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Preliminary Results Presentation London Wednesday May 23 2007
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Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

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Page 1: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Preliminary Results Presentation

LondonWednesday May 23 2007

Page 2: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

These materials do not constitute an offer to sell or the solicitation of an offer to purchase any security. These materials contain "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current Company expectations and are subject to risks and uncertainties, which could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: fluctuations in interest rates and foreign currency exchange rates; market acceptance of new trading technologies; global and regional economic conditions and legislative, regulatory and political developments; and domestic and international competition in the Company's global markets. Additional information regarding these and other factors is available in the Company's reports available on request from the Company.

This document may not be distributed where to do so would be unlawful. This document may not be distributed in the UK except to persons falling within article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001.

Page 3: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Agenda

Financial Review

Business Review

Strategic Overview3

2

1

Page 4: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Financial results

Strong growth in revenue, profit and adjusted EPS

Revenue Profit* EPS (adjusted)

+14%

+23%+20%

* Pre-taxation profit before amortisation and impairment of intangibles arising on consolidation and exceptional items.

Page 5: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Profit before taxation

Year to 31 Mar 2007

Headline variance to prior year

£m £m %

Revenue 1,106.3 187.1 20% Net operating expenses (858.6) (135.7) (19%) Operating profit 247.7 51.4 26% Net finance charge (2.1) (6.9) n/m Associates 6.0 2.8 88% Profit before taxation 251.6 47.3 23%

Mar 07 Mar 06 Margin 22% 21%

0

5

10

15

20

Revenue Operating profit

Underlying Growth

12%

16%

The above table excludes amortisation and impairment of intangibles arising on consolidation and exceptional items.Underlying growth excludes the impact of foreign exchange and net acquisitions.

Page 6: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Movement in profit*

180

200

220

240

260

Profit*

Year t

o Mar

06 FXNet

Acquis

itions

Associa

tes &

Inter

est

Underl

ying

Profit

Year t

o Mar

07

* Pre-taxation profit before amortisation and impairment of intangibles arising on consolidation and exceptional items.

£m

Net Acquisitions principally include: -

• Acquisition of United Fuels (October 05)

• Korea (subsidiary since February 06)

• Acquisition of Reset (April 06)

• Acquisition of EBS (June 06)

• Disposal of Exotix (Mar 07)

204.3 (8.9)

32.0 (4.1)

28.3 251.6

Page 7: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Europe

0

10

20

30

40

50

Revenue Operating profit

Underlying GrowthYear to 31 Mar 2007

£m

Headline variancevs 05/06

Revenue 502.4 27%

Net operating expenses 378.0 22%

Operating profit 124.4 46%

Mar 07 Mar 06Margin 25% 22%

20%

38%

The above table excludes amortisation and impairment of intangibles arising on consolidation and exceptional items.Underlying growth excludes the impact of foreign exchange and net acquisitions.

Page 8: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Americas

-5

0

5Underlying Growth

Year to

31 Mar 2007£m

Headline variance vs 05/06

Revenue 458.3 7%

Net operating expenses 354.1 9%

Operating profit 104.2 0%

Mar 07 Mar 06 Margin 23% 24%

3%

(2)%

Revenue Operating Profit

The above table excludes amortisation and impairment of intangibles arising on consolidation and exceptional items.Underlying growth excludes the impact of foreign exchange and net acquisitions.

Page 9: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

0

5

10

15

20

25

30

35

Revenue Operating profit

Asia Pacific

Underlying Growth

Year to 31 Mar 2007

£m

Headline variancevs 05/06

Revenue 145.6 52%

Net operating expenses 126.5 42%

Operating profit 19.1 169%

Mar 07 Mar 06Margin 13% 7%

12%

24%

The above table excludes amortisation and impairment of intangibles arising on consolidation and exceptional items.Underlying growth excludes the impact of foreign exchange and net acquisitions.

Page 10: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Year to Revenue Variance against prior year 31 Mar 2007 £m Headline Underlying Voice division 867.4 9% 12% Electronic division 199.1 103% 7% Information division 39.8 54% 4%

Segment analysis

Headline margin Year to 31 Mar 07

Year to 31 Mar 06

Voice division 20% 19% Electronic division 28% 30%

The above tables exclude amortisation and impairment of intangibles arising on consolidation and exceptional items.Underlying growth excludes the impact of foreign exchange and net acquisitions.

Page 11: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Percentage ICAP operating profit

VoiceElectronicInformation

06/07 05/06

69%

9%

22%

78%

7%

15%

31% 22%

The above charts exclude amortisation and impairment of intangibles arising on consolidation and exceptional items.

Page 12: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Net operating expenses

650

700

750

800

850

12m to

Mar

06 FX

EBS

Other net

acquisi

tions

Broker b

onuse

sInve

st ne

w bus IT

Other12

m to M

ar 07

£m

722.9

66.713.2

44.610.8

15.5 858.69.4

19%

11% 6% 2% 1% 2%(3)%

12 mths to 31 Mar 07

12 mths to 31 Mar 06

Broker remuneration % of revenue

47% 51%

Variable % of broker remuneration 60% 58%

(24.5)

(Exc. B

onus)

The above table excludes amortisation and impairment of intangibles arising on consolidation and exceptional items.

Page 13: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

TechnologyNon-Technology

EBS synergies

0

10

20

30

40

50

60

2006/7 2007/8 2008/9 Full impact

$m $58m

Exceptional costs to achieve the synergies are forecast to be $48m, of which $21m will be recognised in 2006/07.

Increased synergies – significant IT contract cancellation

EBS staff now relocated to 2 Broadgate

Integration of front office staff complete

Technology integration on track

Projected Annual Synergies - US$ millions

Page 14: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Earnings Year

endedYear

ended 31/03/07

£m31/03/06

£m

Profit before taxation* 251.6 204.3

Amortisation and impairment of intangibles (42.6) (11.3)Exceptional items 4.8 - Taxation (88.1) (72.2)Profit for the period 125.7 120.8

Attributed to: Equity holders of parent 121.3 117.2

Minority interests 4.4 3.6 Earnings per share – basic 19.3p 19.6p

Earnings per share – adjusted 24.6p 21.5p

Full year dividend per share 12.3p 10.0p

* Before amortisation and impairment of intangibles arising on consolidation and exceptional items.Note: At reported exchange rates.

Page 15: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Exchange rate sensitivities

Impact on 2006/07 PBT Transactional Translational Total £m £m £m PBT reduction 2 7 9 Anticipated impact on 07/08 PBT Dollar Euro Total

£m £m £m Translational 5 0 5 P&L rate 07/08 vs 06/07 1.97 vs 1.89 n/a Transactional 2 1 3 Effective rate 07/08 vs 06/07 1.85 vs 1.80 1.47 vs 1.46

* Assumes Spot $/£1.97 for balance of year.

Page 16: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Movement in free cash flow

Calculation of free cash flow 12 mths to 12 mths to

31 Mar 07 £m

31 Mar 06 £m

Cash from operations 303.5* 150.3*

Interest and taxation (86.2) (57.3)

Cash flow from operating activities 217.3 93.0

Capital Expenditure (31.1) (19.6)

Dividends from associates 3.9 0.8

Free cash flow 190.1 74.2

* This figure includes the impact of initially unsettled matched transactions. Usually, in a matched principal transaction, both sides settle on the same day. Occasionally, for various reasons, only one side of the transaction may settle giving rise to a temporary cash position which reverses on the completion of the other side of the transaction, normally within 24 hours.

0

50

100

150

200

250

300

350

06/07 Operating increase in cash

Adjusted cash from ops

150.3

39.7

20.6 64.6

303.5

£m

6.3

260.9

22.0

05/06 initially unsettled trades

05/06 cash outflow on exceptionals

06/07 net cash impact of initially unsettled trades

06/07 cash inflow on exceptionals

Cash from operations

05/06 06/07

Page 17: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Net cash

-100-50

050

100150200250

Mar-06

Acquistions

Free cashflow

Dividends

FX/Other

Mar-07

Cash

Borrowings

211 (290)

190 (69)

(22)20

£m

Page 18: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

CRD waiver

• Waiver granted

• c.£300m of regulatory capital headroom

• Can make acquisitions for debt without reducing headroom

Page 19: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Financial Summary

• Strong top and bottom line performance• Margins increasing• EBS integration providing more opportunities• Cashflow providing strong balance sheet

Page 20: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Agenda

Financial Review

Strategic Overview3

2

1

Business Review

Page 21: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Powerful, positive business drivers…

1. Low global interest rates

2. Strong growth in derivatives volumes

3. Emerging Markets opening up

4. Technology impact

5. Regulatory change

Page 22: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

…and a strong close to 2006/7

US Equity Derivatives Volumes

Month

ly Vo

lumes

Jul Aug Sep Oct Nov Dec Jan Feb Mar

UK Credit Derivatives Volumes

Month

ly Vo

lumes

ElectronicVoice

Jul Aug Sep Oct Nov Dec Jan Feb Mar

Jul Aug Sep Oct Nov Dec Jan Feb Mar

Jul Aug Sep Oct Nov Dec Jan Feb Mar

US Treasury Volumes

EU Carbon Emission Volumes

Month

ly Vo

lumes

Mo

nthly

Volum

es

Page 23: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Rising market share and better diversification

Sources: ICAP, Morgan Stanley Research * Excludes information division ** Excludes revenue from cash equities

15%

9%

11%

12%

44%

9%

29%

12%

12%

12%

6%

29%

ICAP revenue(2005/06)*

52%

14%

8%

9%

6%

11%

ICAP revenue(2006/07)*

Dealer revenue(2006)**

Rates

Credit

Foreign Exchange

Energy

Equities

Emerging/Other

ICAP28-29%

Overall IDB Market(2005 - 2006)

Total: $5.9bn

Total: $6.9bn

ICAP30-31%

Page 24: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Strong momentum across the businessSegment Revenue

GrowthYear on Year

Major Themes

Rates +1%• Low volatility/inverted curves• Derivatives vs. securities• Market share advances

• New product launches • Technology enhancements• Success in post trade

Credit +0%• Corporate bonds in decline• Very strong growth in CDS

• Growth in US structured credit products• Technology enhancements• Electronic penetration in Europe

FX +127%• Growth in Algorithmic trading • Growth in FX Prime Broking• New currency launches

• NetLink and post trade services • Technology enhancements• New metals: Platinum and Palladium

Energy +30% • Growth in EU natural gas• Growth in Emissions

• Strong growth in all US energy sectors• Freight derivatives

Equities +69% • Vanilla derivatives growth• Structured Equity Derivatives

• Growth in risk arbitrage broking• Satisfactory year in Asia

Emerging Markets +18%

• Russia• Turkey• Eastern Europe/C4

• Mexico, Brazil, Latin America• Korea• China

Page 25: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Innovation: new markets

Project Background

Shipping(ICAP Hyde)

• Double digit industrial growth in China driving demands for raw materials

• Seaborne trade up to 50% of global oil, iron ore production • Tanker market very fragmented• Freight derivatives still tiny relative to underlying

Insurance(ICAP JLT)

• US$26,000 billion annual risk market• US$50 billion hedging market• Inefficient capital allocation and price discovery• Dealer and insurer interest in new risk transfer

mechanisms for life and catastrophe.

Page 26: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Innovation: existing voice markets

Segment Major Voice Opportunities

Credit • Single name vanilla CDS• ABX, Loan CDs• Structured credit products

Energy • Soft commodities, ethanol, uranium/industrial metals, carbon/emissions • Commodity indices, structured products• Consolidation of fragmented IDB energy market• Freight derivatives

Equities • Single name equity derivatives (US, UK, HK, Korea)• Structured equity derivatives (global)• Index derivatives (HK, Korea)• Variance Swaps (US, UK)

Emerging Markets

• Eastern Europe: C4, Russia and Turkey• Middle East, Islamic markets• Latin America: Mexico, Brazil, Chile• Asia: Korea, China, India

Page 27: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Innovation: electronic markets

• Prices become more transparent

• Bid-ask spreads contract

• Commissions contract

• Algorithmic trading commences

• Volumes rise

• Market structure changes

• Barriers to entry rise

In electronic markets … … the rules are different

1. Market growth rates are much higher than in a voice environment

2. Technology creates new trading techniques

3. The normal market structure is two competing platforms, rather than many voice brokers

Page 28: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Electronic markets grow faster…

0

1000

2000

3000

4000

5000

6000

2001 2002 2003 2004 2005 2006

CME: Electronic vs PitAvg Daily volumes

0500

10001500

20002500

30003500

2001 2002 2003 2004 2005 2006

CBOT: Electronic vs Open AuctionAvg Daily volumes

Electronic: +64% CAGRPit/Other: +3% CAGR

Electronic: +61% CAGROpen Auction: +3% CAGR

0100

200300

400500

600700

1994 1995 1996 1997 2000 2001 2002 2003 2004

LIFFE 3m Euribor: Electronic vs PitAvg Daily volumes

Electronic: +23% CAGRPit: +5% CAGR

050

100150200250300350400450

1999 2000 2001 2002 2003 2004 2005 2006

LSE: Electronic (SETS) vs Floor (non-SETS)Avg Daily volumes

SETS: +46% CAGRNon-SETS: +5% CAGR

Source: ICAP Estimates

Page 29: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

…and have higher barriers to entry

Pre Electronic Trading Post Electronic Trading

ActiveUS Treasuries

Spot FX

IDB Market Share(%)

ICAP(58%)

Reuters(30%)

eSpeed(41%)

ICAP(60%)

Voice(10%)

Voice(1%)

Marshall (20%)

Tullet (15%)

Harlow (15%)Prebon(10%)

Others(10%)

Reuters(20%)

EBS (10%)

Source: ICAP Estimates

Garban(15%)

Liberty(15%)

Cantor(40%)

FBI (10%)Chapdelaine (3%)

Tullet (2%)

RMJ(10%)

Hill (3%)Prebon

(2%)

Page 30: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

ICAP: an option on electronic trading

0 1000 2000 3000

Energy

Eq Der

Credit

FX

Rates

IDB Wholesale Market SizeRevenues (US$ millions)

ElectronicVoice

Annual IDB RevenuesSource: ICAP Estimates

• Interest Rate Swaps• European government bonds • MBS

• Prime Broking and algorithmic traders • Emerging currencies• Forwards/ndfs

• CDS Indices• CDS single names• US and Asian markets

• Equity Indices• Single name derivatives

• Europe: Oil and oil derivatives• US: Oil, natural gas, electricity• Clearing

Major Electronic Growth Opportunities

Page 31: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Agenda

Financial Review

Business Review

Strategic Overview3

2

1

Page 32: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

ICAP priorities

1. Accelerate growth of electronic broking revenue 2. Expand use of electronic global distribution network3. Expand in new products and geographic areas to

continue growth of voice broking business• Pursue acquisition and organic growth in

emerging markets and energy• Further improve credit and equity derivatives

capability4. Complete the integration of Hyde ship broking

business – further transport opportunities5. Deliver incremental synergies from integration of

EBS

Page 33: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Strategic opportunities

• A global OTC exchange

• Electronic exchanges and IDBs

• Product and technology innovation

• Many acquisition targets fully valued

Page 34: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Summary

• An outstanding year• FTSE 100 entry• Increased market share• Completed largest acquisition

• Very positive business fundamentals

• Full pipeline of new electronic product

• Plenty of new initiatives in voice

• Over £250m profit• Record operating margin • Strong underlying growth

Page 35: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Preliminary Results Presentation

LondonWednesday May 23 2007

Page 36: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

New ICAP segment componentsNew ICAP segment components

Revised segmentation by markets

Interest Rate Interest rate swapsInterest rate optionsGovernment bondsAgencies MortgagesFuturesRepurchase agreementsCash

Credit Corporate bondsConvertiblesCredit derivativesStructured credit products

Foreign Exchange SpotForwardsOptions

Energy Oil, Gas ,Coal, Electricity, Emissions, Weather, Freight and Bullion

Equities CashDerivativesStructured equity products

Emerging Markets Latin American, Asian, African, Central and Eastern European products

Page 37: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Revenue Operating profit FY 07 FY 06 FY 07 FY 06 £m £m £m £m Headline 1,106.3 919.2 247.7 196.3

FX - Translational (29.6) (6.6)

- Transactional (3.8) (2.3)

Acquisitions - EBS (99.8) (30.9)

- Other (27.7) (3.9) (9.0) (0.8)

Closed Businesses (12.8) (17.2) 1.0 (6.1)

Charity Day (7.1) (5.2)

Underlying

958.9

859.5

208.8 180.5

Underlying growth 12% 16%

Underlying calculation

Page 38: Preliminary Results Presentation · Company's reports available on request from the Company. ... Jul Aug Sep Oct Nov Dec Jan Feb Mar. Jul Aug Sep Oct Nov Dec Jan Feb Mar. ... Mexico,

Investor Relations queries to:Mike SheardDirector of Corporate AffairsICAP plc2 BroadgateLondon EC2M 7UR(44) 20 7050 [email protected]