Who are we really dealing with?

Instinet's block trading services bring together a broad range of institutional participants from around the world, including mutual funds, hedge funds, plan sponsors and other institutions. Based on Instinet's proprietary technology platforms, such as Newport(TM), components of the company's block trading solution include:

-- IDX - allows clients to anonymously participate in any of the

three crossing executions that take place each day, and access

this diverse liquidity pool without anyone seeing their order

flow. This eliminates the market impact that occurs in auction

markets, often a significant contributor to transaction costs.

-- VWAP Cross - operates before the market opens, where trades

are matched on a volume-weighted average price for that day.

The effect of volatile market swings is reduced, global

liquidity from Europe and Asia is easily accessible and the

client receives low market impact from confidential orders and

non-negotiable prices. The VWAP benchmark is an

internationally recognized average of all trades weighted by

volume in any given stock.

-- CBX - is designed to help Instinet's clients trade large

orders by interacting with their natural counterparty - a

trading partner with similar investment principles but a

different outlook on a stock's performance. There are minimum

order size, trade size and display size requirements for

participation in CBX.

-- EDX - provides clients with the opportunity to participate in

an overnight match at the markets' closing prices for that

day. All end-of-day crossing trades are booked at the

following day's trade date, and timing has been selected

specifically to maximize customer participation and

concentrate liquidity.

-- ProActive SmartRouter - adds value by simultaneously routing

orders during market hours to internal or external

marketplaces, such as CBX, INET, ArcaEX, SuperMontage and the

exchanges, to increase the likelihood of price and size

improvement. Meanwhile, Instinet's sales trading desks in New

York, Boston, London, Tokyo, Hong Kong and Toronto assist in

representing and protecting institutional clients' orders,

finding liquidity in international markets, and helping to

formulate trading strategy.

About Instinet, the Institutional Broker

Instinet, the Institutional Broker, gives its customers the opportunity to use its sales-trading expertise and advanced technology tools to interact with global securities markets, improve trading and investment performance and lower overall trading costs. Through Instinet's electronic platforms, customers can access other U.S. trading venues, including NASDAQ and the NYSE, and almost 30 securities markets throughout the world. Instinet acts solely as an agent for its customers, including institutional investors, such as mutual funds, pension funds, insurance companies and hedge funds. Instinet, LLC is a subsidiary of Instinet Group Incorporated (NASDAQ:INGP) which is part of the Reuters family of companies.