Ontario Securities Commission Halts Trading by Nortel Directors

The Ontario Securities Commission (the "OSC") issued a temporary order that prohibits, effective immediately, all trading by directors, officers and certain current and former employees of Nortel Networks in the securities of the company. This temporary order is expected to be replaced by a permanent order within the next 15 days. The permanent management cease trade order is expected to be in place until two full business days following receipt by the OSC of all filings that the company and its subsidiary are required to make pursuant to Ontario securities laws. Nortel Networks said it expects that securities commissions in certain other provinces will also issue similar orders with respect to residents in those jurisdictions. http://www.nortelnetworks.com