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                                  CRU completes another IOSCO independent assurance audit

                                  David Trafford

                                  Chief Executive Officer, CRU Group View profile

                                  Claire Ballak

                                  Compliance Lead View profile

                                  We appointed an independent professional service company, PricewaterhouseCoopers LLP (“PwC”), to perform an independent examination of the CRU Alumina Price Index (“CRU-API”) over CRU’s response to the International Organization of Securities Commissions’ (“IOSCO”) Principles for Oil Price Reporting Agencies as at and for the year ending 31 December 2019.

                                  This year’s audit represents our progression from last year’s limited assurance opinion as at 31 December 2019, to a reasonable assurance this year over the preceding 12 months.

                                  CRU produces the most reliable, and widely used commodity price benchmarks in the industry and as such we have highly invested in our internal governance controls which has been evidenced throughout this audit.

                                  David Trafford CEO

                                  “We understand that price benchmarks are a fundamental element of efficiently functioning commodity market infrastructure and embrace our role in this as a leading commodity Price Reporting Agency. As such we have aligned and further improved our internal policies and procedures and evidenced this to the highest level of compliance - this report reflects our continued commitment.” CRU’s Compliance Lead Claire Ballak added.

                                  To request a copy of the reasonable assurance report or if you have any further questions please contact Claire Ballak:? compliance@crugroup.com?

                                  Full details of CRU’s CRU-API methodology are available here, while CRU’s overall compliance framework and methodologies are detailed here.

                                  David Trafford

                                  Chief Executive Officer, CRU Group View profile

                                  Claire Ballak

                                  Compliance Lead View profile

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