These materials do not constitute an offer to sell or the - PDF document

Full Year Results – Year to 31 March 2012 16 May 2012

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 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 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 g y p p ; p 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 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. 2

Solid performance in difficult markets Solid performance in difficult markets 1% to 103% up 2.05p (3)% Headline Dividend EPS* Conversion of profit revenue growth growth to cash * Adjusted basic 3

4 Group Finance Director Iain Torrens

Group profit before tax Group profit before tax Year to Year to Headline results Mar 12 Mar 11 Change vs. Underlying growth y g g £m £m prior year Revenue ‐ Revenue 1,681 1,741 (3)% (2%) Net operating expenses (1,309) (1,366) 4 % (3%) (2%) Operating profit 372 375 (1)% 1% Net finance charge Net finance charge (24) (24) (28) (28) 14 % 14 % Associates 6 3 n/m (4%) Headline FX Underlying Profit before tax 354 350 1 % Operating profit Operating profit 4% 4% Operating profit margin 22% 22% 2% 2% 2% 3% 3% ‐ (1%) (2%) (2%) The above table is from continuing operations and excludes acquisition and disposal costs and exceptional items. Underlying growth excludes the impact of foreign exchange. 5

ICAP’s diverse business mix ICAP s diverse business mix ICAP group revenues by asset class Group revenues by product (£m) p y p ( ) Diversified revenue model (%) ( ) 19% Non bank execution 21% 29% 31% 10% £1,741m 10% £1,681m Total subscription Bank execution Bank execution 71% 69% Rates 704 681 FY11 FY11 FY12 FY12 Operating profit by business FX 336 343 Commodities 211 203 21% 25% Post Trade Emerging 171 167 54% markets 59% 33% 33% Electronic 34% Credit 182 154 137 133 Voice Equities 46% 41% FY11 FY11 FY12 FY12 FY11 FY12 6

Voice Voice Year to Commentary Underlying growth Voice Mar 12 Change vs. £m prior year EMEA Revenue ‐ Revenue 566 (4)% Operating Profit Operating Profit 106 106 (6)% (6)% (2%) (2%) (5%) Margin 19% 0ppt (7%) (4%) Americas (6%) 2% Revenue 478 (10)% ( ) (8%) Operating Profit 42 (36)% Headline FX Underlying Margin 9% (3ppt) Operating profit Asia Pacific ‐ Revenue 128 (4)% (2%) Operating Profit 6 n/m (4%) (8)% Margin 5% 9ppt (11%) (6%) Total Voice (8%) Revenue 1,172 (7)% 3% (10%) Operating Profit 154 (11)% (12%) Margin 13% (1ppt) The above table is from continuing operations and excludes acquisition and disposal costs and exceptional items. 7

Americas Americas Commentary Voice margin movement g The story in Brazil y 15 FY10 FY11 FY12 0 14 35 One offs 2 13 25 Desk Operating 1 37 Profit 15 12 30 14 Revenue 13 15 5 11 (9) (5) (10) (10) 10 (3) FY11 EMEA Americas Asia Pacific FY12 (15) % £m Market share % Americas margin movement g 10 10 8 14 8 8 12 6 2 7 10 1 4 8 5 6 12 4 9 3 2 3 4 2 2 2 0 0 0 % % FY10 FY11 FY12 FY10 FY11 FY12 FY10 FY11 FY12 FY11 Credit Rates FY12 BM&F Bovespa Homebroker % 8

Electronic Electronic Year to Average daily volumes Headline Results Mar 12 Change vs. £m prior year Revenue 301 (1)% 1000 Operating Profit 127 4 % 900 Margin 42% 2ppt YOY 800 up 3% 700 600 Reported and underlying change (vs. prior year) p y g g ( p y ) 500 15 5 Revenue Operating profit 1% 400 9 % 300 3 10 6 6 4 4 200 6 1 100 (1)% 4% 11 5 0 $bn Apr ‐ 11 May ‐ 11 Jun ‐ 11 Jul ‐ 11 Aug ‐ 11 Sep ‐ 11 Oct ‐ 11 Nov ‐ 11 Dec ‐ 11 Jan ‐ 12 Feb ‐ 12 Mar ‐ 12 (1) (2) 5 5 US Repos EU Repos Spot FX US Treasuries Avg. Daily Vols FY10 Avg. Daily Vols FY11 0 (3) £m Reported FX Underlying Reported FX Underlying £m Avg. Daily Vols FY12 operating profit operating profit revenue revenue gain gain gain gain The above tables are from continuing operations and exclude acquisition and disposal costs and exceptional items. 9

Post trade risk & information Post trade risk & information Year to Harmony – average daily transactions per month Headline Results Mar 12 Change vs. g £m prior year 1,400 1,200 1,000 Revenue 208 13% 800 600 Operating Profit 91 15% 400 Margin 44% 1ppt 200 ‐ Thousands A M J J A S O N D J F M A M J J A S O N D J F M FY11 FY12 Average daily transactions Reported and underlying change (vs. prior year) Reported and underlying change (vs. prior year) Revenue by product Revenue 30 Operating profit 15 18% 16% FY11 15% FY12 2 4 25 25 13% 13% 10 Reset and 25% 25% Rematch 36% 38% 14 28 TriOptima 12 20 5 24 Traiana 20% 21% Information 17% 18% 15 0 Reported FX Underlying £m Reported FX Underlying £m operating profit operating profit revenue revenue gain gain gain gain The above tables are from continuing operations and exclude acquisition and disposal costs and exceptional items. 10

Net operating expenses Net operating expenses Key movements Fixed vs. variable costs FY12 FY11 1,400 25 3 1,350 , 4 20 20 Fixed costs 41% 1,387 43% 1,300 Variable costs 57% 59% 1,335 1,250 1 250 Mar-11 Employee costs IT savings and other costs Mar-12 Cost Overheads £m Cost savings (£m) 1 Year to Mar 12 Year to Mar 11 3 £m £m Staff Overhead Operating expenses 1,335 1,387 IT Other income (26) (21) 16 Net operating Net operating 1 309 1,309 1 366 1,366 expenses 11

Exchange rate sensitivities Exchange rate sensitivities Impact of FX on FY12 Transactional ( 2 ) Translational (2) Total Impact of FX on FY12 Operating Profit (1) Impact of FX on FY12 Operating Profit (1) Operating Profit ( 1 ) £m £m £m FX impact £(16m) Profit decrease (10) (6) (16) 15 FY13 Hedged Rates % Hedged Hedged Rate 10 (10) 13 13 5 USD 82% 1.58 Euro 76% 1.14 (6) 0 0 Estimated impact of 10c Transactional Translational Total (3) movement on FY13 £m £m £m Operating Profit (5) Underlying Transactional fx Translational fx Reported £m USD USD 3 3 19 19 22 22 operating profit operating profit gain shortfall Euro 6 4 10 (1) Operating profit from continuing operations (2) Effective transactional and translational rates for year to 31 March 2012 are $1.60/£ and €1.16/£ 12

Earnings – total operations Earnings total operations Year to Year to Effective tax rate Mar 12 Mar 12 Mar 11 Mar 11 £m £m Profit before tax * 354 350 % Effective tax rate Effective tax rate 27% 27% 26% 26% FY11 ETR 26 FY11 ETR 26 Tax (95) (90) Settlement of PY matters and other rate / mix changes 1 Profit for the year * 259 260 FY12 ETR 27 Exceptional items - (15) Ordinary shares Profit for the period from discontinued operations - 4 No. of shares No of shares Acquisition and disposal costs (119) (62) (millions) Held at 1 April 2011 660 Profit for the year - total operations 140 187 Issued during the year 1 Earnings per share basic Earnings per share - basic 21.1p 21 1p 28 7p 28.7p Cancelled during the year (1) Earnings per share - adjusted basic** 40.1p 39.9p Repurchased (treasury shares) (14) Held at 31 March 2012 646 Dividend per share 22.0p 19.95p Average for period 649 * From continuing operations and before acquisition and disposal costs and exceptional items. ** From continuing operations 13