10NT Lloyds Bk. 43

RNS Number:5895E
Nortel Networks Corp
27 January 2000


For more information:

Business Media                   Investor Relations
Jeff Ferry                       Angela McMonagle
Nortel Networks                  Nortel Networks
(703) 712-8339                   (905) 863-6044
iferry@nortelnetworks.com        mcmona@nortelnetworks.com


Nortel Networks Declares Preferred Share Dividends

BRAMPTON, Ont.- The Board of directors of Nortel Networks Corporation
(NYSE/TSE:NT) today declared a dividend on Nortel Networks* Cumulative
Redeemable Class A Preferred Shares Series 4 in the amount of Cdn. $1,687.67 per
share.  The dividend is payable on February 9, 2000 to shareholders of record at
the close of business on February 8, 2000.

With respect to Nortel Networks' Cumulative Redeemable Class A Preferred Shares
Series 5, the board of directors declared a dividend in the amount of Cnd.
$0.31875 per share.  The dividend is payable on March 1, 2000 to shareholders of
record at the close of business on February 15, 2000.

The board of directors also declared a dividend on Nortel Networks'
Non-cumulative Redeemable Class A Preferred Shares Series 7 in the amount of
Cnd. $0.30625 per share.  The dividend is payable on March 1, 2000 to
shareholders of record at the close of business on February 15, 2000.

Nortel Networks is a global leader in telephony, data, eBusiness, and wireless
solutions for the Internet.  The company had 1999 U.S. GAAP revenues of US$21.3
billion and serves carrier, service provider and enterprise customers globally.
Today, Nortel Networks is creating a hign-performance Internet that is more
reliable and faster than ever before.  It is redefining the economics and
quality of networking and the Internet through Unified Networks* that promise a
new era of collaboration, communications and commerce.  Visit us at 
www.nortelnetworks.com.


* Nortel Networks, the Nortel Networks logo, the Globemark, and Unified Networks
are trademarks of Nortel Networks.


END
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