Instinet Adds After-Market Cross to JapanCrossing; New Cross Offers Institutions More Opportunities to Reduce Market Impact by Finding ''Natural'' Counterparties on Asia's Only Source of Off-Exchange Liquidity

Business Wire, July 12, 2006

TOKYO -- Instinet, a global agency broker, today announced the addition of a new after-market cross to JapanCrossing(SM), its off-exchange, proprietary trading system (PTS) for Japanese equities. The new cross, which runs at 15:30 (JST) and matches orders at the last traded price of the Tokyo Stock Exchange's PM session, becomes JapanCrossing's third daily cross, joining a pre-market VWAP cross and morning close cross.

"Given the recent strength of the Japanese market, clients are increasingly looking for off-exchange liquidity to minimize market impact," said Joseph Marchal, president and managing director, Instinet Asia. "Consequently, we felt the time was right to add an after-market cross to JapanCrossing, giving clients yet another venue to leverage in the search for best execution."

Instinet is the only US agency broker in Asia that is a member of both the Tokyo and Osaka Stock Exchanges, and JapanCrossing is the only alternative trading system (ATS) in Asia. Since its introduction in 2001, JapanCrossing's liquidity pool has grown steadily, representing 3.9 percent of the TSE's total daily turnover in Q1. JapanCrossing is an anonymous, safe and neutral venue for institutional investors to place illiquid Japanese equity orders, with 77 percent of overall cap weighting in either small or mid-cap stocks in June 2006.

A[micro]   Instinet's JapanCrossing is comprised of the following three daily
crosses:

A[micro]   -- Pre-Open VWAP Cross -- 8:30 (JST):

A[micro]       --  Orders are accepted anytime before 8:25 on the morning of
            the cross, with the match being run at 8:30. Reports on
            preliminary executions and residuals are sent by 8:40, and
            final priced execution reports are confirmed after VWAP
            has been updated in the primary market (approximately
            15:10).

A[micro]   -- Last Traded Price (AM Session) Cross -- 12:00 (JST):

A[micro]       --  Orders are accepted anytime before 11:55 on the morning of
            the cross, with the match being run at 12:00 and report of
            priced executions and residuals sent by 12:10.

A[micro]   -- Last Traded Price (PM Session) Cross -- 15:30 (JST):

A[micro]       --  Orders are accepted anytime before 15:25 on the morning of
            the cross, with the match being run at 15:30 and report of
            priced executions and residuals sent by 15:40.

In addition, Instinet also offers in Japan its Continuous Block Crossing(SM)(CBX) network, a 24-hour, global electronic market where traders can negotiate and trade blocks of stock with natural counterparties at mutually agreed prices. CBX(SM) is the only such block crossing system in Asia, and allows institutions to trade any global security -- not just Japanese equities -- regardless of time of day.

JapanCrossing's Last Traded Price (PM Session) Cross is available immediately. Interested clients should contact Christian Chan at 81-3-5562-1877 or christian.chan@instinet.com.

About Instinet(R)

Instinet(R), a global agency-broker, provides the trading expertise and advanced technology necessary to successfully interact with more than 40 worldwide securities markets. Acting solely as an agent for its customers, which include international mutual funds, insurance companies, pension funds and hedge funds, Instinet seeks to improve institutional investment performance and lower overall trading costs through its various front end trading systems, securities crossing networks, algorithms and investment research products. The company, which is majority owned by Silver Lake Partners, is headquartered in New York and maintains offices in North America, Europe and the Asia Pacific region. For more information, please visit www.instinet.com.

(C)2006 Instinet Japan Ltd. All rights reserved. INSTINET is a registered mark in the United States. Approved for distribution in Japan by Instinet Japan Ltd., which is authorised and regulated by the Financial Services Agency. Instinet Japan Ltd. is a subsidiary of Instinet Incorporated and an affiliate of Instinet, LLC, member NASD/SIPC.