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C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate

Exercise/Conversionperiod

Number of votingrights instrumentrefers to

% of voting rights

27th Apr 2011 18:19

RNS Number : 5911F

ICAP PLC

27 April 2011

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

ICAP plc

2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights		X
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):

3. Full name of person(s) subject to the notification obligation:

TIAA-CREF Investment Management, LLC

Teachers Advisors, Inc.

4. Full name of shareholder(s) (if different from 3.):

See number 3

5. Date of the transaction and date on which the threshold is crossed or reached:

14 April 2011

6. Date on which issuer notified:

18 April 2011

7. Threshold(s) that is/are crossed or reached:

8. Notified details:
A: Voting rights attached to shares
Class/type ofshares if possible usingthe ISIN CODE	Situation previousto the triggeringtransaction		Resulting situation after the triggering transaction
	NumberofShares	NumberofVotingRights	Numberof shares	Number of votingrights		% of voting rights
			Direct	Direct	Indirect	Direct	Indirect
ORD 10p	27,006,654	27,006,654	26,393,754	26,393,754	0	3.99%
GB0033872168

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financialinstrument	Expirationdate	Exercise/ConversionPeriod	Number of votingrights that may beacquired if theinstrument isexercised/ converted.	% of votingrights
N/A	N/A	N/A	N/A	N/A

Total (A+B+C)

Number of voting rights

Percentage of voting rights

26,393,754

3.99%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

The College Retirement Equities Fund ('CREF') hereby informs you that on April 14, 2011 CREF sold 612,900 shares of ICAP plc, bringing its total holdings in your company to 13,005,933 shares. CREF owns these shares through two of its investment accounts, the Global Equities Account and the Stock Account. It is our understanding the total voting shares outstanding of ICAP plc are 660,240,106 bringing CREF's ownership in your company to a 1.97% level.

For your information, CREF is a U.S. based investment company, which is registered with the Securities and Exchange commission ('SEC'). CREF has muliple investment accounts, each with separate investment objectives and policies. All assets in the accounts are beneficially owned by CREF, and all the accounts are managed by TIAA-CREF Investment Management, LLC, an SEC registered investment adviser.

Additionally, affiliates of CREF own 13,387,821 shares in ICAP plc. These holdings are owned by the TIAA-CREF Funds ('Funds'), and the TIAA-CREF Life Funds ('Life Funds'), each of which are SEC registered investment companies, as well as the TIAA-CREF Active Extension Funds ('Active Extension Unregistered Funds'). The Funds, Life Funds and Active Extension Unregistered Funds are managed by Teachers Advisors, Inc., an SEC registered investment adviser that is affiliated with TIAA-CREF Investment Management, LLC. These affiliated funds, aggregated with those of CREF, own a total of 26,393,754, or 3.99% of the outstanding voting shares of your company. Because Teachers Advisors, Inc. and TIAA-CREF Investment Management, LLC follow the same policies when voting these funds, we are aggregating the holdings for this purposes of this letter.

Proxy Voting:

10. Name of the proxy holder:

TIAA-CREF Investment Management, LLC / Teachers Advisors, Inc

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

Notification using the total voting rights figure of 660,240,106

14. Contact name:

Deborah Abrehart

Group Company Secretary

15. Contact telephone number:

020 7000 5000

This information is provided by RNS

The company news service from the London Stock Exchange

END

HOLEAXLXAFPFEFF

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