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Nortel Networks Hosts Capitol Hill Policy Luncheon on "The VoIP Revolution"

Senator Sununu, FCC Division Chief Carey, Nortel Networks Address VoIP Policy Challenges

Holiday In Wales WASHINGTON--(BUSINESS WIRE)--July 21, 2004--Nortel Networks (NYSE:NT)(TSX:NT) today hosted a Capitol Hill policy luncheon intended to generate thought and discussion on policy challenges created by the coming-of-age of voice over Internet Protocol (VoIP) and other IP-enabled services.
The luncheon discussion featured Senator John Sununu (R-NH), author of The VoIP Regulatory Freedom Act of 2004 (S. 2281); Michelle Carey, chief of the Federal Communications Commission (FCC)'s Wireline Competition Bureau's Competition Policy Division; and Ken Pecot, vice president and general manager, Carrier VoIP, Nortel Networks.

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Holiday Wales In his discussion, Senator Sununu outlined proposed legislation he believes will provide a clear structure for the jurisdictional and regulatory treatment of VoIP applications.

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Cottage Holiday In Wales "VoIP deserves the light regulatory approach offered in my bill to ensure that it grows to meet its full potential," said Sununu. "I believe most Members of the Commerce Committee will support the bill in Thursday's Commerce Committee mark-up, understanding that VoIP technology empowers consumers as it disrupts traditional regulators' mindset."

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Caravan Holiday In Wales FCC Competition Policy Division Chief Carey provided an update on the Internet-enabled services proceedings, which aim to find the ideal regulatory treatment for VoIP and other IP-enabled services.

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Camping Holiday Wales Carey recognized the importance of "not simply applying legacy regulations that were designed in a monopoly environment" to these new IP services and applications.

Accommodation Holiday Wales Pecot discussed the potential for VoIP to revolutionize how people communicate by providing the ability to integrate a wide variety of communications services and devices into one simple, rich communication session.

Holiday Last Minute Wales "As the industry moves from traditional circuit-switched telephone networks to those based on IP technology, it will be critical that policy makers eliminate regulatory uncertainty as quickly as possible in order to accelerate the deployment of VoIP and multimedia service in the United States and spur economic growth," Pecot said. "This is no small challenge."

Catering Holiday Self Wales Nortel Networks is an industry leader and innovator focused on transforming how the world communicates and exchanges information. The Company is supplying its service provider and enterprise customers with communications technology and infrastructure to enable value-added IP data, voice and multimedia services spanning Wireless Networks, Wireline Networks, Enterprise Networks, and Optical Networks. As a global company, Nortel Networks does business in more than 150 countries. More information about Nortel Networks can be found on the Web at www.nortelnetworks.com or www.nortelnetworks.com/media_center.

Holiday Wales Walking 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.

Family Holiday Wales Factors which could cause results or events to differ from current expectations include, among other things: the outcome of Nortel Networks independent review and planned restatement of its previously announced or filed financial results; the impact of the management changes announced on April 28, 2004; the impact of the inability to meet Nortel Networks filing obligations on support facilities and public debt obligations; the sufficiency of Nortel Networks restructuring activities, including the potential for higher actual costs to be incurred in connection with restructuring actions compared to the estimated costs of such actions; continued reductions in spending by Nortel Networks customers; fluctuations in Nortel Networks operating results and general industry, economic and market conditions and growth rates; the communication by Nortel Networks auditors of the existence of material weaknesses in internal control; Nortel Networks ability to recruit and retain qualified employees; fluctuations in Nortel Networks cash flow, level of outstanding debt and current debt ratings; the use of cash collateral to support Nortel Networks normal course business activities; the dependence on Nortel Networks subsidiaries for funding; the impact of Nortel Networks defined benefit plans and deferred tax assets on results of operations and Nortel Networks cash flows; Nortel Networks dependence on new product development and its ability to predict market demand for particular products; Nortel Networks 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 in the telecommunications industry; changes in regulation of the Internet; the impact of the credit risks of Nortel Networks customers and the impact of customer financing and commitments; stock market volatility generally and as a result of acceleration of the settlement date or early settlement of Nortel Networks purchase contracts; the impact of Nortel Networks 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; the future success of Nortel Networks strategic alliances; and the adverse resolution of litigation, investigations, intellectual property disputes and similar matters.

Holiday Riding Wales For additional information with respect to certain of these and other factors, see the most recent Form 10 Q/A and Form 10-K/A filed by Nortel Networks with the United States Securities and Exchange Commission. Unless otherwise required by applicable securities laws, Nortel Networks disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Adventure Holiday Wales Nortel Networks, the Nortel Networks logo, the Globemark and Business Without Boundaries are trademarks of Nortel Networks.

Holiday Park South Wales Contacts

Cottage Holiday Wales
Nortel Networks
Ann Fuller, 613-768-1208
afuller@nortelnetworks.com

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