ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML xmlns:fo = "http://www.w3.org/1999/XSL/Format"><HEAD><TITLE></TITLE> <META http-equiv=Content-Type content="text/html; charset=UTF-16"> <META content="MSHTML 6.00.2900.3395" name=GENERATOR></HEAD> <BODY style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana"> <P> <TABLE id=Table1 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR> <TD colSpan=2> <TABLE id=Table12 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Summary</STRONG></TD></TR> <TR bgColor=lavender> <TD><STRONG>Advantage Aggressive2 - 2</STRONG></TD> <TD>WIG20 (WIG20)</TD></TR> <TR> <TD>Simulation Date 2008-09-05 12:05:27</TD> <TD>1169 Daily Bars 2004-01-02 Through 2008-09-01 (1704 Days)</TD></TR> <TR> <TD><STRONG>Points Only Test</STRONG></TD> <TD></TD></TR></TBODY></TABLE></TD></TR> <TR> <TD width="50%"> <DIV id=DIV1 style="WIDTH: 10px; HEIGHT: 8px"></DIV> <TABLE id=Table2 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Performance</STRONG></TD></TR> <TR bgColor=lavender> <TD>Profit</TD> <TD>1580.2984 Pts</TD></TR> <TR> <TD>Performance</TD> <TD>N/A</TD></TR> <TR> <TD>Annualized Performance</TD> <TD>N/A</TD></TR> <TR> <TD>Buy &amp; Hold Profit</TD> <TD>967.2575 Pts</TD></TR> <TR> <TD>Buy &amp; Hold Performance</TD> <TD>N/A</TD></TR> <TR> <TD>Buy &amp; Hold Annualized Performance</TD> <TD>N/A</TD></TR></TBODY></TABLE> <P> <TABLE id=Table4 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Trade Summary</STRONG></TD></TR> <TR> <TD>Total Trades</TD> <TD>137</TD></TR> <TR> <TD>Trade Efficiency</TD> <TD>4.02 %</TD></TR> <TR> <TD>Average Profit/Average Loss</TD> <TD>N/A</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table4 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Profitable Trades</STRONG></TD></TR> <TR> <TD>Total</TD> <TD>72</TD></TR> <TR> <TD>Long</TD> <TD>45</TD></TR> <TR> <TD>Short</TD> <TD>27</TD></TR> <TR> <TD style="HEIGHT: 9px"></TD> <TD style="HEIGHT: 9px"></TD></TR> <TR> <TD>Average Profit</TD> <TD>64.4978 Pts</TD></TR> <TR> <TD>Highest Profit</TD> <TD>232.1344 Pts</TD></TR> <TR> <TD>Lowest Profit</TD> <TD>2.6975 Pts</TD></TR> <TR> <TD>Most Consecutive</TD> <TD>10</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table9 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Unprofitable Trades</STRONG></TD></TR> <TR> <TD>Total</TD> <TD>65</TD></TR> <TR> <TD>Long</TD> <TD>32</TD></TR> <TR> <TD>Short</TD> <TD>33</TD></TR> <TR> <TD style="HEIGHT: 9px"></TD> <TD style="HEIGHT: 9px"></TD></TR> <TR> <TD>Average Loss</TD> <TD>-47.1314 Pts</TD></TR> <TR> <TD>Highest Loss</TD> <TD>-166.4224 Pts</TD></TR> <TR> <TD>Lowest Loss</TD> <TD>-0.0392 Pts</TD></TR> <TR> <TD>Most Consecutive</TD> <TD>5</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table10 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Maximum Position Excursions</STRONG></TD></TR> <TR> <TD>Long Favorable</TD> <TD>234.0843 Pts</TD></TR> <TR> <TD>Short Favorable</TD> <TD>212.0022 Pts</TD></TR> <TR> <TD>Long Adverse</TD> <TD>-183.5197 Pts</TD></TR> <TR> <TD>Short Adverse</TD> <TD>-140.1587 Pts</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table10 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Trade Efficiency</STRONG></TD></TR> <TR> <TD>Average Entry</TD> <TD>47.80 %</TD></TR> <TR> <TD>Average Exit</TD> <TD>56.23 %</TD></TR> <TR bgColor=lavender> <TD>Average Total</TD> <TD>4.02 %</TD></TR> <TR> <TD style="HEIGHT: 9px"></TD> <TD style="HEIGHT: 9px"></TD></TR> <TR> <TD>Average Long Entry</TD> <TD>49.87 %</TD></TR> <TR> <TD>Average Long Exit</TD> <TD>62.78 %</TD></TR> <TR> <TD>Average Long Total</TD> <TD>12.65 %</TD></TR> <TR> <TD style="HEIGHT: 9px"></TD> <TD style="HEIGHT: 9px"></TD></TR> <TR> <TD>Average Short Entry</TD> <TD>45.14 %</TD></TR> <TR> <TD>Average Short Exit</TD> <TD>47.81 %</TD></TR> <TR> <TD>Average Short Total</TD> <TD>-7.05 %</TD></TR></TBODY></TABLE></P></TD> <TD> <DIV style="WIDTH: 10px; HEIGHT: 8px"></DIV> <TABLE id=Table3 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Performance Indices</STRONG></TD></TR> <TR> <TD>Buy &amp; Hold Index</TD> <TD>63.38 %</TD></TR> <TR> <TD>Profit/Loss Index</TD> <TD>34.03 %</TD></TR> <TR> <TD>Reward/Risk Index</TD> <TD>99.96 %</TD></TR></TBODY></TABLE> <P> <TABLE id=Table3 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Accounting</STRONG></TD></TR> <TR> <TD style="HEIGHT: 8px">Initial Equity</TD> <TD style="HEIGHT: 8px">0.0000 Pts</TD></TR> <TR> <TD>Trade Profit</TD> <TD>4643.8410 Pts</TD></TR> <TR> <TD>Trade Loss</TD> <TD>-3063.5426 Pts</TD></TR> <TR> <TD>Commissions</TD> <TD>113.4589 Pts</TD></TR> <TR> <TD>Interest Credited</TD> <TD>0.0000 Pts</TD></TR> <TR> <TD>Interest Charged</TD> <TD>0.0000 Pts</TD></TR> <TR bgColor=lavender> <TD>Final Equity</TD> <TD>1580.2984 Pts</TD></TR> <TR> <TD>Open Positions</TD> <TD>0.0000 Pts</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table6 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Account Variation</STRONG></TD></TR> <TR> <TD>Highest Account Balance</TD> <TD>1647.5487 Pts</TD></TR> <TR> <TD>Lowest Account Balance</TD> <TD>-0.5828 Pts</TD></TR> <TR> <TD>Highest Portfolio Value</TD> <TD>234.0843 Pts</TD></TR> <TR> <TD>Highest Open Drawdown</TD> <TD>-0.5828 Pts</TD></TR> <TR> <TD>Highest Closed Drawdown</TD> <TD>0.0000 Pts</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table6 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Account Events</STRONG></TD></TR> <TR> <TD>Margin Calls</TD> <TD>0</TD></TR> <TR> <TD>Overdrafts</TD> <TD>0</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table5 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Profitable Timing</STRONG></TD></TR> <TR> <TD>Average Trade Length</TD> <TD>3</TD></TR> <TR> <TD>Longest Trade Length</TD> <TD>9</TD></TR> <TR> <TD>Shortest Trade Length</TD> <TD>1</TD></TR> <TR> <TD>Total Trade Length</TD> <TD>232</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table7 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Unprofitable Timing</STRONG></TD></TR> <TR> <TD>Average Trade Length</TD> <TD>2</TD></TR> <TR> <TD>Longest Trade Length</TD> <TD>7</TD></TR> <TR> <TD>Shortest Trade Length</TD> <TD>1</TD></TR> <TR> <TD>Total Trade Length</TD> <TD>189</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table8 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Out of Market Timing</STRONG></TD></TR> <TR> <TD>Average</TD> <TD>6</TD></TR> <TR> <TD>Longest</TD> <TD>59</TD></TR> <TR> <TD>Total</TD> <TD>748</TD></TR></TBODY></TABLE></P> <P></P></TD></TR></TBODY></TABLE></P></BODY></HTML>