LCH.Clearnet Ltd.

• 9 pages
• Private and Confidential
• July 9, 2009

• Established in September 1999 as IRD G4 10 yr service
• Developed into a rich G14 30 Yr service for IRD market
• Since June 2001, partnered with OTCDerivNet *
• Planned introduction of buy side access through SwapClear clearing member in H2 2009
* OTCDerivNet is a limited liability company owned by 14 banks which work with LCH.Clearnet in the development of the post trade environment for the benefit of the OTC derivative industry

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Clearing Member Eligibility

•Swap Portfolio minimum size of USD1 trillion
•Minimum capital USD5 billion in Clearing Entity or in Parent providing Guarantee
•Credit Rating single A or better
•Margin multipliers applied if existing member downgraded below A
•Compulsory participation in Default Management Process

Current Clearing Members

•Bank of America NA*
•BNP Paribas*
•Credit Suisse International*
•Credit Suisse Securities (Europe) Limited
•Commerzbank AG
•Dresdner Bank AG
•HSBC Bank PLC*
•HSBC France
•Societe Generale*
•UBS AG*
•Merrill Lynch International Bank Limited*
•Banca IMI S.p.A.
•Barclays Bank PLC*
•Citibank NA*
•Deutsche Bank AG*
•Goldman Sachs Bank USA*
•JP Morgan Chase Bank NA*
•Morgan Stanley Capital Services, Inc*
•The Royal Bank of Scotland PLC*
•Calyon
•Nomura International PLC
•ABN AMRO Bank NV
•Rabobank NV
•NatixisSA
•ING Bank NV

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