Preliminary Term Sheet No 169

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16 February 2017 DRAX GROUP PLC (Symbol: DRX) PRELIMINARY .

CREATING LONG-TERM VALUE FROM A DIVERSIFIED BASE In 2016 a key focus for the Board was the development of a new strategy for the Group, in order to ensure we are well placed to create long-term value across all three segments of the business: smart upstream sustainable pellet manufacturing, smart power generation and smart retail.

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This Term Sheet summarizes the principal terms of the Series A Preferred Stock Financing of, Inc., a corporation (the "Company"). No legally binding obligations shall be created until definitive agreements are executed and delivered by all parties. This Term Sheet is not a commitment to invest, and is conditioned on the completion of

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Preliminary Term Sheet No. 169 - SEC.gov | HO

Filed Pursuant to Rule 433 . Registration No. 333-156118 . Subject to Completion . Preliminary Term Sheet dated November 23, 2010 . The terms of the Notes are as specified in this term sheet and in the documents indicated herein under “Additional Note Terms”.

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2 RSA Insurance Group plc - 2015 Preliminary Results Prior year underwriting profit of £91m: Positive development in Canada and the UK; net strengthening in Scandinavia. Ireland operating loss of £26m, much reduced from 2014 (£97m loss), and expected to reach operating profit in 2016.

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