1. Tullett Prebon plc Preliminary Results 2006 March 2007 Terry Smith, Chief Executive Paul Mainwaring, Finance Director

2. Terry Smith Chief Executive

3. 3 Themes Creation of significant shareholder value Demerger of Collins Stewart £301.5m return of capital Final dividend 6p per share

4. 4 Operational and Strategic Highlights Integration cost benefits fully realised Underlying revenue growth of 5% Strong performance in Europe TradeBlade TM rollout continuing Chapdelaine acquisition Asia recovery

5. 5 Financial Performance £m20062005 Revenue654.1649.4 Operating Profit before -Exceptional items114.890.7 -Exceptional items & double running costs114.899.7 Operating Margin before -Exceptional items17.6%14.0% -Exceptional items & double running costs17.6%15.4%

6. 6 Revenue Growth Full Year £m20062005 Reported654.1649.4 Translation1.1- 655.2649.4 Discontinued activities-(25.6) 655.2623.8 +5%

7. 7 Revenue Growth H2 £m20062005 Reported306.1310.6 Translation5.4(5.2) 311.5305.4 Discontinued activities-(6.8) 311.5298.6 +4%

8. 8 Revenue by Region £m20062005Change Europe335.1307.3+9% North America252.8259.8-3% Asia Pacific66.256.7+17% 654.1623.8+5% Discontinued activities-25.6- 654.1649.4+1%

9. 9 Revenue by Product Group £m20062005Change Treasury Products191.0176.6+8% Interest Rate Derivatives166.5153.1+9% Fixed Income181.8197.0-8% Equities41.331.8+30% Energy60.051.9+16% Information Sales13.513.4- 654.1623.8+5% Discontinued activities-25.6- 654.1649.4+1%

10. 10 Operating Profit and Margin by Region £mOperating ProfitMargin 2006200520062005 Europe65.941.619.7%13.1% North America44.340.417.5%15.5% Asia Pacific4.68.76.9%12.1% 114.890.717.6%14.0%

11. 11 Performance Measures 20062005 Broker headcount1,5121,588 Average revenue per broker£413k£377k Broker employment costs : broking revenue57.9%57.7% Broking revenue per support staff head£1,005k£898k

12. 12 TradeBlade TM Repo – launched January 2006 – 35% share of electronic volumes Agencies – launched November 2006 – supports existing voice broking Treasuries – re-launched improved platform February 2007 Bills – launched February 2007 – 15% share in first month 3 more products to launch this year

13. 13 Chapdelaine Corporate, emerging markets, CDS – fully integrated Revenues above expectations Strong initial margins

14. 14 Comparison with Sector Revenue 2006 £m Operating Profit 2006 £m Operating Margin 2006 % Operating Margin 2005 % ICAP (all activities)1,018.1221.021.7%21.8% ICAP (voice broking & Information Sales)882.9184.120.9%20.6% Tullett Prebon654.1114.817.6%14.0% GFI402.254.213.5%15.7% Tradition468.337.07.9%5.2% eSpeed80.7(5.0)-6.2%2.6%

15. Paul Mainwaring Finance Director

16. 16 Profit & Loss £m20062005 Revenue654.1649.4 Operating profit before exceptional items114.890.7 Exceptional items-(38.3) Finance income/(expense)10.2(0.1) Profit before tax125.052.3 Tax(41.0)(25.0) Associates-0.7 Profit for the year84.028.0

17. 17 Finance Income/(Expense) £m20062005 Interest receivable10.07.4 Interest payable(13.6)(14.5) Amortisation of debt issue costs(0.4) Net ‘cash interest’ expense(4.0)(7.5) MTM gain on equity swap13.49.3 Fair value hedge accounting0.5(0.7) Pension asset return/interest cost0.3(1.2) Non cash items14.27.4 Per profit and loss account10.2(0.1)

18. 18 Taxation £m20062005 PBTTax Effective RatePBTTax Effective Rate Per profit & loss account125.041.032.8%52.325.047.8% Exceptional items--38.311.3 Finance income/expense - non-cash items(14.2)(0.1)(7.4)0.4 Prior years tax adjustments-3.1-0.1 Underlying110.844.039.7%83.236.844.2%

19. 19 EPS £m20062005 Profit for the year84.028.0 Minority interests(0.4) Earnings83.627.6 Exceptional items-38.3 Non cash items in finance income/expense(14.2)(7.4) Tax on the above0.1(11.7) Adjusted earnings69.546.8 Weighted average number of shares210.7m208.5m Adjusted EPS33.0p22.4p

20. 20 Operating Cash Flow £m20062005 Operating profit before exceptional items114.890.7 Exceptional items-(38.3) Share option plan charges5.04.6 Depreciation/amortisation8.09.3 EBITDA127.866.3 Capital expenditure (net of NBV of disposals)(3.7)(6.3) Working Capital12.8(2.0) Operating cash flow136.958.0

21. 21 Net Cash Flow £m20062005 Operating cash flow136.958.0 Interest(3.6)(6.8) Taxation(27.7)(20.1) Pension funding(2.1) Transaction costs(2.2)- Purchase of own shares/options cash settled(14.6)- Dividends paid(33.8)(18.3) Dividends paid to minorities(0.2)- Acquisitions/investments in associates-(5.0) Issue of ordinary shares-1.3 Net cash flow52.77.0

22. 22 Balance Sheet £m20062005 Goodwill311.7 Associates/investments5.36.7 Operating assets/(liabilities)(33.1)(14.9) Outstandings with Collins Stewart-19.6 Current tax(29.1)(14.3) Deferred tax26.929.8 Pensions(26.2)(36.6) Derivative financial instruments15.62.3 271.1304.3 Net funds111.260.4 Net assets382.3364.7

23. 23 £m20062005 Fixed assets20.324.8 Trade receivables63.392.6 Net settlement balances2.82.6 Other debtors/prepayments33.040.0 Payables/accruals(144.7)(167.7) Provisions(7.8)(7.2) (33.1)(14.9) Gross settlement balances - Receivable12,528.411,559.6 - Payable(12,525.6)11,557.0 2.82.6 Operating Assets/(Liabilities)

24. 24 Proforma Balance Sheet £m31 December 2006Chapdelaine Return of CapitalProforma Goodwill/acquisition intangibles311.750.5-362.2 Operating assets/(liabilities) and other(40.6)(3.9)-(44.5) Deferred consideration-(19.4)- 271.127.2-298.3 Net funds/(debt)111.2(27.2)(305.0)(221.0) Net assets382.3-(305.0)77.3

25. Terry Smith Chief Executive

26. 26 Future Developments and Outlook Organisational changes  America  Product development Delivering value through accelerated revenue growth Financial discipline Outlook positive

27. Appendices

28. 28 Net Funds £m 2006 Proforma 2005 Cash and cash equivalents236.4178.6 Other financial assets27.035.6 Eurobond(150.0) Unamortised debt issue costs1.01.4 Fair value0.3(1.6) (148.7)(150.2) Finance leases(3.2)(3.5) Overdrafts(0.2)- Loan notes(0.1) Net funds111.260.4

29. 29 Movement in Net Funds £m At 31 December 200560.4 Net cash flow52.7 Settlement of balances with Collins Stewart11.2 Effect of movement in exchange rates(14.6) Movement in fair values/amortisation of costs1.5 At 31 December 2006111.2

30. 30 Competitor Analysis - Sources Operating profits are shown before exceptional items and net interest. ICAP is 12 months to September 2006 with prior year comparatives. GFI and eSpeed are 12 months to December 2006 with prior year comparatives. Tradition 12 months to June 2006 with prior year comparative. GFI and eSpeed @ US$ 1.835 = £1. Tradition @ CHF 2.3 = £1.