Third party release letter

Independent practitioner’s assurance report to the directors of ICE Futures Europe (the ‘Company’) on their Statement of Compliance with the EU Benchmarks Regulation (2016/1011) from 2 June 2020 until 31 December 2020 and the UK Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 from 1 January 2021 to 1 June 2021 and adherence to the benchmark methodology with respect to the ICE Brent Index benchmark for the period 2 June 2020 to 1 June 2021 (the ‘Period Under Review’)

Ernst & Young LLP (‘EY’) have been requested by IFEU to provide your company, firm or organisation (the ‘Company’), with a copy of the report we prepared, on their instructions, on the Company’s control procedures that relate to compliance with Articles 10, 19, 27.1 to 27.2, 28.1 and Annex II of the EU Benchmarks Regulation (collectively the ‘applicable EU BMR requirements’) from 2 June 2020 until 31 December 2020 and the relevant sections of the applicable EU BMR requirements as on-shored into domestic legislation following the end of the Brexit transition period under the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 from 1 January 2021 onwards collectively the ‘applicable BMR requirements’) and the Company’s control procedures that relate to the Company’s adherence to its benchmark methodology throughout the period 2 June 2020 to 1 June 2021 (Period Under Review) with regards to its administration and calculation of the ICE Brent Index (the ‘Report’).

The Report was prepared solely for the use of the IFEU and addressed issues specific to them. Accordingly, we may not have addressed issues of relevance to you and the Company (together the “Recipients”). Further, the Report was concluded on 19 October 2021, and we have not undertaken any further work since that time. Material events may therefore have occurred which will not be reflected in the Report.

Whilst we are prepared to provide a copy of the Report to the Recipients, it is only on the basis that the Recipients acknowledge and agree that:

  1. no EY Person accepts any responsibility nor shall have any liability in contract, tort or otherwise to any Recipient or any other third party in relation to the contents of the Report;
  2. any use a Recipient makes of the Report is entirely at its own risk;
  3. subject to the provisions of clause 4 below, no Recipient shall disclose all or any part of the Report to any other person, by any means, or refer to EY or any EY Person in connection with the Report;
  4. to the fullest extent permitted by applicable law and professional regulations, the Company shall indemnify the EY Persons against all claims by third parties and resulting liabilities, losses, damages, costs and expenses (including reasonable external and internal legal costs) arising out of a third party’s use of or reliance on the Report disclosed to it by or through a Recipient or at a Recipient’s request; and
  5. EY Persons shall be entitled to enforce these terms and conditions in accordance with the Contracts (Rights of Third Parties) Act 1999.

This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.

Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this agreement or its subject matter or formation.

For the purposes of this agreement “EY Persons” shall mean Ernst & Young LLP, any other member of the global network of Ernst & Young firms and any of their respective subcontractors, members, shareholders, directors, officers, partners, principals or employees (including but not limited to employees of Ernst & Young Services Limited). “EY Person” shall be construed accordingly.

If you wish to access the Report you should confirm your acceptance of and agreement to the terms of this agreement by [entering your name, employer and job title where indicated below and] clicking on “I AGREE” button below.

By [entering your name, employer and job title where indicated below and] clicking on the "I AGREE" button you signify that you and the Company agree to be bound by these terms and conditions. You confirm that you are authorised to enter into this agreement on behalf of the Company and that once you click on the “I AGREE” button below this agreement is legally binding on, and enforceable against, the Company. Such acceptance and agreement shall be deemed to be as effective as a written signature provided manually by you, for and on behalf of you and the Company, and shall be deemed to satisfy any requirements of any applicable law to create a legally enforceable contract, notwithstanding that the agreement is written and accepted electronically.