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REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS
To the Shareholders of Nortel Networks Corporation
We have audited the consolidated financial statements of Nortel Networks Corporation and its subsidiaries (“Nortel Networks”) as of
December 31, 2003 and 2002, and for each of the three years in the period ended December 31, 2003, and have issued our report thereon dated
January 10, 2005, which report expresses an unqualified opinion and includes explanatory paragraphs relating to the restatement of the
consolidated financial statements as of December 31, 2002 and 2001 and for each of the years then ended and the change in the method of
accounting for stock-based compensation, asset retirement obligations and goodwill; such report is included elsewhere in this Form 10-K. Our
audits also included the consolidated financial statement schedule of Nortel Networks listed in Item 15. This financial statement schedule is the
responsibility of Nortel Networks management. Our responsibility is to express an opinion on this consolidated financial statement schedule
based on our audits. In our opinion, such consolidated financial statement schedule, when considered in relation to the basic consolidated
financial statements taken as a whole, presents fairly in all material respects the information set forth therein.
/s/ Deloitte & Touche LLP
Independent Registered Chartered Accountants
Toronto, Canada
January 10, 2005
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