Alignment with the IOSCO Principles for Financial Benchmarks

While Endenex Limited ("Endenex") is not subject to mandatory benchmark regulation, it aims to meet the Principles for Financial Benchmarks published by the International Organization of Securities Commissions ("IOSCO") in July 2013 ("Principles") on a voluntary basis, striving to meet the highest standards in terms of the accuracy, integrity and reliability of the data it publishes.

Endenex has undertaken an internal assessment of its policies and procedures against the IOSCO Principles and seeks to align with them on a voluntary and proportionate basis. Where appropriate, the application of these Principles is proportional to the size and risks posed by Endenex.

Governance (Principles 1–5)

Primary responsibility

Endenex is responsible for the development, calculation and publication of the family of indices ("Endenex DCI"). The company's governance framework ensures that index publication process is conducted with integrity and independence, with clear lines of accountability for all aspects of the index production process.

Oversight function

Endenex maintains an Oversight Officer responsible for reviewing and challenging all material aspects of index publication process. This includes methodology design, data collection and validation processes, publication procedures, and conflicts of interest management. The Oversight Officer operates independently of commercial functions and has authority to require changes to methodology or to suspend publication where integrity concerns arise.

Control framework

Endenex has established a control framework that is proportionate to the nature, scale, and complexity of its benchmark activities. This framework includes documented procedures for data validation, index calculation, error correction, and publication. Controls are subject to periodic review and are designed to prevent and detect errors, manipulation, or undue influence.

Methodology document

The Endenex DCI methodology document describes in detail the methodology used for index calculation, including the data inputs, aggregation methods, weighting, and quality controls applied. The methodology is published and available to all market participants. Any material changes to the methodology are subject to a review and consultation process overseen by the Oversight Officer.

Conflicts of interest

Endenex maintains a Conflicts of Interest Policy that sets out the framework for identifying, disclosing, managing, and mitigating conflicts. Key measures include:

• Separation of index production process from commercial and advisory functions, ensuring that individuals responsible for index calculation are not involved in revenue-generating activities that could create conflicts.
• Confidential treatment of all contributor data, with access restricted to authorised personnel involved in benchmark production.
• Remuneration structures that are independent of benchmark levels or outcomes, ensuring that no employee has a financial incentive to influence index values.

Quality of Benchmarks (Principles 6–15)

Methodology

The Endenex DCI methodology is designed to produce benchmark values that are representative of the actual cost of decommissioning renewable energy assets. The methodology is grounded in empirical data collected from industry participants and is subject to ongoing validation against observable market activity. The methodology is transparent, publicly available, and documented in sufficient detail to allow market participants to understand and assess the index production process.

Data sources

Endenex DCI benchmarks are based on data collected from a diverse panel of industry participants, including decommissioning contractors, asset operators, recyclers, and logistics providers. Endenex seeks to ensure that its data sources are representative of the market and that no single contributor can disproportionately influence published index values. Where data is insufficient to produce a robust benchmark for a particular segment, Endenex will refrain from publication until data quality thresholds are met.

Verification and validation

All data submissions are subject to verification and validation procedures designed to identify errors, outliers, and anomalies. These procedures include automated checks, manual review by the benchmark production team, and comparison against historical trends and independent reference points. Where submissions fail validation, Endenex will seek clarification from the contributor before including the data in index calculations.

Editorial judgment

Where editorial judgment is applied in the index production process — for example, in the treatment of outliers or the weighting of data sources — the rationale is documented and subject to review by the Oversight Officer. Endenex seeks to minimise the role of subjective judgment in index production by relying on rules-based calculation procedures wherever possible.

Accountability (Principles 16–19)

Complaints handling

Endenex has established a complaints handling procedure for receiving and investigating complaints related to index publication process. Complaints may be submitted to compliance@endenex.com. All complaints are logged, investigated, and resolved in a timely manner. Where a complaint reveals a material issue with a published benchmark, the Oversight Committee is notified and corrective action is taken.

Records retention

Endenex retains records of all data inputs, calculation procedures, publication decisions, and methodology changes for a minimum period consistent with industry good practice and internal governance standards. These records are maintained in a secure environment and are available for review by the Oversight Officer and, where appropriate, by independent external reviewers.

Index production records

Endenex maintains comprehensive records of its index publication process activities, including data contributor communications, validation decisions, error corrections, and complaints. These records support the auditability of the benchmark production process and the ability of the Oversight Officer to fulfil its review responsibilities.

This statement is reviewed periodically to reflect any material changes to the index production process.