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INVESTOR DAY OCTOBER 13, 2026
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| 2 DISCLAIMER DISCUSSION OF FORWARD -LOOKING STATEMENTS ABOUT BGC Statements in this document regarding BGC Group, Inc . (“BGC”) and FMX Holdings, LLC (“FMX” and together with BGC, the “Companies”) that are not historical facts are “forward -looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward -looking statements . These include statements about the Companies business, results, financial position, liquidity and outlook, which may constitute forward -looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected . Except as required by law, the Companies 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward -Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward -Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. NON-GAAP FINANCIAL MEASURES This presentation should be read in conjunction with BGC’s most recent financial results press releases and filings or reports on Form 10-K, Form 10-Q or Form 8-K. Throughout this presentation, the Companies may refer to certain non -GAAP financial measures, including Adjusted Earnings before noncontrolling interest in subsidiaries and taxes or pre-tax Adjusted Earnings, Post -Tax Adjusted Earnings, Post -Tax Adjusted Earnings per share or Adjusted EPS, Adjusted EBITDA, Liquidity, and Constant Currency . All non -GAAP results discussed herein are comparable to and reconciled with the most directly comparable GAAP figures . A complete description of Adjusted Earnings before noncontrolling interest in subsidiaries and taxes or pre-tax Adjusted Earnings, Post -Tax Adjusted Earnings, Post -Tax Adjusted Earnings per share or Adjusted EPS, Adjusted EBITDA, Liquidity, and Constant Currency and how, when, and why management uses these and other non -GAAP measures, as well as reconciliations of these measures to the comparable GAAP measures, and more information regarding GAAP and non-GAAP results, is available in the Appendix of this presentation and in our most recent financial results press release and/or are available at http ://ir .bgcg .com . INDUSTRY AND MARKET DATA This presentation includes market share, trading volume, market size, margin and other industry and market data . This data comes from third -party sources, including industry publications, research reports, regulatory filings and other publicly available information, as well as from internal estimates and analysis by the Companies . The Companies have not independently verified any third -party data, have not sought the consent of any third -party source to refer to its data in this presentation, and make no representation as to its accuracy or completeness . Internal estimates are based on management's knowledge of the industry, on assumptions it believes to be reasonable, and on its own analysis of publicly available market data . No independent source has verified these estimates, and they may differ from estimates prepared by others . Industry and market data, including internal estimates, involve risks, uncertainties and assumptions and may change based on various factors, including those discussed under "Discussion of Forward -Looking Statements ." References to a third -party publication or report are not an endorsement of the Companies by that third party . PANELISTS’ STATEMENTS The views expressed by panelists are their own and do not necessarily reflect the views of the Companies . The Companies have not verified, and are not responsible for, any statements or information that panelists provide . The Companies undertake no obligation to update or correct any statement or information provided by panelists, whether as a result of new information, future events, or otherwise . TRADEMARKS AND INTELLECTUAL PROPERTY © 2026 FMX Holdings, LLC . All rights reserved . FMX, FMX UST, FMX FX, FMX Futures Exchange, FMX logo, FMX UST logo and the FMX Futures Exchange logo are trademarks/service marks and/or registered trademarks/service marks of FMX Holdings, LLC and/or its affiliates . All other trademarks/service marks appearing herein are the property of their respective owners . ABOUT BGC GROUP, INC AND FMX BGC Group, Inc . (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange . BGC's clients are many of the world’s largest banks, broker -dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms . BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, spot foreign exchange platform and the world’s fastest -growing U.S. cash treasuries platform . For more information about BGC, please visit http ://www .bgcg .com . For more information about FMX, please visit http ://www .fmx .com . Note : Certain totals may not add due to rounding .
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WELCOME & OPENING REMARKS JOHN ABULARRAGE Chairman, FMX / Co-CEO, BGC Group
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| 4 FINANCIAL OVERVIEW WHAT YOU'LL HEAR TODAY Six sessions and a closing keynote FMX OVERVIEW: VISION, STRATEGY & MARKET OPPORTUNITY THE STRATEGIC CASE FOR FMX INNOVATION IN MARKET STRUCTURE & TRADING TECHNOLOGY THE LCH PARTNERSHIP & MARGIN EFFICIENCY LEGAL & POLICY PERSPECTIVES ON MARKET OVERSIGHT 12:45 PM · Lou Scotto & Mark Rinaldo 1:15 PM · Moderated by Kevin McPartland 2:00 PM · Moderated by Kevin McPartland 2:30 PM · Moderated by Robert Allen 3:15 PM · Moderated by Stephen Merkel 3:45 PM · Sean Windeatt 4:15 PMKEYNOTE FIRESIDE CHAT · Professor Geoffrey Hinton
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FMX OVERVIEW: VISION, STRATEGY & MARKET OPPORTUNITY LOU SCOTTO CEO, FMX MARK RINALDO COO, FMX
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| 6 WHAT IS FMX? ONE PLATFORM, FIVE MARKETS U.S. TREASURIES FOREIGN EXCHANGE U.S. INTEREST RATE FUTURES U.S. INFLATION U.S. REPO MARKET DATA Benchmark USTs Off-the-run USTs Treasury Bills Inflation bonds Inflation swaps Overnight repo Spot FX NDFs1 SOFR Futures U.S. Treasury Futures 1. NDFs = Non-deliverable forwards
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| 7 THE CREATION AND EVOLUTION OF FMX From challenger to multi-asset marketplace PRE-2021 U.S. Treasuries & FX Launch Entered the cash U.S. Treasuries market where one platform held 80%+ CLOB market share 1 2021 FMX Announcement & Partners with LCH Cross-margining opportunity with LCH cuts clients’ capital costs JAN 2024 CFTC Approval Cleared the way to compete in U.S. interest rate futures APR 2024 Equity Partners Join FMX 10 banks & market makers invest at an initial $667M post-money valuation SEP 2024 SOFR Futures Launch Launched trading of the world’s most widely traded futures contract MAY 2025 U.S. Treasury Futures Launch Expanded exchange product suite to U.S. Treasury futures TODAY Record Performance across the Platform Record volumes and open interest 1. CLOB = Central limit order book; Sources: Coalition Greenwich and internal estimates.
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| 8 INDUSTRY LEADERS JOIN FORCES TO BUILD FMX Global market leaders partner to drive change in the world’s largest markets Infrastructure & technology Liquidity, capital & trade flow Futures clearing & cross-margining INVESTMENT BANKS MARKET MAKERS BGC GROUP EQUITY PARTNERS LCH CLEARING World’s largest wholesale financial broker World’s largest clearer of interest rate swaps 10 of the world’s largest banks and market makers Built by the market, for the market THE RESULT + + = 96% of cleared U.S. Dollar interest rate swap volume (H1 2026)1 $260B+ Interest rate swap initial margin (6/30/26)1 1. Source: Clarus.
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| 9 RECORD GROWTH ACROSS EVERY FMX BUSINESS +124% U.S. TREASURIES Average daily volume growth 42% Current CLOB market share | YTD Sep-2026 +198% FX ADV growth +146% Inflation Revenue growth +158% Repo Revenue growth +110% Market Data Revenue growth 7x Futures ADV (contracts) | Q3 2026 yr/yr Volumes, revenue and market share up significantly in every business since the Equity Partners joined FMX 1. ADV = Average daily volume. ADV growth rates compare September 2026 year-to-date with the full-year 2023. Revenue growth rates compare the four quarters ending Q2 2026 with the full-year 2023. Market share per Coalition Greenwich and internal estimates. 2. FCM = Futures Commission Merchant. Source: CFTC, Total Customer Cleared Swap Funds Held by FCMs (July 2026). SINCE BEFORE THE FMX INVESTMENT 1 FCMS ONBOARDED 12 FCMs · 80% of total customer cleared swaps funds2
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| 10 FMX IS LIVE IN FOUR OF THE LARGEST U.S. RATES MARKETS 1. U.S. Treasuries include coupon securities (on-the-runs & off-the-runs), Treasury bills and floating rate notes. Sources: FINRA, CME, ISDA, Office of Financial Research and internal estimates. Cash U.S. Treasuries, futures, inflation and repo trading side-by-side LIVE ON FMX TODAY 1 U.S. TREASURIES $1.2T Market Notional ADV (YTD Sep-2026) U.S. INTEREST RATE FUTURES $2.0T Market Notional ADV (YTD Sep-2026) U.S. INFLATION BONDS & SWAPS $38B Market Notional ADV (YTD Sep-2026) U.S. REPO $7.4T Market Notional ADV (Jul-2025 to Mar-2026; most recent available)
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| 11 FMX UST The world’s fastest growing cash U.S. Treasury platform 1. Sources: Coalition Greenwich and internal estimates. $84B FMX UST ADV (YTD Sep-2026) +35% yr/yr 42% FMX UST CLOB market share1 (All-time high; YTD Sep-2026) 150+ Connected clients Broad client reach FMX UST ADV THE FMX ADVANTAGE COST SAVINGS Tightest tick sizes in the market: clients saved an estimated $1B life-to-date, with over half of trades executed at prices only available on FMX UST in 2026 CURATED LIQUIDITY Liquidity pools built for each client, combining the benefits of CLOB and streaming protocols in one venue SOPHISTICATED ENGINE FMX’s matching engine incorporates both software & hardware to allow for sophisticated protocols using a simple API, all within a deterministic platform $1B $12B $19B $31B $34B $38B $49B $61B $84B 2018 2019 2020 2021 2022 2023 2024 2025 YTD Sep-26
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| 12 FMX FX A state-of-the-art FX platform for spot and NDF trading $19B FMX FX ADV (YTD Sep-2026) +33% yr/yr 16% FMX FX market share1 vs. Cboe FX Hotspot & Euronext FX (All-time high; YTD Sep-2026) 70+ Connected clients Growing client base FMX FX ADV THE FMX ADVANTAGE MULTI- PRODUCT PLATFORM Trade spot FX and NDFs side-by-side on a single platform LEADING TECHNOLOGY Built on Lucera, BGC’s proprietary and leading network infrastructure, to scale efficiently and streamline connectivity MULTIPLE PROTOCOLS Anonymous and disclosed trading environments together on one platform $1B $3B $4B $4B $6B $6B $9B $15B $19B 2018 2019 2020 2021 2022 2023 2024 2025 YTD Sep-26 1. Market share calculated against Cboe FX Hotspot and Euronext FX (formerly Fastmatch), the closest comparable venues to FMX FX that offer Spot FX and NDF trading.
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| 13 U.S. TREASURY CLOB MARKET SHARE 1 U.S. INTEREST RATE FUTURES Same playbook, enhanced start SAME FORMULA Tighter pricing, lower cost, superior technology and experienced team PROVEN RESULT FMX UST grew to 42% CLOB market share by consistently out-executing the incumbent ENHANCED START FMX Futures builds on this winning formula supported by the world's largest banks, market makers and clearinghouse A PROVEN PLAYBOOK 83% 81% 77% 69% 71% 68% 61% 55% 1% 6% 12% 19% 19% 24% 29% 35% 0% 25% 50% 75% 100% 2018 2019 2020 2021 2022 2023 2024 2025 YTD Sep-26 FMX UST gained 42% of CLOB market share in nine years. Futures is next 49% CME BrokerTec 42% FMX UST 1. Market shares do not sum to 100%; remaining market share is held by Tradeweb’s Dealerweb platform. Sources: Coalition Greenwich and internal estimates.
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| 14 FMX FUTURES Built by the market to bring real competition to U.S. interest rate futures 42K FMX SOFR futures ADV Contracts per day, Q3 2026 39K FMX U.S. Treasury futures ADV Contracts per day, Q3 2026 112K Total FMX futures ADV Sep-2026 – Monthly Record FMX FUTURES ADV, CONTRACTS THE FMX ADVANTAGE TIGHTEST TICK SIZES SOFR futures: FMX ticks are 1/8 to 1/4 tighter than CME U.S. Treasury futures: FMX ticks are up to 1/2 tighter than CME EQUITY PARTNERS Backed by 10 of the world's largest banks and market makers, bringing liquidity, capital and trade flow LCH CLEARING Futures clear at LCH alongside clients’ interest rate swaps, providing significant cross-margin efficiencies 0.5K 2K 3K 12K 21K 39K 54K 80K Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Certain totals may not add due to rounding.
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| 15 SOFR PRICES EQUAL OR BETTER THAN CME 82% OF THE TIME 1. Share of time FMX’s displayed price is equal to or better than CME’s; best bid/offer spread in ticks; all expiries; all trading hours. Source: Internal estimates and analysis based on publicly available market data. FMX’s SOFR and U.S. Treasury futures pricing has improved against CME every quarter BID/OFFER PRICES EQUAL TO OR BETTER THAN CME 1 Share of time, by quarter SOFR FUTURES U.S. TREASURY FUTURES SOFR FUTURES BID/OFFER PRICES Equal to or better than CME 82% of the time in Q3 2026, up from 18% in Q2 2025 UST FUTURES BID/OFFER PRICES Equal to or better than CME 68% of the time in Q3 2026, up from 19% less than 9 months ago 18% 40% 49% 64% 77% 82% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 19% 67% 68% Q1 2026 Q2 2026 Q3 2026
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| 16 FMX FUTURES 3-YEAR PLAN FMX continues to execute on its 3-year plan to bring competition to the U.S. interest rates market ONBOARDING & CONNECTIVITY SOFR & U.S. Treasury Futures launched SOFR Sep-2024 U.S. Treasury 2Y & 5Y May-2025 10 FCMS CONNECTED 79% of total customer cleared swaps funds1 MAJOR OMS / EMS VENDORS Connectivity established, extending distribution to a broader client base U.S. TREASURY FUTURES CLEARED LCH clears physically delivered U.S. Treasury futures for the first time INITIAL GROWTH 112K Futures ADV, contracts Sep-2026, 6x yr/yr FULL CURVE Added 10Y, Ultra 10Y, 30Y and Ultra 30Y U.S. Treasury futures contracts EXPANDED PRODUCT FUNCTIONALITY Launched block trading, packs and bundles on the exchange DEVELOP CLIENT BASE Tripled client count yr/yr and expanded the pipeline COMPETITION BEGINS 162K SOFR & U.S. Treasury futures volume Daily record contracts traded, 10/2/26 BUY SIDE ADOPTION Bring asset managers and hedge funds onto FMX BASIS TRADING Platform built to trade cash Treasuries and futures together PORTFOLIO MARGIN SAVINGS Increase capital efficiencies via clearing partnership with LCH YEAR 1 Q4 2024 – Q3 2025 YEAR 2 Q4 2025 – Q3 2026 YEAR 3 Q4 2026 – Q3 2027 · Outlook 1. Total Customer Cleared Swap Funds Held by FCMs (July 2026). Source: CFTC.
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| 17 6% 13% +7 pts MARKET DATA: HIGH MARGIN, ROOM TO GROW 1. Market data revenue as a percentage of total company revenue for LTM Q2 2026. Pricing data only FMX can supply, distributed worldwide through BGC GROWTH POTENTIAL Market data as a % of total revenue1 INITIATIVES TO CLOSE THE GAP Three ways to grow data revenue SCALE WITH FUTURES VOLUME More trading volume means more data to sell CROSS -SELL TO BGC'S CLIENT BASE Distribute through Fenics Market Data’s global data network LAUNCH NEW PRODUCTS Build new analytics products on FMX data WHY IT'S UNIQUE Data no one else can supply PROPRIETARY TRADE DATA Prices from the market's tightest tick sizes, available nowhere else CONTINUOUS DATA FLOW Streaming, intraday, end-of-day and historical, 24/5 MULTI- ASSET COVERAGE Every FMX business in one data set CLIENTS Banks · Hedge funds · Proprietary trading firms · Data vendors · Market makers
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| 18 IN SUMMARY, FMX CONTINUES TO SET NEW RECORDS $84B Record YTD Sep -2026 ADV +35% yr/yr $19B Record YTD Sep -2026 ADV +33% yr/yr 80K Contracts Record Q3 ADV +49% q/q $1B $12B $19B $31B $34B $38B $49B $61B $84B 2018 2019 2020 2021 2022 2023 2024 2025 YTD Sep-26 $1B $3B $4B $4B $6B $6B $9B $15B $19B 2018 2019 2020 2021 2022 2023 2024 2025 YTD Sep-26 0.5K 2K 3K 12K 21K 39K 54K 80K Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Record volumes across FMX with growth accelerating since Equity Partners invested1 1. “Since Before FMX Investment” growth compares compare September 2026 year-to-date with the full-year 2023.
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| 19 THE FMX ADVANTAGE Structural advantages that set FMX apart MULTI -ASSET MARKETPLACE Comprehensive multi- asset class offering across the world’s largest interest rate and foreign exchange markets INNOVATIVE PRICING & TECHNOLOGY Technology uniquely designed for clients with innovative protocols and tightest tick sizes, creating significant market efficiencies LCH CLEARING Partnership with the world’s largest clearer of interest rate swaps to provide unmatched cross-margin efficiencies CONSORTIUM MODEL Owned and backed by 10 of the world's largest banks and market makers, who are the largest users of these products
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Q&A
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THE STRATEGIC CASE FOR FMX ERIC CHILDS Head of Rates Trading North America, J.P. Morgan JONAH PLATT U.S. Head of Government & Regulatory Policy, Citadel LOU SCOTTO CEO, FMX KEVIN MCPARTLAND Head of Market Structure & Technology Research, Coalition Greenwich MODERATED BY
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| 22 FMX INVESTMENT OVERVIEW & RATIONALE Ten global investment banks and market makers backed one new exchange to break single-venue dependence FMX INVESTMENT · APRIL 2024 1 10 Equity Partners $172M Cash Invested 26% Equity Stake2 $667M Post-Money Valuation 1 IMPROVE MARKET RESILIENCY & COMPETITION A second credible U.S. interest rate futures exchange addresses market resiliency and structural concentration concerns 2 BACK A ONE-OF-A-KIND MODEL First competitor with leading technology & global distribution, coupled with LCH’s clearing & cross-margin capabilities 4 HISTORY OF SUCCESS FMX has proven success in cash U.S. Treasuries, with 42% CLOB market share and the world’s fastest-growing platform 3 3 OWNERSHIP GROUP OF MARKET LEADERS Top market makers provide liquidity from day one; our bank partners are the largest FCMs giving direct reach to the buy side 1. See press release titled “Ten global investment banks and market making firms join BGC in the creation of FMX to launch premier U.S. Treasury and U.S. Interest Rate Futures trading marketplace” dated April 25, 2024, for further information. 2. Equity Partners received an additional 10% of equity ownership subject to driving trading volumes and meeting certain volume targets across the FMX ecosystem. 3. Market share for YTD Sep-2026. Source: Coalition Greenwich. THE 10 EQUITY PARTNERS WHY THE PARTNERS BACKED FMX BANKS MARKET MAKERS
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| 23 FROM CAPITAL TO VOLUME Ten of the world's largest banks and market makers invested in FMX, accelerating growth INVESTMENT1 CONNECTIVITY GROWTH SCALE 1 STEP 1 2 STEP 2 3 STEP 3 4 STEP 4 CAPITAL INVESTED 10 banks and market makers invest $172M at a $667M valuation OWNERSHIP Partners own 26%, with an additional 10% subject to meeting volume targets TECHNOLOGY Partner banks and market makers connect to FMX and integrate technology COMPLIANCE & TEST TRADES Legal and compliance reviews complete; test trades follow DESK ROLLOUT Roll out connectivity across each partner’s trading desks FCM ONBOARDING Onboard bank FCMs, bringing institutional flow onto the exchange BUILD VOLUMES Increase volumes, build liquidity and gain market share LCH CROSS -MARGINING Maximize potential capital savings through LCH clearing 1. See press release titled “Ten global investment banks and market making firms join BGC in the creation of FMX to launch premier U.S. Treasury and U.S. Interest Rate Futures trading marketplace” dated April 25, 2024, for further information.
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| 24 FOUNDATION BUILT AND WHAT’S NEXT LCH clearing, the full curve and price parity drive futures to scale; the same model extends across rates and beyond FOUNDATION BUILT WHAT’S NEXT LCH CLEARING & MARGIN EFFICIENCY Futures cross-margined with cleared swaps at LCH, saving up to 80% of margin 1 FULL CURVE LAUNCH U.S. Treasury futures from 2Y to 30Y, including ultras COMPETITIVE BID/OFFER PRICING Prices equal to or better than CME 82% (SOFR) & 68% (U.S. Treasury futures) of the time 2 DEVELOP CLIENT NETWORK 12 FCMs connected, covering 80% of the addressable market & growing pipeline 3 TECH & DEVELOPMENT FMX works with clients to connect to the exchange BUY SIDE ONBOARDING Continue extending access to buy side & institutional clients NEW PRODUCTS Potential expansion into other rates products & asset classes 1. Source: Coalition Greenwich – The Portfolio Margining Imperative for Interest-Rate Derivatives and internal estimates. 2. Share of time FMX’s displayed price is equal to or better than CME’s; best bid-offer spread in ticks; all expiries; all trading hours. Source: Internal estimates and analysis based on publicly available market data. 3. Total Customer Cleared Swap Funds Held by FCMs (July 2026). Source: CFTC.
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Q&A
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BREAK THE FMX INVESTOR DAY RESUMES AT 2:00 PM
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MURTUZA BENGALI Director, Global Head of Rates Product, Barclays IAN BYER Head of FICC Systematic Trading, Wells Fargo PRANAY JAIN Managing Director, Tower Research Capital BIJOY PAUL CTO, FMX RICKY STERN Head Trader, DV Trading INNOVATION IN MARKET STRUCTURE & TRADING TECHNOLOGY KEVIN MCPARTLAND Head of Market Structure & Technology Research, Coalition Greenwich MODERATED BY
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| 28 BUILT FOR HOW RATES TRADE TODAY FMX’s own state-of-the-art technology now extends from cash Treasuries to futures FMX UST TODAY CARRIED INTO FMX FUTURES CURATED LIQUIDITY Liquidity pools built for each client, combining CLOB and streaming in one venue SINGLE ACCESS POINT Unified Platform - one high-throughput exchange platform for rates trading COMING SOON FAST MATCHING ENGINE Software- and hardware-based latency equalization in a deterministic matching engine LINKED BASIS Cash and futures together from co-located NY4 engines1 COMING SOON MULTI-PROTOCOL CLOB and streaming protocols together on one platform BLOCKS, PACKS & BUNDLES New tools on FMX Futures Exchange LIVE CO-LOCATION Patented technology provides clients an equal playing field through latency equalization across multiple buildings within a data center campus 1. Subject to regulatory approval.
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| 29 ONE VENUE FOR THE BASIS TRADE Co-located engines built to trade the basis as one linked order, side-by-side in NY4 with no slippage THE TRADER Sends one basis order ONE ORDER NY4 DATA CENTER CASH LEG FMX UST Engine $84B ADV, YTD Sep-2026 FUTURES LEG FMX Futures Engine 112K Contract ADV, Sep-2026 LINK COMING SOON1 One linked order No legging risk No slippage on price The world's fastest-growing U.S. Treasury cash platform Bringing real competition to U.S. interest rate futures 1. Subject to regulatory approval.
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| 30 AI ENHANCING FMX PERFORMANCE HOW IT WORKS Observe → Diagnose → Explain → Act → Report 1 USER ACCESS LAYER Raise a request Submit Request Trigger Investigations Inspect Platform State Execute Authorized Workflows Access Channels: FMX API / GUI, FMX App & Command Line 2 AI OPERATIONS LAYER Works out the answer AI AGENTS Understands the request and passes each task to the right AI agent Problem Investigator Liquidity Analyst Client Interaction Assistant COMING SOON COMING SOON Multiple agents are trained on different aspects of FMX, collaborate and have access to our enterprise systems 3 FMX PLATFORM Systems checked Trading Platform Servers & Network Trade & Telemetry Data Activity Logs Software Code WHY IT MATTERS What this means for FMX Faster problem solving AI checks every system at once, so issues are found and fixed sooner, shortening downtime Deeper liquidity analysis AI will track liquidity across the platform, giving a clearer daily picture Quicker client onboarding AI will help with certification, so new clients start trading sooner COMING SOON COMING SOON Improving client experience AI will answer client questions faster and more consistently by remembering patterns from past outages AI agents will fix issues faster, analyze liquidity and speed client onboarding across FMX
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Q&A
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SEBASTIAN BENNETT Director, Americas Head of Futures & OTC Clearing, Barclays JIM BERGIN Managing Director, Head of Futures & OTC Clearing, RBC Capital Markets GABE SCIANNELLA Head of 1st Line Clearing Risk Americas, Marex PRAGATI SINHA Group Director, LSEG Markets, LSEG THE LCH PARTNERSHIP & MARGIN EFFICIENCY ROBERT ALLEN President, FMX Futures Exchange MODERATED BY
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| 33 FMX + LCH: A UNIQUE VALUE PROPOSITION FOR CLIENTS $148.2T $6.5T LCH CME Cleared U.S. Dollar Interest Rate Swap Volume (H1 2026)1 Interest rate swap Initial Margin at Major CCPs1 FMX is the first competitor with leading technology, a global network and a clearing solution to compete in futures THE PARTNERSHIP Why FMX + LCH is so powerful CLEARING VOLUME Strong cleared U.S. Dollar interest rate swap notional COLLATERAL World’s largest holder of interest rate swap collateral CAPITAL SAVINGS Interest rate swaps are highly compatible with SOFR & U.S. Treasury futures, reducing margin requirements and freeing up capital LCH CLEARING SCALE One of the world’s premium interest rate swap clearinghouses — unmatched $260B+ initial margin pool size and cross margin potential UNIQUE PARTNERSHIP Combining BGC’s global distribution network with LCH’s highly rated clearinghouse 72% 13% 11% 3% Jun 30, 2026 JPX CME Eurex 96% Of Interest Rate Swap Notional $260B+ LCH Interest Rate Swap Initial Margin (All currencies) 1. Source: Clarus; certain totals may not add due to rounding.
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| 34 11% 16% 15% 5% TOTAL CUSTOMER FUNDS HELD BY FCMS1 (July 2026) TOTAL CUSTOMER CLEARED SWAP FUNDS HELD BY FCMS 1 (July 2026) FCMS LIVE (as of 10/13/2026) FCM COVERAGE Live (73%) Currently onboarding (11%) Live (80%) Currently onboarding (15%) Other (16%) Other (5%) 73% LIVE 80% LIVE 1. Source: CFTC.
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| 35 HOW CROSS-MARGINING WORKS A daily automated process — no manual action required by participants STEP 1 Futures position Participant executes SOFR or U.S. Treasury futures on FMX Futures Exchange; positions clear through LCH STEP 2 Risk transfer Daily automated process moves eligible futures risk into the LCH SwapClear OTC swaps pool — no new trades are booked RESULT Measurable capital savings1 Up to 80% on SOFR futures vs. SOFR swaps STEP 3 VaR margining LCH calculates a single margin requirement across the combined futures-plus- swaps portfolio, netting offsetting risk Up to 70% on U.S. Treasury futures vs. SOFR swaps Up to 50% on U.S. interest rate futures vs. other currency swaps Delivered Daily automatically 1. Source: Coalition Greenwich – The Portfolio Margining Imperative for Interest-Rate Derivatives and internal estimates.
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| 36 AN ILLUSTRATIVE EXAMPLE Illustrative hedged portfolio – $500M 2Y SOFR receiver vs. offsetting STIR bundle LCH NETS OFFSETTING FUTURES AND SWAP RISK IN ONE PORTFOLIO CALCULATION 75% MARGIN SAVINGS $5.7M CAPITAL RELIEF WITHOUT CROSS- MARGINING Margined separately at two clearing houses SOFR futures (CME) margin $2.7M Offsetting swap (LCH) margin +$4.9M Combined margin $7.6M Offsetting risk is not recognized WITH FMX + LCH CROSS- MARGINING Futures and swaps in one LCH portfolio Combined margin $7.6M Cross-margin offset 75% −$5.7M Netted margin $1.9M Offsetting risk is netted in one calculation
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| 37 FMX CROSS-MARGINING Up to SOFR futures margin savings vs. SOFR Swaps Up to U.S. Treasury futures margin savings vs. SOFR Swaps Most direct listed expression of U.S. Dollar interest rate swap curve risk. Largest single capital saving for dealers with large SwapClear books. Cross-margin live since September 2024 Up to 70% cross-margin benefit against U.S. Dollar interest rate swap positions at LCH. Additional netting against SOFR futures positions. 2Y and 5Y live since May 2025 & full curve live since August 2026 SOFR FUTURES U.S. TREASURY FUTURES SOFR FUTURES1 U.S. TREASURY FUTURES1 Up to U.S. rate futures margin savings vs. EUR/GBP/CAD/AUD Swaps OTHER CURRENCY SWAPS1 Margin savings are not limited to U.S. Dollar interest rate swaps with potential savings on 13 other currencies, including EUR, GBP, CAD and AUD OTHER CURRENCY SWAPS 1. Source: Coalition Greenwich – The Portfolio Margining Imperative for Interest-Rate Derivatives and internal estimates.
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Q&A
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BREAK THE FMX INVESTOR DAY RESUMES AT 3:15 PM
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LEGAL & POLICY PERSPECTIVES ON MARKET OVERSIGHT GEORGE CANELLOS Partner, Milbank JOSH STERLING Partner, Milbank ALEX TITUS Chief Advisor to the Chairman, CFTC STEPHEN MERKEL Chairman & General Counsel, BGC Group / Executive Vice Chairman & General Counsel, Cantor Fitzgerald, L.P. MODERATED BY
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| 41 The CFTC’s roadmap covers digital assets, compute derivatives and prediction markets1 THE NEW FRONTIERS OF FINANCE 1. Sources: CFTC and SEC public statements (2026); CFTC Innovation Advisory Committee remarks (Aug 2026); CFTC request for comment on compute derivatives (Aug 2026). DIGITAL ASSETS 4 of 5 Crypto categories are not securities CFTC joined the SEC’s Project Crypto in Jan-2026 CLARITY Act stalled; agencies acting on existing authority New “crypto asset market” DCM for leverage FOR DISCUSSION Regulation or legislation? COMPUTE DERIVATIVES Aug-2026 CFTC request for comment CFTC exploring it with the Department of Commerce Compute as the commodity of the intelligence economy Rules will set the path for exchanges to list FOR DISCUSSION Exchange-listed or OTC first? PREDICTION MARKETS ~20 states in active litigation Monthly volume in the $BNs, up from near zero Insider trading is an enforcement priority CFTC signed an MOU with Major League Baseball FOR DISCUSSION Federal or state jurisdiction?
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| 42 COMPETITIVE MARKET STRUCTURES Sources: Individual company reports, Coalition Greenwich and OCC. Every major market supports several competing venues. Until FMX, U.S. interest rate futures had one MULTIPLE VENUES COMPETE IN THE WORLD’S LARGEST MARKETS THE EXCEPTION SPOT FOREIGN EXCHANGE Major competing venues U.S. CORPORATE BONDS Major competing venues U.S. TREASURIES Major competing venues U.S. EQUITY OPTIONS Major competing venues ■ FMX ■ 360T ■ Cboe ■ CME ■ Euronext ■ FXSpotStream ■ Refinitiv ■ BGC ■ Bloomberg ■ ICE ■ MarketAxess ■ Tradeweb ■ Trumid ■ FMX ■ Bloomberg ■ CME ■ MarketAxess ■ Tradeweb ■ Cboe ■ ICE ■ MIAX ■ Nasdaq ■ TMX U.S. INTEREST RATE FUTURES (SOFR & U.S. TREASURY FUTURES) 7 VENUES 6 VENUES 5 VENUES 5 VENUES Monopolistic Venue pre-FMX
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| 43 $15.6T U.S. Treasury market disrupted ~60 MIN Trading halted market-wide ~80% BrokerTec U.S. Treasury CLOB Market Share (2019) When one venue controls the market, it becomes a single point of failure: both outages exposed systemic risk and left positions unhedgeable for hours. WHY IT MATTERS ~90% CME’s derivatives volume disrupted ~10 HRS Globex down; U.S. Treasury futures trading halted ~100% CME U.S. Interest Rate Futures Market Share (2025) CASH — CME BROKERTEC OUTAGE, JANUARY 11, 2019 FUTURES — CME GLOBEX OUTAGE, NOVEMBER 28, 2025 Two outages, about 6 years apart: cash Treasuries and rate futures each went down without warning OUTAGES ACROSS U.S. RATES TRADING Sources: Bloomberg, Coalition Greenwich.
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| 44 MARKET RESILIENCY Why a second venue is needed IN THE PRESS THE CASE FOR A SECOND VENUE SYSTEMIC RISK EXPOSED Single-venue concentration in the world's most important markets creates widespread disruptions REGULATORY CONCERNS Market resiliency and efficiency are key concerns for regulators “ Today’s disruption shows how concentrated futures markets really are. There just aren’t many alternative venues for the main products. Thomas Texier, Group Head of Clearing, Marex (FT, Nov 28, 2025) “ Consolidation may pose systemic risk by amplifying the ramifications of the failure. Caroline Pham, Former Commissioner of the CFTC (2023)
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Q&A
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FINANCIAL OVERVIEW SEAN WINDEATT Co-CEO & COO, BGC Group
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| 47 DISCLAIMER DISCUSSION OF FORWARD -LOOKING STATEMENTS ABOUT BGC Statements in this document regarding BGC Group, Inc . (“BGC”) and FMX Holdings, LLC (“FMX” and together with BGC, the “Companies”) that are not historical facts are “forward -looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward -looking statements . These include statements about the Companies business, results, financial position, liquidity and outlook, which may constitute forward -looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected . Except as required by law, the Companies 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward -Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward -Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. NON-GAAP FINANCIAL MEASURES This presentation should be read in conjunction with BGC’s most recent financial results press releases and filings or reports on Form 10-K, Form 10-Q or Form 8-K. Throughout this presentation, the Companies may refer to certain non -GAAP financial measures, including Adjusted Earnings before noncontrolling interest in subsidiaries and taxes or pre-tax Adjusted Earnings, Post -Tax Adjusted Earnings, Post -Tax Adjusted Earnings per share or Adjusted EPS, Adjusted EBITDA, Liquidity, and Constant Currency . All non -GAAP results discussed herein are comparable to and reconciled with the most directly comparable GAAP figures . A complete description of Adjusted Earnings before noncontrolling interest in subsidiaries and taxes or pre-tax Adjusted Earnings, Post -Tax Adjusted Earnings, Post -Tax Adjusted Earnings per share or Adjusted EPS, Adjusted EBITDA, Liquidity, and Constant Currency and how, when, and why management uses these and other non -GAAP measures, as well as reconciliations of these measures to the comparable GAAP measures, and more information regarding GAAP and non-GAAP results, is available in the Appendix of this presentation and in our most recent financial results press release and/or are available at http ://ir .bgcg .com . INDUSTRY AND MARKET DATA This presentation includes market share, trading volume, market size, margin and other industry and market data . This data comes from third -party sources, including industry publications, research reports, regulatory filings and other publicly available information, as well as from internal estimates and analysis by the Companies . The Companies have not independently verified any third -party data, have not sought the consent of any third -party source to refer to its data in this presentation, and make no representation as to its accuracy or completeness . Internal estimates are based on management's knowledge of the industry, on assumptions it believes to be reasonable, and on its own analysis of publicly available market data . No independent source has verified these estimates, and they may differ from estimates prepared by others . Industry and market data, including internal estimates, involve risks, uncertainties and assumptions and may change based on various factors, including those discussed under "Discussion of Forward -Looking Statements ." References to a third -party publication or report are not an endorsement of the Companies by that third party . PANELISTS’ STATEMENTS The views expressed by panelists are their own and do not necessarily reflect the views of the Companies . The Companies have not verified, and are not responsible for, any statements or information that panelists provide . The Companies undertake no obligation to update or correct any statement or information provided by panelists, whether as a result of new information, future events, or otherwise . TRADEMARKS AND INTELLECTUAL PROPERTY © 2026 FMX Holdings, LLC . All rights reserved . FMX, FMX UST, FMX FX, FMX Futures Exchange, FMX logo, FMX UST logo and the FMX Futures Exchange logo are trademarks/service marks and/or registered trademarks/service marks of FMX Holdings, LLC and/or its affiliates . All other trademarks/service marks appearing herein are the property of their respective owners . ABOUT BGC GROUP, INC AND FMX BGC Group, Inc . (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange . BGC's clients are many of the world’s largest banks, broker -dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms . BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, spot foreign exchange platform and the world’s fastest -growing U.S. cash treasuries platform . For more information about BGC, please visit http ://www .bgcg .com . For more information about FMX, please visit http ://www .fmx .com . Note : Certain totals may not add due to rounding .
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| 48 FMX FINANCIALS TREND Revenue expected to grow 2.5x from 2023 to $122M in 2026, while scaling toward profitability ($ in millions) (unaudited) 20235 20245 2025 2026E6 REVENUE FMX Rates1 $40 $60 $80 $103 FMX FX 6 7 9 12 Market Data2 3 4 6 7 FMX Futures - - - - Total Revenues $48 $70 $95 $122 EXPENSES Front Office Compensation4 $27 $32 $40 $48 Technology 34 28 29 33 Selling, General & Administrative (“SG&A”) 16 30 48 59 Total Expenses for Adjusted Earnings3 $77 $90 $118 $140 Pre-tax Adjusted Earnings4 ($29) ($20) ($23) ($18) KEY TAKEAWAYS Strong double-digit revenue growth across business lines Operating leverage expected to increase as futures scale & non- recurring SG&A items roll off Pre-tax Adjusted Earnings loss narrows ~40% from 2023 to 2026E Certain totals may not add due to rounding. See Appendix slide titled “FMX FINANCIALS TREND – FOOTNOTES” for relevant footnotes.
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| 49 FMX KEY METRICS Revenue compounds at 36% a year while front office compensation ratio falls 17 points to 39% KEY METRICS (unaudited) 20235 20245 2025 2026E6 2023–2026E GROWTH Total Revenues ($ in millions)2 $48 $70 $95 $122 +36% CAGR EFFICIENCY Front Office Compensation Expense as % of Revenue2,3,4 56% 45% 42% 39% ▼ 17 pts Technology Expense as % of Revenue2,3 70% 40% 31% 27% ▼ 43 pts PROFITABILITY Pre-tax Adjusted Earnings Margin4 (59%) (28%) (25%) (15%) ▲ 44 pts REVENUE GROWTH 36% ▲ 2.5x revenue $48M in 2023 to $122M in 2026E EXPENSE RATIOS ▼ 17 pts Front Office Compensation Expense 2023 to 2026E ▼ 43 pts Technology Expense 2023 to 2026E MARGIN EXPANSION ▲ 44 pts Pre-tax Adjusted Earnings Margin 2023 to 2026E See Appendix slide titled “FMX FINANCIALS TREND – FOOTNOTES” for relevant footnotes.
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| 50 FMX revenue is expected to grow from $48M in 2023 to $122M in 2026; strong revenue growth expected to continue FMX ANNUAL REVENUE 2 & PRE -TAX ADJUSTED EARNINGS 4 $48M $70M $95M $122M ($29M) ($20M) ($23M) ($18M) 2023 2024 2025 2026E $166M $225M $307M $18M $48M $89M EXPECTED INCREMENTAL MARGIN REVENUE AT CURRENT ESTIMATED CAGR & POTENTIAL PRE -TAX ADJUSTED EARNINGS (See note below) 50%+ WHAT DRIVES GROWTH CORE MARKETS UST and FX Continued Growth Continue growing FMX UST and FMX FX market share while building FMX Futures. NEW REVENUE Ramp Futures & Data Begin charging for FMX Futures and scale FMX market data sales. OPERATING LEVERAGE Scale and new products Operating leverage widens margins, and FMX expands into new products. N+1 N+2 N+3 See Appendix slide titled “FMX FINANCIALS TREND – FOOTNOTES” for relevant footnotes. Note: The N+1, N+2 and N+3 amounts are illustrative only. They are not projections or Company guidance and should not be relied upon as such. They show the effect of continuing certain observed trends and based on the following assumptions: (i) revenues grow at a 36% compound annual rate, consistent with the 2023 to 2026E estimated CAGR; (ii) the amount of SG&A expense for pre-tax Adjusted Earnings in N+1 is based upon observed trends, reduced by the average amount of non-recurring SG&A expenses from 2023 to 2026E, which is $8.9 million; and (iii) pre-tax Adjusted Earnings otherwise increases by 50% of each year’s incremental revenues. Actual results may differ materially. See “Timing of Outlook for Certain GAAP and Non-GAAP Items” in the Appendix, including the Company’s inability to reconcile these forward-looking non-GAAP amounts to the most directly comparable GAAP measures without unreasonable effort. FMX GROWTH POTENTIAL
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| 51 FMX REVENUE MODEL Multiple pricing models let each client pay in the way that best fits how they trade TRANSACTION FEES MARKET DATA FMX UST · FMX FX FEE PER MILLION Charged per $1M notional traded HOW IT WORKS Clients pay a fee for each $1M of notional traded. The more the client trades, the more revenue FMX generates. FMX FUTURES RATE PER CONTRACT Charged per futures contract traded HOW IT WORKS Clients pay a fixed rate for each contract traded. The more the client trades, the more revenue FMX generates. FMX UST · FMX FX · FMX FUTURES ALL-YOU-CAN-EAT One fixed fee, unlimited trading HOW IT WORKS Clients pay one monthly recurring fixed fee that provides unlimited trading, breaking unit economics. FMX UST · FMX FX · FMX FUTURES MARKET DATA A recurring subscription fee HOW IT WORKS FMX licenses its price data to banks, hedge funds, trading firms and data vendors on a recurring basis.
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Q&A
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KEYNOTE FIRESIDE CHAT PROFESSOR GEOFFREY HINTON 2024 NOBEL LAUREATE AND 2018 TURING AWARD RECIPIENT JOHN ABULARRAGE Chairman, FMX / Co-CEO, BGC Group MARK RINALDO COO, FMX MODERATED BY
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BUILT TO COMPETE ENGINEERED TO LEAD THE FUTURE OF MARKETS
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APPENDIX
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| 56 FMX FINANCIALS TREND – FOOTNOTES 1. Includes interest income of nil, $6 million, $6 million and $4 million for 2023, 2024, 2025, and 2026E, respectively. 2. Market Data revenue and related expenses are presented on a gross basis in this presentation to provide additional information regarding the underlying economics of FMX’s Market Data business. In FMX’s financial results prepared in accordance with U.S. GAAP, Market Data would be presented on a net basis within Other revenue, net, because FMX acts as an ag ent. Market Data gross revenue was $3 million, $4 million, $6 million and $7 million for 2023, 2024, 2025 and 2026E, respectively, and related gross expenses were nil, $2 million, $4 million and $4 million, respectively. 3. Expense categories presented herein reflect management’s presentation of FMX expenses and may differ from the classifications and captions used in FMX’s financial results prepared in accordance with U.S. GAAP. Such classification differences do not affect total expenses. The expense amounts presented reflect applicable pre -tax Adjusted Earnings adjustments, primarily equity-based compensation, as described in footnote 4. 4. Pre-tax Adjusted Earnings, Market Data revenue and the related expense amounts presented herein are non -GAAP financial measures and reflect the applicable adjustments described in this Appendix. For the full years 2023, 2024 and 2025, equity-based compensation was $5 million, $5 million and $8 million, respectively, and is expected to be $9 million for th e full year 2026E. See this Appendix for the definition of Adjusted Earnings and reconciliations to the most comparable GAAP financial measure. 5. The 2023 results and results through April 22, 2024 reflect the historical results of the businesses comprising FMX prior to the closing of the strategic investment transaction between April 23, 2024, and April 24, 2024. Full -year 2023 and 2024 results include the historical results of those businesses before the transaction closing and FMX’s results thereafter. 6. 2026E reflects actual results for the eight months ended August 31, 2026 and management’s forecast for the four months ending December 31, 2026. Actual results may differ. See the Disclaimer section of this document titled “Discussion of Forward-Looking Statements about BGC” for further details. Note: Certain totals may not add due to rounding.
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| 57 NON- GAAP FINANCIAL MEASURES This document contains non -GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”) . Non -GAAP financial measures used by the Company include “Adjusted Earnings before noncontrolling interest in subsidiaries and taxes”, which is used interchangeably with “pre -tax Adjusted Earnings” ; “Post -tax Adjusted Earnings to fully diluted shareholders”, which is used interchangeably with “post -tax Adjusted Earnings” ; “Adjusted EBITDA” ; “Liquidity” ; and “Constant Currency” . The definitions of these terms are below . In the first quarter of 2026 , the Company clarified certain language in the definitions of certain non-GAAP financial measures that related to equity -based compensation and were administrative in nature . These updates did not impact calculation or comparability . ADJUSTED EARNINGS DEFINED BGC uses non-GAAP financial measures, including “Adjusted Earnings before noncontrolling interest in subsidiaries and taxes” and “Post -tax Adjusted Earnings to fully diluted shareholders”, which are supplemental measures of operating results used by management to evaluate the financial performance of the Company and its consolidated subsidiaries . BGC believes that Adjusted Earnings best reflects the operating earnings generated by the Company on a consolidated basis and is one of the financial metrics that management considers when managing its business . As compared with “Income (loss) from operations before income taxes” and “Net income (loss) for fully diluted shares”, both prepared in accordance with GAAP, Adjusted Earnings calculations primarily exclude certain non- cash items and other expenses that generally do not involve the receipt or outlay of cash by the Company and/or which do not dilute existing stockholders . In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the underlying operating performance of BGC . Adjusted Earnings is calculated by taking the most comparable GAAP measures and adjusting for certain items with respect to compensation expenses, non-compensation expenses, and other income, as discussed below . CALCULATIONS OF COMPENSATION ADJUSTMENTS FOR ADJUSTED EARNINGS AND ADJUSTED EBITDA Treatment of Equity -Based Compensation Line Item for Adjusted Earnings and Adjusted EBITDA The Company’s Adjusted Earnings and Adjusted EBITDA measures exclude all GAAP charges included in the line item “Equity -based compensation and allocations of net income to limited partnership units” (or “equity -based compensation” for purposes of defining the Company’s non -GAAP results) as recorded on the Company’s GAAP Consolidated Statements of Operations and GAAP Consolidated Statements of Cash Flows . These GAAP equity - based compensation charges reflect the following items : • Charges related to amortization of restricted stock units (“RSUs”) and restricted stock awards ; • Charges related to issuance of shares of BGC’s Class A common stock ; • Charges with respect to BGC RSU tax accounts and any remaining Newmark Holdings, L.P. (“Newmark Holdings”) preferred units held by BGC employees . RSU tax accounts were granted in connection with the grant of RSUs . Preferred units were granted in connection with the grant of certain limited partnership units that may be granted exchangeability for or redeemed in connection with the grant of shares of Newmark Group, Inc . (“Newmark Group”) Class A common stock . The RSU tax accounts and preferred units were granted at ratios designed to cover any withholding taxes expected to be paid. This is an alternative to the common practice among public companies of issuing the gross amount of shares to employees, subject to cashless withholding of shares, to pay applicable withholding taxes ; • Charges related to Newmark Holdings limited partnership interests held by BGC employees that are granted exchangeability into shares of Newmark Group Class A common stock or redeemed in connection with the grant of Newmark Group Class A common stock ; • Charges related to any other equity -based awards ; • Allocations of the net income of Newmark Holdings to Newmark Holdings limited partnership units held by BGC employees . Such allocations represent the pro-rata portion of Newmark Holdings’ post -tax GAAP earnings available to such unit holders ; and • Charges related to dividend equivalents earned on RSUs and any preferred returns on RSU tax accounts . The amounts of certain quarterly equity -based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted Earnings Taxes .” Virtually all of BGC’s key executives and producers have equity stakes in the Company and its subsidiaries and generally receive deferred equity as part of their compensation . A significant percentage of BGC’s fully diluted shares are owned by its executives, partners and employees . The Company issues RSUs, restricted stock and Class A common stock, to provide liquidity to its employees, to align the interests of its employees and management with those of common stockholders, to help motivate and retain key employees, and to encourage a collaborative culture that drives cross- selling and revenue growth . Compensation charges are also adjusted for certain other cash and non-cash items . Certain Other Compensation -Related Adjustments for Adjusted Earnings BGC also excludes various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period from its calculation of Adjusted Earnings . These may include compensation - related items with respect to cost -saving initiatives, such as severance charges incurred in connection with headcount reductions as part of broad restructuring and/or cost savings plans, and certain loan forgiveness as a result of broad -based alterations to the Company’s employee loan arrangements . DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS
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| 58 DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS (CONTINUED) CALCULATION OF NON- COMPENSATION ADJUSTMENTS FOR ADJUSTED EARNING S Adjusted Earnings calculations may also exclude items such as: • Non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions ; • Acquisition related costs; • Non-cash GAAP asset impairment charges ; • Resolutions of litigation, disputes, investigations, or enforcement matters that are generally non -recurring, exceptional, or unusual, or similar items that management believes do not best reflect BGC’s underlying operating performance, including related unaffiliated third -party professional fees and expenses ; and • Various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period, including non -compensation -related charges incurred as part of broad restructuring and/or cost savings plans . Such GAAP items may include charges for professional fees and expenses, exiting leases and/or other long -term contracts as part of cost -saving initiatives, as well as non-cash impairment charges related to assets, goodwill and/or intangible assets created from acquisitions . CALCULATION OF ADJUSTMENTS FOR OTHER (INCOME) LOSSES FOR ADJUSTE D EARNINGS Adjusted Earnings calculations also exclude gains from litigation resolution and certain other non-cash, non-dilutive, and/or non-economic items, which may, in some periods, include : • Gains or losses on divestitures ; • Fair value adjustment of investments ; • Certain other GAAP items, including gains or losses related to BGC's investments accounted for under the equity method ; and • Any unusual, non-ordinary, or non-recurring gains or losses. METHODOLOGY FOR CALCULATING ADJUSTED EARNINGS TAXES Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post -tax Adjusted Earnings to fully diluted shareholders . The Company defines post -tax Adjusted Earnings to fully diluted shareholders as pre- tax Adjusted Earnings reduced by the non-GAAP tax provision described below and net income (loss) attributable to noncontrolling interest for Adjusted Earnings . The Company calculates its tax provision for post -tax Adjusted Earnings using an annual estimate similar to how it accounts for its income tax provision under GAAP . To calculate the quarterly tax provision under GAAP, BGC estimates its full fiscal year GAAP income (loss) from operations before income taxes and noncontrolling interest in subsidiaries and the expected inclusions and deductions for income tax purposes, including expected equity -based compensation during the annual period . The resulting annualized tax rate is applied to BGC’s quarterly GAAP income (loss) from operations before income taxes and noncontrolling interest in subsidiaries . At the end of the annual period, the Company updates its estimate to reflect the actual tax amounts owed for the period . To determine the non-GAAP tax provision, BGC first adjusts pre-tax Adjusted Earnings by recognizing any, and only, amounts for which a tax deduction applies under applicable law . The amounts include charges with respect to equity -based compensation ; certain charges related to employee loan forgiveness ; certain net operating loss carryforwards when taken for statutory purposes ; and certain charges related to tax goodwill amortization . These adjustments may also reflect timing and measurement differences, including treatment of employee loans ; changes in the value of Newmark Holdings units held by BGC employees between the dates of grants of exchangeability by Newmark Group and the date of actual unit exchange ; changes in the value of RSUs and/or restricted stock awards between the date of grant and the date the award vests ; variations in the value of certain deferred tax assets; and liabilities and the different timing of permitted deductions for tax under GAAP and statutory tax requirements . After application of these adjustments, the result is the Company’s taxable income for its pre-tax Adjusted Earnings, to which BGC then applies the statutory tax rates to determine its non -GAAP tax provision . BGC views the effective tax rate on pre-tax Adjusted Earnings as equal to the amount of its non-GAAP tax provision divided by the amount of pre-tax Adjusted Earnings . Generally, the most significant factor affecting this non -GAAP tax provision is the amount of charges relating to equity -based compensation . Because the charges relating to equity -based compensation are deductible in accordance with applicable tax laws, increases in such charges have the effect of lowering the Company’s non-GAAP effective tax rate and thereby increasing its post-tax Adjusted Earnings . BGC incurs income tax expenses based on the location, legal structure and jurisdictional taxing authorities of each of its subsidiaries . Certain of the Company’s entities are taxed as U.S. partnerships and are subject to the Unincorporated Business Tax (“UBT”) in New York City . Any U.S. federal and state income tax liability or benefit related to the partnership income or loss, with the exception of UBT, rests with the unit holders rather than with the partnership entity . The Company’s consolidated financial statements include U.S. federal, state, and local income taxes on the Company’s allocable share of the U.S. results of operations. Outside of the U.S., BGC operates principally through subsidiary corporations subject to local income taxes . For these reasons, taxes for Adjusted Earnings are expected to be presented to show the tax provision the consolidated Company would expect to pay if 100% of earnings were taxed at global corporate rates .
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| 59 DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS (CONTINUED) CALCULATIONS OF PRE - AND POST -TAX ADJUSTED EARNINGS PER SHARE BGC’s pre- and post -tax Adjusted Earnings per share is calculated as pre- and post -tax Adjusted Earnings divided by the fully diluted weighted -average number of shares outstanding of BGC Class A common stock and BGC Class B common stock for the applicable period . The fully diluted weighted -average share count includes the effect of potentially dilutive securities determined using the treasury stock method, as well as the weighted - average number of contingent shares . BGC’s pre- and post-tax Adjusted Earnings per share calculations assume that : • The fully diluted share count includes the shares related to any dilutive instruments, but excludes the associated expense, net of tax, when the impact would be dilutive ; • The fully diluted share count excludes the shares related to these instruments, but includes the associated expense, net of tax, when the impact would be anti -dilutive ; • Any RSU tax accounts and preferred units are not included in the Company’s fully diluted share count because they are not convertible into shares of the Company’s common stock ; and • Certain shares and share equivalents expected to be issued in future periods but not yet eligible to receive dividends are excluded from the fully diluted share count . Each quarter, the dividend payable to BGC’s stockholders, if any, is expected to be determined by the Company’s Board of Directors with reference to a number of factors . The declaration, payment, timing, and amount of any future dividends payable by the Company will be at the discretion of its Board of Directors . For more information on any share count adjustments, see the table titled “Fully Diluted Weighted -Average Share Count under GAAP and for Adjusted Earnings” in the Company’s most recent financial results press release. MANAGEMENT RATIONALE FOR USING ADJUSTED EARNINGS BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non -cash in nature, because the anticipated benefits from the expenditures are not expected to be fully realized until future periods, or because the Company views results excluding these items as a better reflection of the underlying performance of BGC’s ongoing operations . Management uses Adjusted Earnings and other financial metrics in part to help it evaluate, among other things, the overall performance of the Company’s business and to make decisions with respect to the Company’s operations. The term “Adjusted Earnings” should not be considered in isolation or as an alternative to GAAP net income (loss) . The Company views Adjusted Earnings as a metric that is not indicative of liquidity, or the cash available to fund its operations, but rather as a performance measure. Pre - and post -tax Adjusted Earnings, as well as related measures, are not intended to replace the Company’s presentation of its GAAP financial results . However, management believes that these measures help provide investors with a clearer understanding of BGC’s financial performance and offer useful information to both management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that the GAAP and Adjusted Earnings measures of financial performance should be considered together . For more information regarding Adjusted Earnings, see the section of this document titled “Reconciliation of GAAP to Adjusted Earnings” and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post -Tax Adjusted EPS”, including the related footnotes, for details about how BGC’s non- GAAP results are reconciled to those under GAAP . ADJUSTED EBITDA DEFINED BGC also provides an additional non-GAAP financial performance measure, “Adjusted EBITDA”, which it defines as GAAP “Net income (loss) available to common stockholders”, adjusted to add back the following items : • Provision (benefit) for income taxes ; • Net income (loss) attributable to noncontrolling interest in subsidiaries ; • Interest expense ; • Fixed asset depreciation and intangible asset amortization ; • Equity -based compensation, dividend equivalents and allocations of net income to limited partnership units ; • Impairment of long -lived assets; • (Gains) losses on equity method investments ; and • Certain other non-cash GAAP items, such as non-cash charges of amortized rents . The Company’s management believes that its Adjusted EBITDA measure is useful in evaluating BGC’s operating performance, because the calculation of this measure generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions . Such items may vary for different companies for reasons unrelated to overall operating performance . As a result, the Company’s management uses this measure and other financial metrics to evaluate operating performance and for other discretionary purposes . BGC believes that Adjusted EBITDA is useful to investors to assist them in getting a more complete picture of the Company’s financial results and operations . Since BGC’s Adjusted EBITDA is not a recognized measurement under GAAP, investors should use this measure in addition to GAAP measures of net income when analyzing BGC’s operating performance . Because not all companies use identical EBITDA calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies . Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow or GAAP cash flow from operations because the Company’s Adjusted EBITDA does not consider certain cash requirements, such as tax and debt service payments . For more information regarding Adjusted EBITDA, see the section of the Company’s most recent financial results press release titled “Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted EBITDA”, including the footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP .
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| 60 DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS (CONTINUED) TIMING OF OUTLOOK FOR CERTAIN GAAP AND NON -GAAP ITEMS BGC anticipates providing forward -looking guidance for GAAP revenues and for certain non-GAAP measures from time to time . However, the Company does not anticipate providing an outlook for other GAAP results . This is because certain GAAP items, which are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision before the end of each period . The Company therefore believes that it is not possible for it to have the required information necessary to forecast GAAP results or to quantitatively reconcile GAAP forecasts to non -GAAP forecasts with sufficient precision without unreasonable efforts . For the same reasons, the Company is unable to address the probable significance of the unavailable information . The relevant items that are difficult to predict on a quarterly and/or annual basis with precision and may materially impact the Company’s GAAP results include, but are not limited, to the following : • Certain equity -based compensation charges that may be determined at the discretion of management throughout and up to the period -end ; • Unusual, non-ordinary, or non-recurring items ; • The impact of gains or losses on certain marketable securities, as well as any gains or losses related to associated mark -to- market movements and/or hedging . These items are calculated using period -end closing prices ; • Non-cash asset impairment charges, which are calculated and analyzed based on the period -end values of the underlying assets. These amounts may not be known until after period -end ; and • Acquisitions, dispositions, and/or resolutions of litigation, disputes, investigations, or enforcement matters, or similar items, which are fluid and unpredictable in nature . LIQUIDITY DEFINED BGC may also use a non -GAAP measure called “liquidity” . The Company considers liquidity to be comprised of the sum of cash and cash equivalents, reverse repurchase agreements (if any), financial instruments owned, at fair value, less securities lent out in securities loaned transactions and repurchase agreements (if any) . The Company considers liquidity to be an important metric for determining the amount of cash that is available or that could be readily available to the Company on short notice . For more information regarding Liquidity, see the section of the Company’s most recent financial results press release titled “Liquidity Analysis”, including any footnotes to the same, for details about how BGC’s non -GAAP results are reconciled to those under GAAP . CONSTANT CURRENCY DEFINED BGC generates a significant amount of its revenues in non -U.S. dollar denominated currencies, particularly in the euro and pound sterling . In order to present a better comparison of the Company's revenues during the period, which exhibited highly volatile foreign exchange movements, BGC provides revenues year -over -year comparisons on a “Constant Currency” basis . BGC uses a Constant Currency financial metric to provide a better comparison of the Company's underlying operating performance by eliminating the impacts of foreign currency fluctuations between comparative periods . Since BGC's consolidated financial statements are presented in U.S. dollars, fluctuations in non -U.S. dollar denominated currencies have an impact on the Company's GAAP results . The Company's Constant Currency metric, which is a non -GAAP financial measure, assumes the foreign exchange rates used to determine the Company's comparative prior period revenues, apply to the current period revenues . Constant Currency revenue percentage change is calculated by determining the change in current quarter non -GAAP Constant Currency revenues over prior period revenues . Non -GAAP Constant Currency revenues are total revenues excluding the effect of foreign exchange rate movements and are calculated by remeasuring and/or translating current quarter revenues using prior period exchange rates . BGC presents certain non -GAAP Constant Currency percentage changes in Constant Currency revenues as a supplementary measure because it facilitates the comparison of the Company's core operating results . This information should be considered in addition to, and not as a substitute for, results reported in accordance with GAAP .
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| 61 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS Reconciliation of GAAP income (loss) from operations before income taxes to pre-tax Adjusted Earnings ($ in millions) (unaudited) 20235 20245 2025 2026E6 GAAP income (loss) from operations before income taxes ($34) ($25) ($31) ($27) Equity-based compensation 5 5 8 9 Total pre-tax adjustments 5 5 8 9 Pre-tax Adjusted Earnings (“Adjusted Earnings before noncontrolling interest in subsidiaries and taxes”)4 ($29) ($20) ($23) ($18) See the slide in this Appendix titled “FMX FINANCIALS TREND – FOOTNOTES” for relevant footnotes.