INET Adopts Reduced Routing Rate

Inet ATS, Inc., the single electronic marketplace being formed from the consolidation of Instinet ECN and Island ECN, today announced a standard rate of $0.0025 per share for routing orders in U.S. over-the-counter securities to other trading venues through Instinet SmartRouter. Reduced in October 2003 as part of a promotion originally scheduled to end December 31, 2003, the $0.0025 per share rate became the standard as of January 1, 2004.

"Over the past three months, we have seen tremendous growth in routable orders primarily due to the price reduction. By making the lower price our standard rate, we are giving customers that have not already done so another reason to make the technical and business changes necessary to begin routing through SmartRouter," said Alex Goor, president, Inet ATS, Inc. "We believe that the increase in routable orders has led to greater liquidity on Inet and therefore better trading opportunities for our clients."