Lehman Brothers Inc. is acting as the sole book-running manager for the notes offering. Evergreen Solar intends to use the net proceeds from the notes offering, after deducting underwriting discounts and Evergreen Solar's estimated expenses related to the offering, including the cost of the capped call transaction and registered sale of borrowed shares of common stock described below, to complete the construction and equipping of its fully integrated solar panel manufacturing facility located in Devens, Massachusetts, to begin construction of a manufacturing facility that will produce heat resistant string to be used in the manufacturing of Evergreen Solar's wafers and for general corporate purposes, including purchases of or prepayments for polysilicon and other raw materials, and working capital needs. In connection with the notes offering and contemporaneously with the pricing of the notes, Evergreen Solar plans to enter into a capped call transaction with an affiliate of Lehman Brothers Inc.