-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LIfrHAzVr8isAL8OlKzEQGBk7M3jciU4+ec8o2NBkzq0R66rfAmBeOYxcYLhHwnu
 Y2ebLH8eQQ4sgEazR9M1XQ==

<SEC-DOCUMENT>0001047469-04-024486.txt : 20040728
<SEC-HEADER>0001047469-04-024486.hdr.sgml : 20040728
<ACCEPTANCE-DATETIME>20040728090716
ACCESSION NUMBER:		0001047469-04-024486
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040728
FILED AS OF DATE:		20040728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRSTSERVICE CORP
		CENTRAL INDEX KEY:			0000913353
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-DETECTIVE, GUARD & ARMORED CAR SERVICES [7381]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24762
		FILM NUMBER:		04934582

	BUSINESS ADDRESS:	
		STREET 1:		1140 BAY ST
		STREET 2:		SUITE 4000
		CITY:			TORONTO ONTARIO CANA
		STATE:			A6
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		FIRSTSERVICE BUILDING 1140 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO ONTARIO CANA
		STATE:			A6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a2140925z6-k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04TOR1838_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P><FONT SIZE=2>
<hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=5><B>FORM 6-K  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B> REPORT OF FOREIGN PRIVATE ISSUER  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B> PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF&nbsp;1934  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>For the month of: July&nbsp;2004<BR>
Commission file number 0-24762 </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=5><B>FIRSTSERVICE CORPORATION<BR>  </B></FONT><FONT SIZE=2>(Name of Registrant) </FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=3><B>1140 Bay Street, Suite&nbsp;4000<BR>
Toronto, Ontario, Canada<BR>
M5S&nbsp;2B4<BR>  </B></FONT><FONT SIZE=2>(Address of Principal Executive Offices) </FONT></P>

<P><FONT SIZE=2>Indicate
by check mark whether the Registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:<BR>
Form&nbsp;20-F&nbsp;<FONT
FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>


<P><FONT SIZE=2>Indicate by check mark if the Registrant is submitting the Form&nbsp;6-K in paper as permitted by
Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>Indicate by check mark if the Registrant is submitting the Form&nbsp;6-K in paper as permitted by
Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to
Rule&nbsp;12g3-2(b) under the Securities Exchange Act of 1934:<BR>
Yes <FONT
FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No <FONT FACE="WINGDINGS">&#253;</FONT>
 </FONT></P>

<P><FONT SIZE=2>If "Yes" is marked, indicate the file number assigned to the Registrant in connection with Rule&nbsp;12g3-2(b):&nbsp;N/A
<hr noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="1",CHK=1011599,FOLIO='blank',FILE='DISK023:[04TOR8.04TOR1838]BE1838A.;1',USER='BHOLLIN',CD='27-JUL-2004;13:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1838_signature"> </A>
<A NAME="toc_bg1838_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%"><FONT SIZE=2><B>FIRSTSERVICE CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="67%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Date: July&nbsp;28, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="67%"><FONT SIZE=2>by: </FONT><FONT SIZE=2><I>/s/ John B. Friedrichsen</I></FONT><HR NOSHADE><FONT SIZE=2> Name: John B. Friedrichsen<BR>
Title: Senior Vice President and Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="1",CHK=456615,FOLIO='blank',FILE='DISK023:[04TOR8.04TOR1838]BG1838A.;3',USER='BHOLLIN',CD='27-JUL-2004;13:46' -->

<P><FONT SIZE=2><B>EXHIBIT INDEX  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="LEFT"><FONT SIZE=1><B>Description of Exhibit<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%"><FONT SIZE=2>99.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Quarter Press Release dated July&nbsp;28, 2004</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=3,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="1",CHK=72532,FOLIO='blank',FILE='DISK023:[04TOR8.04TOR1838]BG1838B.;1',USER='BHOLLIN',CD='27-JUL-2004;13:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04TOR1838_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg1838_1">SIGNATURE</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a2140925zex-99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04TOR1838_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 99.1  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B>
<IMG SRC="g641085.jpg" ALT="GRAPHIC" WIDTH="408" HEIGHT="54">
  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B>FOR: FIRSTSERVICE CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B><BR>
COMPANY CONTACTS:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jay S. Hennick<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President&nbsp;&amp; CEO<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416)&nbsp;960-9500</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John B. Friedrichsen<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President&nbsp;&amp; CFO<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416)&nbsp;960-9500</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B><U>FOR IMMEDIATE RELEASE</U>  </B></FONT></P>

<P><FONT SIZE=2><B>FIRSTSERVICE REPORTS RECORD FIRST QUARTER RESULTS  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><B>NET EARNINGS FROM CONTINUING OPERATIONS UP 34%</B></FONT><FONT SIZE=2>&nbsp;&nbsp;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><B>$0.14 PER SHARE GAIN ON SALE OF LAWN CARE OPERATIONS</B></FONT><FONT SIZE=2>&nbsp;&nbsp;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2><B>INCREASES FISCAL 2005 OUTLOOK</B></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>TORONTO</B></FONT><FONT SIZE=2>, Canada, July&nbsp;28, 2004&nbsp;&#151;&nbsp;FirstService Corporation (Nasdaq: FSRV; TSX: FSV) today reported record
results for its first quarter ended June&nbsp;30, 2004. Net earnings from continuing operations were $7.2&nbsp;million (all amounts are in US dollars), a 34% increase relative to the same period
last year. The Company also reported an after-tax gain of $2.2&nbsp;million or $0.14 per diluted share on the sale of the assets of Greenspace Services&nbsp;Ltd., its company-owned
lawn care operation. Greenspace has been classified as a discontinued operation for comparative purposes. </FONT></P>

<P><FONT SIZE=2>Revenues
for the quarter were $171.0&nbsp;million, an increase of 15% versus the first quarter of last year. Excluding the impact of acquisitions made during the past twelve months, internal revenue
growth for the quarter was 8%. EBITDA for the first quarter was $18.3&nbsp;million, up 17% relative to the same period a year ago, and operating earnings for the first quarter were
$14.4&nbsp;million, up 21% relative to the same period a year ago. See "Reconciliation of EBITDA to Operating Earnings" below. Diluted net earnings per share from continuing operations for the
quarter were $0.48, up 26%, from $0.38 a year ago. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2",CHK=1035563,FOLIO='blank',FILE='DISK023:[04TOR8.04TOR1838]DA1838A.;6',USER='EALVARE',CD='27-JUL-2004;16:15' -->
<A NAME="page_da1838_1_2"> </A>

<P><FONT SIZE=2>FirstService
Corporation is a North American leader in the rapidly growing service sector, providing services to commercial and residential customers in the following four areas: Residential Property
Management; Integrated Security Services; Consumer Services; and Business Services, including business process outsourcing and marketing support services. </FONT></P>


<P><FONT SIZE=2>SEGMENTED QUARTERLY OPERATING RESULTS </FONT></P>

<P><FONT SIZE=2>Consumer
Services revenues were $30.3&nbsp;million, up 32% relative to the first quarter last year. Internal growth represented 13% of the increase while the balance was from acquisitions completed
during the past year. Internal growth was particularly strong at the California Closet Company franchise system and company-owned California Closets "branchise" stores. Consumer Services EBITDA was
$7.5&nbsp;million, an increase of $2.9&nbsp;million, or 63%, versus the prior year quarter, and EBITDA margins increased to 24.9% from 20.1%. </FONT></P>

<P><FONT SIZE=2>Integrated
Security Services revenues were up 13% to $34.1&nbsp;million for the quarter. Internal growth contributed a 5% increase and the balance was due to the acquisition of a Florida and
Texas-based security systems integrator completed in February&nbsp;2004. Internal growth was driven by strong systems sales, both in Canada and the United&nbsp;States. Segment EBITDA was
$2.6&nbsp;million, or 7.5% of revenues, versus $2.1&nbsp;million or 6.9% of revenues in the prior year period, with the improvement in margin primarily the result of a greater proportion of higher
margin systems revenues relative to security officer revenues. </FONT></P>

<P><FONT SIZE=2>Residential
Property Management revenues increased to $71.1&nbsp;million, 15% over the first quarter last year. Internal growth accounted for slightly more than half of the increase, including solid
growth in core management revenues, while recent acquisitions represented the balance of revenue growth. EBITDA was $6.6&nbsp;million, the same amount reported last year. EBITDA growth was hampered
by seasonal timing factors that are expected to reverse as the year progresses, as well as the mix of revenues between core management services and other property services. </FONT></P>

<P><FONT SIZE=2>Business
Services revenues were $35.4&nbsp;million, an increase of 7% versus last year's first quarter, all from internal growth. Revenues were positively impacted by fulfilment contract wins and
higher transaction volumes from existing clients, but were offset by the planned decline in school textbook fulfilment volumes at the Dallas branch during the month of June as a result of government
education funding cut backs this year. Due to the seasonality of the textbook fulfilment business, the lower revenues impacted EBITDA by $0.6&nbsp;million. As a result, EBITDA was
$3.5&nbsp;million, or 9.9% of revenues, for the quarter versus $3.8&nbsp;million or 11.3% of revenues in the prior year period. The Company expects that textbook fulfilment results will be
impacted by a similar amount due to the same factors in the second quarter. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2",CHK=939141,FOLIO='2',FILE='DISK023:[04TOR8.04TOR1838]DA1838A.;6',USER='EALVARE',CD='27-JUL-2004;16:15' -->
<A NAME="page_da1838_1_3"> </A>

<P><FONT SIZE=2>Quarterly
corporate costs were $2.0&nbsp;million, $0.5&nbsp;million higher than in the prior year, due to Sarbanes-Oxley 404 implementation costs, additional variable compensation expense, and
stock option expense. </FONT></P>

<P><FONT SIZE=2>For
a reconciliation of segmented EBITDA to operating earnings, see "Segmented Revenues, EBITDA and Operating Earnings" below. </FONT></P>

<P><FONT SIZE=2>SALE OF GREENSPACE ASSETS </FONT></P>

<P><FONT SIZE=2>On
April&nbsp;1, 2004, at the beginning of the quarter, the Company sold the assets of its Greenspace company-owned lawn care operations. A $2.2&nbsp;million, or $0.14 per diluted share, gain net
of income taxes was reported on the sale of these assets. Greenspace's operations were seasonal in nature with operating profits in the first and second fiscal quarters followed by operating losses in
the third and fourth quarters. Greenspace contributed diluted net earnings per share of $0.01 for the year ended March&nbsp;31, 2004. </FONT></P>

<P><FONT SIZE=2>FINANCIAL OUTLOOK </FONT></P>

<P><FONT SIZE=2>Based
on operating results to date and expectations for the balance of the year, FirstService is updating the outlook previously issued on May&nbsp;12, 2004. </FONT></P>

<P><FONT SIZE=2>(in millions of US dollars, except per share amounts) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="67%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Year ending March&nbsp;31, 2005</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="67%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Previous</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Updated</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="67%"><FONT SIZE=2><B>Revenues</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>650.0-$675.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>660.0-$680.0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="67%"><FONT SIZE=2><B>EBITDA</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>60.5-63.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>62.0-64.0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="67%"><FONT SIZE=2><B>Diluted earnings per share from continuing operations</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1.43-$1.53</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1.45-$1.55</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=1>Note: The updated outlook assumes: 1)&nbsp;an average foreign exchange rate of $US0.7500 per $Cdn1.0000 and a 100 basis point increase in average interest
rates during fiscal 2005; and 2)&nbsp;no further acquisitions or divestitures completed during the balance of fiscal 2005; acquisitions or divestitures actually completed during the balance of
fiscal 2005 may materially impact these amounts. The updated outlook is based on current expectations and is forward-looking. Actual results may differ materially. Please refer to the cautionary
language below when considering this information. The Company undertakes no obligation to update this information. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2",CHK=614835,FOLIO='3',FILE='DISK023:[04TOR8.04TOR1838]DA1838A.;6',USER='EALVARE',CD='27-JUL-2004;16:15' -->
<A NAME="page_da1838_1_4"> </A>

<P><FONT SIZE=2>CONFERENCE CALL </FONT></P>

<P><FONT SIZE=2>FirstService
will be holding a conference call on Wednesday, July&nbsp;28, 2004 at 11:00 am Eastern Time to discuss results for the first quarter and the outlook for the remainder of fiscal 2005.
The call will be simultaneously web cast and can be accessed live or after the call at <U>www.firstservice.com</U> in the "Investor Relations&nbsp;/&nbsp;News Releases"
section. </FONT></P>

<P><FONT SIZE=2>FORWARD-LOOKING STATEMENTS </FONT></P>

<P><FONT SIZE=2>This
press release includes forward-looking statements. Forward-looking statements include the Company's financial performance outlook and statements regarding goals, beliefs, strategies, objectives,
plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results,
performance or achievements contemplated in the forward-looking statements. Such factors include: (i)&nbsp;general economic and business conditions, which will, among other things, impact demand for
the Company's services and the cost of providing services; (ii)&nbsp;the ability of the Company to implement its business strategy, including the Company's ability to acquire suitable acquisition
candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii)&nbsp;changes in or the failure to comply with government regulations; and
(iv)&nbsp;other factors which are described in the Company's filings with the Ontario Securities Commission. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>-30-
</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=4,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2",CHK=409387,FOLIO='4',FILE='DISK023:[04TOR8.04TOR1838]DA1838A.;6',USER='EALVARE',CD='27-JUL-2004;16:15' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dc1838_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc1838_firstservice_corporation_conde__fir05353"> </A>
<A NAME="toc_dc1838_1"> </A>
<BR></FONT><FONT SIZE=2><B>FIRSTSERVICE CORPORATION    <BR>    <BR>    <U>Condensed Consolidated Statements of Earnings</U>  <BR>    <BR>    </B></FONT><FONT SIZE=2>(in thousands of US dollars, except per share amounts)<BR>  (unaudited)
<BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="98%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended June&nbsp;30</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Revenues</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>170,970</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>148,482</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Cost of revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>118,517</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>102,275</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Selling, general and administrative expenses</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>34,178</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>30,581</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>3,911</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3,709</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Operating earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>14,364</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>11,917</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>2,236</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2,055</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>12,128</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9,862</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>3,513</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3,325</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Minority interest share of earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>1,383</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1,134</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Net earnings from continuing operations</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>7,232</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,403</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Net earnings from discontinued operation, net of income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1,009</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Gain on sale of discontinued operation, net of income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>2,161</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><B>Net earnings</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>9,393</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>6,412</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Net earnings per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Basic</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Continuing operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>0.49</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.38</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Discontinued operation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.07</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Gain on sale of discontinued operation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>0.15</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>0.64</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.45</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD COLSPAN=2><FONT SIZE=2>Diluted</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Continuing operations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>0.48</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.38</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Discontinued operation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2><B>&#151;</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.07</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Gain on sale of discontinued operation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>0.14</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>0.62</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>0.45</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Weighted average shares outstanding: (in thousands)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Basic</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>14,780</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>14,164</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="71%"><FONT SIZE=2>Diluted</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>15,100</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>14,270</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=1><B>Reconciliation of EBITDA to Operating Earnings  </B></FONT></P>

<P><FONT SIZE=1>EBITDA
is defined as net earnings from continuing operations before minority interest share of earnings, income taxes, interest, depreciation and amortization. The Company uses EBITDA to evaluate
operating performance and as a measure for debt covenants with its lenders. EBITDA is an integral part of the Company's planning and reporting systems. Additionally, the Company uses multiples of
current and projected EBITDA in conjunction with discounted cash flow models to determine its overall enterprise valuation and to evaluate acquisition targets. The Company believes EBITDA is a
reasonable measure of operating performance because of the low capital intensity of its service operations. The Company believes EBITDA is a financial metric used by many investors to compare
companies, especially in the services industry, on the basis of operating results and the ability to incur and service debt. EBITDA is not a recognized measure of financial performance under
United&nbsp;States or Canadian generally accepted accounting principles (GAAP), and should not be considered as a substitute for operating earnings, net earnings or cash flows from operating
activities, as determined in accordance with GAAP. The Company's method of calculating EBITDA may differ from other issuers and accordingly, EBITDA may not be comparable to measures used by other
issuers. A reconciliation of EBITDA to operating earnings appears below. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="97%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="80%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended June&nbsp;30</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="80%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="80%"><FONT SIZE=1>EBITDA</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><B>$</B></FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1><B>18,275</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>15,626</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="80%"><FONT SIZE=1>Less: depreciation and amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1><B>3,911</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3,709</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="80%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="80%"><FONT SIZE=1>Operating earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><B>$</B></FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1><B>14,364</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>11,917</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="80%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2",CHK=79596,FOLIO='1',FILE='DISK023:[04TOR8.04TOR1838]DC1838A.;3',USER='SSTALKE',CD='27-JUL-2004;14:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de1838_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1838_condensed_consolidated_balance__con02890"> </A>
<A NAME="toc_de1838_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>Condensed Consolidated Balance Sheets</U>  <BR>    <BR>    </B></FONT><FONT SIZE=2>(in thousands of US dollars)<BR>  (unaudited)    <BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="99%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>June&nbsp;30<BR>
2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>March&nbsp;31<BR>
2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2><B><U>Assets</U></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>17,985</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>15,620</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Accounts receivable</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>105,968</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>97,367</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Inventories</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>17,270</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>15,229</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Prepaids and other current assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>14,281</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>19,017</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><FONT SIZE=2><B>Current assets</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>155,504</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>147,233</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Fixed assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>49,001</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>49,826</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Other assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>12,080</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>17,198</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Goodwill and intangibles</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>225,213</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>223,296</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><FONT SIZE=2><B>Total assets</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>441,798</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>437,553</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B><U>Liabilities and shareholders' equity</U></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Accounts payable and other current liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>78,289</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>73,130</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Unearned revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>4,439</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>9,736</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Long term debt&nbsp;&#151;&nbsp;current</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>3,664</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>3,502</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><FONT SIZE=2><B>Current liabilities</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>86,392</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>86,368</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Long term debt less current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>153,128</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>160,386</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>19,524</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>19,594</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Minority interest</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>17,249</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>16,104</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Shareholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>165,505</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>155,101</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="73%"><FONT SIZE=2><B>Total liabilities and equity</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>441,798</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>437,553</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Total debt, excluding swaps</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>156,792</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>157,083</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Total debt, net of cash, excluding swaps</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><B>138,807</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>141,463</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=6,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2",CHK=297362,FOLIO='2',FILE='DISK023:[04TOR8.04TOR1838]DE1838A.;10',USER='EALVARE',CD='27-JUL-2004;15:12' -->
<A NAME="page_de1838_1_3"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1838_condensed_consolidated_stateme__con03347"> </A>
<A NAME="toc_de1838_2"> </A>
<BR></FONT><FONT SIZE=2><B><U>Condensed Consolidated Statements of Cash Flows</U>  <BR>    <BR>    </B></FONT><FONT SIZE=2>(in thousands of US dollars)<BR>  (unaudited)    <BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Three months ended June&nbsp;30</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2><B><I>Operating activities</I></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Net earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>9,393</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>6,412</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Less: net earnings from discontinued operation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2><B>&nbsp;&#151;&nbsp;</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,009</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Less: gain on sale of discontinued operation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(2,161</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Items not affecting cash:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="70%"><FONT SIZE=2>Depreciation and amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>3,911</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>3,709</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="70%"><FONT SIZE=2>Deferred income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(612</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>471</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="70%"><FONT SIZE=2>Minority interest share of earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>1,383</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1,134</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="70%"><FONT SIZE=2>Other</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>83</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>155</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Changes in operating assets and liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(5,505</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>881</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Net cash provided by operating activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>6,492</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>11,753</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B><I>Investing activities</I></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Acquisitions of businesses, net of cash acquired</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(6,841</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Purchases of fixed assets, net</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(4,146</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(3,789</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Other investing activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>1,257</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,645</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Net cash used in investing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(9,730</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(5,434</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2><B><I>Financing activities</I></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Decrease in long-term debt</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>(446</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,809</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Other financing activities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>559</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>57</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Net cash provided by (used in) financing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>113</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,752</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Net cash provided by discontinued operation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>4,679</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>196</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Effect of exchange rate changes on cash</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>811</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2,107</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Increase in cash and cash equivalents during the period</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>2,365</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>6,870</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Cash and cash equivalents, beginning of period</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>15,620</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>5,378</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Cash and cash equivalents, end of period</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>17,985</B></FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>12,248</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=7,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2",CHK=592216,FOLIO='3',FILE='DISK023:[04TOR8.04TOR1838]DE1838A.;10',USER='EALVARE',CD='27-JUL-2004;15:12' -->
<A NAME="page_de1838_1_4"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1838_segmented_revenues,_ebitda_and__seg03343"> </A>
<A NAME="toc_de1838_3"> </A>
<BR></FONT><FONT SIZE=2><B><U>Segmented Revenues, EBITDA and Operating Earnings</U>  <BR>    <BR>    </B></FONT><FONT SIZE=2>(in thousands of US dollars)<BR>  (unaudited)    <BR></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Three months ended June&nbsp;30<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Residential Property Management</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Integrated Security Services</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Consumer Services*</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Business Services</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Corporate</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Consolidated</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2> 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="33%"><FONT SIZE=2><B>Revenues</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><B>71,143</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>34,125</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>30,261</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2><B>35,420</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><B>21</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><B>$</B></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><B>170,970</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="33%"><FONT SIZE=2><B>EBITDA</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>6,631</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2,568</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>7,521</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>3,516</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,961</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>18,275</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="33%"><FONT SIZE=2><B>Operating earnings</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5,518</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2,014</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>6,849</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>1,988</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(2,005</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>14,364</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><BR><FONT SIZE=2> 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="33%"><FONT SIZE=2>Revenues</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>62,121</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>30,192</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>22,959</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>33,120</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>90</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>148,482</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="33%"><FONT SIZE=2>EBITDA</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>6,632</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>2,073</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>4,606</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>3,754</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,439</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>15,626</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="33%"><FONT SIZE=2>Operating earnings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>5,502</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1,606</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>4,108</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>2,177</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>(1,476</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>11,917</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=1>* Excludes discontinued Greenspace operations. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=8,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2",CHK=1005947,FOLIO='4',FILE='DISK023:[04TOR8.04TOR1838]DE1838A.;10',USER='EALVARE',CD='27-JUL-2004;15:12' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04TOR1838_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dc1838_1">FIRSTSERVICE CORPORATION Condensed Consolidated Statements of Earnings (in thousands of US dollars, except per share amounts) (unaudited)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1838_1">Condensed Consolidated Balance Sheets (in thousands of US dollars) (unaudited)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1838_2">Condensed Consolidated Statements of Cash Flows (in thousands of US dollars) (unaudited)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1838_3">Segmented Revenues, EBITDA and Operating Earnings (in thousands of US dollars) (unaudited)</A></FONT><BR>

<!-- SEQ=,FILE='QUICKLINK',USER=RMCIVOR,SEQ=,EFW="2140925",CP="FIRSTSERVICE CORPORATION",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g641085.jpg
<DESCRIPTION>G641085.JPG
<TEXT>
begin 644 g641085.jpg
M_]C_X``02D9)1@`!`0$'.@<Z``#__@`Z35),3%]'4D%02$E#4SI;1DE24U13
M15)624-%7T-/4E!=1DE24U1315)624-%7TM?3$]'3RY%4%/_VP!#``<%!@8&
M!0<&!@8("`<)"Q(,"PH*"Q<0$0T2&Q<<'!H7&AD=(2HD'1\H(!D:)3(E*"PM
M+S`O'2,T.#0N-RHN+R[_P``+"`!9`JD!`1$`_\0`'0```P`"`P$!````````
M``````<(!08#!`D"`?_$`$X0``$#`P$$!`<+"@4#!`,```$"`P0`!1$&!Q(A
M,0A!46$3%!4B<8&A&#)55I&2DY2BL=$7(T)28G*"LL'2%B0S4Z-4PM,T8W.S
M0_#Q_]H`"`$!```_`*1HI7:CVV:,T_?)MEFIN2Y,-SP3BF6$J1O8&0#O#EG%
M8SW0N@_]F\?54_WT>Z%T'_LWCZJG^^CW0N@_]F\?54_WT>Z%T'_LWCZJG^^C
MW0N@_P#9O'U5/]]'NA=!_P"S>/JJ?[Z/="Z#_P!F\?54_P!]'NA=!_[-X^JI
M_OKN6O;GI*[3V;=;+=?9<QY6ZVRU$25*/S_;3/@R52HS3SD9Z*XXG>\`_N^$
M0.\))'MKLUP2YD2$V')DIF.A1W0IUP(!/9DUT_+UC^&+?]91^-'EZQ_#%O\`
MK*/QH\O6/X8M_P!91^-'EZQ_#%O^LH_&OMJ]6AYU#3-UA..+.ZE")""5'L`!
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MY8&<=0`''&!@<:Z_1K5<KQ&U)JV[R'9,R=+0QX5U1)P@%1`[$Y<'`<!BGG4Y
M=+*X[L?3EI2KWRWI*QZ`E*?O54TY]'R5RLLOODAEE;A'$A""<?)7+XA._P"C
M?^B/X4>(3O\`HW_HC^%,C8'9),O:A:''XKJ68H<D**FR!YJ"$\_VBFK1X#AF
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M(0,?.S4(&BBBBBBJ)V7;!A-B(NVM@\TAS=6S`:<"2I)&<N*'$9S[T8/:1RK.
M[2-I.G]GUHD:,T(PW'NC*MQ2F6\M1">*B2??N<NW!YGABIAGS9EQF.S9\IZ3
M*>5O.//+*U*/:2:MG87:O).R^QMJ3AR2VJ4OO\(HJ'V=VF%4?])RX^.;1DPP
MH%,&$TT0.I2LK/L4*3E4YT3;=N6O4-V*?]5]J.D_N)*C_.*H>BBI8VZ;1=4V
MG:%,M5COLJ%%B,M(4VRH`%93O$\N?G`>JET-JFT+XUW'YX_"K(V=JN#FA["_
M=93DF<]#;>>=<.5*4L;W'T9QZJ7_`$CM6W;3%@M#=DN#L&9*EJ)<:.%%M".(
M^52?DJ=_RJ;0OC9<?GC\*[D3:#M3F-EV)?+T^V#NE32"L`]F0FN![:=M)C.[
MC^IKHTXG]%S`/R$5E;5MRVB07VUOW5F>TD\6I,9&%>DI"5>VJ#V4[6;9KQ3E
MO>C"WWAM&_XN7-Y+R1S4@\.76D\0.WCAGUJFN==Z=T3!$B\S,/K22S$:\YY[
MT)ZAWG`[ZF/4VV_75^N2T660JU1'#N-1HJ`MP]F5D;Q5Z,>BL9.TSM@O$=<Z
MX6_4LI"1O'QA;A5ZD$Y/J%:XQJK6MBD^!1?;U">:/%E<AQ.Z>PH4?813@L^V
M?5-TV?:F7,C(1,@1FPW=8Y"/SCCB4)!1RWL%2LC`\T\*6/Y4]H7QLN'ST_A7
MY^5/:%\;+A\]/X4?E4VA?&RX_/'X4?E4VA?&RX?/'X4?E3VA?&RX?/3^%=JV
M;2-HL^XQ(+>K+AOR'D-)\\<U*`[.^GUTA-?'3.GTZ<MKY%VN31"U@^<RQR*L
M]JL$#^(]E2*E*EK"4@E1.`!UFKYV=Z3@:.TM#M,-D)=W0Y)</OG72!O*/W#L
M`%;36N:]TS'U=I2XV)_="I#>67"/]-T<4*]1QGNS2MZ/&SFX::5<K[J&"J-<
MG#XM':<QE#8P5*_B.`.Y)[:=-XFIMUIG7!9`1%8<>5GL2DG^E1`K:KM"*B?\
M5W`9X\%#\*_/RJ;0OC9</GC\*/RI[0OC9</GI_"C\J>T+XV7#YZ?PI[]&Z_Z
MGU*+].OUYDSF&/`M,I>4"`H[Q4>`[`FNYTD-7WC3%HLK-DN+T&5+D.*4XR0"
M4(2,CT96/DJ?/RJ;0OC9<?GC\*[D7:!M4F->%B7R]OMYW=]I!4,]F0FN!W:?
MM)C.[KVIKFVM/'=<P#\A%9:T[<]H<!]M<BZ,7!I)XM28R,*'I2$J]M4-LJVK
M6O7J7(:V/)]X93OJBJ<WPXGK4A6!G'6.8[^=*#;AK+6VF=H<Z#;=13HT!QII
M]AI"@$I!0`<<.6\E5+W\JFT+XUW#YX_"JNV*Z@E:EV=VRX3Y*Y$Y)<9D.K.2
MI25G!/\`"4UOU%%(+I#;2[A8),/3>G)[D6X#$B6^T?.0DCS$>OWQ[L=M<G1\
MF:TU#XYJ74>H)S]I8!9CLNJ&ZZO])1X<DCAZ3W4E[KM8UT]<YCT34\YJ.M]:
MFFT*`"4E1P!PY`8KO:/V@[0;SJJS6HZIN"DRYK+2AOCWI6`>KLS5IBBM,UQM
M'TKHM!1=I^_-W=Y,*.-]Y79D<DCO412`U-TA]43G7&[!!B6N/^@M:?#O>G)\
MW[-+F;KG7-YDX?U+=WG7#@-M2%I!/8$(P/D%=Q>E-I2H(O#EGU`64X_.J2YO
M@=1W<[V._&*Q\36VMK4YX-C4UX8+9P6U2ED`CJ*5'N[*;6@-O>I5SX5GO=L:
MNZY#J&6W6,,O%2B`,CWJN?8GTTR.D/JFYZ8T?#79IKL.=*FI;#K1`4$!*E*_
M[:FW\JFT+XV7'YX_"C\JFT+XV7#YX_"C\J>T+XV7#YZ?PK]_*GM"^-EP^>G\
M*L39LY<GM!V&3=Y+LF<_$0^ZZZ<J45^<,^@$#U4O]=:GO\^5>_)%R=AV2U3(
MUL7XHI+3LN2ZH!8\.I*O!)1OI!(23G/&L3"U)?M+3;DH3)BH5F<CNW*W2IJ;
MDCQ9U6Z7&9&ZEQ*D\RA0/`YIV>6;5\)1OI!61I%]*BZ^+:/MEJ2K"YLS?([4
M-I)/VE)J4*,4445W+5;9MVN$>W6Z,Y(E/K"&VVTE1)/HZJKK9GL6L6E4";>D
ML7B[G!"W&\LL?N)5S.?TCQ[`*[VUO:I:]$0W8$5:96H'6SX*.D@AC(X+<[!U
MA/,]PXU%\A]V2^[(?<4X\ZHK6M1R5*)R23VDU]P(KLV='A,#+LAQ+2!VJ40!
M]]>B=MB-P+=%@LC#49E#*!W)2`/NKLGE4%[6+CY5VCZDF!6\GQU;23VI1Y@]
MB:U"K0Z.=N\0V70'BD)5->>D'O\`.W1[$"FG10>50'M*N/E77VHIP.4.3W0@
M_LI44I]@%8"W17)T^+":!+DAU+20.LJ(`^^O16(PW%BLQFAAMI"6TCL`&!]U
M2WTK;CX;5-FM@5E,:$ITCL+BR/N0*0U6GT>+=XALMMCBD[JYCCLE0]*RD>Q(
MK;M:Z3M&K[)(M=TBMN%:%!EXH!6PO'!:3S!!QZ>1J`7FU-.K:5[Y"BD^D'%9
MS0<]^V:TL,Z.%*<:G,D)3S4-\`I]8)'KJ\M07B#I^R3;S<7"W$B-%QP@9)QR
M`[R<`=YJ#]<:HGZPU+,OD\X4\K#30.0RV/>H'H'RG)ZZIGHZ:(MUJTG%U._'
M2Y=KD"M+BT@EEK)"4I[,XR3UY`ZJ=.!V4K-O.AG-7Z4#]MC>%O-O7X1A*0-Y
MU!X+;^3!'>GOKO;(]"1],:%C6ZYPF7)THB5-0Z@+`</)/'/O1@>G/;6Y>0;'
M\#V_ZLC\*T+;;&L]GV8WV2S;(+3[C26&U)CH!!6M*>!QSP346'G3EZ,MECW3
M7,N1+CM/L1(*U;KJ`H;ZE)2.![MZJK\@V/X'M_U9'X5](LEF:6EQNTP4+00I
M*DQT`@CK!Q4;[?[GY3VI7@)5O-Q/!Q4=VZ@;WVBJENVM3:TK0HI4DY!'4:O7
M9SK&W:TTU&N<-])D)0E$MG])EW'$$=A.2#UCUUME%%:%MMN/DS9=J%X*PIV.
M(Z>//PB@@^Q1J&3SIQ]&:S,7374J1+CM/,1(*U[KB`I.^I24C@>XJJK?(-C^
M![?]61^%'D&Q_`]O^K(_"NW$A1(2%(AQ68Z%')2TV$`GMX"I6Z5-Q$C6=LMR
M3E,2"%GCR4M9)]B4TC:MK8#;O)^RRS%22')7A)*N_>6<?9":V/7>DK3J^P2K
M=<HK2W2TKQ=\H!6PO'!23S'''IJ`U#"B#S%;+LXGOVW7NG9D=*E.(GLIW4\U
M!2@DCUA1%-[I86WP=WT_=P.#T=R,H_N*"A_.:GNJCZ*%S\+8;[9U+XQY2)"4
MGL<3NGVM^VJ`HK"ZOU!"TMIR??9ZOS,5LJ",X+BN24#O)(%0_`BWK:+KH-;Q
M=N5UDE;CF,I;!XJ5W)2D?(`*L6_QX6B-E=RC6Y/@H]MM;B&>TJW"`H]Y4<GO
M-0B>=,[H]6[Q_:G:ED91$0[)4,=B"!]I0JU:1FVS;"=-NNZ;TRXVN[;N)$K@
MI,7/Z*1R*_3P'>>4JRY4F;)=E2WW'Y#JBMQUQ14I:CS))XDTVMB.RIS6$L7J
M]M.-Z?85YH]Z9BP>*0>82.M0]`XY(JNQZ9T_8&_!V:S0H(Q@EAE*5'TJYGUF
MLQ@5J&OM!6+6EID1)\1EN8I/YF<AH>%94.1SS([4YXCU&DAL3V7WNT[29,K4
M-N<:8LR5%ETH/@GW5<$J0H\%``E7<<9P:^NEC<=ZY:>M*5#\TP[(4G]Y02/Y
M#4\57G1UTY;_`,FT>;,M\9]R9*>>"G64K.Z"$`9(Y>8?EIJ>0;'\#V_ZLC\*
M/(-C^![?]61^%9%"$-H2VVD)0D`)2D8``Y`"D7K:U.V)R^VB9;GU:6NETBW9
M,I,=3S$<AQ*I+;H0"I(.YD>;CSL$BL?#B-7`:@T=H&/XUIR^2VE+N,:,IMN"
MV3_F&RXI(#@P/,`)QO$4W_\``VE/@2/\E;/4E]*6ZB7K:!:T*RB!"!4.Q;BB
MH_9"*2%5QL3TUI;4>R.V1[G9H4LA][PQ6V-[P@<5@[PXYW2GKY8I'[;]$1M$
MZN\!;N%KFM^'C(*BHM#.%()/$X/(]A%+>LUI335WU5>&+59XCC[SB@%J2DE+
M22<%:SU)';5O;/M$VC1-B9MT!EM4DI'C4O<PN0OK)YD#L3G`K7MK^U!C9^S#
MCL0D3KG+"E)94[N);0.&^K`).3P`X9P>/"HTN]RF7BYRKG/>4[*E.J=<63G*
MB<_)U#NKIUO^P^U>5]I]A94C>;8>,I>>0#:2H?:":N05UKE*1!M\J:YCP<=I
M;JL]B03_`$KSJE/N29+LATY<=65J/>3D_?7$*]`]!V[R3HNPVTC"H\%E"^&/
M.W`5>TFM@S1FNC?)R;99;A<ED!,6,X^2>Q*2?Z5YV.K4XXIQ9RI1*B>TFMUV
M-VWRKM-TY&*=Y*)0?4.YL%?_`&U=G541;>[CY1VIWL@@HCJ;C)Q^P@`_:WJ7
M(KT&T3;A:='V.V[N%1H++:OW@@9]N:[&J+BW:--W6YN.)0F+%==R3CB$DCVX
MKSQ)).3SI@[$+!(OVT>S);84Y'A/"9(5C@A*#D9]*MT>NG_TG+GXELZ3!"L+
MGS&VBD=:4Y6?:E-1_58]';:#;)^G8FD)\E+%UA`HCAQ6!):R2`D_K)SC=YX`
M(Z\/*BBBD9TJ;CXOHVV6U*L*ESM\CM2A!)]JDU)]4[T3K=N6K4-V*3^>?:CI
M5^XDJ/\`.*H:@U".V&`Y;MINI8[A42N8I\%78YA8]BJTJLOIK45YTQ<T7.R3
MW8DE/`E!\U8_54D\%#N-4UL[V]V>\EJWZJ;;M,]6$B2D_P"6</>3Q;]>1WBG
M@VXAUM+C:TK0H`I4DY!!ZP:^J1_2GN/B^B+?;TD!<N>DD=J4(43[2FI,JG.B
M;;MRV:ANQ2?SKS4=*OW4E1_G%4/114.;<KCY2VI:@<"LH9>3&2.SP:`D^T&E
M^!DX'.O0S2EO%ITQ:+8$X\4ALLD=Z4`'VUQ:TN2;/I&]7-3@1XM"=<22?T@@
M[H]9P*\^#3(V#6%^][2K2XA@KC6]?CCZ\<$!`\W/I7NC_P#E//I06WQO9\Q.
M`\^#.;65=B5@H/M*:D2G1T7KIXIK^1;U*\R?"6E(SS6@A8]@55=T5*?28UMY
M4O;6DH#V8=N5ORBD\%OD>]_A!^4GLK>.C5H;R38UZLN#.)UR1NQ@H<6X^<Y_
MC(SZ`.VL]TD+CXCLOF,!6ZJ;(9CCO\[?/L1495071/MWA+Y?[L4_Z$9N.#CK
M6HJ/_P!8IM;;=;_X+T@XN(Z$W:<2Q#[4''G.?PCVD5$SSKCSJWGG%..+45*6
MLY*B>))/6:W?8]H].M-;1+;)0M5N929$PI)'YM/Z.>K>40/6:N*'%CP8K,2(
MPVQ'90$-M-IW4H2.``'4*YZ***C#I&W'Q[:C/9"MY,)AF./F[Y]JS2K'.KZV
M9V[R5L_T[!(PI$%I2QC&%*3O*]JC6TT448K\``Y"OV@\J@S:Q=1>MHVH9Z5;
MS9EJ:;/:AOS$^Q-:?5)=$^\K(OVGW'4[@W);*"KSLGS%D#LX(_\`TUG^E#IZ
M+,TE&U$&U^.V]]+6^"<>"6<$$?O;N#WGMJ8+!8[KJ&YM6NS0G9<QS)2VV.0'
M,DG@`.TU;FRS0T;0>F46Q#B7YKR_#2Y`3C?7CD/V4C@/6>NN3:7KJW:$L"KC
M*2'Y;I\'%BA0"G5_T2.9/]2*B/4NH+MJ>[.W>]2U29C@`*B``E(Y)`'``=E8
MFBG_`-%&U>&U!?+RI&4QHJ(Z2?UG%9./4W[:J2M(VRW'R7LQU'(WMTKBEA/I
M<(1_W5"9YT5VA.G`8$Q_Z4_C1X_._P"L?^E/XUV[4JXW&YP[>W,?WY3Z&4_G
M3S4H)[>^K*VU3$6;9/?$M'=WHZ(C8[0M248^:340&G5T7+=XUKZ5/4D%$*"L
M@]BEJ2D>S>JN%$)223@#B37GCJ>X&[:CNMT))\;ENO9/[2R?ZUR:1MYNVJ;-
M;`,^-3663PZE+`/LS5^W2ZVRSPW)=SG1X<9M.\IQYP(`'KJ6-N6UJ-JV.C3^
MG%/"TH<WY#ZT[GC*A[T`<P@<^."3C@,4I]-:>N^IKLU:K+"<E2G/T4\D#K4H
M\DI'::L_9)L_CZ!L"HJG&Y%SE*#DN0A.`2.2$YX[J>//F23PSBM:Z3=I5/V>
MHG-MJ4NWS$.J(&<(4"A7JRI-1_7TA:FUI6A12I)R"#@@]M.O9YMYOED4U`U.
M%W>W#"?#Y'C+0])X+_BX]]5!IO4%HU-:F;K99J)41SAO)X%)ZTJ'-)'8:RU%
M2QTKKB'=2V.UA61&AK>('47%X^YL4@ZM'HZ6[Q#9;;G2G=7->>DJ'I7NCV(%
M-*BD'TBMFS]X:_Q?8XZWI["`B:PV"I3K8Y+2.LIY$=8]'&6""#@T44U]CVU>
MX:-FLVJYN+DZ>=6`IM1RJ+D\5H[NLIY'JP>=DLNMOM(>96EQMQ(4A:3D*!&0
M0>RI?Z6%Q\)?K#:@KA'BN/D=ZU[H_P#KJ?ZI#8IM*T/H_0[5LNMQ=:GN2'7W
MD(BN+`)(">(&#YJ13!_+KLX^%Y'U)W\*[=JVRZ"NUSB6R#<Y#DN6\EEI'B;@
MWE*.`,D<*8CJTMMJ<6<)2"HGL`KSMODY5SO-PN2R2J5(<?)/:I1/]:R&A;<;
MOK*Q6T)*A(G,H5C]7?&][`:O6[7BUV:&Y-NL^/#C-C>4X\X$@?+S]%2KMQVL
M,:Q;:L.GR\FSM+WWG7$[ADK'O<#F$#GQXDXX#`I7:7TW>=4W9JU66$N3)7Q.
M."6T]:E*Y)`[35I;*=!1=`Z=\1#B)%QD*\),DI3@+5U)&>.ZD<!Z2>&:[.UF
MVF[;.-1PP`5>)+=2.U3?GCVIJ##SK;=EET\C[1-.SBK=0F:VVL]B%G<5[%&K
MV'*M.VHZO9T5H^9=BI)F*'@8;9_3>4.'J'%1[A4E;+=)RMH&N&V):G'(B5F5
M<7R>)1G)&?UE$X]9/55QLM-L,MLLH2VVVD)0A(P$@#``'94\=+*XA,'3MI2K
M/A'79*T]FZ`E)^TJIFJM>BU;C&T-.N"DX5,G*W3VH0E*1[2JDWTA=0*O>T>;
M'0X51K8D0VQGAO#BLX_>)'J%*ZJ\Z-&EDVC1:[Z^@>-W=>^D]:64DA`]9WCZ
MQ3GHHHH->?NO[CY6UM?[B#E#\YY2#G/F[Y"?8!6#B!E4IE,E90P5I#B@,E*<
M\3CT59+6W'9JTVEIN[2`A`"4@0G>0X#]&OO\NNSCX7D?4G?PK9=&[0-,ZS?E
M,6"6](7%0E;N_'6V$A1('%0[C6VT445C-2W)-GT]=+JL@)AQ77^/[*21[17G
MBZM3CBG%J*EJ)*B>9)YU\TW>C/):C[3$-N.;ID0GFT#>QO*\U6._@DU6>H[4
MS?;!<;/(2"U,CK9.>K>20#ZC@^JM1V3[.(&@;21O)DWB2D>-RL<.W<1V)!]9
M/$]0&UZHO]NTQ8I=[NKW@XL9&\<>^6>I*1UDG@*A[:3K*5KG5#]Z?8$=K<2T
MPP%;W@VTYP,]9)))[S6IT457_1BM7B.SQ=P4G"[A,<<"NU"<('M2KY:<E)7I
M1W'Q70,6`E1"YLY`([4H2I1]N[4C4PMA=I;O&TZRL/M(=8:4N0XE:=X$(02,
MC][=JSO(-D^!X'U9'X4>0;'\#V_ZLC\*^V[+9VG$.M6J"AQ!"DJ3'0"DCD0<
M4G>E1<?%]&6RW).%2YP6>/-*$$GVJ34G53W1.MVY:-0W4I_UI#4=)Q^HDJ/\
MXIR:^N(M.BK_`''>W5,07E(.<>=N$)]I%>?IK,::M5UNDN2;.I29,**[,*D+
M*5!#8RK=(XYQRK%OOO/N%Q]U;JSS4M14?E-;3LPCZ>FZWM<'4["GK9*<\"H!
MTM@+5P021@XWL`\1SJXK'8++8(WBUEM<2"T<;R6&@G>])'$GTUE*X9<:/,BO
M1)3*'H[R"VXVL92M)&"".L$5(VU+8I>=-OOW/3S3ERLI45!MM)4]&'8I/-21
M^L/6!2;((.#16[;+-<S=#ZFCS4NNJMKJ@B;'!.'&_P!;'ZR>8/JY&KJ:<0ZT
MAUM04A8"DD=8/*ONHEV_W'RAM3O("LMQ?!QD]VZ@9^T54MA7H'H.W>2=%V&W
M$85'@LH7PQYVX"KVDUL%%%*K:-L8TYJ]QVXPSY*NZP27F4`MNJ[5HZSWC![<
MU+^N=GVIM$R=R\0LQE'#4QC*V7/XNH]QP:U&BK/Z.EV7<]F,-IUPK7`>=BY4
M<G=!"DCU)6`/14^](6X^4-J5U0%91$0U&3ZD`G[2C2RIS0>CWK.9"CRTS[,V
MEYI+@0X\X%)W@#@^9S&:Y_<Y:U^$['],[_XZV?9SL,U'IW6MIO=VFVIV'#=+
MJD,.+4LJ"3NX!0![X@\^JG/M*N/DG0&HIV\`IN`Z$$_K*3NI]JA4"'G69TU:
MKM<WYKUG4I+]NAN3EJ0LI4&T8WBDCCG"OOK%////.%;SJW%GFI:B3\IK;ME$
M73MPUU;+=JB.7[?+7X$#PI0`X?>9(P2"K`QD<ZMZR6*S6&*(MFMD6"S@92PT
M$[W>2.)/>:R=<<AEN1'=8=3O-N)*%#M!&#7G7=X2[==9MO=_U(KZV5>E*B/Z
M5UFG%-.H=0HI6@A22.HCE7HC8+@FZV*W71&-V7&;?&/VD@_UJ0=OFM#JW6*H
M$%TKM=K*F&-TY#KF?/6.W)``[D]]41L3T0-%Z/:1*:";M.P_,/6DX\UO^$'Y
M2:8U2%TG[B9>T-F$%>;"@MH([%**EGV%-)D5<^Q>WBU[+M.LE.Z5QO&%</\`
M<45_<H5$EWE*FW6;,6<J??<=)/65*)_K73%>@FA(/DW1=@@;N%,0&$*'[6X,
M^W-9^BBBL7J:X"TZ=NMT*MT1(CKV?W4$_P!*\\5$J45$DD\236<T;IFX:OU#
M%L-L6RB3("RE;Y(0D)25$D@$\AV4T/<YZU^$['],[_XZ/<Y:U^$['],[_P".
MG%L/V=W+0,*[INS\-Z3-=;*3&4I0"$`XSO)''*C34HHHI7=(BZ^3-F%P:2K=
M<G.M14^M6\K[*#46T5L&@I;$#6VGYLEY33#%P8<<6D$E*0L9X"O0.OE:TMH4
MM:@E"1DJ)P`.VHUVZ;1U:SO?DVV/'R#`60UC@)#G(NGNZD]V3UTJ***!SJ_]
MG=J\B:&L-L*=U;$)OP@QCSRG>5]HFMDJ8>EC<=^ZZ>M(4/S+#LA2?WU!(_D-
M3U3XZ*=N#VJ[Q="G(BP@T.Y3BQ_1!JJZ**EGI7W'PNI+':PH$1H:WB`>1<7C
M[FZ056ET=;=XALMMSI3NKF.O25#TK*1[$"OGI&7'Q#9=/:"@E4UYF.._SMX^
MQ!J+Z?O14M:9-]O]R<;"D,PT1^(X'PBLD?(W[:56T?3BM*:TNUEW2&67BI@G
MK:5YR/80/2#6L)4I*@I)(4#D$<Q5W;)M5#5^A[==''`J:A/@)8SQ#R.!)](P
MK^*MTHHI:;0]D.F-8-NRFV4VR[G)$R,@`+/_`+B.`5Z>![ZD'5VG9^E-0S;#
M<@@R8J@"M&=U:2`4J3GJ((-845Z$:*1*;T?86YO_`*I-O8#O[W@TYK-$X&3R
MKSSU7<#=M3W>YE6?&YCSP/<I9(]E?FE[>;MJ2TVP)*O&YC3.!V*6`:]#4@``
M```<@*_:***X)L.+/BNPYL=J1&>3NN-.H"DK'80>!J)-M6CT:.UO)B0V2W;)
M21)B#CA*#S1G]E0(]&*7U6;T<K3Y,V8Q)*D!+EP?=E*[<9W$^Q`/KJ3-97'R
MOJV]7/>"A*FO.I(_5*SCV8KKZ<@&ZZ@M=L2,F7*:8Q^\L#^M>B"$A"0E(`2!
M@`=0K]HI2=)6X^);,GXP7@SI3+&.T`E9_DJ-ZH+HJVAN5.U+<'VDK;3&;B$*
M&=X.$E0^1`I/Z]T\YI;5]UL2PK<C/D-%7Z31XH/K216OMK6VXEQM10M)!2I)
MP01R(J\]E^J$ZOT5;;P5`R2CP4H#]%Y/!7R\%>@BMNHJ&]N%M\F;4=0-!.$/
M/"2GO\(D+/M)K0*HQK:0+)T?+6Q%?Q>I`=MK.#Q;2E1WE^I"D@=ZA6K]'70_
M^(M3^7YS.];+2M*TA7)U_FA/>$^^/\/;5?T&H/VO7'RIM+U)*"MY(F+92<YX
M-X0/Y:U",RY(D-,-)*G'%!"0.LDX'WUZ(PK>U%L\>UI_TF8Z8XQ^J$A->>MV
MA.6VZ3+>[_J17ULJ]*5%)^ZNJDX4"1G''%>C%L?;DVZ)(9`#;K*%I`Z@4@BN
MU1112YV]W'R=LLO92HAR0E$9..O?6`?L[U1$>=/#HL6[QC6]PN*@2B'!(!QR
M4M:0/8%56=%%%%%%3=TLKKPT]94*_P!V4XGY$)/\]3;10#@@U<&R76MMU!I*
MSLR;_$E7P,!$AE3J0\5C/-/`G@.8%:+TF=;R;7!BZ4M<H-NSVU.32@^<&>24
M=P4=[/<.PU+-%%%9W1%J-[U?9;3N[R94QIM8_8WAO>P&O048`&.5?M1=TB[C
MX_M2N+05O(A,LQDGT(WC[5FE;56]%2W%C2-WN:DX5*G!L'M2V@?U6:>U%%1-
MT@;CY0VIW@)42W%#49.>K=0,CYQ52U%>@NAK=Y(T;8K:4X5'@LH5^]N#>]N:
M2_2RN.Y:]/6D*_UGW9"A^XD)'\YJ8JK+HL6[Q?1-QN*AA<N<4@XYI0A('M4J
ML)TJM,[\>U:LCM\6SXE)('Z)RILGT'>'K%313MZ,NK/).JWM.RG=V)=D_FLG
M@E](RGYR<CTA-5M6B:"VAP=97W4=KAQO!MVEU*&W_";PDH)4DK`P-T93W\"*
MWNBI6Z5R8(U392T@"<82O#J'Z2-\[F?MTI="V*3J35EJL\=A3WAY"`Z$C.ZT
M""M1[@G->@20$I"0``.``ZJP6N;B+3HV^W+.%1X+RT_O;AQ[<5Y]&F/L"MWE
M':G9=Y(+<8N259ZMQ!P?G%-6X**3/2%V@7#25NMMML4TQKK,675.)2%%#*>'
M(@CSE''\)IJ:=N3=XL-MNK2TK1+C-O`I.1YR02/ER*R5%2ATIKU&G:KMEHCN
MH<5;HRB]NG.XMP@[I[]U*3ZZ4&FK%<M2WN)9K2P7I<E>ZD=21UJ4>H`<2:N&
M:VUHS9F^RTL;MHM*DI6!C>4AK`/K(]M02>=,78-;O*6U*QI4,HCK7)5W;B"1
M]K=JWARHHJ<>EE<<,Z<M*3[Y3TE8SV!*4_>JIJJNNB[;O%=`29RAY\V<M0..
M:4)2D>T*K5>E5IG"K5JR.WP/^2DD#KXJ;/\`./DJ;Z>G1AU7Y-U+)TQ)<Q&N
MB=]@'D'T#E_$G/K2*J^BI2Z5=M\7U=:;HE.$RX7@R>U3:SGV+32)KO6J#/O-
MPA6B"A;TB0Z&F&L\-Y1`]7>>ZKST)IB)I#2\&Q1,*\`C+KO^ZZ>*U^L\N[`K
M8JZ\^2W#A2);IPVPVIU1[D@D_=7G5-D.2Y;\IWBX\XIQ7I4<G[ZV?95;1=MH
MNG(13O),UMQ0[4H.^?8DU>W541[>;$_9=I5W6IA2(T]?C;"R,!86`58]"]X4
MN*M_8?JEC4^@+=@A,NW(3"D(SR*$@)5Z%)P?3GLIB445QK?90ZVRMU"7',[B
M"H`JQSP.ND5TK+CX'2EFM8(!E32Z>\-H(^]8J5:J/HGV[P5@OUU*,&1*0P%'
ML0C/WN50%%%%%%%1=TB;IY2VGSV0K>;@--14GT)WE?:6:5M%%?;3KC+B'6G%
M(<00I*DG!21U@]5?<N5)FR%R9DAV0^LY6ZZLK4H]Y/$UPT444W.C5:O']I34
MM2,HM\5U_)Y!1`0/YS\E6/0:\^]>7'RMK2_7+>RF1.>6DY_1WR$^P"L`.=7!
ML)MPMVRVPH*<+?;7)4>W?65#[.*8=%?A.!D\J\]-6W`W;5%XN>]O"5,>>![E
M+)'LQ1I.WF[:GL]LW2?&IC+)QV*6`?97H8.`P.52+THKCXUK^+!2?-A0$)(S
MR4M2E'V%-)8<ZN;8C;O)FR[3S)24J=CF0K/7X116/816>USI]K5&DKK8G0G,
MIA26U*Y)<'%"O4H`UY_R678TAV.^@MO-+*%H/-*@<$?+7)`ER($V/.B.%N1'
M<2ZTL<TJ2<@_**L#66TF.-BZ=4P74MS+HP(["$GBV^K*5@?N86?4*F'9WK.?
MH?4C-XA)+K6/!R(Q5NA]L\TD]1Y$'J(JK;%MKV?W6(VZ]>!;I"DY7'F-J24'
MLW@"D^HUC=4[>=%6J&X;1(<O$WDAEE"FT9[5+4!P]`)J8;C)U+M$U;(EHBOS
M[I-7D,L(*@A/()`_12!PR?6:J_8MLX:T-9/&)J$+OTU(,EP8/@D\PTD]@YDC
MF>X"F;2NZ1-Q,#9;<FTG"YCK,9)]*PH^Q!J+:??12MWAM3WJZ%.1&AI9!["X
MO/W-FJHK\40E)4H@`<23U5"&UC5!U=KFYW5M95$2OP$3_P"%'!)'IXJ_BK9]
MDFV";HAD6>XQ3.LBG"L)2K#L<GGN9X$=>Z<<>L4]6-NVSIV.IU=SE,K`_P!)
MR&YO'Y`1[:TO6O2)A)AJCZ/M[SDM61XU-0$H;[TH!)4?3@>GE2"MEIU)K6^/
M"!$DW.Y27"Z\L#/$G)4M1X)&>LD"JXV,[-&="6I<B;X-Z^RQ_F'4<4M)ZFTG
MLZR>L]P%'2$N/B&RR[)2<+EJ:C)X_K+!/V4FHIK>=DVM8N@]0R+S(M;D]2XJ
MF$(0Z&]PE223D@]2<>NG%[I:#\4I'UU/]E'NEH7Q2D?74_V4Z-#:B_Q7I:!J
M#Q)4-,Q*E)94X%E("BD'(`YXSZZE[I.7'QS:.(@(W8,)IH@=JLK/\PI.CG5W
M;';=Y+V9Z<BE!2I41+Z@>>7"5_\`=61VA:=1JK1MVL:DI+DA@^!)_1=3YR#\
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M0E77A:`<CO(%9N?MDV<PF@X=1M/DC(1'9<<4?D3P]>*6VM.D4P8RHVC[:[X=
M0(,N<@`([TH!.3Z2/0:ZG1[@W?5^L)^NM1S'YRX"2RPX^K/YU8X[HY`)23P&
M,;XK%]*RXA[5MHMB3D18)</<IQ9_H@4B*=FS';-`T/I1FQG3KTIU+KCKCR9(
M0%E1[-T\@`/56W^Z6@_%*1]=3_97<L_2'C76[P;6QI.0'9DAMA!,Q)P5J"0?
M>=]/RBBBBDO>]@5@O5WFW:;?KNJ3,>4\X1X+&\HYX>;RKH>YNTM\.WC_`(O[
M:/<W:6^';Q_Q?VT>YNTM\.WC_B_MH]S=I;X=O'_%_;1[F[2WP[>/^+^VCW-V
MEOAV\?\`%_;1[F[2WP[>/^+^VCW-VEOAV\?\7]M'N;M+?#MX_P"+^VMXV;;,
M;/L_?GOVZ9+E.3$H0I4G=R@)).!N@<\\?0*W^OA]"G&7&TK*%*20%`9W21SI
M!GHVV4G)U+<">O\`,HK\]S99/C)</H$4\[-;V;3:(-KCDEF'';803S*4I"1]
MU=VBN":RJ3#?CI=+2G6U(#@&2DD$9QW4A_<V63XR7#Z!%9K1^PFSZ9U);[ZW
M>IDE<-SPB6G&D)2HX(&2.S.?53EZJ3VMMB%MU=J>=J"7?YK+LHIRTAI!2@)2
M$@`GT5@?<V63XR7#Z!%/2U0FK9;(=N8SX&*RAE&?U4I"1]U=NDOJS8+8]0ZB
MN%[%WEPS,=\*MEII"DI4??$$]IR?76(]S99/C)</H$5O&E=E%CLVFY>F[FZ;
MW;7GO#H;F-)!864X44$<4DX'$8]M:+J#HWVJ3*6]8K^_`95Q$>0SX<)/8%;P
M./3D]]8!OHUW;PH"]40DM9XJ3&658]&?ZULMMZ-VGVBDW/4%QE$<PPVAD'Y=
MXTX=,:7L.EH`@6*VLPV>&^4#*W#VJ4>*CZ36:HK2]IFA(^OK5$MDJY/PV8[_
M`(?\R@*WU;I2,Y[,FEI[FRR?&2X?0(IC;,=GD#9]$GQX4Y^6J8XE:UNI"2`D
M$`</2?EK>:"`1@\J6FM]C>CM4^%D(B>2[BOCXU"`2%']I'O5>P]]*N;T:[FC
M/B.J(CO8'HRF_N*J^(/1LO*W,3]2P&6^UAA;A]N[6VVKHY:7CK0NY7BY3=TY
M*$;C*5=QP"?D-..Q6.T:?MZ+=9;>Q"BH_P#QM)QD]I/-1[SDUDJTW:7H>/KV
MSQK5*N+\-EF0)!+*`HJ(24@'/[QI9>YLLGQDN'T"*/<V63XR7#Z!%'N;+)\9
M+A]`BCW-ED^,EP^@13KTU9F-/Z?MUDC+4MF%'0RE:A@JP/?'O//UTKM8;#+9
MJG4MPO\`*O\`-:>F.!9;0R@A`"0D`$]P%87W-ED^,EP^@13X@Q6X4*/#9&&F
M&TM('8$@`?=7/24U/L"L5]U!<+RF\3(AFO*>4RVT@I2I7%6,]IR?76+]S99/
MC)</H$4S]F^BTZ%L[UH8NTB=%6\76P\A*2T2/.`QU'`/R]M;A6NZ\TM%UEIF
M58);[C#;ZD*#K8!4@I4%`@'T8]=*(=&VQY&=27#'_P`**>EKM\2U6Z+;8#*6
M8D9I+33:>24@8%=NBM7V@Z3:UKIQRQ/SGH;+CJ'%K:2%$A)R!@]^/DI4>YLL
MGQDN'T"*WK9CLOMVS^3<),2XR)KDQ"$$O(2G<"23PQVY]E,6BL?>K+:K[!7`
MO%OCS8JN;;R`H`]H[#WCC2=O71TTO+D./6NZ3[<E9R&2$O(1W#>PKY2:U25T
M:KBES_*:JBN([78JD'V*-?<;HU35?^JU8PCGP:AJ7]ZQ6\Z:V!:*M6X[<_&K
MP^.)\.OP;6>Y"<?(2::MKMENM$-,*UP8\.*GB&H[80D'MP.NE?KW8M;]9ZED
MWZ9?9D=QY*$!EMI)2@)2!P)]9]=:Y[FRR?&2X?0(H]S99/C)</H$4>YLLGQD
MN'T"*RVEM@EFT_J*W7M%\FR%PGTO):6T@!2ARR1W\:=-%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
- -%%%%%%%%%%%%%%?_V3\_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
