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Currency Derivatives

www.tfsicap.com

TFS-ICAP was formed in July 2000 by the merger of the OTC FX Options divisions of the TFS Group and ICAP plc. TFS-ICAP has offices in New York, London, Frankfurt, Copenhagen, Sydney, Tokyo and Singapore.

TFS-ICAPconducts its business as an independent intermediary in OTC FX Options. In November of 2001, the Company integrated the Volbroker system into its currency options business. This created an inter-dealer broking consortium that combines the strengths of voice-brokered liquidity together with the market's leading FX Options electronic broking platform.

The Volbrokerplatform was designed by traders, for traders, and is used by banks all over the world. A list of banks involved in its creation can be viewed on the Volbroker Partner Banks page: (http://www.tfsicap.com/mainab.html).

To request more information, please visit www.tfsicap.com, contact the desks at the below numbers, or send an e-mail to marketing@tfsicap.com.

NewYork: +1.212.943.8100
London: +44.207.375.2626
Frankfurt: +49.69.283.622
Copenhagen: +45.33.326.543
Sydney: +61.2.9777.0855
Tokyo: +813.5401.7451
Singapore: +65.6324.4811