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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

29th Sep 2011 11:25

RNS Number : 1910P

ICAP PLC

29 September 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:

26 September 2011

6. Date on which issuer notified:

28 September 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	20,408,249	20,408,249	19,322,739	19,322,739	0	2.954%
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

19,322,739

2.954%

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 September 26, 2011 CREF sold 1,085,510 shares of ICAP plc, bringing its total holdings in your company to 7,967,555 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 654,061,801 bringing CREF's ownership in your company to a 1.218% 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 11,355,184 shares of 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. The Funds and Life 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 19,322,739, or 2.954% 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:

N/A

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

HOLEAENNAAAFEFF

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