Cantor Fitzgerald Adds Industry Veteran to Real Estate Group.

NEW YORK -- Cantor Fitzgerald, L.P. today announced the appointment of Rodney A. Montag as an Executive Managing Director of Cantor Real Estate, LLC. Launched last month, the group is focusing on pursuing investment opportunities in select real estate sectors including distressed real estate investment loans with a value-add focus on development and redevelopment assets. Mr. Montag, who has over 20 years of real estate acquisition and development experience, will lead this venture along with Andrew N. Stark, Executive Managing Director, who joined Cantor Real Estate earlier, and with whom Mr. Montag worked closely at WCI Communities for over ten years.

Howard W. Lutnick, Chairman and Chief Executive Officer of Cantor Fitzgerald, said, "Cantor is committed to generating value in the real estate marketplace through a fresh and innovative approach to investment and development. Rodney's development background and expertise clearly represent a tactical advantage for Cantor in the acquisition of distressed land holdings and development projects that we are confident will provide advantageous investment returns. Reuniting Rodney and Andrew creates an extremely strong combination of talent, experience, and proven results."

Mr. Montag said, "In the current market, many residential and commercial developers/owners and lenders have had to shift their focus to capital preservation and are now seeking liquidity. Cantor Real Estate is poised to seize unique opportunities where we can bring a value-added approach to reinvigorating real estate assets, including a niche focus on acquiring and restructuring construction debt and redeveloping projects. Rather than merely acquiring real estate assets, we seek to infuse capital and redesign and develop projects."

Mr. Stark commented, "Rodney and I have a longstanding successful relationship, and we look forward to partnering together at Cantor Real Estate. With his breadth of acquisition, development, construction, and business experience, I am certain it will be exciting and rewarding to be working alongside each other again."

Prior to joining Cantor, Mr. Montag was Vice President of Acquisitions for WCI Communities, formerly Spectrum Communities, where he was responsible for the company's new business development. By identifying, analyzing and acquiring the company's land assets, Mr. Montag envisioned and created the master plans for land acquisitions for WCI Communities in the Northeastern U.S. and was a key force in the nine-fold growth of the firm's annual revenues to over $250 million. He acquired and obtained approvals for over thirty parcels, accounting for more than 5,000 residential units with over $2.2 billion in home sales value. Earlier, while with Procida Development and Construction, Mr. Montag developed and built over 1,800 units of low income and affordable housing in the Bronx and Manhattan.

Mr. Montag obtained his BA in Architecture from Washington University in St. Louis and attended Cornell University School of Architecture. He is an active member of the Urban Land Institute.

About Cantor Fitzgerald, L.P.

Cantor Fitzgerald, L.P. is a leading global financial services firm. In addition to Cantor Real Estate, the Cantor Fitzgerald franchise includes institutional equity and debt sales and trading, investment banking, private equity, and asset management, as well as Cantor LifeMarkets, Cantor Gaming, Cantor Index, Cantor CO2e, Cantor Entertainment, and other businesses and ventures. For over 60 years, Cantor Fitzgerald, a proven and resilient leader, has been committed to delivering a unique brand of unparalleled product expertise, innovative technology and customer service to its clients around the world.

For more information, please visit www.cantor.com.