Pinnacle Renewable Energy Inc. About Us Our Products Purchasing Sustainability Investment History Media CAREERS CONTACT NEWS RELEASE - MARCH 31, 2021 Pinnacle Obtains Shareholder Approval for Arrangement with Drax Group VANCOUVER, BC, March 31, 2021 /CNW/ - Pinnacle Renewable Energy Inc. ("Pinnacle" or the "Company") (TSX: PL) is pleased to announce that at the Company's special meeting of shareholders (the "Meeting") held earlier today an overwhelming majority of Pinnacle shareholders voted in favour of the special resolution (the "Arrangement Resolution") approving the previously announced plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Drax Group plc ("Drax") (LSE: DRX) through its wholly-owned subsidiary, Drax Canadian Holdings Inc., will acquire all of the issued and outstanding common shares ("Shares") of the Company for C$11.30 in cash per Share (the "Arrangement"). The Arrangement Resolution required approval by 66⅔% of the votes cast by Pinnacle shareholders present in person or represented by proxy at the Meeting. Details on the voting results at the Meeting are below: Total Shares Voted at the Meeting 22,126,000 Total Shares voted FOR the Arrangement Resolution 21,234,673 Percent of Shares voted FOR the Arrangement Resolution 95.97% A report on voting results for the Meeting will be filed under the Company's profile on SEDAR at www.sedar.com. Drax has separately announced today that its shareholders overwhelmingly voted in favour of the Arrangement at a general meeting of Drax's shareholders held earlier today. Pinnacle anticipates returning to the Supreme Court of British Columbia (the "Court") on April 6, 2021 to seek a final order of the court approving the Arrangement. Completion of the Arrangement remains subject to customary closing conditions, including approval of the Court. Completion of the Arrangement is expected to occur in April 2021, subject to the satisfaction or waiver of the final outstanding conditions. ABOUT PINNACLE Pinnacle is the second largest producer of industrial wood pellets in the world. The Company's products are used to displace fossil fuels in the production of baseload electrical power in key markets around the world. The Company operates nine production facilities in Western Canada and one in Alabama, with one additional facility under construction in Alabama and more in development. The Company also owns a port terminal in Prince Rupert, BC. Pinnacle has entered into long-term, take-or-pay contracts with utilities in the U.K., Europe and Asia that represent an average of 99% of its production capacity through 2026. FORWARD-LOOKING INFORMATION This news release includes "forward-looking information" within the meaning of applicable securities laws in Canada. Except for statements of historical fact, forward-looking information contained herein may relate to: the purchase by Drax of all of the issued and outstanding Shares pursuant to the Arrangement and the anticipated timing of the Court hearing and completion of the Arrangement. Some of the forward-looking statements may be identified by words such as "will", "expects" "anticipates", "believes", "plans", "hopes", "could" and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and assumptions. Readers are urged to consider risks, uncertainties and assumptions carefully in evaluating the forward-looking information in this release and are cautioned not to place undue reliance on such information. These risks, uncertainties and assumptions include, but are not limited to: the failure of the parties to satisfy or, if applicable, waive the remaining conditions to complete the Arrangement, including approval of the Court; the effect of the announcement of the Arrangement on the Company's strategic relationships, operating results and business generally; significant transaction costs or unknown liabilities; the risk of litigation that would prevent or hinder the completion of the Arrangement; and other customary risks associated with transactions of this nature. In addition, if the Arrangement is not completed, and the Company continues as an independent entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources by Pinnacle to the completion of the Arrangement could have an adverse impact on the Company's business and strategic relationships, operating results and business generally. As a consequence, actual results in the future may differ materially from any forward-looking statement, whether expressed or implied. Therefore, forward-looking statements should be considered carefully and undue reliance should not be placed on them. Factors that could cause anticipated opportunities and actual results to differ materially also include, but are not limited to, matters identified in the "Forward-looking Statements" and "Risk Factors" sections of the Circular, the "Risk Factors" section of the Company's Annual Information Form dated March 25, 2021 for the fiscal year ended December 25, 2020 and the "Financial Risk Factors" section of the Company's Management Discussion and Analysis dated February 24, 2021 for the 52 weeks ended December 25, 2020 and December 27, 2019, all of which can be accessed under the Company's profile on SEDAR at www.sedar.com. The forward-looking information contained in this news release represents our expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. SOURCE Pinnacle Renewable Energy Inc. Latest News NEWS RELEASES April 13, 2021 Pinnacle Completes Arrangement With Drax Group April 6, 2021 Pinnacle Obtains Final Order of the Court Approving Arrangement with Drax Group March 31, 2021 Pinnacle Obtains Shareholder Approval for Arrangement with Drax Group March 24, 2021 Independent Proxy Advisory Firms Glass Lewis and ISS Recommend Pinnacle Shareholders Vote FOR the Arrangement with Drax Group PUBLICATIONS July, 15, 2021 Drax Group’s Pinnacle donates $50,000 to wildfire-hit communities in British Columbia April, 13, 2021 Drax completes acquisition of Pinnacle Renewable Energy Inc June, 24, 2020 Pinnacle breaks record for largest load of wood pellets shipped from Canada June, 24, 2020 Multi-million dollar upgrades completed to Pinnacle Renewable Energy in Williams Lake 350 - 3600 Lysander Lane Richmond, British Columbia V7B 1C3, Canada Phone: 604.270.9613 Fax: 604.270.9914 Email: sales@pinnaclepellet.com ABOUT US Profile Executive Management Vision, Mission & Values Milestones Health & Safety SUSTAINABILITY Certifications Compliance Reporting INVESTMENT HISTORY News Releases Financial Reports Presentations & Events MEDIA & PUBLICATIONS News Releases Publications Awards OUR PRODUCTS PURCHASING - FIBRE NEWS CAREERS CONTACT SUBSCRIBE FOR NEWS NEWS CAREERS CONTACT SUBSCRIBE FOR NEWS © 2021 Copyright Pinnacle Renewable Energy Inc. 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