ADVISORY/Nortel Networks Financial Analysts Teleconference 8:45 a.m. Eastern Time, Wednesday, June 2, 2004.

Business Editors/High-Tech Writers

ADVISORY...for Wednesday (June 2)

TORONTO--(BUSINESS WIRE)--June 1, 2004

Nortel Networks to Provide an Update to the Market

What:   Nortel Networks teleconference/audio webcast with investment
        community to provide update on business performance, status
        of restatements and related matters
Who:    --  Bill Owens, President and Chief Executive Officer
        --  Bill Kerr, Chief Financial Officer
        --  Angela McMonagle, Vice President, Corporate Marketing
            and Investor Relations
When:   8:45 a.m. ET Wednesday, June 2, 2004
Where:  To participate in the teleconference, please call one of the
        following numbers at least 15 minutes prior to the start of
        the event:
        --  North America: 1-888-211-4395
        --  International: 1-212-231-6007
        To participate in the audio webcast, please visit the
        following Web page at least 15 minutes prior to the start of
        the event:
        www.nortelnetworks.com/june2004_update

Replay: A replay will be available from one hour after the end of the
        teleconference at the following numbers until Friday, June
        11, 2004 at 11:59 p.m. ET:
        --  North America: 1-800-383-0935  passcode  21197426#
        --  International: 1-402-530-5545  passcode  21197426#

        The replay will also be available via the Web at:
        www.nortelnetworks.com/june2004_update