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Nortel Announces Permanent Cease Trade Order

TORONTO, ONTARIO -- (Marketwire) -- 01/01/13 -- Nortel(i) Networks Corporation (NNC) (OTCBB:NRTLQ) and Nortel Networks Limited (NNL) announced today that, further to their announcement of December 13, 2012, a permanent cease trade order (the "CTO") has been issued on December 27, 2012 by l'Autorite des marches financiers (the AMF). Other than being issued on a permanent basis, the CTO is substantially similar to the temporary cease trade order issued by the AMF on December 12, 2012.

The CTO prohibits all trading in securities of both NNC and NNL, effective immediately on December 27, 2012, other than for: (i) trades made for nominal consideration for the purpose of permitting a security holder to crystallize a tax loss (a "tax loss trade"); or (ii) trades in notes of either NNC or NNL to an entity that qualifies as an "accredited investor" as that term is defined under applicable Canadian securities laws (an "accredited investor trade"). The aforementioned exceptions are subject to the further qualifications that: (1) in the case of a tax loss trade, a copy of the CTO is provided to the purchaser and the seller receives a written acknowledgement from the purchaser that the securities acquired remain subject to the CTO; and (2) in the case of an accredited investor trade in notes of NNC or NNL, the purchaser will be deemed (by reason of the issuance of this news release and the posting of the CTO on the Restructuring Document Centre of Ernst & Young Inc., as monitor, at http://documentcentre.eycan.com/Pages/Main.aspx?SID=89&Redirect=1) to have received notification of the terms of the CTO and deemed to have acknowledged to the seller that the notes acquired remain subject to the CTO.

The full text of the CTO accompanies this news release marked as Annex A.

About Nortel

For more information, visit Nortel on the Web at www.nortel-canada.com.

Certain statements in this press release may contain words such as "could", "expects", "may", "should", "will", "anticipates", "believes", "intends", "estimates", "targets", "plans", "envisions", "seeks" and other similar language and are considered forwardwww.nortel-canada.com News Release looking statements or information under applicable securities laws. These statements are based on Nortel's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which Nortel operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. Nortel's assumptions, although considered reasonable by Nortel at the date of this press release, may prove to be inaccurate and consequently Nortel's actual results could differ materially from the expectations set out herein.

Actual results or events could differ materially from those contemplated in forward-looking statements as a result of the following: (i) risks and uncertainties relating to the Creditor Protection Proceedings including: (a) risks associated with Nortel's ability to: obtain required approvals and successfully consummate remaining divestitures; successfully conclude ongoing discussions for the sale of Nortel's remaining assets; develop, obtain required approvals for, and implement a court approved plan; allocation of the sale proceeds of our businesses and assets among the various Nortel entities participating in these sales may take considerable time to resolve; resolve ongoing issues with creditors and other third parties whose interests may differ from Nortel's; maintain adequate cash on hand in each of its jurisdictions to fund remaining work within the jurisdiction during the Creditor Protection Proceedings; obtain any further required approvals from the Canadian Monitor, the U.K. Administrators, the U.S. Principal Officer, the U.S. Creditors' Committee, or other third parties; utilize net operating loss carryforwards and certain other tax attributes in the future; avoid the substantive consolidation of NNI's assets and liabilities with those of one or more other U.S. Debtors; operate effectively, and in consultation with the Canadian Monitor, the Canadian creditors' committee, the U.S. Creditors' Committee, the U.S. Principal Officer, and work effectively with the U.K. Administrators and French Administrator in their respective administration of the EMEA businesses subject to the Creditor Protection Proceedings; continue as a going concern; actively and adequately communicate on and respond to events, media and rumors associated with the Creditor Protection Proceedings; retain and incentivize key employees as may be needed; retain, or if necessary, obtain court orders or approvals with respect to motions filed from time to time; resolve claims made against Nortel in connection with the Creditor Protection Proceedings for amounts not exceeding Nortel's recorded liabilities subject to compromise; prevent third parties from obtaining court orders or approvals that are contrary to Nortel's interests;

and (b) risks and uncertainties associated with: limitations on actions against any Debtor during the Creditor Protection Proceedings; the values, if any, that will be prescribed pursuant to any court approved plan to outstanding Nortel securities and, in particular, that Nortel does not expect that any value will be prescribed to the NNC common shares or the NNL preferred shares in any such plan; the delisting of NNC common shares from the NYSE; the delisting of NNC common shares and NNL preferred shares from the TSX and; any cease trade orders that are expected to be issued by Canadian Securities Administers to prohibit trading in securities of NNC and NNL following the third quarter filing deadlines applicable to NNC and NNL's quarterly reporting obligations under Canadian securities laws; and (ii) risks and uncertainties relating to Nortel's remaining restructuring work including fluctuations in foreign currency exchange rates; the sufficiency of workforce and cost reduction initiatives; any adverse legal judgments, fines, penalties or settlements related to any significant pending or future litigation actions; failure to maintain integrity of Nortel's information systems; and Nortel's potential inability to maintain an effective risk management strategy.

For additional information with respect to certain of these and other factors, see Nortel's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC. Unless otherwise required by applicable securities laws, Nortel disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(i)Nortel, the Nortel logo and the Globemark are trademarks of Nortel Networks.

ANNEX A

DECISION No : 2012-FIIC-0275

DOSSIERS No : 17622 et 2226


Objet:   Corporation Nortel Networks et Corporation Nortel Networks       
         Limitee (les "emetteurs") Interdiction d'operations sur valeurs  

Vu la decision 2012-FIIC-0256, prononcee le 12 decembre 2012, interdisant aux emetteurs, a leurs porteurs de titres, a tous les courtiers et a leurs representants, ainsi qu'a toute autre personne, toute activite reliee a des operations sur les valeurs des emetteurs;

Vu que les emetteurs n'ont pas depose aupres de l'Autorite des marches financiers leurs etats financiers intermediaires, leur rapport de gestion intermediaire et leurs attestations intermediaires de la periode terminee le 30 septembre 2012 exiges par les articles 4.3, 4.4 et 5.1 du Reglement 51-102 sur les obligations d'information continue (le "Reglement 51-102") et par l'article 5.1 du Reglement 52-109 sur l'attestation de l'information presentee dans les documents annuels et intermediaires des emetteurs (le "Reglement 52-109");

Vu que les emetteurs sont sous la protection de la Loi sur les arrangements avec les creanciers des compagnies (la "LACC") depuis le 14 janvier 2009 et que, dans son ordonnance initiale, la Cour superieure de justice de l'Ontario (la "Cour") a nomme Ernst & Young Inc. a titre de controleur pour assister les emetteurs dans leur processus de restructuration en vertu de la LACC;

Vu que les emetteurs avaient publie un communique le 9 aout 2012 annoncant que le controleur avait determine que les depenses et les ressources necessaires pour se conformer aux exigences de divulgation publique pourraient ne plus etre justifiees et que, par consequent, les emetteurs ne pourront plus etre en mesure de se conformer aux exigences d'information periodique et pourront cesser de preparer et de deposer des etats financiers trimestriels et annuels ainsi que d'autres documents d'information periodique en vertu de la legislation canadienne applicable, et ce, a compter de la date d'echeance pour le depot de leurs etats financiers du troisieme trimestre;

Vu que la Cour a ordonne le 23 novembre 2012 de lever la suspension de procedures a l'egard des emetteurs en vigueur depuis l'ordonnance initiale pour permettre aux autorites en valeurs mobilieres concernees de prononcer une interdiction d'operations sur valeurs a l'egard des emetteurs;

Vu les articles 265, 267 et 318 de la Loi sur les valeurs mobilieres, L.R.Q., c. V-1.1 (la "Loi");

Vu les pouvoirs delegues conformement a l'article 24 de la Loi sur l'Autorite des marches financiers, L.R.Q., c. A-33.2;

En consequence, l'Autorite des marches financiers :


    interdit a Corporation Nortel Networks et Corporation Nortel Networks   
    Limitee, a leurs porteurs de titres, a tous les courtiers et a leurs    
    representants, ainsi qu'a toute autre personne, toute activite reliee a 
    des operations sur les valeurs des emetteurs parce que ceux-ci ne se    
    sont pas conformes aux obligations de depot de leurs etats financiers   
    intermediaires, leur rapport de gestion intermediaire et leurs          
    attestations intermediaires de la periode terminee le 30 septembre 2012 
    prevues au Reglement 51-102 et au Reglement 52-109.                     

La presente decision ne s'applique pas aux operations suivantes :


a.  une operation visee realisee par une personne pour une valeur symbolique
    sur les titres des emetteurs afin de permettre aux porteurs de titres
    des emetteurs de materialiser des pertes fiscales, pourvu que, avant
    l'operation visee, la personne:
    
    
    i.  recoive une copie de la presente decision;
        
    ii. remette au vendeur une reconnaissance ecrite que les titres des
        emetteurs demeurent soumis a l'interdiction et aux conditions
        prevues dans la presente decision apres l'operation visee; 


b.  une operation visee realisee par une personne qui est un "investisseur
    qualifie" au sens du Reglement 45-106 sur les dispenses de prospectus et
    d'inscription sur : i) les deux billets de Corporation Nortel Networks
    de 575 000 000 $ US de premier rang convertibles a 1,75 % et 2,125 %
    echeant respectivement en 2012 et en 2014 (les "billets de CNN"); et ii)
    les billets de Corporation Nortel Networks Limitee de 1 000 000 000 $ US
    de premier rang a taux variable echeant en 2011, de 550 000 000 $ US de
    premier rang a 10,125 % echeant en 2013, de 1 125 000 000 $ US de
    premier rang a 10,750 % echeant en 2016, et de 200 000 000 $ US a 6,875
    % echeant en 2023 (les "billets de CNNL"), pourvu que, avant l'operation
    visee : 
    
    A.  la personne recoive une copie de la presente decision et remette au
        vendeur une reconnaissance ecrite que les billets de CNN ou les
        billets de CNNL (le cas echeant) demeurent soumis a l'interdiction
        et aux conditions prevues dans la presente decision apres
        l'operation visee; 
        
    B.  les emetteurs publient un communique divulguant les conditions de la
        presente decision et que le controleur depose une copie de la
        presente decision sur son site Web, de sorte que chaque personne est
        reputee avoir ete informee des conditions de la presente decision et
        le vendeur est repute avoir ete informe que les billets de CNN ou
        les billets de CNNL (le cas echeant) demeurent soumis a
        l'interdiction et aux conditions prevues dans la presente decision
        apres l'operation visee. 

L'interdiction est prononcee le 27 decembre 2012.


Josee Deslauriers                                                           
Directrice principale des fonds d'investissement et de l'information        
continue                                                                    

Vous pouvez demander, dans un delai de 30 jours, la revision de la presente decision aupres du Bureau de decision et de revision institue en vertu de l'article 92 de la Loi sur l'Autorite des marches financiers, L.R.Q., c. A-33.2 conformement a l'article 322 de la Loi.

L'Autorite des marches financiers peut egalement revoquer la presente decision en vertu de l'article 318 de la Loi.


Corporation Nortel Networks et Corporation Nortel Networks Limitee          
Ernst & Young Inc., a titre de controleur                                   
222 Bay Street                                                              
P.O. Box 251                                                                
Toronto, Ontario  M5K 1J7                                                   

c.c. : Societe de fiducie Computershare du Canada

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