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19 MARCH 2013: DEADLOCK OVER CYPRUS BAILOUT DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The Cypriot parliament is scheduled to vote over the Brussels agreed bailout later today. The meeting for yesterday was postponed when party deliberations showed that there was no majority in favor of the package. The President of Cyprus informed Angela Merkel last night that he had not been able to mobilize a majority for the bailout package which has created anger and fury in Cyprus and shaken international markets. The initial reactions to the so called “levy” have been disastrous. It is likely that today’s scheduled Parliament meeting again would be postponed. A reject of the bailout shall most probably create new tumults in the markets. The Cyprus government has decided to close the banks today and most probably for the rest of the week to avoid a rush on withdrawal of deposits. The ATM machines which were emptied during the holidays have been filled up again and are functioning. The decision to enter private banking accounts and confiscate them at will, have had far reaching effects. Major principles are at stake. The decision to put a levy on deposit accounts have scared global markets. Nervousness and risk aversion are back in play with focus on the Euro zone. Stock markets in America, Asia and Europe fell dramatically yesterday with Asia recovering this morning after digestion. The big question is that when this could happen to euro member with a tiny economy as Cyprus; constituting 0,2% of the total euro zone GDP, who might next in line? Spain, Portugal or Italy? If the Cyprus bailout continues to be handled in an unprofessional manner this can lead to contagion and a run on the banks all over the euro zone. The plain content of the Brussels decision is that it overstepped and violated sacred principles of private property rights. Governments should not mess with citizen’s private banking accounts regardless of which strong arguments you think you have. The “troika” representing some of the strongest capital forces in the world, has stressed that Cyprus has an overblown banking sector. Germany and other Euro countries accuse Cyprus for money laundering and that rich Russian oligarchs presumably have deposited money in Cypriot banks. But are these news have not come to light over night? They have lived with Cyprus since the breakdown of the Soviet Union when Russian businesses without a functioning banking system at home turned its attention to the visa free Cyprus. Anti-money laundering measures are functioning more efficiently in Cyprus today then did when Cyprus entered the European Union 10 years ago and the Euro in 2006. Cyprus has been following the same rules and regulations practiced inside the European union and the Euro zone relating to money laundering. At the same time Cyprus has been living high on Russian capital injections. Banks, law offices and auditors have prospered and so has the real estate sector. Why this sudden change of heart? What justifies that euro ministers and President Anastasiades permit to give banks a green light to intrude on and steal from clients banking accounts regardless of whether you call it a “levy” and not theft or for that sake a bank robbery. The Cypriot government has used the last 24 hours to try sugar a decision which from the very beginning was ill thought. Brussels have seemingly blessed that Cypriots are free to decide to exempt smaller savings account from the “levy” as long as the total confiscation stands at 5.8 Billion Euro. That does not change the sacrosanct principles involved in spite of Euro ministers and the Cyprus government now pretending to be modern Robin Hoods stealing more from the rich than the poor. Russian and British companies and private accounts are most severely hit. President Vladimir Putin and Prime Minister Medvedev are understandably furious. Russia gave Cyprus a generous loan on Euro 2,5 billion in 2011. Nevertheless neither Euro finance ministers nor the Cypriot government bothered to consult Moscow before this crucial decision was taken. The Cypriot Minister of Finance has planned to go to Moscow on Wednesday presumably to ask for better terms. We wish him a good trip. The Minister might find that the timing for asking for more favorable terms and conditions on existing loans is ill planned when it comes on the top of a confiscation of might be 4 – 5 billion Euros. Putin has rightly called Friday’s decision “unprofessional, unfair and creating a dangerous precedent”. For clients of MAYZUS Investment Company it is once more important to stress. Whatever outcome the planned “levy” shall have no impact on their deposits with MAYZUS Investment Company. Only a tiny portion of our funds are placed in Cypriot banks. Client funds are with prime banks outside Cyprus. Copyright: MAYZUS Investment Company Ltd

CZECH BIATHLON VICTORY UNDER MAYZUS SPONSORSHIP MAYZUS Investment is proud to announce that Soukalová WON THREE RACES IN A ROW. Biathlete Gabriela Soukalová won over this past weekend in the finals of the World Cup in Khanty Mansiysk race with mass start and completed a winning hattrick. Soukalova in a snowstorm as the only one of the competitors shot cleanly and with the second best run won clearly ahead of French woman Marie-Dorinovou Habertovou. "These results probably nobody expected, but the season for Gabina developed fantastically and this is the culmination of her efforts and concentration. Winning three times in a row, that is amazing," said coach Henry Šikola on Czech Television. "This is the biggest shock of my life," wrote Soukalová on the web of the International Biathlon Federation. In the men's race Ondřej Moravec was attacking the winning positions but last two mistakes in the final task cost him this possibility. Moravec in the end was overtaken by Michal Šlesingr, who finished tenth. Moravec finished twelfth. The jubilee tenth win of the season rejoiced World Cup winner Frenchman Martin Fourcade.

CYPRUS BAIL-OUT LEVY/ ZERO IMPACT ON MAYZUS CLIENT FUNDS MAYZUS Investment Company assure all its clients that their funds in company's accounts will not be affected by the levy on Cypriot bank deposits. Without any exceptions all MAYZUS client’s funds are kept safe outside of Cyprus with Top Tier European Banking Institutions. This also applies to MAYZUS’s own company funds. Should you have any questions please do not hesitate to contact us via Live Chat.

18 MARCH 2013: VOTE ON CONTROVERSIAL DEPOSIT HAIRCUT TODAY DAILY MARKET REVIEWS by Arne Treholt Vice-President of Business Development and Investments The Cypriot Parliament is later today going to vote on EU finance minister’s unprecedented decision to impose an all-out haircut on Cypriot deposits. The newly elected President Nikos Anastasiades was in Brussels with his finance minister Friday night and returned back to an uproar among Cypriot and foreigners who had entrusted their savings to the island’s banks and now found them in risk of being confiscated. The bail-out was cut from Euro 17 to 10 Billion and implies that savers have been forced to bear the cut. Banks are by Tuesday 19th automatically going to withdraw 9,9% on deposits above Euro 100 000 and 6,75% on all smaller amounts. It is unclear whether this implies both private and corporate accounts. But most likely both. It also seems that the decision applies to accounts in all Cyprus based banks regardless of their origin country. All accounts seem to be hit in an action that best can be described as pure confiscation or theft of private savings and funds. The unilateral action of the European Union and the Cypriot government have instituted a new practice never earlier seen in financial markets. The confiscation or “levy” which they call it, is estimated to contribute Euro 5,5 billion towards the recapitalization of the Cypriot banks. This counts for more than 50% of the bail out from the richest countries in Europe. In a televised speech on Sunday President Anastasiades defended his decision and stated that Cyprus was faced with the gravest situation since the Turkish invasion in 1974. The Cypriot government has “sugared” its measures by stressing that the confiscated funds are compensated by shares in the island’s bankrupt banks, the Bank of Cyprus and Popular Bank. Supporters of the new president have lately stressed his good and friendly relations with Angela Merkel and other European center right leaders. “Lazy” Greeks and “irresponsible” Cypriots have for long time leading up to the German elections in September, been negative headlines in the German press. Nikos Anastasiades got his chance to prove he is Germany’s devoted friend. He might have helped Merkel’s election campaign, but does this decision serve ambitions of making Cyprus a financial center? This is also a question of negotiating tactics. In its dealings with EURO zone finance ministers and the “troika” of representatives from the International Monetary Fund, IMF, the European Central Bank, ECB, and EU, Cyprus demonstrated that they were overeager to strike a deal. This never pays off in a Brussels nourished by confrontations and last minute’s deals. The late hours exercise in Brussels have given both Cyprus and the Euro zone members a hard lesson. It is time for blue Monday blues. The new Cyprus government has experienced – if they believed it in before - that there are no solidarity or true friends in Europe. It does not matter whether you are a goodwill pro-European or a former communist. European relations are built on interest politics. Cyprus has less than a million people and institutes 0,2% of the Gross Domestic product inside the Euro zone. But exactly the size is why European leaders could have afforded to be a little generous. Instead EU once again demonstrated an attitude which lately has brought the Southern periphery of Europe to despair. Today the Euro is falling 100 points close to 1,29. The message is clear. Neither markets nor Cypriots any longer trust the Eurozone reliability. Why should other Western European depositors do when their banks are bankrupt? Today Cypriot bank customers are treated dis respectfully. Their deposits are stolen and they are offered valueless shares. Next time the same medicine might be ordained to Italy, Spain, Greece, and Portugal or for that sake Netherlands. It has been sent a clear message to whole Europe. When governments are reluctant to pay for their banks speculations and excesses private property rights do not apply. Then it is up to the man in the street to pay the bill by having their accounts confiscated. Luckily enough MAYZUS Investment Company has been wisely enough to keep our client funds in banks outside Cyprus. Copyright: MAYZUS Investment Company Ltd