Thursday, December 9, 2004

Nortel Announces New Waiver from Export Development Canada

Nortel Networks obtained a new waiver from Export Development Canada ("EDC"). The new waiver from will remain in effect until the earlier of certain events including the date on which the company's past financial reports have been filed with the SEC; or January 15, 2005.

If the company fails to file the reports by January 15, 2005, there can be no assurance that it would receive any further waivers or any extensions of the waiver beyond its scheduled expiry date.

The EDC Support Facility provides up to US$750 million in support, all presently on an uncommitted basis. As of December 9, 2004, there was approximately US$290 million of outstanding support utilized under the EDC Support Facility, approximately US$206 million of which was outstanding under the small bond sub-facility.


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