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ICAP History:

ICAP was formed by the merger of Garban plc and Intercapital plc in September 1999 and was
previously named Garban-Intercapital plc. Exco plc acquired the wholesale broking operations
of IPGL by means of a reverse take-over in October 1998 and changed its name to Intercapital
plc. In November 1998, Garban was demerged from United Business Media plc. The Garban-
Intercapital merger brought together Garban's traditional strength in government and corporate
bonds, interest rate products and money market instruments with Intercapital's strengths in
interest rate swaps and options, commodity swaps, illiquid securities and foreign exchange
options. Garban-Intercapital plc was changed to ICAP plc in July 2001.

Michael Spencer set up Intercapital in May 1986, initially to concentrate on the new interest rate
swaps market. As a specialist financial derivatives broking firm, Intercapital grew from the
original four people to over three hundred world-wide, with offices in London, New York, Sydney,
Singapore and a joint venture in Tokyo. In October 1998 Intercapital merged with EXCO plc, a
listed money broker, and formed Intercapital plc.

In the 1950s, Harlow Meyer & Co was one of several London based brokers specialising in spot
and forward foreign exchange transactions between UK banks. Harlow Meyer & Co entered the
US market in the 1960s and in 1977 became part of MAI plc. The money broking businesses
were expanded further in the US with the acquisition of Mallon & Dorney. In 1982 Garvin
GuyButler, which had had a presence in the US since the 1920s was acquired and in 1983
Garban LLC, a leading fixed income broker, was acquired. These operations had significant
broking interests in both the UK and the US. There was a merger between MAI plc and United
in April 1996 and in 1998 the broking businesses, branded Garban plc, were independently
listed on the London Stock Exchange.
Clarksons History:

Since its foundation in 1852 the Clarkson PLC Group ("Clarksons") has grown into one of the
world’s largest shipping services groups, employing nearly 300 people including 200 in London.

Through it's unrivalled and extensive global network of offices it is able to give it's clients unique
access to shipbroking services across the full range of dry bulk, tanker and sale & purchase

In recent years the group has expanded from it’s shipbroking origins into a fully integrated
shipping services provider covering such activities as research and consultancy, shipping
publications, the provision of shipping finance, ship valuations and ship owning activities.

The group was floated on the London Stock Exchange in 1986.