Proposers and, if applicable, supporting shareholders , whose
common shares of the Company are beneficially held indirectly
through another person or entity (e.

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Business Editors/Technology Writers

TORONTO----Nortel Networks
Corporation (NYSE:NT)(TSX:NT) announced today that in connection with
its planned combined 2004/2005 annual meeting of shareholders to be
held this year following the filing of the Company's 2004 audited
financial statements (the "Meeting"), eligible shareholders of the
Company may propose matters for a vote by the Company's shareholders
at the Meeting. The Company is publishing today certain eligibility
and procedural requirements in order to assist shareholders in
understanding the requirements of applicable law and expedite the
timely submission and processing of shareholder proposals.
With over 10 years of experience in strategy, finance and operational
consulting, Mr.

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For this
purpose , the Company will accept a written statement from the
registered holder of the shares verifying the number of shares
the proposer and each of the supporting shareholders, if
applicable, beneficially owns and the date such shares were
acquired.

About Nortel

Nortel is a recognized leader in delivering communications
capabilities that enhance the human experience, ignite and power
global commerce, and secure and protect the world's most critical
information . Unless
otherwise required by applicable securities laws, Nortel disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. As a senior consultant, he provided consulting
services to troubled companies and their constituent groups operating both in
and out of bankruptcy protection.

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The proposal must be accompanied by (i) the name and address
of the proposer and, if applicable, the name and address of
each other shareholder who is to be included as a supporter of
the proposal, (ii) the number of common shares of the Company
owned by the proposer and, if applicable, by the supporting
shareholders and (iii) the date the shares were acquired by
the proposer and, if applicable, the supporting shareholders.
"Rich has played an increasingly key role in working alongside senior
management to guide FTI's strategic direction . Prior to working for PwC, Mr.

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If the Company believes that a proposer has not satisfied any
of these eligibility or procedural requirements in accordance
with applicable law, the Company will notify the proposer
within 14 days of receiving the proposal.

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The Company will review all proposals made by eligible
shareholders to determine whether they will be included in the
Company's proxy materials for the Meeting.

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Mr. in Finance + Strategy from Columbia University.

For marketing firms that focus on technology businesses.

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g. The
Company plans to hold the combined 2004/2005 annual meeting of
shareholders as soon as reasonably possible within the extended time
period granted by the Court. In his new role, Mr. Davis holds a B.

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FTI Consulting Names Richard Davis Vice President Strategic Planning

Prior to joining FTI in April 2002 , Mr.

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Eligibility and Procedural Requirements for Shareholder Proposals

The proposal must be addressed to the Corporate Secretary,
Nortel Networks Corporation, 8200 Dixie Road, Suite 100,
Brampton, Ontario, Canada L6T 5P6.com/news

Certain information included in this press release is
forward-looking and is subject to important risks and uncertainties. Davis will identify opportunities to
enhance the Company's overall growth and profitability and will assist the
senior management team in performing strategic and financial reviews of
potential acquisition targets. Strategically located in 24 of
the major US cities, London and Melbourne, FTI's total workforce of more than
1,300 employees includes numerous PhDs, MBAs, CPAs, CIRAs and CFEs, who are
committed to delivering the highest level of service to clients.

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The proposer will
then have 21 days from the date of receipt of the Company's
notification to prove eligibility or remedy any procedural
defects.
Factors which could cause results or events to differ from current
expectations include, among other things: the outcome of regulatory
and criminal investigations and civil litigation actions related to
Nortel's restatements and the impact any resulting legal judgments,
settlements, penalties and expenses could have on Nortel's results of
operations, financial condition and liquidity; the findings of
Nortel's independent review and implementation of recommended remedial
measures; the outcome of the independent review with respect to
revenues for specific identified transactions, which review will have
a particular emphasis on the underlying conduct that led to the
initial recognition of these revenues; the restatement or revisions of
Nortel's previously announced or filed financial results and resulting
negative publicity; the existence of material weaknesses in Nortel's
internal controls over financial reporting; the impact of Nortel's and
NNL 's failure to timely file their financial statements and related
periodic reports, including breach of its support facility and public
debt obligations and Nortel's inability to access its shelf
registration statement filed with the United States Securities and
Exchange Commission ("SEC"); ongoing SEC reviews , which may result in
changes to our public filings; the potential delisting or suspension
of Nortel 's and NNL's publicly traded securities; the impact of
management changes, including the termination for cause of Nortel's
former CEO, CFO and Controller in April 2004; the sufficiency of
Nortel 's restructuring activities, including the work plan announced
on August 19, 2004 as updated on September 30, 2004, including the
potential for higher actual costs to be incurred in connection with
restructuring actions compared to the estimated costs of such actions;
cautious or reduced spending by Nortel's customers; fluctuations
in Nortel's operating results and general industry, economic and
market conditions and growth rates; fluctuations in Nortel's cash
flow, level of outstanding debt and current debt ratings; Nortel's
ability to recruit and retain qualified employees; the use of cash
collateral to support Nortel's normal course business activities; the
dependence on Nortel's subsidiaries for funding; the impact of
Nortel's defined benefit plans and deferred tax assets on results of
operations and Nortel's cash flow; the adverse resolution of class
actions, litigation in the ordinary course of business, intellectual
property disputes and similar matters; Nortel's dependence on new
product development and its ability to predict market demand for
particular products; Nortel's ability to integrate the operations and
technologies of acquired businesses in an effective manner; the impact
of rapid technological and market change; the impact of price and
product competition; barriers to international growth and global
economic conditions, particularly in emerging markets and including
interest rate and currency exchange rate fluctuations; the impact of
rationalization in the telecommunications industry; changes in
regulation of the Internet; the impact of the credit risks of Nortel's
customers and the impact of customer financing and commitments; stock
market volatility generally and as a result of acceleration of the
settlement date or early settlement, which is currently not available ,
of Nortel's forward purchase contracts; the impact of Nortel's supply
and outsourcing contracts that contain delivery and installation
provisions, which, if not met, could result in the payment of
substantial penalties or liquidated damages; and the future success of
Nortel's strategic alliances . Davis will work with FTI's senior management and practice
leaders on the overall development and implementation of FTI's five-year
strategic plans.

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m.

The shareholder submitting the proposal , either alone or
together with any supporting shareholders, or the supporting
shareholders together without the proposer, must be the
beneficial or registered holder of common shares of the
Company having an aggregate market value of at least Cdn. Failure to do so may result in the exclusion of the
proposal from the Company's proxy materials.
Shareholder proposals that are accepted must be presented by the
proposer or a representative of the proposer at the Meeting.A.

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(Eastern Standard Time)
on March 31, 2005, provided that the following procedural and
eligibility requirements are satisfied.
The Company received an order from the Ontario Superior Court of
Justice extending the time for calling the Company's 2004 annual
meeting of shareholders to a date no later than June 30, 2005.
For additional information with respect to certain of these and
other factors, see the most recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q filed by Nortel with the SEC.

Nortel, the Nortel logo and the Globemark are trademarks of
Nortel.

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The Company will consider a shareholder's proposal for inclusion
in its proxy materials for the Meeting if the Company receives the
proposal in writing, no later than 5:00 p.

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Nortel does business in more than 150
countries.

He will continue to be based in FTI's New
York office. Like so many of our leaders, he
has extensive hands-on client experience and shares a keen sense of what is
required to take FTI to a billion dollar company by the end of 2009. Davis held successive posts at
PricewaterhouseCoopers (PwC).S.

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Alternatively, a proposer (and/or any supporting
shareholder) who has filed a Schedule 13D, Schedule 13G, Form
3 , Form 4 and/or Form 5 with the United States Securities and
Exchange Commission reflecting ownership of such shares as of
or before the date on which the six-month eligibility period
begins, may submit copies of such forms and any subsequent
amendments reporting a change in ownership level, together
with a written statement that the proposer (or, if applicable,
supporting shareholder) has held the required number of shares
continuously for six months as of the date the proposal is
submitted to the Company. As a principal in the strategy practice, he
managed the merger integration team responsible for identifying post-merger
synergy opportunities between two Fortune 500 companies completing a $20
billion merger; led the strategic planning and capital expenditure approval
processes for a $10 billion retailer; and formulated long-term business plans
for companies in a variety of industries. Davis
served as an internal auditor for the Chubb Group of Insurance Companies.

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Serving both service provider and enterprise customers ,
Nortel delivers innovative technology solutions encompassing
end-to-end broadband, Voice over IP, multimedia services and
applications, and wireless broadband designed to help people solve the
world's greatest challenges.B.

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Rich has
been an invaluable asset to the firm and we believe his contributions toward
achieving our financial and operational goals will continue to be
significant ," said Dominic DiNapoli, FTI's chief operating officer.

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$2,000, or the United States dollar equivalent, and must have
continuously held such shares for at least six months prior to
the date of submission of the proposal., a broker or a bank in
whose name such shares are registered) must provide to the
Company proof of beneficial ownership of the shares . If the Company intends to
omit a proposal, which it may do in certain circumstances prescribed
under applicable law, it will notify the proposer of such intention
and the reasons for doing so.nortel .
(NYSE: FCN), a premier provider of problem-solving consulting and technology
services to major corporations, financial institutions and law firms,
announced today the appointment of Richard Davis as vice president, strategic
planning. in Accounting from the State University of New York
at Albany and an M.

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The proposal, including any supporting statement, must not
exceed 500 words.

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Nortel Networks Corporation Shareholder Proposals

For more information, visit Nortel on the Web at
www. Davis will also work on a variety of
special projects tied to optimizing overall operational results and addressing
practice-specific operational needs.

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If the
Company chooses to do so, it may include a statement supporting or
opposing the proposal and the reasons why the Company recommends
voting for or against the proposal in its proxy materials for the
Meeting.

The results or events predicted in these statements may differ
materially from actual results or events. BALTIMORE, FTI Consulting, Inc.

About FTI Consulting
FTI is a premier provider of problem-solving consulting and technology
services to major corporations, financial institutions and law firms when
confronting critical issues that shape their future and the future of their
clients , such as financial and operational improvement, major litigation,
mergers and acquisitions and regulatory issues.

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Mr.

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---

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