Great Eastern Redeems Preference Shares

HALIFAX, Nov. 3 /CNW/ - Effective at 8 a.m. EST on November 3, 2009, all of the 5.5% voting preference shares and 4.5% voting preference shares of The Great Eastern Corporation Limited (TSXV: GTN.PR.A-X and GTN.PR.B-X) will be redeemed at a price of $10 per share plus accrued and unpaid dividends. The redemption by The Great Eastern Corporation Limited follows completion today of an amalgamation with its subsidiary, The North Eastern Corporation Limited which was approved by shareholders at a meeting held on October 27, 2009.

Holders of the 5.5% voting preference shares and 4.5% voting preference shares on the books of The Great Eastern Corporation Limited as of 8 a.m. EST on November 3, 2009 will receive the redemption price, including accrued and unpaid dividends. The company has deposited sufficient funds with Computershare Investor Services Inc., the transfer agent of the company, to pay the full redemption price including accrued and unpaid dividends. No new share certificates will be issued in respect of the amalgamation. Shareholders will not need to surrender certificates representing their old preference shares to receive the redemption price.

Trading in the preference shares has been halted on the TSX Venture Exchange, and the preference shares will be de-listed effective November 3, 2009.

The Great Eastern Corporation Limited is an investment holding company with its head office in Halifax, Nova Scotia.

Forward Looking Statements

This document contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors including economic conditions which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The completion and timing of payment of the redemption price is subject to regulatory approval and various administrative procedures. The Company specifically disclaims any obligation to update these forward-looking statements, except as required by applicable securities laws. There is no guarantee that forward-looking statements will prove to be accurate and readers should not place undue reliance on forward-looking statements.

    
    The TSX Venture Exchange Inc. has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the
    contents of this press release. The transactions described in this
    release remain subject to approval of the TSX Venture Exchange.
    

SOURCE GREAT EASTERN CORPORATION LIMITED

For further information: For further information: Fred Fountain, President, The Great Eastern Corporation Limited, (902) 423-8414

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GREAT EASTERN CORPORATION LIMITED

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