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  5. Nortel's Status Update Does Not Match Expectations: Page 2 of 2
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Nortel's Status Update Does Not Match Expectations: Page 2 of 2

Current business model not hitting targetted cost and performance objectives.
July 27, 2004

"I remain pleased with Nortel Networks market momentum and continue to expect our revenues in 2004 to grow faster than the market -- which we expect will grow in the low to mid single digits," he said.

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