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Opportunity to build on this solid foundation, and to expand BGC’s global presence to become the leader in the global inter-dealer voice brokerage market.”BGC will participate in conjunction with Cantor Fitzgerald, L.P. in its pledge to donate 25% of its profits through 2006 for the benefit of the families of Cantor Fitzgerald, eSpeed and TradeSpark employees lost on September 11, 2001. To date, Cantor Fitzgerald, L.P. and the Cantor Fitzgerald Relief Fund have donated $140 million to help the surviving family members.About BGC Partners, L.P.BGC Partners, L.P., named in honor of fixed income brokerage innovator B. Gerald Cantor, will provide brokerage services to wholesale fixed income, interest rate, foreign exchange, and derivative markets worldwide, as well as access to electronic trading services and technology support via eSpeed, Inc. (NASDAQ: ESPD), a leading developer of electronic marketplaces and trading technology. With a concentration on providing superior customer service and seamless execution, BGC will enter the wholesale voice brokerage market with unparalleled strengths, based on decades of brokerage experience and its strong relationship with eSpeed. BGC Partners will participate in conjunction with Cantor Fitzgerald L.P. in Cantor Fitzgerald’s pledge to donate 25% of its profits through 2006 for the benefit of the families of the Cantor Fitzgerald, eSpeed and TradeSpark employees lost on September 11, 2001. BGC will have offices in London, New York, Tokyo, Hong Kong, Singapore, Geneva and Milan. The spin-off of Cantor Fitzgerald’s global voice brokerage business to create BGC Partners, L.P. will be effective October 1, 2004. To learn more, please visit www.bgcpartners.com.About eSpeedeSpeed, Inc. (NASDAQ: ESPD) is a leader in developing and deploying electronic marketplaces and related trading technology that offers traders access to the most liquid, efficient and neutral financial markets in the world. eSpeed operates multiple buyer, multiple seller real-time electronic marketplaces for the global capital markets, including the world’s largest government bond markets and other fixed income and equities marketplaces. eSpeed’s suite of marketplace tools provides end-to-end transaction solutions for the purchase and sale of financial and non-financial products over eSpeed’s global private network or via the Internet. eSpeed’s neutral platform, reliable network, straight-though processing and superior products make it the trusted source for electronic trading at the world’s largest fixed income and foreign exchange trading firms and major exchanges. To learn more, please visit www.espeed.com.About Cantor FitzgeraldCantor Fitzgerald, L.P. is a leading financial services provider to the institutional equity and fixed income markets, with products and services including sales and trading, investment banking, asset management, market data, and market commentary. For nearly 60 years, Cantor Fitzgerald, a proven and resilient leader, has been committed to delivering a unique brand of unparalleled trading and distribution services, product expertise, innovative technology and customer service to its clients around the world. This commitment also extends to numerous philanthropic endeavors, including the firm’s pledge to donate 25% of the profits it would otherwise distribute to its partners through 2006 to benefit the families of the employees lost on September 11, 2001. For more information, please visit www.cantor.com.Media

London, UK – August 17, 2004 – Cantor Fitzgerald announced today that effective October 1, 2004, it will spin-off its global voice brokerage business to form BGC Partners, L.P. BGC will provide brokerage services to wholesale fixed income, interest rate, foreign exchange and derivative markets worldwide, including unparalleled pricing and execution, as well as access to electronic trading services and technology support from eSpeed, Inc. (NASDAQ: ESPD), the leading developer of electronic marketplaces and trading technology.BGC will be a new private partnership with offices in London, New York, Tokyo, Hong Kong, Singapore, Geneva and Milan. Initially over 400 brokers will work for the partnership and its affiliates throughout Europe, the United States, and Asia. The firm will also seek to recruit, train and develop hundreds of new voice brokers as it expands in each of these regions.Lee M. Amaitis will assume BGC’s leadership as Chairman and CEO of the new partnership. Mr. Amaitis, who joined Cantor Fitzgerald in 1995 and has served as President and CEO of Cantor’s European and Asian operations, played an invaluable role in the firm’s strong profitability and the recovery of both Cantor Fitzgerald and eSpeed after the events of September 11, 2001. Mr. Amaitis has named several executives who will hold senior management positions of BGC Partners, including Shaun D. Lynn as President, and Daniel M. LaVecchia, as President, North America.Cantor Fitzgerald has long been recognized as a leading inter-dealer voice broker in the fixed income market, following the vision of Cantor founder B. Gerald Cantor to build a brokerage business based on unparalleled customer service and innovation. In the aftermath of September 11, 2001, Cantor’s business made a significant shift in the United States, placing greater emphasis on its institutional equities business and expanding into institutional fixed income and asset management. The spin-off of BGC Partners, named in honor of Mr. Cantor, will establish a new partnership focused exclusively on wholesale voice brokerage, made up of hundreds of talented voice brokers from Europe, the United States and Asia, building on the unmatched reputation for innovation and client service that Cantor Fitzgerald developed throughout the years.Commenting on today’s announcement, Mr. Amaitis said, “BGC will remain true to the original Cantor vision for a world-class voice brokerage committed to customer service and continuous innovation in the wholesale markets. Spinning off BGC will enable our team to seize the significant opportunity to expand in these markets, and allow our clients to benefit from efficiencies like seamless straight-through-processing of their transactions.”Products available through BGC will include fixed income (cash, spreads, options, and derivatives), foreign exchange (spot, forward, options and derivatives), asset-backed securities (cash, options and derivatives), and interest rate swaps (options and derivatives). With a focus on providing clients with the best execution and service possible, BGC will also employ eSpeed’s trading technology to automate the confirmation, check out, and clearance processes.Mr. Lynn added, “Cantor Fitzgerald’s voice brokerage business has been widely recognized as a major source of liquidity and wholesale market expertise. We are excited about the

The world was able to witness, understand, and respond to the horrors of September 11 largely through the medium of photography. The 9/11 attacks, in fact, were the most widely observed breaking-news event in human history, seen that day in still photos, on the Internet, or on television by an estimated two billion people, nearly a third of the human race. The following is the tale of one man, Mike Rambousek, who lost his son Luke that morning, five years ago this month. Rambousek, oddly enough, was able to channel Luke's memory through the power of a single, horrific picture.Mike Rambousek sits in front of his Hewlett-Packard computer, pulling up a chair for a visitor. He fiddles with a file on the desktop and clicks on a photo, the one that he says is "not a bit pleasant." It shows people standing in the windows of the north tower of the World Trade Center a few minutes prior to the building's collapse.Before discussing the picture, though, he stops to talk about waking up on September 12, after the longest day of his life. That Wednesday, Mike Rambousek arose, alone, in his cramped Brooklyn apartment. His wife, Jindra, was at their summer mobile home, in Damascus, Pennsylvania, unable to return to the city because of security roadblocks. Lining the apartment's walls were his and Jindra's collections from their native Czechoslovakia: delicate marionettes, antique clocks, and coffee cups, some dating back 150 years. And there, near the far window, were row after row of vinyl records that their son Luke would spin as a D. J. at a Brooklyn dance club during his off-hours. For a day job, Luke, 27, was a computer-maintenance temp at eSpeed, a Cantor Fitzgerald subsidiary, working on the 103rd floor of 1 World Trade Center. The Rambouseks' apartment was quiet that morning, and Luke's bed was empty.The day before, says Rambousek, "I saw the picture [on TV] at nine o'clock. People thought, Cessna. I called Luke's office and the phones were ringing. And I thought, He's O.K. I'll go pick him up and bring him lunch." Mike assumed that the office would dismiss Luke after a plane accident, so he packed the usual—pepper steak and diced watermelon—and planned on sharing a meal near the towers, to be followed by a "walkabout," as Mike called it, a ritual stroll around the nearby streets that father and son had

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