Originating department:	Commercial Services
Company Circular No:	LCH.Clearnet Ltd Circular No: 2150
Service Circular No:	LCH EnClear: 170
Date:	25 May 2007
To:	All LCH EnClear Clearing Members

Change to Minimum Price Increments on US Natural Gas Basis Swaps, US Natural Gas Index Swaps and Penultimate Henry Hub Natural Gas Swap Contract on IntercontinentalExchange Inc

ICE plan to change the minimum price increments from three to four decimal places on US Natural Gas Basis swap contracts and Penultimate Henry Hub Natural Gas contract on Monday, 4 June 2007. The list of contracts affected is given below. Existing positions will be redenominated over the weekend of 2/3 June 2007 from three to four decimal places.

The change will be implemented after the clearing processing has been completed on close of business Friday, 1st June 2007 and after Members’ have downloaded SPAN and other data from TRS/CPS via the TSCS feed.

Physical (TRS)	Logical (LCH)	Screen Name	Clearing Admin Name	No Decimals	Increment
PHH	HNG	NG Fin, FP for Pen - Henry (Pen)*	Henry Hub (Pen)	4	0.0001
PHE	HNG	NG Fin, FP for Pen - Henry (Pen Equity)*	Henry Hub (Pen)	4	0.0001
ACE	AEC	NG Fin BS, LD1 for CGPR - AB-NIT	Basis Swap	4	0.0001
CTP	CTP	NG Fin BS, LD1 for IF - Centerpoint	Basis Swap	4	0.0001
DGD	DGD	NG Fin BS, LD1 for NGI - Chicago	Basis Swap	4	0.0001
CRI	CRI	NG Fin BS, LD1 for IF - CIG	Basis Swap	4	0.0001
DEM	DEM	NG Fin BS, LD1 for IF - NNG-Demarc	Basis Swap	4	0.0001
DOM	DOM	NG Fin BS, LD1 for IF - Dominion-South	Basis Swap	4	0.0001
PER	PER	NG Fin BS, LD1 for IF - Permian (EP)	Basis Swap	4	0.0001
HEN	HEN	NG Fin BS, LD1 for IF - Henry	Basis Swap	4	0.0001
HIS	HIS	NG Fin Index Swap, IF for GDD - Henry	Index Swap	4	0.0001
HXS	HXS	NG Fin BS, LD1 for IF – HSC	Basis Swap	4	0.0001
SHS	SHS	NG Fin Index Swap, IF for GDD - HSC	Index Swap	4	0.0001
MLN	MLN	NG Fin BS, LD1 for NGI - PGT-Malin	Basis Swap	4	0.0001
NMC	NMC	NG Fin BS, LD1 for IF - Michcon	Basis Swap	4	0.0001
MCO	MCO	NG Fin BS, LD1 for IF - NGPL-Midcont Pool	Basis Swap	4	0.0001
NTO	NTO	NG Fin BS, LD1 for IF - NGPL-TxOk	Basis Swap	4	0.0001
NWR	NWR	NG Fin BS, LD1 for IF - NWP-Rockies	Basis Swap	4	0.0001
NSU	NSU	NG Fin BS, LD1 for IF - NWP-Sumas	Basis Swap	4	0.0001
PAN	PAN	NG Fin BS, LD1 for IF - Panhandle	Basis Swap	4	0.0001
PGE	PGE	NG Fin BS, LD1 for NGI - PG&E-Citygate	Basis Swap	4	0.0001
SNJ	SNJ	NG Fin BS, LD1 for IF - San Juan (EP)	Basis Swap	4	0.0001
SCL	SCL	NG Fin BS, LD1 for NGI - Socal	Basis Swap	4	0.0001
TZZ	TZZ	NG Fin BS, LD1 for IF - TGP-Z0	Basis Swap	4	0.0001
TCO	TCO	'NG Fin BS, LD1 for IF - TCO	Basis Swap	4	0.0001
TMT	TMT	NG Fin BS, LD1 for IF - TETCO-M3	Basis Swap	4	0.0001
SXT	SXT	NG Fin BS, LD1 for IF - TETCO-STX	Basis Swap	4	0.0001
STA	STA	NG Fin BS, LD1 for IF - Transco-65	Basis Swap	4	0.0001
TZS	TZS	NG Fin BS, LD1 for IF - Transco-Z6 (NY)	Basis Swap	4	0.0001
DWN	DWN	NG Fin BS, LD1 for IF - Union-Dawn	Basis Swap	4	0.0001
NVE	NVE	NG Fin BS, LD1 for IF - NNG-Ventura	Basis Swap	4	0.0001
WAH	WAH	NG Fin BS, LD1 for IF - Waha	Basis Swap	4	0.0001

Please note that:
Monday, 4 June 2007 will be the first day that trades will be processed with minimum price increments to four decimal places.
For further information please contact the undersigned by telephone on +44 (0)207 426 7582 or by email at david.farrar@lchclearnet.com.

Yours sincerely

David Farrar
Senior Manager
Exchange & Commodity Derivatives