ABN AMRO Bank Makes Credit Facility Available to Nortel

On February 27, 2003, ABN AMRO Bank N.V. made a letter of credit facility available to Nortel Networks Limited to support contract performance obligations incurred by Nortel Networks and its subsidiaries worldwide. Letters of credit may be obtained under the facility in U.S. dollars, Canadian dollars, Euros and Sterling, as well as various other currencies. The facility is supported by Export Development Canada (EDC), under its performance guarantee programme. ABN AMRO Bank’s facility replaces an interim facility made available by the bank in early January. The amount of the interim facility and the committed facility are undisclosed.

ABN AMRO Bank was represented by Keith Wilson of Heenan Blaikie LLP in Montreal, assisted by Robert Campbell. Nortel Networks was represented by in-house counsel Charles Helm. EDC was represented in-house by Jean Fournier, senior legal counsel.