<SEC-DOCUMENT>0001193125-18-334561.txt : 20181127
<SEC-HEADER>0001193125-18-334561.hdr.sgml : 20181127
<ACCEPTANCE-DATETIME>20181127082706
ACCESSION NUMBER:		0001193125-18-334561
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20181123
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181127
DATE AS OF CHANGE:		20181127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEWMARK GROUP, INC.
		CENTRAL INDEX KEY:			0001690680
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
		IRS NUMBER:				814467492
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38329
		FILM NUMBER:		181202009

	BUSINESS ADDRESS:	
		STREET 1:		499 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2128294775

	MAIL ADDRESS:	
		STREET 1:		499 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NRE DELAWARE, INC.
		DATE OF NAME CHANGE:	20161122
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>d659902d8k.htm
<DESCRIPTION>FORM 8-K
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): November&nbsp;23, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Newmark Group, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-38329</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">81-4467492</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction<BR>of incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission<BR>File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(I.R.S. Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>125 Park Avenue, New York, NY 10017 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (212) <FONT STYLE="white-space:nowrap">372-2000</FONT> </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Emerging growth company </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entry Into a Material Definitive Agreement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The information set forth under &#147;<I>Amended and Restated Separation and Distribution Agreement</I>&#148; in Item&nbsp;8.01 of this Current
Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is incorporated by reference into this Item&nbsp;1.01. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.02.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Unregistered Sales of Equity Securities. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The information set forth under &#147;<I>Exchange of Newmark Holdings Units and Newmark Opco Units for Newmark Common Stock</I>&#148; in
Item&nbsp;8.01 of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is incorporated by reference into this Item&nbsp;3.02. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other Events. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Announcement of Final Distribution Ratio for BGC Partners, Inc. <FONT STYLE="white-space:nowrap">Spin-Off</FONT> of Newmark Group, Inc.</I>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On November&nbsp;26, 2018, BGC Partners, Inc. (&#147;BGC Partners&#148;) announced that it had determined the final distribution ratio
relating to its previously announced distribution (the &#147;Distribution&#148;). In the Distribution, BGC Partners will distribute to BGC Partners stockholders all of the shares of Newmark Group, Inc. (&#147;Newmark&#148;) common stock that will be
owned by BGC Partners as of immediately prior to the effective time of the Distribution, with shares of Newmark Class&nbsp;A common stock distributed to the holders of shares of BGC Partners Class&nbsp;A common stock and shares of Newmark
Class&nbsp;B common stock distributed to the holders of shares of BGC Partners Class&nbsp;B common stock. The Distribution is expected to be effective as of 12:01 a.m., New York City time, on November&nbsp;30, 2018 to BGC Partners stockholders of
record as of the close of business on November&nbsp;23, 2018 (the &#147;Record Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Based on the number of shares of BGC Partners
common stock outstanding as of the close of business on the Record Date, BGC Partners stockholders as of the Record Date will receive in the Distribution 0.463895 of a share of Newmark Class&nbsp;A common stock for each share of BGC Partners
Class&nbsp;A common stock held as of the Record Date, and 0.463895 of a share of Newmark Class&nbsp;B common stock for each share of BGC Partners Class&nbsp;B common stock held as of the Record Date. The final distribution ratio for the shares of
Newmark Class&nbsp;A common stock to be distributed in the Distribution for each share of BGC Partners Class&nbsp;A common stock was calculated by dividing the number of shares of Newmark Class&nbsp;A common stock to be distributed in the
Distribution by the number of shares of BGC Partners Class&nbsp;A common stock outstanding as of the close of business on the Record Date. The final distribution ratio for the shares of Newmark Class&nbsp;B common stock to be distributed in the
Distribution for each share of BGC Partners Class&nbsp;B common stock was calculated by dividing the number of shares of Newmark Class&nbsp;B common stock to be distributed in the Distribution by the number of shares of BGC Partners Class&nbsp;B
common stock outstanding as of the close of business on the Record Date. Following the Distribution, BGC Partners will no longer hold any shares of Newmark common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">No fractional shares of Newmark common stock will be distributed in the Distribution. Instead, BGC Partners stockholders will receive cash in
lieu of any fraction of a share of Newmark common stock that they otherwise would have received in the Distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The shares of
Newmark common stock to be distributed will be delivered in book-entry form, and BGC Partners stockholders who hold their shares through brokers or other nominees will have their shares of Newmark common stock credited to their accounts by their
brokers or other nominees. The Distribution is intended to qualify as generally tax free to BGC Partners stockholders for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For additional information, registered stockholders of BGC Partners should contact BGC Partners&#146; transfer agent, American Stock
Transfer&nbsp;&amp; Trust Company, LLC at (800) <FONT STYLE="white-space:nowrap">937-5449</FONT> (toll-free) or (718) <FONT STYLE="white-space:nowrap">921-8317.</FONT> BGC Partners stockholders who hold their shares through brokers or other nominees
should contact their brokers or other nominees directly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A copy of the BGC Partners press release announcing the final distribution ratio
is attached hereto as Exhibit 99.1 and incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with the Distribution, on or about
November&nbsp;26, 2018, BGC Partners sent an information statement (the &#147;Information Statement&#148;) to its stockholders of record on the Record Date. The Information Statement contains a description of Newmark, as well as a description of the
Distribution and certain U.S. federal income tax consequences of the Distribution. The Information Statement is attached hereto as Exhibit 99.2. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>BGC 2019 Note Repayment</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As previously disclosed, on December&nbsp;13, 2017, prior to the closing of the initial public offering of Newmark Class&nbsp;A common stock,
BGC Partners, BGC Holdings, L.P. (&#147;BGC Holdings&#148;), BGC Partners, L.P. (&#147;BGC U.S. Opco&#148;) and their respective </P>
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subsidiaries (other than the Newmark group (defined below), the &#147;BGC group&#148;) transferred to Newmark, Newmark Holdings, L.P. (&#147;Newmark Holdings&#148;) and Newmark Partners, L.P.
(&#147;Newmark Opco&#148;) and their respective subsidiaries (the &#147;Newmark group&#148;) the assets and liabilities of the BGC group relating to BGC Partners&#146; real estate services business (the &#147;Separation&#148;). In connection with
the Separation, BGC Partners retained the right to receive payments in respect of certain note obligations owed to BGC Partners by BGC U.S. Opco that were assumed by Newmark Opco, including a note issued by BGC U.S. Opco to BGC Partners in
connection with the issuance by BGC Partners of its 5.375% Senior Notes due 2019 (the &#147;5.375% Notes&#148;), in the aggregate principal amount of $300.0&nbsp;million, referred to as the &#147;BGC 2019 Note.&#148; Also, as previously disclosed,
BGC Partners will redeem the 5.375% Notes on December 5, 2018 (the &#147;Redemption Date&#148;) at a redemption price equal to the discounted present value of the principal amount of the notes to be redeemed and future interest payable thereunder
for periods after the Redemption Date, plus accrued and unpaid interest to, but excluding, the Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On November&nbsp;23,
2018, Newmark Opco repaid the BGC 2019 Note, at a redemption price equal to the estimated redemption price to be paid by BGC Partners in respect of the 5.375% Notes, primarily using proceeds from the sale of Newmark&#146;s 6.125% Senior Notes due
2023.&nbsp;After such repayment, Newmark has no further debt obligations owed to or guaranteed by BGC Partners. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Amended and Restated
Separation and Distribution Agreement</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On November&nbsp;23, 2018, BGC Partners, BGC Holdings, BGC U.S. Opco, Newmark, Newmark Holdings,
Newmark Opco and, solely for the provisions set forth therein, Cantor Fitzgerald, L.P. and BGC Global Holdings, L.P. (&#147;BGC Global Opco&#148; and, collectively, the &#147;Parties&#148;) entered into an Amended and Restated Separation and
Distribution Agreement (the &#147;Amended and Restated Separation and Distribution Agreement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Parties had previously entered
into a Separation and Distribution Agreement, dated as of December&nbsp;13, 2017 (the &#147;Original Separation and Distribution Agreement&#148;), which provided, among other things, for the terms and conditions on which (a)&nbsp;the real estate
services business of Newmark would be separated from the other businesses of BGC Partners, (b)&nbsp;Newmark would conduct an initial public offering of its Class&nbsp;A common stock and (c)&nbsp;BGC Partners would effect the Distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On November&nbsp;8, 2018, the Parties entered into Amendment No.&nbsp;1 to the Original Separation and Distribution Agreement (&#147;Amendment
No.&nbsp;1&#148;) to include certain amendments in light of, among other things, an investment by the BGC group in the Newmark group. The Parties executed the Amended and Restated Separation and Distribution Agreement to amend the Original
Separation and Distribution Agreement, as amended by Amendment No.&nbsp;1, and to restate the entire agreement in the form of the Amended and Restated Separation and Distribution Agreement. As compared to the Original Separation and Distribution
Agreement, the Amended and Restated Separation and Distribution Agreement includes, among others, the following changes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for purposes of calculating the Distribution Ratio (as defined in the Amended and Restated Separation and
Distribution Agreement), the number of shares of Newmark common stock held by BGC Partners includes shares of Newmark common stock that would be held by BGC Partners if all Newmark Opco units and exchangeable Newmark Holdings units held by BGC
Partners and its subsidiaries were exchanged for shares of Newmark common stock and distributed to BGC Partners; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">prior to the Distribution, BGC U.S. Opco and BGC Global Opco shall distribute any Newmark Opco units or Newmark
Holdings units held by such entities to their equityholders, and prior to the Distribution, BGC Partners shall contribute any Newmark Opco units held by it (including Newmark Opco units underlying Newmark Holdings units) to Newmark in exchange for
newly issued shares of Newmark common stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">prior to the Distribution, in connection with a mandatory reinvestment by BGC Partners following the issuance of
shares of BGC Partners common stock, BGC Partners could contribute the net proceeds of such issuance to BGC U.S. Opco and BGC Global Opco in exchange for a combination of (i)&nbsp;newly issued BGC U.S. Opco units, (ii)&nbsp;newly issued BGC Global
Opco units and (iii)&nbsp;Newmark Opco and/or Newmark Holdings units held by BGC U.S. Opco and/or BGC Global Opco; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">prior to the Distribution, in the event that any person forfeits any restricted shares of BGC Partners common
stock, BGC Partners would deliver BGC U.S. Opco units, BGC Global Opco units and Newmark Opco units to BGC U.S. Opco, BGC Global Opco and Newmark Opco, respectively; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the existing adjustment to the Exchange Ratio (as defined in the Amended and Restated Separation and Distribution
Agreement) was revised so that, in the event that there shall be any Reinvestment Cash (as defined in the Amended and Restated Separation and Distribution Agreement) in any fiscal quarter, the Exchange Ratio shall be adjusted so that it shall be
equal to (i)&nbsp;the number of fully diluted outstanding shares of Newmark common stock (as defined in the Amended and Restated Separation and Distribution Agreement) as of immediately prior to such adjustment, <I>divided by </I>(ii)&nbsp;the sum
of (A)&nbsp;the number of fully diluted outstanding shares of Newmark common stock as of immediately prior to such adjustment, <I>plus</I> (B)&nbsp;the Adjustment Factor (as defined below) for such fiscal quarter <I>plus</I> (C)&nbsp;the sum of the
aggregate Adjustment Factors for all prior fiscal quarters following the initial public offering of Newmark Class&nbsp;A common stock, where: </P></TD></TR></TABLE>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Adjustment Factor shall be equal to the Reinvestment Cash divided by the Newmark Current Market Price (as
defined in the Amended and Restated Separation and Distribution Agreement) as of the day prior to the date on which the adjustment to the Exchange Ratio is made for such fiscal quarter; <I>provided </I>that </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if, in any subsequent fiscal quarter, the Exchange Ratio shall be further adjusted and the Newmark Current Market
Price as of the day prior to the date on which such further adjustment is made is greater than the Newmark Current Market Price used in the bullet above, then the Adjustment Factor for such prior fiscal quarter shall be <FONT
STYLE="white-space:nowrap">re-calculated</FONT> using such greater Newmark Current Market Price; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BGC U.S. Opco and BGC Global Opco, on the one hand, and Newmark Opco, on the other hand, shall each be
responsible to issue an appropriate number of units to BGC Partners in connection with potential issuance of a share of BGC Partners common stock by BGC Partners prior to the Distribution, where such share of BGC Partners common stock was included
in the fully diluted share count of BGC Partners as of the Partnership Divisions (as defined in the Amended and Restated Separation and Distribution Agreement). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Amended and Restated Separation and Distribution Agreement does not purport to be complete and is qualified
in its entirety by reference to the full text of the Amended and Restated Separation and Distribution Agreement, which is attached hereto as Exhibit 2.1 and incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><I>Exchange of Newmark Holdings Units and Newmark Opco Units for Newmark Common Stock </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On November&nbsp;23, 2018, Newmark issued 9,388,747 shares of Newmark Class&nbsp;A common stock and 5,445,488 shares of Newmark Class&nbsp;B
common stock to BGC Partners in exchange for 15,147,795 exchangeable Newmark Holdings units from BGC Partners, and 6,903,875 shares of Newmark Class&nbsp;A common stock in exchange for 7,049,807 Newmark Opco units contributed to Newmark by BGC
Partners (the &#147;Newmark Issuance&#148;). No additional consideration was paid to Newmark by BGC Partners for the Newmark Issuance. The Newmark Issuance was exempt from registration pursuant to Section&nbsp;4(a)(2) of the Securities Act of 1933,
as amended. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Discussion of Forward-Looking Statements About Newmark and BGC Partners </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Statements in this document regarding Newmark and BGC Partners that are not historical facts are &#147;forward-looking statements&#148; that
involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark and BGC Partners undertake no obligation to update any forward-looking statements.
For a discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see Newmark&#146;s and BGC Partners&#146; Securities and Exchange Commission filings, including, but not
limited to, the risk factors set forth in these filings and any updates to such risk factors contained in subsequent Forms <FONT STYLE="white-space:nowrap">10-K,</FONT> Forms <FONT STYLE="white-space:nowrap">10-Q</FONT> or Forms <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d)&nbsp;Exhibits </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The exhibit index set forth below is
incorporated by reference in response to this Item 9.01. </P>
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 <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT INDEX </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="90%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">&nbsp;&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d659902dex21.htm">Amended and Restated Separation and Distribution Agreement, dated as of November&nbsp;
23, 2018, by and among Cantor Fitzgerald, L.P., BGC Partners, Inc., BGC Holdings, L.P., BGC Partners, L.P., BGC Global Holdings, L.P., Newmark Group, Inc., Newmark Holdings, L.P. and Newmark Partners, L.P.* </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">&nbsp;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d659902dex991.htm">BGC Partners, Inc. Press Release, dated November&nbsp;26, 2018.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d659902dex992.htm">BGC Partners, Inc. Information Statement, dated November&nbsp;26, 2018. </A></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Annexes, schedules and/or exhibits have been omitted pursuant to Item 601(b)(2)
<FONT STYLE="white-space:nowrap">of&nbsp;Regulation&nbsp;S-K.&nbsp;Newmark</FONT> agrees to furnish supplementally a copy of any omitted attachment to the SEC on a confidential basis upon request. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form
<FONT STYLE="white-space:nowrap">8-K</FONT> to be signed on its behalf by the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Newmark Group, Inc.</TD></TR>
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<TD VALIGN="bottom">Date: November&nbsp;27, 2018</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/S/ HOWARD W. LUTNICK</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Howard W. Lutnick</TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Chairman</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signature Page to Form <FONT STYLE="white-space:nowrap">8-K,</FONT> dated November&nbsp;27, 2018,
Regarding, Among Other Things, the Final Distribution Ratio for BGC Partners&#146; Distribution of Shares of Newmark Common Stock] </I></B></P>
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<TYPE>EX-2.1
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<DESCRIPTION>EX-2.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDED AND RESTATED </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SEPARATION
AND DISTRIBUTION AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">by and among </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BGC PARTNERS, INC., </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BGC
HOLDINGS, L.P., </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BGC PARTNERS, L.P., </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NEWMARK GROUP, INC., </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NEWMARK
HOLDINGS, L.P., </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NEWMARK PARTNERS, L.P., </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and solely for purposes of Sections 2.09, 6.10, 6.11, 6.12, 6.13, 6.14 and 6.15, Article VIII and Article IX, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CANTOR FITZGERALD, L.P. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and
solely for purposes of Sections 6.11 and 6.12 and Article VIII, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BGC GLOBAL HOLDINGS, L.P. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of December&nbsp;13, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Amended and Restated as of November&nbsp;23, 2018 </P> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE I</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="6" ALIGN="center">DEFINITIONS; INTERPRETATION</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Defined Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Absence of Presumption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Headings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE II</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">SEPARATION</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Contribution of Transferred Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assumption of Transferred Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing of Contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title; Risk of Loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Separation Steps Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Minimum Newmark Cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Further Documentation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treatment of Shared Contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ancillary Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE III</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">THE IPO</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preparation for the IPO</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conditions Precedent to Consummation of the IPO</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Newmark Charter and Bylaws</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Use of IPO Proceeds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Post-IPO</FONT> Repayment of BGC
<FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE IV</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">THE DISTRIBUTION</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Distribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Actions Prior to the Distribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conditions to Distribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fractional Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">ARTICLE V</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">NO REPRESENTATIONS OR WARRANTIES</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Representations or Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Newmark to Bear Risk</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VI</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">COVENANTS</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Further Assurances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Production of Witnesses and Records; Cooperation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Privileged Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Confidentiality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Protective Arrangements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intercompany Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Guarantee Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New Newmark</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinvestments by Newmark in Newmark Opco; <FONT STYLE="white-space:nowrap">Pre-Emptive</FONT>
Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinvestments by BGC Partners Prior to the Distribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends by Newmark</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments to the Exchange Ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Use of Reinvestment Cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treatment of Payments for Tax Purposes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VII</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">INTERIM OPERATIONS AND INSURANCE</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Auditors and Audits; Annual Financial Statements and Accounting</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Insurance Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE VIII</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">MUTUAL RELEASES; INDEMNIFICATION</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Release of <FONT STYLE="white-space:nowrap">Pre-IPO</FONT> Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Survival of Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification by the BGC Opcos</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification by Newmark Opco</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification by Newmark</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification by BGC Partners</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Third-Party Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnification Obligations Net of Insurance Proceeds and Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right of Contribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mitigation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covenant Not to Sue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Survival of Indemnities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Matters Coordination; Change in Indemnitors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE IX</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">EMPLOYEE MATTERS</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employment of Newmark Employees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity Compensation Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefit Plan Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">401(k) Plan Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Certain Compensation Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payroll Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE X</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">TERMINATION</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Termination by Mutual Consent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE XII</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">MISCELLANEOUS</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Entire Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Governing Law; Consent to Jurisdiction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amendment and Modification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Successors and Assigns; Third-Party Beneficiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.05</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.06</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.07</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Waivers of Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.08</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Specific Performance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Publicity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organizational Power</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitations of Liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Force Majeure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibits </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="88%"></TD></TR>


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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Administrative Services Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Newmark Holdings Limited Partnership Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Newmark Opco Limited Partnership Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit D</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Registration Rights Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit E</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Tax Matters Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit F</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Newmark Tax Receivable Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit G</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Newmark Amended and Restated Certificate of Incorporation</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit H</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Newmark Amended and Restated Bylaws</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Transition Services Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit J</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of BGC Holdings Limited Partnership Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;K</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Exchange Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit L</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of BGC Tax Receivable Agreement</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;M</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Agreements</P></TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED SEPARATION AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DISTRIBUTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This AMENDED AND RESTATED SEPARATION AND DISTRIBUTION AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of November&nbsp;23, 2018 (the
&#147;<U>Execution Date</U>&#148;), is by and among BGC Partners, Inc., a Delaware corporation (&#147;<U>BGC Partners</U>&#148;), BGC Holdings, L.P., a Delaware limited partnership (&#147;<U>BGC Holdings</U>&#148;), BGC Partners, L.P., a Delaware
limited partnership (&#147;<U>BGC U.S. Opco</U>&#148; and together with BGC Partners and BGC Holdings, the &#147;<U>BGC Entities</U>&#148;), Newmark Group, Inc., a Delaware corporation (&#147;<U>Newmark</U>&#148;), Newmark Holdings, L.P., a Delaware
limited partnership (&#147;<U>Newmark Holdings</U>&#148;), Newmark Partners, L.P., a Delaware limited partnership (&#147;<U>Newmark Opco</U>&#148; and together with Newmark and Newmark Holdings, the &#147;<U>Newmark Entities</U>&#148;), and solely
for purposes of Sections&nbsp;2.09, 6.10, 6.11, 6.12, 6.13, 6.14 and 6.15 and Article XIII and Article IX, Cantor Fitzgerald, L.P., a Delaware limited partnership (&#147;<U>Cantor</U>&#148;), and solely for purposes of Sections 6.11 and 6.12 and
Article VIII, BGC Global Holdings, L.P., a Cayman Islands limited partnership (&#147;<U>BGC Global Opco</U>&#148; and collectively, the &#147;<U>Parties</U>&#148; and each, a &#147;<U>Party</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:19%; margin-right:19%; font-size:12pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T H: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties entered into that certain Separation and Distribution Agreement (the &#147;<U>Original Separation and Distribution
Agreement</U>&#148;), dated as of December&nbsp;13, 2017 (the &#147;<U>Original Execution Date</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Original
Separation and Distribution Agreement provided that, on the terms and subject to the conditions set forth therein, (a)&nbsp;the BGC Entities and their respective Subsidiaries would separate the Transferred Business from the other businesses of the
BGC Entities and their respective Subsidiaries (such other businesses, the &#147;<U>Retained Business</U>&#148;) so that, as of the Closing Date, the Transferred Business was held by members of the Newmark Group and the Retained Business was held by
members of the BGC Partners Group (the &#147;<U>Separation</U>&#148;); (b)&nbsp;after the Separation, Newmark would offer and sell to the public a number of shares of Newmark Class&nbsp;A Common Stock pursuant to the IPO Registration Statement (the
&#147;<U>IPO</U>&#148;); and (c)&nbsp;after the IPO, BGC Partners expected to pursue a <I>pro rata</I> distribution of any shares of Newmark Class&nbsp;A Common Stock and any shares of Newmark Class&nbsp;B Common Stock held by BGC Partners (the
&#147;<U>Distribution</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, for U.S. federal income tax purposes, the Newmark Inc. Contribution and the Distribution, if
effected, taken together, are intended to qualify as a &#147;reorganization&#148; under Sections&nbsp;355 and 368(a)(1)(D) of the Code; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, this Agreement (including the Separation Steps Plan) is intended to be, and is hereby adopted as, a &#147;plan of
reorganization&#148; within the meaning of Treas. Reg. <FONT STYLE="white-space:nowrap">1.368-2(g);</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, on November&nbsp;8,
2018, the Parties entered into Amendment No.&nbsp;1 to the Original Separation and Distribution Agreement (such amendment, &#147;<U>Amendment No.</U><U></U><U>&nbsp;1</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties desire to amend and restate the Original Separation and Distribution Agreement, as amended by Amendment No.&nbsp;1, in
the form of this Agreement; and </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties intend that (a)&nbsp;all references in this Agreement to &#147;the date
hereof&#148; or &#147;the date of this Agreement&#148; shall refer to the Original Execution Date, and (b)&nbsp;the date on which any representation, warranty or covenant made by any Party to this Agreement shall not change as a result of the
execution of this Agreement except as otherwise expressly stated herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual promises
hereinafter set forth and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound thereby, the Parties agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS;
INTERPRETATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>. For the purposes of this Agreement, the following terms
shall have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Action</U>&#148; means any action, claim, suit, litigation, proceeding (including arbitral)
or investigation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Acquisition Term Loans</U>&#148; has the meaning set forth in the Revolving Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjustment Factor</U>&#148; means, with respect to any fiscal quarter in which there is Reinvestment Cash, an amount (which may be a
positive or a negative number) equal to: (a)&nbsp;the Reinvestment Cash for such fiscal quarter, <I>divided by </I>(b)&nbsp;the Newmark Current Market Price as of the day prior to the date on which the adjustment to the Exchange Ratio is made for
such Reinvestment Cash pursuant to Section&nbsp;6.14(b) for such fiscal quarter; <U>provided</U> that if, in any subsequent fiscal quarter, the Exchange Ratio shall be further adjusted pursuant to Section&nbsp;6.14(b) and the Newmark Current Market
Price as of the day prior to the date on which such further adjustment shall be made is greater than the Newmark Current Market Price described in clause (b)&nbsp;above, then the Adjustment Factor for such prior fiscal quarter shall be <FONT
STYLE="white-space:nowrap">re-calculated</FONT> using such greater Newmark Current Market Price for purposes of such further adjustment to the Exchange Ratio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Services Agreement</U>&#148; means the Administrative Services Agreement between Cantor and Newmark, substantially in
the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;A</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, with respect to any Person, any
other Person that directly, or through one or more intermediaries, controls or is controlled by or is under common control with such Person; <U>provided</U>, <U>however</U>, that, for purposes of this Agreement, as of and after the Closing,
(i)&nbsp;no member of the Cantor Group shall be deemed to be an Affiliate of a member of the BGC Partners Group or the Newmark Group as a result of the control relationship between such members; (ii)&nbsp;no member of the BGC Partners Group shall be
deemed to be an Affiliate of a member of the Cantor Group or the Newmark Group as a result of the control relationship between such members; and (iii)&nbsp;no member of the Newmark Group shall be deemed to be an Affiliate of a member of the Cantor
Group or the BGC Partners Group as a result of the control relationship between such members. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent</U>&#148; means the distribution agent to be appointed by BGC Partners to
distribute to the stockholders of BGC Partners all of the shares of Newmark Common Stock held by BGC Partners pursuant to the Distribution, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ancillary Agreements</U>&#148; means, collectively, the Newmark Holdings Limited Partnership Agreement, the Newmark Opco Limited
Partnership Agreement, the Administrative Services Agreement, the Transition Services Agreement, the Registration Rights Agreement, the Tax Receivable Agreements, the Tax Matters Agreement and the Exchange Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Law</U>&#148; means any Law applicable to any of the Parties or any of their respective Affiliates, directors, officers,
employees, service providers, properties or Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Asset</U>&#148; means any asset, property, right, Contract and claim,
whether real, personal or mixed, tangible or intangible, of any kind, nature and description, whether accrued, contingent or otherwise, and wherever situated and whether or not carried or reflected, or required to be carried or reflected, on the
books of any Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Benefit Plan</U>&#148; means, with respect to an entity or any of its Subsidiaries, (a)&nbsp;each
&#147;employee welfare benefit plan&#148; (as defined in<BR> Section&nbsp;3(1) of ERISA) and all other employee benefits arrangements, policies or payroll practices (including severance pay, sick leave, vacation pay, salary continuation, disability,
retirement, deferred compensation, bonus, stock option or other equity-based compensation, hospitalization, medical insurance or life insurance) sponsored or maintained by such entity or by any of its Subsidiaries (or to which such entity or any of
its Subsidiaries contributes or is required to contribute) and (b)&nbsp;all &#147;employee pension benefit plans&#148; (as defined in Section&nbsp;3(2) of ERISA), occupational pension plan or arrangement or other pension arrangements sponsored,
maintained or contributed to by such entity or any of its Subsidiaries (or to which such entity or any of its Subsidiaries contributes or is required to contribute). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC 401(k) Plan</U>&#148; means any U.S. <FONT STYLE="white-space:nowrap">tax-qualified,</FONT> defined contribution 401(k) plan
sponsored by BGC Partners that is intended to qualify under Section&nbsp;401(a) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Benefit Plan</U>&#148; means
any Benefit Plan sponsored, maintained or contributed to by any member of the BGC Partners Group, other than any Newmark Benefit Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Current Market Price</U>&#148; means, as of any date: (a)&nbsp;if shares of BGC Class&nbsp;A Common Stock are listed on an
internationally recognized stock exchange, the average of the closing price per share of BGC Class&nbsp;A Common Stock on such stock exchange on each of the ten (10)&nbsp;consecutive trading days ending on such date (<U>it</U> <U>being</U>
<U>understood</U> that such price shall be appropriately adjusted in the event that there is a stock dividend or stock split during such ten <FONT STYLE="white-space:nowrap">(10)-consecutive-trading-day</FONT> period); or (b)&nbsp;if shares of BGC
Class&nbsp;A Common Stock are not listed on an internationally recognized stock exchange, the fair value of a share of BGC Class&nbsp;A Common Stock as agreed in good faith by BGC Partners.<B> </B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Employee</U>&#148; means (a)&nbsp;any individual who, immediately prior to the
Effective Time, is actively employed by, substantially providing services for, or on an approved leave of absence from any member of the BGC Partners Group and (b)&nbsp;any individual who becomes an employee of or service provider to the BGC
Partners Group after the Effective Time; <U>provided</U> that, in each case, no Shared Employee or Newmark Employee shall be considered a BGC Employee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Entities</U>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Equity Awards</U>&#148; means (a)&nbsp;units issued representing a general unsecured promise of BGC Partners to deliver the value
of shares of BGC Partners Common Stock in cash or shares of BGC Partners Common Stock and (b)&nbsp;shares of BGC Partners Common Stock that are subject to transfer restrictions, in each case, granted under the BGC LTIP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Global Opco</U>&#148; has the meaning set forth in the preamble, including any successor to BGC Global Holdings, L.P., whether by
merger, consolidation, sale of all or substantially all of its assets or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Global Opco Group</U>&#148; means BGC
Global Opco and its Subsidiaries (other than any member of the Newmark Group). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Global Opco Limited Partnership
Agreement</U>&#148; means the Amended and Restated Agreement of Limited Partnership of BGC Global Opco, as it may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Global Opco Limited Partnership Interest</U>&#148; means &#147;Limited Partnership Interest&#148; as defined in the BGC Global
Opco Limited Partnership Agreement, but excluding the BGC Global Opco Special Voting Limited Partnership Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Global
Opco Special Voting Limited Partnership Interest</U>&#148; means &#147;Special Voting Limited Partnership Interest&#148; as defined in the BGC Global Opco Limited Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Global Opco Unit</U>&#148; means &#147;Unit&#148; as defined in the BGC Global Opco Limited Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Holdings</U>&#148; has the meaning set forth in the preamble, including any successor to BGC Holdings, L.P., whether by merger,
consolidation, sale of all or substantially all of its assets or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Holdings Group</U>&#148; means BGC Holdings and
its Subsidiaries (other than any member of the BGC U.S. Opco Group, BGC Global Opco Group or Newmark Group). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Holdings
Indemnitees</U>&#148; has the meaning set forth in Section&nbsp;8.03. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Holdings Limited Partnership Agreement</U>&#148; means
the Amended and Restated Agreement of Limited Partnership of BGC Holdings, substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;J</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Holdings Unit</U>&#148; means &#147;Unit&#148; as defined in the BGC Holdings
Limited Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Incentive Plans</U>&#148; means any of the annual or short term incentive plans of the
members of the BGC Partners Group, all as in effect as of the time relevant to the applicable provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC
LTIP</U>&#148; means the BGC Partners Seventh Amended and Restated Long Term Incentive Plan, as such plan may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Opco Indemnitees</U>&#148; has the meaning set forth in Section&nbsp;8.04. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Opcos</U>&#148; means BGC U.S. Opco and BGC Global Opco. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Participation Plan</U>&#148; means the BGC Holdings Participation Plan, as such plan may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners</U>&#148; has the meaning set forth in the preamble, including any successor to BGC Partners, Inc., whether by merger,
consolidation, sale of all or substantially all of its assets or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Annual Statement</U>&#148; has the
meaning set forth in Section&nbsp;7.03(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners&#146; Auditors</U>&#148; has the meaning set forth in
Section&nbsp;7.03(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco First Term Loan Note</U>&#148; means
the promissory note, effective as of September&nbsp;8, 2017 issued by BGC U.S. Opco to BGC Partners in the face amount of $575,000,000 to support BGC Partners&#146; obligation under the Term Loan Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Acquisition Term Loan Note</U>&#148; means the promissory note,
effective as of September&nbsp;8, 2017 issued by BGC U.S. Opco to BGC Partners in the face amount of $400,000,000 to support BGC Partners&#146; obligation in respect of the Acquisition Term Loans under the Revolving Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes</U>&#148; means (i)&nbsp;the promissory note,
effective as of December&nbsp;9, 2014, issued by BGC U.S. Opco to BGC Partners in the face amount of $300,000,000 to support BGC Partners&#146; obligation in respect of its Notes due 2019 and (ii)&nbsp;the promissory note, effective as of
June&nbsp;26, 2012, issued by BGC U.S. Opco to BGC Partners in the face amount of $112,500,000 to support BGC Partners&#146; obligation in respect of its Notes due 2042. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Board</U>&#148; means the board of directors of BGC Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Class</U><U></U><U>&nbsp;A Common Stock</U>&#148; means the Class&nbsp;A common stock, par value $0.01 per share, of BGC
Partners. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Class</U><U></U><U>&nbsp;B Common Stock</U>&#148; means the
Class&nbsp;B common stock, par value $0.01 per share, of BGC Partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Common Stock</U>&#148; means the BGC
Partners Class&nbsp;A Common Stock and the BGC Partners Class&nbsp;B Common Stock, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Group</U>&#148;
means BGC Partners, BGC Holdings, BGC U.S. Opco and BGC Global Opco and each of their respective Subsidiaries (other than any member of the Newmark Group). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Inc. Group</U>&#148; means BGC Partners and its Subsidiaries (other than any member of the BGC Holdings Group, BGC U.S.
Opco Group, BGC Global Opco Group or Newmark Group). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Inc. Indemnitees</U>&#148; has the meaning set forth in
Section&nbsp;8.03. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Public Filings</U>&#148; has the meaning set forth in Section&nbsp;7.01(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Partners Ratio</U>&#148; means, as of any time, the number equal to (a)&nbsp;the aggregate number of BGC U.S Opco Units held by
the BGC Partners Inc. Group as of such time <I>divided by</I> (b)&nbsp;the aggregate number of shares of BGC Partners Common Stock issued and outstanding as of such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Per Unit Price</U>&#148; means, as of any time, the quotient obtained by dividing (a)&nbsp;an amount equal to (i)&nbsp;the BGC
Current Market Price as of such time <I>minus </I>(ii)&nbsp;the Newmark Current Market Price as of such time <I>multiplied by </I>the Distribution Ratio as of such time, <I>by</I> (b)&nbsp;the BGC Partners Ratio as of such time (<U>it</U>
<U>being</U> <U>understood</U> that the BGC Partners Board and Cantor together shall have the right to make any equitable adjustment to the calculation of the BGC Per Unit Price if any events shall warrant such adjustment). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC Tax Receivable Agreement</U>&#148; means the Amended and Restated Tax Receivable Agreement between BGC Partners and Cantor,
substantially in the form attached hereto as <U>Exhibit L</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC U.S. Opco</U>&#148; has the meaning set forth in the
preamble, including any successor to BGC Partners, L.P., whether by merger, consolidation, sale of all or substantially all of its assets or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC U.S. Opco Group</U>&#148; means BGC U.S. Opco and its Subsidiaries (other than any member of the Newmark Group). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC U.S. Opco Limited Partnership Agreement</U>&#148; means the Amended and Restated Agreement of Limited Partnership of BGC U.S.
Opco, as it may be amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC U.S. Opco Limited Partnership Interest</U>&#148; means &#147;Limited
Partnership Interest&#148; as defined in the BGC U.S. Opco Limited Partnership Agreement, but excluding the BGC U.S. Opco Special Voting Limited Partnership Interest. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC U.S. Opco Special Voting Limited Partnership Interest</U>&#148; means
&#147;Special Voting Limited Partnership Interest&#148; as defined in the BGC U.S. Opco Limited Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>BGC U.S.
Opco Unit</U>&#148; means &#147;Unit&#148; as defined in the BGC U.S. Opco Limited Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148;
means any day excluding Saturday, Sunday and any day on which banking institutions located in New York, New York are authorized or required by Applicable Law or other governmental action to be closed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cantor</U>&#148; has the meaning set forth in the preamble, including any successor to Cantor Fitzgerald, L.P., whether by merger,
consolidation, sale of all or substantially all of its assets or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cantor Benefit Plan</U>&#148; any Benefit Plan
sponsored, maintained or contributed to by any member of the Cantor Group, other than any Newmark Benefit Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cantor
Group</U>&#148; means Cantor and its Subsidiaries (other than any member of the BGC Partners Group or Newmark Group), Howard&nbsp;W.&nbsp;Lutnick and/or any of his immediate family members as so designated by Howard&nbsp;W.&nbsp;Lutnick and any
trusts or other entities controlled by Howard&nbsp;W.&nbsp;Lutnick. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cantor Indemnitees</U>&#148; has the meaning set forth in
Section&nbsp;8.03. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing</U>&#148; has the meaning set forth in Section&nbsp;2.03. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date</U>&#148; has the meaning set forth in Section&nbsp;2.03. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Code</U>&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract</U>&#148; means any agreement, contract, obligation, license, lease, promise or undertaking (whether written or oral and
whether express or implied). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contribution</U>&#148; means the transfer of the Transferred Assets by members of the BGC Partners
Group to members of the Newmark Group and the assumption of the Transferred Liabilities by members of the Newmark Group from members of the BGC Partners Group as contemplated by this Agreement, including by means of the Opco Partnership
Contribution, the Holdings Partnership Contribution and the Newmark Inc. Contribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contribution Ratio</U>&#148; shall mean a
fraction equal to one <I>divided by </I>2.20. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Copyrights</U>&#148; means any foreign or United States copyright registrations
and applications for registration thereof, and any <FONT STYLE="white-space:nowrap">non-registered</FONT> copyrights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covered
Information</U>&#148; has the meaning set forth in Section&nbsp;6.05(a). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Covered Subsidiaries</U>&#148; means Subsidiaries that are covered under a BGC
Partners Group insurance policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dispute</U>&#148; shall mean any dispute, controversy or claim arising out of or relating to
this Agreement or Ancillary Agreement (including regarding whether any Assets are Transferred Assets, any Liabilities are Transferred Liabilities or the validity, interpretation, breach or termination of this Agreement or any Ancillary Agreement).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distribution</U>&#148; has the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distribution Date</U>&#148; has the meaning set forth in Section&nbsp;4.03(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distribution Effective Time</U>&#148; has the meaning set forth in Section&nbsp;4.01(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distribution Percentage Difference</U>&#148; means (a)&nbsp;if the Newmark Holdings Distribution Percentage is greater than the
Newmark Distribution Percentage, an amount, expressed as a percentage, equal to the Newmark Holdings Distribution Percentage <I>minus </I>the Newmark Distribution Percentage; and (b)&nbsp;if the Newmark Distribution Percentage is greater than the
Newmark Holdings Distribution Percentage, an amount, expressed as a percentage, equal to the Newmark Distribution Percentage <I>minus </I>the Newmark Holdings Distribution Percentage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Distribution Ratio</U>&#148; shall mean, as of any time, the quotient obtained by dividing (a)&nbsp;the number of shares of Newmark
Common Stock held by BGC Partners as of such time (including all shares of Newmark Common Stock that would be held by BGC Partners if (i)&nbsp;all Newmark Opco Units and Newmark Holdings Exchange Right Units held by a Subsidiary of BGC Partners were
distributed to BGC Partners in accordance with BGC Partners&#146; proportionate interest in such Subsidiary as of such time and (ii)&nbsp;all Newmark Opco Units and Newmark Holdings Exchange Right Units held by BGC Partners as of such time (after
giving effect to clause (i)) were exchanged for shares of Newmark Common Stock pursuant to the terms of this Agreement and the Newmark Holdings Limited Partnership Agreement), <I>divided by</I> (b)&nbsp;the number of shares of BGC Partners Common
Stock outstanding as of such time (it being agreed that (A)&nbsp;if the number of outstanding shares of Newmark Common Stock, Newmark Opco Units, Newmark Holdings Exchange Right Units or BGC Partners Common Stock is changed into a different number
of shares or a different class, by reason of any dividend, distribution, subdivision, combination, reclassification, consolidation, merger, <FONT STYLE="white-space:nowrap">split-up,</FONT> combination or the like, BGC Partners shall have the right
to make any appropriate equitable adjustment to the calculation of the Distribution Ratio to preserve the same economic effect as contemplated by this Agreement prior to such action, and (B)&nbsp;BGC Partners shall update the calculation of the
Distribution Ratio no less frequently than quarterly). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effective Time</U>&#148; has the meaning set forth in Section&nbsp;2.04.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Election</U>&#148; has the meaning set forth in Section&nbsp;6.11(b)(iii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of 1974, as amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the U.S. Securities Exchange Act of 1934, as amended,
together with the rules and regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Agreement</U>&#148; means the letter agreement, by and
among Newmark, BGC Partners and Cantor, substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;K</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Assets</U>&#148; has the meaning set forth in Section&nbsp;2.01(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Liabilities</U>&#148; has the meaning set forth in Section&nbsp;2.02(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Ratio</U>&#148; shall mean the number of shares of Newmark Common Stock that a holder shall receive upon exchange of each
Newmark Holdings Exchange Right Unit pursuant to Article VIII of the Newmark Holdings Limited Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Force
Majeure</U>&#148; shall mean, with respect to a Party, an event beyond the control of such Party (or any Person acting on its behalf), which event (a)&nbsp;does not arise or result from the fault or negligence of such Party (or any Person acting on
its behalf) and (b)&nbsp;by its nature would not reasonably have been foreseen by such Party (or such Person), or, if it would reasonably have been foreseen, was unavoidable, and includes acts of God, acts of civil or military authority, embargoes,
epidemics, war, riots, insurrections, fires, explosions, earthquakes, floods, unusually severe weather conditions, labor problems or unavailability of parts, or, in the case of computer systems, any failure in electrical or air conditioning
equipment. Notwithstanding the foregoing, the receipt by a Party of an unsolicited takeover offer or other acquisition proposal, even if unforeseen or unavoidable, and such Party&#146;s response thereto shall not be deemed an event of Force
Majeure<B>.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Former BGC Employee</U>&#148; means (a)&nbsp;any individual who as of the Effective Time is a former employee of
or formerly provided substantial services to the BGC Partners Group and (b)&nbsp;any individual who is a BGC Employee as of the Effective Time or thereafter who ceases to be an employee or service provider of the BGC Partners Group, in each case,
excluding any Former Newmark Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Former Newmark Employee</U>&#148; means (a)&nbsp;any individual who as of the Effective
Time is a former employee of or formerly provided substantial services to the Newmark Group, (b)&nbsp;any individual who is a Newmark Employee as of the Effective Time or thereafter who ceases to be an employee or service provider of the Newmark
Group after the Effective Time and (c)&nbsp;each former employee or service provider of Cantor or its Subsidiaries who was exclusively providing services to the Transferred Business as of the date of his or her termination of employment or services.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Approvals</U>&#148; means any notices, reports or other filings to be made, or any consents, registrations,
approvals, permits or authorizations to be obtained from, any Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental Authority</U>&#148; means the
government of any nation, state, city, locality or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including the National Association
of Securities Dealers, Inc. and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Group</U>&#148; means the Cantor Group, the BGC Partners Group, the Newmark Group,
the BGC Partners, Inc. Group, the BGC Holdings Group, the BGC U.S. Opco Group, the BGC Global Opco Group, the Newmark Inc. Group, the Newmark Holdings Group and the Newmark Opco Group, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holdings Partnership Contribution</U>&#148; has the meaning set forth in Section&nbsp;2.05(b)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holdings Partnership Distribution</U>&#148; has the meaning set forth in Section&nbsp;2.05(b)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holdings Partnership Division</U>&#148; has the meaning set forth in Section&nbsp;2.05(b)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; means, as to any Person, (a)&nbsp;all obligations of such Person for borrowed money (including reimbursement
and all other obligations with respect to surety bonds, letters of credit and bankers&#146; acceptances, whether or not matured), (b)&nbsp;all obligations of such Person to pay the deferred purchase price of property or services, except trade
accounts payable and accrued commercial or trade liabilities arising in the ordinary course of business, (c)&nbsp;all interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be
made by such Person, whether periodically or upon the happening of a contingency, (d)&nbsp;all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even
though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e)&nbsp;all obligations of such Person under leases which have been or should be, in
accordance with U.S. GAAP, recorded as capital leases, (f)&nbsp;all indebtedness secured by any Lien (other than Liens in favor of lessors under leases other than leases included in clause&nbsp;(e))&nbsp;on any property or asset owned or held by
that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is <FONT STYLE="white-space:nowrap">non-recourse</FONT> to the credit of that Person, and (g)&nbsp;any guarantees provided by such Person of
any item described in clauses (a)&nbsp;through (f), regardless of whether such items are obligations of other Persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnifiable Losses</U>&#148; means all Liabilities suffered or incurred by an Indemnitee, including any reasonable fees, costs or
expenses of enforcing any indemnity hereunder; <U>provided</U>, <U>however</U>, that Indemnifiable Losses shall not include any Special Damages except if and to the extent awarded in an Action involving a Third-Party Claim against such Indemnitee.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnitee</U>&#148; means any of the Cantor Indemnitees, the BGC Opco Indemnitees, the BGC Holdings Indemnitees, the BGC
Partners Inc. Indemnitees, the Newmark Opco Indemnitees, the Newmark Holdings Indemnitees and the Newmark Inc. Indemnitees, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnity Payment</U>&#148; has the meaning set forth in Section&nbsp;8.09(a). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Information</U>&#148; means all information, whether or not patentable or
copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, Contracts, instruments, surveys, discoveries, ideas, concepts,
<FONT STYLE="white-space:nowrap">know-how,</FONT> techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software,
marketing plans, customer names, communications by or to attorneys, memos and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, legal, employee or business information
or data. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Insurance Proceeds</U>&#148; means amounts (a)&nbsp;received by an insured from an insurance carrier; (b)&nbsp;paid by
an insurance carrier on behalf of the insured; or (c)&nbsp;received (including by way of <FONT STYLE="white-space:nowrap">set-off)</FONT> from any third Person in the nature of insurance, contribution or indemnification in respect of any Liability,
in each of cases (a), (b) and (c), net of any applicable premium adjustments (including reserves and retrospectively rated premium adjustments) and net of any costs or expenses incurred in the collection thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intellectual Property</U>&#148; means, collectively, all Copyrights, Patents, Trade Secrets, Trademarks, Internet Assets and other
proprietary rights, other than Software and Technology. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercompany Revolving Credit Agreement</U>&#148; means the Revolving
Credit Agreement, dated as of December&nbsp;13, 2017, by and between BGC Partners and Newmark. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Internet Assets</U>&#148; means
any Internet domain names and other computer user identifiers and any rights in and to sites on the worldwide web, including rights in and to any text, graphics, audio and video files and html or other code incorporated in such sites. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>IPO</U>&#148; has the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>IPO Closing Date</U>&#148; means the First Time of Delivery as defined in the Underwriting Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>IPO Proceeds</U>&#148; means any and all proceeds received by Newmark from the sale in the IPO of shares of Newmark Class&nbsp;A
Common Stock under the IPO Registration Statement (including all proceeds received by Newmark from the sale of shares of Newmark Class&nbsp;A Common Stock as a result of the Underwriters&#146; exercise of their option to purchase additional shares
of Newmark Class&nbsp;A Common Stock pursuant to the Underwriting Agreement), in all cases, net of the Underwriters&#146; discount as provided in the Underwriting Agreement and other expenses borne by Newmark in connection with the IPO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>IPO Registration Statement</U>&#148; means the registration statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed under
the Securities Act, pursuant to which the shares of Newmark Class&nbsp;A Common Stock to be issued in the IPO will be registered under the Securities Act, together with all amendments thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Law</U>&#148; means any federal, state, local, municipal or foreign (including supranational) law, statute, ordinance, rule,
regulation, judgment, order, injunction, decree, arbitration award, agency requirement, license or permit of any Governmental Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liabilities</U>&#148; means any and all losses, liabilities, claims, charges,
debts, demands, actions, causes of action, suits, damages, fines, penalties, offsets, obligations, payments, costs and expenses, sums of money, bonds, indemnities and similar obligations, covenants, Contracts, controversies, agreements, promises,
omissions, guarantees, make whole agreements and similar obligations, and other liabilities, including all contractual obligations, whether absolute or contingent, inchoate or otherwise, matured or unmatured, liquidated or unliquidated, accrued or
unaccrued, known or unknown, whenever arising, and including those arising under any Law, Action or threatened or contemplated Action (including the costs and expenses of demands, assessments, judgments, settlements and compromises relating thereto
and attorneys&#146; fees and any and all costs and expenses reasonably incurred in investigating, preparing or defending against any such Actions or threatened or contemplated Actions), order or consent decree of any Governmental Authority or any
award of any arbitrator or mediator of any kind, and those arising under any Contract, commitment or undertaking, including those arising under this Agreement or any Ancillary Agreement, in each case, whether or not recorded or reflected or required
to be recorded or reflected on the books and records or financial statements of any Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means, whether
arising under any Contract or otherwise, any debts, claims, security interests, liens, encumbrances, pledges, mortgages, retention agreements, hypothecations, rights of others, assessments, restrictions, voting trust agreements, options, rights of
first offer, proxies, title defects and charges or other restrictions or limitations of any nature whatsoever. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>New
Newmark</U>&#148; has the meaning set forth in Section&nbsp;6.10(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Newmark Merger</U>&#148; has the meaning set forth in
Section&nbsp;6.10(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Newmark Sub</U>&#148; has the meaning set forth in Section&nbsp;6.10(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark</U>&#148; has the meaning set forth in the preamble, including any successor to Newmark Group, Inc., whether by merger,
consolidation, sale of all or substantially all of its assets or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark 401(k) Plan</U>&#148; means a U.S. <FONT
STYLE="white-space:nowrap">tax-qualified,</FONT> defined contribution plan intended to qualify under Section&nbsp;401(a) of the Code, as established by any member of the Newmark Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark 401(k) Plan Trust</U>&#148; means a trust relating to the Newmark 401(k) Plan intended to qualify under Section&nbsp;401(a)
and be exempt under Section&nbsp;501(a) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Balance Sheet</U>&#148; means the pro forma combined balance sheet
of the Transferred Business, including any notes and subledgers thereto, as of September&nbsp;30, 2017, as presented in the final prospectus that is contained in the IPO Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Benefit Plan</U>&#148; means (a)&nbsp;any Benefit Plan sponsored, maintained or contributed to by any member of the Newmark
Group and (b)&nbsp;any other Benefit Plan that BGC Partners and Newmark agree is writing is a Newmark Benefit Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Board</U>&#148; means the board of directors of Newmark. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Charter</U>&#148; has the meaning set forth in Section&nbsp;3.03. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Class</U><U></U><U>&nbsp;A Common Stock</U>&#148; means the Class&nbsp;A common stock, par value $0.01 per share, of Newmark.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Class</U><U></U><U>&nbsp;B Common Stock</U>&#148; means the Class&nbsp;B common stock, par value $0.01 per share, of
Newmark. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Common Stock</U>&#148; means the Newmark Class&nbsp;A Common Stock and the Newmark Class&nbsp;B Common Stock,
as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Current Market Price</U>&#148; means, as of any date: (a)&nbsp;if shares of Newmark Class&nbsp;A Common
Stock are listed on an internationally recognized stock exchange, the average of the closing price per share of Newmark Class&nbsp;A Common Stock on such stock exchange on each of the ten (10)&nbsp;consecutive trading days ending on such date
(<U>it</U> <U>being</U> <U>understood</U> that such price shall be appropriately adjusted in the event that there is a stock dividend or stock split during such ten <FONT STYLE="white-space:nowrap">(10)-consecutive-trading-day</FONT> period); or
(b)&nbsp;if shares of Newmark Class&nbsp;A Common Stock are not listed on an internationally recognized stock exchange, the fair value of a share of Newmark Class&nbsp;A Common Stock as agreed in good faith by Newmark.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Distribution Percentage</U>&#148; means, with respect to any fiscal quarter, the fraction, expressed as a percentage, equal
to (a)&nbsp;(i) the value of the aggregate dividends from Newmark to its stockholders for such fiscal quarter from the aggregate distributions from Newmark Opco to Newmark for such fiscal quarter (in each case, excluding from such distribution any
amount that will be used by Newmark for the payment of Taxes in respect of Newmark&#146;s allocated share of income for the applicable period), <I>divided by </I>(b)&nbsp;the value of the aggregate distributions from Newmark Opco to Newmark for such
fiscal quarter (excluding from such distribution any amount that will be used by Newmark for the payment of Taxes in respect of Newmark&#146;s allocated share of income for the applicable period). For purposes of this provision, the value of any <FONT
STYLE="white-space:nowrap">non-cash</FONT> assets shall be determined in good faith by the general partner of Newmark Opco, as of the date of such distribution by Newmark Opco, taking into account, if relevant, the acquisition cost thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Employee</U>&#148; means (a)&nbsp;any individual who, immediately prior to the Effective Time, is either actively employed
by, substantially providing services for or on an approved leave of absence from any member of the Newmark Group, (b)&nbsp;any individual who, immediately prior to the Closing, is employed by, engaged directly and primarily in or, after taking into
account the services to be provided under the Administrative Services Agreement and the Transition Services Agreement, provides services necessary for the conduct of the Transferred Business (including any such individual who is on an approved leave
of absence from the BGC Group or Cantor Group) and (c)&nbsp;any individual who becomes an employee or service provider of any member of the Newmark Group after the Effective Time; <I>provided, in each case</I>, that no Shared Employee shall be
considered a Newmark Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Entities</U>&#148; has the meaning set forth in the preamble. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Equity Awards</U>&#148; means (a)&nbsp;units issued representing a general
unsecured promise of Newmark to deliver the value of shares of Newmark Common Stock in cash or shares of Newmark Common Stock, (b)&nbsp;options (either nonqualified or incentive) to purchase shares of Newmark Common Stock, and (c)&nbsp;shares of
Newmark Common Stock that are subject to transfer restriction, in each case, granted under the Newmark LTIP or assumed by Newmark in connection with the Distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Group</U>&#148; means Newmark, Newmark Holdings, Newmark Opco and each of their respective Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings</U>&#148; has the meaning set forth in the preamble, including any successor to Newmark Holdings, L.P., whether by
merger, consolidation, sale of all or substantially all of its assets or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Distribution
Percentage</U>&#148; means, with respect to any fiscal quarter, the fraction, expressed as a percentage, equal to (a)&nbsp;the value of the aggregate distributions from Newmark Holdings to its equityholders for such fiscal quarter (excluding from
such distribution any amount that represents Estimated Proportionate Quarterly Tax Distributions, as defined in the Newmark Holdings Limited Partnership Agreement for such fiscal quarter) from the aggregate distributions from Newmark Opco to Newmark
Holdings for such fiscal quarter, <I>divided by </I>(b)&nbsp;the value of the aggregate distributions from Newmark Opco to Newmark Holdings for such fiscal quarter (excluding from such distribution any amount that is used by Newmark Holdings to pay
Estimated Proportionate Quarterly Tax Distributions, as defined in the Newmark Holdings Limited Partnership Agreement, for such fiscal quarter). For purposes of this provision, the value of any <FONT STYLE="white-space:nowrap">non-cash</FONT> assets
shall be determined in good faith by the general partner of Newmark Opco, as of the date of such distribution by Newmark Opco, taking into account, if relevant, the acquisition cost thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Exchange Right Unit</U>&#148; means &#147;Exchange Right Unit&#148; as defined in the Newmark Holdings Limited
Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Exchangeable Limited Partner Unit</U>&#148; means &#147;Exchangeable Limited Partner
Unit&#148; as defined in the Newmark Holdings Limited Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Exchangeable Limited Partnership
Interest</U>&#148; means &#147;Exchangeable Limited Partnership Interest&#148; as defined in the Newmark Holdings Limited Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings General Partner</U>&#148; means Newmark GP, LLC, a Delaware limited liability company and the general partner of
Newmark Holdings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Group</U>&#148; means Newmark Holdings and its Subsidiaries (other than any member of the
Newmark Opco Group). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Indemnitees</U>&#148; has the meaning set forth in Section&nbsp;8.03. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Limited Partnership Agreement</U>&#148; means the Amended and
Restated Agreement of Limited Partnership of Newmark Holdings, substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;B</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Limited Partnership Interests</U>&#148; means &#147;Limited Partnership Interests&#148; as defined in the Newmark
Holdings Limited Partnership Agreement, but excluding the Newmark Holdings Special Voting Limited Partnership Interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark
Holdings Ratio</U>&#148; means, as of any time, the number equal to (a)&nbsp;the aggregate number of Newmark Opco Units held by the Newmark Holdings Group as of such time <I>divided by</I> (b)&nbsp;the aggregate number of Newmark Holdings Units
issued and outstanding as of such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Special Voting Limited Partnership Interest</U>&#148; means
&#147;Special Voting Limited Partnership Interest&#148; as defined in the Newmark Holdings Limited Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Holdings Unit</U>&#148; means &#147;Unit&#148; as defined in the Newmark Holdings Limited Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Inc. Contribution</U>&#148; has the meaning set forth in Section&nbsp;2.05(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Inc. Group</U>&#148; means Newmark and each of its Subsidiaries (other than any member of the Newmark Holdings Group or any
member of the Newmark Opco Group). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Inc. Indemnitees</U>&#148; has the meaning set forth in Section&nbsp;8.03. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark IPO Payment</U>&#148; has the meaning set forth in Section&nbsp;3.04. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark LTIP</U>&#148; means the Newmark Group, Inc. Long Term Incentive Plan, as such plan may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Participation Plan</U>&#148; means the Newmark Participation Plan, as such plan may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco</U>&#148; has the meaning set forth in the preamble, including any successor to Newmark Partners, L.P., whether by
merger, consolidation, sale of all or substantially all of its assets or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco General Partner</U>&#148; means
Newmark Holdings, LLC, a Delaware limited liability company and the general partner of Newmark Opco. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco
Group</U>&#148; means Newmark Opco and its Subsidiaries (including, after the Closing, any Transferred Entities that are Subsidiaries of Newmark Opco). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco Percentage Interest</U>&#148; means the &#147;Percentage Interest&#148; as defined in the Newmark Opco Limited
Partnership Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco Interest</U>&#148; means &#147;Interest&#148; as defined in the
Newmark Opco Limited Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco Indemnitees</U>&#148; has the meaning set forth in Section&nbsp;8.03.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco Limited Partnership Agreement</U>&#148; means the Amended and Restated Agreement of Limited Partnership of Newmark
Opco, substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;C</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco Limited Partnership
Interest</U>&#148; means &#147;Limited Partnership Interest&#148; as defined in the Newmark Opco Limited Partnership Agreement, but excluding the Newmark Opco Special Voting Limited Partnership Interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco Special Voting Limited Partnership Interest</U>&#148; means &#147;Special Voting Limited Partnership Interest&#148; as
defined in the Newmark Opco Limited Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Opco Unit</U>&#148; means &#147;Unit&#148; as defined in the
Newmark Opco Limited Partnership Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Per Unit Price</U>&#148; means, as of any time, the product of (a)&nbsp;the
Newmark Current Market Price as of such time, <I>multiplied by </I>(b)&nbsp;the Exchange Ratio as of such time (<U>it</U> <U>being</U> <U>understood</U> that the Newmark Board and Cantor together shall have the right to make any equitable adjustment
to the calculation of the Newmark Per Unit Price if any events shall warrant such adjustment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Ratio</U>&#148; means, as
of any time, the number equal to (a)&nbsp;the aggregate number of Newmark Opco Units held by the Newmark Inc. Group as of such time <I>divided by</I> (b)&nbsp;the aggregate number of shares of Newmark Common Stock issued and outstanding as of such
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark Tax Receivable Agreement</U>&#148; means the Tax Receivable Agreement between Cantor and Newmark, substantially in
the form attached hereto as <U>Exhibit F</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Newmark&#146;s Auditors</U>&#148; has the meaning set forth in
Section&nbsp;7.01(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Notice</U>&#148; has the meaning set forth in Section&nbsp;6.11(b)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Opco Partnership Contribution</U>&#148; has the meaning set forth in Section&nbsp;2.05(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Opco Partnership Division</U>&#148; has the meaning set forth in Section&nbsp;2.05(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Parties</U>&#148; and &#147;<U>Party</U>&#148; have the meanings set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Partnership Divisions</U>&#148; means the Opco Partnership Division and the Holdings Partnership Division. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Patents</U>&#148; means any foreign or United States patents and patent applications, including any divisions, continuations, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">continuations-in-part,</FONT></FONT> substitutions or reissues thereof, whether or not patents are issued on such applications and whether or not such applications are modified, withdrawn
or resubmitted. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means any individual, firm, corporation, partnership, trust,
incorporated or unincorporated association, joint venture, joint stock company, limited liability company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Pre-Distribution</FONT> BGC Equity Awards</U>&#148; has the meaning set forth in Section&nbsp;9.02.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Privileged Information</U>&#148; means any Information, including any communications by or to attorneys (including
attorney-client privileged communications), memoranda and other materials prepared by attorneys or under their direction (including attorney work product), as to which a Party or any member of its Group would be entitled to assert or have asserted a
privilege, including the attorney-client and attorney work product privileges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prospectus</U>&#148; means each preliminary,
final or supplemental prospectus forming a part of the IPO Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Consideration</U>&#148; has the
meaning set forth in Section&nbsp;6.11(b)(iii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Right</U>&#148; has the meaning set forth in Section&nbsp;6.11(b)(i).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Right Party</U>&#148; has the meaning set forth in Section&nbsp;6.11(b)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receiving Party</U>&#148; has the meaning set forth in Section&nbsp;6.11(b)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Record Date</U>&#148; means the close of business on the date to be determined by the BGC Partners Board as the record date for
determining stockholders of BGC Partners entitled to receive shares of Newmark Common Stock in the Distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Registration
Rights Agreement</U>&#148; means the Registration Rights Agreement among Newmark, BGC Partners and Cantor, substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;D</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reinvestment Cash</U>&#148; means, with respect to any fiscal quarter: (a)&nbsp;if the Newmark Holdings Distribution Percentage is
greater than the Newmark Distribution Percentage, a number (which shall be positive) equal to (i)&nbsp;the value of the aggregate distributions from Newmark Opco to Newmark for such fiscal quarter (excluding from such distributions any amount that
will be used by Newmark for the payment of Taxes in respect of Newmark&#146;s allocated share of income for the applicable period), <I>multiplied by </I>(ii)&nbsp;the Distribution Percentage Difference; and (b)&nbsp;if the Newmark Distribution
Percentage is greater than the Newmark Holdings Distribution Percentage, a number (which shall be negative) equal to (x)&nbsp;the product of the value of the aggregate distributions from Newmark Opco to Newmark for such fiscal quarter (excluding
from such distribution any amounts that will be used by Newmark for the payment of Taxes in respect of Newmark&#146;s allocated share of income for the applicable period), <I>multiplied by </I>(y)&nbsp;the Distribution Percentage Difference,
<I>multiplied by </I>(z)&nbsp;negative one. For purposes of this provision, the value of any <FONT STYLE="white-space:nowrap">non-cash</FONT> assets shall be determined in good faith by the general partner of Newmark Opco, as of the date of such
distribution by Newmark Opco, taking into account, if relevant, the acquisition cost thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Representatives</U>&#148; means, with respect to a Person, such Person&#146;s
directors, officers, employees, general partners, agents, accountants, managing member, counsel and other advisors and representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Approval</U>&#148; has the meaning set forth in Section&nbsp;6.01(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Retained Business</U>&#148; has the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Credit Agreement</U>&#148; means the Revolving Credit Agreement, dated as of September&nbsp;8, 2017, among BGC Partners, as
the Borrower, certain subsidiaries of BGC Partners, as Guarantors, the several financial institutions from time to time party thereto, as Lenders, and Bank of America, N.A., as Administrative Agent, as amended by the First Amendment to the Revolving
Credit Agreement, dated as of November&nbsp;22, 2017, by and among, BGC Partners, Newmark, the several financial institutions from time to time party thereto, as Lenders, and Bank of America, N.A., as Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>SAE Subsidiary</U>&#148; has the meaning set forth in the Newmark Opco Limited Partnership Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>SEC</U>&#148; means the U.S. Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the U.S. Securities Act of 1933, as amended, together with the rules and regulations promulgated
thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Separation</U>&#148; has the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Separation Steps Plan</U>&#148; has the meaning set forth in Section&nbsp;2.05. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shared Contract</U>&#148; has the meaning set forth in Section&nbsp;2.08. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Shared Employee</U>&#148; means (a)&nbsp;any individual who, as of immediately prior to the Effective Time, is employed by or
substantially providing services for a member of the Cantor Group, BGC Partners Group or Newmark Group in a corporate function or executive level position who provides services to both the BGC Partners Group and the Newmark Group or (b)&nbsp;any
individual who becomes an employee of or commences providing substantial services to any member of the Cantor Group after the Effective Time who provides services to both the BGC Partners Group and Newmark Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Software</U>&#148; means any and all (a)&nbsp;computer programs, including any and all software implementation of algorithms, models
and methodologies, whether in source code, object code, human readable form or other form, (b)&nbsp;databases and compilations, including any and all data and collections of data, whether machine readable or otherwise, (c)&nbsp;descriptions, flow
charts and other work products used to design, plan, organize and develop any of the foregoing, (d)&nbsp;screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons and (e)&nbsp;documentation, including
user manuals and other training documentation, relating to any of the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Special Damages</U>&#148; means any special, indirect, incidental, punitive,
exemplary, remote, speculative, consequential or similar damages whatsoever, including damages for lost profits or lost business opportunities or damages calculated based upon a multiple of earnings approach or variant thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148; of any Person means, as of the relevant date of determination, any other Person of which 50% or more of the
voting power of the outstanding voting equity securities or 50% or more of the outstanding economic equity interest is owned, directly or indirectly, by such first Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Matters Agreement</U>&#148; means the Tax Matters Agreement by and among the BGC Entities and the Newmark Entities, substantially
in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;E</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Receivable Agreements</U>&#148; means the Newmark Tax
Receivable Agreement and the BGC Tax Receivable Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tax Return</U>&#148; means any report of Taxes due, any claim for
refund of Taxes paid, any information return with respect to Taxes, or any other similar report, statement, declaration, or document filed or required to be filed under the Code or other Tax Law, including any attachments, exhibits, or other
materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxes</U>&#148; means any income, gross income, gross receipts, profits, capital stock, franchise, withholding, payroll, social
security, workers compensation, unemployment, disability, property, <I>ad valorem</I>, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, value added, alternative minimum, estimated or other tax
(including any fee, assessment, or other charge in the nature of or in lieu of any tax) imposed by any governmental entity or political subdivision thereof, and any interest, penalties, additions to tax, or additional amounts in respect of the
foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Technology</U>&#148; means all technology, designs, formulae, algorithms, procedures, methods, discoveries,
processes, techniques, ideas, <FONT STYLE="white-space:nowrap">know-how,</FONT> research and development, technical data, tools, materials, specifications, processes, inventions (whether patentable or unpatentable and whether or not reduced to
practice), apparatus, creations, improvements, works of authorship in any media, confidential, proprietary or nonpublic information, and other similar materials, and all recordings, graphs, drawings, reports, analyses and other writings, and other
tangible embodiments of the foregoing in any form whether or not listed herein, in each case, other than Software. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term Loan
Credit Agreement</U>&#148; means the Term Loan Credit Agreement, dated as of September&nbsp;8, 2017, by and among BGC Partners, as the Borrower, certain subsidiaries of BGC Partners, as Guarantors, the several financial institutions from time to
time party thereto, as Lenders, and Bank of America, N.A., as Administrative Agent, as amended by the First Amendment to the Term Loan Credit Agreement, dated as of November&nbsp;22, 2017, by and among, BGC Partners, Newmark, the several financial
institutions from time to time party thereto, as Lenders, and Bank of America, N.A., as Administrative Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third Party</U>&#148; means any Person other than any member of any Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Third-Party Claim</U>&#148; has the meaning set forth in Section&nbsp;8.08(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trademarks</U>&#148; means any foreign or United States trademarks, service marks, trade dress, trade names, brand names, designs and
logos, corporate names, product or service identifiers, whether registered or unregistered, and all registrations and applications for registration thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Trade Secrets</U>&#148; means any trade secrets, research records, business methods, processes, procedures, manufacturing formulae,
technical <FONT STYLE="white-space:nowrap">know-how,</FONT> technology, blue prints, designs, plans, inventions (whether patentable and whether reduced to practice), invention disclosures and improvements thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transfer Agent</U>&#148; has the meaning set forth in Section&nbsp;4.01(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Assets</U>&#148; has the meaning set forth in Section&nbsp;2.01(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Business</U>&#148; means (a)&nbsp;the business, operations and activities of the Real Estate Services segment of BGC
Partners (as such segment is described in BGC Partners&#146; Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2016 and subsequent Quarterly Reports on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> filed prior to the Closing Date) conducted at any time prior to the Effective Time by any member of the BGC Partners Group or Newmark Group, including the business, operations and activities of Berkeley
Point Financial LLC conducted at any time prior to the Effective Time by any member of the BGC Partners Group or Newmark Group, and (b)&nbsp;any terminated, divested or discontinued businesses, operations and activities that, at the time of
termination, divestiture or discontinuation, primarily related to the business, operations or activities described in clause&nbsp;(a) as then conducted, including those set forth on <U>Schedule</U><U></U><U>&nbsp;1.01(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Contracts</U>&#148; means the following Contracts (or portions thereof) to which any member of the BGC Partners Group or
Newmark Group is a party or by which it or any of its Assets is bound, whether or not in writing; <U>provided</U> that Transferred Contracts shall not include (x)&nbsp;any Contract that is contemplated to be retained by BGC Partners or any member of
the BGC Partners Group from and after the Effective Time pursuant to any provision of this Agreement or any Ancillary Agreement or (y)&nbsp;any Contract that would constitute Transferred Software or Transferred Technology: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;any customer, distribution, supply or vendor Contracts set forth on <U>Schedule&nbsp;1.01(b)</U> or primarily used
or held for use in the Transferred Business as of the Effective Time; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;any license or other Contract conferring
rights to Intellectual Property to the extent primarily used or held for use in the Transferred Business as of the Effective Time; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;any guarantee, indemnity, representation, covenant, warranty or
other Liability of any member of the BGC Partners Group or Newmark Group in respect of any other Transferred Contract, any Transferred Liability or the Transferred Business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;any employment, change of control, retention, consulting, indemnification, termination, severance or other similar
Contracts with any Newmark Employee or Former Newmark Employee or consultants; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;any Contract that is otherwise
expressly contemplated pursuant to this Agreement or any of the Ancillary Agreements to be assigned to a member of the Newmark Group; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;any interest rate, currency, commodity or other swap, collar, cap or other hedging or similar Contracts or
arrangements related exclusively to the Transferred Business as of the Effective Time or entered into by or on behalf of any division, business unit or member of the Newmark Group; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;any Contracts listed on <U>Schedule&nbsp;1.01(c)</U>, including the right to recover any amounts under such
Contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Entities</U>&#148; means any Person, where a majority of the equity interest of such Person is part of
the Transferred Assets, and any Subsidiary of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Intellectual Property</U>&#148; means all Intellectual
Property owned or licensed by any member of the BGC Partners Group or Newmark Group primarily used or held for use in the Transferred Business as of the Effective Time, including the Intellectual Property set forth on
<U>Schedule</U><U></U><U>&nbsp;1.01(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Liabilities</U>&#148; has the meaning set forth in Section&nbsp;2.02(a).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Permits and Licenses</U>&#148; means all permits or licenses issued by any Governmental Authority to any member of
the BGC Partners Group or Newmark Group to the extent primarily used or held for use in the Transferred Business as of the Effective Time and permitted by Applicable Law to be transferred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Real Property</U>&#148; means the leasehold interest of any member of the BGC Partners Group or Newmark Group in the real
properties (or portions thereof) set forth on <U>Schedule</U><U></U><U>&nbsp;1.01(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Software</U>&#148; means
all Software owned or licensed by any member of the BGC Partners Group or Newmark Group primarily used or held for use in the Transferred Business as of the Effective Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transferred Technology</U>&#148; means all Technology owned or licensed by any member of the BGC Partners Group or Newmark Group
primarily used or held for use in the Transferred Business as of the Effective Time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transition Services Agreement</U>&#148; means the Transition Services Agreement
between BGC Partners and Newmark, substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;I</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Underwriters</U>&#148; means the managing underwriter(s) for the IPO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Underwriting Agreement</U>&#148; means the underwriting agreement to be entered into among Newmark and the Underwriters as
representatives of the several underwriters named therein with respect to the IPO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. GAAP</U>&#148; means United States
generally accepted accounting principles in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Definitions</U>.
Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument
shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. When used herein: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;the word &#147;<U>or</U>&#148; is not exclusive unless the context clearly requires otherwise; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;the word &#147;<U>control</U>&#148; (including, with correlative meanings, the terms &#147;<U>controlled
by</U>&#148; and &#147;<U>under common control with</U>&#148;), as used with respect to any Person, means the direct or indirect possession of the power to direct or cause the direction of the management or policies of such Person, whether through
the ownership of voting securities, by Contract or otherwise; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;the words &#147;<U>including</U>,&#148;
&#147;<U>includes</U>,&#148; &#147;<U>included</U>&#148; and &#147;<U>include</U>&#148; are deemed to be followed by the words &#147;<U>without limitation</U>&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;the terms &#147;<U>herein</U>,&#148; &#147;<U>hereof</U>&#148; and &#147;<U>hereunder</U>&#148; and other words of
similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;the words &#147;<U>fully diluted outstanding shares of Newmark Common Stock</U>&#148; means the total outstanding
Newmark Opco Units; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;all article, section, paragraph or clause references not attributed to a particular
document shall be references to such parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Presumption</U>. This Agreement shall be construed without regard to any presumption or
rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. The section and article headings
contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SEPARATION
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution of Transferred Assets</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Transferred Assets</I>. On or prior to the Effective Time, and subject to the terms and conditions set forth
herein, including<BR> Section&nbsp;6.01(d), (i)&nbsp;BGC U.S. Opco shall, and shall cause the applicable members of the BGC U.S. Opco Group to, contribute, assign, transfer, convey and deliver to Newmark Opco or the applicable members of the Newmark
Opco Group designated by Newmark Opco, and Newmark Opco or the applicable members of the Newmark Opco Group designated by Newmark Opco shall accept from BGC U.S. Opco and the applicable members of the BGC U.S. Opco Group, (ii)&nbsp;BGC Holdings
shall, and shall cause the applicable members of the BGC Holdings Group to, contribute, assign, transfer, convey and deliver to Newmark Holdings or the applicable members of the Newmark Holdings Group designated by Newmark Holdings, and Newmark
Holdings or the applicable members of the Newmark Holdings Group designated by Newmark Holdings shall accept from BGC Holdings and the applicable members of the BGC Holdings Group, and (iii)&nbsp;BGC Partners shall, and shall cause the applicable
members of the BGC Partners Inc. Group to, contribute, assign, transfer, convey and deliver to Newmark or the applicable members of the Newmark Inc. Group designated by Newmark, and Newmark or the applicable members of the Newmark Inc. Group
designated by Newmark shall accept from BGC Partners and the applicable members of the BGC Partners Inc. Group, in each of cases (i), (ii) and (iii), all of the transferor&#146;s respective direct or indirect right, title and interest in and to all
of the Transferred Assets (<U>it</U> <U>being</U> <U>understood</U> that if any Transferred Asset shall be held by a Transferred Entity, such Transferred Asset may be contributed, conveyed, transferred, assigned and delivered to the transferee as a
result of the transfer of all of the equity interests in such Transferred Entity to the transferee or its Subsidiaries). For purposes of this Agreement, &#147;<U>Transferred Assets</U>&#148; shall mean (without duplication): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Interests</I>. The equity interests set forth on <U>Schedule&nbsp;2.01(a)(i)</U> and the
equity interests contemplated by Section&nbsp;2.05 to be contributed from members of the BGC Partners Group to members of the Newmark Group pursuant to the Partnership Divisions and the Newmark Inc. Contribution; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Newmark Balance Sheet Assets</I>. All Assets of any member of the BGC Partners Group or Newmark
Group included or reflected as assets of the Newmark Group on the Newmark Balance Sheet, subject to any dispositions of such Assets subsequent to the date of the Newmark Balance Sheet; <U>provided</U> that the amounts set forth on the Newmark
Balance Sheet with respect to any Assets shall not be treated as minimum amounts or limitations on the amount of such Assets that are included in the definition of Transferred Assets pursuant to this Section&nbsp;2.01(a)(ii); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Balance Sheet Assets</I>. All Assets
of any member of the BGC Partners Group or Newmark Group as of the Effective Time that are of a nature or type that would have resulted in such Assets being included as Assets of the Newmark Group on a pro forma combined balance sheet of the Newmark
Group or any notes or subledgers thereto as of the Effective Time (were such balance sheet, notes and subledgers to be prepared on a basis consistent with the determination of the Assets included on the Newmark Balance Sheet); <U>it</U> <U>being</U>
<U>understood</U> that (A)&nbsp;the Newmark Balance Sheet shall be used to determine the types of, and methodologies used to determine, those Assets that are included in the definition of Transferred Assets pursuant to this
Section&nbsp;2.01(a)(iii); and (B)&nbsp;the amounts set forth on the Newmark Balance Sheet with respect to any Assets shall not be treated as minimum amounts or limitations on the amount of such Assets that are included in the definition of
Transferred Assets pursuant to this Section&nbsp;2.01(a)(iii); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash and Cash Equivalents.
</I>All cash, cash equivalents and marketable securities held by a member of the Newmark Group as of the Effective Time (<U>it</U> <U>being</U> <U>understood</U> that such cash, cash equivalents and marketable securities shall not include any
amounts described in clause (ii)&nbsp;of Section&nbsp;2.01(b)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;<I>Separation Agreement Assets.
</I>All Assets of any member of the BGC Partners Group or Newmark Group as of the Effective Time that are expressly provided by this Agreement or any Ancillary Agreement as Assets to be transferred to a member of the Newmark Group; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;<I>Contracts. </I>All Transferred Contracts as of the Effective Time and all rights, interests or
claims of any member of the BGC Partners Group or Newmark Group thereunder as of the Effective Time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Intellectual Property, Software and Technology. </I>All Transferred Intellectual Property,
Transferred Software and Transferred Technology as of the Effective Time and all rights, interests or claims of any member of the BGC Partners Group or Newmark Group thereunder as of the Effective Time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Information. </I>(A)&nbsp;All <FONT STYLE="white-space:nowrap">non-archived</FONT> Information
(other than Intellectual Property, Software or Technology) of any member of the BGC Partners Group or Newmark Group as of the Effective Time to the extent available and primarily related to the Transferred Business; and (B)&nbsp;a <FONT
STYLE="white-space:nowrap">non-exclusive</FONT> right to all (x)&nbsp;archived Information (other than Intellectual Property, Software or Technology) of any member of the BGC Partners Group or Newmark Group as of the Effective Time to the extent
available and primarily related to the Transferred Business and <FONT STYLE="white-space:nowrap">(y)&nbsp;non-archived</FONT> and archived Information (other than Intellectual Property, Software or Technology) of any member of the BGC Partners Group
or Newmark Group as of the Effective Time related to, but not primarily related to, the Transferred Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp;<I>Permits and Licenses</I>.<I> </I>The Transferred Permits and Licenses as of the Effective Time
and all rights, interests or claims of any member of the BGC Partners Group or Newmark Group thereunder as of the Effective Time; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;<I>Real and Personal Property</I>. (A)&nbsp;The
Contracts pursuant to which any member of the BGC Partners Group or Newmark Group leases or subleases the Transferred Real Property as of the Effective Time and all rights, interests or claims of any member of the BGC Partners Group or Newmark Group
thereunder as of the Effective Time; and (B)&nbsp;the office equipment, fixtures, furniture and other personal property located at the Transferred Real Property as of the Effective Time that is primarily used or held for use in the Transferred
Business as of the Effective Time; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi)&nbsp;&nbsp;&nbsp;&nbsp;<I>Nasdaq Earnout and Related Registration Rights</I>. The
rights of the applicable member of the BGC Partners Group assigned or transferred to the applicable member of the Newmark Group pursuant to the Assignment and Transfer Agreement, effective as of September&nbsp;28, 2017, by and among BGC Partners,
BGC Holdings, BGC U.S. Opco and Newmark Opco; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Rights of BGC Partners under BGC <FONT
STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco First Term Loan Note and BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Acquisition Term Loan Note. </I>The rights of the members of the BGC Partners Inc. Group under the
BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco First Term Loan Note and under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Acquisition Term Loan Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Exclusively Used Assets</I>. All Assets of any member of the BGC Partners Group or Newmark
Group as of the Effective Time that are exclusively used or held for use in the Transferred Business as of the Effective Time; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Specified Assets</I>. The Assets of any member of the BGC Partners Group or Newmark Group
as of the Effective Time that are set forth on <U>Schedule&nbsp;2.01(a)(xii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the Transferred Assets shall not in any
event include any Asset referred to in clauses (i)&nbsp;through (viii) of Section&nbsp;2.01(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Excluded
Assets</I>. On or prior to the Effective Time, and subject to the terms and conditions set forth herein, including Section&nbsp;6.01(d), (i)&nbsp;Newmark Opco shall, and shall cause the applicable members of the Newmark Opco Group to, contribute,
assign, transfer, convey and deliver to BGC U.S. Opco or the applicable members of the BGC U.S. Opco Group designated by BGC U.S. Opco, and BGC U.S. Opco or the applicable members of the BGC U.S. Opco Group designated by BGC U.S. Opco shall accept
from Newmark Opco and the applicable members of the Newmark Opco Group, (ii)&nbsp;Newmark Holdings shall, and shall cause the applicable members of the Newmark Holdings Group to, contribute, assign, transfer, convey and deliver to BGC Holdings or
the applicable members of the BGC Holdings Group designated by BGC Holdings, and BGC Holdings or the applicable members of the BGC Holdings Group designated by BGC Holdings shall accept from Newmark Holdings and the applicable members of the Newmark
Holdings Group, and (iii)&nbsp;Newmark shall, and shall cause the applicable members of the Newmark Inc. Group to, contribute, assign, transfer, convey and deliver to BGC Partners or the applicable members of the BGC Partners Inc. Group designated
by BGC Partners, and BGC Partners or the applicable members of the BGC Partners Inc. Group designated by BGC Partners shall accept from Newmark and the applicable members of the Newmark Inc. </P>
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Group, in each of cases (i), (ii) and (iii), all of the transferor&#146;s respective direct or indirect right, title and interest in and to all of the Excluded Assets held by such transferor. For
the purposes of this Agreement, &#147;<U>Excluded Assets</U>&#148; shall mean all Assets of any member of the BGC Partners Group or Newmark Group as of the Effective Time, other than the Transferred Assets, including (by way of illustration only):
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Interests</I>. The equity interests set forth on <U>Schedule&nbsp;2.01(b)(i)</U> and
the shares of Newmark Common Stock contemplated to be received by members of the BGC Partners Inc. Group pursuant to the Newmark Inc. Contribution; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash and Cash Equivalents</I>. All cash, cash equivalents and marketable securities of any
member of the BGC Partners Group as of the Effective Time, including an amount of cash, cash equivalents and marketable securities equal to BGC Partners&#146; estimate of the sum of (A)&nbsp;all <FONT STYLE="white-space:nowrap">pre-Tax</FONT> net
income generated by the Transferred Business during the fiscal quarter ended December&nbsp;31, 2017 up to the Closing Date and (B)&nbsp;all <FONT STYLE="white-space:nowrap">after-Tax</FONT> net income generated by the Transferred Business during the
fiscal quarter ended December&nbsp;31, 2017 after the Closing Date (<U>it</U> <U>being</U> <U>understood</U> that, if such estimate is greater than the actual sum of the amounts described in clauses (A)&nbsp;and (B) above, then an amount equal to
such excess shall be deemed to be a Transferred Asset); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Actions; Insurance Proceeds.
</I>Any Action or Insurance Proceeds relating to the matters set forth on <U>Schedule&nbsp;2.01(b)(iv)</U>, and any insurance policy and Insurance Proceeds of any member of the BGC Partners Group or Newmark Group as of the Effective Time to the
extent covering any Excluded Asset or any Excluded Liability; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<I>Separation Agreement Assets.
</I>All Assets of any member of the BGC Partners Group or Newmark Group as of the Effective Time that are expressly provided by this Agreement or any Ancillary Agreement as Assets to be retained by a member of the BGC Partners Group; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;<I>Intellectual Property, Software and Technology</I>. All Intellectual Property, Software and
Technology of any member of the BGC Partners Group or Newmark Group as of the Effective Time (other than the Transferred Intellectual Property, the Transferred Software and the Transferred Technology), including any rights (ownership, licensed or
otherwise) to use the &#147;BGC&#148; or &#147;BGC Partners&#148; name or mark and any other trademarks, service marks, brand names, Internet domain names, logos, trade dress, trade names, corporate names and other indicia of origin, and any
derivatives of the foregoing, and all registrations and applications for registration of any of the foregoing, and all goodwill associated with and symbolized by the foregoing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;<I>Information</I>. (A)&nbsp;All Information of any member of the BGC Partners Group or Newmark
Group as of the Effective Time that cannot, without unreasonable effort or expense, be separated from Information maintained by any member of the BGC Partners Group in connection with the Retained Business; (B)&nbsp;all Information of any member of
the BGC Partners Group or Newmark Group as of the Effective Time to the extent related to Excluded Assets, Excluded Liabilities, and BGC Employees; and (C)&nbsp;all personnel files and records; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Rights of BGC Partners under BGC <FONT
STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes. </I>The rights of the members of the BGC Partners Inc. Group under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Specified Assets</I>. The Assets of any member of the BGC Partners Group or Newmark
Group as of the Effective Time that are set forth on <U>Schedule&nbsp;2.01(b)(ix)</U>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp;<I>Assets Relating to the Retained Business. </I>All Assets of any member of the BGC Partners Group
or Newmark Group as of the Effective Time relating to the Retained Business as of the Effective Time (other than any Asset set forth in clauses&nbsp;(i) through (xiv)&nbsp;of Section&nbsp;2.01(a)). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Waiver of Bulk-Sale and Bulk-Transfer Laws</I>. Each of the Newmark Entities (on behalf of themselves and the
other members of the Newmark Group) hereby waives compliance by each and every member of the BGC Partners Group with the requirements and provisions of any &#147;bulk-sale&#148; or &#147;bulk-transfer&#148; Laws of any jurisdiction that may
otherwise be applicable with respect to the transfer or sale of any or all of the Transferred Assets to any member of the Newmark Group. Each of the BGC Entities (on behalf of themselves and the other members of the BGC Partners Group) hereby waives
compliance by each and every member of the Newmark Group with the requirements and provisions of any &#147;bulk-sale&#148; or &#147;bulk-transfer&#148; Laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of
any or all of the Excluded Assets to any member of the BGC Partners Group. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Assumption of
Transferred Liabilities</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Effective Time, and subject to the terms and conditions set
forth herein, including Section&nbsp;6.01(d), (i)&nbsp;Newmark Opco shall, and shall cause the applicable members of the Newmark Opco Group designated by Newmark Opco to, accept, assume and agree faithfully to perform, discharge and fulfill all of
the Transferred Liabilities of each member of the BGC U.S. Opco Group in accordance with their respective terms; (ii)&nbsp;Newmark Holdings shall, and shall cause the applicable members of the Newmark Holdings Group designated by Newmark Holdings
to, accept, assume and agree faithfully to perform, discharge and fulfill all of the Transferred Liabilities of each member of the BGC Holdings Group in accordance with their respective terms; and (iii)&nbsp;Newmark shall, and shall cause the
applicable members of the Newmark Inc. Group to, accept, assume and agree faithfully to perform, discharge and fulfill all of the Transferred Liabilities of each member of the BGC Partners Inc. Group in accordance with their respective terms, in
each of cases (i), (ii) and (iii), regardless of when or where such Transferred Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the Effective Time, regardless of where or against whom such
Transferred Liabilities are asserted or determined (including any Transferred Liabilities arising out of claims made by the respective directors, officers, employees, agents or Affiliates of the BGC Partners Group or the Newmark Group against any
member of the BGC Partners Group or the Newmark Group) or whether asserted or determined </P>
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prior to the date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud or misrepresentation by any member of the BGC Partners
Group or the Newmark Group, or any of their respective directors, officers, employees, agents or Affiliates. For the purposes of this Agreement, &#147;<U>Transferred Liabilities</U>&#148; shall mean the following Liabilities of any member of the BGC
Partners Group or Newmark Group: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities included or reflected as liabilities or
obligations of the Newmark Group on the Newmark Balance Sheet, subject to any discharge of such Liabilities subsequent to the date of the Newmark Balance Sheet; <U>provided</U> that the amounts set forth on the Newmark Balance Sheet with respect to
any Liabilities shall not be treated as minimum amounts or limitations on the amount of such Liabilities that are included in the definition of Transferred Liabilities pursuant to this Section&nbsp;2.02(a)(i); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities as of the Effective Time that are of a nature or type that would have resulted in
such Liabilities being included or reflected as liabilities or obligations of the Newmark Group on a pro forma combined balance sheet of the Newmark Group or any notes or subledgers thereto as of the Effective Time (were such balance sheet, notes
and subledgers to be prepared on a basis consistent with the determination of the Liabilities included on the Newmark Balance Sheet); <U>it</U> <U>being</U> <U>understood</U> that (A)&nbsp;the Newmark Balance Sheet shall be used to determine the
types of, and methodologies used to determine, those Liabilities that are included in the definition of Transferred Liabilities pursuant to this Section&nbsp;2.02(a)(ii); and (B)&nbsp;the amounts set forth on the Newmark Balance Sheet with respect
to any Liabilities shall not be treated as minimum amounts or limitations on the amount of such Liabilities that are included in the definition of Transferred Liabilities pursuant to this Section&nbsp;2.02(a)(ii); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities relating to, arising out of or resulting from the actions, inactions, events,
omissions, conditions, facts or circumstances occurring or existing prior to the Effective Time (whether or not such Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after the
Effective Time), in each case to the extent that such Liabilities relate to, arise out of or result from the Transferred Business or a Transferred Asset; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities that are expressly provided by this Agreement or any Ancillary Agreement as
Liabilities to be assumed by a member of the Newmark Group, and all agreements, obligations and Liabilities of any member of the Newmark Group under this Agreement or any of the Ancillary Agreements; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities relating to, arising out of or resulting from the Transferred Contracts, the
Transferred Intellectual Property, the Transferred Software, the Transferred Technology, the Transferred Permits and Licenses or the Transferred Real Property; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;the Indebtedness set forth on <U>Schedule&nbsp;2.02(a)(vi)</U>, including (A)&nbsp;subject to
Section&nbsp;2.02(b)(i), the Term Loan Credit Agreement and the Acquisition Term Loans under the Revolving Credit Agreement; (B)&nbsp;the obligations of the members </P>
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of the BGC U.S. Opco Group under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco First Term Loan Note and under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT>
U.S. Opco Acquisition Term Loan Note; and (C)&nbsp;the obligations of the members of the BGC U.S. Opco Group under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities of any member of the BGC Partners Group or Newmark Group primarily relating to,
arising from or in connection with the Newmark Employees and Former Newmark Employees and their employment, including all compensation, benefits, severance, workers&#146; compensation and welfare benefit claims (<U>it</U> <U>being</U>
<U>understood</U> that Liabilities under insured welfare benefit arrangements maintained by the BGC Partners Group in which members of the Newmark Group participate shall be assumed (A)&nbsp;on the same basis as such Liabilities have historically
been allocated to members of the Newmark Group in the ordinary course prior to the Closing Date and (B)&nbsp;otherwise to the same extent as applied to members of the Newmark Group in their capacity as participating employers under such arrangements
prior to the Closing Date) and other employment-related Liabilities primarily arising from or relating to the conduct of the Transferred Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;the Liabilities set forth on <U>Schedule&nbsp;2.02(a)(viii)</U>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities arising out of claims made by any Person other than a member of the BGC Partners
Group or the Newmark Group (including the respective directors, officers, stockholders, employees and agents of the BGC Partners Group and the Newmark Group) against any member of the BGC Partners Group or the Newmark Group to the extent relating
to, arising out of or resulting from the Transferred Business or a Transferred Asset or the other business, operations, activities or Liabilities referred to in clauses&nbsp;(i) through (viii)&nbsp;of this Section&nbsp;2.02(a); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U> that, notwithstanding the foregoing, the Parties agree that the Liabilities set forth on <U>Schedule&nbsp;2.02(b)(ii)</U> shall not be
Transferred Liabilities but instead shall be Excluded Liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Effective Time, and
subject to the terms and conditions set forth herein, including Section&nbsp;6.01(d), (i)&nbsp;BGC U.S. Opco shall, and shall cause the applicable members of the BGC U.S. Opco Group designated by BGC U.S. Opco to, accept, assume and agree faithfully
to perform, discharge and fulfill all of the Excluded Liabilities of each member of the Newmark Opco Group in accordance with their respective terms; (ii)&nbsp;BGC Holdings shall, and shall cause the applicable members of the BGC Holdings Group
designated by BGC Holdings to, accept, assume and agree faithfully to perform, discharge and fulfill all of the Excluded Liabilities of each member of the Newmark Holdings Group in accordance with their respective terms; and (iii)&nbsp;BGC Partners
shall, and shall cause the applicable members of the BGC Partners Inc. Group to, accept, assume and agree faithfully to perform, discharge and fulfill all of the Excluded Liabilities of each member of the Newmark Inc. Group in accordance with their
respective terms, in each of cases (i), (ii) and (iii), regardless of when or where such Excluded Liabilities arose or arise, whether the facts on which they are based occurred prior to or subsequent to the Effective Time, where or against whom such
Excluded Liabilities are asserted or determined (including any Excluded Liabilities arising out of claims made by the respective directors, officers, employees, agents or Affiliates of the BGC Partners Group or the Newmark
</P>
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Group against any member of the BGC Partners Group or the Newmark Group) or whether asserted or determined prior to the date hereof, and regardless of whether arising from or alleged to arise
from negligence, recklessness, violation of Law, fraud or misrepresentation by any member of the BGC Partners Group or the Newmark Group, or any of their respective directors, officers, employees, agents or Affiliates. For the purposes of this
Agreement, &#147;<U>Excluded Liabilities</U>&#148; shall mean: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any guarantee by a member of the
BGC Partners Group to a third Person in respect of the Term Loan Credit Agreement or under the Revolving Credit Agreement, and any other Indebtedness under the Revolving Credit Agreement other than the Acquisition Term Loans; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities relating to, arising out of or resulting from actions, inactions, events,
omissions, conditions, facts or circumstances occurring or existing prior to the Effective Time (whether or not such Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after the
Effective Time) of any member of the BGC Partners Group and, as of the Effective Time, any member of the Newmark Group, in each case that are not Transferred Liabilities, including any and all Liabilities set forth on <U>Schedule<BR>
2.02(b)(ii)</U>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;all Liabilities arising out of claims made by any Person other than a
member of the BGC Partners Group or the Newmark Group (including the respective directors, officers, stockholders, employees and agents of the BGC Partners Group or the Newmark Group) against any member of the BGC Partners Group or the Newmark Group
to the extent relating to, arising out of or resulting from the Retained Business or an Excluded Asset. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing of Contribution</U>. The closing of the Contribution (the &#147;<U>Closing</U>&#148;)
shall take place on a day prior to the closing of the IPO (the &#147;<U>Closing Date</U>&#148;), at the offices of Wachtell, Lipton, Rosen&nbsp;&amp; Katz, 51 West 52nd Street, New York, New York 10019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04&nbsp;&nbsp;&nbsp;&nbsp;<U>Title; Risk of Loss</U>. Title, risk of loss and/or responsibility with respect to each
Transferred Asset and Transferred Liability shall transfer from the applicable members of the BGC Partners Group to the applicable members of the Newmark Group at 11:59 p.m., Eastern time, on the Closing Date (the &#147;<U>Effective Time</U>&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05&nbsp;&nbsp;&nbsp;&nbsp;<U>Separation Steps Plan</U>. The Parties acknowledge and agree that the transactions
contemplated by Sections 2.01 and 2.02 and the Separation shall be effected in accordance with the steps set forth on <U>Schedule&nbsp;2.05</U>, as such schedule may be amended from time to time by BGC Partners (the &#147;<U>Separation Steps
Plan</U>&#148;), <U>it</U> <U>being</U> <U>understood</U> that the current Separation Steps Plan contemplates the following to occur: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Opco Partnership Division. </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;BGC U.S. Opco shall (A)&nbsp;effect a distribution of all its assets and liabilities attributable to
the Transferred Business to certain of its partners pursuant to which (1)&nbsp;BGC Holdings and BGC Partners will receive all of the Transferred Assets held by BGC U.S. Opco, and BGC Holdings and BGC Partners shall assume from BGC
</P>
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U.S. Opco all of its Transferred Liabilities (not including, for the avoidance of doubt, the assets and liabilities described in clause (2)) and (2)&nbsp;each of the SAE Subsidiaries will
(x)&nbsp;receive BGC U.S. Opco&#146;s (and its partners&#146;) beneficial ownership interest in respect of the Transferred Assets legal title to which is held by such SAE Subsidiary (including all of the beneficial ownership interests in respect of
assets previously contributed (or deemed contributed) to or in respect of BGC U.S. Opco by such SAE Subsidiary), and (y)&nbsp;assume all obligations in respect of the Transferred Liabilities of such SAE Subsidiary, (B)&nbsp;distribute all of the
outstanding equity interests in the Newmark Opco General Partner to BGC Holdings, and (C)&nbsp;immediately following the distribution described in clauses (A)&nbsp;and (B) above, effect a recapitalization of BGC U.S. Opco Units (which may be
effected through the issuance of additional BGC U.S. Opco Units to partners of BGC U.S. Opco not participating in such distribution and the cancellation of BGC U.S. Opco Units held by partners of BGC U.S. Opco receiving a disproportionately greater
share of the assets of the Transferred Businesses in such distribution) such that the number of BGC U.S. Opco Units held by each continuing partner of BGC U.S. Opco immediately after such distribution reflects the percentage interest of each
continuing partner in BGC U.S. Opco as adjusted, in accordance with the agreement of such partners, to give effect to such distribution (the transactions described in clauses (A), (B) and (C)&nbsp;above, the &#147;<U>Opco Partnership
Distribution</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The partners of BGC U.S. Opco that received Transferred Assets (or a
beneficial interest in Transferred Assets) in the Opco Partnership Distribution shall transfer such Transferred Assets (or beneficial interest in Transferred Assets), other than the Newmark Opco Limited Partnership Interests and equity interests in
the Newmark Opco General Partner (which shall hold the Newmark Opco Special Voting Limited Partnership Interest), to or in respect of Newmark Opco in exchange for Newmark Opco Limited Partnership Interests, and Newmark Opco shall accept and assume
the Transferred Liabilities (or obligations in respect of Transferred Liabilities) that were accepted and assumed by such partners of BGC U.S. Opco pursuant to the Opco Partnership Distribution, each as contemplated by Sections 2.01 and 2.02 (the
&#147;<U>Opco Partnership Contribution</U>,&#148; and together with the Opco Partnership Distribution the &#147;<U>Opco Partnership Division</U>&#148;). Immediately following the Opco Partnership Contribution, (1)&nbsp;BGC Holdings shall hold all of
the outstanding equity interests in the Newmark Opco General Partner (which shall hold the Newmark Opco Special Voting Limited Partnership Interest), and (2)&nbsp;members of the BGC Partners Inc. Group, taken as a whole, and members of the BGC
Holdings Group, taken as a whole, shall hold all of the outstanding Newmark Opco Limited Partnership Interests in the same aggregate proportions that such members of the BGC Partners Inc. Group, taken as a whole, on the one hand, and such members of
the BGC Holdings Group, taken as a whole, on the other hand, hold the outstanding BGC U.S. Opco Limited Partnership Interests, with the total number of Newmark Opco Units equal to the total number of BGC U.S. Opco Units <I>multiplied by </I>the
Contribution Ratio. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Holdings Partnership Division. </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Following the Opco Partnership Division, BGC Holdings shall transfer to Newmark Holdings
(A)&nbsp;all of the equity interests in the Newmark Opco </P>
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General Partner (which shall hold the Newmark Opco Special Voting Limited Partnership Interest), (B)&nbsp;the Newmark Opco Limited Partnership Interest that BGC Holdings received in the Opco
Partnership Distribution and (C)&nbsp;any other Transferred Assets or Transferred Liabilities held by it (together, the &#147;<U>Holdings Partnership Contribution</U>&#148;). Immediately following the Holdings Partnership Contribution, BGC Holdings
will hold all of the outstanding equity interests in the Newmark Holdings General Partner (which shall hold the Newmark Holdings Special Voting Limited Partnership Interest) and all of the outstanding Newmark Holdings Limited Partnership Interests,
with the total number of Newmark Holdings Units equal to the total number of BGC Holdings Units <I>multiplied by </I>the Contribution Ratio. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Following the Holdings Partnership Contribution, BGC Holdings shall (A)&nbsp;distribute to the
partners of BGC Holdings all of the Newmark Holdings Limited Partnership Interests held by BGC Holdings and (B)&nbsp;distribute to BGC Partners all of the outstanding equity interests in the Newmark Holdings General Partner (which shall hold the
Newmark Holdings Special Voting Limited Partnership Interest) (together, the &#147;<U>Holdings Partnership Distribution</U>&#148; and together with the Holdings Partnership Contribution, the &#147;<U>Holdings Partnership Division</U>&#148;). As a
result of the Holdings Partnership Division, BGC Partners shall hold all of the equity interests of the Newmark Holdings General Partner (which shall hold the Newmark Holdings Special Voting Limited Partnership Interest), and the limited partners of
BGC Holdings shall hold all of the outstanding Newmark Holdings Limited Partners Interests in the same proportion that such members hold the outstanding BGC Holdings Limited Partnership Interests, with the total number of Newmark Holdings Units
equal to the total number of BGC Holdings Units <I>multiplied by </I>the Contribution Ratio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Newmark Inc.
Contribution</I>. Following the Holdings Partnership Division, BGC Partners shall contribute, assign and otherwise transfer to Newmark all of the outstanding equity interest held by it in Newmark Holdings General Partner (which shall hold the
Newmark Holdings Special Voting Limited Partnership Interest) and in Newmark Opco, as well as any other Transferred Assets and Transferred Liabilities held by BGC Partners (the &#147;<U>Newmark Inc. Contribution</U>&#148;). In consideration of the
Newmark Inc. Contribution, effective as of the Closing, Newmark shall take such actions (through an issuance of additional shares of Newmark Common Stock to BGC Partners, a recapitalization, stock split or otherwise) such that, after such action:
(i)&nbsp;the aggregate number of shares of Newmark Class&nbsp;A Common Stock held by BGC Partners immediately following such action shall equal the number of shares of BGC Partners Class&nbsp;A Common Stock outstanding immediately following such
action <I>multiplied by </I>the Contribution Ratio; and (ii)&nbsp;the aggregate number of shares of Newmark Class&nbsp;B Common Stock held by BGC Partners immediately following such action equals the number of shares of BGC Partners Class&nbsp;B
Common Stock outstanding immediately following such action <I>multiplied by</I> the Contribution Ratio. In the event that, for any reason, such action would result in the Newmark Ratio not being equal to one (1)&nbsp;immediately following such
issuance, Newmark Opco shall issue to Newmark a Newmark Opco Limited Partnership Interest in connection therewith consisting of a number of Newmark Opco Units that will cause the Newmark Ratio to equal one (1)&nbsp;immediately following such
issuance. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Amended and Restated Partnership Agreements. </I>Concurrently
with the actions described above in Sections 2.05(a) and 2.05(b), the applicable members of the BGC Group and the applicable members of the Newmark Group shall amend and restate the partnership agreements of BGC Holdings, Newmark Holdings and
Newmark Opco in substantially the forms attached hereto as <U>Exhibit J</U>, <U>Exhibit B</U> and <U>Exhibit C</U>, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Amendments to the Separation Steps Plan. </I>Notwithstanding anything herein to the contrary, BGC Partners may,
in its sole discretion, amend the Separation Steps Plan and otherwise determine or modify the structure of any transaction(s) to effect the Separation, the IPO or the Distribution, and the parties shall (and shall cause their respective Subsidiaries
to) cooperate with BGC Partners, and take such actions as may be reasonably necessary or requested by BGC Partners, in connection with the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06&nbsp;&nbsp;&nbsp;&nbsp;<U>Minimum Newmark Cash</U>. Prior to the Effective Time, BGC Partners may, and may cause the other
members of the BGC Partners Group and the Newmark Group to, take such actions as BGC Partners deems advisable to minimize or reduce the amount of cash, cash equivalents and marketable securities remaining in any accounts held by or in the name of a
member of the Newmark Group as of the Effective Time; <U>provided</U>, <U>however</U>, that BGC Partners shall not take such actions that would cause the aggregate amount of cash, cash equivalents and marketable securities of the members of the
Newmark Group as of the Effective Time to be less than $25&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Documentation</U>. At the Closing, the applicable members of the BGC Partners Group and the applicable members of the Newmark Group shall execute and deliver one or more agreements of assignment and assumption and/or bills of sale or such other
instruments of transfer as the BGC Entities may request for the purpose of effectuating the Separation (including the Partnership Divisions and the Newmark Inc. Contribution). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08&nbsp;&nbsp;&nbsp;&nbsp;<U>Treatment of Shared Contracts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Applicable Law and without limiting the generality of the obligations set forth in Sections 2.01 and
2.02, unless the Parties otherwise agree or the benefits of any Contract described in this Section&nbsp;2.08 are expressly conveyed to the applicable Party pursuant to this Agreement or an Ancillary Agreement, any Contract or a portion thereof that
is a Transferred Contract, but the remainder of which is an Excluded Asset (any such Contract, a &#147;<U>Shared Contract</U>&#148;), shall be assigned or transferred in relevant part to the applicable member(s) of the applicable Group, if so
assignable or transferrable, or appropriately amended prior to, on or after the Effective Time, so that each Party or the member of its Group shall, as of the Effective Time, be entitled to the rights and benefits, and shall assume the related
portion of any Liabilities, inuring to its respective businesses; <U>provided</U>, <U>however</U>, that (i)&nbsp;in no event shall any member of any Group be required to assign or transfer (or amend) any Shared Contract in its entirety or to assign
or transfer a portion of any Shared Contract that is not assignable or transferrable (or cannot be amended) by its terms (including any terms imposing consents or conditions on an assignment or transfer where such consents or conditions have not
been obtained or fulfilled) and (ii)&nbsp;if any Shared Contract cannot be so partially assigned or transferred by its terms or otherwise, or cannot be amended or if such assignment or transfer or amendment would impair the benefit the parties
thereto derive from such Shared Contract, then the Parties </P>
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shall, and shall cause each of the members of their respective Groups to, take such other reasonable and permissible actions (including by providing prompt notice to the other Party with respect
to any relevant claim of Liability or other relevant matters arising in connection with a Shared Contract so as to allow such other Party the ability to exercise any applicable rights under such Shared Contract) to cause a member of the Newmark
Group or the BGC Group, as the case may be, to receive the rights and benefits of that portion of each Shared Contract that relates to the Transferred Business or the Retained Business, as the case may be (in each case, to the extent so related), as
if such Shared Contract had been assigned or transferred to a member of the applicable Group (or amended) pursuant to this Section&nbsp;2.08, and to bear the burden of the corresponding Liabilities (including any Liabilities that may arise by reason
of such arrangement), as if such Liabilities had been assumed by a member of the applicable Group pursuant to this Section&nbsp;2.08. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the BGC Entities and the Newmark Entities shall, and shall cause the members of its Group to, except to the
extent otherwise required by applicable Law, (i)&nbsp;treat for all U.S. federal (and applicable state and local) income Tax purposes the portion of each Shared Contract inuring to its respective businesses as Assets owned by, and/or Liabilities of,
as applicable, such Party, or the members of its Group, as applicable, not later than the Effective Time, and (ii)&nbsp;neither report nor take any Tax position (on a Tax Return or otherwise) inconsistent with such treatment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Section&nbsp;2.08 shall require any member of any Group to make any non-<I>de minimis </I>payment
(except to the extent advanced, assumed or agreed in advance to be reimbursed by any member of the other Group), incur any non-<I>de minimis </I>obligation or grant any non-<I>de minimis </I>concession for the benefit of any member of any other
Group in order to effect any transaction contemplated by this Section&nbsp;2.08. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09&nbsp;&nbsp;&nbsp;&nbsp;<U>Ancillary
Agreements</U>. Concurrently with or prior to the Effective Time, the Parties will, or will cause the applicable members of their Group to, enter into and execute each of the Ancillary Agreements that has not been executed prior to the Effective
Time. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE IPO </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Preparation for the IPO</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the conditions specified in Section&nbsp;3.02, BGC Partners and Newmark shall, and shall cause the
members of their respective Groups to, use their reasonable best efforts to consummate the IPO. Such actions shall include those specified in this Section&nbsp;3.01. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Newmark shall file the IPO Registration Statement, and such amendments or supplements thereto, as may be necessary
in order to cause the same to become and remain effective as required by Applicable Law or by the Underwriting Agreement, including filing such amendments to the IPO Registration Statement as may be required by the Underwriting
</P>
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Agreement, the SEC or applicable federal, state or foreign securities Laws. BGC Partners and Newmark shall also cooperate in preparing, filing with the SEC and causing to become effective a
registration statement registering the Newmark Class&nbsp;A Common Stock under the Exchange Act, and any registration statements or amendments thereof which are required to reflect the establishment of, or amendments to, any employee benefit and
other plans necessary or appropriate in connection with the IPO, the Separation, the Distribution or the other transactions contemplated by this Agreement and the Ancillary Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners and Newmark shall enter into the Underwriting Agreement, in form and substance reasonably satisfactory
to BGC Partners and shall comply with its obligations thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners and Newmark shall consult with
each other and the Underwriters regarding the timing, pricing and other material matters with respect to the IPO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;Newmark shall use its reasonable best efforts to take all such action as may be necessary or appropriate under
state securities and blue sky laws of the United States (and any comparable Laws under any foreign jurisdictions) in connection with the IPO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Newmark shall prepare, file and use reasonable best efforts to seek to make effective, an application for listing
of the Newmark Class&nbsp;A Common Stock issued in the IPO on the NASDAQ Global Select Market, subject to official notice of issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Newmark shall participate in the preparation of materials and presentations as BGC Partners or the Underwriters
shall deem necessary or desirable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;Newmark shall pay all third-party costs, fees and expenses relating to the
IPO, including the Underwriters&#146; discount as provided in the Underwriting Agreement, the SEC registration fee, the FINRA fee, the reimbursable expenses of the Underwriters pursuant to the Underwriting Agreement and all of the costs of
producing, printing, mailing and otherwise distributing the Prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions Precedent
to Consummation of the IPO</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after the date of this Agreement, BGC Partners and
Newmark shall use their reasonable best efforts to satisfy the following conditions to the consummation of the IPO. The obligations of BGC Partners and Newmark to consummate the IPO shall be conditioned on the satisfaction, or waiver by BGC Partners
in its sole discretion, of the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Separation shall have been completed
in accordance with the provisions of Article II, including the steps set forth on the Separation Steps Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The IPO Registration Statement shall have been filed and declared effective by the SEC, and there
shall be no stop-order in effect with respect thereto and no proceeding for that purpose shall have been instituted by the SEC. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The actions and filings with regard to state
securities and blue sky Laws of the United States (and any comparable Laws under any foreign jurisdictions) referenced in Section&nbsp;3.01(e) shall have been taken and, where applicable, have become effective or been accepted by the applicable
Governmental Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The shares of Newmark Class&nbsp;A Common Stock to be issued in the
IPO shall have been accepted for listing on the NASDAQ Global Select Market, subject to official notice of issuance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;The Ancillary Agreements shall have been duly executed and delivered by the parties thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;Newmark shall have entered into the Underwriting Agreement and all conditions to the obligations of
Newmark and the Underwriters under the Underwriting Agreement shall have been satisfied or waived. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners shall be satisfied in its sole discretion that (1)&nbsp;following the IPO, BGC
Partners will own an amount of Newmark Common Stock representing (x)&nbsp;at least 82% of the total voting power with respect to the election and removal of directors of the outstanding Newmark Common Stock following the IPO and (y)&nbsp;at least
82% of the number of shares of any class of capital stock of Newmark not entitled to vote (and in any event constituting &#147;control&#148; (within the meaning of Section&nbsp;368(c) of the Code) of Newmark) and (B)&nbsp;satisfying the stock
ownership requirements set forth in Section&nbsp;1504 of the Code; and (2)&nbsp;all other requirements and conditions to permit the Newmark Inc. Contribution and the Distribution, taken together, to qualify, for U.S. federal income tax purposes, as
transactions that are generally <FONT STYLE="white-space:nowrap">tax-free</FONT> to BGC Partners, Newmark and BGC Partners&#146; stockholders and shall, to the extent applicable as of the time of the IPO, be satisfied and there shall be no event or
condition that is likely to cause any of such requirements or conditions not to be satisfied as of the Distribution Effective Time or thereafter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;No order, injunction or decree issued by any court or agency of competent jurisdiction or other
legal restraint or prohibition preventing the consummation of the Separation, the IPO, the Distribution or any of the other transactions contemplated by this Agreement or any Ancillary Agreement shall be in effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp;Such other actions as BGC Partners or Newmark may, based upon the advice of counsel, reasonably
request to be taken prior to the Separation and the IPO in order to assure the successful completion of the Separation and the IPO and the other transactions contemplated by this Agreement shall have been taken. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall not have been terminated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi)&nbsp;&nbsp;&nbsp;&nbsp;No event or development shall have occurred or exist or be expected to occur that, in the judgment
of the BGC Partners Board, in its sole discretion, makes it inadvisable to effect the Separation or the IPO. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The foregoing conditions are for the sole benefit of BGC Partners
and shall not give rise to or create any duty on the part of BGC Partners or the BGC Partners Board to waive or not waive such conditions or in any way limit BGC Partners&#146; right to terminate this Agreement as set forth in Article X or alter the
consequences of any such termination from those specified in Article X. Any determination made by the BGC Partners Board prior to the IPO concerning the satisfaction or waiver of any or all of the conditions set forth in this Section&nbsp;3.02 shall
be conclusive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Newmark Charter and Bylaws</U>. At or prior to the IPO Closing Date, BGC
Partners and Newmark shall each take all actions that may be required to provide for the adoption by Newmark of the Amended and Restated Certificate of Incorporation of Newmark substantially in the form attached hereto as <U>Exhibit&nbsp;G</U> (the
&#147;<U>Newmark Charter</U>&#148;) and the Amended and Restated Bylaws of Newmark substantially in the form attached hereto as <U>Exhibit&nbsp;H</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of IPO Proceeds</U>. Newmark shall use any and all IPO Proceeds as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;First, Newmark shall contribute, directly or indirectly through its Subsidiaries, all IPO Proceeds to Newmark Opco.
In exchange for such contribution, Newmark Opco shall issue to Newmark a Newmark Opco Limited Partnership Interest consisting of a number of Newmark Opco Units equal to the number of additional shares of Newmark Common Stock issued in the IPO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Second, using the IPO Proceeds that it received from Newmark pursuant to Section&nbsp;3.04(a), Newmark Opco shall
transfer to Newmark the lesser of (i)&nbsp;an amount of cash equal to the IPO Proceeds or (ii)&nbsp;an amount of cash required to repay all amounts owed by Newmark Opco to Newmark under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT>
U.S. Opco First Term Loan Note, in partial or full (as the case may be) satisfaction of Newmark Opco&#146;s obligations under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco First Term Loan Note, the obligations of which were
assumed by Newmark Opco in the Opco Partnership Contribution and the benefits of which were transferred to Newmark in the Newmark Inc. Contribution, in each case as contemplated by Sections&nbsp;2.01 and 2.02. Newmark shall use such amount of cash
to repay the Term Loan Credit Agreement assumed by it pursuant to Section&nbsp;2.02. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Third, to the extent that
the IPO Proceeds are in excess of the amount required to be paid by Newmark Opco to Newmark pursuant to Section&nbsp;3.04(b), Newmark Opco shall transfer to Newmark the lesser of (i)&nbsp;an amount of cash equal to such excess or (ii)&nbsp;an amount
of cash required to repay all amounts owed by Newmark Opco to Newmark under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Acquisition Term Loan Note, in partial or full (as the case may be) satisfaction of the BGC <FONT
STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Acquisition Term Loan Note, the obligations under which were assumed by Newmark Opco in the Opco Partnership Contribution and the benefits of which were transferred to Newmark in the Newmark
Inc. Contribution, in each case as contemplated by Sections&nbsp;2.01 and 2.02. Newmark shall use such amount of cash to repay the Acquisition Term Loan under the Revolving Credit Agreement assumed by it pursuant to Section&nbsp;2.02. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Fourth, to the extent that the IPO Proceeds are in excess of the
amount required to be paid by Newmark Opco to Newmark pursuant to Sections&nbsp;3.04(b) and 3.04(c), Newmark Opco may determine whether to retain all or a portion of such excess IPO Proceeds or to pay all or a portion of such excess amount to BGC
Partners (or its designated Subsidiary), in partial satisfaction of the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes assumed by Newmark Opco in the Opco Partnership Contribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">Post-IPO</FONT> Repayment of BGC
<FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes</U>. All amounts remaining under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes following the payment described in
Section&nbsp;3.04(d) (if any) must be paid in full by Newmark Opco prior to the Distribution. In the event that, after the IPO, any member of the Newmark Group receives net proceeds from the incurrence of indebtedness for borrowed money, Newmark
Opco agrees that it shall use such net proceeds to repay amounts owed, if any, (i)&nbsp;first, under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco First Term Loan Note, (b)&nbsp;second, under the BGC <FONT
STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Acquisition Term Loan Note and (c)&nbsp;only thereafter, under the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE
DISTRIBUTION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01&nbsp;&nbsp;&nbsp;&nbsp;<U>The Distribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners shall have the option, in its sole discretion, to consummate the Distribution in accordance with the
terms hereof. Notwithstanding anything to the contrary herein, in no event shall BGC Partners be obligated to consummate the Distribution. If requested by BGC Partners, Newmark shall cooperate with BGC Partners to accomplish the Distribution and
shall, at BGC Partners&#146; direction, promptly take any and all actions necessary or desirable to effect the Distribution, including the registration under the Securities Act of Newmark Common Stock on an appropriate registration form or forms to
be designated by BGC Partners. BGC Partners shall select any investment bank or manager in connection with the Distribution, as well as any financial printer, solicitation and/or exchange agent and financial, legal, accounting and other advisors for
BGC Partners. Newmark and BGC Partners, as the case may be, shall provide to the Agent all stock certificates and any information required in order to complete the Distribution. All third-party costs and expenses incurred in connection with the
Distribution shall be paid by BGC Partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;4.03, in the event that BGC Partners
determines to consummate the Distribution, then, on or prior to the Distribution Date, BGC Partners shall deliver to the Agent for the benefit of holders of record of BGC Partners Common Stock on the Record Date all of the outstanding shares of
Newmark Common Stock then owned by BGC Partners or any other member of the BGC Partners Inc. Group (including, if such shares are represented by one or more stock certificates, such stock certificates, endorsed by BGC Partners in blank), and shall
cause the Transfer Agent to instruct the Agent to distribute on the Distribution Date the appropriate number of such shares of Newmark Class&nbsp;A Common Stock and/or shares of Newmark Class&nbsp;B Common Stock, as the case may be, to each such
holder or designated transferee or transferees of such holder. The Distribution shall be effective at 12:01 a.m., Eastern time, on the Distribution Date or at such other time as the Parties may agree (the &#147;<U>Distribution Effective
Time</U>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;4.04, each holder of shares of BGC
Partners Class&nbsp;A Common Stock on the Record Date (or such holder&#146;s designated transferee or transferees) will be entitled to receive in the Distribution a number of shares of Newmark Class&nbsp;A Common Stock equal to the number of shares
of BGC Partners Class&nbsp;A Common Stock held by such holder on the Record Date <I>multiplied by</I> a fraction, the numerator of which is the number of shares of Newmark Class&nbsp;A Common Stock beneficially owned by BGC Partners or any other
member of the BGC Partners Inc. Group on the Record Date and the denominator of which is the number of shares of BGC Partners Class&nbsp;A Common Stock outstanding on the Record Date. Subject to Section&nbsp;4.04, each holder of shares of BGC
Partners Class&nbsp;B Common Stock on the Record Date (or such holder&#146;s designated transferee or transferees) will be entitled to receive in the Distribution a number of shares of Newmark Class&nbsp;B Common Stock equal to the number of shares
of BGC Partners Class&nbsp;B Common Stock held by such holder on the Record Date <I>multiplied by</I> a fraction, the numerator of which is the number of shares of Newmark Class&nbsp;B Common Stock beneficially owned by BGC Partners or any other
member of the BGC Partners Inc. Group on the Record Date and the denominator of which is the number of shares of BGC Partners Class&nbsp;B Common Stock outstanding on the Record Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;To enable the Distribution to be <I>pro rata</I> to the stockholders of BGC Partners, immediately prior to the
Distribution, BGC Partners will convert or will cause the conversion (and Newmark will take all actions as may be necessary to effect such conversion) of shares of Newmark Class&nbsp;B Common Stock beneficially owned by BGC Partners or any other
member of the BGC Partners Inc. Group into shares of Newmark Class&nbsp;A Common Stock on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> basis, or, in the alternative, will convert or cause the
conversion (and Newmark will take all actions as may be necessary to effect such conversion) of shares of Newmark Class&nbsp;A Common Stock beneficially owned by BGC Partners or any other member of the BGC Partners Inc. Group into shares of Newmark
Class&nbsp;B Common Stock on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> basis, in each case, so that the ratio of shares of Newmark Class&nbsp;B Common Stock to shares of Newmark Class&nbsp;A Common
Stock, in each case beneficially owned by BGC Partners or any other member of the BGC Partners Inc. Group as of immediately prior to the Distribution, equals the ratio of shares of BGC Partners Class&nbsp;B Common Stock to shares of BGC Partners
Class&nbsp;A Common Stock, in each case outstanding as of the Record Date. Any conversion of shares of Newmark Class&nbsp;B Common Stock into shares of Newmark Class&nbsp;A Common Stock or any conversion of shares of Newmark Class&nbsp;A Common
Stock into shares of Newmark Class&nbsp;B Common Stock pursuant to this Section&nbsp;4.01(d) shall be effected pursuant to the procedures set forth in the Newmark Charter (and, in the case of any conversion of shares of Newmark Class&nbsp;A Common
Stock into shares of Newmark Class&nbsp;B Common Stock, the Exchange Agreement); <U>provided</U> that to the extent such conversion of shares of Newmark Class&nbsp;B Common Stock into shares of Newmark Class&nbsp;A Common Stock would result in BGC
Partners not owning an amount of Newmark Common Stock (A)&nbsp;constituting &#147;control&#148; (within the meaning of Section&nbsp;368(c) of the Code) of Newmark (including (x)&nbsp;at least 80.1% of the total voting power with respect to the
election and removal of directors of the outstanding Newmark Common Stock and (y)&nbsp;at least 80.1% of the number of shares of any class of capital stock of Newmark not entitled to vote) or (B)&nbsp;satisfying the stock ownership requirements set
forth in Section&nbsp;1504 of the Code (provided that this clause (B)&nbsp;shall apply only if BGC Partners then owns an amount of Newmark Common Stock satisfying the </P>
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stock ownership requirements set forth in Section&nbsp;1504 of the Code), then in each case BGC Partners shall have the option, in lieu of such conversion, to purchase additional shares of
Newmark Class&nbsp;A Stock from Newmark for a per share purchase price equal to the volume weighted average price of a share of Newmark Class&nbsp;A Common Stock on the principal stock exchange on which shares of Newmark Class&nbsp;A Common Stock
are listed for the five (5)&nbsp;trading days immediately preceding the date of such purchase, or such other per share purchase price that may be agreed by Newmark and BGC Partners. Newmark agrees that it will cooperate with BGC Partners in the
event that BGC Partners determines that any other action, including recapitalization or otherwise, is necessary or advisable so that the Distribution can be <I>pro rata</I> to the stockholders of BGC Partners. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions Prior to the Distribution</U>. In the event that BGC Partners determines to effect the
Distribution: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners and Newmark shall prepare and mail, prior to any Distribution Date, to the holders
of BGC Partners Common Stock, such information concerning Newmark, its business, operations and management, the Distribution and such other matters as BGC Partners shall reasonably determine and as may be required by Applicable Law. BGC Partners and
Newmark shall prepare, and Newmark shall, to the extent required under Applicable Law, file with the SEC any such documentation and any requisite <FONT STYLE="white-space:nowrap">no-action</FONT> letters which BGC Partners determines are necessary
or desirable to effectuate the Distribution, and BGC Partners and Newmark shall each use its reasonable best efforts to obtain all necessary approvals from the SEC with respect thereto as soon as practicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners and Newmark shall take all such action as may be necessary or appropriate under the securities or blue
sky Laws of the United States (and any comparable Laws under any foreign jurisdiction) in connection with the Distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;At BGC Partners&#146; direction, Newmark shall take all reasonable steps necessary and appropriate to cause the
conditions set forth in Section&nbsp;4.03 (subject to Section&nbsp;10.02(b)) to be satisfied and to effect the Distribution on the Distribution Date (and any other transactions related to the Distribution contemplated by the Separation Steps Plan)
in accordance with the Separation Steps Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Newmark shall prepare and file, and shall use its reasonable
best efforts to have approved, an application for the listing of the shares of Newmark Class&nbsp;A Common Stock to be distributed in the Distribution on the NASDAQ Global Select Market, subject to official notice of distribution. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Distribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners shall, in its sole discretion, determine the terms of the Distribution, including the form (including
whether to effect the transaction as a <FONT STYLE="white-space:nowrap">spin-off,</FONT> a <FONT STYLE="white-space:nowrap">split-off</FONT> or a combination of both transactions), structure and all other terms of any transaction and/or offering to
effect the Distribution (and, if necessary, shall update the Separation Steps Plan accordingly). Subject to any restrictions contained in the Underwriting Agreement, BGC Partners shall have the sole discretion to determine the date of consummation
of the Distribution </P>
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(if any) at any time after the IPO Closing Date; and such date as so determined by BGC Partners is referred to herein as the &#147;<U>Distribution Date</U>.&#148; The consummation of the
Distribution will be subject to the satisfaction, or waiver by BGC Partners in its sole discretion, of the following conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners&#146; receipt of an opinion from Wachtell, Lipton, Rosen&nbsp;&amp; Katz, outside
counsel to BGC Partners, in form and substance satisfactory to the BGC Partners Board, to the effect that the Newmark Inc. Contribution and the Distribution, taken together, will qualify as a &#147;reorganization&#148; under Sections 355(a) and
368(a)(1)(D) of the Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;All Governmental Approvals necessary to consummate the Distribution
shall have been obtained and be in full force and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The actions and filings necessary
or appropriate under state securities and blue sky Laws of the United States (and any comparable Laws under any foreign jurisdictions) in connection with the Distribution shall have been taken or made, and, where applicable, have become effective or
been accepted by the applicable Governmental Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The shares of Newmark Class&nbsp;A
Common Stock to be distributed to the holders of BGC Partners Class&nbsp;A Common Stock in the Distribution shall have been accepted for listing on the NASDAQ Global Select Market, subject to official notice of distribution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;No order, injunction or decree issued by any court or agency of competent jurisdiction or other
legal restraint or prohibition preventing the consummation of the Distribution or any of the related transactions shall be in effect, and no other event outside the control of BGC Partners shall have occurred or failed to occur that prevents the
consummation of the Distribution or any of the related transactions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;Newmark Opco shall have
repaid in full the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes in accordance with Section&nbsp;3.05. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners&#146; guarantee in respect of the Term Loan Credit Agreement and BGC Partners&#146;
guarantee in respect of the Acquisition Term Loans under the Revolving Credit Agreement, in each case described in Section&nbsp;2.02(b)(i), shall have been terminated in full. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;&nbsp;&nbsp;All borrowings pursuant to the Intercompany Revolving Credit Agreement shall have been repaid in
full, and the Intercompany Revolving Credit Agreement shall have been terminated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp;No other
events or developments shall have occurred subsequent to the completion of the IPO that, in the judgment of the BGC Partners Board, would result in the Distribution not being in the best interest of BGC Partners or its stockholders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The foregoing conditions are for the sole benefit of BGC Partners
and shall not give rise to or create any duty on the part of BGC Partners or the BGC Partners Board to waive or not waive such conditions or in any way limit BGC Partners&#146; right to terminate this Agreement as set forth in Article X or alter the
consequences of any such termination from those specified in Article X. Any determination made by the BGC Partners Board prior to the Distribution concerning the satisfaction or waiver of any or all of the conditions set forth in this
Section&nbsp;4.03 shall be conclusive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional Shares</U>. As soon as practicable after
the Distribution Date: (a)&nbsp;BGC Partners shall direct the Agent to determine the number of whole shares and fractional shares of Newmark Class&nbsp;A Common Stock and Newmark Class&nbsp;B Common Stock allocable to each holder of record or
beneficial owner of BGC Partners Class&nbsp;A Common Stock and BGC Partners Class&nbsp;B Common Stock, respectively, as of the Record Date and to aggregate all such fractional shares; (b)&nbsp;BGC Partners shall convert or shall cause the conversion
(and Newmark shall take all actions as may be necessary to effect such conversion) of all such aggregated fractional shares of Newmark Class&nbsp;B Common Stock into shares of Newmark Class&nbsp;A Common Stock; and (c)&nbsp;BGC Partners shall direct
the Agent to sell the whole shares of Class&nbsp;A common stock obtained as a result of clauses (a)&nbsp;and (b) in open market transactions (with the Agent, in its sole discretion, determining when, how, through which broker-dealer and at what
price to make such sales), and to cause to be distributed to each such holder or for the benefit of each such beneficial owner, in lieu of any fractional share of Newmark Class&nbsp;A Common Stock or Newmark Class&nbsp;B Common Stock, as the case
may be, such holder&#146;s or owner&#146;s ratable share of the proceeds of such sale, after making appropriate deductions of the amount required to be withheld for federal income tax purposes and after deducting an amount equal to all brokerage
charges, commissions and transfer taxes attributed to such sale. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NO REPRESENTATIONS OR WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01&nbsp;&nbsp;&nbsp;&nbsp;<U>No Representations or Warranties</U>. Each Newmark Entity, on behalf of itself and all of the
other members of its Group and its respective Representatives, understands and agrees that no member of the BGC Partners Group or any of its respective Representatives or any other Person is, in this Agreement or in any other agreement, document or
instrument, making any representation or warranty of any kind whatsoever, express or implied, to any Newmark Entity, any other member of the Newmark Group (including, after the Effective Time, the Transferred Entities) or their respective
Representatives in any way with respect to any of the transactions contemplated hereby or regarding the Transferred Assets, the Transferred Liabilities or the Transferred Business or as to any consents or approvals required in connection with the
consummation of the transactions contemplated hereby, <U>it</U> <U>being</U> <U>understood</U> that each Newmark Entity and each of the other members of the Newmark Group shall take all of the Transferred Assets, the Transferred Liabilities and the
Transferred Business on an &#147;AS IS, WHERE IS&#148; basis, and all implied warranties of merchantability, fitness for a specific purpose or otherwise are hereby expressly disclaimed by each BGC Entity, on behalf of itself and each other member of
the BGC Partners Group and their respective Representatives. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Newmark to Bear Risk</U>. Except as expressly
set forth herein, the members of the Newmark Group shall bear the economic and legal risk that conveyances of the Transferred Assets shall prove to be insufficient or that the title of any member of the BGC Partners Group to any Transferred Asset
shall be other than good and marketable and free from encumbrances. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Assurances</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the actions specifically provided for in this Agreement, each BGC Entity and each Newmark Entity
shall use its reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things reasonably necessary, proper or advisable under Applicable Law and Contracts to consummate and make effective the
transactions contemplated hereby. Without limiting the foregoing, each BGC Entity and each Newmark Entity shall cooperate with the other Parties, and execute and deliver, or use its reasonable best efforts to cause to be executed and delivered, all
instruments, including instruments of conveyance, assignment and transfer, and take all such other actions as such Party may reasonably be requested to take by any other Party from time to time, consistent with the terms hereof, in order to
effectuate the provisions and purposes of this Agreement and the transactions contemplated hereby. Each BGC Entity and each Newmark Entity agrees that, as of the Effective Time, but subject to Section&nbsp;6.01(d), (i)&nbsp;the Newmark Group shall
be deemed to have acquired complete and sole beneficial ownership of all of the Transferred Assets, together with all rights, powers and privileges incident thereto, and shall be deemed to have assumed in accordance with the terms of this Agreement
all of the Transferred Liabilities, and all duties, obligations and responsibilities incident thereto, that the Newmark Group is entitled to acquire or required to assume pursuant to the terms hereof; and (ii)&nbsp;the BGC Group shall be deemed to
have acquired complete and sole beneficial ownership of all of the Excluded Assets, together with all rights, powers and privileges incident thereto, and shall be deemed to have assumed in accordance with the terms of this Agreement all of the
Excluded Liabilities, and all duties, obligations and responsibilities incident thereto, that the BGC Group is entitled to acquire or required to assume pursuant to the terms hereof.&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the transfer or assignment of any Asset or the assumption of any Liability hereunder, the
Separation (including the Partnership Divisions and the Newmark Inc. Contribution), the IPO or the Distribution requires any Governmental Approvals or other consents, approvals or authorizations of or notifications to any other Person under any
permit, Contract or other instrument (including in connection with the amendment of and the assumption by the applicable members of the Newmark Group of the Term Loan Credit Agreement and the Acquisition Term Loans under the Revolving Credit
Agreement), each BGC Entity and each Newmark Entity shall use its commercially reasonable efforts to obtain or make such Governmental Approvals or other consents, approvals, authorizations or notifications as soon as reasonably practicable;
<U>provided</U>, <U>however</U>, that, except to the extent expressly provided in this Agreement or any of the Ancillary Agreements, or as otherwise agreed between BGC Partners and Newmark, members of the Newmark Group shall bear all of the costs,
and no </P>
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member of the BGC Partners Group shall be obligated to contribute capital or pay any consideration in any form (including providing any letter of credit, guaranty or other financial
accommodation) to any third Person, in order to obtain or make such Governmental Approvals or other consents, approvals, authorizations or notifications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.01(d) hereof, if at any time or from time to time after the Effective Time, (i)&nbsp;any
member of the BGC Partners Group shall possess a Transferred Asset or a Transferred Liability or (ii)&nbsp;any member of the Newmark Group shall possess an Excluded Asset or an Excluded Liability, then such member shall promptly transfer, or cause
to be transferred, such Asset or Liability to the appropriate member of the Newmark Group or member of the BGC Partners Group, as the case may be. Prior to any such transfer, the Person possessing such Asset or Liability shall hold such Asset or
Liability in trust for the use and benefit of the Person entitled thereto (at the expense of the Person entitled thereto), and shall take such other actions as may be reasonably requested by the Person to which such Asset or Liability is to be
transferred in order to place such Person, insofar as reasonably possible, in the same position it would have been had such Asset or Liability been transferred at the Effective Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of Section&nbsp;6.01(a) or Section&nbsp;6.01(c), if the valid, complete and
perfected assignment, or transfer to or assumption by the Newmark Group of any Transferred Assets or Transferred Liabilities to be assigned, transferred or assumed under this Agreement or any Ancillary Agreement or if the valid, complete and
perfected assignment or, transfer to or assumption by the BGC Partners Group of any Excluded Assets or Excluded Liabilities to be transferred under this Agreement or any Ancillary Agreement, in either case requires a Governmental Approval or the
consent, agreement or approval of or any filing or registration with any other Person, and such Governmental Approval, consent, agreement, approval, filing or registration is not made or obtained (a &#147;<U>Required Approval</U>&#148;), then,
notwithstanding anything to the contrary in this Agreement, unless the Parties shall mutually otherwise determine, such assignment, transfer or assumption shall be automatically deemed deferred and any such purported assignment, transfer or
assumption shall be null and void until such time as such Required Approval has been made or obtained. Notwithstanding the foregoing, any such Transferred Assets, Transferred Liabilities, Excluded Assets or Excluded Liabilities shall continue to
constitute Transferred Assets, Transferred Liabilities, Excluded Assets or Excluded Liabilities, respectively, for all other purposes of this Agreement. If any assignment, transfer or assumption of any Transferred Assets, Transferred Liabilities,
Excluded Assets or Excluded Liabilities intended to be assigned, transferred or assumed hereunder, as the case may be, is not consummated on or prior to the Effective Time whether as a result of the provisions of this Section&nbsp;6.01(d) or for any
other reason, then (i)&nbsp;the Parties shall cooperate to effect such assignment, transfer or assumption as promptly following the Closing as is practicable and (ii)&nbsp;until such assignment, transfer or assumption, the Party possessing such
Asset or Liability shall hold such Asset or Liability in trust for the use and benefit of the Party entitled thereto or responsible therefor (at the expense of the Party entitled thereto or responsible therefor), and shall take such other action as
may be reasonably requested by the Party to which such Asset or Liability is to be assigned, transferred or assumed in order to place such Party, insofar as reasonably possible, in the same position it would have been had such Asset or Liability
been assigned, transferred or assumed at the Effective Time as contemplated by this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.05 and any other applicable confidentiality obligations, at any time before, on or after
the Effective Time, (i)&nbsp;BGC Partners, on behalf of each member of the BGC Partners Group, agrees to use commercially reasonable efforts to provide, or cause to be provided, to the Newmark Group and its Representatives, and (ii)&nbsp;Newmark, on
behalf of each member of the Newmark Group, agrees to use commercially reasonable efforts to provide, or cause to be provided, to the BGC Partners Group and its Representatives, in each case as soon as reasonably practicable after written request
therefor from such other Party, any Information in the possession or under the control of such respective Person, if applicable, that the requesting Party reasonably needs (A)&nbsp;to comply with reporting, disclosure, filing or other requirements
imposed on the requesting Party (including under applicable securities or Tax Laws) by a Governmental Authority having jurisdiction over the requesting Party, (B)&nbsp;for use in any other judicial, regulatory, administrative, Tax or other
proceeding or in order to satisfy audit, accounting, claims, regulatory, litigation, Tax or other similar requirements, (C)&nbsp;for use in the conduct of the Transferred Business (in the case of the Newmark Group) or the Retained Business (in the
case of the BGC Partners Group) in accordance with past practice or (D)&nbsp;to comply with its obligations under this Agreement or any Ancillary Agreement; <U>provided</U>, <U>however</U>, that in the event that any Party reasonably determines that
any such provision of Information could be commercially detrimental to such Party or any member of its Group, if applicable, violate any Law or Contract to which such Party or any member of its Group, if applicable, is a party, or waive any
attorney-client privilege applicable to such Party or any member of its Group, if applicable, the Parties shall take all reasonable measures to permit the compliance with the obligations pursuant to this Section&nbsp;6.02(a) in a manner that avoids
any such harm or consequence (including, if appropriate, by entering into joint defense or similar arrangements); <U>provided</U>, <U>further</U>, that if, after taking all such reasonable measures, the Party subject to such Law or Contract is
unable to provide any Information without violating such Law or Contract, such Party shall not be obligated to provide such Information to the extent that it would violate such Law or Contract. The Parties intend that any transfer of Information
that would otherwise be within the attorney-client privilege shall not operate as a waiver of any potentially applicable privilege. Each Party shall make its employees and facilities available and accessible during normal business hours and on
reasonable prior notice to provide an explanation of any Information provided hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Until the first
Newmark fiscal year end occurring after the Distribution Effective Time (and for a reasonable period of time afterwards as required for each of BGC Partners or Newmark to prepare consolidated financial statements or complete a financial statement
audit for the fiscal year during which the Distribution Effective Time occurs), Newmark (i)&nbsp;shall maintain in effect at its own cost and expense adequate systems and controls to the extent necessary to enable the members of the BGC Partners
Group to satisfy their respective reporting, accounting, audit and other obligations and (ii)&nbsp;shall provide, or cause to be provided, to BGC Partners in such form as BGC Partners shall request, at no charge to BGC Partners, all financial and
other data and information as BGC Partners determines necessary or advisable in order to prepare its financial statements and reports or filings with any Governmental Authority, including copies of all quarterly and annual financial information and
other reports and documents that Newmark intends to file with the SEC no less than five (5)&nbsp;days prior to such filings (as well as final copies upon filing), and copies of Newmark&#146;s budgets and financial projections. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Any Information owned by one Person that is provided to a
requesting Party pursuant to this Section&nbsp;6.02 shall be deemed to remain the property of the providing Person (or Person on whose behalf such Information is being provided). Unless specifically set forth herein, nothing contained in this
Agreement shall be construed as granting or conferring rights of license or otherwise in any such Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Party requesting Information, consultant or witness services under this Agreement agrees to reimburse the other
Party for the reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs, if any, of creating, gathering and copying such Information, to the extent that such costs are incurred for the benefit of
the requesting Party by or on behalf of such other Party or its Representatives or members of its Group, if applicable. Except as may be otherwise specifically provided elsewhere in this Agreement or in any Ancillary Agreement, such costs shall be
computed in accordance with the providing Party&#146;s standard methodology and procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;To facilitate the
possible exchange of Information pursuant to this Section&nbsp;6.02 and other provisions of this Agreement after the Effective Time, the Parties agree to use their reasonable best efforts to retain all Information in their respective possession or
control at the Effective Time in accordance with the record retention policies of BGC Partners as in effect at the Effective Time or such other policies as may be adopted by BGC Partners after the Effective Time (<U>provided</U>, in the case of
Newmark, that BGC Partners notifies Newmark of any such change); <U>provided</U>, <U>however</U>, that in the case of any Information relating to Taxes, employee benefits, environmental Liabilities and hazardous materials, or known contingent
Liabilities, such retention period shall be extended to the expiration of the applicable statute of limitations (giving effect to any extensions thereof). Notwithstanding the foregoing, the Tax Matters Agreement will govern the retention of Tax
Records (as defined in the Tax Matters Agreement). Notwithstanding the foregoing, for a period of three (3)&nbsp;years from the Closing Date, BGC Partners, on behalf of itself and the other members of its Group, agrees to retain and not destroy or
dispose of Information related to the Transferred Business as of the Effective Time that is not transferred to the Newmark Group pursuant to Section&nbsp;2.01(a) and, prior to destroying or disposing of such Information, to notify Newmark and, at
the request of Newmark, to transfer such Information to Newmark to the extent that such Information can, without unreasonable effort or expense, be separated from Information maintained by BGC Partners or any other members of its Group in connection
with businesses other than the Transferred Business (unless Newmark shall pay for the full amount of the costs and expenses associated with such separation). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;No Party shall have any Liability to the other Party in the event that any Information exchanged or provided
pursuant to this Agreement that is an estimate or forecast, or which is based on an estimate or forecast, is found to be inaccurate, in the absence of willful misconduct or fraud by the Party providing such Information. No Party shall have any
Liability to the other Party if any Information is destroyed after using its reasonable best efforts in accordance with the provisions of Section&nbsp;6.02(e). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations granted under this Section&nbsp;6.02
and Sections 6.03, 6.04 and 6.05 are subject to any specific limitations, qualifications or additional provisions on the sharing, exchange or confidential treatment of Information set forth in any Ancillary Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Production of Witnesses and Records; Cooperation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;After the Effective Time, except in the case of an adversarial Action by one Party (or a member of its Group)
against another Party (or a member of its Group) (which shall be governed by such discovery rules as may be applicable thereto), each Party shall use its reasonable best efforts to make available to the other Party, upon written request, the former,
current and future directors, officers, employees, other personnel and agents of its Group as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, at the offices of such
Party during normal business hours, in each case to the extent that any such Person (giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be
required (and, in the case of any such Person, for reasonable periods of time) in connection with any Action in which the requesting Party may from time to time be involved, regardless of whether such Action is a matter with respect to which
indemnification may be sought hereunder. The requesting Party shall bear all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses (including allocated costs of <FONT
STYLE="white-space:nowrap">in-house</FONT> counsel and other personnel) in connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;If an
indemnifying party chooses to defend or to seek to compromise or settle any Third-Party Claim, each Party shall use its reasonable best efforts to make available to the other Party, upon written request, the former, current and future directors,
officers, employees, other personnel and agents of its Group as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, at the offices of such Party during normal business
hours, in each case to the extent that any such Person (giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be required (and, in the case of
any such Person, for reasonable periods of time) in connection with such defense, settlement or compromise, as the case may be, and shall otherwise cooperate in such defense, settlement or compromise, as the case may be, in each case at the
indemnifying party&#146;s expense. The indemnifying party shall bear all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses (including allocated costs of
<FONT STYLE="white-space:nowrap">in-house</FONT> counsel and other personnel) in connection therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the foregoing, the Parties shall cooperate and consult, and, if applicable, cause each other member of their respective Groups to cooperate and consult, to the extent reasonably necessary with respect to any Actions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting any provision of this Section&nbsp;6.03, each of the Parties agrees to cooperate, and, if
applicable, to cause the other members of their respective Groups to cooperate, with each other in the defense of any infringement or similar claim with respect to any Intellectual Property and shall not claim to acknowledge, or permit any of the
other members of their respective Groups to claim to acknowledge, the validity or infringing use of any Intellectual Property of a third person in a manner that would hamper or undermine the defense of such infringement or similar claim. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Parties to provide witnesses pursuant to
this Section&nbsp;6.03 is intended to be interpreted in a manner so as to facilitate cooperation and shall include the obligation to provide as witnesses, directors, officers, employees, other personnel and agents without regard to whether any such
individual could assert a possible business conflict (subject to the exception set forth in the first sentence of Section&nbsp;6.03(a)). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04&nbsp;&nbsp;&nbsp;&nbsp;<U>Privileged Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Parties recognize that legal and other professional services that have been and will be provided prior to the
Effective Time have been and will be rendered for the collective benefit of each of the members of the BGC Partners Group and the Newmark Group, and that each of the members of the BGC Partners Group and the Newmark Group should be deemed to be the
client with respect to such services for the purposes of asserting all privileges which may be asserted under Applicable Law in connection therewith. The Parties recognize that legal and other professional services will be provided following the
Effective Time, which services will be rendered solely for the benefit of members of the BGC Partners Group or the Newmark Group, as the case may be. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The BGC Partners Group shall be entitled, in perpetuity, to control the assertion or waiver of all
privileges and immunities in connection with any Privileged Information that relates solely to the Retained Business and not to the Transferred Business, whether or not the Privileged Information is in the possession or under the control of any
member of the BGC Partners Group or any member of the Newmark Group. The BGC Partners Group shall also be entitled, in perpetuity, to control the assertion or waiver of all privileges and immunities in connection with any Privileged Information that
relates solely to any Excluded Liabilities resulting from any Actions that are now pending or may be asserted in the future, whether or not the Privileged Information is in the possession or under the control of any member of the BGC Partners Group
or any member of the Newmark Group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Newmark Group shall be entitled, in perpetuity, to
control the assertion or waiver of all privileges and immunities in connection with any Privileged Information that relates solely to the Transferred Business and not to the Retained Business, whether or not the Privileged Information is in the
possession or under the control of any member of the Newmark Group or any member of the BGC Partners Group. The Newmark Group shall also be entitled, in perpetuity, to control the assertion or waiver of all privileges and immunities in connection
with any Privileged Information that relates solely to any Transferred Liabilities resulting from any Actions that are now pending or may be asserted in the future, whether or not the privileged Information is in the possession or under the control
of any member of the Newmark Group or any member of the BGC Partners Group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;If the Parties do
not agree as to whether certain Information is Privileged Information, then such Information shall be treated as Privileged Information, and the Party that believes that such Information is Privileged Information shall be entitled to control the
assertion or waiver of all privileges and immunities in connection with any such Information unless the Parties otherwise agree.</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the remaining provisions of this Section&nbsp;6.04,
the Parties agree that they shall have a shared privilege or immunity with respect to all privileges and immunities not allocated pursuant to Section&nbsp;6.04(b) and all privileges and immunities relating to any Actions or other matters that
involve both Parties (or one or more members of their respective Groups) and in respect of which both Parties have Liabilities under this Agreement, and that no such shared privilege or immunity may be waived by a Party without the consent of the
other Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;If any Dispute arises between the Parties or any members of their respective Group regarding
whether a privilege or immunity should be waived to protect or advance the interests of a Party and/or any member of its Group, each Party agrees that it shall (i)&nbsp;negotiate with the other Party in good faith; (ii)&nbsp;endeavor to minimize any
prejudice to the rights of the other Party; and (iii)&nbsp;not unreasonably withhold consent to any request for waiver by the other Party.&nbsp;Further, each Party specifically agrees that it shall not withhold its consent to the waiver of a
privilege or immunity for any purpose except in good faith to protect its own legitimate interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;In the
event of any adversarial Action or Dispute between BGC Partners and Newmark, or any members of their respective Groups, either Party may waive a privilege in which the other Party or member of the other Party&#146;s Group has a shared privilege,
without obtaining consent pursuant to Section&nbsp;6.04(c); <U>provided</U> that such waiver of a shared privilege shall be effective only as to the use of information with respect to the Action between such Parties and/or the applicable members of
their respective Groups, and shall not operate as a waiver of the shared privilege with respect to any third Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt by a Party, or by any member of its Group, of any subpoena, discovery or other request that may
reasonably be expected to result in the production or disclosure of Privileged Information subject to a shared privilege or immunity or as to which another Party has the sole right hereunder to assert a privilege or immunity, or if a Party obtains
knowledge that any of its, or any member of its Group&#146;s, current or former directors, officers, agents or employees have received any subpoena, discovery or other requests that may reasonably be expected to result in the production or
disclosure of such Privileged Information, such Party shall promptly notify the other Party of the existence of the request (which notice shall be delivered to such other Party no later than five (5)&nbsp;Business Days following the receipt of any
such subpoena, discovery or other request) and shall provide the other Party a reasonable opportunity to review the Privileged Information and to assert any rights it or they may have under this Section&nbsp;6.04 or otherwise, to prevent the
production or disclosure of such Privileged Information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;Any furnishing of, or access or transfer of, any
information pursuant to this Agreement is made in reliance on the agreement of BGC Partners and Newmark set forth in this Section&nbsp;6.04 and in Section&nbsp;6.05 to maintain the confidentiality of Privileged Information and to assert and maintain
all applicable privileges and immunities. The Parties agree that their respective rights to any access to Information, witnesses and other Persons, the furnishing of </P>
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notices and documents and other cooperative efforts between the Parties and members of their respective Groups contemplated by this Agreement, and the transfer of Privileged Information between
the Parties and members of their respective Groups pursuant to this Agreement, shall not be deemed a waiver of any privilege that has been or may be asserted under this Agreement or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any matter contemplated by Section&nbsp;6.03 or this Section&nbsp;6.04, the Parties agree to,
and to cause the applicable members of their Group to, use commercially reasonable efforts to maintain their respective separate and joint privileges and immunities, including by executing joint defense and/or common interest agreements where
necessary or useful for this purpose. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.05&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.06, and unless otherwise agreed by the Party to whom such Covered Information relates,
each of BGC Partners and Newmark, on behalf of itself and each member of its respective Group, agrees to hold, and to cause its respective Representatives to hold, in strict confidence, with at least the same degree of care that applies to BGC
Partners&#146; confidential and proprietary Information pursuant to policies in effect as of the Effective Time, all Information concerning each such other Party and the members of its Group (including such Person&#146;s clients, transactions,
business, Assets, Liabilities, performance or operations) that is either in its possession (including Information in its possession prior to the date hereof) or furnished by any such other Party or the members of its Group or their respective
Representatives at any time pursuant to this Agreement, any Ancillary Agreement or otherwise (collectively, &#147;<U>Covered Information</U>&#148;), except that the following shall not be deemed to be Covered Information: Information that has been
(i)&nbsp;in the public domain or generally available to the public, other than as a result of a disclosure by such Party or any member of such Party&#146;s Group or any of their respective Representatives in violation of this Agreement,
(ii)&nbsp;later lawfully acquired from other sources by such Party or any member of such Party&#146;s Group which sources are not themselves bound by a confidentiality obligation or other contractual, legal or fiduciary obligation of confidentiality
with respect to such confidential and proprietary information, or (iii)&nbsp;independently developed or generated without reference to or use of any proprietary or confidential information of the other Party or any member of such Party&#146;s Group.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.06 and unless otherwise agreed by the Party to whom such Covered Information
relates, each Party (on behalf of itself and the other members of its Group) agrees (i)&nbsp;not to use any Covered Information other than for such purposes as shall be expressly permitted hereunder or under any Ancillary Agreement and (ii)&nbsp;not
to release or disclose, or permit to be released or disclosed, any Covered Information to any other Person, except its Representatives who need to know such Covered Information (who shall be advised of their obligations hereunder with respect to
such Covered Information). Without limiting the foregoing, when any Covered Information is no longer needed for the purposes contemplated by this Agreement or any Ancillary Agreement, each Party will promptly after request of the Party that provided
such Covered Information either return to such Party all such Covered Information in a tangible form (including all copies thereof and all notes, analyses, presentations, extracts or summaries based thereon) or certify in writing to the other Party
that it has destroyed such Covered Information (and such copies thereof and such notes, extracts, analyses, presentations or </P>
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summaries based thereon); <U>provided</U>, that the (A)&nbsp;the receiving Party may retain copies of any Covered Information in accordance with its record retention policies, (B)&nbsp;the
receiving Party&#146;s counsel may retain any Covered Information, subject to the terms of this Agreement, and (C)&nbsp;the receiving Party will not be obligated to delete any Covered Information maintained in its normal backup media, including such
Covered Information that is contained in an archived computer system backup that was made in accordance with its security and/or disaster recovery procedures. Notwithstanding the return or destruction of the Covered Information, such Party will
continue to be bound by its obligations of confidentiality and other obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.06&nbsp;&nbsp;&nbsp;&nbsp;<U>Protective Arrangements</U>. In the event that any Party or any member of its Group either
determines on the advice of its counsel that it is required to disclose any Covered Information of any other Party (or any member of the other Party&#146;s Group) pursuant to Applicable Law or receives any request or demand under lawful process or
from any Governmental Authority to disclose or provide Covered Information of any other Party (or any member of the other Party&#146;s Group), such Party shall, to the extent practicable and unless otherwise required by Applicable Law, notify the
other Party as promptly as practicable under the circumstances prior to disclosing or providing such Covered Information and shall cooperate at the expense of the other Party in seeking any reasonable protective arrangements requested by such other
Party. Subject to the foregoing, the Person that received such request or demand may thereafter disclose or provide Covered Information if and to the extent required by such Applicable Law (as so advised by its counsel) or by lawful process or such
Governmental Authority; <U>provided</U>, <U>however</U>, that the Person shall only disclose such portion of the Covered Information so required to be disclosed or provided. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.07&nbsp;&nbsp;&nbsp;&nbsp;<U>Intercompany Agreements</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in Section&nbsp;6.07(b), in furtherance of the releases and other provisions of
Section&nbsp;8.01, Newmark and each member of the Newmark Group, on the one hand, and BGC Partners and each member of the BGC Partners Group, on the other hand, hereby terminate any and all Contracts, arrangements, commitments or understandings,
whether or not in writing, between or among Newmark and/or any member of the Newmark Group, on the one hand, and BGC Partners and/or any member of the BGC Partners Group, on the other hand, effective as of immediately prior to the Distribution
Effective Time. No such terminated Contract, arrangement, commitment or understanding (including any provision thereof which purports to survive termination) shall be of any further force or effect after the Distribution Effective Time. Each Party
shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Section&nbsp;6.07(a) shall not apply to any of the following Contracts, arrangements, commitments
or understandings (or to any of the provisions thereof): (i)&nbsp;this Agreement and the Ancillary Agreements (and each other agreement or instrument expressly contemplated by this Agreement or any Ancillary Agreement to be entered into by any of
the Parties or any of the members of their respective Groups or to be continued from and after the Distribution Effective Time); (ii)&nbsp;any Contracts, arrangements, commitments or understandings listed or described on <U>Schedule<BR>
6.07(b)(ii)</U>; and (iii)&nbsp;any Contracts, arrangements, commitments or understandings to which any Person other than a member of the BGC Partners Group or the Newmark Group is a party thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;All of the intercompany accounts payable or accounts receivable
between any member of the BGC Partners Group, on the one hand, and any member of the Newmark Group, on the other hand, accrued as of the IPO Closing Date that are reflected in the books and records of the Parties or otherwise documented in writing
in accordance with past practices shall, as promptly as practicable after the IPO Closing Date (and in any event within ninety (90)&nbsp;days thereafter), be net settled in cash by means of cash payments, a dividend, capital contribution, a
combination of the foregoing, or otherwise as determined by BGC Partners in its sole and absolute discretion. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.08&nbsp;&nbsp;&nbsp;&nbsp;<U>Guarantee Obligations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Parties shall cooperate, and shall cause the applicable members of their respective Groups to cooperate, to
terminate, or to cause Newmark or a member of the Newmark Group to be substituted in all respects for BGC Partners or a member of the BGC Partners Group in respect of, all obligations of BGC Partners or a member of the BGC Partners Group under any
of the Transferred Liabilities for which BGC Partners or a member of the BGC Partners Group may be liable, as guarantor, original tenant, primary obligor or otherwise, except, in each case, for any Excluded Liability. If such a termination or
substitution is not effected by the Effective Time, (i)&nbsp;the members of the Newmark Group shall indemnify and hold harmless the members of the BGC Partners Group for any Indemnifiable Losses arising from or relating thereto, and (ii)&nbsp;from
and after the Effective Time, without BGC Partners&#146; prior written consent, Newmark shall not, and shall not permit any other member of its Group to, renew or extend the term of, increase its obligations under, or transfer to a Person other than
a member of the Newmark Group, any Contract or other obligation for which BGC Partners or a member of the BGC Partners Group is or may be so liable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Parties shall cooperate, and shall cause the applicable members of their respective Groups to cooperate, to
terminate, or to cause BGC Partners or a member of the BGC Partners Group to be substituted in all respects for Newmark or a member of the Newmark Group in respect of, all obligations of Newmark or a member of the Newmark Group under any of the
Excluded Liabilities for which Newmark or a member of the Newmark Group may be liable, as guarantor, original tenant, primary obligor or otherwise, except, in each case, for any Transferred Liability. If such a termination or substitution is not
effected by the Effective Time, (i)&nbsp;the members of the BGC Partners Group shall indemnify and hold harmless the members of the Newmark Group for any Indemnifiable Losses arising from or relating thereto, and (ii)&nbsp;from and after the
Effective Time, without Newmark&#146;s prior written consent, BGC Partners shall not, and shall not permit any other member of its Group to, renew or extend the term of, increase its obligations under, or transfer to a Person other than a member of
the BGC Partners Group , any Contract or other obligation for which Newmark or a member of the Newmark Group is or may be so liable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. All costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the Party incurring such costs and expenses, unless expressly otherwise contemplated herein or in any Ancillary Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.10&nbsp;&nbsp;&nbsp;&nbsp;<U>New Newmark</U>. To facilitate <FONT
STYLE="white-space:nowrap">tax-free</FONT> exchanges of the Newmark Holdings Exchangeable Limited Partnership Interests, Cantor shall have a <FONT STYLE="white-space:nowrap">one-time</FONT> right, exercisable at any time following the second (2<SUP
STYLE="font-size:85%; vertical-align:top">nd</SUP>) anniversary of the Distribution Date, at Newmark Holdings&#146; sole expense, subject to preserving the <FONT STYLE="white-space:nowrap">tax-free</FONT> treatment, for U.S. federal income tax
purposes, of the Newmark Inc. Contribution and Distribution, (a)&nbsp;to incorporate, or cause the incorporation of, a newly formed wholly owned Subsidiary of Newmark (&#147;<U>New Newmark</U>&#148;), (b)&nbsp;to incorporate, or cause the
incorporation of, a newly formed wholly owned Subsidiary of New Newmark (&#147;<I><U></U></I><U>New Newmark Sub<I></I></U><I></I>&#148;), and then (c)&nbsp;to cause the merger (the &#147;<U>New Newmark Merger</U>&#148;) of New Newmark Sub with
Newmark, with the surviving corporation being a wholly owned Subsidiary of New Newmark. In connection with the New Newmark Merger, holders of shares of Newmark Class&nbsp;A Common Stock and Newmark Class&nbsp;B Common Stock shall each hold
equivalent common stock in New Newmark, with identical rights to the applicable class of shares held prior to the New Newmark Merger. As a condition of the New Newmark Merger, (i)&nbsp;Newmark shall have received an opinion of counsel, reasonably
satisfactory to the Audit Committee of the Newmark Board, to the effect that the New Newmark Merger will qualify as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code and (ii)&nbsp;Cantor shall indemnify Newmark to
the extent that Newmark incurs any material income Taxes as a result of the transactions effected pursuant to this Section&nbsp;6.10. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Reinvestments by Newmark in Newmark Opco; <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Rights</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Mandatory Reinvestment by Newmark. </I>After the Closing, in the
event of any issuance of shares of Newmark Common Stock (including any issuance in connection with a merger or other acquisition by Newmark, but excluding any issuance of shares of Newmark Common Stock in connection with the IPO, which is addressed
by Section&nbsp;3.04, and excluding any issuance of shares of Newmark Common Stock upon exchange of Newmark Holdings Exchangeable Limited Partnership Interests), unless otherwise determined by the Newmark Board, (A)&nbsp;Newmark shall contribute,
directly or indirectly through its Subsidiaries, the net proceeds or other property received in respect of such issuance to Newmark Opco and (B)&nbsp;in exchange for such contribution, Newmark Opco shall issue to Newmark a Newmark Opco Limited
Partnership Interest consisting of a number of Newmark Opco Units equal to (x)&nbsp;the number of additional shares of Newmark Common Stock so issued <I>divided by</I> (y)&nbsp;the Exchange Ratio as of immediately prior to the issuance of such
shares of Newmark Common Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Mandatory Reinvestment by Newmark Holdings. </I>After the
Closing, in the event of any issuances of Newmark Holdings Limited Partnership Interests pursuant to the participation plan of Newmark Holdings, as such plan is amended from time to time, unless otherwise determined by the Newmark Board,
(A)&nbsp;Newmark Holdings shall contribute, directly or indirectly through its Subsidiaries, the net proceeds, if any, received in respect of such issuance to Newmark Opco and (B)&nbsp;Newmark Opco shall issue to Newmark Holdings a Newmark Opco
Limited Partnership Interest consisting of a number of Newmark Opco Units equal to (x)&nbsp;the number of additional Newmark Holdings Units underlying such Newmark Holdings Limited Partnership Interests so issued <I>multiplied</I> <I>by</I>
(y)&nbsp;the Newmark Holdings Ratio as of immediately prior to the issuance of such Newmark Holdings Limited Partnership Interests. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Voluntary Reinvestment by Newmark. </I>After
the Closing, Newmark may elect to have a member of the Newmark Inc. Group purchase from Newmark Opco a number of Newmark Opco Units for a price equal to the Newmark Per Unit Price for each Newmark Opco Unit. Such member of the Newmark Inc. Group may
use cash and/or other assets to make such purchases. In the event that <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration is used to make such purchases, the value of the aggregate <FONT STYLE="white-space:nowrap">non-cash</FONT>
consideration shall be determined in good faith by the general partner of Newmark Opco taking into account, if relevant, the acquisition cost thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;<I>Voluntary Reinvestment by Newmark Holdings. </I>After the Closing, Newmark Holdings may elect to
have a member of the Newmark Holdings Group purchase from Newmark Opco a number of Newmark Opco Units for a price equal to the Newmark Per Unit Price for each Newmark Opco Unit. Such member of the Newmark Holdings Group may use cash and/or other
assets to make such purchases. In the event that <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration is used to make such purchases, the value of the aggregate <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration shall be
determined in good faith by the general partner of Newmark Opco taking into account, if relevant, the acquisition cost thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT STYLE="white-space:nowrap">Co-Investment</FONT> Rights. </I>(i)<I></I>&nbsp;In the event of any issuance
of Newmark Opco Units to any member of the Newmark Inc. Group pursuant to Section&nbsp;6.11(a)(i) or Section&nbsp;6.11(a)(iii) or to any member of the BGC Partners Inc. Group pursuant to Section&nbsp;6.12(a) (the member of the Newmark Group or BGC
Partners Inc. Group receiving such Newmark Opco Units, the &#147;<U>Receiving Party</U>&#148;), Cantor shall have the right (the &#147;<U>Purchase Right</U>&#148;) to cause any member of the Newmark Holdings Group (such Person designated by Cantor,
the &#147;<U>Purchase Right Party</U>&#148;) to acquire and be issued, on the terms and subject to the conditions set forth in this Section&nbsp;6.11(b), an aggregate number of additional Newmark Opco Units that would restore the Newmark Opco
Percentage Interest that the Cantor Group indirectly holds through the Newmark Holdings Group to that which it held immediately prior to such issuance to the Receiving Party (assuming for purposes of this calculation that (A)&nbsp;the Purchase Right
were exercised and the related sale were closed immediately after the related issuance of the applicable Newmark Opco Units to the Receiving Party and (B)&nbsp;the Purchase Right Party shall have been issued any Newmark Opco Units for which such
Purchase Right Party shall be entitled to receive pursuant to any exercised, but not yet closed, outstanding Election; <U>provided</U>, <U>however</U>, that, if such other Election shall not close in accordance with this Section&nbsp;6.11(b) prior
to the closing of this Purchase Right, the calculation shall be <FONT STYLE="white-space:nowrap">re-calculated</FONT> excluding such Election). In any exercise of a Purchase Right, the Purchase Right Party may elect to acquire less than the
aggregate number of additional Newmark Opco Units that such Purchase Right Party shall be entitled to purchase pursuant to such Purchase Right (in which case, the Purchase Right with respect to the unexercised portion of the additional Newmark Opco
Units shall survive and continue in effect on the terms contemplated by this Section&nbsp;6.11(b)). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event of the approval or authorization of any issuance of Newmark Opco Units to the
Receiving Party that shall give rise to the Purchase Right in accordance with this Section&nbsp;6.11(b), the general partner of Newmark Opco shall promptly provide separate written notice thereof (but in any event no later than three
(3)&nbsp;Business Days prior to the issuance thereof unless waived by the applicable Purchase Right Party), to Newmark Holdings, which notice shall state the number of Newmark </P>
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Opco Units issuable to such Purchase Right Party, the date of issuance and the Newmark Per Unit Price payable by the Purchase Right Party (which shall equal the Newmark Per Unit Price paid by the
Receiving Party)<B> </B>(the &#147;<U>Notice</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that Cantor elects to
exercise its Purchase Right (an &#147;<U>Election</U>&#148;), Cantor shall deliver a written notice of exercise to Newmark Opco on or prior to ten (10)&nbsp;days after the related issuance of Newmark Opco Units to the Receiving Party, which notice
of exercise shall include (A)&nbsp;an irrevocable commitment by the Purchase Right Party to purchase as promptly as practicable an amount of Newmark Opco Units equal to the amount specified in the Notice (or, if Cantor shall so elect, an irrevocable
commitment to purchase an amount of Newmark Opco Units less than that amount specified in the Notice) at the Newmark Per Unit Price specified in the Notice; (B)&nbsp;a statement detailing which Purchase Right Party member(s) will purchase the
Newmark Opco Units (and, if more than one Purchase Right Party member shall purchase such Newmark Opco Units, a statement including the amounts that each such Purchase Right Party member shall purchase); and (C)&nbsp;a guarantee by Newmark Holdings
of the obligations of the Purchase Right Party to complete the purchase and pay the Purchase Consideration therefor. The irrevocable commitment and the issuance of the additional Newmark Opco Units pursuant to the Purchase Right will be conditioned
upon the closing of the related issuance of Newmark Opco Units to the Receiving Party, the absence of any injunction, order, law, regulation or similar matter that prohibits the consummation of such issuance and the receipt of all Governmental
Approvals (including any self-regulatory approvals) that shall be required for the applicable Purchase Right Party to acquire the Newmark Opco Units; <U>provided</U>, <U>however</U>, that any such purchase shall close no later than one hundred
twenty (120)&nbsp;days following the Election to exercise the Purchase Right. At the closing of the Purchase Right, (x)&nbsp;the Purchase Right Party shall pay to Newmark Opco an amount in cash and/or other assets equal to the product of the Newmark
Per Unit Price specified in the Notice and the number of Newmark Opco Units being issued to such Purchase Right Party&#146;s Group pursuant to the exercise of such Purchase Right (the &#147;<U>Purchase Consideration</U>&#148;) and (y)&nbsp;in
exchange therefor Newmark Opco shall issue the applicable number of Newmark Opco Units. In the event that <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration is used to make such purchases, the value of the aggregate <FONT
STYLE="white-space:nowrap">non-cash</FONT> consideration shall be determined in good faith by the Audit Committee of the Newmark Board, taking into account, if relevant, the acquisition cost thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;In the event that Newmark Opco shall: (A)&nbsp;pay a dividend on Newmark Opco Interests in the form
of Newmark Opco Units or make a distribution on Newmark Opco Interests in the form of Newmark Opco Units; (B)&nbsp;subdivide the outstanding Newmark Opco Units into a greater number of Newmark Opco Units; (C)&nbsp;combine the outstanding Newmark
Opco Units into a smaller number of Newmark Opco Units; (D)&nbsp;make a distribution on Newmark Opco Interests in limited partnership interests other than Newmark Opco Units; or (E)&nbsp;issue by reclassification of the outstanding Newmark Opco
Units any limited partnership interests, then the Newmark Opco Units issuable pursuant to each outstanding and unexercised Purchase Right immediately prior to such action (including any Purchase Right for which a notice of exercise shall have been
delivered but shall not close prior to such action) shall be adjusted so that the applicable Purchase Right Party that thereafter elects to exercise, or </P>
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closes, such Purchase Right in accordance with this Section&nbsp;6.11 shall receive the number of Newmark Opco Units or other limited partnership interests that it would have owned immediately
following such action if it had exercised such Purchase Right in full, and been issued the Newmark Opco Units underlying the Purchase Right, immediately prior to such action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Concurrent Issuance of Newmark Holdings Exchangeable Limited Partner Units upon Reinvestment by the Newmark
Holdings Group. </I>Concurrently with the issuance of Newmark Opco Units to the Purchase Right Party pursuant to Section&nbsp;6.11(b), Cantor or any member of the Cantor Group designated by Cantor shall contribute to Newmark Holdings the Purchase
Consideration, and in exchange therefor, subject to Section&nbsp;6.11(d), simultaneously with the issuance of Newmark Opco Units to the Purchase Right Party pursuant to Section&nbsp;6.11(b), Newmark Holdings shall issue to Cantor or the designated
member of the Cantor Group, a Newmark Holdings Exchangeable Limited Partnership Interest consisting of a number of Newmark Holdings Exchangeable Limited Partner Units equal to (i)&nbsp;the number of Newmark Opco Units issued to the Purchase Right
Party <I>divided by</I> (ii)&nbsp;the Newmark Holdings Ratio as of immediately prior to the issuance of such Newmark Opco Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Fractional Shares. </I>Notwithstanding anything to the contrary herein, Newmark shall not transfer or issue
any fractional shares of Newmark Common Stock (unless otherwise determined by Newmark), and, except as set forth in Section&nbsp;4.04 or otherwise determined by Newmark, shall deliver in lieu thereof cash to the Person who otherwise would have
received such fractional share of Newmark Common Stock based on the Newmark Current Market Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>BGC
Partners Contribution of Newmark Opco Units Prior to the Distribution. </I>Prior to the Distribution, (i)&nbsp;to the extent that any of the BGC Opcos holds any Newmark Opco Units or Newmark Holdings Units, the BGC Opcos shall distribute such
Newmark Opco Units and Newmark Holdings Units to their equityholders; and (ii)&nbsp;to the extent that BGC Partners holds any Newmark Opco Units or Newmark Holdings Units, including as a result of the distribution described in the foregoing clause
(i), as a result of any exchange of Newmark Holdings Units pursuant to the BGC Holdings Limited Partnership Agreement, as a result of any contribution or purchase by BGC Partners pursuant to Section&nbsp;6.12(a) or otherwise, then, in each case, BGC
Partners will contribute such Newmark Opco Units (including any Newmark Opco Units underlying such Newmark Holdings Units) to Newmark in exchange for a number of newly issued shares of Newmark Common Stock equal to the number of Newmark Opco Units
(including any Newmark Opco Units underlying such Newmark Holdings Units) being contributed <I>multiplied by </I>the Exchange Ratio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Reinvestments by BGC Partners Prior to the Distribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;In light of the fact that, after the Closing and prior to the Distribution, the Partnership Divisions shall have
occurred but the Distribution shall not have occurred, the Parties agree that Section&nbsp;4.11(a)(i) and Section&nbsp;4.11(a)(iii) of the Separation Agreement, dated as of March&nbsp;31, 2008, by and among Cantor, BGC Partners, BGC U.S. Opco, BGC
Global Opco and BGC Holdings, shall be amended to provide as follows solely for the period of time following the Closing and prior to the Distribution (and any capitalized terms used but not defined in such
</P>
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Section&nbsp;4.11(a)(i) and Section&nbsp;4.11(a)(iii), as hereby amended, shall have the meanings set forth in this Agreement): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Mandatory Reinvestment by BGC Partners</I>. In the event of any issuance of shares of BGC
Partners Common Stock (including any issuance in connection with a merger or other acquisition by BGC Partners, but excluding any issuance of shares of BGC Partners Common Stock upon exchange of a combination of BGC Holdings Exchangeable Limited
Partnership Interests and Newmark Holdings Exchangeable Limited Partner Interests as set forth in the BGC Holdings Limited Partnership Agreement), unless otherwise determined by the BGC Partners Board, BGC Partners shall contribute, directly or
indirectly through its Subsidiaries, the net proceeds or other property received in respect of such issuance to either of the following (as determined by BGC Partners): (x) the BGC Opcos and Newmark Opco or (y)&nbsp;the BGC Opcos. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;&nbsp;&nbsp;&nbsp;In case of clause (x)&nbsp;of Section&nbsp;6.12(a), in exchange for such contributions: (A)&nbsp;BGC
U.S. Opco shall issue to BGC Partners a BGC U.S. Opco Limited Partnership Interest consisting of a number of BGC U.S. Opco Units equal to (1)&nbsp;the number of additional shares of BGC Partners Common Stock so issued <I>multiplied</I> <I>by</I>
(2)&nbsp;the BGC Partners Ratio as of immediately prior to the issuance of such shares of BGC Partners Common Stock; (B)&nbsp;BGC Global Opco shall issue to BGC Partners a BGC Global Opco Limited Partnership Interest consisting of a number of BGC
Global Opco Units equal to (1)&nbsp;the number of additional shares of BGC Partners Common Stock so issued <I>multiplied</I> <I>by</I> (2)&nbsp;the BGC Partners Ratio as of immediately prior to the issuance of such shares of BGC Partners Common
Stock; and (C)&nbsp;Newmark Opco shall issue to BGC Partners a Newmark Opco Limited Partnership Interest consisting of a number of Newmark Opco Units equal to (x)&nbsp;the number of additional shares of BGC Partners Common Stock so issued <I>divided
by </I>(y)&nbsp;the Exchange Ratio as of immediately prior to the issuance of such shares of BGC Partners Common Stock <I>multiplied by </I>(z)&nbsp;the Distribution Ratio as of immediately prior to the issuance of such shares of BGC Partners Common
Stock. The amount of the net proceeds or other property that shall be contributed by BGC Partners to Newmark Opco pursuant to the foregoing shall be equal to the Newmark Per Unit Price <I>multiplied by </I>the number of Newmark Opco Units issued to
BGC Partners (<U>it</U> <U>being</U> <U>understood</U> that the BGC Partners Board shall have the right to make any equitable adjustment to the amount contributed to Newmark Opco, on the one hand, and the BGC Opcos, on the other hand, if any event
shall occur that shall warrant such adjustment). The remainder of the net proceeds or other property shall be contributed by BGC Partners to the BGC Opcos. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;&nbsp;&nbsp;&nbsp;In case of clause (y)&nbsp;of Section&nbsp;6.12(a), in exchange for such contribution: (A)&nbsp;BGC
U.S. Opco shall issue to BGC Partners a BGC U.S. Opco Limited Partnership Interest consisting of a number of BGC U.S. Opco Units equal to (1)&nbsp;the number of additional shares of BGC Partners Common Stock so issued <I>multiplied</I> <I>by</I>
(2)&nbsp;the BGC Partners Ratio as of immediately prior to the issuance of such shares of BGC Partners Common Stock; (B)&nbsp;BGC Global Opco shall issue to BGC Partners a BGC Global Opco Limited Partnership
</P>
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Interest consisting of a number of BGC Global Opco Units equal to (1)&nbsp;the number of additional shares of BGC Partners Common Stock so issued <I>multiplied</I> <I>by</I> (2)&nbsp;the BGC
Partners Ratio as of immediately prior to the issuance of such shares of BGC Partners Common Stock; and (C)&nbsp;BGC U.S. Opco and/or BGC Global Opco or their applicable Subsidiaries shall provide to BGC Partners a Newmark Opco Limited Partnership
Interest and/or a Newmark Holdings Limited Partnership Interest consisting of a number of Newmark Opco Units or Newmark Holdings Units equal to (w)&nbsp;the number of additional shares of BGC Partners Common Stock so issued <I>divided by
</I>(x)&nbsp;the Exchange Ratio as of immediately prior to the issuance of such shares of BGC Partners Common Stock <I>multiplied by </I>(y)&nbsp;the Distribution Ratio as of immediately prior to the issuance of such shares of BGC Partners Common
Stock and (z)&nbsp;in the case of Newmark Holdings Units, <I>multiplied by </I>the Newmark Holdings Ratio as of immediately prior to the issuance of such shares of BGC Partners Common Stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Voluntary Reinvestment by BGC Partners. </I>BGC Partners (with the consent of the BGC Partners
Board) may elect to have a member of the BGC Partners Inc. Group purchase from the BGC Opcos an equal number of BGC U.S. Opco Units and BGC Global Opco Units for a price equal to the BGC Per Unit Price for each set of one BGC U.S. Opco Unit and one
BGC Global Opco Unit. If BGC Partners or any member of the BGC Partners Inc. Group exercises such right, unless otherwise determined by the BGC Partners Board, BGC Partners or the member of the BGC Partners Inc. Group exercising such right shall
also purchase a number of Newmark Opco Units equal to (A)&nbsp;the number of BGC U.S. Opco Units that it purchased pursuant to the prior sentence <I>multiplied by </I>(B)&nbsp;the Distribution Ratio as of immediately prior to such purchase,
<I>divided by </I>(C)&nbsp;the Exchange Ratio, for a price per Newmark Opco Unit equal to the Newmark Per Unit Price. Such member of the BGC Partners Inc. Group may use cash and/or other assets to make such purchases. In the event that <FONT
STYLE="white-space:nowrap">non-cash</FONT> consideration is used to make such purchases, the value of the aggregate <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration shall be determined in good faith by the general partner of BGC U.S.
Opco, the general partner of BGC Global Opco and the general partner of Newmark Opco, as the case may be, taking into account, if relevant, the acquisition cost thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;<I>Forfeiture of BGC Partners Common Stock. </I>In the event that any Person forefeits any
restricted shares of BGC Partners Common Stock that is outstanding (a &#147;<U>Forfeited Share</U>&#148;), then BGC Partners shall deliver to:&nbsp;(A) BGC U.S. Opco a number of BGC U.S. Opco Units equal to (1)&nbsp;the number of Forfeited Shares
<I>multiplied</I> <I>by</I> (2)&nbsp;the BGC Partners Ratio as of immediately prior to such forfeiture; (B)&nbsp;BGC Global Opco a number of BGC Global Opco Units equal to (1)&nbsp;the number of Forfeited Shares <I>multiplied</I> <I>by</I>
(2)&nbsp;the BGC Partners Ratio as of immediately prior to such forfeiture; and (C)&nbsp;Newmark Opco a number of Newmark Opco Units equal to (1)&nbsp;the number of Forfeited Shares <I>divided by</I> (2)&nbsp;the Exchange Ratio as of immediately
prior to such forfeiture <I>multiplied by </I>(3)&nbsp;the Distribution Ratio as of immediatley prior to such forfeiture. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;In light of the fact that, after the Closing and prior to the
Distribution, the Partnership Divisions shall have occurred but the Distribution shall not have occurred, the Parties agree that all references to &#147;Per Unit Price&#148; set forth in the Separation Agreement, dated as of March&nbsp;31, 2008, by
and among Cantor, BGC Partners, BGC U.S. Opco, BGC Global Opco and BGC Holdings, shall refer to the BGC Per Unit Price as defined in this Agreement solely for the period of time following the Closing and prior to the Distribution. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.13&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends by Newmark</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;It is currently expected that the Newmark Board will authorize a dividend policy that will provide that Newmark will
pay a dividend to the holders of Newmark Common Stock on a quarterly basis, starting with the first full fiscal quarter following the IPO, with such dividend to be calculated based on Newmark&#146;s
<FONT STYLE="white-space:nowrap">&#147;post-tax</FONT> Adjusted Earnings per fully diluted share&#148; for the year that includes such quarter, as determined by Newmark and as described in the IPO Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;It is currently expected that Newmark&#146;s aggregate quarterly dividends to the holders of Newmark Common Stock
for a year will be equal to or less than 25% of Newmark&#146;s <FONT STYLE="white-space:nowrap">&#147;post-tax</FONT> Adjusted Earnings per fully diluted share&#148; for such year, as described in the IPO Registration Statement. The declaration,
payment, timing and amount of any dividend payable by Newmark will be at the discretion of the Newmark Board; <U>provided</U> that any dividend by Newmark to the holders of Newmark Common Stock that would result in the dividends for a year exceeding
25% of Newmark&#146;s <FONT STYLE="white-space:nowrap">&#147;post-tax</FONT> Adjusted Earnings per fully diluted share&#148; for such year shall require the consent of the holder of a majority of the Newmark Holdings Exchangeable Limited Partnership
Interests. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.14&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments to the Exchange Ratio</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Initial Exchange Ratio. </I>The initial Exchange Ratio as of immediately following the IPO shall be one. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Adjustment for Reinvestment Cash. </I>Subject to the last sentence of this Section&nbsp;6.14(b), if, in any
fiscal quarter, there is Reinvestment Cash for such fiscal quarter, then, the Exchange Ratio will be adjusted so that, following such adjustment, but subject to any other further adjustment as a result of Section&nbsp;6.14(c), the Exchange Ratio
shall equal (i)&nbsp;the number of fully diluted outstanding shares of Newmark Common Stock as of immediately prior to such adjustment,<I>&nbsp;divided by</I><I></I>&nbsp;(ii)&nbsp;the sum of (A)&nbsp;the number of fully diluted outstanding shares
of Newmark Common Stock as of immediately prior to such adjustment,<I>&nbsp;plus</I>&nbsp;(B)&nbsp;the Adjustment Factor for such fiscal quarter<I>&nbsp;plus</I><I></I>&nbsp;(C)&nbsp;the sum of the aggregate Adjustment Factors for all prior fiscal
quarters following the IPO. Newmark shall determine the particular date in which any adjustment to the Exchange Ratio in respect of a particular fiscal quarter shall occur, taking into account the precise timing of any distributions by Newmark
Holdings and Newmark in respect of such fiscal quarter. Newmark shall adjust the Exchange Ratio for Reinvestment Cash in respect of any particular fiscal quarter by no later than the day prior to the record date for (A)&nbsp;the distribution from
Newmark Holdings to its equityholders for such fiscal quarter or (B)&nbsp;the dividend from Newmark to its stockholders for such fiscal quarter, whichever occurs later. The adjustment to the Exchange Ratio shall be based on Newmark&#146;s
calculation of the Reinvestment Cash for such fiscal quarter as of the date of such adjustment, which calculation, in turn, shall be based on (1)&nbsp;the aggregate distributions that have and will be made from Newmark Opco to
</P>
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Newmark for such fiscal quarter, (2)&nbsp;the aggregate distributions that have and will be made from Newmark Opco to Newmark Holdings for such fiscal quarter, (3)&nbsp;the aggregate
distributions that have and will be made from Newmark Holdings to its equityholders for such fiscal quarter, and (4)&nbsp;the aggregate dividends that have and will be made from Newmark to its stockholders for such fiscal quarter. The Parties agree
that the Exchange Ratio as of the record date for the dividend from Newmark to its stockholders for the third fiscal quarter of 2018 shall be 0.9793, which reflects all adjustments to the Exchange Ratio for Reinvestment Cash for the third fiscal
quarter of 2018 and for all prior fiscal quarters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Anti-Dilution and Other Equitable Adjustments. </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;If Newmark shall: (A)&nbsp;pay a dividend in the form of shares of Newmark Common Stock or make a
distribution on shares of Newmark Common Stock in the form of shares of Newmark Common Stock; (B)&nbsp;subdivide the outstanding shares of Newmark Common Stock into a greater number of shares; (C)&nbsp;combine the outstanding shares of Newmark
Common Stock into a smaller number of shares, or (D)&nbsp;take any other action such that the Newmark Ratio shall change in such a manner that is disproportionate from the change, if any, in the Newmark Holdings Ratio that shall occur at the same
time, then the Exchange Ratio shall be equitably adjusted in such manner as determined by Newmark so as to preserve the economic value of the exchange of the Newmark Holdings Exchange Right following such action. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;If Newmark shall: (A)&nbsp;make a distribution on shares of Newmark Common Stock in shares of its
share capital (other than Newmark Common Stock) or in shares of a Subsidiary; or (B)&nbsp;issue by reclassification of the outstanding shares of Newmark Common Stock any shares of its share capital (other than Newmark Common Stock) or in shares of a
Subsidiary, then in each case, the Exchange Ratio in effect immediately prior to such action shall be equitably adjusted in such manner as determined by Newmark so as to preserve the economic value of the exchange of the Newmark Holdings Exchange
Right following such action. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event of (A)&nbsp;any reclassification or change of
shares of Newmark Common Stock issuable upon exchange of the Exchange Right Units (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination, or any other
change for which an adjustment is provided in Section&nbsp;6.14(c)(i) or 6.14(c)(ii)); (B) any consolidation or merger or combination to which Newmark is a party other than a merger in which Newmark is the continuing corporation and which does not
result in any reclassification of, or change (other than in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination) in, outstanding shares of Newmark Common Stock; or
(C)&nbsp;any sale, transfer or other disposition of all or substantially all of the assets of Newmark, directly or indirectly, to any Person as a result of which holders of Newmark Common Stock shall be entitled to receive stock, securities or other
property or assets (including cash) with respect to or in exchange for Newmark Common Stock, then Newmark shall take all necessary action such that the Newmark Holdings Exchange Right Units then outstanding shall be exchangeable into the kind and
amount of shares of stock and other securities and property (including cash) receivable </P>
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upon such reclassification, change, combination, consolidation, merger, sale, transfer or other disposition by a holder of the number of shares of Newmark Common Stock deliverable upon exchange
of such Newmark Holdings Exchange Right Units immediately prior to such reclassification, change, combination, consolidation, merger, sale, transfer or other disposition. The provisions of this Section&nbsp;6.14(c)(iii) shall similarly apply to
successive reclassifications, changes, combinations, consolidations, mergers, sales or conveyances. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;If Newmark Holdings shall: (A)&nbsp;pay a distribution in the form of Newmark Holdings Exchange
Right Units or make a distribution on Newmark Holdings Exchange Right Units in the form of Newmark Holdings Exchange Right Units; (B)&nbsp;subdivide the outstanding Newmark Holdings Exchange Right Units into a greater number of Newmark Holdings
Exchange Right Units; (C)&nbsp;combine the outstanding Newmark Holdings Exchange Right Units into a smaller number of Newmark Holdings Exchange Right Units or (D)&nbsp;take any other action such that the Newmark Holdings Ratio shall change in such a
manner that is disproportionate from the change, if any, in the Newmark Ratio that shall occur at the same time, then the Exchange Ratio in effect immediately prior to such action shall be equitably adjusted in such manner as determined by Newmark
so as to preserve the economic value of the exchange of the Newmark Holdings Exchange Right following such action. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;If Newmark Holdings shall make a distribution on Newmark Holdings Exchange Right Units in equity of
Newmark Opco or other subsidiary of Newmark Holdings, then the Exchange Ratio in effect immediately prior to such action shall be equitably adjusted in such manner as determined by Newmark so as to preserve the economic value of the exchange of the
Newmark Holdings Exchange Right following such action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.15&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of Reinvestment Cash</U>. Unless
otherwise agreed by the holder of a majority of the Newmark Holdings Exchangeable Limited Partnership Interests, in the event that there shall be any positive Reinvestment Cash in any fiscal quarter, Newmark shall contribute such Reinvestment Cash
as a capital contribution with respect to its then-existing Limited Partnership Interest in Newmark Opco. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.16&nbsp;&nbsp;&nbsp;&nbsp;<U>Treatment of Payments for Tax Purposes</U>. For all Tax purposes, the Parties agree to treat
(a)&nbsp;any indemnity payment required by this Agreement to the extent relating to or arising out of the Separation (including the Partnership Divisions and the Newmark Inc. Contribution) or the Distribution (other than payments with respect to
interest accruing after the relevant transaction) as either, as applicable, (i)&nbsp;a distribution by BGC U.S. Opco to its partners pursuant to the Opco Partnership Distribution, followed by a contribution by such partners to Newmark Opco pursuant
to the Opco Partnership Contribution, (ii)&nbsp;a contribution by BGC Holdings to Newmark Holdings, (iii)&nbsp;a contribution by BGC Partners to Newmark Opco, (iv)&nbsp;a distribution by Newmark Opco to the partners of BGC U.S. Opco, followed by a
contribution by such partners to BGC U.S. Opco, (v)&nbsp;a distribution by Newmark Holdings to BGC Holdings or (vi)&nbsp;a distribution by Newmark to BGC Partners, as the case may be, in each case, to the extent such payment is made after the Opco
Partnership Contribution, the Holdings Partnership Distribution or the Distribution, as applicable, and such payment shall be treated as </P>
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occurring immediately prior to the Opco Partnership Contribution, the Holdings Partnership Distribution or the Distribution, as applicable, or as a payment of an assumed or retained Liability;
and (b)&nbsp;any payment of interest as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in either case except as otherwise required
by Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.17&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Agreements</U>. The Parties hereby agree to the matters set
forth on <U>Exhibit M</U> hereto. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INTERIM OPERATIONS AND INSURANCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Covenants</U>. Newmark agrees that, for so long as BGC Partners is required to
consolidate the results of operations and financial position of Newmark and any other members of the Newmark Group or to account for its investment in Newmark or any other member of the Newmark Group under the equity method of accounting (determined
in accordance with U.S. GAAP consistently applied and consistent with SEC reporting requirements): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure and Financial Controls</U>. Newmark will, and will cause each other member of the Newmark Group to,
maintain, as of and after the IPO Closing Date, disclosure controls and procedures and internal control over financial reporting as defined in Exchange Act Rule <FONT STYLE="white-space:nowrap">13a-15</FONT> promulgated under the Exchange Act;
Newmark will, and will cause each other member of the Newmark Group to maintain, as of and after the IPO Closing Date internal systems and procedures that will provide reasonable assurance that (A)&nbsp;Newmark&#146;s annual and quarterly financial
statements are reliable and timely prepared in accordance with U.S. GAAP and Applicable Law, (B)&nbsp;all transactions of members of the Newmark Group are recorded as necessary to permit the preparation of Newmark&#146;s annual and quarterly
financial statements, (C)&nbsp;the receipts and expenditures of members of the Newmark Group are authorized at the appropriate level within Newmark and (D)&nbsp;unauthorized use or disposition of the assets of any member of the Newmark Group that
could have material effect on Newmark&#146;s annual and quarterly financial statements is prevented or detected in a timely manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Fiscal Year</U>. Newmark will, and will cause each member of the Newmark Group organized in the United States
to, maintain a fiscal year that commences and ends on the same calendar days as BGC Partners&#146; fiscal year commences and ends, and to maintain monthly accounting periods that commence and end on the same calendar days as BGC Partners&#146;
monthly accounting periods commence and end. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Monthly Financial Reports</U>. No later than eight
(8)&nbsp;Business Days after the end of each month (including the last month of BGC Partners&#146; fiscal year), Newmark will deliver to BGC Partners a consolidated income statement and, if requested by BGC Partners, income statements for each
Affiliate of Newmark which is consolidated with Newmark, for such period. Newmark will also deliver to BGC Partners a consolidated balance sheet and statement of cash flows for Newmark for such period and, if requested, balance sheets and statements
of cash flow for each Affiliate of Newmark which is consolidated with Newmark, no </P>
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later than ten (10)&nbsp;Business Days after the end of each monthly accounting period of Newmark (including the last monthly accounting period of Newmark of each fiscal year). The income
statements, balance sheets and statements of cash flows will be in such format and detail as BGC Partners may request. As long as BGC Partners is required to consolidate the results of operations and financial position of Newmark in its financial
statements, the information supporting such statements shall be submitted electronically for inclusion in BGC Partners&#146; financial reporting systems by such date to permit timely preparation of BGC Partners&#146; consolidated financial
statements. In addition, if Newmark makes adjustments or other corrections to such financial information, adjustments or other corrections will be delivered by Newmark to BGC Partners as soon as practicable, and in any event within eight
(8)&nbsp;hours thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Quarterly and Annual Financial Statements</U>. Newmark shall establish a
disclosure committee for the purposes of review and approval of Newmark&#146;s Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and other significant
filings with the SEC prior to the filing of such documents. BGC Partners will have sole discretion to select up to three (3)&nbsp;of its employees to participate in all meetings of such committee for the purpose of reviewing the consistency of such
documents with similar documents or other disclosures of BGC Partners. Distribution of documents by Newmark for review by BGC Partners should be made at the time such documents are distributed to the Newmark participants and should provide a
reasonable period for review prior to the applicable meeting. The management of Newmark shall be solely liable for the completeness and accuracy of any such filings, including any financial statements included therein. Newmark will cause each of its
principal executive and principal financial officers to sign and deliver to BGC Partners the certifications required by Sections&nbsp;302 and 906 of the Sarbanes-Oxley Act of 2002 and will include the certifications in Newmark&#146;s periodic
reports, as and when required pursuant to Exchange Act Rule <FONT STYLE="white-space:nowrap">13a-14</FONT> and Item 601 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Conformance with BGC Partners Financial Presentation</U>. All information provided by any Newmark Group member
to BGC Partners or filed with the SEC pursuant to Section&nbsp;7.01(c) and Section&nbsp;7.01(d) will be consistent in terms of format and detail and otherwise with BGC Partners&#146; policies with respect to the application of U.S. GAAP and
practices in effect on the IPO Closing Date with respect to the provision of such financial information by such Newmark Group member to BGC Partners, with such changes therein as may be required by U.S. GAAP or requested by BGC Partners from time to
time consistent with changes in such accounting principles and practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Budgets and Financial
Projections</U>. Newmark will, as promptly as practicable, deliver to BGC Partners copies of all annual budgets and periodic financial projections (consistent in terms of format and detail and otherwise required by BGC Partners) relating to Newmark
on a consolidated basis and will provide BGC Partners an opportunity to meet with management of Newmark to discuss such budgets and projections. Newmark will continue to provide to BGC Partners projections on a monthly basis consistent with past
practices, including income, cash flow and operating indicators, as well as capital expenditure detail on a quarterly basis. Such projections will be submitted electronically for inclusion in BGC Partners&#146; management reporting systems. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Information</U>. With reasonable promptness, Newmark
will deliver to BGC Partners such additional financial and other information and data with respect to the Newmark Group and its business, properties, financial positions, results of operations and prospects as from time to time may be reasonably
requested by BGC Partners. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Press Releases and Similar Information</U>. Newmark will consult with BGC
Partners as to the timing of Newmark&#146;s quarterly earnings releases and any interim financial guidance for a current or future period and will give BGC Partners the opportunity to review the information therein relating to the Newmark Group and
to comment thereon. BGC Partners and Newmark will make reasonable efforts to coordinate the issuance of their respective quarterly earnings releases, which are generally expected to occur within one (1)&nbsp;Business Day of each other. No later than
five (5)&nbsp;days prior to the time and date that Newmark intends to publish its regular quarterly earnings release or any financial guidance for a current or future period, Newmark will deliver to BGC Partners copies of drafts of all press
releases and other statements to be made available by any member of the Newmark Group to its employees or to the public concerning any matters that could be reasonably likely to have a material financial impact on the earnings, results of
operations, financial condition or prospects of any Newmark Group member. No later than four (4)&nbsp;hours prior to the time and date that Newmark intends to publish its regular quarterly earnings release or any financial guidance for a current or
future period, Newmark will deliver to BGC Partners copies of substantially final drafts of all press releases and other statements to be made available by any member of the Newmark Group to its employees or to the public concerning any matters that
could be reasonably likely to have a material financial impact on the earnings, results of operations, financial condition or prospects of any Newmark Group member. In addition, prior to the issuance of any such press release or public statement
that meets the criteria set forth in the preceding two sentences, Newmark will consult with BGC Partners regarding any changes (other than typographical or other similar minor changes) to such substantially final drafts. Immediately following the
issuance thereof, Newmark will deliver to BGC Partners copies of final drafts of all press releases and other public statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation on BGC Partners Filings</U>. Newmark will cooperate fully, and cause Newmark&#146;s independent
certified public accountants (&#147;<U>Newmark&#146;s Auditors</U>&#148;) to cooperate fully, with BGC Partners to the extent requested by BGC Partners in the preparation of BGC Partners&#146; public earnings or other press releases, Quarterly
Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> Annual Reports to Stockholders, Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> any Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and any other
proxy, information and registration statements, reports, notices, prospectuses and any other filings made by BGC Partners with the SEC, any national securities exchange or otherwise made publicly available (collectively, the &#147;<U>BGC Partners
Public Filings</U>&#148;). Newmark is responsible for the preparation of its financial statements in accordance with BGC Partners&#146; policies with respect to the application of U.S. GAAP and shall indemnify BGC Partners for any liabilities it
shall incur with respect to inaccuracy of such statements. As long as BGC Partners is required to consolidate the results of operations and financial position of Newmark in its financial statements, Newmark will continue to prepare the quarterly and
annual financial reporting analysis and provide support for financial statement footnotes and other information included in BGC Partners&#146; filings with the SEC. Such information and the timing thereof will be consistent with the BGC Partners
financial statement processes in place prior to the Closing. Newmark also agrees to provide to BGC Partners all other information that BGC Partners reasonably requests in connection with any BGC Partners Public Filings or that, in the judgment
</P>
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of BGC Partners&#146; legal department, is required to be disclosed or incorporated by reference therein under any Applicable Law. Newmark will provide such information in a timely manner on the
dates requested by BGC Partners (which may be earlier than the dates on which Newmark otherwise would be required hereunder to have such information available) to enable BGC Partners to prepare, print and release all BGC Partners Public Filings on
such dates as BGC Partners will determine but in no event later than as required by Applicable Law. Newmark will use its commercially reasonable efforts to cause Newmark&#146;s Auditors to consent to any reference to them as experts in any BGC
Partners Public Filings required under any Applicable Law. If and to the extent requested by BGC Partners, Newmark will diligently and promptly review all drafts of such BGC Partners Public Filings and prepare in a diligent and timely fashion any
portion of such BGC Partners Public Filing pertaining to Newmark. Newmark management&#146;s responsibility for reviewing such disclosures shall include a determination that such disclosures are complete and accurate and consistent with other public
filings or other disclosures which have been made by Newmark. Prior to any printing or public release of any BGC Partners Public Filing, an appropriate executive officer of Newmark will, if requested by BGC Partners, certify that the information
relating to any Newmark Group member in such BGC Partners Public Filing is accurate, true, complete and correct in all material respects. Unless required by Applicable Law, Newmark will not publicly release any financial or other information which
conflicts with the information with respect to any Newmark Group member that is included in any BGC Partners Public Filing without BGC Partners&#146; prior written consent. Prior to the release or filing thereof, BGC Partners will provide Newmark
with a draft of any portion of a BGC Partners Public Filing containing information relating to the Newmark Group and will give Newmark an opportunity to review such information and comment thereon; <U>provided</U> that BGC Partners will determine in
its sole discretion the final form and content of all BGC Partners Public Filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;Newmark&#146;s requirements
under this Section&nbsp;7.01 will continue until the reporting for all financial statement periods during which BGC Partners was required to consolidate the results of operations and financial position of Newmark and any other members of the Newmark
Group or to account for its investment in Newmark or any other member of the Newmark Group under the equity method of accounting (determined in accordance with U.S. GAAP consistently applied and consistent with SEC reporting requirements) has been
completed. For example, if Newmark ceases to be a consolidated subsidiary or equity method affiliate of BGC Partners on September&nbsp;30, Newmark&#146;s obligations with regard to information required for BGC Partners&#146; Annual Report Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31 will remain in effect until such Annual Report Form <FONT STYLE="white-space:nowrap">10-K</FONT> has been filed. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Covenants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;For so long as BGC Partners beneficially owns at least 50% of the total voting power of Newmark&#146;s outstanding
capital stock entitled to vote in the election of the Newmark Board: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Newmark will not (and will
cause the other members of the Newmark Group to not), without the prior written consent of BGC Partners (which BGC Partners may withhold in its sole discretion), take, or cause to be taken, directly or indirectly, any action, including making or
failing to make any election under the Law of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>

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any state, which has the effect, directly or indirectly, of restricting or limiting the ability of BGC Partners to freely sell, transfer, assign, pledge or otherwise dispose of shares of Newmark
Common Stock or would restrict or limit the rights of any transferee of BGC Partners as a holder of Newmark Common Stock. Without limiting the generality of the foregoing, Newmark will not (and will cause the other members of the Newmark Group to
not), without the prior written consent of BGC Partners (which BGC Partners may withhold in its sole discretion), take any action, or take any action to recommend to its stockholders any action, which would among other things, limit the legal rights
of, or deny any benefit to, BGC Partners as a Newmark stockholder either (A)&nbsp;solely as a result of the amount of Newmark Common Stock owned by BGC Partners or (B)&nbsp;in a manner not applicable to Newmark stockholders generally. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that BGC Partners is a party to any Contract that provides that certain actions or
inactions of Affiliates of BGC Partners (which for purposes of such Contract includes any member of the Newmark Group) may result in BGC Partners being in breach of or in default under such Contract and BGC Partners has advised Newmark of the
existence, and has furnished Newmark with copies, of such Contract (or the relevant portions thereof), Newmark will not take or fail to take, as applicable, and Newmark will cause the other members of the Newmark Group not to take or fail to take,
as applicable, any actions that reasonably could result in BGC Partners being in breach of or in default under any such Contract. The Parties acknowledge and agree that from time to time BGC Partners may in good faith (and not solely with the
intention of imposing restrictions on Newmark pursuant to this covenant) enter into additional Contracts or amendments to existing Contracts that provide that certain actions or inactions of Affiliates of BGC Partners (which may include members of
the Newmark Group) may result in BGC Partners being in breach of or in default under such Contracts. In such event, provided BGC Partners has notified Newmark of such additional Contracts or amendments to existing Contracts, Newmark will not
thereafter take or fail to take, as applicable, and Newmark will cause the other members of the Newmark Group not to take or fail to take, as applicable, any actions that reasonably could result in BGC Partners being in breach of or in default under
any such additional Contracts or amendments to existing Contracts. BGC Partners acknowledges and agrees that Newmark will not be deemed in breach of this Section&nbsp;7.02(a)(ii) to the extent that, prior to being notified by BGC Partners of an
additional Contract or an amendment to an existing Contract pursuant to this Section&nbsp;7.02(a)(ii), a Newmark Group member already has taken or failed to take one or more actions that would otherwise constitute a breach of this
Section&nbsp;7.02(a)(ii) had such action(s) or inaction(s) occurred after such notification, <U>provided</U> that Newmark does not, after notification by BGC Partners, take any further action or fail to take any action that contributes further to
such breach or default. Newmark agrees that any Information provided to it pursuant to this Section&nbsp;7.02(a)(ii) will constitute Covered Information of BGC Partners that is subject to Newmark&#146;s obligations under Section&nbsp;6.05. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Newmark will not (and will cause the other members of the Newmark Group to not), without the prior
written consent of BGC Partners (which BGC Partners may withhold in its sole discretion), directly or indirectly, (A)&nbsp;acquire any other businesses or assets or dispose of any of its own assets, in each case with an aggregate
</P>
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value for all such transactions in excess of $100&nbsp;million, or (B)&nbsp;acquire or agree to acquire any share, shares or other interest in any Person, whether by way of a purchase of stock or
securities, contributions to capital or otherwise, or the loaning of any funds to third parties, in each case, in excess of $100&nbsp;million in the aggregate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Newmark will not (and will cause the other members of the Newmark Group to not), without the prior
written consent of BGC Partners (which BGC Partners may withhold in its sole discretion), directly or indirectly, (A)&nbsp;incur any Indebtedness, other than, subject to clause (B)&nbsp;below, any Indebtedness in excess of $50&nbsp;million in the
aggregate, other than any Indebtedness incurred by Newmark or any member of the Newmark Group, some or all of the proceeds of which are used to repay the BGC <FONT STYLE="white-space:nowrap">Partners-BGC</FONT> U.S. Opco Other Debt Notes pursuant to
Section&nbsp;3.05, repay the Term Loan Credit Agreement or repay the Acquisition Term Loans under the Revolving Credit Agreement; or (B)&nbsp;incur any Indebtedness if the incurrence of such Indebtedness would cause BGC Partners to be in breach of
or in default under any Contract the existence of which BGC Partners has advised Newmark, or if the incurrence of such Indebtedness could be reasonably likely to adversely impact the credit rating of any commercial BGC Partners Indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;For so long as BGC Partners beneficially owns shares of Newmark capital stock constituting &#147;control&#148;
within the meaning of Section&nbsp;368(c) of the Code, without the prior written consent of BGC Partners (which it may withhold in its sole discretion): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Newmark will not issue any shares of Newmark capital stock or any rights, warrants or options to
acquire Newmark capital stock (including securities convertible into or exchangeable for Newmark capital stock), if after giving effect to such issuances and considering all of the shares of Newmark capital stock acquirable pursuant to such rights,
warrants and options to be outstanding on the date of such issuance (whether or not then exercisable), BGC Partners could, at any time prior to the Distribution, (A)&nbsp;beneficially own (x)&nbsp;less than 82% of the total voting power of the
outstanding shares of Newmark Common Stock entitled to vote in the election of the Newmark Board or (y)&nbsp;less than 82% of the outstanding shares of any class of Newmark capital stock not entitled to vote in the election of the Newmark Board, or
(B)&nbsp;otherwise fail to have &#147;control&#148; of Newmark within the meaning of Section&nbsp;368(c) of the Code; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Newmark will not issue any shares of Newmark capital stock in respect of any Newmark Holdings
Exchangeable Limited Partnership Interests; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Newmark will not, and will not permit any other
member of the Newmark Group to, take any action or fail to take any action that could reasonably be expected to prevent the Newmark Inc. Contribution and the Distribution from qualifying as a <FONT STYLE="white-space:nowrap">tax-free</FONT>
transaction to Newmark, BGC Partners and BGC Partners&#146; stockholders for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;For so long as BGC Partners beneficially owns shares of Newmark capital stock satisfying the stock ownership
requirements set forth in Section&nbsp;1504 of the Code, without the prior written consent of BGC Partners (which it may withhold in its sole discretion), </P>
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Newmark will not issue any shares of Newmark capital stock or any rights, warrants or options to acquire Newmark capital stock (including securities convertible into or exchangeable for Newmark
capital stock), if after giving effect to such issuances and considering all of the shares of Newmark capital stock acquirable pursuant to such rights, warrants and options to be outstanding on the date of such issuance (whether or not then
exercisable), BGC Partners could, at any time prior to the Distribution, (i)&nbsp;fail to beneficially own shares of Newmark capital stock satisfying the stock ownership requirements set forth in Section&nbsp;1504 of the Code or (ii)&nbsp;otherwise
not be permitted to treat any member of the Newmark Group as members of the &#147;affiliated group&#148; (within the meaning of Section&nbsp;1504 of the Code) of which BGC Partners is the common parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Auditors and Audits; Annual Financial Statements and Accounting</U>. Newmark agrees that, for so
long as BGC Partners is required to consolidate the results of operations and financial position of Newmark and any other members of the Newmark Group or to account for its investment in Newmark or any other member of the Newmark Group under the
equity method of accounting (determined in accordance with U.S. GAAP consistently applied and consistent with SEC reporting requirements): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Auditor</U>. No member of the Newmark Group shall change its independent auditors without BGC Partners&#146;
prior written consent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Audit Timing</U>. Newmark shall use its reasonable best efforts to enable
Newmark&#146;s Auditors to complete their audit such that they will date their opinion on Newmark&#146;s audited annual financial statements on the same date that BGC Partners&#146; independent certified public accountants (&#147;<U>BGC
Partners&#146; Auditors</U>&#148;) date their opinion on BGC Partners&#146; audited annual financial statements (the &#147;<U>BGC Partners Annual Statements</U>&#148;), and to enable BGC Partners to meet its timetable for the printing, filing and
public dissemination of the BGC Partners Annual Statements, all in accordance with Section&nbsp;7.01 and as required by Applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Information Needed by BGC Partners</U>. Newmark shall provide to BGC Partners and the BGC Partners&#146;
Auditors on a timely basis all information that BGC Partners reasonably requires to meet its schedule for the preparation, printing, filing, and public dissemination of the BGC Partners Annual Statements in accordance with Section&nbsp;7.01 and as
required by Applicable Law. Without limiting the generality of the foregoing, Newmark will provide all required financial information with respect to the Newmark Group to Newmark&#146;s Auditors in a sufficient and reasonable time and in sufficient
detail to permit Newmark&#146;s Auditors to take all steps and perform all reviews necessary to provide sufficient assistance to BGC Partners&#146; Auditors with respect to information to be included or contained in the BGC Partners Annual
Statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Access to Newmark Auditors</U>. Newmark shall authorize Newmark&#146;s Auditors to make
available to BGC Partners&#146; Auditors both the personnel who performed, or are performing, the annual audit of Newmark and work papers related to the annual audit of Newmark, in all cases within a reasonable time prior to Newmark&#146;s
Auditors&#146; opinion date, so that BGC Partners&#146; Auditors are able to perform the procedures they consider necessary to take responsibility for the work of Newmark&#146;s Auditors as it relates to BGC Partners&#146; Auditors&#146; report on
BGC Partners&#146; statements, all within sufficient time to enable BGC Partners to meet its timetable for the printing, filing and public dissemination of the BGC Partners Annual Statements. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Access to Records</U>. If BGC Partners determines in good
faith that there may be some inaccuracy in a Newmark Group member&#146;s financial statements or deficiency in a Newmark Group member&#146;s internal accounting controls or operations that could materially impact BGC Partners&#146; financial
statements, at BGC Partners&#146; request, Newmark will provide BGC Partners&#146; internal auditors with access to the Newmark Group&#146;s books and records so that BGC Partners may conduct reasonable audits relating to the financial statements
provided by Newmark under this Agreement as well as to the internal accounting controls and operations of the Newmark Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Changes</U>. Subject to Section&nbsp;7.01(g), Newmark will give BGC Partners as much prior notice as
reasonably practicable of any proposed determination of, or any significant changes in, Newmark&#146;s accounting estimates or accounting principles from those in effect on the IPO Closing Date. Newmark will consult with BGC Partners and, if
requested by BGC Partners, Newmark will consult with BGC Partners&#146; Auditors with respect thereto. Newmark will not make any such determination or changes without BGC Partners&#146; prior written consent if such a determination or a change would
be sufficiently material to be required to be disclosed in Newmark&#146;s or BGC Partners&#146; financial statements as filed with the SEC or otherwise publicly disclosed therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<U>Accounting Changes Requested by BGC Partners</U>. Notwithstanding Section&nbsp;7.01(f), Newmark will make any
changes in its accounting estimates or accounting principles that are requested by BGC Partners in order for Newmark&#146;s accounting practices and principles to be consistent with those of BGC Partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<U>Special Reports of Deficiencies or Violations</U>. Newmark will report in reasonable detail to BGC Partners the
following events or circumstances promptly after any executive officer of Newmark or any member of the Newmark Board becomes aware of such matter: (i)&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect Newmark&#146;s ability to record, process, summarize and report financial information; (ii)&nbsp;any fraud, whether or not material, that involves management or other
employees who have a significant role in Newmark&#146;s internal control over financial reporting; (iii)&nbsp;any illegal act within the meaning of Section&nbsp;10A(b) and (f)&nbsp;of the Exchange Act; and (iv)&nbsp;any report of a material
violation of Law that an attorney representing any member of the Newmark Group has formally made to any officers or directors of Newmark pursuant to the SEC&#146;s attorney conduct rules (17 C.F.R. Part 205). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Newmark&#146;s requirements under this Section&nbsp;7.03 will continue until the reporting for all financial
statement periods during which BGC Partners was required to consolidate the results of operations and financial position of Newmark and any other members of the Newmark Group or to account for its investment in Newmark or any other member of the
Newmark Group under the equity method of accounting (determined in accordance with U.S. GAAP consistently applied and consistent with SEC reporting requirements) has been completed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.04&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;During the period from the IPO Closing Date through the Distribution Date, BGC Partners will, subject to insurance
market conditions and other factors beyond BGC Partners&#146; control, maintain, for the protection of Newmark and the other members of the Newmark Group (to the extent such members of the Newmark Group do not maintain separate policies of
insurance), policies of insurance that are comparable to those maintained generally for BGC Partners and its Covered Subsidiaries during the same period. Newmark will promptly pay or reimburse BGC Partners, as the case may be, for all costs and
expenses associated therewith that are allocated by BGC Partners to Newmark and its Covered Subsidiaries in accordance with BGC Partners&#146; practice with respect to the Transferred Business as of the IPO Closing Date. To the extent BGC Partners
purchases a new type of insurance, or an amount or level of insurance not previously purchased by BGC Partners in order to protect, at least in part, Newmark or any of its Covered Subsidiaries, that portion of the costs and expenses of such
insurance attributable to Newmark or any of its Covered Subsidiaries, as determined in BGC Partners&#146; sole discretion, shall be reimbursed by Newmark. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners and Newmark agree to cooperate in good faith to provide for an orderly transition of insurance
coverage from the date hereof through the Distribution Date. In no event shall any member of the BGC Partners Group or any BGC Partners Inc. Indemnitee, BGC Holdings Indemnitee, BGC Opco Indemnitee have liability or obligation whatsoever to any
member of the Newmark Group in the event that any insurance policy or other contract or policy of insurance shall be terminated or otherwise cease to be in effect for any reason, shall be unavailable or inadequate to cover any Liability of any
member of the Newmark Group for any reason whatsoever or shall not be renewed or extended beyond the current expiration date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;From and after the Distribution Date, except as otherwise agreed between BGC Partners and Newmark, neither Newmark
nor any member of the Newmark Group shall have any rights to or under any of BGC Partners&#146; or its Affiliates&#146; insurance policies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;BGC Partners shall retain the exclusive right to control its insurance policies and programs, including the right
to exhaust, settle, release, commute, <FONT STYLE="white-space:nowrap">buy-back</FONT> or otherwise resolve disputes with respect to any of its insurance policies and programs and to amend, modify or waive any rights under any such insurance
policies and programs, notwithstanding whether any such policies or programs apply to any Transferred Liabilities and/or claims Newmark or any member of the Newmark Group has made or could make in the future, and no member of the Newmark Group
shall, without the prior written consent of BGC Partners, erode, exhaust, settle, release, commute, buyback or otherwise resolve disputes with BGC Partners&#146; insurers with respect to any of BGC Partners&#146; insurance policies and programs, or
amend, modify or waive any rights under any such insurance policies and programs. Newmark shall cooperate with BGC Partners and share such information as is reasonably necessary in order to permit BGC Partners to manage and conduct its insurance
matters as it deems appropriate. Neither BGC Partners nor any of the members of the BGC Partners Group shall have any obligation to secure extended reporting for any claims under any Liability policies of BGC Partners or any member of the BGC
Partners Group for any acts or omissions by any member of the Newmark Group incurred prior to the Distribution Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall not be considered as an attempted assignment
of any policy of insurance or as a contract of insurance and shall not be construed to waive any right or remedy of any member of the BGC Partners Group in respect of any insurance policy or any other contract or policy of insurance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Newmark does hereby, for itself and each other member of the Newmark Group, agree that no member of the BGC
Partners Group shall have any Liability whatsoever as a result of the insurance policies and practices of BGC Partners and the members of the BGC Partners Group as in effect at any time, including as a result of the level or scope of any such
insurance, the creditworthiness of any insurance carrier, the terms and conditions of any policy, the adequacy or timeliness of any notice to any insurance carrier with respect to any claim or potential claim or otherwise. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MUTUAL
RELEASES; INDEMNIFICATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Release of <FONT STYLE="white-space:nowrap">Pre-IPO</FONT>
Claims</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Newmark Group Release of BGC Partners Group. </I>Except as provided in Sections 8.01(c) and
8.01(d), effective as of the IPO Closing Date, Newmark does hereby, for itself and each other member of the Newmark Group, and their respective successors and assigns, remise, release and forever discharge (i)&nbsp;BGC Partners and the members of
the BGC Partners Group, and their respective successors and assigns, (ii)&nbsp;all Persons who at any time prior to the IPO Closing Date have been stockholders, directors, officers, agents, employees or leased employees of any member of the BGC
Partners Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, and (iii)&nbsp;all Persons who at any time prior to the IPO Closing Date are or have been
stockholders, directors, officers, agents or employees of a Transferred Entity and who are not, as of immediately following the IPO Closing Date, directors, officers or employees of Newmark or a member of the Newmark Group, in each case from:
(A)&nbsp;all Transferred Liabilities, (B)&nbsp;all Liabilities arising from or in connection with the transactions and all other activities to implement the Separation, the IPO or the Distribution and (C)&nbsp;all Liabilities arising from or in
connection with actions, inactions, events, omissions, conditions, facts or circumstances occurring or existing on or before the IPO Closing Date (whether or not such Liabilities cease being contingent, mature, become known, are asserted or
foreseen, or accrue, in each case before, on or before the IPO Closing Date), in each case to the extent relating to, arising out of or resulting from the Transferred Business, the Transferred Assets or the Transferred Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>BGC Partners Group Release of Newmark Group. </I>Except as provided in Sections 8.01(c) and 8.01(d), effective
as of the IPO Closing Date, BGC Partners does hereby, for itself and each other member of the BGC Partners Group and their respective successors and assigns, remise, release and forever discharge (i)&nbsp;Newmark and the members of the Newmark
Group, and their respective successors and assigns, and (ii)&nbsp;all Persons who at any time prior to the IPO Closing Date have been stockholders, directors, officers, agents, employees or leased employees of any member of the Newmark Group (in
each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, in each case </P>
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from: (A)&nbsp;all Excluded Liabilities, (B)&nbsp;all Liabilities arising from or in connection with the transactions and all other activities to implement the Separation, the IPO or the
Distribution and (C)&nbsp;all Liabilities arising from or in connection with actions, inactions, events, omissions, conditions, facts or circumstances occurring or existing on or before the IPO Closing Date (whether or not such Liabilities cease
being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, or before the IPO Closing Date), in each case to the extent relating to, arising out of or resulting from the Retained Business, the Excluded Assets or
the Excluded Liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations Not Affected. </I>Nothing contained in Section&nbsp;8.01(a) or
8.01(b) shall impair any right of any Person to enforce this Agreement, any Ancillary Agreement or any Contracts, arrangements, commitments or understandings that are specified in Section&nbsp;6.07(b) or the applicable Schedules thereto as not to
terminate as of the IPO Closing Date, in each case in accordance with its terms. Nothing contained in<BR> Section&nbsp;8.01(a) or 8.01(b) shall release any Person from: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any Liability provided in or resulting from any agreement among any members of the BGC Partners
Group or the Newmark Group that is specified in Section&nbsp;6.07(b) or the applicable Schedules thereto as not to terminate as of the IPO Closing Date, or any other Liability specified in Section&nbsp;6.07(b) as not to terminate as of the IPO
Closing Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;any Liability assumed, transferred, assigned or allocated to the Group of which
such Person is a member in accordance with, or any other Liability of any member of any Group under, this Agreement or any Ancillary Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;any Liability for the sale, lease, construction or receipt of goods, property or services
purchased, obtained or used in the ordinary course of business by a member of one Group from a member of the other Group prior to the IPO Closing Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;any Liability that the Parties may have with respect to indemnification or contribution pursuant to
this Agreement, any Ancillary Agreement or otherwise for claims brought against the Parties by Third Parties, which Liability shall be governed by the provisions of this Article VIII and, if applicable, the appropriate provisions of the Ancillary
Agreements; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;any Liability the release of which would result in the release of any Person
other than a Person released pursuant to this Section&nbsp;8.01. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, nothing contained in Section&nbsp;8.01(a) shall release any member of the
BGC Partners Group from honoring its existing obligations to indemnify any director, officer or employee of any member of the Newmark Group who was a director, officer or employee of any member of the BGC Partners Group on or prior to the IPO
Closing Date, to the extent such director, officer or employee becomes a named defendant in any Action with respect to which such director, officer or employee was entitled to such indemnification pursuant to such existing obligations; <U>it</U>
<U>being</U> <U>understood</U> that, if the underlying obligation giving rise to such Action is a Transferred Liability, the Newmark Group shall indemnify the BGC Partners Group for such Liability (including BGC Partners&#146; costs to indemnify the
director, officer or employee) in accordance with the provisions set forth in this Article VIII. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Claims. </I>Newmark shall not make, and shall not permit
any member of the Newmark Group to make, any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or any indemnification, against BGC Partners or any other member of the BGC Partners Group, or
any other Person released pursuant to Section&nbsp;8.01(a), with respect to any Liabilities released pursuant to Section&nbsp;8.01(a). BGC Partners shall not make, and shall not permit any other member of the BGC Partners Group to make, any claim or
demand, or commence any Action asserting any claim or demand, including any claim of contribution or any indemnification against Newmark or any other member of the Newmark Group, or any other Person released pursuant to Section&nbsp;8.01(b), with
respect to any Liabilities released pursuant to Section&nbsp;8.01(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Execution of Further Releases. </I>At
any time at or after the IPO Closing Date, at the request of any Party, the other Parties shall cause each member of its respective Group to execute and deliver releases reflecting the provisions of this Section&nbsp;8.01. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival of Agreements</U>. Except as expressly set forth in this Agreement or any Ancillary
Agreement, the covenants, representations and warranties contained in this Agreement and each Ancillary Agreement, and Liability for the breach of any obligations contained herein or therein, shall survive the Separation, the IPO and the
Distribution and shall remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by the BGC Opcos</U>.
From and after the Closing Date, the BGC Opcos shall indemnify, defend and hold harmless (a)&nbsp;the members of the Newmark Opco Group and each of their respective directors, officers, general partners, managers and employees (in their capacity as
directors, officers, general partners, managers and employees of the members of the Newmark Opco Group), and each of the heirs, executors, successors and permitted assigns of any of the foregoing (collectively, the &#147;<U>Newmark Opco
Indemnitees</U>&#148;), (b)&nbsp;the members of the Newmark Holdings Group and each of their respective directors, officers, general partners, managers and employees (in their capacity as directors, officers, general partners, managers and employees
of the members of the Newmark Holdings Group), and each of the heirs, executors, successors and permitted assigns of any of the foregoing (collectively, the &#147;<U>Newmark Holdings Indemnitees</U>&#148;), (c) the members of the Newmark Inc. Group
and each of their respective directors, officers, general partners, managers and employees (in their capacity as directors, officers, general partners, managers and employees of the members of the Newmark Inc. Group), and each of the heirs,
executors, successors and permitted assigns of any of the foregoing (collectively, the &#147;<U>Newmark Inc. Indemnitees</U>&#148;), (d) the members of the BGC Holdings Group and each of their respective directors, officers, general partners,
managers and employees (in their capacity as directors, officers, general partners, managers and employees of the members of the BGC Holdings Group), and each of the heirs, executors, successors, permitted assigns of any of the foregoing
(collectively, the &#147;<U>BGC Holdings Indemnitees</U>&#148;), (e) the members of the BGC Partners Inc. Group and each of their respective directors, officers, general partners, managers and employees (in their capacity as directors, officers,
general partners, managers and employees of the members of the BGC Partners Inc. Group), and each of the heirs, executors, successors and permitted assigns of any of the foregoing (collectively, the </P>

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&#147;<U>BGC Partners Inc. Indemnitees</U>&#148;) and (f)&nbsp;the members of the Cantor Group and each of their respective directors, officers, general partners, managers and employees (in their
capacity as directors, officers, general partners, managers and employees of the members of the Cantor Group), and each of the heirs, executors, successors and permitted assigns of any of the foregoing (collectively, the &#147;<U>Cantor
Indemnitees</U>&#148;), from and against any and all Indemnifiable Losses of such Persons to the extent relating to, arising out of or resulting from (without duplication): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any Excluded Liability; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;any failure of any member of the BGC Partners Group or any other Person to pay, perform or
otherwise promptly discharge any Excluded Liabilities in accordance with their terms, whether prior to, at or after the Effective Time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;any breach by any member of the BGC Partners Group of its covenants, obligations or agreements set
forth in this Agreement or any of the Ancillary Agreements, other than the Transition Services Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;except to the extent it relates to a Transferred Liability, any guarantee, indemnification or
contribution obligation, surety bond or other credit support agreement, arrangement, commitment or understanding for the benefit of any member of the BGC Partners Group by any member of the Newmark Group that survives following the Effective Time;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;any untrue statement or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the IPO Registration Statement or any Prospectus (including any amendments or supplements thereto), but only with respect
to statements made explicitly in the name of a member of the BGC Partners Group (which shall include the BGC Partners Board&#146;s reasons for the Separation) or specifically relating to the BGC Partners Group or the Retained Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by Newmark Opco</U>. From and after the Closing Date, Newmark Opco shall
indemnify, defend and hold harmless (a)&nbsp;the members of the BGC U.S. Opco Group and the members of the BGC Global Opco Group and each of their respective directors, officers, general partners, managers and employees (in their capacity as
directors, officers, general partners, managers and employees of the members of the BGC U.S. Opco Group and BGC Global Opco Group), and each of the heirs, executors, successors and permitted assigns of any of the foregoing (collectively, the
&#147;<U>BGC Opco Indemnitees</U>&#148;), (b)&nbsp;the BGC Holdings Indemnitees, (c)&nbsp;the BGC Partners Inc. Indemnitees, (d)&nbsp;the Newmark Holdings Indemnitees, (e)&nbsp;the Newmark Inc. Indemnitees and (f)&nbsp;the Cantor Indemnitees, from
and against any and all Indemnifiable Losses of such Persons to the extent relating to, arising out of or resulting from (without duplication): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;any Transferred Liability; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;any failure of any member of the Newmark Group
or any other Person to pay, perform or otherwise promptly discharge any Transferred Liabilities in accordance with their terms, whether prior to, at or after the Effective Time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;any breach by any member of the Newmark Group of its covenants, obligations or agreements set
forth in this Agreement or any of the Ancillary Agreements, other than the Transition Services Agreement and the Administrative Services Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;except to the extent it relates to an Excluded Liability, any guarantee, indemnification or
contribution obligation, surety bond or other credit support agreement, arrangement, commitment or understanding for the benefit of any member of the Newmark Group by any member of the BGC Partners Group that survives following the Effective Time;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;any untrue statement or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the IPO Registration Statement or any Prospectus (including any amendments or supplements thereto), other than with respect
to statements made explicitly in the name of a member of the BGC Partners Group (which shall include the BGC Partners Board&#146;s reasons for the Separation) or specifically relating to the BGC Partners Group or the Retained Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by Newmark</U>. From and after the Closing Date, Newmark shall indemnify, defend
and hold harmless the BGC Partners Inc. Indemnitees from and against any and all Indemnifiable Losses of such Persons to the extent relating to, arising out of or resulting from payments made to satisfy any guarantee by a member of the BGC Partners
Group to a third Person in respect of the Term Loan Credit Agreement or the Acquisition Term Loans under the Revolving Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by BGC Partners</U>. From and after the Closing Date, BGC Partners shall
indemnify, defend and hold harmless the Newmark Inc. Indemnitees from and against any and all Indemnifiable Losses of such Persons to the extent relating to, arising out of or resulting from payments made to satisfy any guarantee by a member of the
Newmark Group to a third Person in respect of borrowings under the Revolving Credit Agreement other than the Acquisition Term Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.07&nbsp;&nbsp;&nbsp;&nbsp;<U>Direct Claims</U>. Any Indemnitee entitled to indemnification under this Agreement may seek
indemnification for any Indemnifiable Loss that does not result from a Third-Party Claim by giving written notice to the indemnifying party, specifying the basis for and, if known, the aggregate amount of Indemnifiable Loss or a good faith estimate
thereof for which a claim is being made under this Article VIII. Written notice to such indemnifying party of the existence of such claim shall be given by the Indemnitee as promptly as practicable after the Indemnitee first receives notice of the
potential claim; <U>provided</U>, <U>however</U>, that any failure to provide such prompt notice of the event giving rise to such claim to the indemnifying party shall not affect the Indemnitee&#146;s right to indemnification pursuant to this
Article VIII or relieve the indemnifying party of its obligations under this Article VIII except to the extent that such failure </P>
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results in a lack of actual notice of the event giving rise to such claim to the indemnifying party and the indemnifying party actually incurs an incremental expense or otherwise has been
materially prejudiced as a result of such delay. Such indemnifying party shall have a period of thirty (30)&nbsp;days after the receipt of such notice within which to respond thereto. If such indemnifying party does not respond within such thirty <FONT
STYLE="white-space:nowrap">(30)-day</FONT> period, such specified claim shall be conclusively deemed a Liability of such indemnifying party under this Section&nbsp;8.07 or, in the case of any written notice in which the amount of the claim (or any
portion thereof) is estimated, on such later date when the amount of the claim (or such portion thereof) becomes finally determined. If such indemnifying party rejects such claim in whole or in part, such Indemnitee shall, subject to the provisions
of Article X, be free to pursue such remedies as may be available to such party as contemplated by this Agreement and the Ancillary Agreements, as applicable, without prejudice to its continuing rights to pursue indemnification or contribution
hereunder. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.08&nbsp;&nbsp;&nbsp;&nbsp;<U>Third-Party Claims</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;If an Indemnitee shall receive notice of the assertion by a Third Party of any claim, or of the commencement by any
Third Party of any Action, with respect to which an indemnifying party may be obligated to provide indemnification to such Indemnitee pursuant to this Article VIII (collectively, a &#147;<U>Third-Party Claim</U>&#148;), such Indemnitee shall give
such indemnifying party written notice thereof as promptly as practicable thereafter; <U>provided</U>, <U>however</U>, that any failure to provide such prompt notice of the event giving rise to such claim to the indemnifying party shall not affect
the Indemnitee&#146;s right to indemnification pursuant to this Article VIII or relieve the indemnifying party of its obligations under this Article VIII except to the extent that such failure results in a lack of actual notice of the event giving
rise to such claim to the indemnifying party and the indemnifying party actually incurs an incremental expense or otherwise has been materially prejudiced as a result of such delay. Any such notice shall describe the Third-Party Claim in reasonable
detail, including, if known, the amount of the Indemnifiable Loss for which indemnification may be available or a good faith estimate thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;An indemnifying party may elect (but is not required) to assume the defense of and defend, at such indemnifying
party&#146;s own expense and by such indemnifying party&#146;s own counsel, any Third-Party Claim. Within 30 days after the receipt of notice from an Indemnitee in accordance with Section&nbsp;8.08(a), the indemnifying party shall notify the
Indemnitee of its election whether the indemnifying party will assume responsibility for defending such Third-Party Claim, which election shall specify any reservations or exceptions. After notice from an indemnifying party to an Indemnitee of its
election to assume the defense of a Third-Party Claim, such Indemnitee shall have the right to participate in the defense, compromise or settlement thereof, but, as long as the indemnifying party pursues such defense, compromise or settlement with
reasonable diligence, the fees and expenses of such Indemnitee incurred in participating in such defense shall be paid by the Indemnitee. Notwithstanding the foregoing, the Indemnitee shall be entitled to engage one separate counsel of its own
choosing to participate in such defense, compromise or settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;If an indemnifying party elects not to
assume responsibility for defending a Third-Party Claim, or fails to notify an Indemnitee of its election as provided in Section&nbsp;8.08(b), such Indemnitee may defend such Third-Party Claim at the cost and expense of
</P>
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the indemnifying party; <U>provided</U>, <U>however</U>, that the indemnifying party may thereafter assume the defense of and defend such Third-Party Claim upon notice to the Indemnitee (but the
cost and expense of such Indemnitee in defending such Third-Party Claim incurred from the last day of the notice period under Section&nbsp;8.08(b) until such date as the indemnifying party shall assume the defense of such Third-Party Claim shall be
paid by the indemnifying party). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;If an indemnifying party elects not to assume responsibility for defending a
Third-Party Claim, or fails to notify an Indemnitee of its election as provided in Section&nbsp;8.08(b), and has not thereafter assumed such defense as provided in Section&nbsp;8.08(c), such Indemnitee shall have the right to settle or compromise
such Third-Party Claim, and any such settlement or compromise made or caused to be made of such Third-Party Claim in accordance with this Article VIII shall be binding on the indemnifying party, in the same manner as if a final judgment or decree
had been entered by a court of competent jurisdiction in the amount of such settlement or compromise. Notwithstanding the foregoing sentence, the Indemnitee shall not have the right to admit Liability on behalf of the indemnifying party and shall
not compromise or settle a Third-Party Claim without the express prior consent of the indemnifying party (not to be unreasonably withheld or delayed); <U>provided</U>, <U>however</U>, that such prior consent shall not be required in the case of any
such compromise or settlement if and only if the compromise or settlement includes, as part thereof, a full and unconditional release by the plaintiff or claimant of the Indemnitee and the indemnifying party from all Liability with respect to such
Third-Party Claim and does not require the indemnifying party to be subject to any <FONT STYLE="white-space:nowrap">non-monetary</FONT> remedy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The indemnifying party shall have the right to compromise or settle a Third-Party Claim the defense of which it
shall have assumed pursuant to Section&nbsp;8.08(b) or Section&nbsp;8.08(c) and any such settlement or compromise made or caused to be made of such Third-Party Claim in accordance with this Article VIII shall be binding on the Indemnitee, in the
same manner as if a final judgment or decree had been entered by a court of competent jurisdiction in the amount of such settlement or compromise. Notwithstanding the foregoing sentence, the indemnifying party shall not have the right to admit
Liability on behalf of the Indemnitee and shall not compromise or settle a Third-Party Claim in each case without the express prior consent of the Indemnitee (not to be unreasonably withheld or delayed); <U>provided</U>, <U>however</U>, that such
prior consent shall not be required in the case of any such compromise or settlement if and only if the compromise or settlement includes, as a part thereof, a full and unconditional release by the plaintiff or claimant of the Indemnitee from all
Liability with respect to such Third-Party Claim and does not require the Indemnitee to make any payment that is not fully indemnified under this Agreement or to be subject to any <FONT STYLE="white-space:nowrap">non-monetary</FONT> remedy. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.09&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification Obligations Net of Insurance Proceeds and Other Amounts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Parties intend that any Liability subject to indemnification or contribution pursuant to this Article VIII will
be net of Insurance Proceeds or other amounts actually recovered (net of any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs or expenses incurred in the collection thereof) from any Person by or on
behalf of the Indemnitee in respect of any Indemnifiable Loss. Accordingly, the amount which an indemnifying party is required to pay to any Indemnitee will be reduced by any Insurance Proceeds or other amounts actually recovered (net of any <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs or expenses incurred in the collection thereof) from any Person by or on behalf of </P>
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the Indemnitee in respect of the related Liability. If an Indemnitee receives a payment (an &#147;<U>Indemnity Payment</U>&#148;) required by this Agreement from an indemnifying party in respect
of any Liability and subsequently receives Insurance Proceeds or any other amounts in respect of the related Liability, then the Indemnitee will pay to the indemnifying party an amount equal to the excess of the Indemnity Payment received over the
amount of the Indemnity Payment that would have been due if the Insurance Proceeds or such other amounts (net of any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs or expenses incurred in the
collection thereof) had been received, realized or recovered before the Indemnity Payment was made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The
Parties agree that an insurer that would otherwise be obligated to pay any claim shall not be relieved of the responsibility with respect thereto or, solely by virtue of any provision contained in this Agreement or any Ancillary Agreement, have any
subrogation rights with respect thereto; <U>it</U> <U>being</U> <U>understood</U> that no insurer or any other third Person shall be entitled to a &#147;windfall&#148; (<I>i.e.</I>, a benefit they would not be entitled to receive in the absence of
the indemnification and contribution provisions hereof) by virtue of the indemnification and contribution provisions hereof. Each Party shall, and shall cause the members of its Group to, use commercially reasonable efforts (taking into account the
probability of success on the merits and the cost of expending such efforts, including attorneys&#146; fees and expenses) to collect or recover any Insurance Proceeds that may be collectible or recoverable respecting the Liabilities for which
indemnification or contribution may be available under this Article VIII. Notwithstanding the foregoing, an indemnifying party may not delay making any indemnification payment required under the terms of this Agreement, or otherwise satisfying any
indemnification obligation, pending the outcome of any Action to collect or recover Insurance Proceeds, and an Indemnitee need not attempt to collect any Insurance Proceeds prior to making a claim for indemnification or contribution or receiving any
Indemnity Payment otherwise owed to it under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Parties intend that any Liability subject to
indemnification or contribution pursuant to this Article VIII shall be (i)&nbsp;reduced to take into account the amount of any Tax benefit actually realized by the Indemnitee (or any of its Affiliates) as a result of incurring such Liability and
(ii)&nbsp;increased to take into account any net Taxes imposed on the receipt or accrual of an Indemnity Payment in respect of such Liability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Timing of Payments. </I>Indemnification or contribution payments in respect of any Liabilities for which an
Indemnitee is entitled to indemnification or contribution under this Article VIII shall be paid reasonably promptly (but in any event within thirty (30)&nbsp;days of the final determination of the amount that the Indemnitee is entitled to
indemnification or contribution under this Article VIII) by the indemnifying party to the Indemnitee as such Liabilities are incurred upon demand by the Indemnitee, including reasonably satisfactory documentation setting forth the basis for the
amount of such indemnification or contribution payment, including documentation with respect to calculations made and consideration of any Insurance Proceeds that actually reduce the amount of such Liabilities. The indemnification and contribution
provisions contained in this Article VIII shall remain operative and in full force and effect, regardless of (i)&nbsp;any investigation made by or on behalf of any Indemnitee and (ii)&nbsp;the knowledge by the Indemnitee of Liabilities for which it
might be entitled to indemnification hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Pursuit of Claims Against Third Parties. </I>If (i)&nbsp;a
Party incurs any Liability arising out of this Agreement or any Ancillary Agreement; (ii)&nbsp;an adequate legal or equitable remedy is not available for any reason against the other Parties to satisfy the Liability incurred by the incurring Party;
and (iii)&nbsp;a legal or equitable remedy may be available to the other Parties against a Third Party for such Liability, then the other Parties shall use their commercially reasonable efforts to cooperate with the incurring Party, at the incurring
Party&#146;s expense, to permit the incurring Party to obtain the benefits of such legal or equitable remedy against the Third Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Subrogation. </I>In the event of payment by or on behalf of any indemnifying party to any Indemnitee in
connection with any Third-Party Claim, such indemnifying party shall be subrogated to and shall stand in the place of such Indemnitee as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating
to such Third-Party Claim against any claimant or plaintiff asserting such Third-Party Claim or against any other Person. Such Indemnitee shall cooperate with such indemnifying party in a reasonable manner, and at the cost and expense of such
indemnifying party, in prosecuting any subrogated right, defense or claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Substitution. </I>In the event
of an Action in which the indemnifying party is not a named defendant, if either the Indemnitee or indemnifying party shall so request, the Parties shall use their commercially reasonable efforts to substitute the indemnifying party for the named
defendant. If such substitution or addition cannot be achieved for any reason or is not requested, the named defendant shall allow the indemnifying party to manage the Action as set forth in Section&nbsp;8.08 and this Section&nbsp;8.10, and the
indemnifying party shall fully indemnify the named defendant against all costs of defending the Action (including court costs, sanctions imposed by a court, attorneys&#146; fees, experts fees and all other external expenses), the costs of any
judgment or settlement and the cost of any interest or penalties relating to any judgment or settlement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Right of Contribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Contribution. </I>If any right of indemnification contained in this Article VIII is held unenforceable or is
unavailable for any reason, or is insufficient to hold harmless an Indemnitee in respect of any Liability for which such Indemnitee is entitled to indemnification hereunder, then the indemnifying party shall contribute to the amounts paid or payable
by the Indemnitees as a result of such Liability (or Actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the members of its Group, on the one hand, and the Indemnitees entitled
to contribution, on the other hand, as well as any other relevant equitable considerations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation of
Relative Fault. </I>Solely for purposes of determining relative fault pursuant to this Section&nbsp;8.11: (i)&nbsp;any fault associated with the business conducted with the Transferred Assets or Transferred Liabilities the transfer of which to the
Newmark Group is delayed in accordance with Section&nbsp;6.01(d) (except for the gross negligence or intentional </P>
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misconduct of a member of the BGC Partners Group), or with the ownership, operation or activities of the Transferred Business prior to the Effective Time, shall be deemed to be the fault of
Newmark and the other members of the Newmark Group, and no such fault shall be deemed to be the fault of BGC Partners or any other member of the BGC Partners Group; and (ii)&nbsp;any fault associated with the business conducted with Excluded Assets
or Excluded Liabilities the transfer of which to the BGC Partners Group is delayed in accordance with Section&nbsp;6.01(d) (except for the gross negligence or intentional misconduct of a member of the Newmark Group), or with the ownership, operation
or activities of the Retained Business prior to the Effective Time, shall be deemed to be the fault of BGC Partners and the other members of the BGC Partners Group, and no such fault shall be deemed to be the fault of Newmark or any other member of
the Newmark Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Mitigation</U>. Each Indemnitee claiming a right to indemnification shall
make commercially reasonable efforts to mitigate any claim or liability that such Indemnitee asserts under this Article VIII. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.13&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant Not to Sue</U>. Each Party hereby covenants and agrees that none of it, the members of
its Group or any Person claiming through it shall bring suit or otherwise assert any claim against any Indemnitee, or assert a defense against any claim asserted by any Indemnitee, before any court, arbitrator, mediator or administrative agency
anywhere in the world, alleging that: (a)&nbsp;the assumption of any Transferred Liabilities by a member of the Newmark Group on the terms and conditions set forth in this Agreement and the Ancillary Agreements is void or unenforceable for any
reason; (b)&nbsp;the retention or assumption of any Excluded Liabilities by a member of the BGC Partners Group on the terms and conditions set forth in this Agreement and the Ancillary Agreements is void or unenforceable for any reason; or
(c)&nbsp;the provisions of this Article VIII are void or unenforceable for any reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.14&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival of Indemnities</U>. The rights and obligations of each Party and their respective
Indemnitees under this Article VIII shall survive (a)&nbsp;the sale or other transfer by any Party or any member of its Group of any Assets or businesses or the assignment by it of any Liabilities; or (b)&nbsp;any merger, consolidation, business
combination, sale of all or substantially all of its Assets, restructuring, recapitalization, reorganization or similar transaction involving any Party or any member of its Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.15&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax Matters Coordination; Change in Indemnitors</U>. Notwithstanding anything to the contrary in
this Agreement, indemnification with respect to Taxes and Tax matters and the procedures relating thereto shall be governed by the Tax Matters Agreement and this <U>Article VIII</U> (other than <U>Section&nbsp;8.08(c)</U>) shall not apply with
respect thereto. In the case and to the extent of any conflict between the Tax Matters Agreement and this Agreement (whether under this <U>Article VIII</U> or otherwise) in relation to any matters addressed by the Tax Matters Agreement, the Tax
Matters Agreement shall control. In the event that any Indemnity Payment by an indemnifying party (or an obligation of an indemnifying party to make an Indemnity Payment) would result in adverse tax consequences to the Indemnitee (or any of its
Affiliates) that could be mitigated if an Affiliate of the indemnifying party were to pay (or were to be obligated to pay) such Indemnity Payment instead, the indemnifying party and the Indemnitee shall reasonably cooperate to substitute such
Affiliate as the indemnifying party. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYEE MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment of Newmark Employees</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Newmark Employees.</I> On or prior to the Distribution Effective Time, BGC Partners and Newmark will take all
actions reasonably required to ensure that each Newmark Employee is employed by or is a service provider of a member of the Newmark Group. From and after the Distribution Effective Time, each Newmark Employee shall continue to be an employee or
service provider, as applicable, of a member of the Newmark Group, unless such Newmark Employee&#146;s employment or services with the applicable member of the Newmark Group terminates for any reason prior to such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Shared Employees. </I>On or prior to the Distribution Date, unless otherwise required by one or both
Administrative Services Agreements, Cantor and BGC Partners will take all actions reasonably required to ensure that each Shared Employee is employed by or a service provider of a member of the Cantor Group. On and following the date on which such
Shared Employee is transferred to a member of the Cantor Group, for so long as the applicable Shared Employees continue to provide services to the BGC Partners Group and/or Newmark Group, as applicable, unless otherwise required by one or both
Administrative Services Agreements, (i)&nbsp;BGC Partners shall be responsible for the cost of services provided by Shared Employees to the BGC Partners Group and (ii)&nbsp;Newmark shall be responsible for the cost of services provided by Shared
Employees to the Newmark Group, and in each case, the amount of such costs shall be determined on the same basis as such Liabilities have historically been allocated to members of the BGC Partners Group and Newmark Group, as applicable, in the
ordinary course prior to the Distribution Date.&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Separation from Service. </I>A
Newmark Employee shall not be deemed to have terminated employment or services as of the Effective Time or the Distribution Effective Time for purposes of (i)&nbsp;determining eligibility for severance or any other termination payments or benefits
in connection with or in anticipation of the consummation of any transaction contemplated by this Agreement, except as may be required by applicable Law or (ii)&nbsp;the BGC LTIP, the BGC Participation Plan, the Newmark LTIP or the Newmark
Participation Plan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Equity Compensation Matters</U>. Upon the
Distribution, BGC Equity Awards that are outstanding under the BGC LTIP immediately prior to the Distribution (&#147;<U><FONT STYLE="white-space:nowrap">Pre-Distribution</FONT> BGC Equity Awards</U>&#148;) shall be adjusted in accordance with the
terms of the BGC LTIP, as follows: (a)&nbsp;such <FONT STYLE="white-space:nowrap">Pre-Distribution</FONT> BGC Equity Awards will be adjusted such that each holder of a <FONT STYLE="white-space:nowrap">Pre-Distribution</FONT> BGC Equity Award shall
continue to hold a BGC Equity Award covering BGC Class&nbsp;A Common Shares, but shall also receive a Newmark Equity Award covering Newmark Class&nbsp;A Common Shares on an &#147;as distributed basis&#148; in order to reflect the impact of the
Distribution on the <FONT STYLE="white-space:nowrap">Pre-Spin</FONT> BGC Equity Awards and (b)&nbsp;generally, the vesting and exercisability terms of such BGC Equity Awards will remain the same, although certain adjustments may be made as the
Compensation Committee of the BGC Partners Board shall approve. Newmark agrees to assume any portion of the <FONT STYLE="white-space:nowrap">Pre-Spin</FONT> BGC Equity Awards that are adjusted into Newmark Equity Awards by BGC Partners as described
in this Section&nbsp;9.02. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefit Plan Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Between the Effective Time and the Distribution Effective Time, the members of the Newmark Group shall continue to
be participating companies in the Cantor Benefit Plans and BGC Benefit Plans in which Newmark Employees and Former Newmark Employees participated immediately prior to the Effective Time. Newmark shall be responsible for the cost of the participation
of Newmark Employees and Former Newmark Employees in such Cantor Benefit Plans and BGC Benefit Plans, and such costs shall be determined and allocated to the Newmark Group (i)&nbsp;on the same basis as such costs were allocated to members of the
Newmark Group in the ordinary course of business prior to the Effective Time and (ii)&nbsp;otherwise to the same extent as applied to members of the Newmark Group in their capacity as participating employers under such arrangements prior to the
Effective Time.&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Article IX or as
mutually agreed in writing between Newmark and BGC Partners or Cantor, as of the Distribution Effective Time: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp; The members of the Newmark Group shall each cease to be participating companies in the BGC Benefit
Plans and BGC Partners and Newmark shall take all necessary action to effectuate such cessation as a participating company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The BGC Partners Group shall retain sponsorship of the BGC Benefit Plans and any trust or other
funding arrangement maintained with respect to such plans, including any assets held as of the Distribution Effective Time with respect to such plans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;The BGC Partners Group shall retain all Liabilities under the BGC Benefit Plans, subject to the
obligations of Newmark described in Section&nbsp;9.03(a). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;The members of the Newmark Group
shall assume sponsorship of the Newmark Benefit Plans any trust or funding arrangement maintained with respect to such plans, including any assets held as of the Effective Time with respect to such plans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;The members of the Newmark Group shall assume all Liabilities under any Newmark Benefit Plans. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04&nbsp;&nbsp;&nbsp;&nbsp;<U>401(k) Plan Matters</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;From the Effective Time and continuing until the Distribution Date, Newmark shall adopt, and shall participate in as
an adopting employer, the BGC 401(k) Plan for the benefit of Newmark Employees and Former Newmark Employees, and BGC Partners consents to such adoption and maintenance. Each of the Parties agrees and acknowledges that until the Distribution Date,
Newmark shall make timely direct contributions (including matching contributions) to the BGC 401(k) Plan on behalf of such Newmark Employees in accordance with the terms of the BGC 401(k) Plan and in accordance with (and no less promptly than) the
timing of contributions made by BGC Partners prior to the Effective Time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Distribution
Date, Newmark shall, subject to BGC Partners&#146; consent, either (i)&nbsp;establish the Newmark 401(k) Plan and the Newmark 401(k) Plan Trust or (ii)&nbsp;affirm that Newmark shall continue to participate in the BGC 401(k) Plan as an adopting
employer. If Newmark establishes the Newmark 401(k) Plan and Newmark 401(k) Plan Trust, as soon as practical following the establishment of the Newmark 401(k) Plan and the Newmark 401(k) Plan Trust, BGC Partners shall cause the accounts of the
Newmark Employees and Former Newmark Employees in the BGC 401(k) Plan to be transferred to the Newmark 401(k) Plan and the Newmark 401(k) Plan Trust in cash or such other assets as mutually agreed by BGC Partners and Newmark, and Newmark shall cause
the Newmark 401(k) Plan to assume and be solely responsible for all Liabilities under the Newmark 401(k) Plan relating to Newmark Employees and Former Newmark Employees whose accounts are transferred from the BGC 401(k) Plan. BGC Partners and
Newmark shall assume sole responsibility for ensuring that their respective 401(k) savings plans are maintained in compliance with applicable laws. If Newmark continues to participate in the BGC 401(k) Plan as an adopting employer,
Section&nbsp;9.04(a) shall remain in effect until the Parties agree that Newmark shall cease participation in the BGC 401(k) Plan as an adopting employer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Compensation Matters</U>. The BGC Partners Group, on the one hand, and the Newmark Group,
on the other hand, shall be responsible for all Liabilities with respect to any compensation and awards payable to BGC Employees, Former BGC Employees, Newmark Employees, Former Newmark Employees and Shared Employees, as applicable, for the
performance period in which the Effective Time occurs up until the Effective Time, with such Liabilities to be allocated between the BGC Partners Group, on the one hand, and the Newmark Group, on the other hand, in a proportion that is materially
consistent with the practices applied by the BGC Partners Group and Newmark Group with respect to such Persons prior to the Effective Time, all as previously disclosed in the BGC Partners Public Filings. On and following the Effective Time, the BGC
Partners Group and Newmark Group (as well as the Cantor Group, as applicable) shall determine, and be responsible for, their respective employees&#146; and service providers&#146; compensation, including short-term and long-term incentive awards.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06&nbsp;&nbsp;&nbsp;&nbsp;<U>Payroll Taxes</U>. The BGC Partners Group and the Newmark Group shall take such actions as
may be reasonably necessary or appropriate in order to minimize Liabilities related to payroll taxes after the Effective Time. The BGC Partners Group and the Newmark Group shall, respectively, each bear their responsibility for payroll tax
obligations and for the proper reporting to the appropriate Governmental Authorities of compensation earned by their respective employees and service providers after the Effective Time, including compensation related to equity awards and
compensatory partnership units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.07&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Sharing of Participant Information. </I>The Cantor Group, BGC Partners Group and Newmark Group shall share with
each other and their respective agents and vendors (without obtaining releases) all participant information necessary for the efficient and accurate administration of each of the Cantor Benefit Plans, Newmark Benefit Plans and BGC Benefit Plans. The
Parties and their respective authorized agents shall, subject to applicable laws, be given reasonable and timely access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the other Party, to the
extent necessary for such administration. Until the Distribution Date, all participant information shall be provided in the manner and medium applicable to participating companies in the Cantor Benefit Plans and BGC Benefit Plans generally, and
following the Distribution Date, all participant information shall be provided in a manner and medium as may be mutually agreed to by the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Compliance.</I> The parties shall, in connection with the actions taken pursuant to this Article IX,
cooperate in making any and all appropriate filings required under the Code, ERISA and any applicable securities laws, implementing all appropriate communications with participants, transferring appropriate records and taking all such other actions
as may be necessary and appropriate to implement the provisions of this Article IX in a timely manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Third Party Beneficiaries. </I>Without limiting Section&nbsp;11.04, this Article IX is solely for the benefit of
the Parties and is not intended to confer upon any other Persons any rights or remedies hereunder. Except as expressly provided in this Agreement, nothing in this Agreement shall preclude any member of the Cantor Group, BGC Partners Group or Newmark
Group, at any time, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Cantor Benefit Plan, BGC Benefit Plan, or Newmark Benefit Plan, as applicable, or any benefit under any such plans or
any trust, insurance policy or funding vehicle related to any such plans. This Article IX is not intended to confer on any individual any right to continued employment or services with any member of the Cantor Group, BGC Partners Group or Newmark
Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Fiduciary Matters. </I>It is acknowledged that actions required to be taken pursuant to this
Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other applicable law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith
determination that to do so would violate such a fiduciary duty or standard. Each Party shall be responsible for taking such actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities and shall fully release
and indemnify the other Party for any Liabilities caused by the failure to satisfy any such responsibility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Consents. </I>If any provision of this Article IX is dependent on the consent of any third party (such as a
vendor) and such consent is withheld, the Parties hereto shall use commercially reasonable efforts to implement the applicable provisions of this Agreement to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>

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full extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties hereto shall negotiate in good faith to implement
the provision in a mutually satisfactory manner. The phrase &#147;commercially reasonable efforts&#148; as used herein shall not be construed to require any Party to incur any <FONT STYLE="white-space:nowrap">non-routine</FONT> or unreasonable
expense or Liability or to waive any right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Affiliates. </I>Each of Cantor, BGC Partners and Newmark shall
cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this Agreement to be performed by another member of the Cantor Group, BGC Partners Group or Newmark Group, respectively. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMINATION
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination by Mutual Consent</U>. This Agreement may be terminated and the terms and
conditions of the Distribution may be amended, modified or abandoned at any time prior to the Distribution Date by the mutual consent of BGC Partners and Newmark. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Termination</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated by BGC Partners at any time, in its sole discretion, prior to the IPO Closing Date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Parties under Article IV (including the obligation to pursue or effect the
Distribution) may be terminated by BGC Partners if at any time the BGC Partners Board determines, in its sole discretion, that the Distribution is not in the best interests of BGC Partners or its stockholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Termination</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any termination of this Agreement prior to the IPO Closing Date, no Party (or any of its directors
or officers) shall have any Liability or further obligation to any other Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any
termination of this Agreement on or after the IPO Closing Date, only the provisions of Article IV shall terminate, and the other provisions of this Agreement and each Ancillary Agreement shall remain in full force and effect. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>. This Agreement, together with the Ancillary Agreements, shall constitute
the entire agreement among the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.02&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law; Consent to Jurisdiction</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the internal laws of the State of
Delaware, without regard to the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">conflicts-of-law</FONT></FONT> principles of such State. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the Delaware
Court of Chancery (and if the Delaware Court of Chancery shall be unavailable, any Delaware State court and the Federal court of the United States of America sitting in the State of Delaware) for the purposes of any suit, action or other proceeding
arising out of this Agreement or any transaction contemplated hereby (and agrees that no such action, suit or proceeding relating to this Agreement shall be brought by it or any member of its Group except in such courts). Each of the Parties further
agrees that, to the fullest extent permitted by Applicable Law, service of any process, summons, notice or document by U.S. registered mail to such Person&#146;s respective address set forth in Section&nbsp;11.05 shall be effective service of
process for any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each of the Parties hereto irrevocably and unconditionally waives
(and agrees not to plead or claim) any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement in the Delaware Court of Chancery (and if the Delaware Court of Chancery shall be unavailable, in any Delaware
State court or the Federal court of the United States of America sitting in the State of Delaware) or that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.03&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment and Modification</U>. This Agreement may be amended, modified or supplemented only by a
written agreement signed by all of the Parties; <U>provided</U> that, following the Distribution, (a)&nbsp;<U>Section&nbsp;6.10</U>, <U>Section&nbsp;6.11</U>, <U>Section&nbsp;6.13</U>, <U>Section&nbsp;6.14</U> and <U>Section&nbsp;6.15</U> may be
amended, modified or supplemented by a written instrument signed by each of the Newmark Entities and Cantor and (b)&nbsp;<U>Section&nbsp;6.12</U> may be amended, modified or supplemented by a written instrument signed by each of the BGC Entities and
Cantor. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.04&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors and Assigns; Third-Party Beneficiaries</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in any Ancillary Agreement, this Agreement and each Ancillary Agreement shall be binding upon
and inure to the benefit of the Parties and the parties thereto, respectively, and their respective successors, assigns and transferees, including binding upon any Person that will be a successor to a Party or party thereto, whether by merger,
consolidation or sale of all or substantially all of its assets. Except as set forth in any Ancillary Agreement, this Agreement and each Ancillary Agreement and any rights or obligations hereunder or thereunder may not be assigned or transferred
without the written consent of the other Parties hereto or other parties thereto, as applicable; <U>provided</U> that (a)&nbsp;Cantor may assign any of its rights or obligations hereunder or thereunder to another member of the Cantor Group or any
Person that will be a successor to any member of the Cantor Group, whether by merger, consolidation or sale of all or substantially all of its assets, and (b)&nbsp;BGC Partners may assign any of its rights or obligations hereunder or thereunder to
another member of the BGC Partners Group or any Person that will be a successor to any member of the BGC Partners Group, whether by merger, consolidation or sale of all or substantially all of its assets, in each of cases (a)&nbsp;and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>

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(b), without the written consent of the other Parties hereto or other parties thereto, as applicable. Nothing herein is intended to, or shall be construed to, prohibit any Party or any member of
its Group from being party to or undertaking a change of control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is solely for the benefit of
the Parties (including, for purposes of this Section&nbsp;11.04, Cantor) and is not intended to confer upon any other Persons any rights or remedies hereunder, except as expressly set forth herein (including the rights of the Indemnitees under
Article VIII). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.05&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All notices and other communications to be given to any Party
hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier, overnight delivery service or mailed by certified or registered mail, return receipt requested, with appropriate postage prepaid, or when
received in the form of a facsimile and shall be directed to the address set forth below (or at such other address or facsimile number as such Party shall designate by like notice): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If to BGC Partners, BGC Holdings or BGC U.S. Opco, to: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">BGC Partners, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">499 Park
Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York, New York 10022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax
No:&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="white-space:nowrap">(212)&nbsp;829-4708</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">and, if prior to the Effective Time, with a copy
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">51 West 52nd Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York,
New York 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: David K. Lam, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax No:&nbsp;&nbsp;&nbsp;&nbsp; (212) <FONT STYLE="white-space:nowrap">403-2000</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If to Newmark, Newmark Holdings or Newmark Opco, to: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Newmark Group, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">125 Park
Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York, New York 10017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax
No:&nbsp;&nbsp;&nbsp;&nbsp; (312) <FONT STYLE="white-space:nowrap">276-8715</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">and, if prior to the Effective Time, with a copy to:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">51 West 52nd Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York,
New York 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: David K. Lam, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax No:&nbsp;&nbsp;&nbsp;&nbsp; (212) <FONT STYLE="white-space:nowrap">403-2000</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If to Cantor, to: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Cantor Fitzgerald, L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">110
East 59th Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York, New York 10022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax
No:&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="white-space:nowrap">(212)&nbsp;829-4708</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">and, if prior to the Effective Time, with a copy
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">51 West 52nd Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York,
New York 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: David K. Lam, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax No:&nbsp;&nbsp;&nbsp;&nbsp; (212) <FONT STYLE="white-space:nowrap">403-2000</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand; when delivered by courier
or overnight delivery service; five (5)&nbsp;Business Days after being deposited in the certified or registered mail, return receipt requested, with appropriate postage prepaid; and when receipt is acknowledged or confirmed, if delivered by
facsimile. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.06&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.07&nbsp;&nbsp;&nbsp;&nbsp;<U>Waivers of Default</U>. Waiver by any Party of any default by any other Party of any provision
hereof or of any Ancillary Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of such other Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.08&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific Performance</U>. Subject to the provisions of Article VIII, in the event of any actual
or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement or any Ancillary Agreement, the Party or Parties that are, or are to be, thereby aggrieved shall have the right to specific performance and
injunctive or other equitable relief in respect of its or their rights under this Agreement or such Ancillary Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.
The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate
is waived. Any requirements for the securing or posting of any bond with such remedy are waived by each of the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.09&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. If any provision of this Agreement or any Ancillary Agreement or the
application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or thereof, or the application of such provision to Persons or circumstances
or in jurisdictions other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>

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than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination,
the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Publicity</U>. Prior to the Distribution Effective Time, each of Newmark and BGC Partners shall
consult with each other prior to issuing any press releases or otherwise making public statements with respect to the Separation, the IPO, the Distribution or any of the other transactions contemplated hereby or under any Ancillary Agreement and
prior to making any filings with any Governmental Authority with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Organizational Power</U>. Each BGC Entity represents, and each Newmark Entity represents, as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;each such Person has the requisite corporate or other entity power and authority and
has taken all corporate or other entity action necessary in order to execute, deliver and perform this Agreement and each Ancillary Agreement to which it is a party and to consummate the transactions contemplated hereby and thereby; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement and each Ancillary Agreement to which it is a party has been duly executed and
delivered by it and constitutes a valid and binding agreement of it enforceable in accordance with the terms thereof, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting
creditors&#146; rights generally and subject, as to enforceability, to general principles of equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations of Liability</U>. Notwithstanding anything in this Agreement to the contrary, but
without limiting any recovery expressly provided by Section&nbsp;8.02, no Party or any of its Affiliates shall be liable under this Agreement to any other Party for any Special Damages arising in connection with the transactions contemplated hereby
(other than to the extent awarded in an Action involving a Third-Party Claim). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.13&nbsp;&nbsp;&nbsp;&nbsp;<U>Force
Majeure</U>. No Party shall be deemed in default of this Agreement or, unless otherwise expressly provided therein, any Ancillary Agreement for any delay or failure to fulfill any obligation (other than a payment obligation) hereunder or thereunder
so long as and to the extent to which any delay or failure in the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure. In the event of any such excused delay, the time for
performance of such obligations (other than a payment obligation) shall be extended for a period equal to the time lost by reason of the delay. A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the
occurrence of any such event, (a)&nbsp;provide written notice to the other Parties of the nature and extent of any such Force Majeure condition; and (b)&nbsp;use commercially reasonable efforts to remove any such causes and resume performance under
this Agreement and the Ancillary Agreements, as applicable, as soon as reasonably practicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of page left intentionally
blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first
written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BGC PARTNERS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BGC HOLDINGS, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BGC GP, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its General
Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BGC PARTNERS, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BGC Holdings, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its General
Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NEWMARK GROUP, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chairman</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Amended and Restated Separation and Distribution Agreement] </I></P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NEWMARK HOLDINGS, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newmark GP, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its General
Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chairman</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NEWMARK PARTNERS, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newmark Holdings, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its General
Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chairman</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Solely for purposes of Sections 2.09, 6.10, 6.11, 6.12, 6.13, 6.14 and 6.15 and Article XIII and Article IX:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CANTOR FITZGERALD, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CF Group Management, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its Managing
General Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Amended and Restated Separation and Distribution Agreement] </I></P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Solely for purposes of Sections 6.11 and 6.12 and Article&nbsp;VIII:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BGC GLOBAL HOLDINGS, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BGC Global Holdings GP Limited</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">its Managing
Partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Howard W. Lutnick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Howard W. Lutnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Amended and Restated Separation and Distribution Agreement] </I></P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT M </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Potential Issuances with Respect to Terminated Partners</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of calculating the number of Newmark Holdings Units issued in the Partnership Division, the Parties had included 5,502,803
BGC Holdings Units in respect of Terminated Founding/Working Partners (each as defined in the BGC Holdings Limited Partnership Agreement) of BGC Holdings. These 5,502,803 BGC Holdings Units should have been excluded from the Unit count of BGC
Holdings as of the Partnership Division, including for purposes of calculating the number of Newmark Holdings Units that were issued in the Partnership Division.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 5,502,803 BGC Holdings Units should have been excluded because, as set forth in the BGC Holdings Partnership Agreement, these 5,502,803 BGC Holdings Units
were automatically <FONT STYLE="white-space:nowrap">re-acquired</FONT> by BGC Holdings upon Termination of the applicable Founding/Working Partners, and the BGC Opcos similarly reacquired from BGC Holdings an equivalent number of BGC U.S. Opco Units
and BGC Global Opco Units.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Parties had included 5,502,803 shares of BGC
Partners Common Stock (the &#147;<U>Terminated Partner Shares</U>&#148;) in the &#147;fully diluted share count&#148; of BGC Partners as of the Partnership Division because it is possible that, at a future date, such number of shares of BGC Partners
Common Stock could be issued to the terminated partners pursuant to their respective separation agreements. The Parties had also included 2,501,274 shares of Newmark Common Stock (which is equal to 5,502,803 <I>divided by</I> 2.2) in the &#147;fully
diluted share count&#148; of Newmark as of the Partnership Division because, if such Terminated Partner Shares are issued, then Newmark would issue such number of shares of Newmark Common Stock to either (1)&nbsp;BGC Partners, if such issuance
occurred prior to the Distribution (<I>i.e.</I>, the <FONT STYLE="white-space:nowrap">spin-off)</FONT> or (2)&nbsp;the terminated partner, if such issuance occurred after the Distribution.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consistent with intent of the parties as set forth in the IPO Registration Statement,
the Parties therefore agree that, unless they subsequently determine otherwise:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;5,502,803 BGC Holdings Units shall be removed from the BGC Holdings outstanding unit count as of
the Partnership Division;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;If BGC Partners issues any Terminated Partner Share pursuant to any separation agreement or
otherwise to such terminated partner prior to the Distribution (<I>i.e.</I>, the <FONT STYLE="white-space:nowrap">spin-off),</FONT> then:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Each BGC Opco shall issue one BGC U.S. Opco Unit and one BGC Global Opco Unit, as the case may be,
to BGC Partners for each such Terminated Partner Share; and</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Newmark Opco shall issue to BGC Partners a number of Newmark Opco Units equal to (i)&nbsp;the
Distribution Ratio as of immediately prior to such issuance, <I>divided by </I>(ii)&nbsp;the Exchange Ratio as of immediately prior to such issuance, for each such Terminated Partner Share.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;If BGC Partners issues any
Terminated Partner Share pursuant to any separation agreement or otherwise to such terminated partner after the Distribution (<I>i.e.</I>, the <FONT STYLE="white-space:nowrap">spin-off),</FONT> then:</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Each BGC Opco shall issue one
BGC U.S. Opco Unit and one BGC Global Opco Unit, as the case may be, to BGC Partners for each such Terminated Partner Share; and</P></TD></TR>
</TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Newmark shall be responsible for issuing to the Terminated Partner any shares
of Newmark Common Stock to which the Terminated Partner is entitled (<I>e.g.</I>, which may be equal to the number of Terminated Partner Shares <I>multiplied by </I>the Distribution Ratio as of the Record Date for the Distribution).</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:8.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Newmark Opco shall issue to
Newmark a number of Newmark Opco Units equal to the number of shares of Newmark Common Stock provided to such recipient, <I>divided by </I>the Exchange Ratio as of immediately prior to such issuance.</P></TD></TR>
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<TD VALIGN="top">Potential Issuances of BGC Partners Shares <U>Included</U> in Fully Diluted Share Count as of Partnership Division</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">If, as of immediately prior to the Partnership Division, BGC Partners had an obligation (contingent or otherwise) to issue or deliver, or otherwise earmarked for potential issuance or delivery, shares of BGC Partners Common Stock
following the Partnership Division (including the Terminated Partner Shares described above), and such shares of BGC Partners Common Stock were <U>included</U> in the fully diluted share count of BGC Partners as of the Partnership Division that was
included in the IPO prospectus, then the obligations of the BGC Opcos, on the one hand, and Newmark Opco, on the other hand, if any of such shares of BGC Partners Common Stock are delivered shall be the same as above with respect to terminated
partners whose units were included in the fully diluted share count of BGC Partners as of the Partnership Division.</TD></TR>
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<TD VALIGN="top">Potential Issuances of BGC Partners Shares <U>Not Included</U> in Fully Diluted Share Count as of Partnership Division</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If, prior to the Distribution (<I>i.e.</I>, the <FONT STYLE="white-space:nowrap">spin-off),</FONT> BGC Partners had an obligation
(contingent or otherwise) to issue or deliver, or otherwise earmarked for potential issuance or delivery, shares of BGC Partners Common Stock following the Partnership Division, and such shares of BGC Partners Common Stock were <U>not included</U>
in the fully diluted share count of BGC Partners as of the Partnership Division that was included in the IPO prospectus, then the BGC Opcos shall be responsible for obligations related to the financial services business, and Newmark Opco shall be
responsible for obligations related to the real estate services business. If BGC Partners issues or delivers any such share of BGC Partners Common Stock after the Partnership Division (each, an &#147;<U>Issued BGC Share</U>&#148;), then, unless
otherwise agreed between BGC Partners and Newmark, the following shall apply:</P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>I.
Issuances Prior to the Distribution</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A.</B><B><I> Financial Services
Obligation</I></B><B></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;If the Issued BGC Share was issued or delivered prior to the Distribution (<I>i.e.</I>, the <FONT
STYLE="white-space:nowrap">spin-off)</FONT> and was provided in satisfaction of an obligation of the <U>financial services business</U>, then:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Each BGC Opco shall issue one BGC U.S. Opco Unit and one BGC Global Opco Unit, as the case may be,
to BGC Partners for each Issued BGC Share; and</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;The BGC Opcos shall deliver to BGC Partners a number of Newmark Opco Units (or Newmark Holdings
Units) equal to (i)&nbsp;the Distribution Ratio as of immediately prior to such issuance, <I>divided by </I>(ii)&nbsp;the Exchange Ratio as of immediately prior to such issuance, for each Issued BGC Share.</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;As an alternative to BGC Opco delivering Newmark Opco or Newmark Holdings
Units to BGC Partners pursuant to the prior bullet, BGC Partners may purchase (a)&nbsp;from Newmark Opco a number of Newmark Opco Units equal to (i)&nbsp;the Distribution Ratio as of immediately prior to such issuance, <I>divided by
</I>(ii)&nbsp;the Exchange Ratio as of immediately prior to such issuance, for each share of BGC Partners Common Stock so issued, (b)&nbsp;from Newmark Holdings a number of Newmark Holdings Units equal to (i)&nbsp;the Distribution Ratio as of
immediately prior to such issuance, <I>divided by </I>(ii)&nbsp;the Exchange Ratio as of immediately prior to such issuance, for each share of BGC Partners Common Stock so issued and/or (c)&nbsp;from Newmark a number of shares of Newmark Common
Stock equal to the Distribution Ratio as of immediately prior to such issuance, for each share of BGC Partners Common Stock so issued, in each case using the Newmark Current Market Price or Newmark Per Unit Price as of immediately prior to such
issuance for purposes of calculating the value of such share or unit, respectively (<U>it</U> <U>being</U> <U>understood</U> that the parties could also determine to use the closing price of Newmark Class&nbsp;A Common Stock as of immediately prior
to such issuance for purposes of determining such values).</P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>B.</B><B><I> Real
Estate Obligation</I></B><B></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;If the Issued BGC Share was issued or delivered prior to the Distribution (<I>i.e.</I>, the <FONT
STYLE="white-space:nowrap">spin-off)</FONT> and was provided in satisfaction of an obligation of the <U>real estate business</U>, then:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Newmark Opco shall issue to BGC Partners a number of Newmark Opco Units (and/or Newmark shall
issue to BGC Partners a number of Newmark Common Stock and/or Newmark Holdings shall issue to BGC Partners a number of Newmark Holdings Units) that maintains the Distribution Ratio as of immediately prior to such issuance; and</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Newmark Opco shall pay to BGC
Partners an amount of cash equal to the number of Issued BGC Shares <I>multiplied by</I> the BGC Per Unit Price as of immediately prior to such issuance (<U>it</U> <U>being</U> <U>understood</U> that the parties could also determine to use the
closing price of BGC Class&nbsp;A Common Stock and Newmark Class&nbsp;A Common Stock as of immediately prior to such issuance for purposes of determining the BGC Per Unit Price as of immediately prior to such issuance).</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;As an alternative to Newmark
Opco paying to BGC Partners cash pursuant to the prior bullet, Newmark Opco may issue to BGC Partners a number of Newmark Opco Units equal to (a)&nbsp;the number of Issued BGC Shares <I>multiplied by</I> (b)&nbsp;the BGC Per Unit Price as of
immediately prior to such issuance<I> divided by</I> (c)&nbsp;the Newmark Per Unit Price as of immediately prior to such issuance (<U>it</U> <U>being</U> <U>understood</U> that the parties could also determine to use the closing price of BGC
Class&nbsp;A Common Stock and Newmark Class&nbsp;A Common Stock as of immediately prior to such issuance for purposes of determining the BGC Per Unit Price and the Newmark Per Unit Price as of immediately prior to such issuance).</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>II. Issuances After the Distribution</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A.</B><B><I> Financial Services Obligation</I></B><B></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;If the Issued BGC Share was issued or delivered after the Distribution (<I>i.e.</I>, the <FONT
STYLE="white-space:nowrap">spin-off)</FONT> and was provided in satisfaction of an obligation of the <U>financial services business</U>, then:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;In addition to the Issued BGC Shares that the recipient would have received prior to the
Distribution, BGC Partners shall issue additional shares of BGC Partners Common Stock and/or pay cash to the recipient, as it determines in its sole discretion, as compensation for the reduction in value of the BGC Partners Common Stock resulting
from the Distribution.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Each BGC Opco shall issue one BGC U.S. Opco Unit and one BGC Global Opco Unit, as the case may be,
to BGC Partners for each share of BGC Partners Common Stock issued to the recipient.</P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>B.</B><B><I> Real Estate Obligation</I></B><B></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;If the Issued BGC Share was issued or delivered after the Distribution (<I>i.e.</I>, the <FONT
STYLE="white-space:nowrap">spin-off)</FONT> and was provided in satisfaction of an obligation of the <U>real estate business</U>, then:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Newmark Opco shall pay to BGC Partners an amount of cash equal to the number of Issued BGC Shares
<I>multiplied by</I> the BGC Current Market Price as of immediately prior to such issuance (<U>it</U> <U>being</U> <U>understood</U> that the parties could also determine to use the closing price of BGC Class&nbsp;A Common Stock as of immediately
prior to such issuance for purposes of determining such values); and</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Newmark shall be responsible for issuing to the recipient any shares of Newmark Common Stock to
which the recipient is entitled (<I>e.g.</I>, which may be equal to the number of Issued BGC Shares <I>multiplied by </I>the Distribution Ratio as of the Record Date for the Distribution).</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:8.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;Newmark Opco shall issue to
Newmark a number of Newmark Opco Units equal to the number of shares of Newmark Common Stock provided to such recipient, <I>divided by </I>the Exchange Ratio as of immediately prior to such issuance.</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BGC Partners Announces Distribution Ratio for <FONT STYLE="white-space:nowrap">Spin-Off</FONT> of Newmark
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NEW YORK, NY &#150; November&nbsp;26, 2018 &#150; BGC Partners, Inc. (NASDAQ: BGCP) (&#147;BGC Partners&#148;, &#147;BGC&#148;, or the
&#147;Company&#148;), a leading global brokerage and financial technology company, today announced that it had determined the final distribution ratio relating to its previously announced distribution of all of the shares of Newmark Group, Inc.
(NASDAQ: NMRK) (&#147;Newmark&#148;) held by the Company to stockholders of BGC.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> The Company will distribute these Newmark shares through a special pro rata stock dividend (the <FONT
STYLE="white-space:nowrap">&#147;Spin-Off&#148;</FONT> or &#147;Distribution&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Spin-Off</FONT> will be
effective as of 12:01 a.m., New York City time, on November&nbsp;30, 2018 (the &#147;Distribution Date&#148;) to BGC stockholders of record as of the close of business on November&nbsp;23, 2018 (the &#147;Record Date&#148;). Based on the number of
shares of BGC common stock outstanding as of the close of business on the Record Date, stockholders of BGC Partners Class&nbsp;A common stock will receive 0.463895 of a share of Newmark Class&nbsp;A common stock in the Distribution for every one
share of BGC Partners Class&nbsp;A common stock held as of the Record Date.<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Following the <FONT STYLE="white-space:nowrap">Spin-Off,</FONT> BGC will no longer hold any shares of Newmark. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information Regarding the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> Transaction </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newmark&#146;s Class&nbsp;A common stock float will increase from approximately 23&nbsp;million shares to approximately 155 million shares as a result of the <FONT
STYLE="white-space:nowrap">Spin-Off.</FONT><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> The Newmark shares to be distributed will be delivered in book-entry form, and BGC Partners stockholders who hold their shares of BGC Class A common
stock through brokers or other nominees will have their shares of Newmark Class A common stock credited to their accounts by their brokers or other nominees. The <FONT STYLE="white-space:nowrap">Spin-Off</FONT> is intended to qualify as generally
tax free to BGC stockholders for U.S. federal income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On or about November&nbsp;26, 2018, BGC is sending an information statement detailing
the Distribution to its stockholders of record on the Record Date. BGC will post the information statement, along with an investor presentation discussing the Distribution, on its Investor Relations website at http://ir.bgcpartners.com. These
materials will also be available at http://ir.ngkf.com. The <FONT STYLE="white-space:nowrap">Spin-Off</FONT> is subject to certain conditions which are expected to be satisfied on or prior to the Distribution Date and described in the information
statement. No vote or action is required by BGC Partners stockholders in order to receive the distribution of shares of Newmark common stock in the Distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC, Cantor Fitzgerald&nbsp;&amp; Co. and BofA Merrill Lynch served as financial advisors to BGC in connection with the <FONT
STYLE="white-space:nowrap">Spin-Off,</FONT> while Wachtell, Lipton, Rosen&nbsp;&amp; Katz and Morgan, Lewis&nbsp;&amp; Bockius LLP served as legal advisors. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This includes the shares of Newmark Class&nbsp;A and Class&nbsp;B common stock owned by BGC, as well as the
shares of Newmark common stock into which the limited partnership units of Newmark Holdings, L.P. and Newmark Partners, L.P. owned by BGC were exchanged prior to and in connection with the <FONT STYLE="white-space:nowrap">Spin-Off.</FONT>
</P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The ratio of shares of Newmark Class&nbsp;B common stock distributed in the Distribution in respect of each
share of BGC Partners Class&nbsp;B common stock (which is not publicly traded) outstanding on the Record Date is identical. The distribution ratio was determined based on the respective number of shares of BGC Class&nbsp;A and Class&nbsp;B common
stock outstanding on the Record Date and the respective number of shares of Newmark Class&nbsp;A and Class&nbsp;B common stock to be held by the Company immediately prior to the effective time of the Distribution. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The float is defined as Class&nbsp;A common shares not owned by Cantor Fitzgerald, L.P. or its affiliates or by
the executive officers and directors of Newmark. BGC&#146;s stockholders will receive cash in lieu of any fraction of a share of Newmark common stock that they otherwise would have received. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About BGC Partners, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BGC Partners is a leading global brokerage and financial technology company. BGC owns GFI Group Inc., a leading intermediary and provider of trading
technologies and support services to the global OTC and listed markets. BGC&#146;s Financial Services offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities,
futures, and structured products. BGC provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services to a broad range of financial and <FONT
STYLE="white-space:nowrap">non-financial</FONT> institutions. Through brands including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial
instruments and markets. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BGC&#146;s customers include many of the world&#146;s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations,
and investment firms. BGC&#146;s Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol &#147;BGCP&#148;. BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please
visit http://www.bgcpartners.com. You can also follow BGC at https://twitter.com/bgcpartners, <FONT STYLE="white-space:nowrap">https://www.linkedin.com/company/bgc-partners</FONT> and/or http://ir.bgcpartners.com/Investors/default.aspx. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Newmark Group, Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newmark Group, Inc.
(&#147;Newmark Group&#148;) is a publicly traded company that, through subsidiaries, operates as a full-service commercial real estate services business with a complete suite of services and products for both owners and occupiers across the entire
commercial real estate industry. Under the Newmark Knight Frank name, the investor/owner services and products of Newmark Group&#146;s subsidiaries include capital markets (including investment sales), agency leasing, property management, valuation
and advisory, diligence and underwriting. Newmark Group&#146;s subsidiaries also offer government sponsored enterprise lending, loan servicing, debt and structured finance, and loan sales. Newmark Group&#146;s occupier services and products include
tenant representation, global corporate services, real estate management technology systems, workplace and occupancy strategy, consulting, project management, lease administration and facilities management. Newmark Group enhances these services and
products through innovative real estate technology solutions and data analytics designed to enable its clients to increase their efficiency and profits by optimizing their real estate portfolio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newmark Group has relationships with many of the world&#146;s largest commercial property owners, real estate developers and investors, as well as Fortune 500
and Forbes Global 2000 companies. Newmark Group&#146;s Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol &#147;NMRK&#148;. Newmark is a trademark/service mark and/or registered trademark/service mark of Newmark
Group and/or its affiliates. Knight Frank is a service mark of Knight Frank (Nominees) Limited. Find out more about Newmark at http://www.ngkf.com/, https://twitter.com/newmarkkf, https://www.linkedin.com/company/newmark-knight-frank/, and/or
http://ir.ngkf.com/investors/investors-home/default.aspx. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Discussion of Forward-Looking Statements about BGC and Newmark </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements in this document regarding BGC and Newmark that are not historical facts are &#147;forward-looking statements&#148; that involve risks and
uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, BGC and Newmark undertake no obligation to update any forward-looking statements. For a discussion of
additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC&#146;s and Newmark&#146;s Securities and Exchange Commission filings, including, but not limited to, the
risk factors set forth in these filings and any updates to such risk factors contained in subsequent <FONT STYLE="white-space:nowrap">Forms&nbsp;10-K,</FONT> <FONT STYLE="white-space:nowrap">Forms&nbsp;10-Q</FONT> or
<FONT STYLE="white-space:nowrap">Forms&nbsp;8-K.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Karen Laureano-Rikardsen </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">212-829-4975</FONT></FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Contacts: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ujjal Basu Roy (BGCP), Kelly Collar (NMRK), or Jason McGruder </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-610-2426</FONT></FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BGC PARTNERS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>499 PARK AVENUE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NEW
YORK, NY 10022 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">November&nbsp;26, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear BGC Partners Stockholder: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
November&nbsp;12, 2018, the board of directors of BGC Partners, Inc. declared a special stock dividend (which we refer to as the distribution) (i)&nbsp;to the holders of Class&nbsp;A common stock, par value $0.01 per share, of BGC Partners (which we
refer to as BGC Partners Class&nbsp;A common stock) of all of the shares of Class&nbsp;A common stock, par value $0.01 per share, of Newmark Group, Inc. (which we refer to as Newmark Class&nbsp;A common stock) that will be owned by BGC Partners as
of immediately prior to the effective time of the distribution on November&nbsp;30, 2018 (which we refer to as the distribution date) and (ii)&nbsp;to the holders of Class&nbsp;B common stock, par value $0.01 per share, of BGC Partners (which we
refer to as BGC Partners Class&nbsp;B common stock and, together with BGC Partners Class&nbsp;A common stock, BGC Partners common stock) of all of the shares of Class&nbsp;B common stock, par value $0.01 per share, of Newmark (which we refer to as
Newmark Class&nbsp;B common stock and, together with Newmark Class&nbsp;A common stock, Newmark common stock) that will be owned by BGC Partners as of immediately prior to the effective time of the distribution. BGC Partners expects to distribute
approximately 131.9 million shares of Newmark Class&nbsp;A common stock, which will represent approximately 85% of the outstanding shares of Newmark Class&nbsp;A common stock as of the distribution date, and approximately 21.3 million shares of
Newmark Class&nbsp;B common stock, which will represent 100% of the outstanding shares of Newmark Class&nbsp;B common stock as of the distribution date, all of which shares of Newmark Class B common stock are presently held by BGC Partners. These
shares of Newmark common stock collectively will represent approximately 94% of the total voting power of the outstanding Newmark common stock and approximately 87% of the total economics of the outstanding Newmark common stock as of the
distribution date. Following the distribution, BGC Partners will no longer hold any shares of Newmark common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The distribution will
be made on the distribution date by means of a <I>pro rata</I> dividend to holders of record of BGC Partners Class&nbsp;A common stock and BGC Partners Class&nbsp;B common stock, respectively, as of the close of business, New York City time, on
November&nbsp;23, 2018 (which we refer to as the record date). As of November&nbsp;23, 2018, there were approximately 284.3 million shares of BGC Partners Class&nbsp;A common stock and approximately 45.9 million shares of BGC Partners Class&nbsp;B
common stock outstanding. Accordingly, BGC Partners stockholders will receive 0.463895 of a share of Newmark Class&nbsp;A common stock for each share of BGC Partners Class&nbsp;A common stock held as of the record date and 0.463895 of a share of
Newmark Class&nbsp;B common stock for each share of BGC Partners Class&nbsp;B common stock held as of the record date. No fractional shares of Newmark common stock will be received by BGC Partners stockholders. Instead, BGC Partners stockholders
will receive a cash payment in lieu of any fractional share of Newmark common stock that they otherwise would have received, as described herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you sell your shares of BGC Partners common stock prior to or on the distribution date, you also may be selling your right to receive the
special stock dividend of shares of Newmark common stock. You are encouraged to consult your financial advisor regarding the specific implications of selling BGC Partners common stock or Newmark common stock prior to or on the distribution date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the distribution, shares of BGC Partners Class&nbsp;A common stock will continue to trade on the Nasdaq Global Select Market
under the symbol &#147;BGCP,&#148; and shares of Newmark Class&nbsp;A common stock will continue to trade on the Nasdaq Global Select Market under the symbol &#147;NMRK.&#148; You do not need to take any action to receive your shares of Newmark
common stock. Further, you do not need to pay any consideration for the shares of Newmark common stock that will be distributed to you or surrender or exchange your shares of BGC Partners common stock to receive the dividend of shares of Newmark
common stock. The distribution will not affect the number of shares of BGC Partners common stock that you hold. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The attached information statement provides you with important information concerning the
distribution, including (1)&nbsp;the material U.S. federal income tax treatment of the distribution, (2)&nbsp;how BGC Partners determined the number of shares of Newmark common stock that you will receive, (3)&nbsp;how fractional shares will be
treated, (4)&nbsp;a brief description of the background and business of Newmark and (5)&nbsp;how you can obtain additional information about these matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our board of directors, thank you for your continued interest in BGC Partners.<B><I> </I></B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Howard W. Lutnick</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chairman and Chief Executive Officer</P></TD></TR>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BGC PARTNERS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>499 PARK AVENUE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NEW
YORK, NY 10022 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Spin-Off</FONT> of Newmark Group, Inc. by BGC Partners, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>through the Distribution of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Newmark Group, Inc. Common Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In November 2016, BGC Partners formed NRE Delaware, Inc. as a wholly owned subsidiary. NRE Delaware, Inc. was renamed Newmark Group, Inc. in
October 2017. On December&nbsp;13, 2017 (which we refer to as the separation date), BGC Partners and its subsidiaries contributed substantially all of the assets and liabilities relating to its real estate services business to Newmark and its
subsidiaries (which we refer to as the contribution). As of the separation date, BGC Partners owned 100% of the outstanding shares of Newmark common stock. On December&nbsp;19, 2017, Newmark completed its initial public offering (which we refer to
as the IPO) of 20,000,000 shares of Newmark Class&nbsp;A common stock. On December&nbsp;26, 2017, Newmark completed the sale of an additional 3,000,000 shares of Newmark Class&nbsp;A common stock pursuant to the underwriters&#146; option to purchase
additional shares of Newmark Class&nbsp;A common stock, which was exercised in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;13, 2018, BGC Partners announced
that its board of directors had declared a special stock dividend (which we refer to as the distribution) to BGC Partners stockholders of all of the shares of Newmark Class&nbsp;A common stock and all of the shares of Newmark Class&nbsp;B common
stock that will be owned by BGC Partners as of immediately prior to the effective time of the distribution on November&nbsp;30, 2018 (which we refer to as the distribution date). BGC Partners expects to distribute approximately 131.9&nbsp;million
shares of Newmark Class&nbsp;A common stock, which will represent approximately 85% of the outstanding shares of Newmark Class&nbsp;A common stock as of the distribution date, and approximately 21.3&nbsp;million shares of Newmark Class&nbsp;B common
stock, which will represent 100% of the outstanding shares of Newmark Class&nbsp;B common stock as of the distribution date, all of which shares of Newmark Class&nbsp;B common stock are presently held by BGC Partners. These shares of Newmark common
stock collectively will represent approximately 94% of the total voting power of the outstanding Newmark common stock and approximately 87% of the total economics of the outstanding Newmark common stock as of the distribution date. Following the
distribution, BGC Partners will no longer hold any shares of Newmark common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are sending you this information statement in
connection with the distribution. In the distribution, which will be done on a <I>pro rata</I> basis through a special stock dividend, BGC Partners stockholders will receive 0.463895 of a share of Newmark Class&nbsp;A common stock for each
outstanding share of BGC Partners Class&nbsp;A common stock and 0.463895 of a share of Newmark Class&nbsp;B common stock for each outstanding share of BGC Partners Class&nbsp;B common stock, in each case, that they own as of the close of business,
New York City time, on November&nbsp;23, 2018 (which we refer to as the record date) subject to a cash payment in lieu of any fractional shares, as described below. The distribution will be made as of 12:01 a.m., New York City time, on the
distribution date, subject to satisfaction or waiver of the conditions described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you sell your shares of BGC Partners common
stock prior to or on the distribution date, you also may be selling your right to receive the special stock dividend of shares of Newmark common stock. You are encouraged to consult your financial advisor regarding the specific implications of
selling BGC Partners common stock or Newmark common stock prior to or on the distribution date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that the distribution
generally will be <FONT STYLE="white-space:nowrap">tax-free</FONT> to BGC Partners stockholders for U.S. federal income tax purposes. See &#147;Material U.S. Federal Income Tax Consequences&#148; below. You are urged to consult your own tax advisor
to determine the particular tax consequences of the distribution to you in your specific circumstances, including the applicability and effect of any federal, state, local and foreign tax laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No vote of BGC Partners stockholders is required in connection with the distribution.
Therefore, you are not required to take any action. We are sending you this information statement, which contains information about the terms of the distribution and Newmark, for your information only. BGC Partners stockholders of record on the
record date will receive account statements reflecting their ownership of shares of Newmark common stock. The Newmark common stock issued in the distribution will be in book-entry form. BGC Partners stockholders who hold their shares through
brokers, banks or other nominees will have their shares of Newmark common stock credited to their accounts by their brokers, banks or other nominees. For additional information, registered stockholders should contact BGC Partners&#146; transfer
agent, American Stock Transfer&nbsp;&amp; Trust Company, LLC at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-937-5449</FONT></FONT> (toll-free) or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-921-8317.</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the U.S. Securities and Exchange
Commission nor any state securities regulators, nor any foreign securities regulatory authority, has approved or disapproved of the shares of Newmark Class&nbsp;A common stock or Newmark Class&nbsp;B common stock to be issued to you pursuant to the
distribution or determined if this information statement is accurate or adequate. Any representation to the contrary is a criminal offense. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The date of this information statement is November&nbsp;26, 2018. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NEWMARK GROUP, INC. COMMON STOCK </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>I own shares of BGC Partners common stock. What will I receive as a result of the distribution?</B> BGC
Partners will distribute 0.463895 of a share of Newmark Class&nbsp;A common stock for each share of BGC Partners Class&nbsp;A common stock and 0.463895 of a share of Newmark Class&nbsp;B common stock for each share of BGC Partners Class&nbsp;B
common stock, respectively, in each case outstanding as of the record date for the distribution. The final distribution ratio with respect to shares of BGC Partners Class&nbsp;A common stock was calculated by dividing the approximately 131.9 million
shares of Newmark Class&nbsp;A common stock to be distributed by the number of shares of BGC Partners Class&nbsp;A common stock outstanding on the record date. The final distribution ratio with respect to shares of BGC Partners Class&nbsp;B common
stock was calculated by dividing the approximately 21.3 million shares of Newmark Class&nbsp;B common stock to be distributed by the number of shares of BGC Partners Class&nbsp;B common stock outstanding on the record date. You will receive a cash
payment in lieu of any fractional share which you are entitled to receive, as described below. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What is the record date for the distribution, and when will the distribution occur?</B> The record date is
November&nbsp;23, 2018, and ownership of shares of BGC Partners common stock on the record date is determined as of the close of business, New York City time, on that date. Shares of Newmark common stock will be distributed on November&nbsp;30,
2018. We refer to this date as the distribution date. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What do I have to do to participate in the distribution?</B> No action is required by BGC Partners
stockholders to receive their shares of Newmark common stock in the distribution. The distribution will be made on the distribution date on the basis of 0.463895 of a share of Newmark Class&nbsp;A common stock for each share of BGC Partners
Class&nbsp;A common stock and 0.463895 of a share of Newmark Class&nbsp;B common stock for each share of BGC Partners Class&nbsp;B common stock, respectively, in each case held as of the close of business, New York City time, on the record date,
subject to a cash payment in lieu of any fractional shares, as described below. You may also participate in the distribution if you purchase shares of BGC Partners Class&nbsp;A common stock in the &#147;regular way&#148; market following the record
date as described in question 4 below. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>If I sell my shares of BGC Partners Class</B><B></B><B>&nbsp;A common stock before the distribution date,
will I still be entitled to receive shares of Newmark Class</B><B></B><B>&nbsp;A common stock in the distribution?</B> From November&nbsp;20, 2018, two business days prior to the record date, and up to and including the distribution date, there will
be two markets in shares of BGC Partners Class&nbsp;A common stock and Newmark Class&nbsp;A common stock: (1)&nbsp;a &#147;regular way&#148; market and (2)&nbsp;a &#147;when-issued&#148; or
<FONT STYLE="white-space:nowrap">&#147;ex-distribution/when-issued</FONT> market&#148; market. Shares of BGC Partners Class&nbsp;A common stock that trade on the regular way market will carry an entitlement to the special stock dividend of shares of
Newmark Class&nbsp;A common stock. Therefore, if you own shares of BGC Partners Class&nbsp;A common stock and sell those shares on the regular way market prior to or on the distribution date, you will also be selling your right to receive the
special stock dividend of shares of Newmark Class&nbsp;A common stock. Shares of BGC Partners Class&nbsp;A common stock that trade on the when-issued market under the symbol &#147;BGCPV&#148; trade without the right to receive shares of Newmark
Class&nbsp;A common stock in the distribution. A when-issued market for the shares of Newmark Class&nbsp;A common stock to be distributed in the distribution commenced on November&nbsp;20, 2018 on the Nasdaq Global Select Market under the symbol
&#148;NMRKV.&#148; If you sell your shares of BGC Partners Class&nbsp;A common stock prior to or on the distribution date, you may also be selling your right to receive the special stock dividend of shares of Newmark Class&nbsp;A common stock. You
are encouraged to consult with your financial advisor regarding the specific implications of selling your shares of BGC Partners common stock or Newmark common stock prior to or on the distribution date. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>How will the distribution affect the number of shares of BGC Partners common stock I currently hold?</B> The
number of shares of BGC Partners common stock you hold will not be changed as a result of the distribution. On the distribution date, BGC Partners stockholders will receive 0.463895 of a share of Newmark Class&nbsp;A common stock for each share of
BGC Partners Class&nbsp;A common stock and 0.463895 of a share of Newmark Class&nbsp;B common stock for each share of BGC Partners Class&nbsp;B common stock, respectively, that they own as of the close of business, New York City time, on the record
date, except for cash in lieu of any fractional shares, as described below. While the number of shares of BGC Partners common stock you hold will not change as a result of the distribution, the market value of BGC Partners common stock will likely
adjust to reflect the distribution of Newmark common stock. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What are the U.S. federal income tax consequences of the distribution to holders of BGC Partners
Class</B><B></B><B>&nbsp;A common stock?</B> It is a condition to the distribution that BGC Partners receive an opinion from Wachtell, Lipton, Rosen&nbsp;&amp; Katz, outside counsel to BGC Partners, in form and substance acceptable to the board of
directors of BGC Partners, to the effect that the contribution and the distribution, taken together, will qualify as a &#147;reorganization&#148; under Sections 355(a) and 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (which we refer
to as the Code). Based on the receipt and accuracy of such opinion, except with respect to cash received in lieu of a fractional share of Newmark Class&nbsp;A common stock, generally no gain or loss will be recognized by a U.S. holder of BGC
Partners Class&nbsp;A common stock, and no amount will be included in such U.S. holder&#146;s income, upon the receipt of Newmark Class&nbsp;A common stock in the distribution for U.S. federal income tax purposes. U.S. holders of BGC Partners
Class&nbsp;A common stock will, however, recognize gain or loss for U.S. federal income tax purposes with respect to any cash received in lieu of a fractional share of Newmark&#146;s Class&nbsp;A common stock. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Holders of BGC Partners Class&nbsp;A common stock should consult their own tax advisors as to the particular consequences of the distribution
to them, including the applicability and effect of any U.S. federal, state and local tax laws, as well as any foreign tax laws. For more information regarding the potential U.S. federal income tax consequences of the distribution, see &#147;Material
U.S. Federal Income Tax Consequences&#148; below. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>When will I receive my shares of Newmark common stock? Will I receive a stock certificate for shares of
Newmark common stock distributed as a result of the distribution?</B> Registered holders of shares of BGC Partners common stock who are entitled to receive the distribution will receive a book-entry account statement reflecting their ownership of
shares of Newmark common stock. For additional information, registered stockholders should contact BGC Partners&#146; transfer agent, American Stock Transfer&nbsp;&amp; Trust Company, LLC, at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">800-937-5449</FONT></FONT> (toll-free) or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-921-8317.</FONT></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What if I hold my shares of BGC Partners common stock through a broker, bank or other nominee?</B> BGC
Partners stockholders who hold their shares of BGC Partners common stock through a broker, bank or other nominee will have their brokerage account credited with shares of Newmark common stock. For additional information, those stockholders should
contact their broker, bank or other nominee directly. Questions regarding the distribution can also be directed to BGC Partners&#146; transfer agent, American Stock Transfer&nbsp;&amp; Trust Company, LLC, at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">800-937-5449</FONT></FONT> (toll-free) or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-921-8317.</FONT></FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What if I have stock certificates reflecting my shares of BGC Partners common stock? Should I send them to
the transfer agent or to BGC Partners?</B> No, you should not send your stock certificates to the transfer agent or to BGC Partners. You should retain your BGC Partners stock certificates. No certificates representing your shares of Newmark common
stock will be mailed to you. Newmark common stock will be issued as uncertificated shares registered in book-entry form through the direct registration system. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>How will the distribution affect my BGC Partners restricted stock unit awards? </B>At the effective time of
the distribution, each outstanding, unvested BGC Partners restricted stock unit award (whether held by a BGC Partners employee or Newmark employee) will be converted into (i)&nbsp;a BGC Partners restricted stock unit award covering the same number
of shares of BGC Partners Class&nbsp;A common stock as immediately prior to the distribution and (ii)&nbsp;a Newmark restricted stock unit award covering a number of shares of Newmark Class&nbsp;A common stock equal to (a) 0.463895 multiplied by
(b)&nbsp;the number of shares of BGC Partners Class&nbsp;A common stock covered by such BGC Partners restricted stock unit award immediately prior to the distribution. Any fractional Newmark restricted stock units resulting from such conversion will
be rounded up to the nearest whole share of Newmark Class A common stock when, after aggregating all such Newmark restricted stock units held by such holder, such holder would otherwise receive a Newmark restricted stock unit relating to fractional
shares of Newmark Class A common stock. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Except as described in the immediately preceding sentence, following the
distribution, both the BGC Partners and Newmark restricted stock unit awards will have the same terms and conditions, including the same vesting periods, as the BGC Partners restricted stock unit awards had immediately prior to the distribution.<B>
</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Have BGC Partners and Newmark entered into any agreements in connection with the distribution?</B> In
connection with the IPO of Newmark Class&nbsp;A common stock completed on December&nbsp;19, 2017, BGC Partners, Newmark, Cantor Fitzgerald, L.P. and certain of their respective affiliates entered into certain agreements governing the allocation of
assets and liabilities and the ongoing relationships between these parties following the IPO and in anticipation of the distribution. These agreements include a separation and distribution agreement (which agreement, as it may be amended from time
to time, we refer to as the separation agreement), a registration rights agreement, a transition services agreement, an administrative services agreement, a tax matters agreement, a tax receivable agreement and an exchange agreement, copies of which
were filed as exhibits to BGC Partners&#146; Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> on December&nbsp;19, 2017. The separation agreement was amended and restated on November 23, 2018, and a copy of the amended and restated
separation agreement will be attached as an exhibit to BGC Partners&#146; Current Report on Form 8-K, which is expected to be filed on or about November 26, 2018. We refer to these agreements as the separation-related agreements.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION ABOUT THE DISTRIBUTION </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Distribution </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;12,
2018, BGC Partners&#146; board of directors approved the distribution to BGC Partners stockholders of the shares of Newmark common stock held by BGC Partners. To effect the distribution, BGC Partners&#146; board of directors declared a special
dividend consisting of 0.463895 of a share of Newmark Class&nbsp;A common stock for each share of BGC Partners Class&nbsp;A common stock held as of the record date and 0.463895 of a share of Newmark Class&nbsp;B common stock for each share of BGC
Partners Class&nbsp;B common stock held as of the record date. On the distribution date, subject to the satisfaction or waiver of the remaining conditions described below under &#147;Conditions to the Distribution&#148;, BGC Partners will
distribute, on a <I>pro rata</I> basis, all of the shares of Newmark Class&nbsp;A common stock that it will own as of immediately prior to the effective time of the distribution to the holders of BGC Partners Class&nbsp;A common stock and all of the
shares of Newmark Class&nbsp;B common stock that it will own as of immediately prior to the effective time of the distribution to the holders of BGC Partners Class&nbsp;B common stock, respectively, as a dividend. BGC Partners expects to distribute
approximately 131.9 million shares of Newmark Class&nbsp;A common stock, which will represent approximately 85% of the outstanding shares of Newmark Class&nbsp;A common stock as of the distribution date, and approximately 21.3&nbsp;million shares of
Newmark Class&nbsp;B common stock, which will represent 100% of the outstanding shares of Newmark Class&nbsp;B common stock as of the distribution date. These shares of Newmark common stock collectively will represent approximately 94% of the total
voting power of Newmark common stock and approximately 87% of the total economics of Newmark common stock as of the distribution date. As a result of the distribution, BGC Partners will no longer hold any shares of Newmark common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the distribution date, holders of shares of BGC Partners Class&nbsp;A common stock will be entitled to receive 0.463895 of a share of
Newmark Class&nbsp;A common stock as a dividend on each outstanding share of BGC Partners Class&nbsp;A common stock and holders of shares of BGC Partners Class&nbsp;B common stock will be entitled to receive 0.463895 of a share of Newmark
Class&nbsp;B common stock as a dividend on each outstanding share of BGC Partners Class&nbsp;B common stock, in each case, that they own as of the close of business, New York City time, on November&nbsp;23, 2018, the record date for the
distribution, subject to a cash payment in lieu of any fractional shares, as described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You will not be required to pay any cash or
other consideration for the shares of Newmark common stock that will be distributed to you or to surrender or exchange your shares of BGC Partners common stock to receive the dividend of shares of Newmark common stock. The distribution will not
affect the number of shares of BGC Partners common stock that you hold. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conditions to the Distribution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The distribution is subject to the satisfaction or waiver by BGC Partners in its sole discretion of the conditions set forth in the separation
agreement, including the following outstanding conditions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BGC Partners&#146; receipt of an opinion from Wachtell, Lipton, Rosen&nbsp;&amp; Katz, outside counsel to BGC
Partners, satisfactory to the board of directors of BGC Partners, to the effect that the contribution and the distribution, taken together, will qualify as a &#147;reorganization&#148; under Sections 355(a) and 368(a)(1)(D) of the Code;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all governmental approvals necessary to consummate the distribution remaining in full force and effect;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">no order, injunction or decree issued by any court or agency of competent jurisdiction or other legal restraint
or prohibition preventing consummation of the distribution or any of the related transactions being in effect, and no other event outside the control of BGC Partners having occurred or failed to occur that prevents the consummation of the
distribution or any of the related transactions; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">no other events or developments having occurred subsequent to the completion of the IPO that, in the judgment of
the board of directors of BGC Partners, would result in the distribution not being in the best interest of BGC Partners or its stockholders. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reasons for the Distribution </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe
that the separation of BGC Partners and Newmark and the distribution will provide significant benefits, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The separation of BGC Partners and Newmark and the distribution will facilitate employee hiring, retention and
motivation at each of BGC Partners and Newmark by providing leadership opportunities that would not exist in the combined structure, by giving Newmark management and other employees a greater sense of control of Newmark&#146;s business and by more
closely aligning employees&#146; prospects with those of the businesses for which they work. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The separation of BGC Partners and Newmark and the distribution will allow each of BGC Partners and Newmark to
operate its respective business without the distractions of the other company&#146;s business. We expect the separation and distribution will free up time and human resources and enable BGC Partners&#146; senior management to focus on BGC
Partners&#146; other businesses without distraction from the responsibility to devote time and attention to Newmark&#146;s business, while permitting Newmark&#146;s management team to focus solely on Newmark&#146;s strategic initiatives and future
growth. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">After the separation of BGC Partners and Newmark and the distribution, we expect Newmark will be able to make
investments in its future growth without regard to the goals of BGC Partners&#146; other businesses. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">As a separate entity, Newmark will have a better, more focused story and a track record of growth to present to
investors, thereby facilitating Newmark&#146;s ability to raise equity capital. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The separation of BGC Partners and Newmark and the distribution will provide Newmark with direct access to the
capital markets and will facilitate Newmark&#146;s ability to effect future acquisitions utilizing its Class&nbsp;A common stock, which will become a more effective acquisition currency because equity markets tend to value higher, and we believe
sellers prefer to receive, equity in &#147;pure play&#148; companies. As a result, Newmark will have more flexibility to capitalize on its unique growth opportunities. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Number of Shares You Will Receive </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC Partners expects to distribute (i) approximately 131.9 million shares of Newmark Class&nbsp;A common stock <I>pro rata</I> to holders of
BGC Partners Class&nbsp;A common stock as of the record date, and (ii) approximately 21.3 million shares of Newmark Class&nbsp;B common stock <I>pro rata</I> to holders of BGC Partners Class&nbsp;B common stock as of the record date. As of the
record date, there were approximately 284.3 million shares of BGC Partners Class&nbsp;A common stock and approximately 45.9 million shares of BGC Partners Class&nbsp;B common stock outstanding. Accordingly, BGC Partners stockholders will receive
0.463895 of a share of Newmark Class&nbsp;A common stock for each share of BGC Partners Class&nbsp;A common stock held as of the record date and 0.463895 of a share of Newmark Class&nbsp;B common stock for each share of BGC Partners Class&nbsp;B
common stock held as of the record date, in each case subject to a cash payment in lieu of any fractional shares, as described below. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The shares of Newmark common stock to be distributed in the distribution will be fully paid
and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and have no preemptive rights. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trading Prior to or on the Distribution Date </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Beginning on November&nbsp;20, 2018, two business days prior to the record date and continuing through the close of trading on the Nasdaq
Global Select Market on the distribution date, the following markets will exist in BGC Partners Class&nbsp;A common stock and Newmark Class&nbsp;A common stock (each of which will be traded on the Nasdaq Global Select Market): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BGC Partners Class&nbsp;A common stock &#147;regular way&#148; market (NASDAQ: BGCP): Shares of BGC Partners
Class&nbsp;A common stock that trade in the &#147;regular way&#148; market will trade with &#147;due bills,&#148; which are entitlements to shares of Newmark Class&nbsp;A common stock to be distributed pursuant to the distribution. Any holders of
shares of BGC Partners Class&nbsp;A common stock who sell shares of BGC Partners Class&nbsp;A common stock outstanding as of the record date the &#147;regular way&#148; prior to or on the distribution date will also be selling their right to receive
shares of Newmark Class&nbsp;A common stock in the distribution in respect of those shares of BGC Partners Class&nbsp;A common stock. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BGC Partners Class&nbsp;A common stock <FONT STYLE="white-space:nowrap">&#147;ex-distribution/when</FONT>
issued&#148; market (NASDAQ: BGCPV): Shares of BGC Partners Class&nbsp;A common stock that trade in the <FONT STYLE="white-space:nowrap">&#147;ex-distribution/when-issued&#148;</FONT> market will trade without an entitlement to shares of Newmark
Class&nbsp;A common stock to be distributed pursuant to the distribution. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Newmark Class&nbsp;A common stock &#147;regular way&#148; market (NASDAQ: NMRK): The &#147;regular way&#148;
market is the same market for Newmark Class&nbsp;A common stock that has been in existence since Newmark completed its initial public offering in December 2017. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Newmark Class&nbsp;A common stock &#147;when-issued&#148; market (NASDAQ: NMRKV): The &#147;when-issued&#148;
market for Newmark Class&nbsp;A common stock relates to the shares of Newmark Class&nbsp;A common stock that will be distributed to BGC Partners stockholders in the distribution. Therefore, if a stockholder is entitled to receive shares of Newmark
Class&nbsp;A common stock in the distribution, such stockholder may trade the entitlement to such shares of Newmark Class&nbsp;A common stock, without the corresponding shares of BGC Partners Class&nbsp;A common stock owned by such stockholder, in
the Newmark Class&nbsp;A common stock &#147;when-issued&#148; market. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All trades in the &#147;regular way&#148; markets
will settle on the second trading day after the trade date. The &#147;due bills&#148; will settle on the second trading day after the distribution date. All trades in the
<FONT STYLE="white-space:nowrap">&#147;ex-distribution/when-issued&#148;</FONT> and &#147;when-issued&#148; markets will settle on the third trading day after the distribution date, irrespective of the trade date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Newmark Class&nbsp;A common stock currently trades on the Nasdaq Global Select Market under the symbol &#147;NMRK.&#148; Newmark Class&nbsp;B
common stock is not listed on the Nasdaq Global Select Market or any other stock exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC Partners Class&nbsp;A common stock
currently trades on the Nasdaq Global Select Market under the symbol &#147;BGCP.&#148; BGC Partners Class&nbsp;B common stock is not listed on the Nasdaq Global Select Market or any other stock exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are encouraged to consult with your financial advisor regarding the specific implications of selling your shares of BGC Partners common
stock or Newmark common stock prior to or on the distribution date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transferability of Shares You Receive </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The shares of Newmark Class&nbsp;A common stock distributed to BGC Partners stockholders in the distribution will be freely transferable,
except for shares received by persons who may be deemed to be &#147;affiliates&#148; of Newmark under the U.S. Securities Act of 1933, as amended (which we refer to as the Securities Act) or shares that are subject to a contractual or other
restriction on transfer. Persons who may be deemed to be affiliates after the distribution </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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generally include individuals or entities that control, are controlled by, or are under common control with, Newmark, and include its directors, certain of its officers, and significant
stockholders. Newmark affiliates will be permitted to sell their shares of Newmark common stock only pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements of the Securities Act,
such as the exemption afforded by the provisions of Rule 144 thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is no public market for the shares of Newmark Class&nbsp;B
common stock to be distributed to BGC Partners stockholders in the distribution. Newmark&#146;s amended and restated certificate of incorporation provides that each share of Newmark Class&nbsp;B common stock is convertible at any time, at the option
of the holder, into one share of Newmark Class&nbsp;A common stock.&nbsp;See &#147;Information About Newmark Capital Stock&#148; below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>When and How
You Will Receive the Distribution of the Special Stock Dividend </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BGC Partners will pay the special stock dividend on the distribution
date by releasing its shares of Newmark Class&nbsp;A common stock and Newmark Class&nbsp;B common stock for distribution by American Stock Transfer&nbsp;&amp; Trust Company, LLC, the distribution agent for the distribution. The distribution agent
will cause the shares of Newmark common stock to which you are entitled to be registered in your name or, in the case of Newmark Class&nbsp;A common stock distributed to you in respect of BGC Partners Class&nbsp;A common stock held by you in
&#147;street name&#148;, in the &#147;street name&#148; of your bank or brokerage firm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Registered Holders</I>. If you are the
registered holder of shares of BGC Partners common stock and hold your shares of BGC Partners common stock either in physical form (as certificated shares) or in book-entry form, the shares of Newmark common stock distributed to you will be
registered in your name and you will become the holder of record of that number of shares of Newmark common stock. As described below under &#147;&#151;<I>Direct Registration System</I>&#148;, shares of Newmark common stock will be issued as
uncertificated shares registered in book-entry form through the direct registration system. No certificates representing your shares of Newmark common stock will be mailed to you, even if you are a holder of shares of BGC Partners common stock in
certificated form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Street Name&#148; Holders</I>. Many BGC Partners Class&nbsp;A stockholders have shares of BGC Partners
Class&nbsp;A common stock held in an account with a bank or brokerage firm. If this applies to you, that bank or brokerage firm (or its nominee) is the registered holder that holds the shares of BGC Partners Class&nbsp;A common stock on your behalf.
For stockholders who hold their shares of BGC Partners Class&nbsp;A common stock in an account with a bank or brokerage firm, the shares of Newmark Class&nbsp;A common stock being distributed will be registered in the &#147;street name&#148; of your
bank or broker, who in turn will electronically credit your account with the shares of Newmark Class&nbsp;A common stock that you are entitled to receive in the distribution. We anticipate that this will take three to eight business days after the
distribution date. We encourage you to contact your bank or broker if you have any questions regarding the mechanics of having your shares of Newmark Class&nbsp;A common stock credited to your account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Fractional Shares</I>. BGC Partners stockholders will not receive any fractional shares of Newmark common stock in the distribution.
Instead, (i)&nbsp;the distribution agent will determine the number of fractional shares of Newmark Class&nbsp;A common stock and Newmark Class&nbsp;B common stock allocable to each holder of BGC Partners Class&nbsp;A common stock and BGC Partners
Class&nbsp;B common stock, respectively, as of the record date and aggregate all such fractional shares; (ii)&nbsp;BGC Partners will convert all such aggregated fractional shares of Newmark Class&nbsp;B common stock into shares of Newmark
Class&nbsp;A common stock; and (iii)&nbsp;the distribution agent will sell the whole shares of Newmark Class&nbsp;A common stock obtained as a result of the foregoing clauses (i)&nbsp;and (ii) in open market transactions (with the distribution
agent, in its sole discretion, determining when, how, through which broker-dealer and at what price to make such sales), and distribute to each such holder or for the benefit of each such holder, in lieu of any fractional share of Newmark
Class&nbsp;A common stock or Newmark Class&nbsp;B common stock, as the case may be, such holder&#146;s ratable share of the proceeds of such sale, after making appropriate deductions of the amount required to be withheld for federal income tax
purposes and after deducting an amount equal to all brokerage charges, commissions and transfer taxes attributed to such sale. Neither BGC Partners, Newmark nor the distribution agent is required to guarantee any minimum sale price for the
fractional shares of Newmark common stock. Recipients of cash in lieu of fractional shares will not be entitled to any interest on the payment made in lieu of fractional shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Direct Registration System</I>. Shares of Newmark common stock will be issued as uncertificated shares registered in book-entry form
through the direct registration system. No certificates representing your shares of Newmark common stock will be mailed to you. Under the direct registration system, instead of receiving stock certificates, you will receive a statement reflecting
your ownership of shares of Newmark common stock. The distribution agent will begin mailing book-entry account statements reflecting your ownership of whole shares of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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Newmark common stock and the fractional shares of Newmark common stock for which you will receive cash promptly after the distribution date. You can obtain more information regarding the direct
registration system by contacting Newmark&#146;s transfer agent and registrar. Contact information for Newmark&#146;s transfer agent and registrar is provided elsewhere in this information statement. If you are entitled to receive cash in lieu of
fractional shares in the distribution, a check will be separately mailed to you, or such cash will otherwise be credited to you. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Employee Stock-Based
Plans </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the distribution, all outstanding unvested BGC Partners restricted stock unit awards will receive an
equitable adjustment to reflect the impact of the transaction on the price of shares of BGC Partners common stock, as determined in accordance with the terms of the separation agreement and as described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the effective time of the distribution, each outstanding, unvested BGC Partners restricted stock unit award (whether held by a BGC Partners
employee or Newmark employee) will be converted into (i)&nbsp;a BGC Partners restricted stock unit award covering the same number of shares of BGC Partners Class&nbsp;A common stock as immediately prior to the distribution and (ii)&nbsp;a Newmark
restricted stock unit award covering a number of shares of Newmark Class&nbsp;A common stock equal to (a) 0.463895 multiplied by (b)&nbsp;the number of shares of BGC Partners Class&nbsp;A common stock covered by such BGC Partners restricted stock
unit award immediately prior to the distribution. Except as described in the immediately preceding sentence, following the distribution, both the BGC Partners and Newmark restricted stock unit awards will have the same terms and conditions,
including the same vesting periods, as the BGC Partners restricted stock unit awards had immediately prior to the distribution. Any fractional Newmark restricted stock units resulting from such conversion will be rounded up to the nearest whole
share of Newmark Class A common stock when, after aggregating all such Newmark restricted stock units held by such holder, such holder would otherwise receive a Newmark restricted stock unit relating to fractional shares of Newmark Class A common
stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Material U.S. Federal Income Tax Consequences </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a discussion of the material U.S. federal income tax consequences of the distribution to U.S. Holders (as defined below) of
BGC Partners Class&nbsp;A common stock. This summary is based on the Code, the Treasury Regulations promulgated thereunder, rulings and other administrative pronouncements issued by the U.S. Internal Revenue Service (which we refer to as the IRS)
and judicial decisions, all as in effect on the date of this information statement, and all of which are subject to differing interpretations and change at any time, possibly with retroactive effect. Any such change or interpretation could affect
the accuracy of the statements and conclusions set forth in this document. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax consequences described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion applies only to U.S. Holders of BGC Partners Class&nbsp;A common stock who hold such stock as a capital asset within the
meaning of Section&nbsp;1221 of the Code (generally, property held for investment). This discussion proceeds on the basis that the distribution, together with certain related transactions, will be consummated in accordance with the separation and
distribution agreement and the other separation-related agreements and as described in this information statement. This summary is for general information only and is not tax advice. It does not address all aspects of U.S. federal income taxation
that may be relevant to a particular holder of BGC Partners Class&nbsp;A common stock in light of such holder&#146;s particular circumstances, nor does it address tax considerations applicable to holders that are or may be subject to special
treatment under the U.S. federal income tax laws, such as (without limitation) holders who are not U.S. Holders (as defined below), holders of BGC Partners class B common stock, holders who acquired BGC Partners common stock as compensation,
insurance companies, financial institutions, mutual funds, certain former U.S. citizens or long-term residents of the United States, holders liable for the alternative minimum tax, holders whose functional currency is not the U.S. dollar, holders
who hold their BGC Partners common stock as part of a hedge, straddle, constructive sale or conversion transaction, brokers or dealers in securities, traders in securities that elect
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> treatment, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations, or partnerships, other pass-through entities, and the owners thereof, holders
required to accelerate the recognition of any item of gross income as a result of such income being recognized on an applicable financial statement, or any holders who directly, indirectly or constructively own more than 5% of the total voting power
or of the total value of the stock of BGC Partners or of any class of BGC Partners common stock. This discussion does not address any tax consequences arising under the unearned income Medicare contribution tax pursuant to the Health Care and
Education Reconciliation Act of 2010 or with respect to the Foreign Account Tax Compliance Act of 2010 (including the Treasury Regulations promulgated thereunder and any intergovernmental agreements entered in connection therewith and any laws,
regulations or practices adopted in connection with any such agreement), nor does it address any tax considerations under state, local or foreign laws or U.S. federal laws other than those pertaining to the U.S. federal income tax. The distribution
may be taxable under such other tax laws, and all holders should consult their own tax advisors with respect to the applicability and effect of any such tax laws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a partnership (or any other entity or arrangement treated as a partnership for U.S.
federal income tax purposes) holds BGC Partners common stock, the tax treatment of a partner in such partnership will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership
holding BGC Partners common stock, you should consult your own tax advisor as to the tax consequences of the distribution to you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
purposes of this summary, a &#147;U.S. Holder&#148; is a beneficial owner of BGC Partners Class&nbsp;A common stock that is, for U.S. federal income tax purposes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an individual citizen or resident of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation (or any other entity or arrangement treated as a corporation for U.S. federal income tax purposes)
created or organized under the laws of the United States, any state thereof or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust if (a)&nbsp;a court within the United States is able to exercise primary supervision over its
administration and one or more U.S. persons have the authority to control all of the substantial decisions of such trust or (b)&nbsp;it has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a United States
person. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The following discussion is a summary of material U.S federal income tax consequences of the distribution
under current law and is for general information only. All holders should consult their own tax advisors as to the particular tax consequences of the distribution to them, including the application and effect of U.S. federal, state, local and
foreign tax laws. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is a condition to the distribution that BGC Partners receive an opinion from Wachtell, Lipton, Rosen&nbsp;&amp;
Katz, outside counsel to BGC Partners, in form and substance acceptable to the board of directors of BGC Partners, to the effect that the contribution and the distribution, taken together, will qualify as a &#147;reorganization&#148; under Sections
355(a) and 368(a)(1)(D) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The tax opinion will be based on, among other things, certain assumptions and certain
representations, statements and undertakings made by BGC Partners and Newmark (including those relating to the past and future conduct of BGC Partners and Newmark). If any of those assumptions, representations, statements or undertakings is or
becomes incorrect or inaccurate, or if Newmark or BGC Partners breaches any of its representations or covenants contained in any of the separation-related agreements and documents or in any documents relating to the opinion of counsel, the opinion
of counsel may be invalid and the conclusions reached therein could be jeopardized. Moreover, the tax opinion is not binding on the IRS or the courts and is subject to other qualifications and limitations. Accordingly, notwithstanding receipt by BGC
Partners of the opinion of counsel, there can be no assurance that the IRS will not assert that the distribution does not qualify for <FONT STYLE="white-space:nowrap">tax-free</FONT> treatment for U.S. federal income tax purposes or that a court
would not sustain such a challenge. In the event the IRS were to prevail with such challenge, BGC Partners, Newmark and the holders of BGC Partners Class&nbsp;A commons stock could be subject to significant U.S. federal income tax liability. Please
refer to &#147;&#151;Material U.S. Federal Income Tax Consequences if the Distribution is Taxable&#148; below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>You are advised to
consult your own tax advisor as to the specific U.S. federal income tax consequences to you of the distribution in light of your particular circumstances and any tax consequences arising under the laws of any other taxing jurisdiction. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Material U.S. Federal Income Tax Consequences if the Distribution, Together with Certain Related
Transactions, Qualifies as a Transaction That is Generally <FONT STYLE="white-space:nowrap">Tax-Free</FONT> Under Sections 355 and Sections 368(a)(1)(D) of the Code. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the distribution, together with certain related transactions, qualifies as a transaction that is generally
<FONT STYLE="white-space:nowrap">tax-free</FONT> for U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Code, the U.S. federal income tax consequences of the distribution are as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No gain or loss will be recognized by (and no amount will be included in the income of) a U.S. Holder upon the
receipt of Newmark Class&nbsp;A common stock, except with respect to any cash received in lieu of fractional shares of Newmark Class&nbsp;A common stock. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A U.S. Holder&#146;s tax basis in its shares of BGC Partners Class&nbsp;A common stock will be allocated between
the shares of BGC Partners Class&nbsp;A common stock and the shares of Newmark Class&nbsp;A common stock received in the distribution (including any fractional share interest of Newmark Class&nbsp;A common stock for which cash is received) on the
basis of the relative fair market values of BGC Partners Class&nbsp;A common stock and Newmark Class&nbsp;A common stock at the time of the distribution. The U.S. Holder&#146;s basis in his or her BGC Partners Class&nbsp;A common stock will be
decreased by the portion allocated to the Newmark Class&nbsp;A common stock. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The holding period of the Newmark Class&nbsp;A common stock received by each U.S. Holder in the distribution
(including any fractional share interest in the Newmark Class&nbsp;A common stock for which cash is received) will generally include the holding period at the time of the distribution for the BGC Partners Class&nbsp;A common stock with respect to
which the distribution is made. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The receipt by a U.S. Holder of cash in lieu of a fractional share of Newmark Class&nbsp;A common stock will be
treated as if such U.S. Holder received and then sold such fractional share of Newmark Class&nbsp;A common stock for cash, and such U.S. Holder will recognize gain or loss equal to the difference between the amount of cash received and such U.S.
Holder&#146;s basis in the fractional share of Newmark Class&nbsp;A common stock, as determined above. The gain or loss will generally be long-term capital gain or loss if the holding period for the fractional share of Newmark Class&nbsp;A common
stock, determined as described above, is more than one year. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a U.S. Holder holds different blocks of BGC Partners
Class&nbsp;A common stock (generally BGC Partners Class&nbsp;A common stock purchased or acquired on different dates or at different prices), such U.S. Holder should consult its own tax advisor regarding the determination of the basis and holding
period of shares of Newmark Class&nbsp;A common stock received in the distribution in respect of particular blocks of BGC Partners Class&nbsp;A common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">U.S.&nbsp;Treasury Regulations require certain U.S. Holders that receive Newmark common stock in the distribution to attach to the
stockholder&#146;s U.S.&nbsp;federal income tax return for the year in which the stock is received a detailed statement setting forth certain information relating to the <FONT STYLE="white-space:nowrap">tax-free</FONT> nature of the distribution.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Material U.S. Federal Income Tax Consequences if the Distribution is Taxable. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed above, notwithstanding the tax opinion, the IRS could assert that the distribution and/or certain related transactions do not
qualify for <FONT STYLE="white-space:nowrap">tax-free</FONT> treatment for U.S. federal income tax purposes. If the IRS were successful in making such an assertion, the consequences described above would not apply and BGC Partners, Newmark and U.S.
Holders could be subject to significant U.S. federal income tax liability. In addition, certain events that may or may not be within the control of BGC Partners or Newmark could cause the distribution and certain related transactions not to qualify
for <FONT STYLE="white-space:nowrap">tax-free</FONT> treatment for U.S. federal income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the distribution fails to qualify
as a transaction that is generally <FONT STYLE="white-space:nowrap">tax-free</FONT> for U.S. federal income tax purposes, then each U.S. Holder receiving shares of Newmark Class&nbsp;A common stock in the distribution would generally be treated as
receiving a taxable distribution in an amount equal to the fair market value of the Newmark Class&nbsp;A common stock received (including any fractional shares sold on behalf of the stockholder). Any such taxable distribution would be treated as a
dividend to the extent of BGC Partners&#146; current and accumulated earnings and profits and, to the extent the distribution exceeds BGC Partners&#146; earnings and profits, such excess would be treated first as a
<FONT STYLE="white-space:nowrap">tax-free</FONT> return of capital to the extent of the U.S. Holder&#146;s adjusted tax basis in its BGC Partners Class&nbsp;A common stock and then as capital gain. A U.S. Holder&#146;s aggregate tax basis in Newmark
Class&nbsp;A common stock received in the distribution generally would equal the fair market value of the Newmark Class&nbsp;A common stock on the date of the distribution, and the holding period for that stock would begin the day after the date of
the distribution. BGC Partners would generally recognize gain in an amount equal to the excess of the fair market value of the Newmark common stock distributed to U.S. Holders (including any fractional shares sold on behalf of a stockholder) over
BGC Partners&#146; adjusted tax basis in such Newmark common stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Even if the distribution were to otherwise qualify as generally <FONT
STYLE="white-space:nowrap">tax-free</FONT> to U.S. Holders under Sections 355 and 368(a)(1)(D) of the Code, it may result in taxable gain to BGC Partners under Section&nbsp;355(e) of the Code if the distribution were later deemed to be part of a
plan (or series of related transactions) pursuant to which one or more persons acquire, directly or indirectly, shares representing a 50% or greater interest (by vote or value) in BGC Partners or Newmark. For this purpose, any acquisitions of BGC
Partners or Newmark common stock within the period beginning two years before the distribution and ending two years after the distribution are presumed to be part of such a plan, although Newmark or BGC Partners may be able to rebut that presumption
depending on the circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Information Reporting and Backup Withholding</I>. Payments of cash to U.S. Holders in lieu of
fractional shares may be subject to information reporting and backup withholding at a rate of 24%, unless a stockholder provides proof of an applicable exemption or a correct taxpayer identification number and otherwise complies with the
requirements of the backup withholding rules. Backup withholding does not constitute an additional tax. Any amounts withheld under the backup withholding rules may be refunded or credited against a U.S. Holder&#146;s U.S.&nbsp;federal income tax
liability, provided that the required information is timely supplied to the IRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The foregoing is a summary of the material U.S.
federal income tax consequences of the distribution under current law. It does not purport to address all U.S. federal income tax consequences or tax consequences that may arise under the tax laws of other jurisdictions or that may apply to
particular categories of stockholders. You should consult your tax advisor as to the tax consequences of the distribution applicable to your particular circumstances, including the application of U.S. federal, state, local and foreign tax laws, and
the effect of possible changes in tax laws that may affect the tax consequences described above. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION ABOUT NEWMARK </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview of Newmark </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Newmark is a
full-service commercial real estate services business that offers a full suite of services and products for both owners and occupiers across the entire commercial real estate industry. Newmark&#146;s investor/owner services and products include
capital markets, which consists of investment sales, debt and structured finance and loan sales, agency leasing, property management, valuation and advisory, diligence and underwriting and government-sponsored enterprise lending and loan servicing.
Newmark&#146;s occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities
management. Newmark enhances these services and products through innovative real estate technology solutions and data analytics that enable its clients to increase their efficiency and profits by optimizing their real estate portfolio. Newmark has
relationships with many of the world&#146;s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Background of the Separation of Newmark from BGC Partners </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In November 2016, BGC Partners formed NRE Delaware, Inc. as a wholly owned subsidiary and contributed $1.00 to NRE Delaware, Inc. in exchange
for 100 shares of common stock, par value $0.01 per share, of NRE Delaware, Inc. NRE Delaware, Inc. was renamed Newmark Group, Inc. in October 2017. On the separation date, BGC Partners and its subsidiaries contributed substantially all of the
assets and liabilities relating to its real estate services business to Newmark and its subsidiaries. As of the separation date, BGC Partners owned 100% of the outstanding shares of Newmark common stock. On December&nbsp;19, 2017, Newmark completed
its IPO of 20,000,000 shares of Newmark Class&nbsp;A common stock. On December&nbsp;26, 2017, Newmark completed the sale of an additional 3,000,000 shares of Newmark Class&nbsp;A common stock pursuant to the underwriters&#146; option to purchase
additional shares of Newmark Class&nbsp;A common stock, which was exercised in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;13, 2018, BGC Partners announced
that its board of directors had declared a special stock dividend to BGC Partners stockholders of all of the shares of Newmark Class&nbsp;A common stock and all of the shares of Newmark Class&nbsp;B common stock that will be owned by BGC Partners as
of the distribution date. BGC Partners expects to distribute approximately 131.9 million shares of Newmark Class&nbsp;A common stock, which will represent approximately 85% of the outstanding shares of Newmark Class&nbsp;A common stock as of the
distribution date, and approximately 21.3 million shares of Newmark Class&nbsp;B common stock, which will represent 100% of the outstanding shares of Newmark Class&nbsp;B common stock as of the distribution date. These shares of Newmark common stock
collectively will represent approximately 94% of the total voting power of the outstanding Newmark common stock and approximately 87% of the total economics of the outstanding Newmark common stock as of the distribution date. Following the
distribution, BGC Partners will no longer hold any shares of Newmark common stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION ABOUT NEWMARK CAPITAL STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Newmark&#146;s amended and restated certificate of incorporation, Newmark&#146;s authorized capital stock consists of (1) 1,500,000,000
shares of common stock, consisting of 1,000,000,000 shares of Class&nbsp;A common stock, par value $0.01 per share, and 500,000,000 shares of Class&nbsp;B common stock, par value $0.01 per share, and (2) 50,000,000 shares of preferred stock, par
value $0.01 per share. For a more complete description of Newmark capital stock, you should review Newmark&#146;s amended and restated certificate of incorporation and amended and restated bylaws. See &#147;Where You Can Find Additional
Information&#148; below for instructions on how to obtain these documents. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Newmark Common Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At each annual or special meeting of stockholders, the holders of Newmark Class&nbsp;A common stock will be entitled to one vote per share on
all matters to be voted upon by the stockholders as a group. The holders of Newmark Class&nbsp;A common stock do not have cumulative voting rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At each annual or special meeting of stockholders, the holders of Newmark Class&nbsp;B common stock will be entitled to 10 votes per share on
all matters to be voted upon by the stockholders as a group. The holders of Newmark Class&nbsp;B common stock do not have cumulative voting rights. Newmark&#146;s amended and restated certificate of incorporation provides that shares of Newmark
Class&nbsp;B common stock may only be issued to any of (1)&nbsp;BGC Partners, (2)&nbsp;Cantor, (3) any entity controlled by BGC Partners, Cantor or Howard W. Lutnick and (4)&nbsp;Mr.&nbsp;Lutnick, his spouse, his estate, any of his descendants, any
of his relatives, or any trust established for his benefit or for the benefit of his spouse, any of his descendants or any of his relatives (which we refer to collectively as the Qualified Class&nbsp;B Holders). Newmark Class&nbsp;B common stock
will generally vote together with Newmark Class&nbsp;A common stock on all matters submitted to the vote of Newmark stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each
share of Newmark Class&nbsp;A common stock will be equivalent to a share of Newmark Class&nbsp;B common stock for purposes of economic rights. Subject to preferences that may be applicable to any outstanding preferred stock of Newmark, the holders
of Newmark Class&nbsp;A common stock and Newmark Class&nbsp;B common stock will be entitled to receive ratably such dividends, if any, as may be declared from time to time by Newmark&#146;s board of directors out of funds legally available therefor.
The holders of Newmark Class&nbsp;A common stock and Newmark Class&nbsp;B common stock will be deemed to have received a ratable dividend if voting securities are distributed to both the holders of Newmark Class&nbsp;A common stock and holders of
Newmark Class&nbsp;B common stock, and such voting securities are identical except that the voting securities paid on the Newmark Class&nbsp;B common stock may have up to 10 times the number of votes per share as voting securities paid on the
Newmark Class&nbsp;A common stock. In the event of Newmark&#146;s liquidation, dissolution or winding up, the holders of Newmark Class&nbsp;A common stock and holders of Newmark Class&nbsp;B common stock will be entitled to share ratably in all
assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock of Newmark, if any, then outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Newmark&#146;s amended and restated certificate of incorporation provides that each share of Newmark Class&nbsp;B common stock is convertible
at any time, at the option of the holder, into one share of Newmark Class&nbsp;A common stock. Holders of shares of Newmark Class&nbsp;A common stock will not have the right to convert shares of Newmark Class&nbsp;A common stock into shares of
Newmark Class&nbsp;B common stock unless such right is provided for by Newmark pursuant to an agreement. Pursuant to the separation agreement and the exchange agreement in each case that Newmark entered into in connection with the separation from
BGC Partners and the IPO, Newmark provided such an exchange right in respect of shares of Newmark Class&nbsp;A common stock to certain of the Qualified Class&nbsp;B Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of the Newmark Class&nbsp;A common stock or the Newmark Class&nbsp;B common stock has any preemptive or other subscription rights. There
are no redemption or sinking fund provisions applicable to the Newmark Class&nbsp;A common stock or the Newmark Class&nbsp;B common stock. All outstanding shares of Newmark Class&nbsp;A common stock and Newmark Class&nbsp;B common stock are fully
paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Newmark Class&nbsp;A common stock is currently listed on the Nasdaq
Global Select Market under the symbol &#147;NMRK.&#148; Newmark Class&nbsp;B common stock is not listed on the Nasdaq Global Select Market or any other stock exchange. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Newmark Preferred Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Newmark&#146;s board of directors has the authority to issue preferred stock in one or more classes or series and to fix the designations,
powers, preferences and rights, and the qualifications, limitations or restrictions thereof including dividend rights, dividend rates, terms of redemption, redemption prices, conversion rights and liquidation preferences of the shares constituting
any class or series, without further vote or action by the stockholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Newmark Transfer Agent and Registrar </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The transfer agent and registrar for Newmark common stock is American Stock Transfer&nbsp;&amp; Trust Company, LLC. Following the distribution,
all correspondence regarding Newmark common stock should be sent to the following address: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">American Stock Transfer&nbsp;&amp; Trust
Company, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Laura Bomensatt </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">6201 15th Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brooklyn, NY
11219 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Newmark and BGC Partners are each subject to the reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, and
accordingly, each company files registration statements, reports, proxy statements and other information with the SEC, including financial statements. If you would like more information about Newmark, we urge you to read Newmark&#146;s reports filed
with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may read and obtain copies (at prescribed rates) of Newmark&#146;s and BGC Partners&#146; reports at the Public
Reference Section of the SEC at 100&nbsp;F Street, N.E., Washington, D.C. 20549. You may also obtain these reports at the SEC&#146;s website at <I>www.sec.gov</I>. Please call the SEC at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-SEC-0330</FONT></FONT></FONT> for further information on the public reference rooms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Newmark and BGC Partners maintain websites that offer additional information about each company. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Visit Newmark&#146;s website at <I>www.ngkf.com</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Visit BGC Partners&#146; website at <I>www.bgcpartners.com</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Information contained on any website referenced in this information statement is not incorporated by reference into this information
statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
