BRAMPTON, Ontario -- Nortel Networks* Corporation(a) [NYSE/TSE: NT] reported results for the third quarter and first nine months of 2000 prepared in accordance with U.S. generally accepted accounting principles. Revenues increased 42 percent to US$7.31 billion for the third quarter of 2000 from US$5.15 billion in the same period in 1999. Net earnings from operations applicable to common shares(b) for the quarter were US$574 million, or US$0.18 per share on a diluted basis, compared to US$314 million, or US$0.11 per share on a diluted basis, for the same period in 1999, an increase in earnings per share from operations of 64 percent. Including Acquisition Related Costs (b), stock option compensation from acquisitions and divestitures and one-time gains, Nortel Networks recorded a net loss applicable to common shares in the third quarter of 2000 of US$586 million or US$0.20 per share.

"We are extremely pleased with the strong growth in the quarter which reflected our continued strength and leadership in the key growth areas of Optical Internet, Wireless Internet, Local Internet and eBusiness Solutions," said John Roth, president and chief executive officer, Nortel Networks.

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