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VIDEO MARKET REVIEWS 5 October 2012 : Daily Market Reviews from Kristina Leonova, Assistant of Vice-President about Daily Market

05 October 2012: Statements of European Central Bank and data on unemployment support markets DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments On Thursday, October 4, key indexes of the USA finished the trading session in the positive territory due to Mario Dragi's statements, and also the publication of data from a labor market, which have surpassed expectations of analysts. Yesterday the head of European Central Bank confirmed the readiness to activate, in case of need, the Outright Monetary Transaction (OMT) program if certain conditions will be performed and declared that taken before measures helped to facilitate intensity in the markets in recent weeks. Following the results of the trading session the indicator of "blue chips" the index of Dow Jones Industrial Average raised for 0,598 % to value 13575,36 points, the index of the wide market S&P 500 left in plus for 0,717 % to level 1461,40 points, and the index of the hi-tech companies Nasdaq raised for 0,454 %, having closed on a level of 3149,46 points. The market of oil should be noted separately, now future contracts are corrected down, loss makes 0,5% and 0,3% on Brent and WTI. Yesterday there was a sharp splash on top, oil returned to those levels which we saw at the beginning of the current week. Uncertainty again appeared in the Middle East, connected with the conflict between Turkey and Syria. Military operations shortly are possible, respectively the geopolitical factor comes back to the market, but today's morning correction is absolutely natural to that growth which was yesterday. The price for futures for gold with delivery in December today following the results of the session on COMEX rose for 16.70 dollars or 0.9 % to value of 1796.50 dollars for ounce. Gold added in the price owing to weakening of dollar towards all competing reserve currencies. In the currency market first of all we note actions of European Central Bank, well more exactly it is Mario Dragi's statement and respectively favorable macroeconomic statistics in America - this allowed Euro to become stronger, it left at a boundary 1,3020-1,3025, now besides small correction at level 1,3014. The main event of today is certainly data on the American unemployment. Copyright: United World Capital

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VIDEO MARKET REVIEWS 4 October 2012 : Daily Market Reviews from Kristina Leonova, Assistant of Vice-President about Daily Market

04 October 2012: Today the ECB will announce results of meeting, no surprises are expected DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Stock markets are balancing between economic signals. Paul Krugman says that the USA and Europe have good chances to finish crisis. Today in the spotlight is the decision of European Central Bank on an interest rate. The Asian Pacific region today at the beginning of trading session shows positive dynamics – indicator of Japan adds 1,3%, Nikkei is 225, other markets of Asia which are opened - growing on the average on a 0,5%, basically due to favorable yesterday's trading session in the USA and good macroeconomic signals from America. The American stock market grew by 0,4% on an index S&P500 and was closed on a level of 1450 points. Two positive signals are data on employment from ADP which appeared better than expectations and data on the ASM indicator in the non-productive sphere – also better than experts expected. The future contract on S&P500 index now also is in a green zone, it adds about 0,4%. Minor macro-signals also didn't pump up yesterday – demand for mortgage lending is at a maximum level in 3 last years in the USA, it naturally also promotes revival in the real estate market. At least, those companies which are engaged in this market and mortgage lending were yesterday one of the best during trading session in the USA. However there are enough pessimists in the market and they discuss more long-term idea which will start to influence markets shortly - it is certainly the fiscal rock which threatens America with new recession. In general the ratio of positive and negative signals, now about 1:3, meaning 1 signal positive – 3 signals negative, thus it is natural if there is a positive signal – many speculators start to disperse the market. Though, in principle, it moves within diapason which it entered at the beginning of September. One or two changes towards one or other side are not a tendency to understand that now occurs in the world, recession or economic growth. To understand anything, it is necessary that this tendency last at least 3-4 months. The future contracts on oil are now correcting, and grow for 0,2% after yesterday's fall almost for 3%. Copyright: United World Capital

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03 October 2012: Investors are waiting for signals to choose final direction in the markets DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Stock markets in the United States showed on Tuesday mixed dynamics. The index S&P500 showed positive dynamics and ended up session in plus with 0,09%, however it grew up only in the last hour of the trading session. The index Dow Jones lost about 0,24 %. Analysts connect this growth in the last hour with positive dynamics in trading of highly technological sector. Especially movements in the shares of Apple Company gave support to index growth, they have been losing in the moment 1,3 %, but were able to close trading session in a green zone. The main fears and the main negative factors were coming to us from Europe. Mainly it was rumors around Spain. Though the prime minister of Spain told that the financial help after all will not be required to the country. In the Asian Pacific region today China and South Korea are closed. China today is celebrating its National Day, and naturally markets are closed, but we are still receiving macroeconomic data. In China index PMI for the non-productive sphere decreased to 53,7 points in relation to the previous value of 56,3 points. It is the next signal of slowdown of the Chinese economy, especially of the sector of services - the sector by which China is guided first of all. The Asian bank reduces forecasts on growth rates of the Asian region except for Japan, now growth according to ADB should make 6,1 % in 2012. We will remind that it is already the third decrease this year. It is necessary to note also negative data which come to us from Australia; it is a data on sales of new houses. As well it is a decrease in an index of activity in a services sector and expansion of deficiency of trade. All this reflects the Australian dollar; it is on the minimum values against US dollar. Currency pair EUR/USD is on a level 1.2902, here are no any serious changes at present moment. Today in the morning the future for oil of the Brent bargains with fall, losing 0,25 % to closing of the previous trading day.The prices for gold and silver are stable at levels of previous day. Copyright: United World Capital

VIDEO MARKET REVIEWS 02 October 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

02 October 2012: Gold outshines in positive market DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments After a weak start in October, markets bounced back yesterday helped by a surprising expansion in US factory activity, and what was regarded as a satisfactory stress test of Spanish banks. Dow Jones gained 0,58 % while Nasdaq closed down 0.1 percent. Wall Street closed the third quarter as the best since 2010. The MSCI-index for Asia-Pacific shares were up 0,3 percent with similar positive developments in South Korea and Australia. In Japan Nikkei index rose 0,3 % after reaching a three weeks low on Monday. The Euro/USD was fluctuating strongly during whole yesterday, dipping down below 1.28 to recover to 1.2920 before falling back. The most traded currency pair is stronger in early Asian trading at 1.2914. USD/JPY is weaker at 78.07. The Australian dollar and South Korean currency also traded up by a US court decision which permits Samsung to sell its Galaxy iPhone in the US after being banned last month. The European debt crisis remains investors focus. There is still some confusion with regards to when Spain eventually will ask for a bail-out. The German government shall according to well informed sources have asked Spain to wait before asking for a sovereign bail-out not only involving its banks. Unemployment figures released for the Euro-zone yesterday painted a very grim picture with 11,4 % percent out of work and with unemployment rates on 25 % both in Greece and Spain. These numbers did, however, not have any clear negative impact on the Euro. Greece is this week going to present a new austerity budget for the Parliament entering its sixth year in recession. The austerity measures are disputed not only expressed through mass demonstrations in Europe. The US economic Nobel Prize laureate, Paul Krugman, accused the European governments for “austerity madness” clinging to an austerity culture which could only lead Europe into deeper misery. Stronger stock markets also helped commodities. Brent crude is at 112,20, and the strong underlying upward trend in precious metals continue. Gold trades at 1778 and Silver close to 35, the highest levels seen in 10 months. Copper and nickel are also up. Copyright: United World Capital

WEEKLY DEMO CONTEST SUSPENSION Due to the technical maintenance UWC suspends Forex Demo Championship until 3 of October 2012. Contest will be renewed automatically at 3 of October. Participants are not required to re-apply for the contest.

VIDEO MARKET REVIEWS 01 October 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

01 October 2012: USD and Yen back in favor DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The Euro rally which saw the common European currency reach a 1,3165 high, seems to have come to a definite halt this morning with Euro/USD trading at 1.2820. Manufacturing data from China and Japan weighed in on market sentiment after a weekend with mass demonstrations against austerity measures in Greece, Spain, Portugal and France. Uncertainty about Spain’s bailout saw MSCI index of Asia-Pacific fall 0,4 percent after similar drops on Dow Jones and Nasdaq in New York on Friday. Apple Inc (AAPL O) was the big mover on news it sold out its new iPhone 5 Smartphone. Apple announced more than five million smart phones sold in the three days since it hit stores. Apple fell, however, 2,1 percent to USD 685 on analysts concern that the company was unable to produce the phone fast enough to meet demand. Japan’s Nikkei fell to its lowest level in three weeks after profit warnings from some of the Japanese heavy weights. Commodities led by Nickel and Copper are down on a stronger dollar. Gold (1765) and silver (43,28) also drop along with oil. Brent crude is down one dollar after reaching USD 112,50 on Friday. The Euro lost its momentum against the USD after a disappointing survey on German business sentiment. Spain and Greece further undermined the strength of the euro zone common currency. The German business sentiment is at its lowest level since early 2010. The weak sentiment in the European markets is playing into the hands of traditional “safe haven” currencies as USD and JPY. The European Central Bank, ECB, is meeting again this week. It is expected that the interest rate would be kept at the same level and more details are going to be revealed on the bon buying scheme the ECB presented in August. Copyright: United World Capital

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VIDEO MARKET REVIEWS 28 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

28 September 2012: Spain’s budget triggers market optimism DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The new Spanish budget which makes austerity rather than tax cuts a priority has been well received by markets. The MSCI-index for South East Asia Pacific rose with 0,7 percent. Brent crude registered its highest level in weeks and jumped above USD 112 a barrel. The Euro and commodities drifted higher with USD on the defensive. Euro/USD is trading at 1.2935. Also smaller and more risky currencies opted up. The New Zealand KIWI and the Indian rupee are among the winners over the last weeks. The Japanese yen continues up. USD/JPY is at 77,55. The Spanish government announced Thursday a detailed timetable for economic reform with sharp spending cuts and no tax hikes. Today president Francois Hollande will present his austerity budget for France, punishing the rich. Spain is simultaneously conducting negotiations with European Union authorities on the terms for a possible aid package. A successful conclusion of these talks shall pave the way for European Central Bank bond-buying and easing of Spain and Italy’s borrowing strains. The US Finance Secretary, Timothy Geithner, stated yesterday that Europe still was the weakest link in the global economy, but the last measures taken by the European Central Bank, ECB, had given ammunition which made Europe’s situation far better than it was three months ago. Early Asian trade also saw a spike in Chinese shares triggered by speculation on further Chinese economic stimulus. Risk seemed primed for a comeback, and in such a scenario Australian dollar may be one of the biggest beneficiaries. As the Yen continues to strengthen numbers for Japan’s industrial output in August was very disappointing. Industrial production is down, and all the big Japanese car makers presented negative growth figures. With central banks printing more money, gold is on the offensive and reached a week’s high yesterday with 1777. The big precious metals winner is, however, silver which traded close to months high on 34,70, jumping more than 30 % since early summer. Copyright: United World Capital

VIDEO MARKET REVIEWS 27 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

27 September 2012: Wary of Spain and Greek debt DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Demonstrations in Athens and Madrid ended in bloody clashes between protesters and riot police as uncertainty over a bailout for Spain and European leaders struggling to find a unified position to tackle the Euro debt crisis, continue to dominate news and market sentiments. EURO/USD stays at the same level at 1.2877 as Wednesday morning. Dow Jones and Nasdaq fell on uncertainty over Europe while Asian stocks rebounded on Thursday. The MSCI-index for the South Asian Pacific state traded up 0,5 %. The Shanghai composite index fell to its lowest level since February on the possible negative impact of the economic slowdown on corporate earnings. Oil prices are under pressure with Brent crude clinging to the 110 USD a barrel. In his speech to the UN General Assembly the Iranian president, Ahmadinejad, stroke a more conciliatory tone towards Israel dampening the war rhetoric. Amadinejad called for a new world order not dominated by Western powers and stated that Iran was under constant threat of military action from what he called “uncivilized Zionists”. Precious metals are as commodity prices steady. Gold is trading at 1755 and silver at 34.00 in early Asian trading. As protesters against severe austerity measures took to the streets and clashed with police in Spain and Greece, European equities saw their worst day in two months. Spanish 10-year bond yields rose to above 6 percent for the first since the European Central Bank, ECB, for two weeks ago introduced its scheme for buying bonds from exposed and struggling Euro-countries as Italy and Spain. This plan has trimmed borrowing costs for the last two weeks, but the effect of the monetary stimulus seems to be running out of steam faced with grim global economic fundamentals and realities. The Japanese yen is keeping strong against both USD and Euro. USD/JPY is trading at 77.66. The dollar index, DXY, measured against a basket of currencies eased 0,1 %, off a two week high on 80,012 reached yesterday. A weaker dollar helped a modest recovery in dollar-denominated industrial commodities and helped copper, oil and gold from falling further. Copyright: United World Capital

VIDEO MARKET REVIEWS 26 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

26 September 2012: Worries on Spain weakens EURO DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Street fights and protests in Spain sent the Euro down below 1.29 in early Asian trading this morning. Euro/USD recovered to 1.2950 during yesterday’s trade to fall down to 1.29 on protest news from Madrid in the evening. Euro/USD is at present trading at 1.2875. As has been the pattern in Greece, Spaniards took to the streets and surrounded Parliament. Violent clashes with riot police over austerity followed. The protests came in the wake of weeks of indecisive foot dragging by a Spanish government unable to decide whether to ask for an international bail-out. Serious concerns over a slowing global growth are back on investor’s radars as equity rallies fed by major central banks monetary easing, are fading. Both Dow Jones (- 0,75 %) and Nasdaq (- 1,36 %) fell yesterday, pushed down by Caterpillar and Apple. Caterpillar issued a profit warning and fell close to 5 %. Apple fell 2,5 % as the company sold out of its initial supply of iPhone 5, raising concerns whether Apple would be able to keep up with demand. The South Asian Pacific Index (MSCI) and the Shanghai composite both fell on weariness on Spain. New worries about the development in the Euro zone and slowing economic growth, led to further fall in commodities. Oil prices, which were lifted on increased tensions in the Middle East over the weekend, fell back. Brent crude which traded at 111 yesterday dropped one dollar to 111 a barrel. Gold which rose 20 dollars an ounce yesterday, has fallen back to 1760 in Asia. Australia, which is very dependent upon growth in China, has seen both stock prices and the Aussie dollar falling. USD/JPY is stabile at 77,74. As a positive sign in yesterday’s market, July numbers show that US home prices rose for a sixth straight month. Together with a jump in consumer confidence in September, these are positive indications that Americans are ready to loosen their spending. Copyright: United World Capital

WEEKLY WINNERS OF THE FOREX DEMO CHAMPIONSHIP FOR THE WEEK 17 - 21 SEPTEMBER UWC is pleased to announce the following weekly winners of the Forex Demo Championship for the week 17 - 21 September: 1st Prize - $1000 Bonus goes to: chester acc. 438754 2nd Prize - $800 Bonus goes to: Palanga acc. 432748 3rd Prize - $500 Bonus goes to: selim acc. 427050 Most Active Trader Award - $100 Bonus goes to: zilvis86571 acc. 436359 Congratulations to all winners! We would like to take this opportunity to thank all participants and to warmly invite all of our clients to take part in our weekly Forex Demo Championship Remember the Earlier You Join the Contest- the Bigger the Chance You Have of Winning!

VIDEO MARKET REVIEWS 25 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

25 September 2012: New nervousness in global markets DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The Euro recovered somewhat in early Asian trade this morning trading at 1.2928 against the US dollar. This after the stock markets and the Euro slipped on Monday as investors looked past recently announced central bank stimulus to focus on economic fundamentals. German business sentiment was weaker and Spain dragged its feet on asking for an international bailout causing a high ranking German official to ask Spain to make up its mind. Germany and France quarreled on when to implement a EU banking union, and in the US Caterpillar, the world largest maker of earth moving equipment, warned of slower demand for its products due to fears of weaker commodity prices. All factors contributing to a more negative market sentiment. Japanese Yen, which has surged over the last days gave up some ground against both dollar and Euro, trading at 77.77 against the USD. German business sentiment dropped to its lowest level since early 2010 created concerns about a slowdown in the euro zones largest economy. Spain remained in focus. Its government yield rose on concerns that the Rioja government is postponing a request for an international bailout. Greece is still a concern after a report indicates that its budget deficit is bigger than previously thought. Oil prices recovered from yesterday lows. Brent crude is trading above USD 110 a barrel on renewed fears for a major conflict in the Middle East. After the Israeli Prime Minister, Benjamin Netanyahu, has been bellicose for weeks, the head of the Iranian revolutionary guard stated that Iran was ready for an attack and would hit back. In an interview with CNN yesterday night, the Iranian President, Ahmadinejad, took a more conciliatory tone before his speech the UN General Assembly tomorrow. Gold prices has strengthened trading at 1765 which is still far below it Friday peak on 1787. Copyright: United World Capital

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VIDEO MARKET REVIEWS 24 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

24 September 2012: Growth concerns back on the agenda DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Riskier assets fell broadly Monday morning, dragging down Asian shares, copper, precious metals and oil. The US dollar strengthened with EURO-USD at 1.2949. The Q3 party seems to come to an end as investors shift their focus to weak economic fundamentals and the euro zone debt bailout scheme. There also seems to be serious disagreements between German chancellor, Angela Merkel, and French President, Francoise Holland, to the implementation of an EU banking union and the EU bail-out fund. The south East Asian Pacific index, MSCI, fell 0,7 % with the Shanghai composite and the Japanese Nikkei also falling. Renewed fears for a hard landing in China saw both the Australian dollar and resource-reliant Australian shares falling. The dollar index measured against a basket of key currencies, is up 0,3 %. Investors are also increasingly nervous about the unintended consequences of last Q 3 decision of the US Federal Reserve. FED buying of state bonds means more printing of money. Last week the Brazilian Finance Minister directed a blistering attack on the US, accusing FED for starting a currency war. Markets have over the last days oscillated between euphoria of central bank’s monetary stimulus measures and uncertainties over weak economic fundamentals. Investors are nervous over downside risks and wariness ahead of US corporate earnings reports next month. Euro zone fears are back on the agenda with disagreements on the banking union, whether Spain shall ask for a full bail out and Greece where the “troika” of representative from the International Monetary Fund, the European Central Bank and European Commission have postponed presentation of their last report strengthening rumors about a possible Greek Exit from the Euro. These developments have led to increased downward pressure on the Euro and weaker oil prices. Both NYMEX and Brent crude is falling. Brent is trading one dollar down to 110,40 pr. Barrel. Copper has fallen 0,9 percent. Gold is weaker at 1761 down from its peak on 1787 on Friday. The optimism over the strong measures taken by central banks in the US and Europe are fading on realization that the monetary measures are not backed by economic fundamentals. Spain has displaced Greece as the center of the euro debt crisis. Markets worry that Spain might eventually need external aid to help solve its debt problems. These factors combined mean that the markets are off to a rather gloomy start on the week. Copyright: United World Capital