New York -- March 28, 2003 – Instinet Group Incorporated (Nasdaq: INET) today announced that as part of its continuing cost-reduction effort it would reduce its workforce by approximately 175 employees (or approximately 12 percent of its full-time employees), across its operations, both in the U.S. and internationally. These reductions result from attrition and the elimination of positions. Instinet expects that these reductions will result in an estimated $20 million reduction in its operating costs on an annualized basis. This decrease is in addition to the $100 million cost reduction target previously announced.

“Today's reduction is part of Instinet's ongoing commitment to produce a leaner and more efficient company,” said Edward J. Nicoll, Instinet's Chief Executive Officer.

END

Contacts:

Nancy Bobrowitz
Corporate Communications – US
Tel: +1 646 223 5220
nancy.bobrowitz@reuters.com

Yvonne Diaz
Corporate Communications – UK
Tel: +44 207 542 2615
yvonne.diaz@reuters.com

Miriam McKay
Investor Relations - UK
Tel: +44 207 542 7057
miriam.mckay@reuters.com

Note to Editors:

Reuters (www.about.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Our information is trusted and drives decision making across the globe based on our reputation for speed, accuracy and independence. We have 16,000 staff in 94 countries, including some 2,400 editorial staff in 197 bureaux serving approximately 130 countries, making Reuters the world's largest international multimedia news agency. In 2002, the Reuters Group had revenues of £3.6 billion.

Reuters and the sphere logo are the trademarks of the Reuters group of companies.

This news release may be deemed to include forward-looking statements relating to Reuters within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Certain important factors that could cause actual results to differ materially from those disclosed in such forward-looking statements are described in Reuters Annual Report and Form 20-F for the year to 31 December 2002 under the heading 'Risk Factors'. Copies of the Annual Report and Form 20-F are available on request from Reuters Group PLC, 85 Fleet Street, London EC4P 4AJ.