1. LCH.Clearnet Ltd has set London SPAN parameters, as marked in bold and italic on the attached document, for the following new contracts.
   
   
   • TETCO M-3 Natural Gas Basis Swap (Inside FERC)
   • Transco Z6 Natural Gas Basis Swap (Inside FERC)
   • Panhandle Natural Gas Basis Swap (Inside FERC)
   • Dominion South Natural Gas Basis Swap (Inside FERC)
   • Columbia TCO Natural Gas Basis Swap (Inside FERC)
   • Waha Natural Gas Basis Swap (Inside FERC)
   • EP Permian Natural Gas Basis Swap (Inside FERC)
   • NGPL, TexOk Natural Gas Basis Swap (Inside FERC)
   • CIG, Rocky Mountain Natural Gas Basis Swap (Inside FERC)
   • EP San Juan Natural Gas Basis Swap (Inside FERC)
     
     
2. The new parameters will be effective from close of business Friday 24th March 2006 and will be reflected in margin calls made on Monday 27th March 2006. This circular supersedes circular LCH.Clearnet/ 1996; LCH EnClear / 122 dated 02 March 06.
   
   
3. Details of the current London SPAN Parameters, for all contracts, can be found on the LCH.Clearnet Ltd website (www.lchclearnet.com) by selecting ‘Limited’. Details can then be found under the ‘Risk & Margining’ section. Alternatively, details of margin rates are available on TRS under option 3 by inputting $Margin.
   
   
4. For further information please contact the following:
5. 
   
   

   Risk Operations	020 7426 7520
   Stuart Bailey	020 7426 7287

Christopher Jones
Director, and Head of Risk Management

EnClear Margin Rate Spreadsheet