VAL International Snapshots 2022

BDO International Snapshots 2022 showcases a selection of our recent deals around the world.

VALUATIONS INTERNATIONAL SNAPSHOTS 2022 BDOVALUATIONS FROMAROUND THEWORLD

BDOGLOBAL CORPORATE FINANCE WHAT SETS US APART

WELCOME Welcome to our 2022 edition of Valuations International Snapshots

We have put together a selection of Valuation work that our teams across the globe have worked on in the last fewmonths. We have a growing team of more than 700 BDO Valuation specialists in over 70 countries. We rank as a top leading middle market Corporate Finance adviser in the world by Mergermarket, Factiva, Experian, and are very proud to have been named No.1 M&A Advisor & Accountant globally in the Pitchbook league tables 2021. On a global basis, our total deal volume increased by 35% during 2021. We hope that the selection of work in this brochure shows the breadth of industries, clients and geographies where we operate.

WITH A TOTAL DEAL VALUE OF 2,020

$128.6bn DEALS IN 2021

ANTHONY ALFONSO PRINCIPAL, HEAD OF GLOBAL VALUATIONS

ONE OF THE MOST ACTIVE ADVISERS GLOBALLY *

aalfonso@bdo.com

*1st most active M&A Advisor Globally – Pitchbook league tables 2021 1st most active Advisor & Accountant Globally 2021 – Pitchbook league tables 2021

2nd leading Financial Due Diligence provider Globally – Mergermarket global accountant league tables 2021

CONTENTS

AUSTRIA PG.5

GERMANY PG.13

BELGIUM PG.6

HUNGARY PG.15

SPAIN PG.27

USA PG.30

TURKEY PG.29

PORTUGAL PG.20

ITALY PG.18

GEORGIA PG.11

SERBIA PG.22

ARGENTINA PG.2

AUSTRALIA PG.3

INDIA PG.16

ZIMBABWE PG.32

CHILE PG.9

SINGAPORE PG.24

BRAZIL PG.8

SOUTH AFRICA PG.26

BDOVALUATIONS

ARGENTINA

AUSTRALIA

Valuation of Garovaglio y Zorraquín S.A.

Garovaglio y Zorraquín S.A. (GARO) is a Holding Company whose subsidiaries raise wheat, corn, sunflowers, beans, citrus fruit, and livestock. Additionally, they manufacture air conditioners, heating devices and water-heating systems, provide insurance, and produce and market polyethylene. The BDO Valuations team in Argentina advised GARO on the Equity Market value estimation for the squeeze-out transaction, which took place at the Buenos Aires Stock Exchange.

Mobility is headquartered in Mesa, Arizona and listed on NASDAQ.

Acquisition of Redflex Holdings Limited by Verra Mobility Corporation (USA)

On the 22 January 2021, Redflex entered into a scheme implementation agreement withVerra Mobility. Under the Scheme, Verra Mobility through its 100% subsidiaryVMConsolidated Inc., acquired 100%of the outstanding share capital of Redflex by way of a court-approved scheme of arrangement in an all-cash offer. BDOwas engaged to prepare an independent expert’s report to provide an opinion as to whether the scheme of arrangement was fair and reasonable and therefore in the best interests of Redflex Holdings shareholders.

BDO contact for this transaction

FERNANDOGARABATO Partner fgarabato@bdoargentina.com VERÓNICA DE LUISA Director vdeluisa@bdoargentina.com

DAVID MCCOURT Partner Corporate david.mccourt@bdo.com.au

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

AUSTRALIA

AUSTRIA

Acquisition of a 26% interest in Dragon Mining Ltd by APAC Resources Ltd

The BDO Valuations team in Australia was engaged by Dragon Mining Ltd to provide an independent expert report giving an opinion to shareholders on the proposal for APAC Resources Ltd to acquire a 26% interest in Dragon Mining Ltd from Allied Group Ltd. Dragon Mining Ltd is an Australian incorporated company that is listed on the Hong Kong Stock Exchange with gold mining and processing operations in Finland and Sweden. BDO was required to value Dragon Mining's operations to determine the value of the company as a whole before arriving at a value for the 26% interest to assess whether any premium for control was being paid by APAC Resources Ltd.

The Austrian BDO Valuations team was engaged by the management of the illwerke vkw AG to act as the lead financial advisor on the transaction of the acquisition of a 49% stake in a leading manufacturer of photovoltaic and solar systems. The acquisition allowed Illwerke vkwAG to establish a Joint Venture representing a full service provider for PV systems, load management, energy storage and charging infrastructure. Illwerke vkwAG is a majority state owned energy holding company. The portfolio comprises power grids, solar, hydro, and thermoenergy plants besides others. The endeavour was part of a local government initiative to triple the current amount of PV panels on roofs and to meet the national renewable energy expansion targets. Due to state subsidies, the construction of PV energy plants was never more profitable, and thus demand by companies and private households is high.

Valuation of a PV manufacturer

BDO contact for this transaction

SHERIF ANDRAWES Global Head of Natural Resources sherif.andrawes@bdo.com.au

HARALDWIMMER Senior Manager harald.wimmer@bdo.at

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

BELGIUM

Valuation analysis of The Huggy’s Bar group

Founded in 2012 by two Belgian entrepreneurs, The Huggy’s Bar offers an 'Easygourmet' concept inspired by the American culture (with a Belgian touch) across its 10 restaurants in Belgium. In the context of a contemplated shareholding reorganisation, BDO has conducted a valuation analysis of The Huggy’s Bar group. The group employs approximately 150 full-time equivalents. Our approach consisted mainly in a Discounted Cash Flow model highlighting the group’s value drivers through a break-up analysis of its main assets (restaurants, real estate, brands). BDO understood our specific needs in depth and they successfully built a comprehensive and dynamic valuation tool that is relevant to our business and our future growth. On top of that, the teamwas a real pleasure to work with.

In the context of a contemplated contribution in kind, BDO has conducted a valuation analysis to determine the fair value of the shares of OVVI Diagnostics. OVVI Diagnostics delivers a point of care test technology to address women’s health issues through the magnetic detection technology. For our valuation works, four valuation methods have been retained, being (i) the cost approach, (ii) the Discounted Cash Flow, (iii) the Risk-adjusted Net Present Value and (iv) theVenture Capital Method. They were corroborated with market references.

Valuation of OVVI Diagnostics, a start-up in the medtech industry

Job well done with a very cooperative approach with the

many involved parties.

Jean-Patrick Voisin | Co-founder and Chairman of the Board

BDO contact for this transaction

ALEXANDRE STREEL Partner alexandre.streel@bdo.be

Thomas Mémurlin | Co-founder and Chief Executive Officer

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

BRAZIL

CHILE

Purchase Price Allocation of digital media firm Raccoon

BDO Brazil, working with BDO UK, assisted S4 Capital (MightyHive) in the Purchase Price Allocation of the Brazilian digital media firm Raccoon. The Raccoon group, consisting of four companies, specialises in digital search and data analytics. Among their clients are major players in the Brazilian market, such as Natura, 99apps, XP Inc., Google, Nubank, C&A, Grupo Big and Yduqs, etc. BDO Brazil's Corporate Finance team assisted S4 in their second transaction in the country. S4 has done over 25 transactions worldwide, in over 30 countries, to build a holding firm focused on data, media and content in digital advertising.

The BDO Valuations team in Chile in cooperation with BDO in Miami advised Banco de Crédito e Inversiones (BCI), a Chilean based financial group, in the development of the impairment test of the goodwill and trade name associated

Valuation of business and trade name City National Bank of Florida

to the acquisition of City National Bank of Florida, a bank based in Miami, USA.

BDO contact for this transaction

MAURO JOHASHI Partner mauro.johashi@bdo.com.br

EMILIOVENEGAS Partner evenegas@bdo.cl CATALINA CHAVEZ Manager catalina.chavez@bdo.cl

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

CHILE

GEORGIA

Business valuation and real estate assets valuation for transaction and IFRS purposes

BDO's Valuation team will advise Grupo Patio, a Chilean based real Estate Group, in the valuation and structure of a new Investment Fund, in partnership with an Institutional Fund.

The BDO Corporate Finance team in Georgia provided an independent expert opinion for TAV URBAN GEORGIA LLC, which is the managing company of Tbilisi and Batumi International Airports, on the losses incurred as a result of the suspension of the operational activities due to COVID-19. The valuation services provided were aimed at aiding the parties involved to assess how to further proceed on the contractual terms. BDO Georgia prepared the analysis and calculations for the actual direct losses incurred by TAV URBAN GEORGIA, financial outcomes of mitigation measures accomplished by the client in order to mitigate negative consequences of the COVID-19 pandemic and actual direct costs incurred by the Client as an immediate consequence of the COVID-19 pandemic as a force-majeure event.

Assessment of the COVID-19 effects on TAV URBAN GEORGIA LLC

BDO acts as an essential collaborator offering support in all valuations carried out for different purposes. As such, BDO's flexibility and proximity are very valuable for Grupo Patio.

Patricio Baeza | Sub Gerente de Finanzas, Grupo Patio

BDO contact for this transaction

EMILIOVENEGAS Partner evenegas@bdo.cl CARMEN CATAN Manager carmen.catan@bdo.cl

MAIA KHACHIDZE Partner Head of Corporate Finance mkhachidze@bdo.ge

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

GEORGIA

GERMANY

Impairment testing of fixed assets

The BDO Corporate Finance team in Georgia provided an impairment testing for United Airports of Georgia LLC which, as the airports authority of the state, owns all airports in the country and operates three of

The BDO Corporate Finance Valuation Advisory team acted as the advisor to E.On in preparing the Purchase Price Allocation related to the acquisition of Východoslovenská energetika Holding a.s. ('VSE'), a leading supplier of electricity and gas in Slovakia, in accordance with IFRS 3. The engagement was run by a team of specialists from BDO in Germany and in Slovakia.

E.On acquired the majority shareholding in Východoslovenská energetika Holding a.s.

them (including one international one).

The purpose of the impairment testing was to determine the potential impairment of fixed assets owned by the Company for IFRS purposes.

BDO contact for this transaction

MAIA KHACHIDZE Partner Head of Corporate Finance mkhachidze@bdo.ge

HARTMUT PAULUS Partner Head of Corporate Finance hartmut.paulus@bdo.de

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

GERMANY

HUNGARY

Valuation of VTG Aktiengesellschaft, Hamburg/Germany

The BDO Valuations team acted as court appointed auditor in the context of the squeeze-out of the minority shareholders of VTG by Warwick Holding GmbH, a wholly-owned indirect subsidiary of funds advised by Morgan Stanley Infrastructure Partners. VTG is the largest private wagon hire company in Europe and one of the leading providers of rail and tank container logistics services. Morgan Stanley Infrastructure Partners is a leading global infrastructure investment platform.

The BDO Hungary Corporate Finance team acted on the acquisition of Príma Pék Kft by providing a business valuation and financial due diligence on this transaction. Príma Pék Kft. was founded in 1992 and became the first bakery network in Hungary and Budapest. The company was acquired by the current owners in 1998-1999 and became 100% Hungarian-owned, with the intention of maintaining its market-leading position.

Valuation and Financial Due Diligence of Príma Pék Kft

BDO contact for this transaction

HARTMUT PAULUS Partner Corporate Finance hartmut.paulus@bdo.de THOMAS KUEHL Partner Corporate Finance thomas.kuehl@bdo.de

TEODÓRA BÁLINT Associate teodora.balint@bdo.hu

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

INDIA

Tata Digital Private Ltd Invested in equity shares and OCRPS of 1Mg Technologies Pvt Ltd

The BDO Valuations team in India was appointed by 1MG, to issue a valuation report for Preferential Allotment of Equity shares and OCRPS.

The BDO team in India was appointed to work on the investment by Norfund and TPC Capital RISE Fund in Fourth Partner Energy. BDO valued the issue of CCPS and transfer of equity shares.

Investment by Norfund and TPG Capital’s RISE Fund in Hyderabad-based Fourth Partner Energy Private Limited

BDO contact for this transaction LATA R. GUJAR MORE Partner

BDO contact for this transaction

MANDAR GADKARI Partner Valuation Practice mandargadkari@bdo.in

Valuation Practice latamore@bdo.in

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

ITALY

Valuation of D-Orbit S.p.A.

The BDO Valuations team in Italy supported D-Orbit S.p.A., a company based in Italy operating in the aerospace sector, in determining the enterprise value of the firm. Subsequently, D-Orbit merged with the SPAC Breeze Holding Acquisition Corp. The closing is expected in second/third quarter of 2022. Thanks to this transaction, D-Orbit S.p.A. will be listed on the Nasdaq Stock Market.

The BDO Valuations team in Italy supported Silatech S.p.A., a company based in Italy specialised in designing and manufacturing gear systems, in determining the equity value of the firm in the context of a funding request from CDP (Cassa Depositi e Prestiti) through a Subordinated Convertible Bond. Silatech S.p.A. produces both manual and automatic gear systems for a variety of automobiles (hybrid, electric, gas and diesel) and collaborates with the biggest automotive groups in Europe.

Valuation of Silatech S.p.A.

BDO contact for this transaction STEFANOVARIANO Partner stefano.variano@bdo.it

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

PORTUGAL

Valuation of José de Mello Capital, SA.

The BDO Valuations team in Portugal advised one of Portugal’s biggest corporate groups José de Mello Capital, SA on the valuation of the group.

BDO contact for this transaction CRISTINA SOUSA DIAS Partner cristina.dias@bdo.pt

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

SERBIA

Acquisition of NLB banka a.d. (Serbia) by Komercijalna banka a.d. Belgrade (Serbia)

The BDO Valuations team in Serbia provided fairness opinion services in relation with the acquisition of NLB banka a.d. (Serbia) by Komercijalna banka a.d. (Serbia). Komercijalna banka a.d. Belgrade is one of the top-ranked banks in Serbia. In addition, NLB banka a.d. has been a client of the BDO Serbia Valuations team since 2014.

The Valuations team of BDO Serbia provided a stock valuation of Dijamant a.d., the largest edible oil producer in Serbia and one of the top-ranked in the region,

Valuation of Dijamant a.d. (Serbia) for the purpose of a squeeze-out in accordance with the Company Act

for the purpose of a squeeze-out in accordance with the Company Act.

BDO contact for this transaction ZVONIMIR PETROVIC Director zvonimir.petrovic@bdo.co.rs

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

SINGAPORE

Valuation of M1 Network Private Limited for Keppel DC REIT’s investment through debt securities and preference shares

BDO Corporate Advisory’s Valuations team in Singapore performed a valuation of M1 Network Private Limited, a special purpose vehicle incorporated to own mobile, fixed and fibre assets of one of Singapore's leading companies in telecommunications.

BDO Corporate Advisory’s Valuations team in Singapore performed a valuation of OTSAW Technology Solutions Pte Ltd, in relation to the Company’s acquisition of a target company via cash and shares consideration. The valuation report was provided for Management’s reference in determining the number of shares to be issued is in relation to the share consideration. The company is involved in the development of technology and distribution of a variety of autonomous robots able to carry out functions such as security patrol, concierge, sanitation and delivery.

Valuation of OTSAWTechnology Solutions Pte Ltd

BDO contact for this transaction JOSEPHINE HONG Executive Director josephinehong@bdo.com.sg

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

SOUTH AFRICA

SPAIN

Acquisition of Distell by Heineken International B.A.

The BDO Valuations team in South Africa provided independent expert advice

The BDO Valuations team in Spain advised Kaixo Telecom, S.A.U. with an independent valuation of the Spanish telecom operator Euskaltel, S.A. in the context of the voluntary takeover bid formulated for all the shares comprising the share capital of Euskaltel, S.A.

Valuation of Euskaltel, S.A.

on the acquisition of Distell by Heineken.

BDO contact for this transaction NICK LAZANAKIS Director nlazanakis@bdo.co.za

BDO contact for this transaction SERGIO MARTIN Partner sergio.martin@bdo.es

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

SPAIN

TURKEY

Valuation of Deutsche Bank, S.A.E.

The BDO Valuations team in Spain advised Deutsche Bank's Spanish commercial bank Deutsche Bank, S.A.E. in the valuation of its equity value. Deutsche Bank, S.A.E. includes retail, private banking and wealth management and SME's.

The The BDO Valuations team in Turkey, provided an independent valuation opinion in order to assist legal, financial and commercial decisions for company executives, shareholders and related parties.

Valuation of Yatırım Finansman Menkul Değerler A.Ş. (Yatırım Finansman Securities)

BDO contact for this transaction SERGIO MARTIN Partner sergio.martin@bdo.es

BDO contact for this transaction SERHAN HELVACIOĞLU Senior Manager serhan.helvacioglu@bdo.com.tr

FURKAN AKTAŞ Experienced Senior furkan.aktas@bdo.com.tr

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

UNITED STATES

Acquisition of Zebra-Chem by Milliken & Company

Milliken & Company a large US company, located in Greenville, South Carolina acquired Zebra-Chem headquartered in Bad Bentheim, Germany. BDO Germany assisted BDO USA in the analysis. The company focuses on chemical solutions across textile, flooring and healthcare industries.

BDO Suriname reached out to BDO USA regarding a valuation of a Suriname company called Kirpalani. Kirpalani is a mass retailer based in Suriname. They rank as the biggest company in Suriname and sell everything from food to clothing to appliances. They are billed the Amazon of the actual Amazon! Our work was to value the company in light of the recent big oil find in the area. The analysis was for tax purposes.

Valuation of Kirpalani

BDO contact for this transaction

TOMMANNION Principal

TOMMANNION Principal tmannion@bdo.com ROBIN FERRIER Partner robin.ferrier@bdo.sr

tmannion@bdo.com MARTIN STUDIER Senior Manager martin.studier@bdo.de

INTERNATIONAL SNAPSHOTS 2022

BDOVALUATIONS

ZIMBABWE

Valuation of various investee companies on behalf of our client

The BDO M&A team in Zimbabwe undertook valuations of three investee companies on behalf of its client. Two of the investee companies operate in the financial services sector, made up of a regional development bank and a local development bank, while the other is a FinTech company.

BDO contact for this transaction JONAS JONGA Partner Advisory jjonga@bdo.co.zw RABIRO MANGENA Director Advisory rmangena@bdo.co.zw

INTERNATIONAL SNAPSHOTS 2022

FOR MORE INFORMATION:

The BDO network (referred to as the ‘BDO network’) is an international network of independent public accounting, tax and advisory firms which are members of BDO International Limited and perform professional services under the name and style of BDO (hereafter: ‘BDO member firms’). BDO International Limited is a UK company limited by guarantee. It is the governing entity of the BDO network. Service provision within the BDO network is coordinated by Brussels Worldwide Services BV, a limited liability company incorporated in Belgium. Each of BDO International Limited, Brussels Worldwide Services BV and the BDO member firms is a separate legal entity and has no liability for another entity’s acts or omissions. Nothing in the arrangements or rules of the BDO network shall constitute or imply an agency relationship or a partnership between BDO International Limited, Brussels Worldwide Services BV and/or the BDO member firms. Neither BDO International Limited nor any other central entities of the BDO network provide services to clients. BDO is the brand name for the BDO network and for each of the BDO member firms. © Brussels Worldwide Services BV April 2022 www.bdo.global

SUSANA BOO +44 (0)207 893 2316 susana.boo@bdo.global

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