Deutsche Bank AG

Capital/Financing Update • Oct 21, 2020

National Storage Mechanism | Additional information

RNS Number : 8132C

Deutsche Bank AG London

21 October 2020

21 October 2020

Drax Finco plc

Pre-Stabilisation Notice

Deutsche Bank AG, London Branch (contact: High Yield Capital Markets on 020 754 56408) hereby gives notice that the Stabilising Managers(s) named below may stabilise the offer of the following securities in accordance with Commission Regulation (EC) No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The Securities:

Issuer:                                                 Drax Finco plc

Guarantors (if any):                            The Notes will be guaranteed on a senior basis by Drax

Corporate Limited, Drax Smart Generation Holdco Limited, Drax Fuel Supply Limited, Drax Power Limited, Drax Smart Supply Holdco Limited, Haven Power Limited, Haven Heat Limited, Drax Retail Developments Limited, Opus Energy Group Limited, Opus Energy Limited, Opus Energy (Corporate) Limited, Opus Gas Supply Limited, Opus Energy Renewables Limited, Farmoor Energy Limited, Donnington Energy Limited, Drax Research and Innovation Holdco Limited, Drax Corporate Developments Limited, Drax Smart Sourcing Holdco Limited, Drax Innovation Limited, Drax Biomass Transit LLC, Morehouse BioEnergy LLC, Drax Biomass International Holdings LLC, Drax Biomass Holdings LLC, Drax Biomass Inc., Baton Rouge Transit LLC, DBI O&M Company LLC, Amite BioEnergy LLC, Tyler BioEnergy LLC, Jefferson Transit LLC, LaSalle BioEnergy LLC and Drax Generation Enterprise Limited (each, a "Subsidiary Guarantor") and DGHL

Aggregate nominal amount:               EUR 250,000,000

Description:                                         EUR 250,000,000 Senior Secured Notes, [ ]% due November 2025 (RegS: XS2247614063)

Issue/reoffer price:                              TBD

Spread over benchmark:                    TBD

Stabilisation:

Stabilising Manager(s):                       Deutsche Bank AG, London Branch (Stabilisation Coordinator)

Stabilisation period

expected to start on:                           21 October 2020

Stabilisation period

expected to end no later than:            3 December 2020

Maximum size of over-

Allotment facility:                                5% of the aggregate nominal amount stated above

In connection with the offer of the above securities, the Stabilisation Manager(s) may over-allot the securities or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilisation Manager(s) will take any stabilisation action and any stabilisation action, if begun, may be ended at any time. Any stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State that has implemented Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State, the "Prospectus Directive") before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State in accordance with the Prospectus Directive (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Directive), this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified investors within the meaning of the Prospectus Directive (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that Member State.

This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

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