Merging Logical Commodity Codes of ICE Henry Hub and ICE Penultimate Henry Hub Natural Gas Swap Contracts to Improve Margin Offsets

Further to LCH.Clearnet Circular No: 2089 / LCH EnClear: 153 dated 13 November 2006 we would inform Members that the changes to merge the logical code for the ICE Henry Hub Natural Gas Swap (HNG) and the ICE Penultimate Henry Hub Natural Gas Swap (PHH) into one logical code (HNG) will be implemented in the early hours of Friday, 1 December 2006 as planned and notified to Members.

The change will be implemented after the clearing processing has been completed on close of business Thursday, 30 November 2006 and after Members’ have downloaded SPAN and other data from TRS/CPS via the TSCS feed but no later than 2:00 am on the Friday morning.

Please note that:

• TSCS downloads have to be completed by 2:00 am Friday, 1st December 2006.

• New contract details files should be downloaded on Friday morning via TSCS direct or via PC Gateway.

We would remind Members that historical position data will not be altered so therefore will not be viewable through TRS in the usual way.

Monday, 4 December 2006 will be the first day that the benefit of improved margin offset will be evident.

For further information please contact the undersigned by telephone on +44 (0)20 7426 7582 or by email at david.farrar@lchclearnet.com.

Yours sincerely

David Farrar
Senior Manager, Exchange & Commodity Derivatives