As you know, we have set the bar high for all of our activities in remaking Nortel into a great company. One of our key areas of focus is ethics and integrity, and my expectations are that every officer and employee will commit to the highest standards of business conduct and corporate governance and will act with the utmost integrity. You can be assured that every member of the Board, including myself, has made the same commitment.

Without this personal commitment, we won't reach our full potential as a world-class company. Honesty and integrity must underpin everything we do, and our Code of Business Conduct will help all Nortel employees, officers and directors maintain this commitment.

The Code describes what acting with integrity means at Nortel and how it relates to our core beliefs and leadership. It outlines principles to guide ethical decision-making and gives practical answers to many of the ethical questions we face in the course of our work. Often these questions are difficult, and the Code directs us to resources within the company for assistance. Scrupulously and consistently adhering to these guidelines ensures that our customers, employees, suppliers and investors can rely on our integrity and establishes the climate for our long-term success.

Our commitment to the Code will help ensure that leaders in the company "walk the talk" and that together we maintain a culture based on trust and truthfulness. It's about taking responsibility for all business actions and commitments made in the name of Nortel.

By signing up to the Code, we agree to abide by its guidelines, including all applicable laws and regulations, and all Nortel policies and procedures. In doing so, we commit to report any violation of the Code and to challenge any action that may undermine the principles in this Code and Nortel's reputation for integrity and honesty.

The Code of Business Conduct, and your commitment to it, is an essential component of our plan for growing Nortel's future as a profitable, world-class networking and innovation leader.