Nortel Declares Dividends

Board of directors declares preferred share dividends

April 29, 2002

1 Min Read

TORONTO -- The board of directors of Nortel Networks* Limited declared a dividend on the outstanding Nortel Networks Cumulative Redeemable Class A Preferred Shares Series 5 [TSE: NTL.PR.F], the amount of which will be calculated by multiplying (a) the average prime rate of Royal Bank of Canada and Toronto-Dominion Bank during May 2002 by (b) the applicable percentage for the dividend payable for April 2002, as adjusted up or down by a maximum of 4 percentage points based on the weighted average trading price of such shares during May 2002, in each case as determined in accordance with the terms and conditions attaching to such shares. The dividend will be payable on June 12, 2002 to shareholders of record at the close of business on May 31, 2002. With respect to the Non-cumulative Redeemable Class A Preferred Shares Series 7 [TSE: NTL.PR.G], of Nortel Networks Limited, the board of directors declared a dividend in the amount of Cdn$0.30625 per share. The dividend is payable on June 3, 2002 to shareholders of record at the close of business on May 13, 2002. Nortel Networks Corp.

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