Standard & Poor’s Announces Changes In S&P/TSX Canadian Indices - Nortel Networks Corporation

Standard & Poor's Canadian Index Operations announces the following index changes effective after the close of business on Friday, April 30, 2004:

• The relative weight of Nortel Networks Corporation (TSX:NT – GICS 45201020 Communications Equipment) will increase by approximately 5.72% in the S&P/TSX Capped Information Technology Index. The relative weight change reflects an adjustment to the float shares pursuant to S&P/TSX Canadian Sector Index methodology.

Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.

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