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NORTEL I SETTLEMENT

A Settlement in the amount of $438,667,428 in cash, and 314,333,875 shares of Nortel common stock was reached on behalf of investors who purchased Nortel common stock or call options on Nortel common stock, or wrote (sold) put options on Nortel common stock, during the period October 24, 2000 through February 15, 2001, inclusive. This Settlement relates to actions pending in the following cases:

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In Re Nortel Networks Corp. Securities Litigation, Consolidated Civil Action No.: 2001-CV-1855 (RMB) in the United States District Court for the Southern District of New York;
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Frohlinger v. Nortel Networks Corporation et al, Court File No.: 02-CL-4605 in the Ontario Superior Court of Justice;
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Association de Protection des Épargnants et Investisseurs du Québec v. Corporation Nortel Networks, No.: 500-06-000126-017 in the Superior Court of Quebec; and

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Jeffery et al. v. Nortel Networks Corporation et al., Court File No.: S015159 in the Supreme Court of British Columbia.

There was an initial distribution of cash and all of the settlement shares to accepted claimants in April, 2008. Additional distributions were made to certain claimants thereafter as disputed claims were resolved. We are pleased to announce that a re-distribution of the un-cashed or unclaimed returned and reserve cash funds for the Nortel I Securities Litigation Settlement began on March 5, 2009. This distribution should be the final distribution and includes authorized class members that cashed their initial distribution checks and now are eligible for an award of at least $10.00, based on their pro rata share of the residue of the Net Settlement Fund. If you have questions regarding the current payments, please call the Claims Administrator at 1-866-881-7495

This re-distribution is being conducted pursuant to the plan of allocation.