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May 26, 2015 12:00 AM ET

Capital Markets

Company Overview of FCStone, LLC

Company Overview

FCStone, LLC, a registered futures commission merchant and clearing member, operates a clearing and execution platform for exchange-traded futures and options contracts in the United States. The company provides risk-management programs and services to dairy producers, processors, and end-users. The company was founded in 2000 and is based in West Des Moines, Iowa. FCStone, LLC operates as a subsidiary of INTL FCStone Inc.

2829 Westown Parkway

Suite 100

West Des Moines, IA 50266

United States

Founded in 2000





Key Executives for FCStone, LLC

Chief Executive Officer and President
Age: 45
President of International Assets Holding Corporation
Age: 61
Executive Vice President
Age: 63
Managing Director
Executive Vice President and Head of Sales - Clearing & Execution Services Division
Compensation as of Fiscal Year 2014.

FCStone, LLC Key Developments

FCStone, LLC Enters into a Loan Authorization Agreement with BMO Harris Bank N.A

On May 5, 2015, FCStone, LLC, as Borrower, entered into a Loan Authorization Agreement with BMO Harris Bank N.A., as Bank, pursuant to which the amount available under this uncommitted credit facility was established at $50 million. The loan proceeds will be used to finance FCStone's delivery finance activities and are secured by certain of FCStone's assets. The description in this report of the Loan Authorization Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Loan Authorization Agreement.

FCStone, LLC Enters into Seventh Amendment to Amended and Restated Credit Agreement

On March 30, 2015, INTL FCStone Inc., as Guarantor, its subsidiary FCStone Group Inc., as Guarantor, and its indirect wholly owned subsidiary FCStone, LLC, as Borrower, entered into the Seventh Amendment to Amended and Restated Credit Agreement with Bank of Montreal, as Administrative Agent, and BMO Harris Financing Inc., as a lender party thereto. The amendment amends the Amended and Restated Credit Agreement dated as of June 21, 2010, as amended, between the company, the Guarantors, the Administrative Agent, and the lending parties. The amended termination date of the Amended Credit Agreement is April 7, 2016, or such earlier date as the commitments are terminated pursuant to the Amended Credit Agreement. The Amended Credit Agreement maintains the aggregate amount of all commitments allowed under the Amended credit facility at $75,000,000, and amends the termination date.

Appeal Decision in Favor of FCStone in Sentinel Case Becomes Final

INTL FCStone Inc. announced on March 19, 2014 that the U.S. Court of Appeals for the Seventh Circuit had reversed the trial court's January 2013 decision against its subsidiary, FCStone, LLC, in the Sentinel matter. Because the bankruptcy trustee for Sentinel did not seek review of the Seventh Circuit's ruling in the U.S. Supreme Court before the time allotted for appeal expired, the Seventh Circuit's ruling in favor of FCStone is now considered final. The appeal court's reversal will have no financial impact on the Company, which had considered the possibility of losing the appeal to be remote and, accordingly, made no provision in its financial statements for any further loss in this matter. The $8 million appeal cash deposit made by FCStone with the court has been refunded. The company had disclosed that the trial court's decision, if it had been allowed to stand, would have resulted in a net pre-tax loss to FCStone of between $4 million and $6 million. Such an adverse outcome is no longer a possibility. In addition, the original decision could have undermined the integrity of the futures industry's system of segregated customer accounts and the CFTC regulations designed to protect those accounts. The appeal court's reversal of the decision vindicates the commitment of FCStone and the futures industry to protecting customer segregated funds. The case arises from the 2007 bankruptcy of Sentinel Management Group Inc. ("Sentinel"), an SEC-registered investment adviser and CFTC-regulated futures commission merchant. Sentinel, in accordance with CFTC regulations, invested customer funds on behalf of FCStone and many other futures commission merchants. Sentinel also invested funds deposited by hedge funds and other securities investors. In August 2007, Sentinel declared bankruptcy. Shortly thereafter, a Chicago federal district court ordered Sentinel to return all remaining customer funds which had been deposited by the futures commission merchants, including FCStone, and Sentinel did so. At that time, FCStone itself covered any account shortfall in order to ensure that its customers suffered no harm due to the insolvency of Sentinel. Approximately a year later, the Sentinel bankruptcy trustee filed virtually identical lawsuits against FCStone and approximately a dozen other futures commission merchants, seeking a return of the August 2007 distribution of customer funds. The trustee never alleged any wrongdoing on the part of FCStone or the other futures commission merchants. Rather, the trustee simply claimed that the futures commission merchants, including FCStone, received a greater percentage of their account balances than the other Sentinel customers. The trustee argued that FCStone and the other futures commission merchants should receive, from the bankruptcy estate, the same percentage as the other Sentinel customers, and no more. On January 4, 2013, in a "test case" decision, the federal district court ruled that FCStone should return its original distribution of $15.6 million and receive a revised distribution based on an equal distribution to all of Sentinel's customers, which would have resulted in a net pre-tax loss to FCStone of between $4 million and $6 million. It was this decision that FCStone successfully appealed.

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