Benchmark Complaints Handling Process

1.Objective and Purpose

This document describes the process for receiving, investigating and retaining records concerning complaints made in respect of any aspect relating to benchmarks owned and administrated by Commerzbank AG (a “Complaint”).

Complaints may relate to – but are not limited to – the following topics:

  • Whether a specific benchmark determination is representative of market value;
  • A proposed change to the benchmark’s determination process;
  • An application of the methodology in relation to a specific benchmark determination;
  • Any other decisions in relation to the benchmark determination process.

It should be noted that questions referring solely to the trading and pricing of products linked to any benchmark shall not be regarded as Complaints for the purposes of this process and therefore will not be dealt with in accordance with this process. Such questions should be addressed to the usual hotline and mailbox services offered by Commerzbank AG.

2. Submission of Complaints

In order to submit a Complaint, Commerzbank AG provides an e-mail address (CBKIndices@commerzbank.com) that should be used; alternatively Complaints can be sent by post to: Commerzbank AG, Mainzer Landstrasse 153, for the attention of FK-CPM EMC Legacy.

In order that a comprehensive and fully independent investigation by Commerzbank AG may be conducted, the Complaint must include the following information:

  • The full name and contact address of the complainant;
  • Company name if applicable to the complainant;
  • Detailed description of the incident (including the date) that leads to the Complaint;
  • The benchmark the Complaint refers to; and
  • The date of the Complaint.

Missing or further information can be requested by Commerzbank AG if the provided information is considered insufficient.

3. Handling of Complaints

Once a Complaint has been successfully and fully submitted to Commerzbank AG, Commerzbank AG will conduct a comprehensive investigation of the Complaint and all relevant circumstances relating thereto. Such investigation shall be conducted independently by personnel who are not and have not been involved in the subject matter of the Complaint.

In respect of the Complaint, Commerzbank AG will comply with following timetable as far as possible:

  • Complaints will be acknowledged in writing within 5 (five) business days of receipt.
  • A written response explaining the result of the investigation will be provided to the complainant within 40 (forty) business days of receipt, subject to Commerzbank AG having received all information reasonably required, in order to conduct such investigation. In case further investigation by reason of the complexity of the Complaint is needed, the complainant will be informed in writing within 40 (forty) business days of receipt of the Complaint, setting out the reason for the delay and an indication of when a final response will be provided.

Commerzbank AG shall retain all information relating to each Complaint for a period of time that is at all times consistent with all relevant laws and regulations relating to the retention of personal data, as well as Commerzbank AG’s own policies. As of the date hereof, such period is 10 (ten) years.