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VIDEO MARKET REVIEWS 21 September 2012: Daily Market Reviews from Kristina Leonova, Assistant of Vice-President about Daily Market

21 September 2012: The IMF can lower forecasts on growth of world economy DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Representatives of the International Monetary Fund reported that they can lower a forecast on growth of world economy. It is necessary to note that in July growth of world gross domestic product by 3,5 % in the current year and for 3,9 % in 2013 was expected. Yesterday the main American indexes finished trading session in different directions - Dow Jones in moderate plus, and S&P 500 and Nasdaq - in a small minus against deterioration of economic statistics on China, Japan and the USA. Statistical data from Europe also didn't give a special optimism. The block of yesterday's data reminded investors that world demand continues to weaken, as well as on the American labor market it is not visible appreciable improvements. Despite all accepted measures - fundamental indicators remain former and we still don't see special changes in economy. So, it became known that the industry of China showed reduction in September, export and an import of Japan fell in August, and in the USA, in turn, the number of primary requests for unemployment benefits surpassed forecasts of economists, having made 382 thousand. However, it didn't lead to aggressive sales. Superfluous liquidity supports stock markets, and besides other statistics was not so bad, as economists predicted. At the end of the trading session market were supported by the message in Financial Times that, according to information from the informed sources, the European politicians work over the program of economic reforms for Spain. The prices for oil went up after falling in New York. Now Light ads in price 55 cents - quotations came nearer to 93 dollars. Brent bargains on a level of 110,46 dollars for barrel. Copyright: United World Capital

VIDEO MARKET REVIEWS 20 September 2012: Daily Market Reviews from Assistant of Vice-President Kristina Leonova about Daily Market

20 September 2012: USA: the market in thoughts DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments On Wednesday, 19 September, the stock market of the United States finished trading session with moderate growth of the main indexes on a basis of quite good data on the housing market for August. Let's remind that 3 main indicators were published yesterday: the number of the new constructions of houses increased from the reconsidered 0,733 million to 0,750 million - this is the strongest growth for 2 years ; the number of licenses for construction of houses was reduced from 0,811 million to 0,803 million though more serious reduction was expected; sales of houses in the secondary market increased from 4,47 million to a two-year maximum - 4,82 million though the increase only to 4,55 million was expected. Despite visible improvement in comparison with July, these data didn't cause full-scale rally - FRS meeting already behind, and the central bank already declared start of the new program of monetary stimulation. Let's note that originally indexes showed more considerable growth, but subsequently retreat of oil and gas sector in addition to falling prices for "black gold" moderated appetites of bulls. The external background for the American session was rather favorable, Asian and European indexes grew against unanimity of the central banks in respect to start additional measures of quantitative mitigation - the Bank of Japan declared impressive extension of the program of purchase of assets, having followed the lead of European Central Bank and FRS which recently have also laid out all the trumps on a table. The central bank of Japan increased the program of purchase of assets more considerably, than assumed the majority of economists, and determination of the monetary authorities caused lifting of purchasing enthusiasm. More briskly recently the situation changes in the raw materials market that makes the muffled impact on behavior of stock market. The world prices for oil on Wednesday again sharply decreased against messages that Saudi Arabia offered the major customers additional supply of oil until the end of the year, having expressed intention to bring down a speculative rise in prices for a “black gold". Confirmation of increase in oil deliveries to the world markets was sudden and strong growth of commercial stocks of oil in the USA which accordingly to the data published yesterday grew in a week at once by 8,5 million barrels while the market waited growth of this indicator by 1 million barrels. After three days of falling oil prices in aggregate more than for 7 % - that became maximum for the last three months, it is possible to expect some rebound. Nevertheless, it is impossible to exclude that on the threshold of November presidential election in the USA actions of market’s "invisible hand" will provoke further sag of the prices for "black gold". Futures for share indexes of the USA this morning lose 0,2-0,3 %. At stock markets in Asia mainly negative dynamics is noted. Copyright: United World Capital

VIDEO MARKET REVIEWS 19 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

Saudi intervention causes oil prices tumble DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Brent crude fell below USD 112 a barrel on Wednesday, five dollar down from its peak last Friday. Concerns over the capacity of a fragile global economy to support demand and indications that the world’s top exporter, Saudi Arabia, is pumping more oil to bring down prices, have weighed in on oil markets. Prices hit a 2012 low at 88,49 in June and have since increased 27 percent. Automatic trading executions where one big sell order was followed by thousands of small, also contributed to the tumble. The trading week is off to a weak start after the market bonanza experienced by the resolute actions from the European Central Bank, ECB, and the US Federal Reserve, FED, seem to fade. Both central banks undertook last week resolute economic stimulus actions. The last days worries about the debt crisis in Europe focused on Spain and a possible Greek Euro exit have along with fears for a hard landing in China kept investors funds on the sidelines. Equity investors seem confused to which direction markets shall take. Europe fell yesterday on profit taking and question marks regarding whether the stimulus injections are enough to turn global markets around. These concerns were highlighted by a small, but vocal minority of FED officials opposing fresh stimulus and asking if the monetary measures have been taken, too, early; if a car is stuck in the mud, you continue to push till the wheels start turning; one official stated. The US stock markets were flat yesterday. Asia is also negative. Representatives for the organization of oil producing countries, OPEC, stated on Tuesday that Saudi Arabia, a close ally of the United States, wanted to give the markets a clear signal for lower prices. Saudi has increased its daily production to 10 million barrels a day. Metal and precious metal prices were also influenced by the downward trend in oil. Gold fell to 1750 from its 1779 peak and trades between 1750 and 1770. Euro/USD is gaining Wednesday morning at 1.3071 trading in a new interval; 1.30 – 1.31. The Japanese Yen is falling as a result of the expected intervention from the Bank of Japan, highlighted in the Daily Report yesterday. USD/JPY is falling close to one percent trading at 79,18. Copyright: United World Capital

WEEKLY WINNERS OF THE FOREX DEMO CHAMPIONSHIP FOR THE WEEK 10 - 14 SEPTEMBER UWC is pleased to announce the following weekly winners of the Forex Demo Championship for the week 10 - 14 September: 1st Prize - $1000 Bonus goes to: Bond 007 acc. 437717 2nd Prize - $800 Bonus goes to: Alligator acc. 437716 3rd Prize - $500 Bonus goes to: WAIDATTHAZIM acc. 427009 Most Active Trader Award - $100 Bonus goes to: luck4trade acc. 437325 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 18 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

Profit taking follows rallies DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Oil prices dropped sharply yesterday as Asian shares fall back from a four week-high last this morning. Also the US stock markets, gold, copper and other commodities retreated from last week’s high. As markets digested the growth impact from the Federal Reserve’s aggressive stimulus. Eyes were again on the debt crisis in Europe. The big question is whether Spain will request a bailout to ease its fiscal strains. Concerns about growth slowdown in China also weighed in on investors sentiment as investors took profit from last week’s rallies. Brent crude fell more than 5 dollar a barrel in late trade in US on Monday. The high volume selling seemed to stem from an automated computer trading program. The oil prices recovered this morning and are at present trading at 114. Euro/USD is continuing down from its peak on 1.3169 on Friday and consolidating around 1.31. USD/JPY is at 78,50. The MSCI-index for South East Asia outside Japan retreated 0,4 percent after five winning days in row. In the United States Apple again saved the day posting orders for USD 700 million for its iPhone 5 models. Also European stocks slipped from a 14 months high on Monday mainly on profit taking. Gold has fallen close to 20 dollar an ounce trading at 1759. The Japanese Nikkei bucked the trend in the stock markets this morning up 0,2 % helped by a weaker yen. This offset concerns over Japanese firms having large exposure to China where anti-Japanese sentiments have been running wild on escalating tensions over territorial disputes between Asia’s two biggest economies. There are increasing fears that the conflict between the Asian giants might run out of control and lead to a bigger confrontation. In Asia there are furthermore strong rumors that Japan will follow FED and undertake its own stimulus measures to stem the Yen’s appreciation after FED’s move. The Bank of Japan ends its two day meeting tomorrow. FED’s move undermined the dollar and lifted the Yen to a seven month high to 77.13 last Thursday. The development of the Yen in relation to both Euro, USD and other currencies is to be closely followed during the next days. Copyright: United World Capital

CLIENT CABINET NOW AVAILABLE IN RUSSIAN United World Capital (UWCFX) is s happy to announce that our Client Cabinet is now available in Russian. We are constantly working on improving our services: we do our best to make trading experience for our clients as comfortable as possible. At the moment we are translating our website and Client Cabinet into several other languages. More languages are coming soon; please follow the news on our website!

VIDEO MARKET REVIEWS 17 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

Time for stocks and precious metals DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Asian stocks were trading close to a four months high when global markets Monday morning started to digest the US Federal Reserve, FEDs, decision. FED is going to buy bonds for USD 40 Billion monthly for as long as it takes to see growth and an increase in US-employment. Gold, oil and copper prices continue to rally on hopes that fresh stimulus from both FED and the European Central bank shall boost the global economy. FED’s decision imply printing dollars and inflationary pressure. These measures shall play up to riskier assets and boost stocks and precious metals as gold and silver. The Euro/USD at 1.3128 is consolidating after strong gains last week. The Euro has fallen from its 1.3169 peak on Friday and after a steady climb from 1.2042 only some weeks ago, the Euro might be in for a technical correction as we have seen with USD/JPY over the last two trading days. The Tokyo markets are closed for holidays. Oil prices are still trading up helped by stimulus and increased tension in the whole Middle East. Israel is continuing its saber rattling against Iran with the Israeli Premier trying to make a possible strike against Iran a key element of the US elections. Brent is at 117 and NYMEX is trading on 99. Gold is 1776. The expected flow of dollars pumped into the market has already weighed in on the US dollar. One of the favorite Wall street stimulus wags have lately been to compare the Federal Reserve with a rehabilitation clinic offering addicted investors a synthetic high. For each stimulus you need more to get the same high. The euphoria is followed by a crashing comedown. The markets have experienced new highs over the last days. But the blue Monday is lingering around the corner, when markets try to settle and are back to fundamentals and economic realities. The Chinese government has announced that presentation of a new five year plan is imminent. The new plan might imply the full convergence of the Chinese Yuan as the US government has pushed for the last years. Copyright: United World Capital

VIDEO MARKET REVIEWS 14 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

Big bet on rescue of US economy DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The Federal Reserve, FED, delivered according to expectations and launched another aggressive stimulus program on Thursday. FED would pump $ 40 billion monthly into the US economy it sees a sustained upturn in the employment. It is the first time that FED ties its controversial bond buying directly to economic conditions. It represents a big escalation in US efforts to fight a weak jobs market. Immediately upon FED’s announcement global markets rallied. US stock exchanges raised to a five years high followed by a 2,5 % jump in stock prices in Asia this morning. Commodity and precious metal prices are skyrocketing led by oil, copper, gold and silver. The dollar is falling against all currencies. Euro/USD bounced back through the 1,30 level and is trading at 1.3024. USD/Yen is 77,63. Gold hit a six month high at 1765 as investors braced for higher inflation. Brent crude is 116,50 also triggered by increased tension in the Middle East. The new program would be concentrated on purchase of mortgage-backed securities, so called MBS, to encourage the housing sector which FED chairman, Ben Bernanke, called “the missing piston” in the US recovery. Bernanke said that the employment situation remains of grave concern. FED further decided to stick to its low interest rates policies at least to 2015, half a year longer than earlier announced. The new program would be met with criticism. Republicans see FED’s action as an effort to help President Obama’s reelection and as a confirmation of failed economic policies. The stimulus measures would weaken the dollar. Many observers see FED’s initiative as a clear token of currency manipulation making American products cheaper in an effort to increase US exports and create jobs. If FED’s measures on the other hand succeed in turning the US economy around, it would spur the whole global economy again with US as its major engine. In the first place, however, FED’s initiative have given global stock market investors and precious metal believers a reason for jubilation. Copyright: United World Capital

UWCFX CLIENT CABINET NOW AVAILABLE IN PORTUGUESE United World Capital (“UWCFX”) is excited to announce the release of the UWCFX Client Cabinet in Portuguese. Therefore, as of this week , both the Website and the Client Cabinet are fully available in Portuguese. Since the re-launch of our website in June of 2012, UWCFX has been constantly making efforts in further developments and improvements for its website, products and services. As of today, UWCFX is available in English, Russian, Spanish, German and Portuguese and the Client Cabinet in English, German, Spanish and Portuguese. More languages coming soon! You can read more about UWCFX recent developments in Company News and on our Facebook page.

VIDEO MARKET REVIEWS 13 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

Markets expect FED stimulus DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The US Federal Reserve, FED, seems set for a third round of monetary stimulus. It is further expected that FED will continue its low interest rates policies at least to 2015. If FED’s statement today clearly signals stimulus, the dollar will come under new pressure. The Euro which received a boost from the German constitutional court and by the outcome of the Dutch elections yesterday, will in short term be further strengthened. Euro/USD continues up in the opening hours in Asia and trades at 1.2926. Asian shares steady amid caution before FED’s decision. US and European stock exchanges reacted reluctantly to the German Constitutional Court decision which opens the door for buying of sovereign bonds from exposed Euro countries. The markets had already priced in a positive constitutional outcome and consolidated earlier gains. Neither a new introduction of Apple created the great enthusiasm on Wall street nor worldwide. There is also a sober attitude towards possible FED measures. There are also strong doubts about the efficacy of further quantitative easing. FED Chairman Ben Bernanke has on the other hand clearly stated that the central bank will not sit idly by while unemployment remains far above levels consistent with a healthy economic recovery. A strong “growth” statement will therefore be taken positively by markets, but not cause the big enthusiasm. Further easing will have a negative impact on the dollar, strengthen commodities and the risk appetite. It is, however, a clear understanding that there is limited magic in FED’s tool box. Further market growth from here depends primarily on economic fundamentals. The careful, defensive attitude which we see during this week, is reflected in the new strength of the Japanese Yen which trades at 77,721 against the USD. Yen is seen as a safe haven when there is volatility and uncertainty regarding the market direction. Oil prices got a new boost following the tragic killing of the US ambassador in the oil rich Libya. Brent jumped above 116 a barrel, and New York crude is steady above 97. Gold is consolidating around 1730 – 1735. Silver experienced big volatility. After reaching USD 34 it fall 3 %. It is now trading at 33,25. The positive upward trend in gold and silver is expected to continue with a positive FED decision. Copyright: United World Capital

VIDEO MARKET REVIEWS 12 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

Crucial decisions await markets DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments Global securities markets rallied in expectation of positive outcome of this week’s crucial events; the German constitutional court’s ruling on the legality of the EU bailout fund, elections in Euro-skeptic Netherlands, details in ECB bail-out package and whether FED will initiate further monetary easing. Dow Jones climbed to its highest level since 2007, and Asian shares followed suit. Asian stocks rose to three-week highs on stimulus expectations supported by a statement from the Chinese Premier Wen Jiabao that China is on track to meet this year’s target for economic growth. The USD came under new pressure after the international rating agency, Moody’s, threatened to downgrade US if the world’s biggest economy do not produce policies to cut its debt. The dollar index, DXY, towards several other currencies reached a four-month low. Euro/USD jumped to 1.2872 on hopes that the constitutional court will rule in favor of Germany automatically participating in the European Stability Mechanism (ESM) and other bail-out arrangements. The Australian dollar which is highly sensitive to development in China, climbed to a three week high of 1.0474. Commodities and oil prices are also living high on stimulus expectations. A weaker dollar continued to underpin most dollar-based commodities. Brent crude rose to USD 115,43 and NYMEX, traded above 97. Gold has fully recovered from the drop on Monday and is back on 1735. During trading on Friday Gold reached 1741 which is the highest level since February. Silver is at 33,60. Copper is up the fourth day in row. The new records in the equity markets have been reached on the basis of much smaller than usual volumes. Among investors there is therefore a growing feeling that markets might have run, too, quickly based on monetary expectations without roots in economic fundamentals. Regardless of the outcome of this week’s crucial events we might therefore be in for a rather strong technical correction. The forthcoming US elections which traditionally give a boost to stock markets are also an uncertain factor. In the currency market the sentiment seems for the moment clearly in favor of the Euro. Japanese yen reappears as a safe haven, and precious metals still seem to be a safe bet. Copyright: United World Capital

WEEKLY WINNERS OF THE FOREX DEMO CHAMPIONSHIP FOR THE WEEK 3 - 7 SEPTEMBER UWC is pleased to announce the following weekly winners of the Forex Demo Championship for the week 3 - 7 September: 1st Prize - $1000 Bonus goes to: Flanker acc. 437246 2nd Prize - $800 Bonus goes to: India acc. 436038 3rd Prize - $500 Bonus goes to: Andrew acc. 437231 Most Active Trader Award - $100 Bonus goes to: fxloverr acc. 435328 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 7 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

ECB offers short term fix DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The European Central Bank (ECB) delivered according to expectations yesterday and gave rise to a global stock market rally. This after the ECB outlined a bond-buying scheme to help calm the euro zone’s debt crisis. Simultaneously firm US data fed speculation of a strong jobs report to be presented in the US later to-day. The rally was broad both in Europe and US where three out of four listed stocks ended higher giving the Dow Jones its biggest daily gain in two months. Nasdaq rose to its highest level since 2000 ending at 3 135 with DOW at 13 292. Banks and high tech companies like Cisco, General Electric, Microsoft and Intel were the big winners. The positive trend continued in Asia where the South Asian Pacific Index, MSCI, climbed 1,3 percent. Reports that Chinese regulators had approved big infrastructure projects added to the positive market sentiment. The Shanghai index was up 2,3 and Hong Kong advanced 1,9 percent. The ECB decision might be seen as a short term fix. It does not, however, solve the fundamental crisis problems Europe is confronted with. But markets have been given a relief brake. The ECB decision implies launching of a new and potentially unlimited bond-buying program. The program is focused on buying of bonds with a maximum 3 years maturity. Countries which have undertaken to implement approved fiscal austerity matters are eligible for the bond-buying program. ECB has thereby demonstrated willingness to confront the high interest rate levels on especially Spain and Italy’s bonds. The high bond interest rates have worsened and made the debt crisis for these countries even more unbearable. Increased risk appetite among investors shall probably be one of the important medium term results of the ECB measures. The Euro which rose on hopes for ECB action prior to yesterday’s decision continues to marginally strengthen both in relation to USD and other currencies in early Asian trading. At present Euro/USD is at 1.2638. Greater risk appetite has weakened the Japanese Yen. USD/JPY is at 78,925. Oil prices have fallen back after skyrocketing prior to the ECB-decision. Brent crude is trading close to 114 with NYMEX in the interval between 95 and 96. Gold and silver prices are also falling back after yesterday’s high on 1705 and 32, 90 at present trading at respectively 1693 and 32,20. Copyright: United World Capital

VIDEO MARKET REVIEWS 6 September 2012: Daily Market Reviews from Mr. Arne Treholt (Vice-President of Business Development and Investments UWCFX.com)

Euro, oil and metals pin hopes on ECB DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The Euro rallied one percent to a high of USD 1.2621 yesterday, close the two month high reached on 1.2638 on August 31st. The Euro is trading nearly five percent up from its low on USD 1.2042 on July 24th. Stock markets in US were flat while Asia trades up after four losing sessions on renewed hopes that the European Central Bank (ECB) may present new tactics to counter the region’s debt crisis. All eyes are on Maro Draghi and the statement the President of ECB is going to deliver later today hopefully outlining details on the bank’s much announced bond buying program. The strength of the Euro came after a string of leaks from euro zone officials underpinning expectations that Mario Draghi will live up to its earlier statement. Draghi stated in early August that ECB would take whatever steps necessary to boost and save the Euro. The ongoing rally in the Euro has seen the dollar index plunge to its lowest level in three and half months. The Australian dollar, which has been under constant pressure over the last couple of months, bounced back after presentation of a surprise fall in Australian jobless rate. The ECB meeting is seen as crucial for both the bank and Mr. Draghi’s personal prestige. Draghi has pinned his authority on a bond buying scheme. Buying of Spanish and Italian bonds will ease the pressure especially on these countries interest rates and their striving economies. A renewed ECB intervention in the euro zone’s bond market would give the Euro governments some spelling relief and give them time to come up with a longer term response to the bloc’s debt crisis. Oil prices have been falling over the last two days. The development in the oil prices also very much depend on the outcome of the ECB meeting. Brent crude trades at 113,50. The future development of Precious metal prices are also dependent on whether ECB is able to deliver according to market expectations. So the situation for precious metals is likewise. Gold prices trading at 1695, shall be given a boost upwards with a detailed ECB plan for buying of bonds. The same is the situation for silver which yesterday saw its highest level in weeks reaching 32.60. Copyright: United World Capital

CHANGES IN THE PROVISION OF SWAP FREE ACCOUNTS We would like to inform that our swap free account request form has been updated with additional clauses. Changes become effective immediately for new applications and within 5 business days, that is on Wednesday 12th August, for all the existing swap free accounts. You can find the updated swap-free request application form here.