Gibsons Announces Early Results of Tender Offers and Increase of Maximum Tender Cap for U.S. Dollar Notes Due 2021 - Seite 2

C39284AA9 US$550,000,000 US$505,708,000 US$338,800,000 US$1,051.25 US374825AA59/
USC39284AA95

(1) Per US/C$1,000 principal amount of Notes accepted for purchase, including the Early Tender Payment of US/C$30.00 but excluding accrued and unpaid interest.

Subject to all remaining conditions to the Tender Offers described in the Statement having been either satisfied or waived by the Company, the Company intends to accept for purchase the principal amount of each series of the Notes indicated in column titled "Principal Amount Accepted," such that the aggregate principal amount of the U.S. Notes repurchased equals the U.S. Notes Maximum Cap. Such Notes will be purchased on the Early Payment Date, which is expected to occur later today.

Because the U.S. Notes Offer has been fully subscribed as of the Early Tender Deadline, holders who tender U.S. Notes after the Early Tender Deadline will not have any of their U.S. Notes accepted for purchase. Any U.S. Notes tendered after the Early Tender Deadline, together with the U.S. Notes tendered prior to the Early Tender Deadline and not accepted for purchase, will be returned to the holders as described in the Statement.

Payments for Notes purchased will include accrued and unpaid interest from the last interest payment date applicable to the Notes up to, but not including, the Early Payment Date. Holders of Notes that were validly tendered (and not validly withdrawn) prior to the Early Tender Deadline and accepted for purchase pursuant to the Tender Offers will receive the applicable Total Consideration (as set forth in the table above) for such series, which includes the "Early Tender Payment" of C/US$30.00 for each series of Notes as set forth in the Statement.

As previously announced, the financing condition to which the Tender Offers were subject has been satisfied. The Tender Offers are subject to the remaining conditions described in the Statement. Full details of the terms and conditions of the Tender Offers are set forth in the Statement, which is available from TSX Trust or D.F. King.