1. Ahead of the Easter Bank holidays, LCH.Clearnet Ltd has, after consultation with the IPE, decided to increase the London SPAN parameters for the Gas Oil and Brent Crude Oil contracts as highlighted in the attached document.
   
   
2. These changes will take place with effect from close of business Wednesday 23 March 2005 and will be reflected in margin calls made on Thursday 24 March 2005. This circular supersedes circular number LCH.Clearnet Ltd / 1845; LCH IPE/ 300 dated 21 January 2005.
   
   • The scanning range for Brent Crude Oil will be raised to $5,060 per lot from $3,610.
   • The scanning range for Gas Oil will be raised to $6,125 per lot from $4,375 per lot.
     
3. These scanning ranges will revert back to those shown on LCH.Clearnet Ltd Circular No/ 1845: LCH IPE/ 300 dated 21 January 2005 at the close of business Tuesday 29 March 2005 and will be reflected in margin calls made on Wednesday 30 March 2005.
   
4. Details of the current London SPAN Parameters, for all IPE contracts, can be found on the LCH.Clearnet Ltd website (www.lchclearnet.com) by selecting ‘Limited’. Details can be found under the ‘Risk & Margining’ section. Alternatively using TRS select menu option #3 and input $MARGIN.
   
5. For further information please contact the following:
   
   

   Risk Operations

   020 7426 7520

Christopher Jones
Director and Head of Risk Management