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Nortel Networks

Nortel Names George Riedel Chief Strategy Officer

Toronto, Canada (ots/PRNewswire)

Nortel(x) (NYSE: NT , TSX: NT)
President and Chief  Executive Officer (CEO) Mike Zafirovski today
announced the appointment of  George Riedel as Chief Strategy
Officer.
Riedel will report directly to the President and CEO and will be
responsible for leading the Company's corporate strategy including
business  development and mergers and acquisitions. In addition,
Riedel will focus on  emerging technologies, market opportunities,
and strategic partnerships,  and will drive all related key
decision-making processes.
"This appointment marks my commitment to maintaining Nortel's
technology and innovation leadership," said Zafirovski. "George's
extensive  knowledge of telecom and technology combined with his
business acumen,  strategic orientation and M&A experience will
complement our strong  leadership team and position the company for a
successful future as we  simplify our business, develop
next-generation products and solutions, and  focus on long-term,
profitable growth."
Riedel joins Nortel from Juniper Networks, where he was vice
president,  strategy and corporate development leading corporate
strategy, business  development and mergers and acquisitions. Prior
to joining Juniper Networks  in 2003, he was a Director at the
management consulting firm of McKinsey  and Company, where for 15
years he co-led telecom and high-tech practices  in North America and
Asia. Prior to McKinsey, he was an engineering manager  at Exxon Co.
USA.
Riedel holds an MBA from the Harvard Business School and a BSME
with  distinction from the University of Virginia. His appointment is
effective  February 28, 2006, and he will be based at the Company's
headquarters in  Toronto.
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. Our next-  generation technologies, for both service
providers and enterprises, span  access and core networks, support
multimedia and business-critical  applications, and help eliminate
today's barriers to efficiency, speed and  performance by simplifying
networks and connecting people with information.  Nortel does
business in more than 150 countries. For more information,  visit
Nortel on the Web at www.nortel.com. For the latest Nortel news,
visit www.nortel.com/news.
Certain information included in this press release is
forward-looking  and is subject to important risks and uncertainties.
The results or events  predicted in these statements may differ
materially from actual results or  events. 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, and any related potential dilution of
Nortel's common shares; the findings of Nortel's independent review
and  implementation of recommended remedial measures; the outcome of
the ongoing  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 control over financial reporting  and the
conclusion of Nortel's management and independent auditor that
Nortel's internal control over financial reporting is ineffective,
which  could continue to impact Nortel's ability to report its
results of  operations and financial condition accurately and in a
timely manner; the  impact of Nortel's and NNL's failure to timely
file their financial  statements and related periodic reports,
including Nortel's inability to  access its shelf registration
statement filed with the United States  Securities and Exchange
Commission (SEC); 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 and December 14, 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; increased consolidation
among Nortel's  customers and the loss of customers in certain
markets; 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 monitoring of the  capital markets for
opportunities to improve its capital structure and  financial
flexibility; 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
and  consolidation 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; general stock market  volatility; negative developments
associated with Nortel's supply contracts  and contract manufacturing
agreements, including as a result of using a  sole supplier for a key
component of certain optical networks solutions;  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; any
undetected  product defects, errors or failures; the future success
of Nortel's  strategic alliances; and certain restrictions on how
Nortel and its  president and chief executive officer conduct
business. 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.
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.
(x)Nortel, the Nortel logo and the Globemark are trademarks of
Nortel  Networks.
www.nortel.com

Contact:

For further information: Patricia Vernon, +1-(905)-863-1035,
patricve@nortel.com; Jay Barta, +1-(972)-685-2381, jbarta@nortel.com

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