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ITG Estimates Third Quarter Earnings Impact of September 11 Disaster

NEW YORK, September 24, 2001 - Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology-based equity trading services, today announced that as a result of the recent four day closing of equity markets and related events, net income for the third quarter of 2001 will be reduced by approximately $3.5 million or $0.11 cents per share. Prior to these events, ITG was expecting to slightly exceed consensus estimates of $0.56 per share. "The ITG family would like to express their heartfelt condolences to the victims of this catastrophic event," said Raymond L. Killian, Jr., ITG's Chairman, President and Chief Executive Officer. "While we were very fortunate not to have lost employees or suffered damage to our facilities, the loss of family members, business associates and community members is deeply felt throughout our entire organization."

The earnings per share revision takes into consideration a contribution of $1,000,000 to The New York Times 9/11 Neediest Fund, to assist in relieving the suffering of families struck by death or injury in the World Trade Center tragedy. The fund is managed by The New York Times Company Foundation, which covers all administrative costs. In addition, ITG will match up to an additional $500,000 of employee donations for a possible total of $2,000,000 from ITG and its employees.

ITG expects to announce third quarter 2001 results on Tuesday, October 16.

ITG is headquartered in New York with offices in Boston, Los Angeles, Dublin, London, Melbourne, Sydney, Tel Aviv and Toronto. As a leading provider of technology-based equity-trading services and transaction research to institutional investors and brokers, ITG services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. ITG generates superior trading results for its clients through three lines of business. POSITÒ, the world's largest equity matching system, allows clients to trade confidentially. The Electronic Trading Desk is recognized as one of the leading program trading operations in the U.S. ITG's leading-edge client site products allow users to implement their own trading strategies by providing direct electronic access to most sources of market liquidity. For additional information, visit itginc.com.

Statements made today may include forward-looking information subject to risks, uncertainties and other factors that could materially affect actual results. For further information please see ITG's reports filed with the SEC pursuant to the Securities Exchange Act of 1934 which are available at the SEC's website (www.sec.gov).

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