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Irvin Goldman To Join Cantor Fitzgerald

Cantor to Enter Asset Management Business and Extend Institutional Sales and Trading

NEW YORK – July 15, 2003 – Cantor Fitzgerald & Co., the leading third market sales and trading firm announced today that Irvin Goldman, former head of interest rate products at CSFB, has joined as President of its Debt Capital Markets and Asset Management divisions.

Mr. Goldman’s appointment is the next step in the company’s efforts to broaden its product offering after the events of September 11, 2001. The firm extended its fixed income business earlier this year when it announced it would offer sales and trading of high yield bonds to its clients. This business is separate from Cantor’s Inter-Dealer Brokerage business.

Mr. Goldman will also be responsible for building 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.

Over the course of his thirteen years with CSFB, Mr. Goldman held a number of senior positions and most recently served as managing director overseeing interest rate product sales and trading. Mr. Goldman has significant experience and success in building, growing and integrating businesses across a wide range of specialized products including repo match book, interest rate swaps, structured trading, mortgage backed securities, credit and mortgage derivatives, corporates, futures and options. He brings to Cantor an extraordinary level of expertise and product knowledge as well as a reputation for superior client service, a trait that has become Cantor’s hallmark in the institutional equities markets over the years.

“We are thrilled to have someone with Irv’s track record and expertise as part of Cantor’s senior management team, allowing us to broaden our product offering while continuing to provide our customers with the type of product and market expertise they have come to rely on,” said Howard W. Lutnick, Chairman and CEO of Cantor Fitzgerald

Regarding his appointment, Goldman said, “I look forward to being part of such a focused and forward-looking organization, especially as Cantor continues to grow its business as well as its commitment to the markets and the customers it serves. I believe that with the additional focus on new products, combined with Cantor’s reputation for providing excellent client service and unparalleled sales and trading distribution, we will achieve significant milestones for the firm and our customers.”

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.

About Cantor Fitzgerald

Cantor Fitzgerald L.P. is a leading financial services provider that offers clients an array of financial products and services in the equity and fixed income capital markets. These products and services include sales and trading, investment banking, market commentary and market data. For more than 50 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 institutional 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 until 2006 to benefit the families of the employees lost on September 11, 2001. For more information, please visit www.cantor.com.

Contacts:

Tom Ryan Cantor Fitzgerald 212-610-2425

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