Acquisition of Minority Shareholding in BusyBees Logistics Solutions

SUMMARY OF COMBINATION

[REGULATION OF 13 (1A) OF THE COMBINATION REGULATIONS]

A. NAMES OF THE PARTIES TO THE COMBINATION

1. The names of the parties to the combination are:

• (i) 1000632564 Ontario Limited (Acquirer); and

• (ii) BusyBees Logistics Solutions Private Limited (BusyBees / Target).

The Acquirer and Target are collectively referred to as Parties.

B. NATURE AND PURPOSE OF THE COMBINATION

2. The proposed transaction consists of the acquisition of minority shareholding by the Acquirer in the Target. (Proposed Transaction).

C. PRODUCTS, SERVICES AND BUSINESS(ES) OF THE PARTIES TO THE COMBINATION

3. The Acquirer is solely controlled by Ontario Teachers' Pension Plan Board (OTPP). OTPP administrates pension benefits and the investment of pension plan assets of active and retired teachers in the Canadian province of Ontario worldwide.

4. BusyBees is an express logistics service provider in incorporated in India, catering to end-to-end supply chain solutions. BusyBees provides B2B Xpress, B2C Xpress, Cross-border and 3PL (Third Party Logistics) services.

D. THE RESPECTIVE MARKETS IN WHICH THE PARTIES TO THE COMBINATION OPERATE

5. Given that there are no horizontal overlaps, vertical relationships, or complementary businesses between the Acquirer (and OTPP) and the Target in India, the Proposed Transaction will not cause an appreciable adverse effect on competition in India and is being notified under the Green Channel route, under Regulation 5A and 4 Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011) (as amended).