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INTL FCStone Inc. | intlfcstone

Execution, Clearing and Advisory Services in COMMODITIES , CAPITAL MARKETS & CURRENCIES. 33rd Energy Conference Ritz Carlton South Beach Hotel Miami Beach, Florida October 28, 2013. INTL FCStone Inc. | www.intlfcstone.com. Disclaimer.

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INTL FCStone Inc. | intlfcstone

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  1. Execution, Clearing and Advisory Services in COMMODITIES, CAPITAL MARKETS & CURRENCIES 33rd Energy Conference Ritz Carlton South Beach Hotel Miami Beach, Florida October 28, 2013 INTL FCStone Inc. | www.intlfcstone.com

  2. Disclaimer The trading of derivatives such as futures, options, and swaps may not be suitable for all investors.  Derivatives trading involves substantial risk of loss and you should fully understand those risks prior to trading.  Past financial results are not necessarily indicative of future performance.  All references to futures/options trading are made solely on behalf of FCStone, LLC. All references to swap execution and bi-lateral swaps are made solely on behalf of INTL FCStone Markets, LLC. FCStone, LLC will clear swaps when applicable. Swaps are only available to eligible counterparties. This material should be construed as the solicitation of any trading strategies and/or services provided by FCStone, LLC noted in this presentation. FCStone, LLC is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Contact FCStone designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by FCStone, LLC. All forecasting statements made within this material represent the opinions of the author, without exception. Factual information believed to reliable, was used to formulate these statements of opinion; and FCStone, LLC cannot guarantee the accuracy and completeness of the information being relied upon. Accordingly, these statements do not necessarily reflect the viewpoints and trading strategies employed by FCStone, LLC. All forecasts of market conditions are inherently subjective and speculative, and actual results and subsequent forecasts may vary significantly from these forecasts. No assurance or guarantee is made that these forecasts will be achieved.

  3. Thomas J. Saal – Senior Vice-President, FCStone Latin America, LLC 30 years of physical & futures energy market experience Natomas North America Financial Analyst State of Texas Energy Economist Florida Power & Light Rate Analyst / Fuel Price Analyst / Energy Buyer Merrill Lynch Futures Broker - Risk Management Pioneer Futures Inc. Futures Broker - Risk Management Commercial Brokerage Futures Broker - Risk Management Master’s Degree in Economics University of Houston 4

  4. Energy Outlook – the Next Five Years What’s the Market Going to Do? By Tom Saal

  5. Key Energy Prices Source: NYMEX, ICE, British Petroleum and World Bank

  6. Global Crude Oil Price Outlook Source: ICE

  7. US Natural Gas Price Outlook Source: NYMEX

  8. Japan LNG Price Outlook Sources: British Petroleum and World Bank (Annual Data), and YCHARTS (Monthly Data)

  9. Crude Oil:Price (Brent) vs Supply/Demand Fundamentals(1990 to 2011) Source: CME, ICE and DOE (missing data points were estimated)

  10. Ranking Key Crude Oil Fundamental Factors *Correlation is the square root of R squared Source: CME, ICE and DOE (missing data points were estimated)

  11. Henry Hub - Natural Gas Price vs Supply/Demand Fundamentals (1989 to 2011) Source: BEA, NYMEX, NGI and DOE

  12. Ranking Key Natural Gas Fundamental Factors *Correlation is the square root of R squared Source: BEA, NYMEX, NGI and DOE

  13. Japan LNG Price vs Natural Gas Supply/Demand Fundamentals(1990 to 2011) Source: British Petroleum, CME and DOE

  14. Ranking Key LNG Fundamental Factors *Correlation is the square root of R squared Source: British Petroleum, CME and DOE

  15. Department of Energy: OECD and Non – OECD GDP Projections (2011) Source: DOE – International Energy Outlook 2011

  16. Crude Oil Price Forecast (USD/BBL) Brent: In Market Profile Higher end = 181.95 Forecast* Average = 121.95 Lower end = 60.95 * Tom Saal’s Forecast Source: ICE (Monthly Data – Annual Market Profiles)

  17. Natural Gas Price Forecast (USD/MMBtu) Henry Hub: In Market Profile Higher end = 14.350 Forecast* Average = 5.350 Lower end = 2.850 * Tom Saal’s Forecast Source: NYMEX (Monthly Data – Annual Market Profiles)

  18. Liquefied Natural Gas Price Forecast(USD/Mmbtu) Sources: British Petroleum and World Bank (Annual Data), and YCHARTS (Monthly Data)

  19. Thank you very much,Come and visit anytime. FCStone Latin America, LLC A wholly owned subsidiary of INTL FCStone Inc. 1221 Brickell Avenue, 25th Floor Miami, FL 33131 1-(305)-925-4846

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