Good morning ladies and gentlemen and welcome to the INTL FCStone Fourth Quarter 2012 Earnings conference call. At this time all participants are in a listen-only mode. Later we will conduct a question and answer session, and instructions will follow at that time. If anyone should require assistance during the conference, please press star then zero on your touchtone telephone. As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Mr. Bill Dunaway. You may begin.

Good morning, my name is Bill Dunaway, CFO of INTL FCStone. Welcome to our earnings conference call for the fourth quarter of fiscal 2012 ended September 30, 2012. After the market closed yesterday, we issued a press release reporting our results for the fiscal fourth quarter. The press release is available on our website at www.intlfcstone.com, as well as the slide presentation which we will refer to on this call in our discussions of the quarterly and annual results. This slide presentation is available by clicking on the Investor Relations link on the website and then going to the Events and Presentations page. You will then need to sign onto the live webcast in order to view the presentation. Both the presentation and an archive of the webcast will be available on our website after the call’s conclusion. Before getting underway, I’d like to cover a couple of housekeeping items. On these conference calls and in the management discussion portions of our SEC filings, we present financial information on a non-GAAP basis in order to take into account mark-to-market differences and our adjustments in our physical commodities product lines, which are included in both our CRM and Other segments. As discussed in previous conference calls and in our filings, the requirements of accounting principles generally accepted in the U.S., which I’ll refer to as GAAP, to carry derivatives at fair market value but physical commodity inventories at the lower of cost or market value may have a significant temporary impact on our reported earnings. Under GAAP, gains and losses on commodities inventory and derivatives which the company intends to be offsetting are often recognized in different periods. Additionally, in certain circumstances GAAP does not require us to reflect changes in estimated values of forward commitments to purchase and sell commodities.…

Thank you, Sean. I’d like to start my discussion with a review of the quarterly results and will refer to the fourth page of the slide presentation, titled Quarterly Financial Dashboard. This slide lays out the quarterly operating results as well as the related balance sheet information in comparison to the prior year period, as well as in some cases the internal target which management has set for our operating results. Adjusted operating revenues were a record 124.8 million for the current period, up 21% from the 103.5 million in the fourth quarter of 2011. Adjusted operating revenues were 124.7 in the third quarter of 2012. Every segment in the company experienced growth in adjusted operating revenues in the fourth quarter as compared to the prior year with the exception of the foreign exchange segment. Looking at our revenues on a segmental basis, adjusted operating revenues in our core commodity and risk management services segment increased 17% from 58.9 million in the prior year period to 69.2 million in the fourth quarter of 2012. Adjusted operating revenues in this segment increased 1.3 million over the third quarter revenues of 67.9. Our CRM segment is further broken down into three different product lines: soft commodities, precious metals, and base metals. Starting with soft commodities, operating revenues increased 7% to 57.8 million in the fourth quarter as compared to the prior year period. Exchange traded volumes were 956,000 contracts, which was a 29% increase over the fourth quarter of the prior year which drove a $2.8 million increase in commission and clearing fee revenues, primarily in domestic grain markets as well as Latin America and China. OTC contract volumes in this product line increased 25% as compared to the prior year to 445,000 contracts, driving a $1.5 million increase in OTC revenues.…

Thank you. [Operator instructions] Our first question comes from Bartley Cohen (ph), a private investor. Your line is open.

Hi guys. I just had one question, not really related to this quarter, but I was curious what your thoughts were on—like basically, the fuel business, if you had any—getting gasoline and diesel to customers. The reason I was asking, I was reading the World Fuel Services annual report and it seems to be sort of like that asset light with many customers, and I remember your annual reports of talking about getting into niche markets and maybe being a little more sophisticated than the competition. I was just curious if you had any thoughts of—I know you guys have been expanding very quickly. I was just curious about— Sean O’Connor: Well, the short answer is no, we’re not getting into that business. We are involved in the fuel industry and do deal with people who deal with diesel, with gasoline, and the distribution thereof; but we’re really dealing with them in terms of hedging their risk related to that. So it’s not something we’re involved in, but we might take a look at it following this and just see what’s going on out there. We’re always interested in looking at opportunities, but certainly it’s not on the radar for us right now.

Okay. Congratulations on the quarter. Sean O’Connor: Thank you.

Again, if you have a question at this time, please press star then one. Our next question comes from Mayer Kenya with IW Capital. Your line is open. Mayer Kenya – IW Capital: Hi. Great quarter. I had two questions. The first – could you talk about the growth in Brazil and China? Is there anything that has surprised you about the business there? Sean O’Connor: Well firstly, Brazil has probably been one of our standout areas over the last three years, and just massive growth in the agricultural sector down there – customers who are large but relatively unsophisticated in the financial markets, looking for help, so sort of a perfect match-up for how we do business. And we have opened five offices now in Brazil. The reason for doing that is we try and put our people close to where the customers are, so we’re in some really kind of remote areas of Brazil now where we’ve set up an office with three or four guys. They want to be where they can see their customers every week, every day, and we just see a lot of growth. And we just had our monthly call with those guys yesterday and they see that growth continuing. I mean, it’s clear to anyone, I think, who follows the agricultural world that Brazil has already become and will continue to become a powerhouse, and probably at some point even be larger than the U.S. in terms of its production. So definitely a place we want to be, very profitable for us, and lots of growth potential. In terms of China, we do a lot of business in China. China is very difficult. There are lots of regulations, but certainly we can say that all the large state-owned businesses that have been…

Yeah, that’s about right. Sean O’Connor: So less than half, definitely – way less than half. But the industry, the FCM industry as a whole by my guess has been basically unprofitable for three years. It was all built on an interest rate model. Interest rates have gone to zero, and a lot of people have been struggling with that. The problem is with volumes having generally declined, not only do you have an unprofitable business but you also have surplus capacity and a model that has high fixed costs, so it reminds me a lot of the airline industry. So what happens in that environment is everyone is trying to find that marginal dollar and instead of people pushing prices up, they tend to push prices down, which is totally perverse and illogical and irrational. But when you’ve got a high fixed cost and you’re losing money, every little dollar you make that is marginal and helps cover your fixed cost, you’ll chase that dollar. So what we found is generally a tougher environment as interest rates went down. I suspect now we’re starting to see that turn with MF and Peregrine and a couple other people – I mean, some of the French banks are pulling out of the business. It seems now that capacity may start to be inching a little bit, and when capacity starts to stabilize, that’s when pricing power returns. I certainly think that pricing power is starting to return slowly. I think the other thing we find increasingly is people are becoming more discerning about who they deal with, so we have not chased our prices down. We believe we offer a good, high level service to customers. We’re a sound company, we’re public. We have a lot of capital supporting our business,…

Yeah, the only additional comment I would make is that Sean’s comments about FCM’s generally really have to do with raw, non-value added clearing and execution services, which is something that we offer to a sub-segment of our customer base but is not what we do with the bulk of our core customers where we provide a value-added service and an advisory service and make significant—you know, higher revenue from those customers than the industry standard. So although it’s important to us to see that the pricing of those non-value added, raw clearing execution services returns to a more reasonable level, it isn’t the core part of our earnings stream. Sean O’Connor: Have we answered your question? Mayer Kenya – IW Capital: Yes, thanks. I appreciate the answer. Sean O’Connor: Okay, good. Operator, any more questions?

Our next question comes from Justin Hughes with Philadelphia Financial. Your line is open. Justin Hughes – Philadelphia Financial: Good morning. I’m just wondering – I noticed your comp ratio ticked down to 38% in the quarter. What should we model going forward, because that’s a 6-point drop from just last quarter. Sean O’Connor: Okay, well we have stated that our objective is to be at 40% or below, and if you have a look at the little slides, on the far right we’ve highlighted to you what we as management are trying to shoot for, so that’s what I would use now. I mean, you’re going to have to make a judgment as to whether we’re going to hit our various metrics or not, but that’s what we’re shooting for. That’s kind of how we’ve designed the business. Those are the metrics we have given to our division managers and asked them to manage to. That can move around a little bit depending on the business mix, where you are in the cycle with developing new activities. Typically when you start a new business, you have 100% comp ratio, right, because it’s all cost and no revenues, or in fact it’s almost, I don’t know—it impacts the rest of the business negatively. And then as revenues start coming in, you start at 100% and hopefully once the business scales itself to the right size, you start drifting in. And we have a lot of businesses where they stalled pretty early in the development cycle, so they have a higher ratio. And as they start coming into line, we start slipping below that target. So that’s how it can move around a little bit. Justin Hughes – Philadelphia Financial: Yeah, so that would also suggest it should be a little…

Thank you. I’m showing no further questions in the queue at this time. I’ll hand the call back to Mr. O’Connor for closing remarks. Sean O’Connor: All right, I don’t think we have any more questions, so we’d like to thank everyone for participating in the call. Thank you for supporting us, and we wish you and yours a great holiday season. Thanks very much.

Thank you. Ladies and gentlemen, this concludes the conference. You may all disconnect and have a wonderful day.