Howard W. Lutnick serves as Chairman and Chief Executive Officer of Cantor Fitzgerald, L.P., and Chairman and CEO of eSpeed, Inc., directing all facets of both companies' operations from their New York City headquarters.

Cantor Fitzgerald has flourished under Lutnick's leadership. His focus on and commitment to the financial markets has broadened the company's scope and vision, resulting in the development of a variety of innovative businesses and technologies. One of those, a revolutionary electronic bond-trading platform developed in 1996, led to what is today eSpeed, the widely regarded leading electronic marketplace and trading technology provider for the world's capital markets. Originally developed as an internal system, the platform proved so successful in addressing an emerging market need for efficiency in the global fixed income markets that Mr. Lutnick was able to turn the innovation into a business in its own right: eSpeed was spun off from Cantor in an Initial Public Offering at the end of 1999. Since then, he has fostered eSpeed's growth and today, it is the definitive leader in its industry.

In addition to stewarding the eSpeed spin-off and Cantor's recent expansion into new businesses like investment banking, asset management and fixed income sales and trading, Mr. Lutnick has helped guide the two firms through the devastating aftermath of the September 11, 2001, World Trade Center terrorist attacks that claimed the lives of 658 of the companies' 960 New York-based employees. Mr. Lutnick oversaw the rebuilding of both Cantor Fitzgerald's and eSpeed's core businesses under the most difficult of economic, professional and personal circumstances. Mr. Lutnick also mobilized a number of initiatives to help the families of the firm's lost colleagues, including the pledge to distribute 25 percent of Cantor Fitzgerald's profits until 2006 to benefit the families of the employees lost on September 11, 2001. As of June 30, 2004, this commitment has provided over $140 million from Cantor Fitzgerald and the Cantor Fitzgerald Relief Fund, a charity created by Mr. Lutnick that provides additional assistance to those affected by the tragedy. He continues to serve as an advocate for the families, hosting "town hall meetings" and working with federal and state government on the families' behalf.

Born in New York, Mr. Lutnick graduated from Haverford College in 1983 with a degree in economics and joined Cantor Fitzgerald the same year. He was named President and CEO of Cantor Fitzgerald in 1991, Chairman in 1996.

Mr. Lutnick sits on numerous boards including the Fisher Center for Alzheimer's Disease Research at Rockefeller University, The Intrepid Museum Foundation's Board of Directors, The Guggenheim Museum, and Haverford College's Board of Trustees.

Mr. Lutnick is the recipient of numerous awards in recognition of his philanthropic efforts. He received the Department of the Navy's Distinguished Public Service Award, the highest honor granted by the Navy to nonmilitary personnel. A recognized expert on financial markets as well as the rapidly emerging financial services technology industry, he is a frequently sought speaker and commentator, and has addressed the World Economic Forum in Davos, Switzerland, and testified before committees of both the U.S. Senate and the U.S. House of Representatives.

Stuart Fraser is the Vice Chairman and a partner of Cantor Fitzgerald LP. Mr. Fraser joined Cantor Fitzgerald in 1983 with Howard Lutnick, the current Chairman and CEO. Messrs. Fraser and Lutnick were the first two individuals to matriculate from Cantor Fitzgerald's Brokerage Training Program.

While overseeing the firm's Government Securities Brokerage (GSB) business, Mr. Fraser is credited with the highly successful transition of GSB from a traditional "open-outcry" environment to the firm's new automated 'Cantor Fitzgerald Trading System'. In May of 1999, he was awarded a United States Patent for his "Automated Auction Protocol Processor", which has become the "engine" for espeed, Inc., a NASDAQ listed company and subsidiary of Cantor Fitzgerald.

Mr. Fraser serves on the Board of Directors of Livewire Kiosk International and Collegextra, Inc and is majority owner of the Fort Worth Brahmas Hockey Team. His philanthropic endeavors include the Strategic Planning Board for the University of Missouri, serving on the Board of Directors of The Keewaydin Foundation and Harlem RBI, a non-profit organization that focuses on providing support for under privileged children and helping them to achieve their goals and dreams. He and his wife Elise live in Westchester, New York with their three children.

As CEO and President of Cantor Fitzgerald's Equity Capital Markets, Phil Marber has been instrumental to the expansion and success of Cantor's Institutional Sales and Trading business over the last fourteen years. Under his direction, the equities division has grown to become one of the largest third market sales forces on Wall Street, offering an impressive array of sales and trading in NYSE, OTC and international equities, portfolio trading, investment banking and electronic equity order routing.

Mr. Marber's leadership was a significant part of Cantor Fitzgerald's reconstruction after the events of September 11, 2001. Following the events, the firm made a strategic decision to rebuild its U.S. franchise on the strength of Mr. Marber's Equities Sales and Trading business, which was headquartered in New York but maintained several satellite offices across large U.S. cities. Today the Institutional Equities Sales and Trading division is flourishing, and continues to rank at the top of listed U.S. Securities brokers for cross ratios, execution and client-service.

Mr. Marber's career at Cantor Fitzgerald began in 1990 as the head of the Institutional Options Department. Prior to joining Cantor, Mr. Marber worked at Jefferies & Co. for approximately six years as an Institutional Equities Salesman.

Mr. Marber is involved with a number of charities, including St. Jude's Children's Hospital, Tomorrow's Children's Fund and Carnegie Hall.

As President of Cantor Fitzgerald's Debt Capital Markets and Asset Management division, Mr. Goldman is responsible for broadening the company's Sales and Trading product offering in a variety of fixed income products. Additionally, Mr. Goldman will build an asset management business within Cantor Fitzgerald that will provide money managers with capital raising, prime brokerage, clearing, and trading execution through a seamless, integrated offering.

Prior to joining Cantor Fitzgerald, Mr. Goldman was the managing director of fixed income trading for US interest rate products at CSFB. Over the course of his thirteen years with the company, Mr. Goldman held management positions in repo and fixed income securities lending, money markets, futures, government dealership, agency trading, mortgage securities, and US interest rates derivatives and options trading. Mr. Goldman also ran US proprietary trading, which included trading of global interest rate products, mortgages and credit instruments, foreign exchange, equities and commodities.

Mr. Goldman holds a bachelor of arts and a Bachelor of Science degree in economics and management from New York University. He has also received a master's of business administration in finance from New York University.

Stephen Merkel is Executive Managing Director; General Counsel and Secretary of Cantor Fitzgerald L.P. He joined Cantor Fitzgerald in 1993 and oversees all legal, compliance, risk management, credit and internal audit functions for the firm. He is a Director of eSpeed and has been the Senior Vice President, General Counsel and Secretary of eSpeed since June 1999. Mr. Merkel also serves as a Director and Secretary of the Cantor Exchange (SM).

Prior to joining Cantor Fitzgerald, Mr. Merkel was Vice President and Assistant General Counsel at Goldman Sachs & Co., dedicated to the J. Aron Division. He began his career at Paul, Weiss, Rifkind, Wharton and Garrison.

As Chief Financial Officer of Cantor, Douglas R. Barnard is responsible for all financial and accounting operations. In this role, Mr. Barnard oversees financial reporting and budgeting, globally.

A seasoned veteran with over 20 years experience in corporate accounting, Mr. Barnard joined from Dover Management LLC, an investment management firm, where he served as Chief Administrative Officer. Prior to his tenure with Dover, Mr. Barnard held the position of Managing Director and Controller of the Americas Region at Deutsche Bank AG, where he oversaw all regional financial control during a period of rapid expansion, including the integration of Bankers Trust Corporation. Previously, Mr. Barnard was a Vice President and Investment Banking Controller at Goldman Sachs & Co., joining the bank from Deloitte Haskins & Sells.

Mr. Barnard is a Certified Public Accountant and holds a BBA in Accounting from Pace University.

Thomas Anzalone is an Executive Vice President and Director of Global Operations for all Cantor Fitzgerald businesses worldwide. With 22 offices located throughout the world he is responsible for the management of all back office departments and over 120 employees. Recently, Tom has led Cantor's Operational staff through a successful conversion of all back office systems and established Cantor?s electronic clearing business. He joined Cantor in July 2002.

Prior to joining Cantor, Mr. Anzalone was the Senior Vice President and Director of Operations at Daiwa Securities America from 1984. Tom has operational experience in all Fixed Income, Equities, Prime Brokerage, Mortgaged-Backed Securities, Correspondent Clearance, Repo Matchbook, Corporates, Futures, Derivatives, Foreign Exchange and Global Security Markets. He is currently a member of Securities Operations Division and Securities Industry Association.

Bernard A. Weinstein is a senior managing director at leading financial services firm Cantor Fitzgerald. In this role he is responsible for Cantor Market Data, a division of Cantor Fitzgerald and provider of real-time fixed income pricing and data. He is also responsible for the expansion and development of software solutions for Cantor Fitzgerald's subsidiary company, eSpeed, an electronic marketplace and trading technology provider for the world's non-equity capital markets. As such, he develops strategies to leverage eSpeed's massive global infrastructure, portfolio of intellectual property, and electronic trading expertise to allow customers to build electronic marketplaces and exchanges, enable real-time auctions, enhance debt issuance, and customize trading interfaces.

Before joining Cantor Fitzgerald, he was the founder, president and chief executive officer of ILX Systems, a subsidiary of the Thomson Corporation. He also managed a major division of Thomson Financial as president of the Sales and Trading Group.

Mr. Weinstein received his bachelor of arts degree in philosophy from Columbia University in New York and his master's in business administration in finance from New York University's Stern Graduate School of Business Administration where he was elected to Beta Gamma Sigma, the graduate business school equivalent of Phi Beta Kappa.

Prior to founding ILX, he was chief information officer of E.F. Hutton with responsibility for global information systems and telecommunications. In addition, he was founder and chief executive officer of International Brokerage Information Systems, Inc. (IBIS), a subsidiary of the E.F. Hutton Group that provided information systems and services to the financial industry. He has also served as chairman of the SIA (Securities Industry Association) Information Management Committee and on the Advisory Board of SECTOR (Securities Industry Telecommunications Organization). He was honored as the first ever recipient of the ?Market Data Lifetime Achievement Award? of the Financial Industry Services Division (FISD) of the Software and Information Industry Association.

Mr. Weinstein has served as a director on the board of the New York Road Runners Foundation, which supports running programs for inner-city school children. An avid athlete, he has completed the New York City Marathon several times and the Westchester Triathlon.

Laurence Rose is a Senior Managing Director at Cantor Fitzgerald in New York, whose responsibilities include executive oversight of a number of business units, joint ventures, and investments.

Prior to joining Cantor Fitzgerald, Mr. Rose was founder and CEO of CollectiveBid Systems Inc. and its wholly-owned investment dealer subsidiary, CBID Markets Inc., which launched Canada's first Alternative Trading System. With fifteen years experience in the investment and technology sectors, Mr. Rose has been an innovator in the electronic fixed income trading industry. His professional experience includes positions with RBC Dominion Securities Inc., Dow Jones Markets Inc., and Bridge Information Systems.

Mr. Rose has served on various financial services industry regulatory advisory committees including the Ontario Securities Commission's Bond Market Transparency Committee. He has a B.A. in economics from Concordia University.