Mr. Sean Fallis reports

SIERRA WIRELESS SECURITYHOLDERS APPROVE ACQUISITION BY SEMTECH CORPORATION

Sierra Wireless Inc. securityholders (as defined herein) have approved the acquisition of all of the outstanding shares of the company by 13548597 Canada Inc., a wholly owned subsidiary of Semtech Corp., by way of a statutory plan of arrangement at the special meeting of securityholders held today.

The special resolution approving the arrangement was approved by: (i) 98.60 per cent of the votes cast by the shareholders of the company present in person, virtually or represented by proxy at the meeting, and (ii) 98.69 per cent of the votes cast by shareholders, holders of options to purchase shares of the company, holders of restricted share units, and phantom restricted share units of the company and holders of performance share units of the company, voting together as a single class, present in person, virtually or represented by proxy at the meeting.

The arrangement is subject to antitrust and competition approvals in the United States and Canada, respectively, the approval of the Supreme Court of British Columbia and other customary closing conditions. The court hearing for the final order to approve the arrangement is scheduled to take place on Sept. 29, 2022, and the completion of the arrangement is expected to occur in Semtech's fiscal year 2023. Until close, the parties remain separate independent companies. Following completion of the transaction, the shares will be delisted from the Toronto Stock Exchange and Nasdaq Global Market. An application will also be made for the company to cease to be a reporting issuer in the applicable jurisdictions following completion of the arrangement. The company will also deregister the shares under the U.S. Securities Exchange Act of 1934, as amended.

About Sierra Wireless Inc.

Sierra Wireless is a world-leading IoT (Internet of Things) solutions provider that combines devices, network services and software to unlock value in the connected economy. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API (application programming interface) service to manage processes with billions of connected assets or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is a global partner customers trust to deliver them their next IoT solution.

We seek Safe Harbor.