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Business Description
Instinet Group Incorporated provides electronic trading solutions and execution services to enable buyers and sellers worldwide to trade securities directly and anonymously with each other. The Company also gives its customers the opportunity to use its sales-trading expertise and sophisticated technology tools to interact with global securities markets, improve their trading and investment performance and lower their overall trading costs. Through its electronic platforms, its customers can access other United States trading venues, including NASDAQ and the New York Stock Exchange (NYSE), as well as nearly 30 securities markets worldwide, including stock exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and Zurich. Since the fourth quarter of 2003, the Company has been implementing a business restructuring plan to establish two distinct business lines, Instinet, the Institutional Broker, and INET (formerly known as The Island ECN, Inc.).

Financial Information
For the nine months ended 9/30/04, total revenues increased 5% to $854.2 million. Net income totaled $34.9 million vs. a loss of $35.5 million. Results reflect an increase in transaction revenue, improved operating margins and increased gains on investments.