These materials, and any other materials, have been prepared by personnel in the Sales and Trading Departments of Cargill Risk Management, a business group within Cargill, Incorporated and certain of its affiliates, and are provided for informational purposes only and are not, unless expressly stated, intended as an offer to sell, or the solicitation of an offer to purchase, any swap, security or other financial instrument.
We act in the capacity of principal, as an arm’s length contractual counterparty to you, with respect to any swap or derivative transaction (including any off-exchange block trade) and we do not undertake to act as your financial or other advisor, agent, representative, or fiduciary. Our interests are directly adverse to yours when we negotiate the terms of a transaction or related documentation, or make determinations or exercise our rights thereunder.
Specifically, you should:
- not regard any transaction proposals, suggestions or other written or oral communications from us as advice or a recommendation or otherwise as expressing our view as to whether a transaction is appropriate for you or meets your financial or other objectives;
- determine whether you have the necessary information to understand the terms and risks of a transaction and the legal, tax and accounting requirements and results of entering into the transaction; and
- assume we have an economic incentive to be a counterparty to any transaction with you.
It is your responsibility to conduct your own analysis, using such assumptions as you deem appropriate and you should consider fully other available information about markets in making investment decisions, and consult appropriate advisors as needed to evaluate and understand the terms, risks, or requirements of a transaction. Nothing herein, or in any other materials, is intended as legal, tax, accounting, investment, or financial product advice as defined by applicable laws and regulations (including the Markets in Financial Instruments Directive 2014/65), or as advice, nor is it a recommendation that you, any of your affiliates or any other person, enter into any transaction. You are advised to obtain independent legal, tax, investment and/or accounting advice in evaluating the risks associated with any transaction(s) prior to agreeing to terms with us.
These materials contain preliminary information that is subject to change and that is not intended to be complete or to constitute all of the information necessary to evaluate the consequences of entering into a swap transaction and/or investing in any financial instruments described herein. These materials may include information obtained from publicly available sources and while those sources are believed to be reliable, we do not warrant their completeness or accuracy, and in no event shall we be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies, errors, or omissions in such information. All projections, forecasts and estimates of returns and other “forward-looking” information not purely historical in nature are based on assumptions, which are unlikely to be consistent with, and may differ materially from, actual events or conditions. Such forward-looking information only illustrates hypothetical results under certain assumptions. Actual results will vary, and the variations may be material. The information contained in these materials and such information may not be relied upon by you in evaluating the merits of participating in any transaction.
Any indicative prices are provided for informational purposes only, they do not represent a commitment from us to transact at those prices, or at any price, in the future, and are intended solely for your use. Any indicative prices were created as of a specific time and market condition and do not represent (i) the actual terms at which new transactions could be entered into, (ii) the actual terms at which existing transactions could be liquidated or unwound, or (iii) the calculation or estimate of an amount that would be payable following the early termination of transactions pursuant to any master trading agreement to which we are parties. We expressly disclaim any responsibility for (i) the accuracy of the models or estimates used in deriving the prices, (ii) any errors or omissions in computing or disseminating the prices, and (iii) any uses to which the prices are put. The indicative prices do not take into account any specific credit terms, client credit ratings or credit reserves or charges that might be relevant to a dealer negotiating a firm pricing level.
The official trade confirmation contains the terms governing any transaction. Nothing herein, or in a product description, amends or supersedes the terms of any transaction between us documented in a trade confirmation. In the event of any conflict between a trade confirmation and any other such document, the trade confirmation shall govern.
This material is provided on a confidential basis and may not be reproduced, redistributed or disseminated, in whole or in part, without our prior written consent. Any unauthorized use is strictly prohibited. Product names, company names and logos mentioned herein are trademarks or registered trademarks of their respective owners.
The terms of this disclaimer apply to materials provided to you by any of the following entities operating through Cargill Risk Management:
Cargill, Incorporated, a limited designation Swap Dealer registered with the Commodity Futures Trading Commission (“CFTC”). Note that these materials are not the product of any research department, and are not research reports, nor are they intended as such. These materials are, however, provided for general information and are a "solicitation" to enter into a derivatives transaction only as that term is generally used and set forth under Section 1a of the U.S. Commodity Exchange Act and Commodity Futures Trading Commission Regulation 23.605.
Cargill Financial Services Europe Limited, a limited company incorporated in England and Wales and authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. These materials are available only to clients (actual or potential) who meet the definitions in MiFID of a Professional Client or an Eligible Counterparty; any products or services described herein are only available to such clients.
Cargill GmbH, a company incorporated in Germany.
Cargill France S.A.S., a company incorporated in France.
Cargill Australia Financial Services Pty Limited, a limited company incorporated in Australia, holds an Australian Financial Services License (license number 393967) and is supervised by the Australian Securities & Investments Commission (“ASIC”) in Australia. The information in these materials are directed at clients (actual or potential) who meet the definition of a Wholesale Client as defined in the Corporations Act 2001 (Cth).
Cargill RSA (Pty) Limited, a private company registered in the Republic of South Africa, is a Financial Services Provider, license number 34023, and an OTC Derivatives Provider, authorized and regulated by the Financial Sector Conduct Authority(“FSCA”) in South Africa.
Cargill Japan LLC, a company incorporated in Japan, and Cargill, Inc. have submitted notifications of and are acting as Specified OTC Commodity Derivatives Transaction Dealer in Japan.