Margin Rate Changes for EnClear Contracts

1. LCH.Clearnet Ltd has revised the London SPAN parameters as marked in bold and italic on the attached document.  This circular supersedes circular LCH.Clearnet/ 2161; LCH EnClear / 175 dated 06 July 2007.

2. Changes have been made due to the introduction of the following new ICE contracts.

   · Mid Columbia - Peak Daily
   · Mid Columbia - Off Peak Daily
   · NP-15 - Peak Daily
   · NP-15 -Off Peak Daily
   · Palo Verde - Peak Daily
   · Palo Verde -Off Peak Daily
   · SP-15 - Peak Daily
   · SP-15 - Off Peak Daily
   · Gas Oil First Line Swap/Brent First Line swap
   . Dubai Crude First Line Swap

3. Changes have also been made to Freight contracts and the following new contract

   · Dry Timecharter Basket Route HTC 

4. All changes will take place with effect from close of business Friday 3rd August 2007 and will be reflected in margin calls made on Monday 6th August 2007.
    

5. Details of the current London SPAN Parameters, for all EnClear contracts, can be found on the LCH.Clearnet website (www.lchclearnet.com) under Risk Management > Ltd > Margin rate circulars.

6. For further information please contact the following:

Christopher Jones
Director, and Head of Risk Management

EnClear Margin Rate Change Spreadsheet