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

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.

-0-
*T

Instinet's JapanCrossing is comprised of the following three daily
crosses:

-- Pre-Open VWAP Cross -- 8:30 (JST):

-- 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).

-- Last Traded Price (AM Session) Cross -- 12:00 (JST):

-- 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.

-- Last Traded Price (PM Session) Cross -- 15:30 (JST):

-- 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.

*T

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.