Cantor Fitzgerald, eSpeed And TradeSpark Distributing More Than $45 Million In Bonus Payments To Families Of Employees Lost In Tragedy

New York, October 25, 2001 – More than $45 million in bonus payments to the families of Cantor Fitzgerald, eSpeed and TradeSpark employees lost in the World Trade Center tragedy has begun, according to Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, L.P. and eSpeed. [br][br]According to Lutnick, the minimum bonus distributed will be $5,000. This includes employees that never reached that bonus plateau in the past, and even those employees who started with the firm as recently as Monday, September 10th. All monies in the bonus pool have been calculated and distributed with the assistance of Deloitte & Touche, Cantor Fitzgerald and eSpeed’s independent accounting firm. [br][br]Discretionary bonuses are now being distributed to the estates of those employees in administrative, support and other non-revenue-wwwucing/non-commission/non-sales divisions. [br][br]These estates are eligible to receive payments equal to 100% of the discretionary cash bonus paid for the full year in 2000 plus accrued 2001 vacation pay with a minimum payment of $5,000. [br][br]Estates of those employees in revenue-wwwucing/commission-based and sales divisions will be eligible to receive wwwuction-related bonus and commission payments no later than November 22nd. These payments will be based on the restored records of transactions. All accrued amounts will be distributed. [br][br]Those employees who survived the WTC tragedy, along with their colleagues around the world, will be eligible to receive year-end bonuses and commissions in December, in accordance with company policy. [br][br]”The staff has worked around the clock to meet these self-imposed deadlines,” said Lutnick. “We are committed to helping the families of our lost friends and co-workers. We still have challenges ahead, but we have taken extraordinary steps to rebuild our businesses following the unthinkable terrorist attacks on September 11th.” [br][br]In addition to the more than $45 million in bonus payments, the company provided the following information regarding benefits and assistance previously announced: [br][br]Cantor Fitzgerald has pledged to benefit the families of lost Cantor, eSpeed and TradeSpark employees in an amount equal to 25% of the profits, for the next five years that would otherwise be distributed to partners. The funds will be used in part to pay for 10 years of health care for the families of lost employees. The balance of the funds will be equally distributed to all families, until the families receive at least $100,000 in cash. [br][br]All non-supplemental life insurance policies are currently being paid, at a rate of twice employees’ salary, taxfree, up to the maximum value of $100,000 per employee. Payment has already been made on approximately 85% of claims received. [br][br]Cantor Fitzgerald has arranged for the American Red Cross to co-ordinate all immediate assistance relief efforts on behalf of the Cantor Fitzgerald families in need. They have assigned a caseworker to every family and are able to provide three months of financial assistance and support. The Red Cross is currently contacting all families directly to assess needs. [br][br]The firm set up the Cantor Fitzgerald Relief Fund, the initial focus of which has been to assist families with small children and educational needs. The Fund has already given $5,000 to each family with dependent children. More information of the Fund can be found athttp://cantorrelief.org . [br][br]A detailed letter explaining the bonus collection process has been sent to the families of lost Cantor Fitzgerald, eSpeed and TradeSpark employees. Respective phone hot line numbers are outlined in that letter for any family members with questions. [br][br]More detailed information regarding the company’s benefits is available on the company’s crisis website, http://www.cantorusa.com. [br][br]For all media contacts: [br][br]Tel: 212-981-5281


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