1. Russian Derivatives Market: expecting the breakthrough Rouble Derivatives in London Danny Corrigan Director, International Business Development MICEX 18 May 2007

2. ICAP : Activities ICAP plc provides independent broking services to commercial & investment banks in the wholesale financial markets via ‘voice’ and electronic means. Major products: OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit, and equity derivatives. HQ London, FTSE 100 company, Market Capitalization RUB 169bn (GBP 3.38bn), Employ 3,070 in 23 financial centres, trade USD1.5 tn daily

3. ICAP : Ruble Derivative Products traded in London Non-deliverable forward FX EMTA fix, no movement of principal’ upto 7 years, Cross currency swaps Ruble fixed, vs 3 month USD LIBOR $25mn’ upto 5 years Interest rate swaps Ruble fixed vs 3mo MosPrime, Rouble 500mn, upto 7 years Basis Swaps 3month USD LIBOR vs 3mo MOSPRIME, up to 5 years

4. ICAP : Ruble Derivative Products traded in London : Participants International banks with trading hub in London International banks based in other financial centres: Vienna, Amsterdam, Brussels, Paris, Stockholm Russian banks in Moscow International bank subsidiaries in Moscow In total: over 50 active

5. ICAP : Ruble Derivative Products traded in London : Drivers Rouble exposure Hedging Funding Development of a term interest rate curve

6. ICAP : Ruble Derivative Products traded in London : Issues Rouble cash settlement Credit and Credit enhancement: Collateral Margining, ‘Prime’ Basle 2 : Ratings, Collateral