Nortel Insider Trading Halted

The Ontario Securities Commission temporarily halts trading in Nortel Networks Ltd. by directors, officers, and certain employees

May 18, 2004

1 Min Read

TORONTO -- Nortel Networks Corporation (NYSE:NT)(TSX:NT) today announced that the Ontario Securities Commission (the "OSC") has issued a temporary order that prohibits, effective immediately, all trading by directors, officers and certain current and former employees in the securities of the Company and its principal operating subsidiary, Nortel Networks Limited ("NNL"). Under the procedures of the OSC, this temporary order is expected to be replaced by a permanent order within the next 15 days. The permanent management cease trade order is expected to be in place until two full business days following receipt by the OSC of all filings that the Company and NNL are required to make pursuant to Ontario securities laws. The Company expects that securities commissions in certain other provinces will also issue similar orders with respect to residents in those jurisdictions. Under the guidelines pursuant to which this management cease trade order was issued, Nortel Networks expects to generally provide bi-weekly updates on the affairs of the Company. On April 28, 2004, Nortel Networks had announced the possibility of a management cease trade order being issued as a result of the Company's and NNL's inability to file their financial statements in a timely manner. Nortel Networks Ltd.

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