Semtech Corporation (Nasdaq: SMTC) and Sierra Wireless, Inc. today announced the completion of Semtech’s acquisition of Sierra Wireless in an all-cash transaction representing a total enterprise value of approximately US$1.2 billion. This transaction nearly doubles Semtech’s annual revenue and adds approximately US$100 million of high-margin IoT Cloud services recurring revenues. Semtech expects the acquisition to be immediately accretive to non-GAAP EPS and to generate US$40 million of run rate operational synergies within 12-18 months post close.“Sierra Wireless brings nearly 30 years of leadership in cellular IoT and a strong and diverse device-to-Cloud IoT solutions portfolio. Combined with Semtech’s LoRa-enabled end nodes, we believe we are very well positioned to deliver a highly differentiated, end-to-end platform to enable the transformation to a smarter, more sustainable planet,” said Mohan Maheswaran, Semtech’s president and chief executive officer. “Our combined company will have strong expertise in high bandwidth cellular connectivity, ultra-low power LoRa connectivity, IoT software and services, and extensive knowledge of IoT hardware and software channels and vertical markets. We believe that Semtech is uniquely positioned to deliver a strong product portfolio and service model to customers across high growth IoT segments.” Former Sierra Wireless senior leaders join the Semtech leadership team in two newly formed business groups. Tom Mueller joins as executive vice president of the IoT System Products Group, which includes Semtech’s existing LoRa products business. Ross Gray joins as vice president of the IoT Connected Services Group. Pravin Desale also joins Semtech as the senior vice president of IoT Engineering driving product development of our new systems and solutions. 13548597 Canada Inc., a wholly owned subsidiary of Semtech Corporation, has acquired all of the outstanding common shares of Sierra Wireless, Inc. for US$31 per share by way of statutory plan of arrangement. Consideration for the purchased shares has been paid to Computershare Investor Services Inc., as depositary under the arrangement, and will be provided to former shareholders as soon as reasonably practicable after the date hereof, in accordance with the terms of the arrangement agreement. As a result of the completion of the transaction, Sierra Wireless’ common shares will be delisted from the Toronto Stock Exchange. Sierra Wireless has requested that The Nasdaq Stock Market (“Nasdaq”) file a delisting application on Form 25 to report the delisting of the common shares of Sierra Wireless from Nasdaq. An application will be made for Sierra Wireless to cease to be a reporting issuer in the applicable Canadian jurisdictions as a result of completion of the arrangement. Sierra Wireless expects to terminate the registration of its common shares under the U.S. Securities Exchange Act of 1934, as amended, approximately 10 days after the closing of the transaction. Investor Deck For more information, please see a new investor deck on Semtech’s investor website. Building, Design & Construction Magazine | The Choice of Industry Professionals

Leading independent property advisory firm, Lismore Real Estate Advisors, today released its review of the Scottish investment market for the final quarter of 2022, along with predictions for 2023. Simon Cusiter, Director of Lismore comments: “The speed and extent of the pricing correction that has taken place in the latter half of 2022 has caught even the most seasoned experts by surprise. However, as with most market shocks, there comes opportunity, and we predict continued demand across various sectors, in particular, prime PBSA and BTR. “In addition, retail warehousing still offers good value, particularly in urban locations, anchored by food/value retailers and with a drive-thru offering. The sharpest outward movement in pricing has been witnessed in offices and distribution, with the latter expected to find its level quickly, particularly around the central belt where we will see further rental growth.” Lismore Investor Research: These views are borne out by the latest investor research undertaken by Lismore, with respondents ranking the top three performing sectors for 2023 to be: Living (42%), Distribution (32%) and Food stores (30%). Growth in the living sector continues to be driven by an undersupply of PBSA, BTR and senior living accommodation in the key cities. High street retail could be the dark horse for 2023, with retailers having success in driving shoppers back through promotional activity and free returns, whilst the business rates revaluation coming into effect in April 2023 offers significant reductions in their total occupational costs. Funds were the biggest backers of food stores in the top three sectors with an expectation of further sale and leaseback transactions by the big four chains and continued buoyancy in the sector. Lismore’s research indicates that a significant majority (65%) of respondents expect to be net buyers in 2023, with only 12% expecting to be sellers. Buying activity is likely to be from quarter two onwards, with the first few months of 2023 expected to see limited new stock on the market. The main buyers over the next 12 months are likely to be property companies (84%) and investment managers (74%). Only 13% of funds expect to be net buyers and with 50% of responses neutral, it appears to be a watching brief from the funds. By the end of 2023, 69% of investors anticipate an improvement in market sentiment. Investment managers are almost unanimous (90%), whilst over 50% of funds and property company respondents expect sentiment to improve. It was also noted that there is potential for a swifter bounce back should the macro-economic environment continue to stabilise during the first quarter of 2023. Simon Cusiter adds: “We have seen increasing appetite from Hong Kong and Singapore, as investors look to move capital into the UK, including Glasgow and Edinburgh. Helped by the stronger dollar, opportunistic capital, particularly from North America and the GCC (cash buyers) are best placed to take advantage of the current market dynamics over the coming months and many of the private equity and sovereign wealth houses are eyeing the Scottish market with interest. “With values adjusting anywhere between 10-30% across different sectors, it feels like the opportunity has arrived quicker than anticipated. Trying to second guess if the correction has fully played out is not easy but those best capitalised and bravest will be first to move and likely to find best value. “Even if pricing moves further, the opportunity to acquire better quality assets in a less competitive buying environment will prove attractive to investors and we anticipate a more liquid market in 2023. “PBSA will be most in demand as the strong demand / supply imbalance continues, with rental growth managing to off-set operational cost increases, hence the investment rationale remains positive and development appraisals for new stock are continuing to make sense. We anticipate more clarity around the current rental freeze legislation which should give investors more confidence to push ahead with a number of new schemes in both Glasgow and Edinburgh.” Tom Hoye, Real Estate Transaction Director of Redevco added: “Markets tend to over-react and in that sense any downturn represents a good buying window. The question is how long that window will be open for and when is the optimum time to get back in, especially in the context of there being a lot of equity available. At the moment a lot of investors are taking stock and we’re definitely in a period of ‘price discovery’, but I expect there to be more activity in the second half of the year.” Finally, despite the recent market volatility and subdued final quarter, total volumes for 2022 ended up at £1.77bn, an increase of 32% on the total for 2021. Investment volumes for quarter four traded at £396m, which is 24% down on quarter four of 2021 and 20% below the five-year average. Bearing in mind the range and severity of the headwinds faced during the year, the final outcome can be described as reasonable! The full Lismore Quarterly Review for Q2-2022 is available to download from: HERE Building, Design & Construction Magazine | The Choice of Industry Professionals

McLaren Construction’s Midlands and North arm is reflecting on a year of record turnover and growth, with ambitions plans set for 2023 and beyond. Alongside achieving £142m turnover for the financial year ending July 2022, the company has achieved 75 percent repeat business, winning multiple awards for its developments and expanding its team and portfolio into new sectors. Projected turnover for the present financial year is £258m, an increase of 80 percent on 2022, and the Midlands and North division has already secured projects exceeding £100m into 2024. McLaren’s strategy in 2022 was to focus on nurturing key client relationships, supporting valued customers through the delivery of quality developments, whilst enhancing social value through its sustainability and charitable efforts. Notable projects delivered this year include the West Midlands Ambulance Service site – home of the UK’s first electric ambulance fleet, as well as the Cadent Ansty development – which won commercial development of the year at the Insider West Midlands Property Awards. The Midlands and North team also received the prestigious UKREiiF Contractor of the Year award this spring. Working towards the company’s sustainability targets to reach net zero Scope 1 and 2 by 2025, and Scope 3 by 2045, the team have worked to ensure projects in the region are meeting government green targets through the reduction of embodied carbon in construction. With many construction firm’s removing diesel generators from sites in a bid to hit net zero targets, the West Midlands Ambulance Service site was the first McLaren Construction site of its kind to use hydrotreated vegetable oil (HVO), an industry-leading sustainable fuel alternative. The build of a logistics development in Sherburn, Leeds for the Firethorn Trust, was also the first net zero carbon industrial and logistics project for the Midlands and North region. Giving back to the communities in which its developments are based, the division has also concentrated its charitable efforts on a wide range of causes this year, including theorganisation of raffles for the Ukraine Appeal and the Lighthouse Construction Charity, regular donations to the St Helen’s Food Bank and assistance with hosting a Christmas party with the Children’s Adventure Farm Trust (CAFT), to create magical memories for terminally ill and disadvantaged children in Cheshire. McLaren Construction as a whole, finished its financial year on 31 July 2022 with a turnover for the previous 12 months of £726.2m, exceeding pre-pandemic levels with an increase of £184.1m on the previous year. Turnover for the year ending July 2023 is currently forecast at over £850m, with 80 percent business already secured. Reflecting on a year of exceptional growth for the Midlands and North division, Gary Cramp, managing director, said: “We are extremely proud of our success in the last year, and this is all down to the amazing work of our team and our consistent approach to planning. “The challenges following Covid have presented themselves during a busy construction market in 2022, and the industry has been presented with inflationary pressure on materials and labour resource to carry out projects. “Despite these pressures, our solid preparation has allowed us to secure early procurement to mitigate risks to the business and we are excited by the value and rich variety of projects we have in the pipeline next year, and into 2024. “While there are lots of positives to look forward to in 2023, we are prepared for the emergence of a tougher market, but our focus will remain on key relationships and supporting our valued customers, whilst investing centrally to enhance our social value, diversity and sustainability offering.” Building, Design and Construction Magazine | The Choice of Industry Professionals