| Originating department: | Risk Management |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2228 |
| Date: | 13 December 2007 |
| To: | All Clearing Members |
Acceptable Collateral Haircut Review
1. The LCH.Clearnet Ltd Risk Management department has undertaken a review of the haircuts applied to margin collateral.
2. Changes to the haircuts resulting from this review will be made effective from the close of business on Monday 07 January 2008.
3. This circular supersedes LCH.Clearnet Ltd Circular No 1871 dated 30 March 2005.
4. Details of the LCH.Clearnet Ltd Acceptable Collateral list can be found on the LCH.Clearnet Ltd website (www.lchclearnet.com) by selecting ‘Risk Management’ and ‘ Limited’. Details can then be found under the ‘Collateral Management’ section.
5. Members seeking further information in relation to this Circular should contact one of the following:
| LCH.Clearnet Ltd Treasury Operations | 020 7426 7505 |
| LCH.Clearnet Ltd Risk Operations | 020 7426 7520 |
Christopher Jones
Director and Head of Risk Management