Ownership and Structure

In March 2007, there was a change in the shareholding structure of Exotix Limited. ICAP plc, the world's largest inter-dealer broker, who previously owned 78% of Exotix, sold down their stake to 19.9% due to capital requirement regulations. ICAP plc needed to reduce their shareholding due to the regulatory capital burden on ICAP which had become unduly onerous as a result of changes in the method of calculation of regulatory capital under the EU Capital Requirement Directive (the "CRD").

The new shareholding structure of Exotix is as follows:

• IPGL Ltd: 43.1% - a private equity firm focused on financial companies and controlled by Michael Spencer.
• Exotix Management: 37%
• ICAP plc: 19.9% - a publicly listed inter-dealer broker with a market capitalisation of over £3.25 billion (March 2007).

Exotix Limited has a long term agreement in place whereby ICAP Securities continues to provide all clearing and settlement services for Exotix, if required. Exotix Limited settles all of its trades in the name of ICAP Securities Limited, which is fully owned subsidiary of ICAP plc.

Both Exotix Limited and all the ICAP companies are fully regulated by the Financial Services Authority (FSA).