10NT Lloyds Bk. 43

RNS Number:4943F
Nortel Networks Corp
14 February 2000


February 11, 2000

Re: Nortel Networks Corporation
    1986 Stock Option Plan as Amended and Restated

Nortel Networks Corporation (the "Corporation") hereby confirms the following
grants of options ("Options") to purchase common shares of the Corporation
issued pursuant to the Nortel Networks Corporation 1986 Stock Option Plan as
Amended and Restated (the "Plan"):

                  Number of
Date of Grant      Options       Exercise Price    Expiry Date
                                 US$       CDN$

Jan. 24, 2000       35,000       103.41            Jan. 23, 2010
Jan. 27, 2000    9,947,403(1)     99.22   142.29   Jan. 26, 2010

(1) Includes 15,000 initial options and 15,000 replacement options granted under
the Key Contributor Program of the Plan.  The exercise price of the replacement
options will be determined based on the market value on the date that the
relevant initial options are fully exercised, provided that in no event will the
exercise price be less than the market value on the date of grant.

END
MSCVZLBFBLBEBBD

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