Press Release: June 12, 2001

WR Hambrecht + Co Initiates Coverage of Instinet (INET) with a Buy Rating and a Price Target of $25

San Francisco, CA, June 12, 2001—WR Hambrecht + Co today initiated research coverage on Instinet (INET) with a Buy rating and a price target of $25. WR Hambrecht’s eFinance analyst Jeff Baker cites Instinet’s market position in a growing industry and discounted relative valuation as key reasons for the recommendation. WR Hambrecht + Co offers all its research reports free and real time at www.wrhambrecht.com.

“Instinet’s continued market share growth truly is a one-two combination punch,” Baker said. “Typically, growing market share in a finite opportunity or simply maintaining market share in a growing space are both signs of solid growth for a company. Instinet, however, is not only increasing its market share, but it is increasing its market share in a growing sector.”

WR Hambrecht + Co estimates Instinet will earn $0.79 per share on revenues $1.72 billion in 2001 and $0.90 per share on $1.98 billion in 2002, up from 2000 earnings of $0.72 on $1.44 billion.

Instinet Group Inc. is an electronic agency securities broker that has been providing investors with electronic trading solutions for more than 30 years.