These materials have been prepared by personnel in the Sales and Trading Departments of Cargill Risk Management, a business unit of Cargill, Incorporated based on publicly available sources, and is not the product of any Research Department. These materials are not research reports and are not intended as such. These materials are for the general information of our customers and are a "solicitation" only as that term is used within CFTC Rules 1.71 and 23.605, as promulgated under the U.S. Commodity Exchange Act. These materials are provided for informational purposes only and are not otherwise intended as an offer to sell, or the solicitation of an offer to purchase, any swap, security or other financial instrument. 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 securities or other financial instruments described herein. These materials also include information obtained from sources believed to be reliable, but Cargill Risk Management does not warrant their completeness or accuracy. In no event shall Cargill Risk Management 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 or errors in, or omissions from, 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. 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. Nothing herein should be construed as an investment recommendation or as legal, tax, investment or accounting advice. Cargill Risk Management is a provisionally registered Swap Dealer and operates under “Order of Limited Purpose Designations for Cargill, Incorporated and an Affiliate.”
Any indicative prices are provided for information purposes only, they do not represent a commitment from Cargill Risk Management 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. Cargill Risk Management expressly disclaims 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 ISDA credit terms, client credit ratings or credit reserves or charges that might be relevant to a dealer negotiating a firm pricing level. Note that the transaction that is the subject of these indicative prices does not have Cargill Risk Management credit approval. These materials are not intended as investment or other advice or as a recommendation that you, any of your affiliates or any other person participate in any transaction.
CRM is acting as a principal in the negotiation of any block trade and CRM owes no agency duties to you, as the counterparty.
Cargill Financial Services Europe Limited (CFSEL) is authorized and regulated by the Financial Conduct Authority in the United Kingdom. This information is directed at clients (actual or potential) who meet the definition of a Professional Client or an Eligible Counterparty and any products or services described herein are only available to such clients.
This material and the information in it is provided to you in accordance with the Markets in Financial Instruments Directive 2014/65/EU (MiFID).
In addition, this material and the information in it is not intended to be nor does it constitute financial product advice as defined by applicable laws and regulations and should not be construed as investment, legal or tax advice. Furthermore, CFSEL does not guarantee the completeness of this information nor the results or outcome of any action or inaction based on such information. You should, therefore, 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.
This material is not intended to be nor does it constitute financial product advice as defined by applicable laws and regulations (including MiFID) and should not be construed as investment, legal or tax advice. Furthermore, Cargill GmbH (Cargill) and Cargill France SAS (Cargill) does not guarantee the completeness of this information nor the results or outcome of any action or inaction based on such information. You should, therefore, 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.
This material is provided on a confidential basis and may not be reproduced, redistributed or disseminated, in whole or in part, without the prior written consent of Cargill. Any unauthorized use is strictly prohibited. Product names, company names and logos mentioned herein are trademarks or registered trademarks of their respective owners.
Cargill Australia Financial Services Pty Limited (ABN 24 103 594 823) is a licensed entity, Australian Financial Services License number 393967, supervised by the Australian Securities & Investments Commission (“ASIC”) in Australia. This information is 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 Ltd. is an authorized Financial Services Provider (“FSP”), license number 34023, under the Financial Sector Conduct Authority (FSCA) in South Africa.