London Stock Exchange Derivatives Market Margin Rate Change

1. LCH.Clearnet Ltd has, after consultation with London Stock Exchange Derivatives Market, revised the London SPAN parameters as marked in bold and italic on the attached document.

2. Changes have been made to London Stock Exchange Derivatives contracts.

3. The changes will be going live on Thursday 29th May 2014 and will be reflected in margin calls on Friday 30th May 2014.

4. This circular supersedes circular number LCH.Clearnet Ltd. 3445; London Stock Exchange Derivatives 10 dated 13 March 2014.

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

6. London Stock Exchange Derivatives Margin Rate Change Spreadsheet

7. There is a follow up margin rate review scheduled for mid-June. As a result certain contracts such as OBX may have future margin uplift.

8. Members seeking further information in relation to this circular should contact the following:

Operations and Client Servicing +44 (0)20 7426 7520