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 Thursday 20 July 2006 and will be reflected in margin calls on Friday 21 July 2006.
   
   
2. This circular supersedes circular No: LCH.Clearnet Ltd Circular No 2030; LME/355 dated 15 May 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

LME Margin Rate Spreadsheet