CARTER, LEDYARD & MILBURN ASSIST ICAP PLC IN ACQUISITION OF APB ENERGY

NEW YORK, October 4, 2002 - Wall Street law firm Carter, Ledyard & Milburn announced today that it represented Garban-Intercapital North America Inc., an ICAP company, in its acquisition of the business of APB Energy, Inc. in Louisville, Kentucky.

ICAP is the world's largest inter-dealer broker. The Group is active in the wholesale market for OTC derivatives, fixed income securities, money markets, futures, foreign exchange and energy and equity derivatives with daily turnover in excess of $300 billion. ICAP has 2200 staff worldwide. Its wholly owned subsidiary, Intercapital Commodity Swaps Ltd., is a leading specialist commodity derivatives business covering oils and oils products, bullion and precious metals, electricity, coal and weather derivatives. ICAP plc (IAP) is listed on the London Stock Exchange and is a FTSE 250 company. For more information go to www.icap.com

APB Energy is a leading energy broker in the US and European markets providing execution services and coverage of electricity, natural gas, coal and other energy related products. The business had revenue of $32.5 million in the year to December 2001, which included only two months of activity for the European businesses acquired in November of that same year. Through its online platform, truequote.com, APB offers real-time price discovery and execution to complement its voice broking services. All 165 of APB Energy's directors and staff will be remaining with the company.

Carter, Ledyard & Milburn partners Robert A. McTamaney, Andris Vizbaras, Judith Lockhart and Howard Barnet, and associates Peter Flägel, Richard J. Horne, Austin D. Keyes, Sandra Marino, Jennifer G. Palmer, and Ally Rich assisted Garban-Intercapital North America's General Counsel Roger Campbell and ICAP plc General Counsel Edward Pank with the transaction.

Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 104 attorneys and has been headquartered on Wall Street since its founding and has additional offices in midtown Manhattan and Washington, DC. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, trusts and estates, maritime, ERISA, exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.