1. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Análisis del Mercado de Granos Forrajeros SIGAN 2011 Simposio de Inovación Ganadera División América Latina

2. OFERTA/DEMANDA MUNDIAL DE MAÍZ, USDA (mtm)- Julio 2011

3. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

5. CALENDARIO AGRICOLA MUNDIAL JULIO - CULTIVOS DE VERANO

6. CALENDARIO AGRICOLA MUNDIAL JULIO - CULTIVOS DE INVIERNO

7. Tabla de Inventarios Fuente: Departamento de Agricultura de los Estados Unidos

8. OFERTA Y DEMANDA DE MAIZ EN LOS EUA (Julio 2011)

9. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. 2010 Producción Mundial de Maíz (mtm)

10. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. OFERTA Y DEMANDA DE MAIZ EN LOS EUA HISTORICO (10 AÑOS)

11. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

13. Un rendimiento de 158 Bu/ac dejaría los inventarios de otoño un poco mayores que el año pasado. Los futuros cotizaron el año pasado en un rango de $5.10 a $6.00 hasta el otoño. Los modelos de precio de FCStone sugieren que necesitaremos un rendimiento de 156 Bu/ac o inferior para mantener los futuros de Diciembre en los niveles actuales hasta la cosecha en Octubre. Un rendimiento de 153.2 nos dejará con un inventario tan bajo que hará necesaria la racionalización de la demanda RANGO DE PRECIOS

14. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. COSTO DE PRODUCCION DE MAIZ El costo de producir maíz en uno de los estados mas representativos productores de los Estados Unidos (Illinois) promedia entre 635 USD/ac. y 739 USD/ac.

15. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

17. CONDICION DE CULTIVO Matt Zeller mattz@fcstone.com 515-273-4053 Matt Zeller mattz@fcstone.com 515-273-4053

18. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. POLINIZACION

19. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. INUNDACION 2011

20. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. ESCENARIO DE SIEMBRA ?

21. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. VENTAS DE EXPORTACION

22. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

23. Ventas de exportación INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. 2010 EXPORTACIÓN MUNDIAL DE MAÍZ (MMT)

24. Oferta y Demanda Mundial Maiz USDA / Julio 2011 BRASIL- CHINA- ARGENTINA (Est. 10/11)

26. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

33. USO DE MAIZ (MTM) – CHINA –

34. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. -- China ha comprado 3.7 MTM de maíz para este año. --Se estima que China estará comprando hasta 5 MTM para fin del ciclo actual 2010- 2011

35. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. MEXICO

36. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

38. 2010 IMPORTACIONES MUNDIALES DE MAIZ

39. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

40. OFERTA/DEMANDA DE SORGO EN LOS EUA- Julio 2011

41. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

42. PLANTAS DE ETANOL EN LOS EUA

43. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

44. Mientras la trayectoria del consumo de maíz para etanol ha aumentado de manera estable en los últimos cinco años, el hecho que ahora haya superado oficialmente la industria de forraje animal en el país, marca la primera vez que la mayoría del cultivo de maíz de EUA será consumida por el uso industrial en lugar que la industria alimenticia.

45. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Los responsables de las políticas agrícolas están también muy preocupados con el impacto de la producción de biocombustibles sobre el precio de alimentos. En un reciente reporte preparado por el Banco Mundial, se recomendó al Programa Mundial de Alimentos de las Naciones Unidas y los ministros del G-20 que las políticas diseñadas para promover la demanda de biocombustibles necesitan una nueva consideración ya que los precios mundiales de mercado de los principales cultivos como granos y azúcar están sustancialmente más altos de lo que estarían si no se produjeran biocombustibles.

46. CLIMA

48. EUA - HUMEDAD EN EL SUBSUELO Mayo 2011

49. PRONOSTICO 30 DIAS Clima «aparentemente benigno» para la zona productora de maíz en los EUA

50. PRONOSTICO 6-10 DIAS Muy altas temperaturas y baja precipitación en la región central de los EUA, mantendrá a los especuladores muy activos en el mercado

51. FONDOS

52. COMPORTAMIENTO DEL MERCADO DE MAIZ CONTINUO

53. CU1

54. CZ1

55. PRECIOS DEL MAÍZ EN EL CBOT DE LOS ULTIMOS 5 AÑOS

56. ESTACIONALIDAD MAĺZ

57. DIFERENCIAL CN-CZ (1996)

58. DIFERENCIAL CN-CU (2011)

59. DIFERENCIAL CN-CZ (2011)

60. RECOMENDACIÓN COMPRADORES a) El reporte de oferta/demanda del mes de julio nos muestra una gran producción, pero con un incremento en la demanda igualmente sustancial. Recomendamos el uso de coberturas de precio, call spread o estructuras mas complejas con opciones, donde el resultado de las mismas no cuenten con llamadas de margen, sobre los futuros de diciembre 2011 y/o marzo 2012. PRODUCTORES a) Nuevamente el mercado se encuentra en niveles cercanos a los 7.00 USD/Bu. Recomendamos la compra de put spread sobre el mes de diciembre 2011. b) Iniciar el proceso de venta de grano

61. BASES

62. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

63. COTIZACION DE BASES MAIZ AMARILLO

64. BASES MAĺZ – FOB NOLA

65. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. BASES MAĺZ – ½ PUENTE LAREDO

66. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. BASES SORGO – FOB NOLA

67. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. BASES SORGO – ½ PUENTE LAREDO

68. FLETES

70. RECOMENDACIÓN Las bases continúan manteniéndose en niveles altos históricos. Los países de la región asiática se mantienen comprando y con la expectativa de comprar mas grano en las próximas semanas. Observando la tabla de oferta/demanda tan ajustada, cualquier debilidad en el precio mantendrá a los compradores activos en el mercado. Recomendamos comprar solos sus necesidades inmediatas y esperar a que se presente la nueva cosecha en los EUA para cubrir sus necesidades de lo que resta del 2011 y primer trimestre del 2012.

71. INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Análisis del Mercado de la Leche SIGAN 2011 Simposio de Inovación Ganadera División América Latina

72. Consumo Mundial de Leche INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. El consumo de leche en México continúa siendo Uno de los más bajos del Mundo y brindando una Oportunidad importante La producción mundial de leche es muy similar a la de consumo

73. Producción de Leche en USA INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Millones de libras mensuales La producción se ha incrementado este año a pesar del costo de alimentación

74. Producción Mensual por Vaca INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Libras de leche mensuales 725 748 771 793 816 839 861 864 Kilogramos de leche mensuales La genética sigue siendo el factor más importante en el incremento de la producción por vaca

75. Precio Continuo de la Leche INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. $/cwt

76. Contrato de Leche de Septiembre 2011 INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

77. Precio de la leche INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Precio de la leche Vs. Índice Dow Jones

78. Leche Fluida Clase III INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

79. Producción USA INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Población de Vacas al Mes de Junio en 23 estados de USA

80. Producción USA INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Número de Vacas en Producción en 23 estados

81. Producción USA INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Reemplazos de Vaquillas +500 lbs +3.7%

82. Producción USA INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Establos Lecheros del 2001 al 2010 En USA

83. Producción USA INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Producción de leche, 2001 al 2010 En 23 estados

84. Producción USA INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved. Producción por vaca, 2001 a 2010

85. Condiciones del Mercado de la Leche Alcistas: –Incremento de la demanda en países deficitarios –Altas temperaturas en las zonas de producción –Baja eficiencia alimenticia –Raciones de menor contenido nutricional Bajistas: –Situación económica mundial –Elevada población de vaquillas en ranchos –Incremento en la producción mundial de leche INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

86. Seminario Práctico en Administración de Riesgo 6 - 9 de Septiembre, 2011 Mercado de Futuros - Bases y Diferenciales – Volatilidad (¿Qué es? ¿Cómo medirla? ¿Cómo interpretarla? ¿Cómo afecta a nuestra operación?) - Cobertura de Riesgo Utilizando Opciones (Conceptos básicos en opciones, La importancia del Valor Tiempo en el precio de las opciones, Valuación de primas. Las letras griegas. Delta, ¿Cómo reducir el costo de cobertura en compra simple de opciones?) - Valuación de primas (Las letras griegas. Gamma, Theta y Vega, Estrategias Avanzadas con Opciones, Ejercicios) - Mercados OTC (Over The Counter). – (Opciones con Fecha de Expiración Arbitraria, Opciones y swaps de precio promedio, Acumuladores Productor, Acumuladores Consumidor) Hotel Sede Union League Club of Chicago Hotel 65 W Jackson Blvd Chicago Il 60604