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Financial

Nortel Declares Dividends

CALGARY, Alberta -- The board of directors of Nortel Networks Limited today declared a dividend of Cdn$1,975.34 per share on each outstanding Nortel Networks Cumulative Redeemable Class A Preferred Shares Series 4. The dividend is payable on May 9, 2001 to shareholders of record at the close of business on May 8, 2001.

With respect to Nortel Networks Cumulative Redeemable Class A Preferred Shares Series 5, the board of directors declared a dividend in the amount of Cdn$0.31875 per share. The dividend is payable on June 1, 2001 to shareholder of record at the close of business on May 14, 2001.

With respect to Nortel Networks Non-cumulative Redeemable Class A Preferred Shares Series 7, the board of directors declared a dividend in the amount of Cdn$0.30625 per share. The dividend is payable on June 1, 2001 to shareholders of record at the close of business on May 14, 2001.

Nortel Networks Corp.
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