Interim Results Presentation 27 NOVEMBER 2002 For more information please contact: Mike Sheard Director of Corporate Affairs ICAP plc Park House 16 Finsbury Circus London EC2M 7UR (44) 20 7574 7771 mike.sheard@icap.com

FINANCIAL HIGHLIGHTS Results Change Profit* £58.2m +30% Turnover Comparison with six months to 30 September 2001 Results Change Profit* £58.2m +30% Turnover £311.3m +23% Adjusted earnings per share 35.9p +26% Cash inflow from operating activities £47.3m +118% Interim dividend 7.0p +17% Comparison with 31 March 2002 Results Change Shareholders’ funds £231.9m +23% Cash balances £133.4m -14% *Profit before tax, goodwill amortisation and exceptional items

RECORD RESULTS Continued expansion through organic growth as well as selective acquisitions Underlying cost base remains stable Market conditions across all regions active as longer-term rates and credit have been volatile Successful conclusion of two acquisitions - First Brokers Securities, Inc and APB Energy  Recent purchase of Nittan’s South East Asian businesses

INTEREST RATE VOLATILITY % % 2001 2002 2001 2002

CREDIT SPREAD* VOLATILITY * Spread to underlying US Treasuries (bp)

MARKET GROWTH 2000 2001 2002 2000 2001 2002 *Figures from New York Federal Reserve Board data

OPERATING PROFIT* BY ACTIVITY £’m Securities broking 73% Derivatives and money broking -8% 35% Electronic broking 3% Information *after charging goodwill amortisation and including share of profit (losses) for JVs & associates but before exceptional items and interest.

OPERATING PROFIT* BY REGION 119% Americas 3% Europe Asia Pacific -6% £’m *after charging goodwill amortisation and including share of profit (losses) for JVs & associates but before exceptional items and interest.

PROFIT & LOSS *At reported exchange rates. **Excludes goodwill amortisation and exceptional items.

UNDERLYING GROWTH *Previously a JV. # From 30 April 2002

EARNINGS *At reported exchange rates.

CASHFLOW *Includes £14.6m of WTC replacement capex less £9.1m of insurance receipts. A further £5.3m insurance receipts occurred in October. **Includes £5.7m of exchange movements.

BALANCE SHEET

FIRST BROKERS SECURITES The leading interdealer broker in U.S. dollar-denominated corporate debt Good fit with ICAP’s strong position in broking non-corporate bonds, particularly government bonds and Euro bonds. Financial details: Revenue $87m (year to 31/12/01) Normalised pre-tax profit US$17.7m (year to 31/12/01) Consideration: $36m with estimated deferred payment of $55m Net assets $3.5m Goodwill of some $87m amortised over seven years Earnings enhancing Excellent performance since April with significant activity in the secondary bond markets

APB ENERGY A leading energy broker in the US and European markets Electricity, natural gas, coal and other energy related products Good fit with ICAP’s existing commodity derivatives business Financial details: Revenue $32.5m (year to 31/12/01). Normalised pre-tax profit US$8.7m (year to 31/12/01). Initial consideration $15.5m, anticipated additional payments total $30m. Net assets $4.4m. Goodwill of some $40m amortised over seven years Earnings enhancing Encouraging performance to date Significant long term potential for broking in the energy markets and potential for further acquisitions

STRONGER NETWORK IN ASIA Acquisition of Nittan’s South East Asian operations: Largest interdealer broker in Hong Kong after merger of Nittan and ICAP businesses Adds 79.9% of Singapore equity ICAP did not already own Additional office in Thailand joins the network Acquisition completed 15 November 2002 Establishes ICAP as the leading interdealer broker in the Asia Pacific region with 450 staff in 9 locations Good local and network synergies Retained senior managers Financial details: Initial consideration approximately £18m in cash with a further cash payment of £7m after one year for the assets of the business Normalised pre-tax profit £4.4m Net assets £7m including £5m cash or cash equivalents Earnings enhancing

BROKERTEC ACQUISITION STRATEGIC RATIONALE To create a strong combination, the world’s leading voice broker and a leading electronic broker Acquire a successful electronic trading platform with low operating costs handling transactions in excess of $160 billion a day Complements ICAP’s presence in the fixed income markets

THE BROKERTEC BUSINESS One of the world’s leading electronic inter-dealer brokers of fixed income securities Operates a global, open-access, fully electronic platform for trading cash and repo transactions in US Treasuries, Agencies and Euro-denominated sovereign debt in the US, Europe and Asia Began operations in June 2000

TRANSACTION DETAILS Share only deal with initial consideration of c.12 million new ICAP shares Further consideration of up to an additional 6.75 million new ICAP shares, dependent upon the revenues earned on the BrokerTec platform in the 12 months following completion of the acquisition.   6-18 month restrictions on the transfer of ICAP shares received as apart of the initial consideration

BROKERTEC ACQUISITION TIMESCALE The UK Secretary of State for Trade & Industry cleared the merger unconditionally on 26/11/02 All agreements to be approved by the relevant parties Complete response to the comprehensive requests for information from the US Department of Justice/HSR filing Expiry of the Hart-Scott-Rodino period Deal completion anticipated early 2003

OUTLOOK Strong market position Continue growing market share (both voice and electronic) organically and through selective acquisition Derivative, credit and bond markets buoyant Profitable and highly cash generative BrokerTec acquisition

Additional Financial Information

TURNOVER AND OPERATING PROFIT: BY ACTIVITY *At reported exchange rates. **Group operating profit after goodwill amortisation but before interest, exceptional items and JVs & associates..

TURNOVER & OPERATING PROFIT: BY GEOGRAPHICAL LOCATION *At reported exchange rates. **Group operating profit after goodwill amortisation but before interest, exceptional items, JVs & associates..

PRE-TAX EXCEPTIONAL ITEMS

TAXATION

UK TRANSACTIONAL FOREX HEDGING