Smith|Robertson SUCCESSFULLY DEFENDS
 INSTINET IN HISTORIC RULING

AUSTIN, Texas - January 15, 2004: Smith|Robertson successfully defended client Instinet Group Incorporated in one of the largest arbitration rulings in recent history. The plaintiff in the case alleged that Instinet was a party to a civil conspiracy, breach of contract, aiding and abetting breaches of fiduciary duty, as well as other causes of action, and sought in excess of $130 million in damages from Instinet and eight other defendants.

On January 15, 2004 three independent arbitrators appointed by the American Arbitration Association found that the plaintiff's claims against Instinet were without merit. However, several of the other defendants in the proceeding were assessed in excess of $40 million in damages. Instinet was awarded its costs and attorneys' fees.

"We were able to establish to the satisfaction of the arbitration panel that our client was not a participant in the alleged conspiracy, nor was it a party to the breach of contract alleged in this case," says Wallace Smith, partner at Smith|Robertson (formerly known as Smith Robertson Elliot & Glen, L.L.P). "The arbitration panel found that each of the plaintiff's claims against Instinet was without merit."

Instinet is the world's largest global electronic agency securities broker handling a volume of more than 25 percent of all trading in Nasdaq-quoted securities, and more than four percent of all trading in NYSE and AMEX-listed securities. It has been providing investors with electronic trading solutions for over 30 years. Instinet's services enable buyers and sellers worldwide to trade securities directly and anonymously with each other, gain price improvement for their trades, manage their orders and lower their overall trading costs.

"We are very pleased with the quality of the representation we received from Smith|Robertson," says Jeffrey Letzler, Instinet's Senior Vice President and Deputy General Counsel. "We were able to work efficiently with the attorneys at Smith|Robertson to clearly establish the facts supportive of our defense, thereby ensuring our success."

Smith|Robertson is a team of dynamic and experienced attorneys specializing in Trial & Litigation, Environmental & Land Use Law, and Commercial Real Estate Law and is based in Austin, TX. Members of the Trial & Litigation group at Smith|Robertson participating in the Instinet case included partner Wallace M. Smith, associates Craig M. Douglas and A. Lee Rigby, and paralegal Heather Newby.