1. LCH.Clearnet Ltd has, after consultation with LME, decided to change the London SPAN margin parameters for the contracts marked in bold and italic on the attached document. These changes will be made effective from the close of business on Friday 5 May 2006 and will be reflected in margin calls on Monday 8 May 2006.
   
   
2. This circular supersedes circular No: LCH.Clearnet Ltd Circular No 1988; LME/353 dated 16 February 2006.
   
   
3. Details of margin rates are available on the LME Matching and Clearing System by selecting the SPAN Initial Margin Rates report in Report Printing and Browsing and also on the LCH.Clearnet Ltd website (www.lchclearnet.com) by selecting ‘Limited’. Details can then be found under the ‘Risk & Margining’ section.
   
   
4. For further information please contact the following:
   
   

   Risk Operations

   020 7426 7520

Andrew White
Director, Risk Policy