Nortel Networks Corporation (“NT”) has announced a reverse stock split which will be effected at a 1- for-10 ratio. One NT Common Share will be converted into the right to receive .10 (New) NT Common Shares. Cash will be paid in lieu of fractional NT shares. The effective date of the reverse stock split is Friday, December 1, 2006. CONTRACT ADJUSTMENT Pursuant to Article VI Section 11 of OCC’s Bylaws, a panel of OCC’s Securities Committee has determined to adjust all NT/WNT/2NT 16/2NT 24 options as indicated below (the panel consists of two representatives from the Exchange on which the affected option is traded (in this case, the Chicago Board Options Exchange (“CBOE”), the American Stock Exchange (“AMEX”), the Philadelphia Stock Exchange (“PHLX”), the Pacific Exchange (“PCX’), and the International Securities Exchange (“ISE”)) and the Chairman of OCC or his delegee, who only votes in case of a tie). Effective Date: December 1, 2006 Option Symbols: NT changes to NTJ WNT changes to LWT 2NT 16 changes to 2NTJ16 2NT 24 changes to 2NTJ24 Number of Contracts: No Change Strike Prices: No Change Multiplier: 100 (e.g., for premium or strike dollar extensions 1.00 will equal $100) New Deliverable Per Contract: 10 (New) Nortel Networks Corporation. (“NT”) Common Shares CUSIP: 656568508 SETTLEMENT: Regular CATEGORY: CONTRACT ADJUSTMENTS SUB-CATEGORY: STOCK SPLIT For questions regarding this memo, call 1-888-OPTIONS or email options@theocc.com.
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