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SEOUL, South Korea--(BUSINESS WIRE)--Nov. 6, 2003

Dacom Corporation, a leading Korean provider of telephony, Internet and data communications services, has selected Nortel Networks (NYSE:NT)(TSX:NT) to provide a next generation network (NGN) voice over IP (Internet Protocol) and multimedia solution. The Dacom contract was awarded to Nortel Networks through its Korea channel distributor, ITIAN Corporation.

Nortel Networks will supply Dacom with a comprehensive voice over IP solution that includes products from Nortel Networks multimedia communications and Nortel Networks Succession voice over IP portfolios.

"As a global leader in voice over IP and multimedia services, Nortel Networks is delighted to be working with Dacom to provide Korea's first carrier-grade NGN services offering," said Soo-Jin Chung, managing director, Korea, Nortel Networks. "This contract will position Dacom to provide enhanced services for their customers, while helping to drive enhanced network efficiency and reduced operating costs."

"Nortel Networks has been gaining significant traction with its voice over IP and Multimedia Communications portfolio throughout Asia," said Gord Quinn, general manager, Multimedia Communications, Nortel Networks. "Dacom clearly recognizes that deploying a next generation network will help position them to drive new revenue opportunities while fully leveraging existing network investments."

Dacom's NGN network will be based on Nortel Networks Succession Communication Server (CS) 2000-Compact superclass softswitch and Multimedia Communication Server (MCS) 5200, which enables delivery of new, revenue-generating services at lower operational costs. These products will enable Dacom to offer customers enhanced communications services that will create simplified communications, enhanced mobility and increased productivity.

Succession CS 2000 is a superclass softswitch that can position service providers to economically serve business, residential and transit markets with a comprehensive set of services designed to address opportunities for generating new revenues. A superclass softswitch provides true service provider circuit-to-packet migration, including local, tandem and long distance capability on a single platform, full business and residential telephony service sets, and carrier-grade reliability and scalability. It also provides regulatory features such as lawful intercept and number portability.

Nortel Networks MCS 5200 is a carrier-grade, SIP-based media and applications server. Leveraging an open, standards-based architecture and commercially available hardware and software, it gives service providers the ability to offer advanced multimedia and collaboration applications to businesses and consumers.

With the announcement of this voice over IP and multimedia NGN contract, Dacom and Nortel Networks continue to enjoy a successful and long-standing working relationship. In 2001, Nortel Networks built for Dacom an advanced ring-topology optical fiber SONET backbone network and supplied a dense wavelength division multiplexing (DWDM) optical metro backbone network. In 2002, Nortel Networks implemented major upgrades to both of these networks.

In the first and second quarters of 2003, Nortel Networks ranked #1 in the global markets for voice over IP and voice over ATM ports shipped and in global softswitch revenue, according to Synergy Research Group. Nortel Networks has a proven portfolio of equipment for packet voice and multimedia services. It enables delivery of solutions across all four carrier voice over packet market applications - cable, local, long distance and wireless. Nortel Networks is also providing the Succession voice over IP solution to leading operators, including Bell Canada, Sprint, MCI, Hong Kong Broadband, China Netcom and China Railcom.

Dacom Corporation is listed on the Korean Stock Exchange and controlled by the LG Group, one of Korea's largest multi-business organizations. Dacom provides international and domestic long-distance, Internet and data communication services, and is the country's second largest fixed-line carrier. Dacom's Chollian Internet service boasts the largest number of subscribers in Korea, over three million, and its Internet Data Center (IDC) is equipped with the largest Internet backbone infrastructure in the country. More information on Dacom Corporation is available at www.dacom.net.

Nortel Networks is an industry leader and innovator focused on transforming how the world communicates and exchanges information. The Company is supplying its service provider and enterprise customers with communications technology and infrastructure to enable value-added IP data, voice and multimedia services spanning Wireless Networks, Wireline Networks, Enterprise Networks, and Optical Networks. As a global company, Nortel Networks does business in more than 150 countries. More information about Nortel Networks can be found on the Web at www.nortelnetworks.com.

Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things: the completion of the comprehensive review and the release of financial results and issuance of restated financial statements for 2000, 2001 and 2002 and the first and second quarters of 2003; the severity and duration of the industry adjustment and the continued reductions in spending by our customers; the sufficiency of our restructuring activities, including the potential for higher actual costs to be incurred in connection with restructuring actions compared to the estimated costs of such actions; fluctuations in operating results and general industry, economic and market conditions and growth rates; negative impacts on our gross margins; the ability to recruit and retain qualified employees; fluctuations in cash flow, the level of outstanding debt and our current debt ratings; the ability to meet the financial covenant in our credit facilities; the use of cash collateral to support our normal course business activities; the dependence on our subsidiaries for funding; the impact of our defined benefit plans and our deferred tax assets on our results of operations, cash flows and compliance with our financial covenant; the ability to integrate the operations and technologies of acquired businesses in an effective manner; the impact of rapid technological and market change; the impact of price and product competition; barriers to international growth and global economic conditions, particularly in emerging markets and including interest rate and currency exchange rate fluctuations; the impact of rationalization in the telecommunications industry; the dependence on new product development and our ability to predict market demand for particular products; the uncertainties of the Internet; the impact of the credit risks of our customers and the impact of customer financing and commitments; stock market volatility generally and as a result of acceleration of the settlement date or early settlement of our purchase contracts; the impact of the New York Stock Exchange minimum listing requirements and the proposed consolidation of our common shares; the impact of supply and outsourcing contracts that contain delivery and installation provisions, which, if not met, could result in the payment of substantial penalties or liquidated damages; the ability to obtain timely, adequate and reasonably priced component parts from suppliers and internal manufacturing capacity; the future success of our strategic alliances; and the adverse resolution of litigation and intellectual property disputes. For additional information with respect to certain of these and other factors, see the most recent Form 10-Q and Form 10-K filed by Nortel Networks with the United States Securities and Exchange Commission. Unless otherwise required by applicable securities laws, Nortel Networks disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Nortel Networks, the Nortel Networks logo, the Globemark, Business Without Boundaries, Succession and Passport are trademarks of Nortel Networks.