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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001279569-07-000921.txt : 20070626
<SEC-HEADER>0001279569-07-000921.hdr.sgml : 20070626
<ACCEPTANCE-DATETIME>20070626090026
ACCESSION NUMBER:		0001279569-07-000921
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070625
FILED AS OF DATE:		20070626
DATE AS OF CHANGE:		20070626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRSTSERVICE CORP
		CENTRAL INDEX KEY:			0000913353
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24762
		FILM NUMBER:		07940084

	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>firstservice6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

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    <title>firstservice6k.htm</title>
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    <div>&#160;</div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
      <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
    </div>
    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif;"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif;"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>Washington,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif;"><strong>FORM
        6-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>REPORT
        OF FOREIGN PRIVATE ISSUER</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>PURSUANT
        TO RULE 13a-16 OR 15d-16 UNDER</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif;"><strong>THE
        SECURITIES EXCHANGE ACT OF 1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">For
        the month of:&#160;June&#160;2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Commission
        file number 0-24762</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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        CORPORATION</strong></font></div>
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        </div>
      </div>
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        of registrant's name into English)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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        Bay Street, Suite 4000</strong></font></div>
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        Ontario, Canada</strong></font></div>
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        2B4</strong></font></div>
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          <hr align="left" noshade size="1" width="100%">
        </div>
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        of Principal Executive Offices)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Indicate
        by check mark whether the Registrant files or will file annual reports under
        cover of Form 20-F or Form 40-F:</font></div>
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              <td width="50%">
                <div align="center">&#160;<font size="2">Form 20-F <font style="FONT-FAMILY: wingdings;">o</font></font></div>
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        by check mark if the Registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(1): <font face="Wingdings">o</font></font></div>
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        by check mark if the Registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(7): <font face="Wingdings">o</font></font></div>
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        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 12g3-2(b) under the Securities Exchange Act of 1934:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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            <tr bgcolor="#ffffff">
              <td width="50%">
                <div align="center">&#160;<font size="2">Yes <font style="FONT-FAMILY: wingdings;">o</font></font></div>
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                <div align="center">&#160;<font size="2">No <font style="FONT-FAMILY: wingdings;">x</font></font></div>
              </td>
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        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">If
        "Yes" is marked, indicate the file number assigned to the Registrant in
        connection with Rule 12g3-2(b): </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">N/A</font></div>
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        <div id="HDR">&#160;</div>
        <div>&#160;</div>
        <div>
          <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
          <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
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        <div>&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
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          <div id="PN" style="PAGE-BREAK-AFTER: always">
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            </div>
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          <div id="HDR">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>SIGNATURE</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">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></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font size="2" style="FONT-FAMILY: times new roman, serif;">&#160;</font></td>
              <td width="1%"><font size="2" style="FONT-FAMILY: times new roman, serif;">&#160;</font></td>
              <td width="49%"><font size="2" style="FONT-FAMILY: times new roman, serif;">&#160;</font></td>
            </tr>
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              <td>&#160;</td>
              <td>&#160;</td>
              <td><strong><font size="2">FIRSTSERVICE CORPORATION</font></strong></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font size="2" style="FONT-FAMILY: times new roman, serif;">&#160;<br>&#160;</font></td>
              <td><font size="2" style="FONT-FAMILY: times new roman, serif;">&#160;<br>&#160;</font></td>
              <td><font size="2" style="FONT-FAMILY: times new roman, serif;">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td style="BORDER-BOTTOM: #ffffff solid"><font size="2" style="FONT-FAMILY: times new roman, serif;">Date:&#160;June
                26,&#160;2007</font></td>
              <td style="BORDER-BOTTOM: #ffffff solid"><font size="2" style="FONT-FAMILY: times new roman, serif;">&#160;</font></td>
              <td style="BORDER-BOTTOM: black 2px solid"><font size="2" style="FONT-FAMILY: times new roman, serif;"><em>/s/
                John B.
                Friedrichsen</em></font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font size="2" style="FONT-FAMILY: times new roman, serif;">&#160;</font></td>
              <td><font size="2" style="FONT-FAMILY: times new roman, serif;">Name:
                John B.
                Friedrichsen</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2">&#160;</td>
              <td><font size="2">Title: Senior Vice President and Chief Financial
                Officer</font></td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-
            2
            -</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: #000000" noshade size="1">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>EXHIBIT
        INDEX</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div align="left">
        <div align="left">
          <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="#ffffff">
                <td width="8%" style="BORDER-BOTTOM: #000000 2px solid">
                  <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;"><strong>Exhibit</strong></font></div>
                </td>
                <td width="2%" style="BORDER-BOTTOM: #ffffff 2px solid">&#160;</td>
                <td width="90%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman;"><strong>Description
                  of Exhibit</strong></font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="8%">&#160;</td>
                <td width="2%">&#160;</td>
                <td width="90%">&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="8%">
                  <div align="center"><font size="2">99.1</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: -180pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                      <div>
                        <div>
                          <div>
                            <div>
                              <div>
                                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Press
                                  release dated June 25,
                                  2007</font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">-
        3
        -</font>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
      </div>
    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED JUNE 25, 2007
<TEXT>
<html>

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    <title>ex991.htm</title>
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  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><strong>EXHIBIT
      99.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><img src="firstservicelogo.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="white">
                <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td colspan="2" width="38%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong>FOR:
                    FIRSTSERVICE CORPORATION</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
                <td colspan="2" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td colspan="2" width="38%">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong>COMPANY
                    CONTACTS:</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
                <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
                <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
                <td width="33%">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong>Jay
                    S. Hennick</strong></font></div>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;">Founder
                    &amp; CEO</font></div>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong>(416)
                    960-9500</strong></font></div>
                  <div><br></div>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong>John
                    B. Friedrichsen</strong></font></div>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong>Senior
                    Vice President &amp; CFO</strong></font></div>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif;"><strong>(416)
                    960-9500</strong></font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong><u>FOR
        IMMEDIATE RELEASE</u></strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>FIRSTSERVICE
        ANNOUNCES STOCK DIVIDEND OF</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>7%
        CUMULATIVE PREFERENCE SHARES, SERIES 1</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Innovative
        new yield instrument provides shareholders with one preferred
        share</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>for
        every five outstanding common shares</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>TORONTO,
        CANADA</strong>, June 25, 2007 - FirstService Corporation (TSX: FSV; NASDAQ:
        FSRV) ("FirstService") announced today that it is undertaking an initiative
        to
        enhance shareholder value through a special distribution of 7% cumulative
        preference shares, series 1 (the "Preferred Shares") to all holders of its
        subordinate voting shares and multiple voting shares.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">"The
        issuance of the Preferred Shares will allow the holders of subordinate voting
        and multiple voting shares to retain the high-growth attributes they expect
        from
        FirstService while providing an attractive after-tax yield instrument to
        those
        shareholders wishing to receive dividends," said Jay S. Hennick, Founder
        and
        Chief Executive Officer. "We believe it is in the best interests of our
        shareholders to allow them to decide for themselves how they wish to participate
        in our future growth. Shareholders can elect to retain both instruments and
        have
        the best of both worlds, or they have the option to sell one or the other,
        as
        they deem appropriate, to achieve their goals. We expect the Preferred Shares
        to
        compare favourably to others in the market and to be an attractive investment
        to
        the large and growing numbers of yield-oriented investors."</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
        Board of Directors of FirstService has declared a stock dividend of one
        Preferred Share for every five outstanding subordinate voting shares or multiple
        voting shares of FirstService. No fractional Preferred Shares will be issued.
        The stock dividend will be payable on August 1, 2007 to shareholders of record
        at the close of business on July 25, 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">-
            2 -</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Each
        Preferred Share is non-voting, has a stated value of US$25.00, carries a
        fixed
        cumulative annual dividend of US$1.75 payable quarterly and is redeemable
        for
        cash or subordinate voting shares of FirstService at the option of FirstService.
        A summary of the attributes of the Preferred Shares is annexed hereto as
        Schedule "A". An application will be made to the Toronto Stock Exchange to
        list
        the Preferred Shares and the issuance and listing of the Preferred Shares
        remains subject to the approval of the Toronto Stock Exchange. The Preferred
        Shares are expected to trade in US dollars and dividend payments will be
        made in
        US dollars.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">"FirstService
        is now of a scale where our internal cash flows and strong balance sheet
        are
        sufficient to fund our normal growth," said Mr. Hennick. "This issuance of
        Preferred Shares will return capital to our shareholders by way of a special
        stock dividend while allowing FirstService to optimize its balance sheet
        without
        increasing its leverage ratio, thereby retaining flexibility to finance growth
        well into the future."</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">In
        connection with the stock dividend of Preferred Shares, FirstService worked
        closely with RBC Capital Markets in Canada and William Blair &amp; Company in
        the United States, in reviewing alternatives relating to the return of capital
        to shareholders and in structuring the terms of the Preferred
        Shares.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">FirstService
        intends to make quarterly cash dividend payments on the Preferred Shares
        to
        holders of record on or about the 15<font style="DISPLAY: inline; FONT-SIZE: 7pt;"><sup>th</sup></font> day of
        the last
        month in each calendar quarter, with the dividends for each quarter being
        paid
        on the last day of each calendar quarter. The initial cash dividend on the
        Preferred Shares in the amount of US$0.2877 per share will be for the period
        from issuance to September 30, 2007 and is expected to be paid on or about
        September 30, 2007. Subsequent regular cash dividends on the Preferred Shares
        in
        the amount of US$0.4375 per share are anticipated to be paid for each calendar
        quarter thereafter.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">At
        present, there are 28,535,844 subordinate voting shares and 1,325,694 multiple
        voting shares of FirstService outstanding. Assuming no change in outstanding
        shares, after payment of the stock dividend, there would be issued and
        outstanding approximately 5,972,307 Preferred Shares having an aggregate
        stated
        value of approximately US$149.3 million. Trading in FirstService's subordinate
        voting shares on an ex-dividend basis on the Toronto Stock Exchange and on
        the
        NASDAQ Stock Market is expected to commence on July 23, 2007. By issuing
        the
        Preferred Shares, it is anticipated that there may be a corresponding reduction
        in the market price per subordinate voting share.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Share
        certificates representing the Preferred Shares will be mailed to shareholders
        of
        record on or about August 1, 2007. For tax purposes, FirstService is ascribing
        essentially no monetary value to the stock dividend. Accordingly, there will
        be
        no tax payable by shareholders in respect of the dividend. FirstService will
        be
        sending shareholders a letter, the form of which is annexed hereto as Schedule
        "B", setting out certain information regarding the Preferred Shares. For
        additional information, shareholders are advised to consult their legal and
        tax
        advisors.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>UPDATED
        FINANCIAL OUTLOOK</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">As
        a result of the issuance of the Preferred Shares, the earnings available
        to the
        subordinate voting shares and multiple voting shares for diluted earnings
        per
        share purposes will be reduced </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
        </div>
        <div id="HDR">
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            -</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">by
        the amount of the dividends paid to holders of the Preferred Shares. For
        the
        fiscal year ending March 31, 2008, the impact of the anticipated cash dividends
        on the Preferred Shares on diluted earnings per share is expected to be $0.23.
        Accordingly, the outlook for adjusted diluted earnings per share from continuing
        operations is updated by this amount to a range of $1.25 to $1.37, from the
        previous range of $1.48 to $1.60. The outlook for revenues and EBITDA remains
        unchanged.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>CONFERENCE
        CALL</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">FirstService
        will be holding a conference call on Tuesday, June 26, 2007 at 11:00 a.m.
        Eastern Time to discuss the stock dividend and the Preferred Shares. To
        participate, please dial 1-866-904-6251 several minutes before 11:00 a.m.
        If you
        are not available to participate in the call at the scheduled time, you may
        listen to a recorded replay by dialing 1-888-203-1112. The access code for
        the
        replay is 7434307. The replay will be available from 5:00 p.m., June 26,
        2007
        through to July 2, 2007. Additionally, an on-line broadcast will be available
        at
        www.firstservice.com in the "Investor Relations" section under the tab "Upcoming
        Events".</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>ABOUT
        FIRSTSERVICE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">FirstService
        is a leader in the rapidly growing property services sector, providing services
        in the following areas: commercial real estate; residential property management;
        property improvement; and integrated security services. Market-leading brands
        include Colliers International in commercial real estate; The Continental
        Group,
        The Wentworth Group and The Merit Companies in residential property management;
        Consumer brands California Closets, Paul Davis Restoration, Pillar to Post
        Home
        Inspections, Certa Pro Painters and Handyman Connection, in property
        improvement; and Intercon Security and Security Services &amp; Technologies in
        integrated security.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">FirstService
        is a diversified property services company with more than US&#160;$1.5 billion
        in annualized revenues and more than 16,000 employees worldwide. More
        information about FirstService is available at www.firstservice.com.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>FORWARD-LOOKING
        STATEMENTS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Certain
        statements included in this release constitute "forward-looking statements"
        within the meaning of the U.S. Private Securities Litigation Reform Act of
        1995.
        Such forward-looking statements involve known and unknown risks, uncertainties
        and other factors which may cause the actual results, performance or
        achievements of FirstService, or industry results, to be materially different
        from any future results, performance or achievements expressed or implied
        by
        such forward-looking statements. Such factors include, among others, the
        following: general economic and business conditions, which will, among other
        things, impact demand for FirstService's services, service industry conditions
        and capacity; the ability of FirstService to implement its business strategy,
        including FirstService's ability to acquire suitable acquisition candidates
        on
        acceptable terms and successfully integrate newly acquired businesses with
        its
        existing businesses; changes in or the failure to comply with government
        regulations (especially safety and environmental laws and regulations); and
        other factors which are described in </font></div>
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          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">-&#160;4
            -</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">FirstService's
        filings with the U.S. Securities and Exchange Commission and the Canadian
        regulatory authorities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">-30-</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      </div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Schedule
        "A"</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong><u>Attributes
        of Preferred Shares</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
        authorized capital of FirstService consists of an unlimited number of preference
        shares, issuable in series at the discretion of the Board of Directors of
        FirstService, an unlimited number of subordinate voting shares and an unlimited
        number of convertible multiple voting shares. FirstService's Annual Information
        Form for the year ended March 31, 2007 contains a summary of the rights,
        privileges, restrictions and conditions attached to such shares. Below is
        a
        summary of the material rights, privileges, restrictions and conditions attached
        to the Preferred Shares and is qualified in its entirety by reference to
        the
        articles of FirstService, including the articles of amendment of FirstService
        pursuant to which the Preferred Shares will be created, a copy of which will
        be
        filed with the Canadian provincial securities regulatory authorities and
        be
        available at www.sedar.com<em>.</em></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="justify" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Stated
                  Amount:</strong></font></div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">US$25.00
                  per Preferred Share.</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Dividends:</strong></font></div>
                <div>&#160;</div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
                  holders of Preferred Shares will be entitled to receive quarterly
                  fixed
                  cumulative cash dividends, if, as and when declared by the Board
                  of
                  Directors of FirstService, in an amount equal to US$1.75 per share
                  per
                  annum (less any tax required to be deducted and withheld by FirstService
                  from payments to non-residents), payable on the last day of March,
                  June,
                  September and December in each year. Assuming an issue date of
                  August 1,
                  2007, the first such dividend, if, as and when declared, will be
                  payable
                  on September 30, 2007 and will be US$0.2877 per Preferred Share
                  (less any
                  tax required to be deducted or withheld by FirstService from payments
                  to
                  non-residents).</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Redemption:</strong></font></div>
                <div>&#160;</div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">FirstService
                  may redeem at any time all, or from time to time any, of the then
                  outstanding Preferred Shares. Such redemption may be made upon
                  payment in
                  cash of the amount of (each, a "Redemption Price"):</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><font style="DISPLAY: inline; FONT-SIZE: 11pt;">&#8226;</font>US$26.00
                  per share if
                  redeemed on or after August 1, 2007 and prior to August 1,
                  2008;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><font style="DISPLAY: inline; FONT-SIZE: 11pt;">&#8226;</font>US$25.75
                  per share if
                  redeemed on or after August 1, 2008 and prior to August 1,
                  2009;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><font style="DISPLAY: inline; FONT-SIZE: 11pt;">&#8226;</font>US$25.50
                  per share if
                  redeemed on or after August 1, 2009 and prior to August 1,
                  2010;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><font style="DISPLAY: inline; FONT-SIZE: 11pt;">&#8226;</font>US$25.25
                  per share if
                  redeemed on or after August 1, 2010 and prior to August 1, 2011;
                  and</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><font style="DISPLAY: inline; FONT-SIZE: 11pt;">&#8226;</font>US$25.00
                  per share if
                  redeemed on or after August 1, 2011;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">plus,
                  in each case, an amount equal to all unpaid dividends thereon to
                  but
                  excluding the date of redemption (less any tax required to be deducted
                  and
                  withheld by FirstService from payments to non-residents). FirstService
                  shall provide not less than 30 and not more than 60 days' notice
                  of such
                  redemption to each holder of Preferred Shares to be redeemed. If
                  less than
                  all outstanding Preferred Shares are at any time to be redeemed,
                  the
                  shares to be redeemed will be selected on a <em>pro-rata</em>
                  basis.</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Conversion:</strong></font></div>
                <div>&#160;</div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">FirstService
                  may, subject to applicable law and, if required, regulatory approval,
                  convert all, or from time to time any part, of the then outstanding
                  Preferred Shares into that number of freely tradeable subordinate
                  voting
                  shares of FirstService determined (per Preferred Share) by dividing
                  the
                  Redemption Price, together with all
</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">-
            A2 -</font></div>
        </div>
      </div>
      <div>&#160;</div>
      <div><br>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">unpaid
                  dividends up to but excluding the date fixed for conversion, by
                  the
                  greater of: (i) US$2.00 and (ii) 95% of the weighted average trading
                  price
                  of the subordinate voting shares on The NASDAQ Stock Market (or
                  if the
                  subordinate voting shares do not trade on The NASDAQ Stock Market
                  on the
                  date specified for conversion, on the Toronto Stock Exchange or
                  such other
                  exchange or trading system with the greatest volume of subordinate
                  voting
                  shares traded during the 20 day period referred to below) for the
                  20
                  consecutive trading days ending on the fourth day prior to the
                  date
                  specified for conversion, or, if such fourth day is not a trading
                  day, the
                  immediately preceding trading day. Fractional subordinate voting
                  shares
                  will not be issued on any conversion of Preferred Shares, but in
                  lieu
                  thereof FirstService will make cash payments.</font></div>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Notice
                  of any conversion will be given by FirstService not less than 30
                  days and
                  not more than 60 days prior to the date fixed for conversion. If
                  less than
                  all the outstanding Preferred Shares are at any time to be converted,
                  the
                  shares to be converted will be selected on a <em>pro-rata</em>
                  basis.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Upon
                  exercise by FirstService of its right to convert Preferred Shares
                  into
                  subordinate voting shares, FirstService is not required to issue
                  subordinate voting shares to any person whose address is in, or
                  whom
                  FirstService or its transfer agent has reason to believe is a resident
                  of,
                  any jurisdiction outside Canada, to the extent that such issue
                  would
                  require compliance by FirstService with the securities or other
                  laws of
                  such jurisdiction. If in such circumstances FirstService elects
                  not to
                  issue subordinate voting shares, FirstService may elect, in lieu
                  thereof,
                  to make a cash payment. Any such payment will be considered to
                  have been
                  paid on a redemption of Preferred Shares in accordance with the
                  terms and
                  conditions of the Preferred Shares.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Purchase
                  for Cancellation:</strong></font></div>
                <div>&#160;</div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Subject
                  to applicable law and the provisions described next to "Restrictions
                  on
                  Retirement of Shares", FirstService may at any time or times purchase
                  for
                  cancellation the whole or any part of the then outstanding Preferred
                  Shares on the open market, by private agreement, pursuant to tenders
                  received by FirstService upon an invitation for tenders addressed
                  to all
                  holders of the Preferred Shares, or otherwise, at the lowest price
                  or
                  prices at which in the opinion of the Board of Directors of FirstService
                  such shares are obtainable.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Liquidation,
                  Dissolution and Winding Up:</strong></font></div>
                <div>&#160;</div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">In
                  the event of the liquidation, dissolution or winding up of FirstService
                  or
                  any other distribution of assets of FirstService among its shareholders
                  for the purpose of winding up its affairs, subject to the prior
                  satisfaction of the claims of all creditors of FirstService and
                  of holders
                  of shares of FirstService ranking prior to the Preferred Shares,
                  if any,
                  the holders of the Preferred Shares will be entitled to payment
                  of an
                  amount equal to US$25.00 per Preferred Share, plus an amount equal
                  to all
                  unpaid dividends up to but excluding the date fixed for payment
                  or
                  distribution (less any tax required to be deducted and withheld
                  by
                  FirstService), before any amount is paid or any assets of FirstService
                  are
                  distributed to the holders of any shares ranking junior as to capital
                  to
                  the Preferred Shares. The holders of the Preferred Shares will
                  not be
                  entitled to share in any further distribution of the assets of
                  FirstService.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">-
            A3 -</font></div>
        </div>
      </div>
      <div>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Restrictions
                  on Retirement of Shares:</strong></font></div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">So
                  long as any of the Preferred Shares are outstanding, FirstService
                  will
                  not, without the approval of the holders of the Preferred Shares
                  given as
                  described next to "Modification of Preferred Shares" unless, in
                  each such
                  case, all unpaid dividends up to and including the dividend payable
                  for
                  the last completed period for which dividends were payable on the
                  Preferred Shares have been declared and paid or monies set apart
                  for
                  payment, redeem, call for redemption, purchase for cancellation
                  or
                  otherwise retire or make any return of capital in respect of less
                  than all
                  of the Preferred Shares then outstanding.</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Voting
                  Rights:</strong></font></div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
                  holders of the Preferred Shares will not be entitled (except as
                  otherwise
                  provided by law or in the conditions attaching to the preference
                  shares of
                  FirstService as a class) to receive notice of, attend, or vote
                  at, any
                  meeting of shareholders of FirstService, including, for greater
                  certainty,
                  at any meeting relating to a proposal to effect an exchange of
                  the
                  Preferred Shares by way of an amalgamation or plan of arrangement
                  involving FirstService provided that the rights, privileges, restrictions
                  and conditions of the Preferred Shares are not removed or changed
                  and
                  provided that no class of shares of FirstService superior to the
                  Preferred
                  Shares is created.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Modification
                  of Preferred Shares:</strong></font></div>
                <div>&#160;</div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
                  approval of all amendments to the rights, privileges, restrictions
                  and
                  conditions attaching to the Preferred Shares as a series and any
                  other
                  approval to be given by the holders of the Preferred Shares may
                  be given
                  by a resolution passed by an affirmative vote of not less than
                  a majority
                  of the votes cast at a duly called and held meeting at which the
                  holders
                  of at least 10% of the outstanding Preferred Shares are present
                  in person
                  or represented by proxy or, if no quorum is present at such meeting,
                  at an
                  adjourned meeting at which the holders of Preferred Shares then
                  present
                  would form the necessary quorum. At any meeting of holders of Preferred
                  Shares as a series, each such holder shall be entitled to one vote
                  in
                  respect of each Preferred Share held.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td align="justify" valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Tax
                  Election:</strong></font></div>
                <div>&#160;</div>
              </td>
              <td align="justify" valign="top" width="64%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
                  provisions of the Preferred Shares as a series require FirstService
                  to
                  make an election in prescribed form pursuant to the provisions
                  of
                  subsection 191.2(1) of the <em>Income Tax Act</em> (Canada), and within
                  the time limits provided therein, for purposes of determining the
                  tax
                  payable under Part VI.1 of such Act with respect to the Preferred
                  Shares.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
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        <div id="HDR">
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Schedule
        "B"</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong><u>Form
        of Letter to Shareholders</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">August
        1, 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Dear
        Shareholder:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Stock
        Dividend of 7% Cumulative Preference Shares, Series 1</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">On
        June 25, 2007, the board of directors of FirstService Corporation
        ("FirstService") declared a stock dividend of one 7% cumulative preference
        share, series 1 of FirstService (a "Preferred Share") for every five outstanding
        subordinate voting shares or multiple voting shares of FirstService. No
        fractional Preferred Shares may be issued.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
        stock dividend is payable to shareholders of record at the close of business
        on
        July 25, 2007, with every five outstanding subordinate voting shares or multiple
        voting shares being entitled to one Preferred Share.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Trading
        in FirstService's subordinate voting shares on an ex-dividend basis on the
        Toronto Stock Exchange and on the NASDAQ Stock Market commenced on July 23,
        2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Enclosed
        please find a share certificate representing the number of Preferred Shares
        to
        which you are entitled. FirstService is ascribing essentially no monetary
        value
        to the stock dividend. Accordingly, there will be no tax payable by shareholders
        in respect of the stock dividend.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Preferred
        Shares</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Each
        Preferred Share is non-voting, has a stated value of US$25.00, carries a
        fixed
        cumulative annual dividend of US$1.75 payable quarterly and is redeemable
        for
        cash or subordinate voting shares of FirstService at the option of FirstService.
        A summary of the attributes of the Preferred Shares is annexed to FirstService's
        press release dated June 25, 2007. The Toronto Stock Exchange has approved
        the
        listing of the Preferred Shares subject to its usual conditions. The Preferred
        Shares will trade in US dollars and dividend payments will be made in US
        dollars.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">FirstService
        intends to make the quarterly cash dividend payments on the Preferred Shares
        to
        holders of record on or about the 15<font style="DISPLAY: inline; FONT-SIZE: 7pt;"><sup>th</sup></font> day of
        the last
        month in each calendar quarter, with the dividends for each quarter being
        paid
        on the last day of each calendar quarter. The initial cash dividend on the
        Preferred Shares in the amount of US$0.2877 per share will be for the period
        from issuance to September 30, 2007 and is expected to be paid on or about
        September 30, 2007. Subsequent regular cash dividends on the Preferred Shares
        in
        the amount of US$0.4375 per share are anticipated to be paid for each calendar
        quarter thereafter.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Rationale
        for Stock Dividend</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">We
        have undertaken this initiative to enable our shareholders to receive regular
        quarterly cash dividends while at the same time continuing to participate
        in the
        anticipated growth of FirstService in the years ahead. We believe that the
        Preferred Shares will allow yield-oriented investors access to the strong
        and
        consistent cash flows of FirstService through an attractive after-tax yield.
        Growth-oriented investors will to continue to participate in equity returns
        through direct ownership in FirstService's subordinate voting shares. In
        addition, the creation of the Preferred Shares also allows FirstService to
        optimize its balance </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">-
            B2 -</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">sheet
        without increasing its leverage ratio, thereby retaining flexibility to finance
        future growth. We continue to have outstanding US$207 million of
        investment-grade long-term senior debt, which has been rated "NAIC-2" by
        the
        National Association of Insurance Commissioners.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>Income
        Tax Considerations</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>The
        summary of Canadian and U.S. tax considerations which follows is of a general
        nature only and is not intended to be, nor should it be construed as, legal
        or
        tax advice to any shareholder. In particular, FirstService has not requested
        or
        obtained any tax rulings from any applicable tax authority or any formal
        tax
        opinions from its advisors as to the matters discussed below. Accordingly,
        shareholders are strongly urged to consult their own tax advisors with respect
        to their own particular circumstances.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><em>Canadian
        Federal Income Tax Considerations</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
        following summarizes the principal Canadian federal income tax considerations
        in
        connection with the issuance of Preferred Shares as described
        herein:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">a
                  recipient of the stock dividend will be deemed to receive a nominal
                  amount
                  as a taxable dividend, as the Preferred Shares will be issued with
                  an
                  aggregate stated capital of
                  $1.00;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">as
                  a result, the paid-up capital and adjusted cost base of the Preferred
                  Shares for tax purposes will also be a nominal
                  amount;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">quarterly
                  dividends received by individuals should qualify for the enhanced
                  dividend
                  tax credit;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iv)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">shareholders
                  which are private corporations will generally pay refundable Part
                  IV tax
                  of 33&#8531;% of dividends received on the Preferred Shares unless they are
                  connected (as defined in the <em>Income Tax Act</em> (Canada)) to
                  FirstService;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(v)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">pursuant
                  to the terms of the Preferred Shares, FirstService will elect to
                  ensure
                  that such holders are not required to pay the additional Part IV.1
                  tax in
                  connection with dividends received on taxable preferred
                  shares;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(vi)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">any
                  redemption of Preferred Shares by FirstService for cash (other
                  than
                  purchases made on the open market) will result in the holder being
                  deemed
                  to have received a dividend;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(vii)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">any
                  conversion of Preferred Shares by FirstService into subordinate
                  voting
                  shares will have no immediate tax consequences to the
                  holder;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(viii)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">the
                  Preferred Shares, if issued on the date hereof, would be qualified
                  investments under the <em>Income Tax Act</em> (Canada) and the regulations
                  thereunder for trusts governed by registered retirement savings
                  plans,
                  registered retirement income funds, deferred profit sharing plans
                  and
                  registered education savings plans;
                  and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ix)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">non-residents
                  of Canada will be subject to Canadian withholding tax on any dividends
                  received on the Preferred Shares (including any dividends deemed
                  to be
                  received on a redemption of Preferred Shares by FirstService) but
                  will
                  generally not be subject to Canadian tax on any capital gain arising
                  from
                  a sale, and will not be subject to any Canadian tax by reason of
                  the
                  conversion of Preferred Shares into subordinate voting shares of
                  FirstService.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">-
            B3 -</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><em>U.S.
        Federal Income Tax Considerations</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">The
        following summarizes the principal U.S. federal income tax considerations
        in
        connection with the issuance of Preferred Shares as described
        herein:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">pursuant
                  to Internal Revenue Code (the "Code") Section 305, the distribution
                  of the
                  Preferred Shares as a stock dividend to U.S. shareholders should
                  not be
                  subject to U.S. tax and,
                  consequently:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">a.</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">each
                  shareholder will allocate his or her basis in his or her subordinate
                  voting shares to the Preferred Shares based on the fair market
                  value of
                  the Preferred Shares and the subordinate voting shares owned by
                  such
                  shareholder; and</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">b.</font></div>
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              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">each
                  shareholder's holding period in the Preferred Shares will be deemed
                  to
                  begin on the date that the subordinate voting shares in respect
                  of which
                  the Preferred Share stock dividend was declared were
                  acquired;</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">pursuant
                  to Article X of the Income Tax Convention between the United States
                  and
                  Canada, dividends payable to a U.S. shareholder on the Preferred
                  Shares
                  will be subject to a 15% Canadian withholding tax, for which U.S.
                  shareholders should be able to receive a foreign tax
                  credit;</font></div>
              </td>
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        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
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            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">the
                  quarterly dividends received on the Preferred Shares by non-corporate
                  taxpayers should be qualifying dividends under Code Section
                  1(h)(11)(B)(ii) and thus taxed at capital gains rates through the
                  end of
                  2010;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iv)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">the
                  Preferred Shares will be treated as Section 306 stock pursuant
                  to Code
                  Section 306, such that the proceeds received on disposition of
                  the
                  Preferred Shares will be treated as an ordinary dividend to shareholders
                  (without regard to the basis allocation discussed in (i)(a) above).
                  As
                  discussed in (iii), the dividend would be subject to capital gains
                  rates
                  until 2010. A deduction for intercorporate dividends pursuant to
                  Code
                  Section 243 will not apply to this dividend equivalent amount.
                  If the
                  shareholder disposes of all of his or her Preferred Shares and
                  subordinate
                  voting shares in one transaction, the transaction should be treated
                  as a
                  sale of stock subject to the normal capital gains rules, and Code
                  Section
                  306 should not apply; and</font></div>
              </td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(v)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">if
                  all or any portion of the Preferred Shares are redeemed by FirstService
                  for cash, the holder of Preferred Shares will pay income tax on
                  the
                  proceeds of redemption as an ordinary dividend to the extent of
                  FirstService's earnings and profits in the year of the redemption.
                  Non-corporate taxpayers should qualify for the favorable capital
                  gains
                  rates on the amount of income treated as an ordinary dividend pursuant
                  to
                  Code Section 1(h)(11).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman;">-
            B4 -</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">We
        trust that the foregoing information is useful to you. Nevertheless, we do
        recommend that you consult your own legal and tax advisors for your individual
        circumstances.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Yours
        truly,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;"><strong>FIRSTSERVICE
        CORPORATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Jay
        S. Hennick</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif;">Founder
        and Chief Executive Officer</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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<SEQUENCE>3
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
