TORONTO, ONTARIO — Nortel(1) (TSX: NT)(NYSE: NT) today announced that Peter Currie will step down as Executive Vice-President and Chief Financial Officer of Nortel and Nortel Networks Limited, effective April 30, 2007. Following that date, Mr. Currie will continue to provide advice and assistance to the Company to ensure a smooth transition. The Company has initiated a search to fill the position.

“I want to thank Peter for his very significant contribution to Nortel over the past two years,” said Mike Zafirovski, president and CEO, Nortel. “Peter has successfully steered Nortel through many difficult financial issues and, in the process, has enhanced the Company’s governance. In addition, he leaves behind a very strong finance organization led by a team of consummate professionals. On a personal level, I will miss his counsel and sound judgment. I and the entire Nortel team want to wish him well as he takes on new challenges.”

“I believe that I have achieved at Nortel what I returned to accomplish. We have transformed the finance organization, significantly strengthened internal controls, and improved the balance sheet,” said Mr. Currie. “I look forward now to pursuing other challenges and I am confident in the future success of Nortel. I want to thank my colleagues for their support and collaboration over the past few years.”