RNS Number:8201I
Colt Telecom Group PLC
17 March 2003

17 March 2003

                 NOTIFICATION OF CANCELLATION OF CERTAIN NOTES

COLT Telecom Group plc (COLT) said today that further to its notifications of 9
October 2001 and 13 May 2002 and following the purchase of certain bonds by COLT
Telecom Finance Limited that the bonds purchased had now been cancelled. Details
of the further cancellations are given below.

$45.2 Million accreted principal amount of our $314 Million 12% Senior Discount
Notes due December 2006;

DM17.2 Million face amount of our DM150 Million 8.875% Senior Notes due November
2007;

DM43.6 Million face amount of our DM 600 Million 7.625% Senior Notes due July
2008;

Euro27.0 Million face amount of our Euro320 Million 7.625% Senior Notes due December
2009;

#8.8 Million face amount of our #50 Million 10.125% Senior Notes due November
2007;

Euro8.9 Million accreted principal amount of our Euro295 Million 2% Senior Convertible
Notes due March 2006;

Euro26.8 Million accreted principal amount of our Euro368 Million 2% Senior
Convertible Notes due December 2006; and

Euro31.3 Million accreted principal amount of our Euro402.5 Million 2% Senior
Convertible Notes due April 2007.

About COLT

COLT Telecom Group plc is a leading pan-European provider of business
communications services. COLT has over 15,000 network services and eBusiness
customers. The company owns an integrated 20,000 kilometre network that directly
connects over 9,000 buildings in 32 major cities in 13 countries augmented with
a further 27 points of presence across Europe and 11 Internet Solution Centres.
COLT supplies customers across the full spectrum of industry, service and
government sectors with unrivalled end-to-end network security, reliability and
service.

COLT Telecom Group plc is listed on the London Stock Exchange (CTM.L) and NASDAQ
(COLT). COLT's majority shareholder is Fidelity, the international provider of
financial services and investment resources. Information about COLT and its
products and services can be found on the web at www.colt.net.

Contact

John Doherty

Director Investor Relations

Tel: +44 20 7390 3681

Email: jdoherty@colt-telecom.com


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