Bank of America Corporation has notified Drax Group PLC of an updated calculation methodology for cash equity positions held in trading books for client facilitation purposes. As of May 14, 2024, Bank of America Corporation's total positions resulted in 8.997526% of voting rights attached to shares and 8.978541% of voting rights through financial instruments, with a total of 34,793,534 voting rights held in the issuer.

The breakdown of the resulting situation on the date the threshold was crossed or reached includes 0.018985% of direct voting rights and 8.978541% of indirect voting rights through financial instruments. This includes various financial instruments with similar economic effects, such as physical swaps with cash settlement, totaling 6.692409% of voting rights.

The notification also details the full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, starting with Bank of America Corporation as the ultimate controlling person. The controlled undertakings include BofA Securities Europe, SA, Managed Account Advisors, LLC, Merrill Lynch International, and Bank of America, National Association.

The completion date of the notification was May 16, 2024. This notification provides an overview of Bank of America Corporation's updated major holdings in Drax Group PLC, including voting rights and financial instruments, as well as the controlled undertakings through which these holdings are effectively held.