Nortel
NYSE : NT
TSX : NT

Nortel

November 09, 2007 08:41 ET

Nortel Announces Limited Share Purchase Plan for Executive Officers

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2007) - Nortel(1) (TSX:NT)(NYSE:NT) announced today that its Board of Directors has approved a limited share purchase plan as a vehicle to enable certain Nortel executive officers to purchase common shares from Nortel to satisfy share ownership guidelines.

All shares issued under the plan will be sold for fair market value determined by reference to the volume weighted average trading price of the shares for the 5 consecutive trading days on which at least a board lot of shares trades on each of the TSX and the NYSE, commencing on the day that a purchase order for shares is submitted under the plan, on either the TSX or the NYSE, whichever is higher.

The maximum number of shares that may be purchased under the plan is 450,000 shares, representing less than 0.2% of Nortel's outstanding common shares.

About Nortel

Nortel is a recognized leader in delivering communications capabilities that make the promise of Business Made Simple a reality for our customers. Our next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. For more information, visit Nortel on the Web at www.nortel.com. For the latest Nortel news, visit www.nortel.com/news.

Certain statements in this press release may contain words such as "could", "expects", "may", "anticipates", "believes", "intends", "estimates", "targets", "envisions", "seeks" and other similar language and are considered forward-looking statements or information under applicable securities legislation. These statements are based on Nortel's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which Nortel operates. These statements are subject to important assumptions, risks and uncertainties, which are difficult to predict and the actual outcome may be materially different from those contemplated in forward-looking statements. For additional information with respect to certain of these and other factors, see Nortel's Annual Report on Form10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC. 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.

(1)Nortel, the Nortel logo and the Globemark are trademarks of Nortel Networks.

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