Proposed acquisition of Pinnacle Renewable Energy Inc. by Drax - Drax

Proposed acquisition of Pinnacle Renewable Energy Inc. by Drax

Announcement by Drax Group plc dated 8 February 2021:

Proposed acquisition of Pinnacle Renewable Energy Inc. – a major international producer and supplier of sustainable biomass

Investor Presentation dated 8 February 2021:

Proposed acquisition of Pinnacle Renewable Energy Inc.

Class 1 Circular dated 12 March 2021:

Class 1 Circular relating to the proposed acquisition of Pinnacle Renewable Energy Inc.

Announcement by Drax Group plc dated 12 March 2021:

Publication of Circular

Announcement by Drax Group plc dated 31 March 2021:

Results of General Meeting

Announcement by Drax Group plc dated 7 April 2021:

Satisfaction / waiver of conditions in relation to the proposed acquisition of Pinnacle Renewable Energy Inc.

Information made available in connection with the Circular

Form of Proxy

Form of Direction

Arrangement Agreement

Plan of Arrangement

Shareholder Q&A

An online facility was provided in order for shareholders to ask questions related to the transaction. This reflected the Circular wording on the limit on physical attendance at the General Meeting, due to government restrictions. The online facility was left open until Friday, 19 March at 5.00pm. We have received one question which is detailed in full below, along with our response.

Question

The acquisition is entitled Pinnacle Renewable Energy Inc. How is ‘renewable’ defined here? In particular, what timeframe is used in the definition of ‘renewable’, and is this compatible with the need to take urgent action on climate change?

Answer

The acquisition is entitled Pinnacle Renewable Energy Inc. as this is the name of the company proposed to be acquired.

The renewable status of sustainably sourced biomass is based on well-established scientific principles set out by the UN’s IPCC, which along with the UK’s Climate Change Committee agrees that sustainable biomass is critical to reach global climate targets.

Articles of Association of Drax Group plc

Consent letters referred to in the Circular

Deloitte’s report on the unaudited pro forma financial information

Drax Group’s full year results for the twelve months ended 31 December 2020

Drax Group’s annual report and accounts 2019

Drax Group’s annual report and accounts 2018

Drax Group’s annual report and accounts 2017