buy

17,10

13,52

29 November 2011

UniCredit

Buy

16,30

12,90

22 November 2011

Trigon DM

Hold

14,00

12,94

19 October 2011

Deutsche Bank

Buy

18,50

15,35

13 October 2011

DI BRE

Hold

14,80

15,35

13 October 2011

IDMSA

Hold

15,20

15,15

3 October 2011

DM Banku Handlowego

Buy

19,10

14,94

3 October 2011

Raiffeisen CENTROBANK

Hold

16,60

14,94

14 September 2011

ERSTE GROUP

Buy

19,00

14,70

12 September 2011

IPOPEMA

Hold

16,30

14,00

2 August 2011

DM Banku Handlowego

Hold

19,10

15,99

26 July 2011

Raiffeisen CENTROBANK

Buy

18,80

16,29

28 June 2011

UniCredit

Buy

18,90

16,00

20 June 2011

UBS

Buy

18,40

15,89

20 June 2011

IDMSA

Buy

19,00

16,20

24 May 2011

Deutsche Bank

Buy

20,00

16,90

18 May 2011

Trigon DM

Buy

19,00

16,25

16 May 2011

IDMSA

Hold

19,00

16,89

18 March 2011

Raiffeisen CENTROBANK

Buy

18,50

15,50

14 March 2011

Trigon DM

Buy

18,60

15,60

7 February 2011

KBC Securities

Hold

16,10

15,30

25 January 2011

IDMSA

Hold

17,90

16,20

18 January 2011

UBS

Neutral

17,30

15,85

18 January 2011

Deuche Bank

Buy

19,00

15,30

17 January 2011

UniCredit

Buy

16,90

15,01

14 January 2011

IPOPEMA

Buy

18,40

15,50

January 2011

ING

Buy

19,00

15,25

23 December 2010

Credit Suisse

Neutral

16,00

16,97

20 December 2010

Raiffeisen

Hold

19,00

17,00

19 December 2010

IDMSA

Hold

17,90

17,00

17 December 2010

DI BRE

Hold

15,30

17,30

17 December 2010

ERSTE GROUP

Accumulate

19,00

17,00

15 December 2010

UBS

Neutral

16,90

16,36

8 December 2010

Deutsche Bank

Buy

19,00

15,90

2 December 2010

IPOPEMA

Buy

18,10

15,30

30 November 2010

KBC Securities

Buy

17,00

15,10

18 November 2010

ERSTE GROUP

Accumulate

18,00

14,88

14 September 2010

DI BRE

Hold

15,30

14,92

7 September 2010

Raiffeisen

Buy

17,00

14,60

2 September 2010

KBC Securities

Buy

16,70

14,55

29 July 2010

BDM

Reduce

13,45

14,79

21 July 2010

IDMSA

Hold

15,00

14,50

19 July 2010

ING

Buy

16,23

14,25

7 July 2010

Raiffeisen

Buy

17,00

14,51

5 July 2010

Espirito Santo

Hold

15,90

14,50

28 May 2010

UniCredit

Buy

17,60

15,10

10 May 2010

KBC Securities

Buy

18,00

14,25

20 April 2010

IDMSA

Buy

16,60

15,00

29 March 2010

DM Banku Handlowego

Sell

14,40

15,70

29 March 2010

Raiffeisen

Buy

18,20

15,70

25 March 2010

DI BRE

Accumulate

16,60

15,63

5 February 2010

UBS

Sell

12,00

14,30

26 January 2010

IPOPEMA

Hold

15,30

15,10

12 January 2010

UniCredit

Buy

18,10

14,96

8 January 2010

Deutsche Bank

Buy

17,00

14,40

7 January 2010

IDMSA

Hold

14,50

14,40

7 January 2010

DM Banku Handlowego

Buy

16,50

14,07

18 December 2009

Raiffeisen

Buy

15,30

13,10

4 December 2009

UniCredit

Buy

17,10

13,50

24 November 2009

BDM

Reduce

12,60

14,00

23 November 2009

ERSTE GROUP

Accumulate

16,00

14,20

23 November 2009

IPOPEMA

Sell

13,10

14,30

12 November 2009

DM PKO BP

Reduce

13,50

14,19

10 November 2009

UBS

Sell

14,00

14,06

21 October 2009

IDMSA

Hold

14,50

14,44

12 October 2009

KBC Securities

Hold

13,40

14,40

12 October 2009

IDMSA

Hold

16,20

14,40

28 September 2009

Deutsche Bank

Hold

16,80

15,20

14 September 2009

UniCredit

Hold

15,70

14,98

9 September 2009

DM Banku Handlowego

Sell

13,80

15,90

26 August 2009

UniCredit

Sell

15,70

16,50

10 August 2009

UBS

Sell

14,00

17,00

10 August 2009

Deutsche Bank

Buy

19,00

17,00

27 July 2009

DM PKO BP

Sell

14,66

18,10

22 July 2009

DM Millennium

Reduce

15,90

18,00

22 July 2009

IDMSA

Sell

16,20

17,65

17 July 2009

IPOPEMA

Sell

16,30

17,30

14 July 2009

Raiffeisen

Hold

16,50

16,05

7 July 2009

BDM

Reduce

14,70

16,30

29 May 2009

DI BRE

Hold

14,55

14,25

21 May 2009

DM BZ WBK

Hold

16,70

14,42

21 May 2009

DM PKO BP

Accumulate

15,81

15,00

18 May 2009

UniCredit

Hold

16,00

14,94

14 May 2009

IPOPEMA

Hold

16,30

14,11

11 May 2009

IPOPEMA

Hold

18,10

14,13

7 May 2009

UniCredit

Buy

16,00

13,80

24 April 2009

IDMSA

Hold

15,80

14,05

9 April 2009

ERSTE GROUP

Accumulate

16,60

14,00

27 March 2009

BDM

Accumulate

14,50

13,25

26 March 2009

DI BRE

Buy

15,90

13,80

20 March 2009

DM Banku Handlowego

Buy

16,60

13,94

13 March 2009

IDMSA

Hold

15,80

13,41

17 February 2009

IPOPEMA

Buy

18,10

14,90

17 February 2009

KBC Securities

Hold

16,17

14,90

9 February 2009

UniCredit

Hold

16,00

15,29

6 February 2009

UBS

Neutral

15,00

14,25

25 January 2009

IDMSA

Buy

16,60

14,20

12 January 2009

UniCredit

Buy

16,00

14,00

28 November 2008

KBC Securities

Buy

16,72

14,00

26 November 2008

DI BRE

Accumulate

15,80

14,00

5 November 2008

UniCredit

Buy

16,00

13,90

22 October 2008

IDMSA

Buy

15,60

12,70

12 September 2008

DI BRE

Buy

16,70

14,30

28 July 2008

IPOPEMA

Buy

15,78

14,15

19 July 2008

IDMSA

Buy

18,30

13,90

19 July 2008

UBS

Neutral

16,00

14,00

17 July 2008

UniCredit

Buy

17,00

14,30

13 July 2008

UniCredit

Buy

16,90

13,70

13 July 2008

IDMSA

Buy

18,00

13,70

10 July 2008

Espirito Santo

Buy

16,00

13,50

10 July 2008

IDMSA

Buy

18,00

13,39