Nortel
NYSE : NT
TSX : NT

Nortel

December 17, 2007 11:11 ET

Nortel and Export Development Canada Amend Support Facility: Facility Extended

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2007) - Nortel(1) Networks Corporation (TSX:NT)(NYSE:NT) announced that its principal operating subsidiary, Nortel Networks Limited, has amended its master facility agreement (the "Facility") with Export Development Canada. The amendment (i) extends the maturity date of the Facility to December 31, 2011, (ii) provides for automatic annual renewal each following year, unless either party notifies the other of its intent to terminate, and (iii) increases the maximum size of individual bonds supported under the Facility from US$10 million to US$25 million.

The total Facility is maintained at US$750 million, including the existing US$300 million of committed support for performance bonds and similar instruments.

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.

Contact Information