BMR and IOSCO reports

Third party release letter

You have requested access to a copy of a report dated 18 February 2026 (the “Report”) prepared by BDO LLP on the description of the internal controls of the London Metal Exchange (“LME”) for the period 1 January 2025 to 31 December 2025 in respect of the administration and calculation of in-scope benchmark families, in response to the applicable requirements of the Benchmarks Regulation1 and to the applicable requirements of the International Organization of Securities Commissions Principles for Oil Price Reporting Agencies and the suitability of the design, implementation and operation of those controls to meet the relevant Control Objectives. The benchmark families in-scope of this report are:

• Official Prices
• Closing Prices
• Monthly Average Settlement Prices, and
• LPP Prices

LME, to whom the Report is addressed, has confirmed that a copy of the report may be provided to you. BDO LLP has consented to release the report to you on condition that you accept and agree to the terms below.  

By clicking on the “I ACCEPT” button below, you confirm the following:  

I accept and agree for and on behalf of myself and the entity I represent (each a "recipient") that: 

1. BDO LLP, its members, subsidiaries and their employees and agents (individually and collectively referred to in this letter as “we” whenever the context allows) neither owe, nor accept any duty or responsibility to each recipient, whether in contract or in tort (including without limitation, negligence and breach of statutory duty) or howsoever otherwise arising. We shall not be liable in respect of any loss, damage or expense of whatsoever nature which results from any use the recipient may choose to make of the Report, or any reliance the recipient may seek to place on it, or which is otherwise consequent upon the provision of the Report to the recipient, which use or reliance is made or placed entirely at their own risk. The Report is provided to each recipient for information purposes only; 
2. We make no representations regarding the Report or the accuracy of the contents including that the information has not changed since the date of the Report;
3. No recipient will bring a claim against BDO LLP which relates to the access to the Report by a recipient;
4. Neither the Report, nor information obtained from it, may be made available to anyone else without BDO LLP’s prior written consent, except where required by law or regulation;
5. The Report was prepared with LME’s interests in mind. It was not prepared with any recipient's interests in mind or for its use. The Report is not a substitute for any enquiries that a recipient should make. The descriptions of controls and relevant control objectives are for the period 1 January 2025 to 31 December 2025, and thus BDO LLP’s report is based on historical information. Any projection of such information or BDO LLP’s opinion or views thereon to future periods is subject to the risk that changes may occur after the report was issued and the description of activities, processes and controls may no longer accurately portray the current control environment. For these reasons, such projection of information to future periods would be inappropriate;
6. BDO LLP will be entitled to the benefit of and to enforce these terms; and
7. These terms and any dispute arising from them, whether contractual or non-contractual, are subject to English law and the exclusive jurisdiction of English courts. 

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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