<SEC-DOCUMENT>0001171843-21-001476.txt : 20210303
<SEC-HEADER>0001171843-21-001476.hdr.sgml : 20210303
<ACCEPTANCE-DATETIME>20210303070013
ACCESSION NUMBER:		0001171843-21-001476
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210303
FILED AS OF DATE:		20210303
DATE AS OF CHANGE:		20210303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Colliers International Group Inc.
		CENTRAL INDEX KEY:			0000913353
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36898
		FILM NUMBER:		21707186

	BUSINESS ADDRESS:	
		STREET 1:		1140 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4
		BUSINESS PHONE:		(416) 960-9500

	MAIL ADDRESS:	
		STREET 1:		1140 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRSTSERVICE CORP
		DATE OF NAME CHANGE:	19931013
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_030321.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<p style="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: center">UNITED STATES</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Washington, D.C. 20549</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 18pt; font-weight: bold; margin: 0pt 0; text-align: center"><u>FORM 6-K</u></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>REPORT OF FOREIGN PRIVATE ISSUER</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">For the month of: March 2021</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">Commission file number 001-36898</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 18pt; font-weight: bold; text-align: center; text-indent: -4.5pt; margin: 0pt 0">COLLIERS INTERNATIONAL GROUP
INC.</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">(Translation of registrant&rsquo;s name into English)</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>1140 Bay Street, Suite 4000</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>Toronto, Ontario, Canada</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b>M5S 2B4</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of principal executive office)</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:</p>

<p style="font-size: 10pt; margin: 0pt 0">Form 20-F [ ] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [X]</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): [ ]</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): [ ]</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">Indicate by check mark whether by furnishing the information contained in this Form,
the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934:</p>

<p style="font-size: 10pt; margin: 0pt 0">Yes [ ] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No [X]</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate the file number assigned to the Registrant in
connection with Rule 12g3-2(b): N/A</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0 0pt 1in">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: left; margin: 0pt 0"></p>

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<p style="margin: 0pt 0; font-size: 10pt; font-weight: bold; text-align: left">SIGNATURE</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">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.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 50%; font-size: 10pt">&nbsp;</td><td style="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="width: 49%; font-size: 10pt; font-weight: bold; text-align: left">COLLIERS INTERNATIONAL GROUP INC.</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 0pt">Date: March 3, 2021</td><td style="font-size: 10pt; font-style: italic; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; font-style: italic; text-align: left; padding-bottom: 1pt"><u>/s/ Christian Mayer</u></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 0pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Name: Christian Mayer</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 0pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Title: Chief Financial Officer</td></tr>
</table>


<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt"></p>

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<p style="margin: 0pt 0; font-size: 10pt"><b>EXHIBIT INDEX</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                 <tr style="vertical-align: top">
<td><b>Exhibit</b></td><td style="text-align: justify"><b>Description of Exhibit</b></td></tr>
<tr style="vertical-align: top">
<td>&nbsp;</td><td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
<td style="width: 1in"><a href="exh_991.htm">99.1</a></td><td style="text-align: justify"><a href="exh_991.htm">Transaction agreement dated February 26, 2021.</a></td></tr>
<tr style="vertical-align: top">
<td><a href="exh_992.htm">99.2</a></td><td style="text-align: justify"><a href="exh_992.htm">Material Change Report dated March 3, 2021.</a></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt"><b>&nbsp;</b></p>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<p style="text-align: right; margin: 0"><b>EXHIBIT 99.1</b></p>

<p style="margin: 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: right; margin: 0pt 17.7pt 0pt 0">EXECUTION VERSION</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt"><b>THIS TRANSACTION AGREEMENT</b> is made this 26<sup>th</sup> day of February,
2021 (the &ldquo;<b>Agreement Date</b>&rdquo;)</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 11pt">AMONG:</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"><b>COLLIERS INTERNATIONAL GROUP INC.</b>, a corporation existing under the
Laws of the Province of Ontario (&ldquo;<b>Colliers</b>&rdquo;)</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"> - and -</p>



<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"><b>HENSET CAPITAL INC.</b>, a corporation existing under the Laws of
the Province of Ontario (&ldquo;<b>Henset Capital</b>&rdquo;)</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"> - and -</p>



<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"><b>JAYSET CAPITAL CORP.</b>, a corporation existing under the Laws of
the Province of Ontario (&ldquo;<b>Jayset Capital</b>&rdquo;)</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"> - and -</p>



<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"><b>JAYSET MANAGEMENT CIG INC.</b>, a corporation
existing under the Laws of the Province of Ontario (&ldquo;<b>Jayset Mgt</b>&rdquo;)</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"> - and -</p>



<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0 0pt 80pt; font-size: 10pt"><b>JAY S. HENNICK</b>, an individual resident in
the City of Toronto, Ontario (&ldquo;<b>Jay</b>&rdquo;, and together with the Sellers, Henset Capital and Jayset Mgt, the &ldquo;<b>Hennick
Parties</b>&rdquo;).</p>

<p style="margin: 0pt 89.85pt 0pt 10.3pt; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 89.85pt 0pt 10.3pt; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 89.85pt 0pt 10.3pt; font-size: 10pt; text-align: justify"><b>WHEREAS:</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">A.</td><td style="text-align: justify; padding-right: 17.85pt">on the Agreement Date: (i) Jayset Capital owns, beneficially and of record,
all of the issued and outstanding shares in the capital of Hennick Holdco; and (ii) Hennick Holdco owns, beneficially and of record,
all of the issued and outstanding shares in the capital of each of Jayset Mgt and Hennick Subco;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">B.</td><td style="text-align: justify; padding-right: 17.85pt">Henset Capital owns, beneficially and of record, 1,325,694 Multiple Voting
Shares in the capital of Colliers, being all of the issued and outstanding Multiple Voting Shares;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">C.</td><td style="text-align: justify; padding-right: 17.9pt">Colliers, Jayset Mgt and Jay are parties to the MSA, pursuant to which Jayset
Mgt has been providing management and other services to Colliers;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">D.</td><td style="text-align: justify; padding-right: 17.85pt">prior to the Closing Date, the Hennick Parties will complete a series of
transfers, exchanges and other matters substantially as set out in the Reorganization Memo, following the completion of which it
is expected that: (i) Jayset Capital will own, beneficially and of record, all of the issued and outstanding common shares in the
capital of Hennick Holdco; (ii) Hennick Holdco will own, beneficially and of record, all of the issued and outstanding shares in
the capital of Hennick Subco; and (iii) Hennick Subco will own, beneficially and of record, all of the issued and outstanding shares
in the capital of Jayset Mgt;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">E.</td><td style="text-align: justify; padding-right: 17.85pt">the Parties are entering into this Agreement for the purpose of, among
other things, having:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.9pt">Colliers indirectly purchase from the Sellers all of the issued and outstanding
shares in the capital of Jayset Mgt and, thereafter, terminate the MSA;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: left">Colliers, Management Co. and Jay enter into the New MSA; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(iii)</td><td style="text-align: justify; padding-right: 17.75pt">Jay, Henset Capital, Colliers and Equity Financial Trust Company enter
into the Trust Agreement which will include sunset provisions in respect of the Multiple Voting Shares and a waiver of the 115%
premium on the Multiple Voting Shares;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 47pt">in each case, upon the terms and conditions set forth in this Agreement; and</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">F.</td><td style="text-align: justify; padding-right: 17.75pt">after receiving a report recommending approval of the Transactions from
the Special Committee, the Colliers Board has approved this Agreement as being in the best interests of Colliers, has authorized
Colliers to enter into this Agreement and to complete the Transactions and recommends to the holders of Subordinate Voting Shares
that they should vote in favour of the Transaction Resolution.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt"><b>NOW THEREFORE</b>, in consideration of the mutual
covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which
are acknowledged by each of the Parties, and intending to be legally bound, the Parties covenant and agree as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 11pt">ARTICLE 1 &ndash;
DEFINITIONS AND INTERPRETATION</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">1.1</td><td style="text-align: left"><b><i>Definitions.</i></b> As used in this Agreement:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Affiliate</b>&rdquo; has the meaning ascribed thereto in National
Instrument 45-106 &ndash; <i>Prospectus Exemptions</i>;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.9pt">&ldquo;<b>Agreement</b>&rdquo; means this Transaction Agreement, as amended,
supplemented and/or restated from time to time;</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: left">&ldquo;<b>Agreement Date</b>&rdquo; has the meaning given on the first page of this Agreement;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: left">&ldquo;<b>Allocation Schedule</b>&rdquo; has the meaning given in Section 3.4;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.9pt">&ldquo;<b>ASPE</b>&rdquo; means the Canadian Accounting Standards for Private
Enterprises, as in force at a given date, as well as the policies, procedures and methodology thereunder, all as amended from time
to time;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Bankruptcy Event</b>&rdquo; means, in respect of the Person then
being referred to, that such Person: (i) is, has become or is deemed to be insolvent, liquidated or bankrupt within the meaning
of, or has otherwise become subject to any insolvency, liquidation or bankruptcy actions or proceedings under, such insolvency,
liquidation and bankruptcy or other like Laws as are applicable to such Person; (ii) has proposed a compromise or arrangement to
such Person&rsquo;s creditors generally or has taken any proceedings (whether public or private) with respect thereto or has had
any declaration, petition or receiving order in bankruptcy or other like document filed against such Person; (iii) has taken any
proceedings to have such Person declared bankrupt or insolvent or, if such Person is other than a human being, wound-up, dissolved
or liquidated; or (iv) has taken any proceedings or given any consents to have a receiver, trustee, custodian, manager, creditors&rsquo;
agent, encumbrancer or other like official or Person appointed over all or any part of such Person&rsquo;s assets or property,
or has had any receiver, trustee, custodian,</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt"></p>

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&nbsp;</td><td style="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</td><td style="width: 33%; text-align: right">&nbsp;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="margin: 0pt 17.9pt 0pt 47pt; font-size: 10pt; text-align: justify">manager, creditors&rsquo; agent, encumbrancer or other
like official or Person take possession of all or any part of such Person&rsquo;s assets or property, or has had any execution
or distress become enforceable or become levied or enforced upon all or any part of such Person&rsquo;s assets or property;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Business Day</b>&rdquo; means a day other than a Saturday, a
Sunday, a day which is observed as a legal holiday in the Province of Ontario and any day on which the Toronto Stock Exchange or
the NASDAQ Global Select Market is not open for the regular conduct of business;</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(h)</td><td style="text-align: justify; padding-right: 17.8pt">&ldquo;<b>Circular</b>&rdquo; means the management information circular
of Colliers relating to, among other things, the consideration of the matters contemplated in subsection 2.4(a), including all
appendices and schedules thereto, and any information incorporated by reference therein, to be sent to holders of Subordinate Voting
Shares and Multiple Voting Shares in connection with the Meeting;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(i)</td><td style="text-align: left">&ldquo;<b>Closing</b>&rdquo; has the meaning given in Section 8.4;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(j)</td><td style="text-align: justify; padding-right: 17.9pt">&ldquo;<b>Closing Cash</b>&rdquo; means the aggregate amount of cash of
the Purchased Entities as of the Closing Time;</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(k)</td><td style="text-align: left">&ldquo;<b>Closing Date</b>&rdquo; has the meaning given in Section 8.4;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(l)</td><td style="text-align: justify; padding-right: 17.9pt">&ldquo;<b>Closing Time</b>&rdquo; means the time on the Closing Date at
which the Closing occurs, which time shall be 8:30 a.m. (Toronto, Ontario local time) or such other time on the Closing Date as
the Parties agree upon;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(m)</td><td style="text-align: left">&ldquo;<b>Colliers</b>&rdquo; has the meaning given on the first page of this Agreement;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(n)</td><td style="text-align: left">&ldquo;<b>Colliers Board</b>&rdquo; means the board of directors of Colliers;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(o)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Colliers Fundamental Representations</b>&rdquo; means the representations
and warranties of Colliers set forth in subsections 5.1(a) [<i>Subsistence of Colliers</i>]; 5.1(b) [<i>Enforceability of Transaction
Documents on Colliers</i>], 5.1(c) [<i>Authority of Colliers to Execute Transaction Documents</i>] and 5.1(f) [<i>Shares of Colliers</i>];</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(p)</td><td style="text-align: left">&ldquo;<b>Colliers Indemnified Parties</b>&rdquo; has the meaning given in Section 11.1;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(q)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Constituent Documents</b>&rdquo; means, in respect of the corporation,
partnership, trust or other entity then being referred to, those documents pursuant to which it was incorporated, created, formed
or established and which deal with its existence, conduct, governance, constitution and/or management, in each case, as amended,
supplemented and/or restated, and in effect;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(r)</td><td style="text-align: justify; padding-right: 17.9pt">&ldquo;<b>Contract</b>&rdquo; means any agreement, contract, arrangement,
commitment, instrument, debenture, note, deed of trust, indenture, lease, guarantee, understanding or undertaking of any kind,
whether written, electronic or oral;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(s)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Credit Agreement</b>&rdquo; means the second amended and restated
credit agreement dated as of April 19, 2018 (as the same has been amended or supplemented from time to time) among, inter alia,
Colliers, as a Borrower (as such term is defined in the Credit Agreement), the other Borrowers, the Guarantors (as such term is
defined in the Credit Agreement), The Toronto-Dominion Bank, as administration agent, collateral agent and security trustee and
the financial institutions listed therein as lenders;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&nbsp;</td><td style="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</td><td style="width: 33%; text-align: right">&nbsp;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(t)</td><td style="text-align: justify; padding-right: 17.9pt">&ldquo;<b>Encumbrances</b>&rdquo; means liens, claims, charges, adverse
claims, security interests, hypothecations, pledges, mortgages, rights of first refusal, first offer, first negotiation and similar
contingent rights, and similar encumbrances of any kind;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(u)</td><td style="text-align: left">&ldquo;<b>End Date</b>&rdquo; has the meaning given in subsection 12.1(b);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(v)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Financial Statements (Annual)</b>&rdquo; means, collectively,
the following unaudited financial statements of Jayset Mgt: (i) the balance sheet as at December 31, 2020 and 2019; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 17.9pt 0pt 47pt">(ii) the statement of earnings for the years ended December 31, 2020 and
2019, together with any notes thereto;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(w)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Financial Statements (Interim)</b>&rdquo; means, collectively,
the following unaudited financial statements of Jayset Mgt: (i) the balance sheet as at March 31, 2021; and (ii) the statement
of earnings for the three-month period ended March 31, 2021, together with any notes thereto;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(x)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Governmental Authorities</b>&rdquo; means: (i) all national,
federal, provincial, territorial, state and local governments and governmental and quasi-governmental and public authorities, agencies,
courts, boards, commissions, professional bodies, ministries and other similar bodies; (ii) any subdivision or authority of any
of the bodies noted in the immediately foregoing (i); and (iii) any stock exchange;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(y)</td><td style="text-align: justify; padding-right: 17.85pt">&ldquo;<b>Hennick Fundamental Representations</b>&rdquo; means the representations
and warranties of a Sale Party or Sale Parties set forth in subsections 4.1(a) [<i>Authority of Sale Party to Execute Transaction
Documents</i>], 4.1(b) [<i>Enforceability of Transaction Documents on Sale Party</i>], 4.1(h) [<i>Ownership of Hennick Holdco Shares
and Power to Sell</i>], 4.1(i) [<i>No Rights to Purchase Purchased Shares</i>], 4.2(a) [<i>Purchased Entity Information</i>], 4.2(b)
[<i>Purchased Subsidiaries and Other Ownership Interests of Purchased Entity</i>], 4.2(c) [<i>Capitalization</i>], 4.2(d) [<i>Authority
of Jayset Mgt to Execute Transaction Documents</i>], and 4.2(e) [<i>Enforceability of Transaction Documents on Jayset Mgt</i>];</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(z)</td><td style="text-align: justify; padding-right: 17.95pt">&ldquo;<b>Hennick Holdco</b>&rdquo; means 2817551 Ontario Inc., a corporation
existing under the laws of the Province of Ontario;</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(aa)</td><td style="text-align: justify">&ldquo;<b>Hennick Holdco Shares</b>&rdquo; means the shares in the capital of Hennick
Holdco which are designated as &ldquo;<i>Common shares</i>&rdquo; in the Constituent Documents of Hennick Holdco;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(bb)</td><td style="text-align: justify">&ldquo;<b>Hennick Indemnified Parties</b>&rdquo; has the meaning given in Section
11.2;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(cc)</td><td style="text-align: justify">&ldquo;<b>Hennick Parties</b>&rdquo; has the meaning given on the first page of this
Agreement;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(dd)</td><td style="text-align: justify">&ldquo;<b>Hennick Subco</b>&rdquo; means 2817552 Ontario Inc., a corporation existing
under the laws of the Province of Ontario;</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(ee)</td><td style="text-align: justify">&ldquo;<b>Henset Capital</b>&rdquo; has the meaning given on the first page of this
Agreement;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(ff)</td><td style="text-align: justify">&ldquo;<b>including</b>&rdquo; (and variations thereof) means &ldquo;<i>including
without limitation</i>&rdquo; and shall not be construed to limit any general statement which it follows to the specific or similar
items or matters immediately following it;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(gg)</td><td style="text-align: justify">&ldquo;<b>Interested Subordinate Voting Shareholders</b>&rdquo; means, collectively:
(i) the Sellers; (ii) each related party (as such term is defined in MI 61-101) of the Sellers; (iii) each joint actor (as such
term is described in MI 61-101) of the Sellers and their related parties;</td>
</tr></table>


<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 17.9pt 0pt 47pt"></p>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&nbsp;</td><td style="width: 34%; text-align: center">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-</td><td style="width: 33%; text-align: right">&nbsp;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="margin: 0pt 17.9pt 0pt 47pt; font-size: 10pt">and (iv) any other holder of Subordinate Voting Shares whose votes would
be excluded if the Transaction Resolution was subject to &ldquo;minority approval&rdquo; as defined in MI 61-101;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(hh)</td><td style="text-align: justify">&ldquo;<b>Interim Period</b>&rdquo; means the period commencing on the Agreement Date
and ending on the earlier of: (i) the Closing Time; and (ii) the day this Agreement is terminated in accordance with Article 12;</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify">&ldquo;<b>ITA</b>&rdquo;
means the <i>Income Tax Act </i>(Canada) and the regulations thereunder;</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(jj)</td><td style="text-align: justify">&ldquo;<b>Jay</b>&rdquo; has the meaning given on the first page of this Agreement;</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(kk)</td><td style="text-align: justify">&ldquo;<b>Jayset
Capital</b>&rdquo; has the meaning given on the first page of this Agreement; </td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(ll)</td><td style="text-align: justify">&ldquo;<b>Jayset Mgt</b>&rdquo; has the meaning given on the first page of this Agreement;</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(mm)</td><td style="text-align: justify">&ldquo;<b>Laws</b>&rdquo; means all laws, statutes, regulations, rules, codes, by-laws,
orders, ordinances, decrees, treaties, standards, directives, guidelines, principles of law and policies of all Governmental Authorities
having jurisdiction over, or application to, the matter(s) and/or Person(s) then being referred to;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(nn)</td><td style="text-align: justify">&ldquo;<b>Legal Proceedings</b>&rdquo; means actions, appeals from court judgments,
appeals from decisions of Governmental Authorities, applications for review, arbitrations, mediations, assessments, re-assessments,
audits, claims, complaints, counterclaims, grievances, investigations, proceedings, demands for arbitration/mediation, lawsuits
and suits of any kind (whether in law or in equity and whether administrative, governmental, judicial, private or otherwise) in
respect of any act, conduct, omission, matter or thing (whether civil, administrative or criminal in nature);</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(oo)</td><td style="text-align: justify">&ldquo;<b>Liabilities</b>&rdquo; means all accounts and trade payables, charges, costs,
debts, expenses, indebtedness, liabilities, Taxes payable, and payment and other obligations of any kind, whether primary or secondary,
direct or indirect, asserted or unasserted, monetary or non-monetary or due or accruing due and whether fixed, contingent, conditional,
absolute or otherwise;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(pp)</td><td style="text-align: justify">&ldquo;<b>Losses</b>&rdquo; means all assessments, awards, claims, costs, damages,
deficiencies, fines, interest, judgments, losses, liabilities, late payment charges, penalties and expenses (including reasonable
legal fees and disbursements and court costs) of any kind (and whether or not arising out of a judgment, the appeal of a judgment,
an arbitration award, a mediator&rsquo;s decision or otherwise);</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(qq)</td><td style="text-align: justify">&ldquo;<b>Management Co.</b>&rdquo; means 2817886 Ontario Inc., a corporation existing
under the laws of the Province of Ontario, or an Affiliate thereof designed by Jay in writing to Colliers prior to the Closing
Time;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(rr)</td><td style="text-align: justify">&ldquo;<b>material fact</b>&rdquo; has the meaning ascribed thereto in the <i>Securities
Act </i>(Ontario); (ss) &ldquo;<b>Meeting</b>&rdquo; has the meaning given in subsection 2.4(a);</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(tt)</td><td style="text-align: justify">&ldquo;<b>Meeting Materials</b>&rdquo; means the notice of meeting, the Circular and
the form of proxy in respect of the Meeting which accompanies the Circular, and any amendments or supplements thereto;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(uu)</td><td style="text-align: justify">&ldquo;<b>MI 61-101</b>&rdquo; means Multilateral Instrument 61-101 &ndash; Protection
of Minority Security Holders in Special Transactions;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(vv)</td><td style="text-align: justify">&ldquo;<b>MSA</b>&rdquo; means the restated management services agreement made effective
as of 12:00:30 a.m. (Toronto, Ontario local time) on the 1<sup>st</sup> day of June, 2015 among FirstService Corporation (now
Colliers), Jayset Mgt and Jay, as amended by the first amending agreement made the 13<sup>th</sup> day of February, 2018 among
Colliers, Jayset Mgt and Jay;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(ww)</td><td style="text-align: justify">&ldquo;<b>MSA Termination Agreement</b>&rdquo; has the meaning given in subsection
8.2(i);</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(xx)</td><td style="text-align: justify">&ldquo;<b>Multiple Voting Shares</b>&rdquo; means, collectively, the shares in the
capital of Colliers which are designated as &ldquo;<i>Multiple Voting Shares</i>&rdquo; in the Constituent Documents of Colliers;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(yy)</td><td style="text-align: justify">&ldquo;<b>Net Tax Liability</b>&rdquo; means a positive number equal to: (i) an amount
equal to all unpaid Taxes of the Purchased Entities at the Closing Time (including as may result as a consequence of the Reorganization)
related to a Pre-Closing Tax Period of a Purchased Entity, <u>minus</u> (ii) the Closing Cash.</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(zz)</td><td style="text-align: justify">&ldquo;<b>New MSA</b>&rdquo; means the management services agreement to be entered
into on the Closing Date among Management Co., Jay and Colliers substantially in the form of the MSA but not including the Long
Term Incentive Fee (as defined in the MSA) and such other modifications as agreed to between Colliers, Jay and Management Co.;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(aaa)</td><td style="text-align: justify">&ldquo;<b>Options and Re-Purchase Obligations</b>&rdquo; means, as used in relation
to the Person then being referred to, all options, warrants, conversion privileges or other rights or Contracts obligating such
Person for: (i) the issuance, purchase, sale or transfer of any of the unissued or issued equity or other ownership interests
of such Person; or (ii) the repurchase, redemption, retraction, cancellation or other acquisition by any means of any of the issued
equity or other ownership interests of such Person;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(bbb)</td><td style="text-align: justify">&ldquo;<b>Parties</b>&rdquo; means, collectively, Colliers and the Hennick Parties;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(ccc)</td><td style="text-align: justify">&ldquo;<b>Person</b>&rdquo; includes a human being, a corporation, a trust, a partnership,
a body corporate, a Governmental Authority, an association and any other form of incorporated or unincorporated organization or
entity;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(ddd)</td><td style="text-align: justify">&ldquo;<b>Post-Closing Tax Period</b>&rdquo; means, for a Purchased Entity then being
referred to, any taxable period for such Purchased Entity beginning on or after the Closing Date;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(eee)</td><td style="text-align: justify">&ldquo;<b>Pre-Closing Tax Period</b>&rdquo; means, for a Purchased Entity then being
referred to, any taxable period for such Purchased Entity that is not a Post-Closing Tax Period or a Straddle Period;</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(fff)</td><td style="text-align: justify">&ldquo;<b>Purchase Price</b>&rdquo; has the meaning given in Section 3.2;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(ggg)</td><td style="text-align: justify">&ldquo;<b>Purchased Entities</b>&rdquo; means Hennick Holdco together with all of
the Purchased Subsidiaries;</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(hhh)</td><td style="text-align: justify">&ldquo;<b>Purchased Shares</b>&rdquo; has the meaning given in Section 2.1;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11pt; text-align: right"></td><td style="width: 36pt">(iii)</td><td style="text-align: justify">&ldquo;<b>Purchased Subsidiaries</b>&rdquo; means, collectively, Jayset Mgt and Hennick
Subco; (jjj)&#9;&ldquo;<b>Registration Rights Agreement</b>&rdquo; has the meaning given in Section 8.2(i)(v);</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11.05pt"></td><td style="width: 35.9pt">(kkk)</td><td style="padding-right: 17.9pt">&ldquo;<b>Reorganization</b>&rdquo; means the steps contemplated in the Reorganization Memo,
as such steps may be amended in accordance with Section 7.5(a);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(lll)</td><td style="text-align: justify">&ldquo;<b>Reorganization Memo</b>&rdquo; means the presentation entitled &ldquo;Proposed
Sale of Jayset Management CIG Inc.&rdquo; prepared by counsel to the Hennick Parties, a copy of which is attached hereto as Schedule
C;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(mmm)</td><td style="text-align: justify">&ldquo;<b>Sale Parties</b>&rdquo; means, collectively, Jay, the Sellers and Henset
Capital;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(nnn)</td><td style="text-align: justify">&ldquo;<b>Sellers</b>&rdquo; means Jayset Capital, and includes any Person who acquires
Purchased Shares pursuant to the Reorganization, becomes a party to this Agreement and sells, assigns and transfers Purchased
Shares to Colliers;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(ooo)</td><td style="text-align: justify">&ldquo;<b>Special Committee</b>&rdquo; means the Special Committee of the Colliers
Board empowered to evaluate, make proposals with respect to, negotiate, consider the desirability, feasibility of, and report
to the Colliers Board on a potential transaction in the nature of the Transactions, including as to whether such a potential transaction
is in the best interests of Colliers;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(ppp)</td><td style="text-align: justify">&ldquo;<b>Straddle Period</b>&rdquo; means, for a Purchased Entity then being referred
to, any taxable period for such Purchased Entity beginning before the Closing Date and ending after the Closing Date;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(qqq)</td><td style="text-align: justify">&ldquo;<b>Subordinate Voting Shares</b>&rdquo; means, collectively, the shares in
the capital of Colliers which are designated as &ldquo;<i>Subordinate Voting Shares</i>&rdquo; in the Constituent Documents of
Colliers;</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(rrr)</td><td style="text-align: justify">&ldquo;<b>Subsidiary</b>&rdquo; has the meaning ascribed thereto in National Instrument
45-106 &ndash; <i>Prospectus</i>  <i>Exemptions</i>;</td>
</tr></table>

<p style="text-align: right; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></p>



<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(sss)</td><td style="text-align: justify">&ldquo;<b>Tax Return</b>&rdquo; means any report, return, document, declaration, payee
statement or other information or filing which is supplied or required to be supplied to any Governmental Authority by a Purchased
Entity relating to Taxes (including the payment of Taxes or the claiming of a refund of Taxes) and includes all related forms
and elections and schedule(s) or attachment(s) thereto and amendment(s) thereof;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(ttt)</td><td style="text-align: justify">&ldquo;<b>Taxes</b>&rdquo; or &ldquo;<b>Tax</b>&rdquo; means all taxes, assessments,
levies and other governmental charges and imposts of any kind (whether domestic or foreign; federal, provincial, territorial or
municipal; or otherwise), and including amounts payable relating to unclaimed property, abandonment or escheat, together with
any interest or penalties, any addition to tax or any additional amount imposed by any Governmental Authority thereon;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(uuu)</td><td style="text-align: justify">&ldquo;<b>Transaction Documents</b>&rdquo; means this Agreement together with all
Contracts, documents, certificates and other instruments executed and delivered pursuant to the provisions of this Agreement or
otherwise in connection with, or to give effect to, the transactions and other matters provided for in this Agreement;</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(vvv)</td><td style="text-align: justify">&ldquo;<b>Transaction Resolution</b>&rdquo; has the meaning given in subsection 2.4(a);</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(www)</td><td style="text-align: justify">&ldquo;<b>Transactions</b>&rdquo; means the transactions contemplated by this Agreement
and the other Transaction Documents and all matters ancillary thereto as provided for in this Agreement; and</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11.05pt; text-align: right"></td><td style="width: 35.9pt">(xxx)</td><td style="text-align: justify">&ldquo;<b>Trust Agreement</b>&rdquo; has the meaning given in Section 2.3.</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt"></p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 17.9pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0in">1.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Schedules. </i></b>The following schedules to this Agreement are attached to, are incorporated into, and form an integral
part of this Agreement:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 11%; font-size: 10pt; font-style: italic; padding-left: 11pt"><u>Schedule</u></td><td style="width: 1%; font-size: 10pt; font-style: italic">&nbsp;</td>
    <td style="width: 88%; font-size: 10pt; font-style: italic"><u>Description</u></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-style: italic">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 11pt">A &ndash;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Form of Trust Agreement</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 11pt">B &ndash;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Form of Transaction Resolution</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 11pt">C &ndash;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Reorganization Memo</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 11pt">D &ndash;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Form of Registration Rights Agreement</td></tr>
</table>




<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">1.3<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Recitals Form Part of Agreement; Section References.</i></b> The recitals to this Agreement form an integral part
of this Agreement and are incorporated herein by reference. Unless otherwise expressly indicated in this Agreement, any reference
which is made in this Agreement to an &ldquo;<i>Article</i>&rdquo;, &ldquo;<i>Section</i>&rdquo;, &ldquo;<i>subsection</i>&rdquo;
or &ldquo;<i>paragraph</i>&rdquo; means and refers to the Article, Section, subsection or paragraph of this Agreement so referenced.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">1.4<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Scope of Knowledge. </i></b>The word &ldquo;<i>knowledge</i>&rdquo; means, in relation to the Person(s) then being
referred to, the actual knowledge of such Person(s), provided that: (a) the actual knowledge of a Sale Party shall mean the actual
knowledge of any one of Jay and Jonathan Ng; and (b) the actual knowledge of Colliers shall mean the actual knowledge of any one
of Christian Mayer and Matthew Hawkins, in each case, in respect of the matter or thing then being referred to.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">1.5<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Third Party Beneficiaries.</i></b> Nothing in this Agreement or in any agreement contemplated herein or delivered
pursuant hereto is intended, expressly or by implication, to, or shall, confer on any Person other than the Parties, any rights
or remedies of any kind, except for the Colliers Indemnified Parties not already party to this Agreement, who, in each case, shall
be express third party beneficiaries solely with respect to Article 11.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">1.5<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Method of Making Payments. </i></b>Unless otherwise indicated, all payments (whether in respect of a portion of the
Purchase Price or otherwise) required to be made herein shall be made in immediately available Canadian dollars by certified cheque,
bank draft or same day funds wire transfer.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">1.6<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Documents Made Available. </i></b>Any document, financial statement, Contract, list or other item shall be deemed
to have been &ldquo;<i>made available</i>&rdquo; to Colliers for all purposes of this Agreement if, at least two Business Days
prior to the Agreement Date, such document, financial statement, Contract, list or other item was sent (including by email) by
a Hennick Party or by legal counsel to a Hennick Party (or by any other Person at the request of, or for and on behalf of, a Hennick
Party or legal counsel to a Hennick Party) to, and received by, Colliers.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 11pt">ARTICLE 2 &ndash; TRANSACTIONS</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">2.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Purchase and Sale of Hennick Holdco Shares.</i></b> Subject to the terms and conditions set forth in this Agreement
(including Section 7.5), at Closing the Sellers will sell, assign and transfer to Colliers, and Colliers will purchase from the
Sellers all of the issued and outstanding shares in the capital of Hennick Holdco (the &ldquo;<b>Purchased Shares</b>&rdquo;).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">2.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b>Final Fees under the MSA</b>. Subject to the terms and conditions set forth in this Agreement, Colliers, Jayset Mgt and
Jay agree that:</p>

<p style="margin: 0pt 17.85pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: left; padding-right: 17.85pt">Jayset Mgt is entitled to receive (and Colliers shall pay) the portion of
the Base Fee and the Two Percent Fee (as such terms are defined in the MSA) payable by Colliers to</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">Jayset Mgt under the MSA up to and including the
Closing Date (any portion of the Base Fee and/or the Two Percent Fee so entitled to be received by, and not paid to, Jayset Mgt
at the Closing Time, the &ldquo;<b>MSA Remaining 2021 Base Fee</b>&rdquo;); and</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.9pt">Jayset Mgt acknowledges that no Incentive Fee (as such term is defined in
the MSA) was payable under the MSA in respect of the fiscal year ended December 31, 2020;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">and, at the Closing Time (but immediately prior to
the completion of the acquisition of the Purchased Shares by Colliers hereunder), Jayset Mgt assigns, transfers, grants and sets
over unto Jayset Capital or one of its Affiliates (as directed by Jayset Capital in writing prior to the Closing Time), for Jayset
Capital&rsquo;s or such Affiliate&rsquo;s sole benefit, all of Jayset Mgt&rsquo;s right, title and interest in and to the MSA Remaining
2021 Base Fee. Each of Colliers and Jay consents to the assignment of the MSA Remaining 2021 Base Fee by Jayset Mgt to Jayset Capital
or such Affiliate hereunder. The Parties acknowledge and agree that: (i) notwithstanding the termination of the MSA in accordance
with the terms of this Agreement, Jayset Capital or such Affiliate is entitled to receive the MSA Remaining 2021 Base Fee, if any,
determined in accordance with, and paid at such time and in such currency as is contemplated by, the MSA and in accordance with
the past practices of Colliers; and (ii) at the Closing Time (but immediately following the completion of the acquisition of the
Purchased Shares by Colliers hereunder), the parties to the MSA will terminate the MSA and, from and after the Closing Time, neither
Jayset Mgt nor any other Person will be entitled to receive any payments under the MSA from Colliers other than the MSA Remaining
2021 Base Fee. The Parties agree that the manner in which the MSA Remaining 2021 Base Fee is assigned to Jayset Capital or its
Affiliate shall be as determined by mutual agreement of Jay and Colliers, each acting reasonably.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.75pt 0pt 11pt">2.3<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Creation of Sunset Provisions in Respect of the Multiple Voting Shares. </i></b>Subject to the terms and conditions
set forth in this Agreement (including the completion of the Reorganization and the purchase and sale of the Purchased Shares and
the satisfaction in full of the Purchase Price), on Closing, Jay, Henset Capital, Colliers and Equity Financial Trust Company will
enter into a trust agreement (the &ldquo;<b>Trust Agreement</b>&rdquo;) substantially in the form of the trust agreement attached
at Schedule A which will provide, among other things, for sunset provisions in respect of the elimination in an orderly way, over
time, of the Multiple Voting Shares.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">2.4</td><td style="text-align: justify">Shareholder Meeting and Meeting Materials.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">Following the execution of this Agreement, Colliers will, at a time to
be determined by the Colliers Board, call, hold and conduct an annual and special meeting (the &ldquo;<b>Meeting</b>&rdquo;) of
holders of Subordinate Voting Shares and Multiple Voting Shares to be held at such time and place as is determined by the Colliers
Board (and in any event on or prior to April 30, 2021) in order for, among other things the holders of Subordinate Voting Shares
to consider and, if determined advisable, to pass an ordinary resolution authorizing and approving the Transactions (the &ldquo;<b>Transaction
Resolution</b>&rdquo;), substantially in the form of Schedule B annexed hereto.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers shall comply, in all material respects, with applicable Laws and
the Constituent Documents of Colliers in relation to the calling, holding and conduct of the Meeting and the content, filing and
sending to shareholders of the Meeting Materials (including any disclosure required by MI 61-101). Without limiting the generality
of the foregoing, Colliers shall ensure that the Circular provides Colliers shareholders with information in sufficient detail
to permit them to form a reasoned judgment concerning the respective matters to be placed before them at the Meeting.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers shall give the Sellers and their legal counsel a reasonable opportunity
to review and comment on drafts of the Meeting Materials, and shall give reasonable consideration to any comments made by the Sellers
and their counsel, recognizing that whether or not such comments are ultimately included will be determined by the Colliers Board,
acting reasonably. Notwithstanding the foregoing, all information relating solely to the Hennick Parties for inclusion in the Circular
must be in form and content satisfactory to the Hennick Parties. The Hennick Parties shall furnish to Colliers all such information
concerning the Hennick Parties and their respective Affiliates as may be required to be included in the Meeting Materials. The
Sale Parties hereby represent, warrant and covenant to and in favour of Colliers that no information furnished by a Hennick Party
pursuant to this subsection 2.4(c) for inclusion in the Circular will contain a misrepresentation (as such term is defined in the
<i>Securities Act</i> (Ontario)).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers agrees that the Circular will include a statement that the Colliers
Board (with Jay abstaining) has: (i) unanimously approved this Agreement; and (ii) determined that the Transactions are in the
best interests of Colliers, and that it recommends that the holders of Subordinate Voting Shares vote in favour of the Transaction
Resolution.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.85pt">The Parties agree that: (i) the requisite approval for the Transaction
Resolution will be a simple majority of the votes cast by holders of Subordinate Voting Shares, voting separately as a class, present
in person or represented by proxy at the Meeting, excluding the votes attached to Subordinate Voting Shares held by Interested
Subordinate Voting Shareholders or over which control or direction is exercised by Interested Subordinate Voting Shareholders;
and (ii) the requisite approval for any other resolution or matter as may considered or voted on by holders of Subordinate Voting
Shares and/or Multiple Voting Shares at the Meeting shall be such approval as is required by applicable Law (including the requirements
of any applicable Governmental Authority) and/or the Constituent Documents of Colliers.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.85pt">Each Party shall promptly notify the other Parties if at any time before
the Closing Time it becomes aware that the Circular contains any untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements contained therein not misleading in light of the circumstances
in which they are made, or that otherwise requires an amendment or supplement to the Circular. In any such event, the Parties shall
cooperate in the preparation of a supplement or amendment to the Circular, as required and as the case may be, and, if required,
shall cause the same to be distributed to Colliers shareholders and/or filed with applicable Governmental Authorities.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 11pt">ARTICLE 3 &ndash; PURCHASE
PRICE FOR PURCHASED SHARES</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">3.1</td><td style="text-align: left"><b><i>Additional Definitions.</i></b> As used in this Agreement:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.8pt">&ldquo;<b>Designated Colliers Options</b>&rdquo; means the 2,115,500 options
to acquire Subordinate Voting Shares under Colliers&rsquo; stock option plan which were issued and outstanding as at the close
of business on the Reference Date (and, for the avoidance of doubt, excluding any options to acquire Subordinate Voting Shares
which are or may be issued at any time following the close of business on the Reference Date, whether or not approved for issuance
by the Colliers Board prior to such time);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.9pt">&ldquo;<b>Convertible Note Shares</b>&rdquo; means the 3,967,655 Subordinate
Voting Shares issuable pursuant to a holder&rsquo;s conversion rights provided under the terms of the 4.00%</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 17.9pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.9pt 0pt 47pt; font-size: 10pt">Convertible Senior Subordinated Notes of Colliers due 2025 outstanding
as at the close of business on the Reference Date;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.9pt">&ldquo;<b>Colliers Outstanding Share Amount</b>&rdquo; means 46,346,716,
being the sum of the number of: (i) Multiple Voting Shares and Subordinate Voting Shares issued and outstanding at the close of
business on the Reference Date; (ii) Designated Colliers Options and (iii) Convertible Note Shares;</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify">&ldquo;<b>Reference Date</b>&rdquo; means February 25, 2021; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.7pt">&ldquo;<b>SVS Per Share Price</b>&rdquo; means $134.64, being the volume
weighted average price of the Subordinate Voting Shares traded through the Toronto Stock Exchange during the 10- trading day period
ending on (and including) the Reference Date.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">3.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Purchase Price for Purchased Shares. </i></b>The total purchase price for the Purchased Shares is an amount equal
to: (i) C$120,262,390, <u>less</u> (ii) the Net Tax Liability, <u>plus,</u> (iii) as of the Reference Date, C$481,049,561 (the
&ldquo;<b>Purchase Price</b>&rdquo;). The Parties hereto acknowledge and agree that the Purchase Price was determined by applying
the formula provided in subsection 4.2(a) of the MSA as if the event in subsection 4.1(a) thereof had occurred, with the &ldquo;<i>per
share consideration</i>&rdquo; referenced therein being deemed to be the SVS Per Share Price and &ldquo;<i>the number of Multiple
Voting Shares and Subordinate Voting Shares of Colliers issued and outstanding at the time of the applicable sale, dividend, distribution
or transaction</i>&rdquo; referenced therein being deemed to be the Colliers Outstanding Share Amount.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">3.3<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Payment of Purchase Price. </i></b>At the Closing Time, the Purchase Price shall be satisfied by Colliers as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify">Colliers will pay to the applicable Seller(s), in cash, an amount equal to: (i)</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0 0pt 47pt">C$120,262,390, <u>less</u> (ii) the Net Tax Liability; and</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.9pt">Colliers will allot, issue and deliver to the applicable Seller(s) an aggregate
of 3,572,858 Subordinate Voting Shares, for which the applicable Seller(s) hereby subscribes at Closing, with such Subordinate
Voting Shares to be allotted and issued to the applicable Seller(s) as fully paid and non-assessable.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">3.4<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Allocation of Purchase Price.</i></b> In the event that there is or reasonably anticipated by the Hennick Parties
to be more than one Seller, at least five (5) Business Days prior to the Closing Date, the Hennick Parties shall deliver to Colliers
a statement setting out the allocation of the Purchase Price (and the types of consideration payable) to each Seller (the &ldquo;<b>Allocation
Schedule</b>&rdquo;). Colliers shall have a period of three (3) Business Days following its receipt of the Allocation Schedule
to provide the Hennick Parties with any comments related to such Allocation Schedule. The Sale Parties shall consider such comments
in good faith, acting reasonably. If the Purchase Price is adjusted pursuant to any of the provisions of this Agreement, the amount
of such adjustment shall, if such amount cannot be reasonably allocated to certain Purchased Shares, be allocated on a pro rata
basis amongst the common shares of Hennick Holdco unless otherwise agreed by the Hennick Parties and Colliers. Such allocation
shall be final and binding upon the Parties for all purposes, including the filing of all Tax Returns.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt"><font style="font-style: normal">3.5</font></td><td style="text-align: justify">Subsection 85(1) of ITA Election<font style="font-style: normal">.</font></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.75pt">Colliers and the Sellers covenant and agree that they shall, within the
time limit and in the form and manner prescribed therefor by the ITA, make, complete, execute and file a</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">joint election pursuant to subsection 85(1) of the
ITA (or any analogous provincial or territorial equivalents) in respect of the transfer of the Purchased Shares by the Sellers
pursuant hereto, and Colliers and the Sellers further agree that the amount or amounts of the sale, assignment and transfer by
the Sellers to Colliers of the Purchased Shares sold by the Sellers pursuant hereto will be made at an amount or amounts to be
determined by the Sellers in their sole discretion (provided such amount(s) so determined by the Sellers are permitted by the applicable
provisions of the ITA).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">If requested by the Sale Parties, the provisions of subsection 3.5(a) shall
apply <i>mutatis mutandis </i>with respect to the conversion of Multiple Voting Shares into Subordinate Voting Shares if and when
such Multiple Voting Shares are converted into Subordinate Voting Shares from time to time. For the avoidance of doubt, this subsection
3.5(b) shall survive the Closing.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 11pt">ARTICLE 4 &ndash; REPRESENTATIONS
AND WARRANTIES &ndash; SALE PARTIES</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">4.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Representations and Warranties in Respect of the Sale Parties. </i></b>Each Sale Party, for and on behalf of himself
or itself, severally and not jointly and severally represents and warrants to Colliers as of the Agreement Date as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify"><i>Authority of Sale Party to Execute Transaction Documents</i>: such Sale Party:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">(A) if an individual, has attained the full age of majority under applicable
Laws, and is legally competent; or (B) if a corporation, has the necessary corporate and/or other power, authority and capacity
as is required by all Laws applicable to it, its Constituent Documents and otherwise to enable it, in each case, to enter into,
execute and deliver all those Transaction Documents to which such Sale Party is a party and to observe and perform the terms, conditions
and provisions thereof which are required to be observed and performed by such Sale Party;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.85pt">if a corporation, has duly authorized the execution and delivery of the
Transaction Documents; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(iii)</td><td style="text-align: justify; padding-right: 17.75pt">has executed and delivered each of the Transaction Documents to which it
is a party;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Enforceability of Transaction Documents on Sale Party: </i>subject to
limitations regarding enforcement under Laws affecting creditors&rsquo; rights generally (including bankruptcy, insolvency, moratorium,
reorganization and other similar Laws) and to the extent that equitable remedies such as specific performance and injunction are
in the discretion of the court from which sought: (i) this Agreement constitutes legal, valid and binding obligations of such Sale
Party enforceable against such Sale Party in accordance with the terms hereof (assuming the due authorization, execution and delivery
thereof by the other Parties); and (ii) each of the other Transaction Documents to which such Sale Party is a party, once executed
and delivered by such Sale Party, shall constitute legal, valid and binding obligations of such Sale Party enforceable against
such Sale Party in accordance with the terms thereof (assuming the due authorization, execution and delivery thereof by the other
Parties);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.9pt"><i>No Legal Proceedings or Judgments involving Sale Party:</i> no awards,
decrees, executions, judgments, decisions or orders are outstanding against, and no Legal Proceedings are pending or, to the knowledge
of such Sale Party, threatened against or affecting such Sale Party and/or any of the assets or property of such Sale Party which</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">could: (i) impair, invalidate, nullify, prevent,
prohibit or restrain, in whole or in part, the Transactions; (ii) affect the ability of such Sale Party to enter into those of
the Transaction Documents to which such Sale Party is a party and to observe and perform each and all of such Sale Party&rsquo;s
obligations arising thereunder; or (iii) if such Sale Party is a Seller, cause any Encumbrances to attach to, or divest or impair
title to, any of the Hennick Holdco Shares owned (or to be owned at the Closing Time) by such Sale Party;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.75pt"><i>No Violation of Laws or Contracts by Sale Party:</i> the entering into,
execution and delivery by such Sale Party of those Transaction Documents to which such Sale Party is a party and the observance
and performance by such Sale Party of all of the covenants, terms and provisions thereof required to be observed and performed
by such Sale Party do not: (i) constitute a violation or breach of, or a default under (or would, with the passage of time or the
giving of notice or both, constitute a violation or breach of, or a default under) any Contract to which such Sale Party is a party
(or by which such Sale Party is bound), any Laws applicable to such Sale Party or, if applicable, the Constituent Documents of
such Sale Party; (ii) require the obtainment of any permits, licenses, consents, orders or other authorizations, or the making
of any filings or the giving of any notices, pursuant to any Contract to which such Sale Party is a party (or by which such Sale
Party is bound), pursuant to any Laws applicable to such Sale Party, from any Governmental Authority to which such Sale Party is
subject or, if applicable, pursuant to the Constituent Documents of such Sale Party other than those which have been obtained,
made or given by such Sale Party prior to the Closing Date; (iii) give rise to any termination rights under any Contract to which
such Sale Party is a party (or by which such Sale Party is bound); or (iv) if such Sale Party is a Seller, result in the imposition
of any Encumbrances upon any of the issued and outstanding Hennick Holdco Shares owned (or to be owned at the Closing Time) by
such Sale Party;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Shareholders&rsquo;/Owners&rsquo; Agreements or Voting Trust Agreements
involving Sale Party:</i> such Sale Party is not a party to, and, if such Sale Party is a Seller, none of the Purchased Shares
being sold by such Sale Party is subject to, any shareholders&rsquo; or owners&rsquo; agreements (or other like Contracts) or voting
trust agreements (or other like Contracts) pertaining to the issuance, sale, transfer or voting of ownership interests, or involving
the governance or management, of a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.85pt"><i>No Bankruptcy Event by Sale Party: </i>such Sale Party has not committed,
and such Sale Party is not subject to, a Bankruptcy Event that is continuing or outstanding or that has not been cured;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.8pt"><i>Residency of Sale Party: </i>if such Sale Party is a Seller, such Sale
Party is not a non- resident of Canada for the purposes of Section 116 of the ITA;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(h)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Ownership of Hennick Holdco Shares and Power to Sell:</i> Jayset Capital
owns, beneficially and of record and free and clear of any and all Encumbrances, as of the date hereof, a total of one (1) Hennick
Holdco Share. Immediately prior to the Closing Time, if such Sale Party is a Seller, such Sale Parties will own in the aggregate,
beneficially and of record, and free and clear of any and all Encumbrances, all of the issued and outstanding Purchased Shares,
and such Sale Parties will have the legal right to sell, transfer and assign to Colliers all of the Purchased Shares which are
being sold by such Sale Parties pursuant to Section 2.1 and, upon the completion of such sale, Colliers shall acquire legal title
to all of the Purchased Shares so sold by such Sale Parties to Colliers free and clear of any and all Encumbrances (other than
any Encumbrances granted thereon by Colliers);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.8pt"><i>No Rights to Purchase Purchased Shares: </i>if such Sale Party is a Seller,
except for Colliers&rsquo; right to purchase from such Sale Party the Purchased Shares which are being sold by such Sale Party
pursuant to Section 2.1, there do not exist any options, warrants, rights of first refusal, pre-emptive rights, subscription rights
or any other rights of any kind, actual, contingent or executory, for the purchase, sale or transfer of any of the Hennick Holdco
Shares which are owned (or to be owned at the Closing Time) by such Sale Party; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(j)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Relating to the Subordinate Voting Shares</i>: such Sale Party: (i)
understands that the Subordinate Voting Shares to be issued pursuant to subsection 3.3(b) or upon conversion of the Multiple Voting
Shares pursuant to the terms of the Trust Agreement have not been and, except pursuant to the terms of the Registration Rights
Agreement, will not be registered under the United States <i>Securities Act of 1933</i>, as amended, or any applicable state securities
laws; (ii) has had access to such information concerning Colliers and its Subsidiaries as it has considered necessary in connection
with its decision to acquire (directly or indirectly) the Subordinate Voting Shares to be issued pursuant to this Agreement; (iii)
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its
investment in the Subordinate Voting Shares and is able to bear the economic risks of such investment; and (iv) if a Seller, is
acquiring such Subordinate Voting Shares as provided for herein for its own account and not with a view to any resale, distribution
or other disposition of the Subordinate Voting Shares in violation of applicable Laws.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">4.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Representations and Warranties in Respect of the Purchased Entities. </i></b>The Sale Parties jointly and severally
represent and warrant to Colliers as of the Agreement Date as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt"><i>(a)</i></td><td style="text-align: justify"><i>Purchased Entity Information:</i></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><i>&nbsp;</i></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">Hennick Holdco is a corporation duly organized, validly existing and in
good standing under the Laws of the Province of Ontario, and: (A) for tax purposes, the date of its fiscal year-end is December
31; (B) Jay S. Hennick is its sole director; (C) the following individuals are all of its officers, each holding the position(s)
designated in parenthesis next to such individual&rsquo;s name: Jay S. Hennick (Chairman and Chief Executive Officer) and Jonathan
Ng (Chief Financial Officer); and (D) its authorized and issued capital as at the date hereof is as follows: an unlimited number
of Hennick Holdco Shares authorized, with a total of one (1) Hennick Holdco Share issued and outstanding as of the date hereof,
which is owned by Jayset Capital as of the date hereof;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.85pt">Jayset Mgt is a corporation duly organized, validly existing and in good
standing under the Laws of the Province of Ontario, and: (A) for tax purposes, the date of its fiscal year-end is December 31;
(B) the following individuals are all of its directors: Jay S. Hennick and Barbara Hennick; (C) the following individuals are all
of its officers, each holding the position(s) designated in parenthesis next to such individual&rsquo;s name: Jay S. Hennick (President
and Chief Executive Officer), Barbara Hennick (Vice President), Jonathan Ng (Vice President, Finance), Bradley M. Hennick (Vice
President) and Lynda Cralli (Secretary); and (D) its authorized and issued capital as at the date hereof is as follows: an unlimited
number of common shares and an unlimited number of Class A special shares authorized, with a total of 1,001 common shares and 6,199,590
Class A special shares issued and outstanding as of the date hereof, all of which are owned by Hennick Holdco as of the date hereof;
and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(iii)</td><td style="text-align: justify; padding-right: 17.85pt">Hennick Subco is a corporation duly organized, validly existing and in
good standing under the Laws of the Province of Ontario, and: (A) for tax purposes, the date of its fiscal year-end is December
31; (B) Jay S. Hennick is its sole director; (C) the following individuals are all of its officers, each holding the position(s)
designated in parenthesis next to such individual&rsquo;s name: Jay S. Hennick (Chairman and Chief Executive Officer) and Jonathan
Ng (Chief Financial Officer); and (D) its authorized and issued capital as at the date hereof is as follows: an unlimited number
of common shares authorized, with a total of one (1) common share issued and outstanding as of the date hereof, which is owned
by Hennick Holdco as of the date hereof;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Purchased Subsidiaries and Other Ownership Interests of Purchased Entity</i>:
except in each case as set out in or contemplated by the Reorganization Memo, Hennick Holdco does not have, and has never had,
any Subsidiaries other than the Purchased Subsidiaries (and, at the Closing Time, will not have any Subsidiaries other than the
Purchased Subsidiaries), and each Purchased Entity does not own any shares, partnership units, membership interests, options, securities,
warrants, conversion privileges or other rights or interests of any kind (whether actual, executory, contingent, pre-emptive or
otherwise) in the capital or ownership of any Person other than a Person which is a Purchased Subsidiary;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Capitalization: </i>concerning a Purchased Entity: as of the date hereof,
(i) other than the ownership interests described in or pursuant to paragraphs 4.2(a)(i)(D), 4.2(a)(ii)(D) and 4.2(a)(iii)(D) as
comprising its authorized and issued capital, there are no ownership interests of such Purchased Entity that are issued, reserved
for issuance or outstanding; (ii) all of the issued and outstanding ownership
interests of such Purchased Entity were validly issued in compliance with the requirements of applicable Laws, are fully paid and
non-assessable and are free of pre-emptive rights; (iii) it is not subject to any Options and Re-Purchase Obligations; and (iv)
it has no outstanding Contracts providing for any securities/ownership appreciation rights, phantom equity or similar equity/ownership-
based rights, agreements, arrangements or commitments based upon the book value, income or any other attribute of such Purchased
Entity;</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Authority of Jayset Mgt to Execute Transaction Documents:</i> Jayset
Mgt has the necessary corporate and/or other power, authority and capacity as is required by all Laws applicable to it, its Constituent
Documents and otherwise to enable it to enter into, execute and deliver all those Transaction Documents to which it is a party
and to observe and perform the terms, conditions and provisions thereof which are required to be observed and performed by it (and
Jayset Mgt has duly authorized the execution and delivery of, and has executed and delivered, each of the Transaction Documents
to which it is a party), and such entering into, execution, delivery, observance and performance has been validly authorized by
all necessary corporate and other required action and does not:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.75pt">constitute a violation or breach of, or a default under (or would, with
the passage of time or the giving of notice or both, constitute a violation or breach of, or a default under): (A) the Constituent
Documents of Jayset Mgt; (B) any Contract to which Jayset Mgt is a party (or by which Jayset Mgt is bound); or (C) any Laws applicable
to Jayset Mgt;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.9pt">require the obtainment of any permits, licenses, consents, orders or other
authorizations, or the making of any filings or the giving of any notices, pursuant to any Contract to which Jayset Mgt is a party
(or by which Jayset Mgt is bound),</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 83pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 83pt; font-size: 10pt; text-align: justify">pursuant to any Laws applicable to Jayset Mgt, from
any Governmental Authorities to which Jayset Mgt is subject or pursuant to the Constituent Documents of Jayset Mgt, other than
those which have been obtained, made or given by Jayset Mgt prior to the Closing Date; or</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(iii)</td><td style="text-align: justify; padding-right: 17.9pt">result in the imposition of any Encumbrances upon any of the assets or property
of Jayset Mgt or give rise to any Liabilities on the part of Jayset Mgt;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Enforceability of Transaction Documents on Jayset Mgt: </i>subject to
limitations regarding enforcement under Laws affecting creditors&rsquo; rights generally (including bankruptcy, insolvency, moratorium,
reorganization and other similar Laws) and to the extent that equitable remedies such as specific performance and injunction are
in the discretion of the court from which sought, each of the Transaction Documents to which Jayset Mgt is a party, once executed
and delivered by it, shall constitute legal, valid and binding obligations of Jayset Mgt enforceable against Jayset Mgt in accordance
with the terms thereof (assuming the due authorization, execution and delivery thereof by the other Parties);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.85pt"><i>No Bankruptcy Event by Purchased Entity: </i>each Purchased Entity has
not committed, and each such Purchased Entity is not subject to, a Bankruptcy Event that is continuing or outstanding or that has
not been cured;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.9pt"><i>No Legal Proceedings: </i>no awards, decrees, executions, judgments,
decisions or orders are outstanding against, and no Legal Proceedings are pending or, to the knowledge of the Sale Parties, threatened
against or affecting a Purchased Entity or any of the assets or property of a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(h)</td><td style="text-align: left"><i>Authority of Jayset Mgt to Carry on Business and Other Matters:</i> Jayset Mgt:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.8pt">is qualified to do business, and it has all power, authority and capacity
required by applicable Laws to enable it to conduct its business and affairs, in each jurisdiction where such business and affairs
are conducted and to own, lease, occupy, use and operate all of the assets and property owned, leased, occupied, used and operated
by it, and it is licensed or qualified with respect to the conduct of its business if and to the extent required in each jurisdiction
in which it conducts business. Except as set out in or contemplated by the Reorganization Memo, the business and affairs presently
being carried on by Jayset Mgt consists solely of providing the services required of Jayset Mgt (through Jay) to Colliers pursuant
to the terms of the MSA, and the doing of all acts and things incidental or ancillary thereto, and Jayset Mgt does not carry on
any other business activities; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 47pt; text-align: right"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify">has previously conducted, and is conducting, its business and affairs in compliance,
in all material respects, with Laws applicable to it in all jurisdictions to which it is subject and in each jurisdiction in which
its assets or property are located, and no notifications have been received by such Purchased Entity stating or alleging that
such business and affairs are not being so conducted.</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">Except as set out in or contemplated by the Reorganization
Memo, since the date of its formation, the sole use, business and function of: (A) Hennick Holdco has been the holding, directly
or indirectly, of the issued and outstanding shares of Jayset Mgt and Hennick Subco, and to participate in the Reorganization.
Hennick Holdco has not been used for any other purpose, engaged in any other activities or employed any Persons;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt"></p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">and (B) Hennick Subco has been to participate in
the Reorganization. Hennick Subco has not been used for any other purpose, engaged in any other activities or employed any Persons;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Shareholders&rsquo;/Owners&rsquo; Agreements or Voting Trust Agreements:
</i>there are not in effect any shareholders&rsquo; or owners&rsquo; agreements (or other like Contracts) or voting trust agreements
(or other like Contracts) pertaining to the issuance, sale, transfer or voting of ownership interests, or involving the governance
or management, of a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(j)</td><td style="text-align: justify; padding-right: 17.9pt"><i>Minute Books and Business Records: </i>the minute books (or other like
books) and other corporate and business records of a Purchased Entity have been maintained in compliance, in all material respects,
with applicable Laws and, other than as may be provided for herein, there are no filings or applications outstanding or proceedings
underway in relation to a Purchased Entity which could alter its Constituent Documents;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(k)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Financial Records: </i>the books of account and financial records of
each Purchased Entity have been kept and maintained in compliance, in all material respects, with applicable Laws;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(l)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Financial Statements (Annual)</i>: a true and complete copy of the Financial
Statements (Annual) have been provided to Colliers, and such financial statements: (i) are true and correct in all material respects
and have been prepared from the books of account and financial records of Jayset Mgt; (ii) have been prepared in accordance with
ASPE and on a basis consistent with those of preceding fiscal periods and the requirements of applicable Governmental Authorities
and applicable Laws, and present fairly, in all material respects, the assets, liabilities and financial condition of Jayset Mgt,
as at the dates thereof;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(m)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Financial Statements (Interim)</i>: a true and complete copy of the
Financial Statements (Interim) will be provided to Colliers by no later than April 5, 2021, and such Financial Statements (Interim):
(i) will be true and correct in all material respects and will have been prepared from the books of account and financial records
of Jayset Mgt; (ii) will be prepared in accordance with ASPE and on a basis consistent with those of preceding fiscal periods and
the requirements of applicable Governmental Authorities and applicable Laws, and will present fairly, in all material respects,
the assets, liabilities and financial condition of Jayset Mgt, as at the dates thereof;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(n)</td><td style="text-align: justify; padding-right: 17.9pt"><i>No Owned or Leased Real Property: </i>no Purchased Entity owns beneficially
or of record, any real property or any ownership interest of any nature or kind in any real property, and no Purchased Entity is
a party (or otherwise subject) to any Contracts, options or other rights or obligations to acquire any real property or any ownership
interest of any kind in any real property and on Closing no Purchased Entity will be party to any lease in respect of real property,
or possess or have any other interest in real property;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(o)</td><td style="text-align: justify; padding-right: 17.75pt"><i>Contracts Generally: </i>other than (i) the MSA and the Transaction
Documents to which a Purchased Entity is a party, (ii) any Contracts entered into in connection with the Reorganization; and (iii)
Contracts which will not be in effect at the Closing and for which no Purchased Entity will have any remaining or continuing obligations
or Liabilities associated therewith, no Purchased Entity is a party to or otherwise bound by or subject to any Contract. Other
than as contemplated herein, none of the amounts owing (or which may be contingently owing) to Jayset Mgt under the MSA have been
assigned, transferred or otherwise conveyed to any Person;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(p)</td><td style="text-align: justify; padding-right: 17.9pt"><i>Guarantees: </i>a Purchased Entity has not, by Contract or otherwise,
guaranteed or given security for, or agreed to guarantee or give security for, the Liabilities of any Person, and there are no
existing obligations pursuant to which a Purchased Entity is, actually or contingently, directly or indirectly, responsible for
all or any part of the Liabilities of any Person;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(q)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Assets and Liabilities of Purchased Entities: </i>other than as contemplated
herein, on Closing the Purchased Entities will not have any employees, independent contractors, assets or property, and will not
be subject to any Liabilities (including Liabilities associated with any compensation, benefits, severance or other amounts owing
to any previous employees and independent contractors of a Purchased Entity) that have not been accounted for in an adjustment
to the Purchase Price;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(r)</td><td style="text-align: justify; padding-right: 17.9pt"><i>Intellectual Properties: </i>other than legal names, no Purchased Entity
has, and has ever had any trademarks, service marks, trade names, business names, assumed names, fictitious names, patents, copyrights,
designs and other intellectual property and property rights;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt"><i>(s)</i></td><td style="text-align: left"><i>Payment and Collection of Taxes:</i></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><i>&nbsp;</i></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">except for those Taxes being contested in good faith (the amounts for which
are reserved for in the most recent Financial Statements (Annual), each Purchased Entity has paid, within the prescribed time limits,
to all Governmental Authorities all Taxes which are due and payable to such Governmental Authorities in those jurisdictions where
such Purchased Entity is subject to pay any Taxes by applicable Laws, and, in the case of any Taxes which are not payable but which
will become payable after the Closing Date in respect of a period which commenced prior to the Closing Date (other than as may
arise as consequence of the completion of the Reorganization), appropriate accruals therefor have been made in its books and records
or the most recent Financial Statements (Annual), for that portion of such period ending immediately prior to the Closing Date;
and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.85pt">each Purchased Entity has duly and timely withheld and collected all Taxes
required by applicable Laws to be withheld or collected by it and has duly and timely remitted all of the Taxes so withheld and
collected to the appropriate Governmental Authority;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(t)</td><td style="text-align: justify; padding-right: 17.65pt"><i>Tax Filings:</i> each Purchased Entity has prepared and filed in compliance
with all applicable Laws within the prescribed time limits all Tax Returns required to have been filed by it at any time on or
prior to the Closing Date in respect of all of the Taxes and other items referred to in subsection 4.2(s), and there are not outstanding
any Legal Proceedings or claims relating to any such Tax or any such Tax Return and, except to the extent reserved (in conformity
with ASPE consistently applied) against in the most recent Financial Statements (Annual) or as may arise as consequence of the
completion of the Reorganization, no further reserves are required to be established in respect of any of such Taxes and other
items. No written claim has been received by a Purchased Entity from any Governmental Authority in a jurisdiction where such Purchased
Entity does not file a Tax Return that such Purchased Entity is or may be subject to taxation by that jurisdiction;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt"><i>(u)</i></td><td style="text-align: left"><i>Tax Representations:</i></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><i>&nbsp;</i></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: left">each Purchased Entity:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(A)</td><td style="text-align: justify; padding-right: 17.9pt">has not received any notice (including any reassessments) that it is being
audited by, or otherwise is subject to an administrative or judicial proceeding commenced by, any Governmental Authority which
audit or other proceeding has not yet been completed;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(B)</td><td style="text-align: justify; padding-right: 17.75pt">does not have any income or gain that is required to be included in taxable
income for a Post-Closing Tax Period and arises from events (including any change in method of accounting, closing agreement, inter-
company transaction, debt forgiveness, installment sale or receipt of a pre-paid amount) or transactions occurring in a Pre-Closing
Tax Period;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(C)</td><td style="text-align: justify; padding-right: 17.85pt">does not have any unpaid amounts that may be required to be included in
such Purchased Entity&rsquo;s taxable income for any Post-Closing Period under section 78 of the ITA, or a corresponding provincial/territorial
provision;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(D)</td><td style="text-align: justify; padding-right: 17.9pt">has not acquired property from a Person in circumstances that would result
in such Purchased Entity becoming liable to pay any Taxes of such Person under subsection 160(1) of the ITA or a corresponding
provincial/territorial provision;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(E)</td><td style="text-align: justify; padding-right: 17.9pt">does not have a lien for Taxes upon any of its assets or property except
liens for current Taxes not yet due and payable;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(F)</td><td style="text-align: justify; padding-right: 17.85pt">has not granted any presently operative waiver of any statute of limitations
with respect to, or any extension of a period for the assessment of, any Taxes;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(G)</td><td style="text-align: justify; padding-right: 17.85pt">has not granted to any Person a power of attorney with respect to Taxes
pertaining to such Purchased Entity, which power of attorney will be in effect as at or following the Closing Time;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(H)</td><td style="text-align: justify; padding-right: 17.85pt">has not availed itself of any Tax amnesty or similar relief with respect
to itself in any Taxing jurisdiction;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(I)</td><td style="text-align: justify; padding-right: 17.85pt">is not a party to or bound by any closing agreement, offer in compromise,
Tax ruling or similar agreement, offer or ruling with any Governmental Authority that may affect the Liability of such Purchased
Entity for Taxes for any taxable period ending after the Closing Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(J)</td><td style="text-align: justify; padding-right: 17.75pt">is not a party to any agreements relating to allocating or sharing of Taxes.
No Purchased Entity is liable for the Taxes of any other Person, and no Purchased Entity is under any contractual obligation to
indemnify any Person with respect to any amount of such Person&rsquo;s Taxes and is not a party to any agreement providing for
payments by such Purchased Entity with respect to any amount of Taxes of any other Person; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(K)</td><td style="text-align: justify; padding-right: 17.6pt">is compliant with the terms and conditions of any Tax exemptions, Tax holiday
or other Tax reduction agreement, approval or order of any Governmental Authority, and the consummation of the Transactions will</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 119pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 119pt; font-size: 10pt; text-align: justify">not have any effect on the validity and effectiveness
of any such Tax exemptions, Tax holiday or other Tax reduction agreement, approval or order;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.6pt">there are no circumstances existing at or prior to the Closing Time which
could, in themselves, result in the application of any of Sections 80 to 80.03 of the ITA or any equivalent provincial/territorial
provisions to a Purchased Entity; no Purchased Entity has made (and will not, at or prior to the Closing Time, make) any election
pursuant to Section 80.04 of the ITA or any equivalent provincial/territorial provision in which it is an eligible transferee;
no Purchased Entity has filed, nor will it file, an agreement pursuant to Section 191.3 of the ITA or any equivalent provincial/territorial
provision; and no Purchased Entity has claimed, nor will it claim, any reserve under any of Sections 40(1)(a)(iii) or 20(1)(n)
of the ITA or any equivalent provincial/territorial provision of any amount that could be included in its income for any period
ending after the Closing Date in respect of any such reserve;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(iii)</td><td style="text-align: justify; padding-right: 17.9pt">each Purchased Entity is not a non-resident of Canada for the purposes of
Section 116 of the ITA;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(iv)</td><td style="text-align: justify; padding-right: 17.85pt">all deductions claimed on the Tax Returns of each Purchased Entity or in
the Financial Statements (Annual) and Financial Statements (Interim) are (or will be) reasonable;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(v)</td><td style="text-align: justify; padding-right: 17.75pt">there has not been and will not be an acquisition of control, an amalgamation,
a liquidation of or involving a Purchased Entity prior to the Closing Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(vi)</td><td style="text-align: justify; padding-right: 17.9pt">each Purchased Entity has not paid a capital dividend which, at the time,
was in excess of the then balance in such Purchased Entity&rsquo;s capital dividend account; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(vii)</td><td style="text-align: justify; padding-right: 17.85pt">no excessive eligible dividend designations have been made by a Purchased
Entity; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(v)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Reorganization: </i>(i) the Reorganization will be consummated in compliance
with the respective Constituent Documents of the Hennick Parties and applicable Laws; and (ii) the consummation of the Reorganization
will not result in default or non-compliance under, or in breach of, any term of a Contract to which a Hennick Party is a party
or bound which would have adverse consequences for Colliers or the Purchased Entities, and there exists no state of facts which,
after notice or lapse of time or both, or otherwise, that will constitute a default or non-compliance under, or a breach of, any
of such Contract as a result of the consummation of the Reorganization, which would have adverse consequences for Colliers or the
Purchased Entities.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 11pt">ARTICLE 5 &ndash; REPRESENTATIONS
AND WARRANTIES &ndash; COLLIERS</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; margin: 0pt 17.9pt 0pt 11pt">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Representations and
Warranties of Colliers.</i></b> Colliers represents and warrants to the Sale Parties as of the Agreement Date as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.9pt"><i>Subsistence of Colliers: </i>Colliers is a corporation duly organized,
validly existing and in good standing under the Laws of the Province of Ontario, and is a reporting issuer in good standing in
each of the provinces of Canada;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Enforceability of Transaction Documents on Colliers: </i>subject to
limitations regarding enforcement under Laws affecting creditors&rsquo; rights generally (including bankruptcy, insolvency, moratorium,
reorganization and other similar Laws) and to the extent that equitable remedies such as specific performance and injunction are
in the discretion of the court from which sought: (i) this Agreement constitutes a legal, valid and binding obligation of Colliers
enforceable against it in accordance with the terms hereof (assuming the due authorization, execution and delivery thereof by the
other Parties); and (ii) each of the other Transaction Documents to which Colliers is a party, once executed and delivered by Colliers,
shall constitute legal, valid and binding obligations of Colliers enforceable against Colliers in accordance with the terms thereof
(assuming the due authorization, execution and delivery thereof by all of the other Parties);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt"><i>Authority of Colliers to Execute Transaction Documents:</i> Colliers
has all necessary corporate and other power, authority and capacity as is required by all Laws applicable to it and otherwise to
enable it to enter into, execute and deliver all those Transaction Documents to which it is a party and to observe and perform
the terms, conditions and provisions thereof which are required to be observed and performed by it (and Colliers has duly authorized
the execution and delivery of, and has executed and delivered, each of the Transaction Documents to which it is a party) and such
entering into, execution, delivery, observance and performance has been validly authorized by necessary corporate and other required
action and does not: (i) constitute a violation or breach of, or a default under (or would, with the passage of time or the giving
of notice or both, constitute a violation or breach of, or a default under), its Constituent Documents, any Contract to which it
is a party or any Laws applicable to it; or (ii) require the obtainment of any permits, licenses, consents, orders or other authorizations,
or the making of any filings or the giving of any notices, pursuant to any Contract to which it is a party (or by which it is bound),
pursuant to any Laws applicable to it, from any Governmental Authorities to which it is subject or pursuant to its Constituent
Documents other than those which have been obtained, made or given by Colliers prior to the Closing Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt"><i>No Bankruptcy Event by Colliers: </i>Colliers has not committed, and
Colliers is not subject to, a Bankruptcy Event that is continuing or outstanding or that has not been cured;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.85pt"><i>No Legal Proceedings: </i>no awards, decrees, executions, judgments,
decisions or orders are outstanding against, and no Legal Proceedings are pending or, to the knowledge of Colliers, threatened
against or affecting Colliers or any of the assets or property of Colliers that could or would reasonably be expected to: (i) impair,
invalidate, nullify, prevent, prohibit or restrain, in whole or in part, the Transactions; or (ii) affect the ability of Colliers
to enter into those of the Transaction Documents to which it is a party and to observe and perform each and all of its obligations
thereunder;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.75pt"><i>Shares of Colliers: </i>Colliers has: (i) as issued and outstanding
capital at the Reference Date, a total of 1,325,694 Multiple Voting Shares and 38,937,867 Subordinate Voting Shares; (ii) 2,115,500
Designated Colliers Options; and (iii) US$230,000,000 aggregate principal amount of 4.00% Convertible Senior Subordinated Notes
due 2025 (which 4.00% Convertible Senior Subordinated Notes due 2025, if converted pursuant to a holder&rsquo;s conversion rights
provided under the terms of such notes, would be converted into an aggregate of 3,967,655 Convertible Note Shares), and, as and
when the Subordinate Voting Shares contemplated by subsection 3.3(b) are issued, such Subordinate Voting Shares will be fully paid
and non-assessable, will be free and clear of any and all Encumbrances and will be approved for listing on the Toronto Stock Exchange
(subject only to satisfaction of customary listing conditions of the Toronto Stock Exchange). Prior to Closing, Colliers will provide
notice of the Transactions</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.9pt 0pt 47pt; font-size: 10pt; text-align: justify">(including the issuance of the Subordinate Voting
Shares contemplated by subsection 3.3(b)) to the NASDAQ Global Select Market in accordance with the rules of that exchange;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.9pt"><i>Financial Capacity: </i>Colliers has the financial capacity to perform
all of its obligations under this Agreement;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(h)</td><td style="text-align: justify; padding-right: 17.9pt"><i>Residency: </i>Colliers is not a non-resident of Canada for the purposes
of Section 116 of the ITA;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt"><i>(i)</i></td><td style="text-align: left"><i>Board Approval:</i></td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><i>&nbsp;</i></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">the Special Committee, after consultation with outside legal and compensation
advisors, has unanimously recommended that the Colliers Board approve the Transactions and recommend to holders of Subordinate
Voting Shares that they vote in favour of the Transaction Resolution; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.85pt">the Colliers Board, after consultation with outside legal and compensation
advisors, has unanimously (with Jay abstaining): (A) determined that the Transactions are in the best interests of Colliers, and
(B) resolved to recommend to the holders of Subordinate Voting Shares that they vote in favour of the Transaction Resolution; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(j)</td><td style="text-align: left"><i>Tax:</i> Colliers is a taxable Canadian corporation within the meaning of the ITA.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 11pt">ARTICLE 6 &ndash; TAX
MATTERS</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.6pt 0pt 11pt">6.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Cooperation on Tax Matters.</i></b> Subject to Section 6.4, each of the Parties shall provide to the others of them
all such cooperation, copies and information, as and to the extent reasonably requested, in connection with each of the following
insofar as it relates to a Purchased Entity and a Party&rsquo;s interest therein pursuant to this Agreement: (a) the filing of
any Tax Return, payment of Taxes or claim for refund of Taxes that relates to any Pre-Closing Tax Period, any Straddle Period or
any Post-Closing Tax Period of such Purchased Entity; (b) calculating and determining the Liability for the payment of Taxes or
a right to a refund of Taxes that relates to any Pre-Closing Tax Period, any Straddle Period or any Post-Closing Tax Period of
such Purchased Entity; and (c) conducting any audit, assessment, examination, litigation or other proceeding with respect to Taxes
attributable to any Pre-Closing Tax Period, any Straddle Period or any Post-Closing Tax Period of such Purchased Entity. In addition,
each Party agrees to cooperate, as and to the extent reasonably requested, in preparing for and dealing with any Tax audits of,
or disputes, contests or proceedings regarding Taxes of a Seller, Henset Capital, Colliers or their respective Affiliates, in each
case, to the extent related to the Transactions.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">6.2</td><td style="text-align: justify">Preparation of Tax Returns and Payment of Taxes.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.6pt">The Sellers shall, subject to subsection 6.2(d), duly and timely prepare
and file, at the expense of the Sellers, all Tax Returns required to be filed after the Closing Date by or with respect to a Purchased
Entity for any Pre-Closing Tax Period of such Purchased Entity, and, except to the extent otherwise required by applicable Law
or herein (including as contemplated by the Reorganization), all such Tax Returns shall be prepared in a manner consistent with
past practices and, on such Tax Returns, no position shall be taken, election made or method adopted that is inconsistent with
positions taken, elections made or methods used in preparing and filing similar Tax Returns in prior periods or as otherwise provided
for herein; provided that a Seller shall</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.75pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.75pt 0pt 47pt; font-size: 10pt; text-align: justify">be entitled to claim the maximum of all discretionary
and other available deductions, credits, losses and attributes which arose in respect of a period (or portion thereof) ending on
or prior to the Closing Date. The Parties acknowledge that, at the option of a Seller, an election under subsection 256(9) of the
ITA will be made in respect of the taxation year of a Pre-Closing Tax Period of a Purchased Entity.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.6pt">Colliers shall, subject to subsection 6.2(d), cause each Purchased Entity
to duly and timely prepare and file, at the expense of such Purchased Entity, all Tax Returns required to be filed by or with respect
to such Purchased Entity for any Straddle Period of such Purchased Entity and, except to the extent otherwise required by applicable
Law or herein (including as contemplated by the Reorganization), all such Tax Returns shall be prepared in a manner consistent
with past practices and, on such Tax Returns, no position shall be taken, election made or method adopted that is inconsistent
with positions taken, elections made or methods used in preparing and filing similar Tax Returns in prior periods or as otherwise
provided for herein.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.9pt">For the purposes of subsection 6.2(d), the Parties responsible to cause
the preparation of a Tax Return referred to in subsection 6.2(a) or 6.2(b) is referred to in subsection 6.2(d) as the &ldquo;<b>Preparer</b>&rdquo;
and: (i) if the Preparer is the Sellers, &ldquo;<b>Reviewer</b>&rdquo; as used in subsection 6.2(d) means Colliers; or (ii) if
the Preparer is Colliers, &ldquo;<b>Reviewer</b>&rdquo; as used in subsection 6.2(d) means the Sellers (collectively).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt">The Preparer shall provide or cause to be provided to the Reviewer, at
least 15 days (or such other number of days as shall be mutually agreed to by the Preparer and the Reviewer in writing) prior to
the applicable deadline for the filing of each Tax Return (including extensions) which the Preparer is required to cause to be
prepared in accordance with the preceding provisions of this Section 6.2, as applicable, a copy of such Tax Return, together with
all supporting documentation and work papers, for the Reviewer&rsquo;s review and comment. The Reviewer shall have the period of
ten (10) days (or such other number of days as shall be mutually agreed to by the Preparer and the Reviewer in writing) following
its receipt of such Tax Return to provide the Preparer with any comments or disputed items related to such Tax Return. The Preparer
shall consider such comments in good faith, and the Preparer and the Reviewer shall attempt in good faith to resolve such disputed
items. Upon resolution of any disputed items, the Preparer shall timely file, or cause to be timely filed, such Tax Return and
the Sellers or a Purchased Entity, as applicable, shall pay all Taxes due with respect to such Tax Return to the extent that such
Taxes did not otherwise reduce the Purchase Price, were not offset by the Closing Cash and were not otherwise paid by a Sale Party
in accordance with this Agreement, and the liability for the payment of such Taxes shall be determined pursuant to such of the
provisions of Section 6.3 as are applicable to such Taxes. If the disputed items are not resolved by the Preparer and the Reviewer
within 25 days (or such other number of days as shall be mutually agreed to by the Preparer and the Reviewer in writing) following
the Reviewer&rsquo;s submission of its disputed items, the then unresolved disputed items shall be submitted to the Selected Accountants
(as hereinafter defined) to resolve such then unresolved disputed items; provided, however, that: (i) if the disputed items are
not resolved by the statutory due date for filing of such Tax Return, the Preparer shall timely file (or cause to be timely filed)
the Tax Return and the Sellers or a Purchased Entity as applicable, shall pay the Taxes due (and, for the avoidance of doubt, the
respective liability of the Sellers and a Purchased Entity for the Taxes so paid shall be determined pursuant to such of the provisions
of Section 6.3 as are applicable to such Taxes); (ii) the later resolution of the dispute by the Selected Accountants shall be
final, conclusive and binding on all of the Parties; and (iii) the Preparer and the Reviewer shall, if necessary, file (or cause
to be filed) an amended Tax</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">Return reflecting the final resolution of the disputed
items. For the purposes of this subsection 6.2(d), &ldquo;<b>Selected Accountants</b>&rdquo; means such firm of accountants as
shall be mutually agreed to by the Sellers and Colliers, each acting in good faith, or, if the Sellers and Colliers are unable
to mutually agree as to the same within ten (10) Business Days of a written request in relation to same by one of them to the others,
then such firm of accountants (at its main office in the Greater Toronto Area) as selected by lot drawn by a Seller from amongst
the names of four public accounting firms operating the Greater Toronto Area (of which two names will be submitted by Colliers)
and two names will be submitted by the Sellers (collectively)), each of which firms shall be independent relative to all of the
Parties and their respective Affiliates. Any payment of Taxes pursuant to this subsection 6.2(d) shall be considered an adjustment
to the Purchase Price. Colliers acknowledges receipt of the Reorganization Memo and agrees that it shall not dispute any items
in any Tax Returns which are consistent with the tax consequences and methodologies as outlined in the Reorganization Memo (or
as a result of the Reorganization).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">6.3</td><td style="text-align: left">Allocation and Payment of Liability for Taxes.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.75pt">The Sellers shall be liable for and pay or cause to be paid when due and
payable all Taxes imposed on a Purchased Entity related to any Pre-Closing Tax Period of such Purchased Entity and, with respect
to any Straddle Period of such Purchased Entity, that portion of such Straddle Period up to 12:00:01 a.m. (Toronto, Ontario local
time) on the Closing Date (in each case, including as a result of the Reorganization except to the extent that such Taxes previously
reduced the Purchase Price, were offset by the Closing Cash or were otherwise paid by a Sale Party in accordance with this Agreement).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">Each Purchased Entity shall be liable to pay or cause to be paid when due
and payable all Taxes of such Purchased Entity to the extent allocable to any Post-Closing Tax Period of such Purchased Entity
and, with respect to any Straddle Period of such Purchased Entity, that portion of such Straddle Period beginning on or after 12:00:01</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47pt">a.m. (Toronto, Ontario local time) on the Closing Date.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.75pt">For the purposes of subsections 6.3(a) and 6.3(b), whenever it is necessary
to determine the liability for Taxes for a Straddle Period of a Purchased Entity, the determination of the Taxes of such Purchased
Entity for the portion of the Straddle Period of such Purchased Entity ending on and including the Closing Date shall be determined
by assuming that the Straddle Period consisted of two taxable years or periods, one which ended at 12:00:00 a.m. (Toronto, Ontario
local time) on the Closing Date and the other which began at 12:00:01 a.m. (Toronto, Ontario local time) on the Closing Date, and
items of income, gain, deduction, loss or credit of such Purchased Entity for the Straddle Period of such Purchased Entity shall
be allocated between such two taxable years or periods on a &ldquo;<i>closing of the books basis</i>&rdquo; by assuming that the
books of such Purchased Entity were closed at 12:00:00 a.m. (Toronto, Ontario local time) on the Closing Date; provided however
that: (i) exemptions, allowances or deductions that are calculated on an annual basis and depreciation deductions shall be apportioned
between such two taxable years or periods on a daily basis; (ii) the amount of any Taxes of such Purchased Entity that are not
reasonably apportioned based on an interim &ldquo;<i>closing of the books basis</i>&rdquo; but rather are applicable to a period
of time shall be apportioned to that portion of such period which is a Pre-Closing Tax Period of such Purchased Entity by multiplying
the amount of such Taxes for the entire period by a fraction, the numerator of which is equal to the number of days in such period
ending on (but excluding) the Closing Date and the denominator of which is equal to the total</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.9pt 0pt 47pt; font-size: 10pt; text-align: justify">number of days in the entire period, and the balance
of any such Taxes shall be apportioned to that portion of such period which is a Post-Closing Tax Period of such Purchased Entity;
and (iii) the Liability and deduction for franchise Taxes based on income or gross receipts shall be determined on the basis of
the period during which such income or gross receipts were earned and without regard to the period for which any privilege to exercise
such franchise is granted.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">6.4</td><td style="text-align: left">Control of Pre-Closing Tax Period Audits.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">The Sellers shall control the conduct (including the granting of any extension
or waiver of a statute of limitations) of any audit, assessment or examination regarding any Taxes (a &ldquo;<b>Pre-Closing Tax
Claim</b>&rdquo;) relating to periods covered by the Tax Returns referred to in subsection 6.2(a) (whether or not a claim for indemnification
has been made), provided that, a Purchased Entity shall be permitted, at its sole expense, to participate in any such Pre-Closing
Tax Claim. Colliers shall have the right, at its sole expense, to participate in any of the matters referred to in this subsection
6.4(a) and no final decision on any of such matters may be made by the Sellers without the prior written consent of Colliers if
the relevant matter would, or is reasonably likely to, adversely affect Colliers or a Purchased Entity for any Post-Closing Tax
Period of such Purchased Entity (and, in such case only, Colliers may withhold its consent in its sole discretion; provided that,
Colliers shall not be entitled to withhold its consent if the Sellers shall then agree in writing to indemnify, defend and hold
harmless Colliers and the Purchased Entities of and from all adverse effects arising from (or attributable to) the decision sought
to be made by the Sellers).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">Each Purchased Entity shall control the conduct (including the granting
of any extension or waiver of a statute of limitations) of any audit, assessment or examination regarding any Taxes (a &ldquo;<b>Straddle
Tax Claim</b>&rdquo;) relating to periods covered by the Tax Returns referred to in subsection 6.2(b) (whether or not a claim for
indemnification has been made), provided that, a Seller shall be permitted, at its sole expense, to participate in any such Straddle
Tax Claim and no final decision on any of such matters may be made by such Purchased Entity without the prior written consent of
a Seller if the relevant matter would, or is reasonably likely to, adversely affect such Seller for any Pre-Closing Tax Period
of such Purchased Entity (and, in such case only, such Seller may withhold its consent in its sole discretion; provided that, a
Seller shall not be entitled to withhold their consent if Colliers shall then agree in writing to indemnify, defend and hold harmless
such Seller of and from all adverse effects arising from (or attributable to) the decision sought to be made by such Purchased
Entity).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.8pt">It is agreed that all costs and expenses (but not actual Liabilities with
respect to Taxes) related to: (i) the Pre-Closing Tax Claims and matters specified in subsection 6.4(a) (excluding, however, all
costs of a Purchased Entity&rsquo;s or Colliers&rsquo; participation therein, which costs shall be paid solely by such Purchased
Entity and Colliers, respectively, without any reimbursement or indemnification therefor by the Sellers) shall be paid in full
by the Sellers; and (ii) the Straddle Tax Claims and matters specified in subsection 6.4(b) (excluding, however, all costs of the
Sellers&rsquo; participation therein, which costs shall be paid solely by the Sellers, without any reimbursement or indemnification
therefor by such Purchased Entity or Colliers) shall be paid in full by such Purchased Entity.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.8pt">If a notice or other communication (any such notice or other communication
being referred to in this Section 6.4 as a &ldquo;<b>Tax Notice</b>&rdquo;) is received by a Party of either: (i) a proposed audit,
assessment or examination of a Purchased Entity in respect of any Pre- Closing Tax Period or Straddle Period of such Purchased
Entity; or (ii) the assessment</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">of any Taxes against a Purchased Entity for any Pre-Closing
Tax Period or any Straddle Period of such Purchased Entity, in each case, a true and complete copy of such Tax Notice shall be
promptly provided to the other Parties, as applicable, by the Person who received it.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">6.5<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Miscellaneous Tax Matters. </i></b>Colliers shall not, and shall not cause an entity to: (i) amend, refile or otherwise
modify, and shall cause each Purchased Entity not to amend, refile or otherwise modify, any Tax Return of such Purchased Entity
with respect to any Pre-Closing Tax Period of such Purchased Entity; and (ii) file any election, make any designation or take any
action in respect of any taxation years or portions thereof ending on or before the Closing, in each case, if such amendment, modification,
election or designation would result in an increase in the amount of the Taxes for which a Seller may be liable under this Agreement,
in each case without the prior written consent of the Sellers, which consent will not be unreasonably withheld or delayed. The
Sellers shall not be liable for any Losses (including Taxes) arising as a result of a breach by Colliers of this Section 6.5.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">6.6</td><td style="text-align: justify">Refunds and Tax Benefits.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.7pt">As used in Sections 6.6 and 6.7, &ldquo;<b>Tax Refund</b>&rdquo; means any
refund of any Taxes (including any interest thereon) which a Purchased Entity becomes entitled to that is received: (i) by way
of an actual payment of monies; or (ii) by way of a credit or an off- set against other Taxes payable for which a Purchased Entity
is liable pursuant to subsection 6.3(b), in each case, excluding any such refund or portion thereof (including any interest thereon)
that arises as a result of a carryback of a loss or other Tax benefit from a Tax period (or portion thereof) beginning on or after
the Closing Date.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.6pt">It is hereby agreed that if a Purchased Entity becomes entitled at any time
to any Tax Refund in respect of: (i) any Taxes of a Purchased Entity attributable to any Pre-Closing Tax of such Purchased Entity;
and (ii) with respect to any Straddle Period of such Purchased Entity, the portion of such Straddle Period ending at or before
12:00:00 a.m. (Toronto, Ontario local time) on the Closing Date (determined in a manner consistent with subsection 6.3(c)), then
each such Tax Refund shall, except as provided otherwise in subsection 6.6(c), be solely for the account of the Sellers. Regarding
each such Tax Refund: (A) if such Tax Refund is made, in whole or in part, by way of an actual payment of monies (including by
way of cheque or wire transfer) to a Purchased Entity, such Purchased Entity shall pay to the Sellers (or the applicable Seller),
an amount equal to the total amount so received in respect of such Tax Refund (net only of any income Taxes that, in accordance
with applicable Laws, are required to be paid by such Purchased Entity or its Affiliates on the total amount so received in respect
of such Tax Refund and any reasonable out-of-pocket expenses borne by such Purchased Entity or its Affiliates in securing such
Tax Refund); or (B) if such Tax Refund is made, in whole or in part, by the giving of a credit or allowance or in any other manner
whatsoever (other than by way of an actual payment of monies) against any past or future Taxes payable by or in respect of a Purchased
Entity, such Purchased Entity shall pay to the Sellers (or the applicable Seller) that amount which is equal to the total Tax Refund
amount so obtained (net only of any income Taxes that, in accordance with applicable Laws, are required to be paid by such Purchased
Entity or its Affiliates on such Tax Refund and any reasonable out-of-pocket expenses borne by such Purchased Entity or its Affiliates
in securing such Tax Refund).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.9pt">To the extent any Tax Refund is paid to the Sellers pursuant to subsection
6.6(b) and such Tax Refund (or portion thereof) is subsequently disallowed or required to be returned to the applicable Governmental
Authority, the Sellers (or the applicable Seller)</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">will promptly repay such Tax Refund (or portion thereof)
so received by them (or it), together with any interest, penalties or other additional amounts imposed by the applicable Governmental
Authority, to the applicable Purchased Entity.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.9pt">Any payment made pursuant to this Section 6.6 shall be treated by the Parties
as an adjustment to the Purchase Price.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">6.7</td><td style="text-align: justify">Tax Elections.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">If it is determined that a Purchased Entity made an &ldquo;excessive eligible
dividend designation&rdquo;, as defined in Section 89(1) of the ITA, each Seller hereby consents to (or shall cause the recipient
of the relevant dividend to consent to) the making of an election under Section 185.1(2) of the ITA in respect of the full amount
thereof, and such election shall be made by such Purchased Entity (if requested by a Seller) in the manner and within the time
prescribed by Sections 185.1(2) and 185.1(3) of the ITA.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">If it is determined that a Purchased Entity has made an election under
Section 83(2) of the ITA in respect of the full amount of any dividend payable by it on shares of any class of its capital stock
and the full amount of such dividend exceeded the amount of its &ldquo;capital dividend account&rdquo;, as defined in the ITA,
immediately before the dividend became payable, each Seller hereby consents to (or shall cause the recipient of the relevant dividend
to consent to) the making of an election under Section 184(3) of the ITA in respect of such dividend such elections shall be made
by such Purchased Entity (if requested by a Seller).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 11pt">ARTICLE 7 &ndash;
INTERIM PERIOD</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">7.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Interim Period Covenants &ndash; Hennick Parties</i>.</b> The Hennick Parties jointly and severally agree with Colliers
that, continuously throughout the Interim Period, the Hennick Parties will use their commercially reasonable efforts to ensure
that:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.9pt">Jayset Mgt carries on its business and affairs during the Interim Period
in the ordinary course of business (including continuing to pay, satisfy and discharge its Liabilities in the ordinary course of
business);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify">Jayset Mgt complies, in all material respects, with all applicable Laws and the MSA; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt">if any of the representations and warranties of the Sale Parties in this
Agreement become untrue or incorrect during the Interim Period, written notice of such untruth or incorrectness (which notice shall
set forth reasonable particulars of such untruth or incorrectness) will be promptly given to Colliers;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">and, during the Interim Period, the Hennick Parties
shall use their respective commercially reasonable efforts to diligently take, or cause to be taken, all actions that are necessary,
proper or advisable to satisfy or be able to satisfy, on or prior to the Closing Time, the conditions of Closing on their part
to be satisfied in Article 8 and otherwise to consummate and make effective, the Transactions in accordance with the terms of this
Agreement. Without the prior written approval of Colliers (which approval may be withheld by Colliers in its sole discretion) or
except as otherwise expressly contemplated by this Agreement (including in connection with the Reorganization and Section 7.5 or
in connection with the transfer of employees and related assets, Liabilities and Contracts of Jayset Mgt to Management Co. prior
to the Closing Date) or as required by applicable Law, at any time during the Interim Period, the Hennick Parties shall not, nor
shall a Sale Party permit a Purchased Entity to:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: left">amend or otherwise change the Constituent Documents of a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.85pt">split, combine, reclassify or otherwise amend the terms of any of the ownership
interests of a Purchased Entity or issue or authorize the issuance of any other ownership interests in respect of, in lieu of or
in substitution for the ownership interests of a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.9pt">redeem, repurchase or otherwise acquire or offer to redeem, repurchase or
acquire any of the ownership interests of a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.85pt">issue, sell, deliver, transfer, dispose of, create, authorize, pledge or
otherwise encumber or subject to any Encumbrance any of the ownership interests of a Purchased Entity or any securities convertible
into, exchangeable for or exercisable for any such ownership interests, or any rights, warrants or options to acquire, any of such
ownership interests, or any appreciation rights, &ldquo;<i>phantom</i>&rdquo; ownership rights, performance units, rights to receive
ownership interests of a Purchased Entity on a deferred basis or other rights linked to the value of the ownership interests of
a Purchased Entity, including pursuant to Contracts, other than as provided for by this Agreement;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(h)</td><td style="text-align: left">hire any employees or independent contractors of a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.9pt">permit a Purchased Entity to acquire or commit to acquire by amalgamation,
consolidation, subscription, acquisition of securities or assets/properties, or otherwise, securities or other ownership interests
of any Person or the assets/properties of any Person, or make any loans, advances or capital contributions to, or other investments
in, any other Person, other than to a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(j)</td><td style="text-align: justify; padding-right: 17.85pt">incur or assume any indebtedness or other Liability or cause a Purchased
Entity to guarantee the indebtedness or other Liability of another Person, or issue or sell any debt securities or guarantee any
debt securities of another Person;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(k)</td><td style="text-align: justify; padding-right: 0.25in">place or allow the creation of any Encumbrance on any of the equity interests
in a Purchased Entity or assets or properties of a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(l)</td><td style="text-align: left">amend, transfer, assign or waive any of its rights or entitlements under the MSA;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(m)</td><td style="text-align: justify; padding-right: 17.9pt">make any material change in any method of financial accounting principles
or practices, in each case, except for a change in ASPE or applicable Law enacted or coming into force following the Agreement
Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(n)</td><td style="text-align: justify; padding-right: 17.85pt">(i) settle or compromise any Tax claim, notice, audit report or audit assessment
by any Governmental Authority; (ii) make or change any election in respect of Taxes or adopt or change any accounting method in
respect of Taxes that could adversely affect the Taxes of a Purchased Entity in a Post-Closing Tax Period of such Purchased Entity
or, with respect to any Straddle Period of such Purchased Entity, the portion of such Straddle Period beginning on or after the
Closing Date; (iii) amend any Tax Returns or file claims for Tax refunds; (iv) fail to file any Tax Return in a complete and accurate
manner, in all material respects, when due (after giving effect to any applicable extensions); or (v) enter into any closing agreement
or Tax allocation, sharing or indemnity agreement, surrender any right to claim, or forgo any claim to, a Tax refund, offset or
other reduction in Tax liability or consent to any extension or waiver of the limitation period applicable to any Tax claim or
assessment, in each case, relating to a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(o)</td><td style="text-align: justify; padding-right: 17.9pt">institute, settle or compromise any Legal Proceedings pending or threatened
before any Governmental Authority made by or against a Purchased Entity or any of its officers and directors in their capacities
as such, other than any Legal Proceeding brought against Colliers arising out of a breach or alleged breach of this Agreement or
the MSA by Colliers;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(p)</td><td style="text-align: justify; padding-right: 17.85pt">dispose of any assets or properties of a Purchased Entity except in the
ordinary course of business;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(q)</td><td style="text-align: justify; padding-right: 17.85pt">adopt or enter into a plan of complete or partial liquidation, dissolution,
restructuring, recapitalization or other reorganization with respect to a Seller or a Purchased Entity;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(r)</td><td style="text-align: justify; padding-right: 17.85pt">fail to maintain in full force and effect (or renew) any insurance policies
covering a Purchased Entity or its assets or properties, directors and/or officers; or</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(s)</td><td style="text-align: justify">agree or commit to do any of the foregoing matters in subsections 7.1(d) to 7.1(r).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">7.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Interim Period Covenants &ndash; Colliers. </i></b>Colliers agrees with the Hennick Parties that, if any representations
and warranties of Colliers in this Agreement become untrue or incorrect during the Interim Period, written notice of such untruth
or incorrectness (which notice shall set forth reasonable particulars of such untruth or incorrectness) will be promptly given
to the Hennick Parties, and, during the Interim Period, Colliers shall use its commercially reasonable efforts to diligently take,
or cause to be taken, all actions that are necessary, proper or advisable to satisfy or be able to satisfy, on or prior to the
Closing Time, the conditions of Closing on its part to be satisfied in Article 8 and otherwise to consummate and make effective,
the Transactions in accordance with the terms of this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">7.3<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Access and Investigation</i></b>. During the Interim Period, the Hennick Parties will: (a) upon reasonable notice
and during regular business hours afford Colliers and its representatives (collectively, the &ldquo;<b>Colliers Representatives</b>&rdquo;)
reasonable access to each Purchased Entity&rsquo;s Contracts, books and records and other documents and data; (b) furnish the Colliers
Representatives with copies of all such Contracts, books and records and other existing documents and data as the Colliers Representatives
may reasonably request; and (c) furnish the Colliers Representatives with such additional financial and other data and information
concerning Purchased Entities as the Colliers Representatives may reasonably request.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">7.4<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Required Notices and Approvals</i></b>. As promptly as practicable after the Agreement Date, each of the Parties will,
and will cause their respective Affiliates to, make all filings with, send all notices to and/or obtain all applicable consents
or approvals of Governmental Authorities and third parties (including stock exchanges) required to be made, sent or obtained by
them in order to consummate the Transactions. During the Interim Period, each Party will cooperate with others of them in seeking/giving
such filings, notices, consents and approvals as may be necessary and reasonably requested by such Party. The Parties will, to
the extent reasonably practicable, consult each other on, in each case, subject to applicable Laws relating to the exchange of
information, all the information relating to the Parties, which appears in any filing made with, or written materials submitted
to, any third party or any Governmental Authorities in connection with the Transactions. In exercising the foregoing right, each
of the Parties will act reasonably and as promptly as reasonably practicable.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">7.5</td><td style="text-align: justify">Hennick Parties Reorganization.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers agrees that notwithstanding any other provision of this Agreement,
during the Interim Period, the Hennick Parties and their Affiliate(s) may effect the Reorganization</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">(and in connection therewith, may determine the amount
of any elections made pursuant to subsection 85(1) of the ITA). Colliers acknowledges and agrees that the Hennick Parties and their
Affiliate(s) may amend the steps contemplated in the Reorganization Memo provided that: (i) Colliers provides its written consent
to such amendments, which consent shall not be unreasonably withheld or delayed; and (ii) such amendments do not: (A) materially
impede, delay or prevent consummation of the Transactions, or (B) materially prejudice or have material adverse consequences for
Colliers or a Purchased Entity or their direct or indirect equity holders following Closing (taking into account any adjustment
to the Purchase Price contemplated in Section 3.3 and the Sale Parties indemnification obligations in Section 11.1(c)). The Hennick
Parties agree that each Seller who has acquired or will acquire Hennick Holdco Shares pursuant to the Reorganization, will not
be a non-resident of Canada for the purposes of Section 116 of the ITA, or in the case of a partnership will be a &ldquo;Canadian
partnership&rdquo; as defined in the ITA.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">The Reorganization (to the extent carried out in compliance with this Section
7.5) shall not be taken into account or considered in determining whether a representation, warranty or covenant of a Sale Party
hereunder has been breached or for purposes of assessing whether a condition to closing in Article 8 has been satisfied.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt">The Hennick Parties will provide written notice to Colliers of any change
to the Reorganization at least ten (10) days prior to the expected Closing Date. Each Party will, upon the satisfaction or, where
not prohibited, the waiver by it, of all conditions for its benefit in Article 8 (other than the conditions that by their nature
can only be satisfied at Closing), promptly confirm the same in writing to the other Parties, and upon each Party having so confirmed
and having confirmed that it is prepared, and able, to promptly and without further condition and delay proceed to effect the Closing,
the Hennick Parties will complete the Reorganization. Colliers shall have the opportunity to review and provide comments on the
documentation giving effect to the Reorganization, and the Reorganization shall be implemented to the satisfaction of Colliers,
acting reasonably.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt">For greater certainty, Colliers acknowledges that as part of the Reorganization
the total number of Purchased Shares, and the owners thereof, may change, provided that at Closing: (i) Colliers acquires, directly
or indirectly, not less than all of the outstanding shares in the capital of Jayset Mgt for the aggregate Purchase Price, and that
references in this Agreement to the Sellers shall include, as a result and as applicable, any applicable Affiliate thereof who
acquires any shares in the capital of Hennick Holdco pursuant to the Reorganization and sells, transfers and assigns such shares
to Colliers on Closing; and (ii) any Person who acquires shares in the capital of Hennick Holdco pursuant to the Reorganization
executes a joinder agreement to this Agreement pursuant to which such Person agrees to be jointly and severally liable with the
other Sellers as a Seller under this Agreement.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.8pt">For purposes of this Agreement, the entering into by Management Co., Jay
and Colliers of the New MSA at Closing, along with the transfer of employees and related assets, Liabilities and Contracts of Jayset
Mgt to Management Co. prior to the Closing Date, shall be considered part of the Reorganization Memo.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">7.6<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Closing Cash. </i></b>At least five Business Day prior to the Closing Date, the Sale Parties shall advise Colliers
in writing of the amount of Closing Cash. The Closing Cash shall remain an asset of the applicable Purchased Entities at the Closing
Time.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">7.7</td><td style="text-align: justify"><b><i>Trust Agreement.</i></b> Prior to the Closing Date, Colliers will use its reasonable best
efforts</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt"></p>

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<p style="margin: 0pt 0 0pt 11pt; font-size: 10pt">to cause Equity Financial Trust Company to execute and deliver a counterpart
to the Trust Agreement to be held in escrow by Colliers and released conditional on Closing occurring.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 11pt">ARTICLE 8 &ndash; CLOSING
CONDITIONS AND DELIVERIES</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">8.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Closing Conditions and Deliveries in Favour of All Parties.</i></b> The respective obligations of each Party to this
Agreement to consummate the Transactions are subject to the satisfaction and/or fulfillment of each of the following conditions
at or prior to the Closing Time, any of which may be waived (to the extent permitted by applicable Law) in writing by all Parties
hereto in their sole discretion or deemed waived if all Parties hereto complete the Transactions without a written waiver and such
condition is not satisfied:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.95pt">no restraining order, preliminary or permanent injunction, cease trade
order or other order issued by any Governmental Authority or other legal or regulatory restraint or prohibition preventing the
consummation of the Transactions shall be in effect, nor shall there be any statute, rule, regulation, applicable Law or order
enacted, entered, promulgated enforced or deemed applicable to the Transactions which prohibits, restrains or makes the consummation
of the Transactions illegal;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.9pt">the Transaction Resolution shall have been approved by the requisite number
of votes cast by the holders of Subordinate Voting Shares at the Meeting as contemplated in Section 2.4; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt">receipt of all approvals and consents of the following Persons which are
required to be obtained, or notices which are required to be given to the following Persons, to permit the Parties to consummate
the matters provided for in, or contemplated by, the Transaction Documents: (i) the Toronto Stock Exchange (subject only to satisfaction
of customary listing conditions); (ii) the NASDAQ Global Select Market; (iii) such lenders as are required under the Credit Agreement;
and (iv) such Persons as are required under the note purchase agreement dated as of May 17, 2018, as subsequently amended, governing
the senior secured notes issued by an affiliate of, and guaranteed by, Colliers, as amended, governing the senior secured notes
of Colliers.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">8.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Closing Conditions and Deliveries in Favour of Colliers. </i></b>The obligations of Colliers to consummate the Transactions
are subject to the satisfaction and/or fulfillment of each of the following conditions at or prior to the Closing Time, any of
which may be waived (to the extent permitted by applicable Law) in writing by Colliers in its sole discretion or deemed waived
if Colliers completes the Transactions without a written waiver and such condition is not satisfied:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">in respect of the representations and warranties of the Sale Parties contained
in this Agreement:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">the Hennick Fundamental Representations shall be true, correct and complete
as of the Closing Date as though made on and as of the Closing Date; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.9pt">all representations and warranties of the Sale Parties (other than the Hennick
Fundamental Representations) shall be true, correct and complete, in all material respects, as of the Closing Date (except for
any such representations and warranties that already have a materiality qualifier, which shall be true, correct and complete in
all respects) as though made on and as of the Closing Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 47pt">in each case, other than such representations and warranties that are made as
of another specified date, which representations and warranties shall be true, correct and</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 47pt"></p>

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<p style="margin: 0pt 0 0pt 47pt; font-size: 10pt">complete as of such other date, and Colliers shall have received from the Sale
Parties a certificate to such effect;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">the Hennick Parties shall have performed or complied with, in all material
respects, the obligations and covenants required to be performed or complied with by them, respectively, under this Agreement at
or prior to the Closing Time, and Colliers shall have received from the Hennick Parties a certificate to such effect;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers shall have received electronic certificates representing all of
the Purchased Shares registered in the name of the Sellers and marked &ldquo;<i>cancelled</i>&rdquo;, together with a share transfer
power of attorney executed by each Seller and dated the Closing Date providing for the assignment and transfer to Colliers of those
of the Purchased Shares which are being sold by such Seller to Colliers pursuant to Section 2.1;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers shall have received electronic certificates dated the Closing
Date evidencing the Purchased Shares being acquired by Colliers pursuant to Section 2.1, registered in the name of Colliers;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers shall have received a copy of resolutions of the directors of
each Hennick Party which is an entity, certified by an officer of such Hennick Party: (i) authorizing such Hennick Party to execute
and deliver this Agreement together with all those Transaction Documents which are required to be executed and delivered by such
Hennick Party in connection with the completion of the Transactions; (ii) in the case of Jayset Mgt only, authorizing and approving
the MSA Termination Agreement; and (iii) authorizing and approving the Transactions;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers shall have received each of the following dated the Closing Date:
(i) a copy of the Constituent Documents of each Purchased Entity and each Seller certified by an officer of such Person; and (ii)
a certificate of incumbency for each Purchased Entity and each Seller (together with specimen signatures of those individuals actually
signing this Agreement);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.9pt">Colliers shall have received, one (1) Business Day prior to the Closing
Date, a Certificate of Status (or the equivalent) for each Purchased Entity and each Seller from its jurisdiction of incorporation
or formation;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(h)</td><td style="text-align: justify; padding-right: 17.9pt">Colliers shall have received executed resignations and releases of all the
directors and officers of each Purchased Entity, effective at the Closing Date; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">Colliers shall have received all documents required to be executed and
delivered by the Hennick Parties or their Affiliates, respectively, duly executed by each of them, in order to give effect to the
matters provided for in the Transaction Documents or otherwise agreed to among the Parties, including:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">such documents as are required or appropriate evidencing the completion
and effectiveness of the Reorganization prior to the Closing Time, together with the written notice contemplated by subsection
7.6;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.85pt">a termination agreement (the &ldquo;<b>MSA Termination Agreement</b>&rdquo;),
made as at the Closing Date, among Jayset Mgt, Jay and Colliers (in a form mutually acceptable to the parties thereto, each acting
reasonably) pursuant to which: (A) the MSA is terminated for no consideration; (B) each party thereto is released of and from all
matters under the MSA up to and including the Closing Date (except Colliers in</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 83pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 83pt; font-size: 10pt; text-align: justify">respect of its obligations under Section 2.2 of this
Agreement); and (C) Jayset Mgt waives payment by Colliers of any amounts under the MSA following the Closing Date (except as contemplated
in Section 2.2);</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(iii)</td><td style="text-align: left">the New MSA;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(iv)</td><td style="text-align: left">the Trust Agreement; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(v)</td><td style="text-align: justify; padding-right: 17.95pt">a registration rights agreement (the &ldquo;<b>Registration Rights Agreement</b>&rdquo;)
made as at the Closing Date among Colliers and Henset, substantially in the form attached at Schedule D.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.75pt 0pt 11pt">8.3<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Closing Conditions and Deliveries in Favour of the Hennick Parties. </i></b>The obligations of the Hennick Parties
to consummate the Transactions are subject to the satisfaction and/or fulfillment of each of the following conditions at or prior
to the Closing Time, any of which may be waived (to the extent permitted by applicable Law) in writing by the Hennick Parties in
their sole discretion or deemed waived if the Hennick Parties complete the Transactions without a written waiver and such condition
is not satisfied:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify">in respect of the representations and warranties of Colliers contained in this Agreement:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.9pt">the Colliers Fundamental Representations shall be true, correct and complete
as of the Closing Date as though made on and as of the Closing Date; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.9pt">all representations and warranties of Colliers (other than the Colliers
Fundamental Representations) shall be true, correct and complete, in all material respects, as of the Closing Date (except for
any such representations and warranties that already have a materiality qualifier, which shall be true, correct and complete in
all respects) as though made on and as of the Closing Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">in each case, other than such representations and
warranties that are made as of another specified date, which representations and warranties shall be true, correct and complete
as of such other date, and the Hennick Parties shall have received from Colliers a certificate to such effect;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.75pt">Colliers shall have performed or complied with, in all material respects,
the obligations and covenants required to be performed or complied with by it under this Agreement at or prior to the Closing Time,
and the Hennick Parties shall have received from Colliers a certificate to such effect;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt">the Hennick Parties shall have received a copy of resolutions of the directors
of Colliers, certified by an officer of Colliers, authorizing Colliers to execute and deliver this Agreement together with all
those Transaction Documents which are required to be executed and delivered by Colliers in connection with the completion of the
Transactions and the approval of the issuance of the Subordinate Voting Shares pursuant to subsection 3.3(b);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt">the Hennick Parties shall have received each of the following dated the
Closing Date: (i) a copy of the Constituent Documents of Colliers certified by an officer of Colliers; and (ii) a certificate of
incumbency for Colliers (together with specimen signatures of those individuals actually signing this Agreement);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.95pt">the Hennick Parties shall have received, one (1) Business Day prior to
the Closing Date, a Certificate of Status (or the equivalent) of Colliers from its jurisdiction of incorporation;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.85pt">the Hennick Parties shall have received all documents required to be executed
and delivered by Colliers and its Affiliates, respectively, duly executed by each of them, in order to give effect to the matters
provided for in the Transaction Documents, including the MSA Termination Agreement, the New MSA, the Trust Agreement and the Registration
Rights Agreement.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.9pt">payment by Colliers to Jayset Capital of that amount required to be paid
at the Closing Time to Jayset Capital in accordance with subsection 3.3(a) to an account designated in writing to Colliers by Jayset
Capital; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(h)</td><td style="text-align: justify; padding-right: 17.9pt">the Seller(s) (or an agent of the Seller(s)) shall have received a certificate,
direct registration system advice statement or electronic deposit into an account designated by the Seller(s) evidencing an aggregate
of 3,572,858 Subordinate Voting Shares issuable to the Seller(s).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.8pt 0pt 11pt">8.4<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Closing &amp; Place of Closing. </i></b>The completion of the Transactions (the &ldquo;<b>Closing</b>&rdquo;) will
take place on the fifth Business Day immediately following the Business Day on which there occurred the satisfaction or waiver
(to the extent permitted by applicable Law) of all conditions set forth above in this Article 8 (other than those conditions that,
by their nature, are to be satisfied by deliveries made at the Closing, but subject to the satisfaction or, to the extent permitted
hereunder, waiver of all such conditions), unless this Agreement has been terminated pursuant to and in accordance with Article
12, or another date that is mutually agreed to in writing by Colliers and the Hennick Parties (the date of the Closing, the &ldquo;<b>Closing
Date</b>&rdquo;). Closing may be conducted by means of a conference telephone call among some or all of the parties required therefor
and/or by an exchange of documents by electronic transmission.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 11pt">ARTICLE 9 &ndash; PUBLIC
ANNOUNCEMENTS; POST-CLOSING COVENANTS</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.75pt 0pt 11pt">9.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Public Announcements.</i></b> The Parties shall cooperate with each other on the issuance or publication of any press
release or other public announcement or filing with respect to this Agreement or the Transactions, and no Party shall issue or
publish any such press release or other public announcement without the prior written consent of Colliers and Henset Capital (which
consent shall not be unreasonably withheld, conditioned or delayed); provided that nothing herein shall prohibit any Party from
any such issuance, publication or filing (including a filing or public disclosure of this Agreement) to the extent that such Party
reasonably determines such issuance, publication or filing is required by applicable Laws or by the regulations/rules of any Governmental
Authority or stock exchange on which any equity interests of such Party or any of its Affiliates is traded or is proposed to be
traded.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">9.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Purchased Entity Minute Books. </i></b>Following Closing, the Sellers shall send (or cause to be sent) to Colliers
(or as Colliers shall direct) the corporate seal (to the extent one exists), minute books (including the corporate records typically
maintained therein), share certificates, share certificate books, share transfer books, share register books, shareholders&rsquo;
register, officers&rsquo; register and directors&rsquo; register of each Purchased Entity.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: left; margin: 0pt 0 0pt 11pt">ARTICLE 10 &ndash;
SURVIVAL OF REPRESENTATIONS AND COVENANTS</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">10.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Survival of Representations and Warranties of Sale Parties.</i></b> The respective representations and warranties
of the Sale Parties contained in this Agreement shall survive the Closing and, notwithstanding such Closing or any investigations
made by or on behalf of the Parties, shall continue in full force and effect as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">with respect to all representations and warranties set forth in this Agreement
pertaining to matters involving Taxes and the specific indemnity in Section 11.1(c), for as long from and after the Closing Date
as a Purchased Entity may be assessed or reassessed or any Legal Proceedings may be brought in connection therewith, plus sixty
(60) days; provided that, if the period of assessment or reassessment otherwise applicable is extended (whether by the giving of
a waiver, consent or otherwise), such representations and warranties shall continue in full force and effect until the expiration
of the period as so extended, plus sixty (60) days;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">with respect to the Hennick Fundamental Representations, for the period
of six (6) years commencing on the Closing Date; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.75pt">with respect to all representations and warranties of a Sale Party contained
in Article 4 and not specified above in this Section 10.1, for the period of eighteen (18) months following the Closing Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">provided that, the indemnity obligations of a Sale
Party under Article 11 shall not terminate at the expiration of the periods set forth above with respect to any matters in respect
of which a Claim Notice (as such term is defined in subsection 11.4(a)) had been sent at a time which is prior to the expiration
of the time period hereinbefore specified in this Section 10.1 as applicable to such matter; and, for greater certainty, the indemnity
obligations in respect of each matter in respect of which a Claim Notice had been so sent shall survive until the claim for indemnification
made in respect of such matter has been satisfied or otherwise resolved as provided for in Article 11.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">10.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Survival of Representations and Warranties of Colliers. </i></b>The representations and warranties of Colliers contained
in this Agreement shall survive the Closing and, notwithstanding such Closing or any investigations made by or on behalf of the
Parties, shall continue in full force and effect as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">with respect to the Colliers Fundamental Representations, for the period
of six (6) years commencing on the Closing Date; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">with respect to all representations and warranties of Colliers contained
in this Agreement and not specified above in this Section 10.2, for the period of eighteen (18) months following the Closing Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">provided that, the indemnity obligations of Colliers
under Article 11 shall not terminate at the expiration of the periods set forth above with respect to any matters in respect of
which a Claim Notice had been sent at a time which is prior to the expiration of the time period hereinbefore specified in this
Section 10.2 as applicable to such matter; and, for greater certainty, the indemnity obligations in respect of each matter in respect
of which a Claim Notice had been so sent shall survive until the claim for indemnification made in respect of such matter has been
satisfied or otherwise resolved as provided for in Article 11.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 11pt">ARTICLE 11 &ndash;
INDEMNITIES</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">11.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Indemnification by Sale Parties.</i></b> Following Closing, each Sale Party jointly and severally shall, and do hereby,
indemnify and save harmless Colliers and the Purchased Entities (collectively, the &ldquo;<b>Colliers Indemnified Parties</b>&rdquo;)
from and against any and all Losses incurred, sustained or suffered by the Colliers Indemnified Parties as a result of or in any
way relating to:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">any of the representations and warranties of a Sale Party contained in
this Agreement having been untrue or inaccurate;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.9pt">any non-compliance by a Sale Party with any of such Sale Party&rsquo;s covenants
and agreements contained in this Agreement; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.75pt">the Reorganization and any and all Taxes of the Purchased Entities arising
therefrom, and any and all other Liabilities (including any compensation, benefits, severance or other amounts owing to any previous
employees and independent contractors) of a Purchased Entity in existence as at the Closing Time (in each case, other than as accounted
for in an adjustment to the Purchase Price, to the extent offset by the Closing Cash or otherwise paid by a Sale Party in accordance
with this Agreement).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">11.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Indemnification by Colliers.</i></b> Following Closing, Colliers shall, and does hereby, indemnify and save harmless
each Sale Party (collectively, the &ldquo;<b>Hennick Indemnified Parties</b>&rdquo;) from and against any and all Losses incurred,
sustained or suffered by the Hennick Indemnified Parties as a result of or in any way relating to:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.9pt">any of the representations and warranties of Colliers contained in Article
5 having been untrue or inaccurate; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.9pt">any non-compliance by Colliers with any of Colliers&rsquo; covenants and
agreements contained in this Agreement.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">11.3</td><td style="text-align: justify">Limitations.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.9pt">Notwithstanding any other provisions hereof, the maximum aggregate liability
of the Sale Parties for their indemnification obligations in Section 11.1 shall not exceed an amount equal to the Purchase Price.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">Notwithstanding any other provisions hereof, the maximum aggregate liability
of Colliers for its indemnification obligations in Section 11.2 shall not exceed an amount equal to the Purchase Price.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">11.4</td><td style="text-align: justify">Indemnification Procedure.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">If a Colliers Indemnified Party or a Hennick Indemnified Party entitled
to indemnity under either Section 11.1 or 11.2 (such party being sometimes referred to in this Article 11 as the &ldquo;<b>Indemnified
Party</b>&rdquo;) wishes to assert a claim for indemnity against a Party liable to it under this Article 11 (such liable Party
being sometimes referred to in this Article 11 as the &ldquo;<b>Indemnifier</b>&rdquo; and such claim for indemnity being sometimes
referred to as an &ldquo;<b>Indemnity Claim</b>&rdquo;), it can only do so by giving a notice in writing (a &ldquo;<b>Claim Notice</b>&rdquo;)
to the Indemnifier as soon as is reasonably practicable after the discovery of any facts or circumstances that are reasonably likely
to give rise to an Indemnity Claim, which Claim Notice must provide reasonable particulars then known of the matters for which
indemnity is then being sought (and be accompanied with copies of any relevant documents then received or obtained by the Indemnified
Party in respect of such Indemnity Claim) and either the amount of any actual Losses suffered, sustained or incurred by the Indemnified
Party in connection with the matter in respect of which indemnity is so being sought or a good faith estimate of such amount (provided
that any estimate of such amount shall be subject to indemnification under this Article 11 only at such time as the amount becomes
an actual Loss suffered, sustained or incurred).</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">The Indemnifier shall have the period of thirty (30) days following its
receipt of such Claim Notice (such period being herein called the &ldquo;<b>Cure Period</b>&rdquo;) in which to cure or rectify,
at its sole cost, the matters for which indemnity is being sought, as specified in such Claim Notice, and, if such matters are
capable of being cured or rectified, the Indemnifier shall use its commercially reasonable efforts so as to cause or effect such
cure or rectification.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify">If the matter for which indemnity is sought:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">has been fully cured or rectified (including the payment of any Losses
which the Indemnifier is liable to pay) to the satisfaction of the Indemnified Party, acting reasonably, on or prior to the expiration
of the Cure Period, the Indemnifier shall have no further Liability to the Indemnified Party in respect thereof; or</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.85pt">either: (x) has not been fully cured or rectified (including the payment
of any Losses which the Indemnifier is liable to pay) to the satisfaction of the Indemnified Party, acting reasonably, prior to
the expiration of the Cure Period; or</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 83pt">(y) in the determination of the Indemnified Party,
acting reasonably, is not capable of being cured prior to the expiration of the Cure Period, the Indemnifier shall, forthwith upon
the expiration of the Cure Period, in the case of (x) above, or upon the delivery of notice by the Indemnified Party to the Indemnifier
of the determination referred to in (y) above, pay to the Indemnified Party the amount payable in respect of that matter pursuant
to this Article 11, unless the Indemnifier <i>bona fidely </i>either: (A) disputes the Indemnity Claim; or (B) disputes that it
has not cured or rectified the matter for which indemnity is sought, or that the matter is not capable of being cured or rectified
prior to the expiration of the Cure Period, and, in each case, has commenced appropriate Legal Proceedings regarding such dispute
within thirty (30) days following the end of the Cure Period referable thereto (and then the Indemnifier shall pay to the Indemnified
Party the amount payable in connection with such Indemnity Claim, if any, following a determination of such dispute pursuant to
such Legal Proceedings or if such Legal Proceedings are not so commenced within such thirty (30) day period, at the expiration
of such thirty (30) day period (or as otherwise agreed upon in writing by the Indemnifier and the Indemnified Party)).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">11.5<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Indemnity is Sole and Exclusive Remedy. </i></b>Following Closing, this Article 11 shall constitute the sole and exclusive
remedy for each Party against any other Party for monetary damages with respect to any and all breaches of any agreement, covenant,
representation or warranty made by such other Party in this Agreement; provided that, this Section 11.4 shall not apply to any
claims based on fraud or intentional misrepresentation, and provided further that the Parties shall have the right to seek specific
performance or other equitable remedies in connection with any breach of this Agreement or any other Transaction Document.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.75pt 0pt 11pt">11.6<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Insurance Proceeds. </i></b>In respect of each matter for which a claim for indemnity is made by an Indemnified Party
against an Indemnifier in accordance with this Article 11, if such Indemnified Party (or any Affiliate thereof, as the case may
be (which Affiliates include a Purchased Entity if the Indemnified Party is a Colliers Indemnified Party)) shall receive any insurance
or other proceeds as compensation for (or otherwise in respect of) such matter from an insurance company or any other Person, then
the amount otherwise payable by the Indemnifier in respect of such matter shall be reduced by the total amount of the insurance
and other proceeds so received (net of any deductibles, premium increases and &ldquo;<i>out-of-pocket</i>&rdquo; expenses reasonably
incurred by the recipient thereof in connection with, or as a result of, its collection thereof). Each Party agrees that it shall
use commercially reasonable efforts to collect</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 11pt; font-size: 10pt; text-align: justify">upon those of its or its Affiliates insurance policies
which provide coverage in respect of a matter for which indemnification is provided under this Article 11, provided that no Indemnified
Party shall be prohibited from pursuing or collecting on any claim for indemnification in accordance with this Article 11 while
it is using (or required to be using) such efforts to collect upon such insurance policies.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.8pt 0pt 11pt">11.7<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Interest on Non-Payment.</i></b> All amounts required to be paid by one Party to another Party pursuant to this Article
11 shall be paid within ten (10) days following written demand for payment and any amount which is not paid when due shall bear
interest until paid in full at the rate of 8% per annum, computed, compounded and payable monthly.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.95pt 0pt 11pt">11.8<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Adjustment to Purchase Price. </i></b>All indemnity payments pursuant to this Article 11 shall be considered by the
Parties as an adjustment to the Purchase Price.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.8pt 0pt 11pt">11.9<font style="font-size: 10pt">&nbsp;&nbsp;
</font><b><i>One Recovery. </i></b>Any Indemnified Party shall not be entitled to double recovery for any claims even though they
may have resulted from the breach of more than one of the representations, warranties, covenants and obligations of the Indemnifying
Party in this Agreement. No Hennick Party has any liability or obligation with respect to any claim for indemnification to the
extent that such matter was reflected as an adjustment to the Purchase Price under Section 3.3(a) of this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 11pt">ARTICLE 12 &ndash;
TERMINATION</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">12.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Termination.</i></b> This Agreement may be terminated and the Transactions may be abandoned at any time prior to the
Closing:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify">by the mutual written consent of the Parties;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.7pt">by either Colliers or a Hennick Party if: (i) any Governmental Authority
of competent jurisdiction shall have issued a judgment, order, injunction, rule or decree, or taken any other action restraining,
enjoining or otherwise prohibiting the Transactions and such judgment, order, injunction, rule, decree or other action shall have
become final and non- appealable; or (ii) the Closing Time shall not have occurred by 5:00 p.m. (Toronto, Ontario local time) on
May 31, 2021 (the &ldquo;<b>End Date</b>&rdquo;); provided, however, that the right to terminate this Agreement pursuant to this
paragraph 12.1(b)(ii) shall not be available to: (A) Colliers, if a Hennick Party has the right to terminate this Agreement pursuant
to subsection 12.1(c); or (B) a Hennick Party, if Colliers has the right to terminate this Agreement pursuant to subsection 12.1(d);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.9pt">by a Hennick Party if there has been a breach of any representation, warranty,
covenant or agreement made by Colliers in this Agreement, such that the condition set forth in subsection 8.3(a) or 8.3(b) would
not be satisfied, and such breach or failure is incapable of being cured or is not cured on or prior to the End Date;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt">by Colliers if there has been a breach of any representation, warranty,
covenant or agreement made by a Hennick Party in this Agreement, such that the condition set forth in subsection 8.2(a) or 8.2(b)
would not be satisfied, and such breach or failure is incapable of being cured or is not cured on or prior to the End Date; or</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.85pt">by any Party if the Transaction Resolution is not approved by the requisite
number of votes cast by the holders of Subordinate Voting Shares at the Meeting as contemplated in Section 2.4.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt"></p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 17.85pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0in">12.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Notice of Termination. </i></b>The Party desiring to terminate this Agreement pursuant to this Article 12 shall give
written notice of such termination to the other Parties specifying the provision or provisions of this Article 12 pursuant to which
such termination is purportedly effected and including reasonable detail of the circumstances giving rise to such termination.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.8pt 0pt 11pt">12.3<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Effect of Termination. </i></b>If this Agreement is validly terminated pursuant to this Article 12, this Agreement
shall forthwith become void and of no effect, without any liability on the part of any Party; provided that no such termination
shall relieve any Party from any liability for any willful breach of any provision hereof or fraud with respect to the agreements,
covenants, representations and warranties expressly made in this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-style: italic; font-weight: bold; text-align: justify; margin: 0pt 0 0pt 11pt">ARTICLE 13 &ndash;
GENERAL CONTRACT PROVISIONS</p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&nbsp;</i></b></p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">13.1<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Notices. </i></b>All notices and communications sought or, by the terms hereof, required to be given by one Party
to another Party shall be given in writing by personal delivery (which delivery may be effected by depositing the notice or communication
in question with a courier service for delivery (courier charges fully prepaid)), by registered mail (postage fully prepaid) or
by email, delivered, addressed or sent by facsimile to such other Party as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">in the case of Colliers, at: 1140 Bay Street, Suite 4000, Toronto, Ontario,
Canada M5S 2B4 (Attention: Chief Financial Officer) (Email: Christian.Mayer@Colliers.com); with a copy (which copy shall not constitute
notice) to Fogler, Rubinoff LLP, at 77 King Street West, Suite 3000, Toronto, Ontario, Canada M5K 1G8 (Attention: Elliott A. Vardin)
(Email: evardin@foglers.com); and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.75pt">in the case of a Hennick Party, at: 1140 Bay Street, Suite 4000, Toronto,
Ontario, Canada M5S 2B4 (Attention: Jay S. Hennick) (Email: Jay.Hennick@colliers.com); with a copy (which copy shall not constitute
notice) to Edward Waitzer and Stikeman Elliott LLP, at 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario, Canada M5L 1B9
(Attention: Ed Waitzer; Email: ewaitzer@waitzerlaw.com and Sean Vanderpol; Email: svanderpol@stikeman.com);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.6pt 0pt 11pt">or at such other address or facsimile number as may
be given by a Party to the other Parties by notice in writing from time to time, and such notices or other communications shall
be deemed to have been received as follows: (i) if sent by personal delivery, upon delivery; (ii) if transmitted by email on or
prior to 5:00 p.m. (local time in the place at which the notice is to be received) on a Business Day, upon the completion of its
transmission (and if not transmitted on a Business Day or transmitted after 5:00 p.m. (local time in the place at which the notice
is to be received) on a Business Day, then on the first Business Day following the completion of the transmission);</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">(iii)<font style="font-size: 10pt">&nbsp;
</font>if sent by overnight courier, on the first Business Day after the date of dispatch; or (iv) if sent by registered mail,
six Business Days following the day of the mailing thereof; provided that if any such notice or communication shall have been mailed
and if regular mail service shall be interrupted by strikes or other irregularities, such notice or communication shall be deemed
to have been received six Business Days following the resumption of normal mail service.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">13.2<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Further Assurances. </i></b>Each Party agrees that, forthwith upon the written request of any other Party, the Party
so requested shall execute and deliver such further documents, cause such meetings to be held, resolutions passed and Constituent
Documents enacted or amended, exercise such Party&rsquo;s vote and influence, and otherwise do and perform and cause to be done
and performed any and all such further and other lawful acts and things as are within such Party&rsquo;s reasonable power to do
and as are reasonably necessary or desirable in order to give full effect to each and every part of the Transaction Documents and
the Transactions.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt"></p>

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<p style="margin: 0pt 17.9pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0in">13.3<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Currency. </i></b>Unless otherwise stated, all dollar amounts in this Agreement are expressed in Canadian dollars
and all payments of funds contemplated by this Agreement shall be made in Canadian funds.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.4<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Number, Gender, </i></b><i>&ldquo;<b>this Agreement</b>&rdquo; <b>and Headings. </b></i>In this Agreement, the use
of the singular includes the plural and <i>vice versa</i>; words importing gender include all genders; all verbs shall be construed
as agreeing with the required word or pronoun; the word &ldquo;<i>extent</i>&rdquo; in the phrase &ldquo;<i>to the extent</i>&rdquo;
means the degree to which a thing extends, and does not mean simply &ldquo;<i>if</i>&rdquo;; any reference to &ldquo;<i>days</i>&rdquo;
means calendar days unless Business Days are expressly specified; and the words &ldquo;<b>this Agreement</b>&rdquo;, &ldquo;<b>herein</b>&rdquo;,
&ldquo;<b>hereof</b>&rdquo;, &ldquo;<b>hereby</b>&rdquo;, &ldquo;<b>hereto</b>&rdquo;, &ldquo;<b>hereunder</b>&rdquo; and like
expressions refer to this Agreement as a whole and not to any particular part hereof, unless the context otherwise requires. The
use of headings in this Agreement is for convenience of reference only and shall not affect the interpretation or construction
of this Agreement. The Parties hereto further acknowledge and confirm that they have participated jointly in the negotiation and
drafting of this Agreement and the other Transaction Documents and that any rule of construction or interpretation otherwise requiring
this Agreement or any of the other Transaction Documents to be construed or interpreted against a party hereto by virtue of the
authorship of this Agreement or such other Transaction Documents, as the case may be, shall not apply to the construction and interpretation
of this Agreement (or any provision of this Agreement) or any of the other Transaction Documents (or any provision of such other
Transaction Documents).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.5<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>No Brokers. </i></b>No broker, agent or other intermediary acted for any Party in connection with the Transactions
and each Party shall indemnify and save harmless the other Parties from and against any and all claims whatsoever for any commission
or other remuneration payable or alleged to be payable to any broker, agent or other intermediary who purports to act or have acted
for the Party in question.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">13.6<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Responsibility for Legal and Accounting Fees.</i></b> Except as otherwise expressly provided for in this Agreement,
each of the Parties shall be responsible for its own legal and accounting fees and other charges incurred in connection with the
review, negotiation and preparation of this Agreement and the other Transaction Documents and the Transactions and any post-Closing
matters in connection therewith.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.7<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Recovery of Costs of Legal Proceedings.</i></b> If any Legal Proceedings are taken by any of the Parties against any
of the other Parties to enforce any of the provisions of this Agreement or as a result of the breach of any such provisions, the
prevailing Party shall be entitled to recover from the non-prevailing Party all reasonable &ldquo;<i>out-of-pocket</i>&rdquo; legal
fees, costs and expenses (including expert witness fees) incurred in connection with any such legal action.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">13.8</td><td style="text-align: justify"><b><i>Time of Essence.</i></b> Time is of the essence of this Agreement and of every part hereof.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">13.9<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><i>Entire Agreement.</i></b> This Agreement, including the other Transaction Documents, constitutes the entire, full
and complete agreement and understanding among the Parties in respect of the subject matters hereof and thereof and supersedes
all prior Contracts, letters of intent, term sheets and negotiations among some or all of the Parties hereto with respect thereto.
There are no representations, inducements, promises, statements of intention or agreements, oral or written, among the Parties
not embodied herein which are of any force or effect with reference to this Agreement, the subject matters hereof or the Transactions.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0in">13.10<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>No Amendment.</i></b> This Agreement shall not be amended, superseded or cancelled except by a written instrument
signed by all of the Parties and any instrument purporting to amend, supersede or cancel this Agreement or any part hereof shall
not be binding and shall be of no effect unless and until it has been executed and delivered by all of the Parties.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.11<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>No Waiver. </i></b>The failure of a Party at any time or times to require performance of any provision hereof by any
other Party shall in no manner affect the right of such Party to require such performance at a later time. No act or omission of
any Party, other than an express written waiver signed by such Party, shall constitute a waiver by such Party of any representation,
warranty, covenant, agreement or condition of this Agreement or any breach thereof by another Party. No waiver by a Party hereto
of any representation, warranty, covenant, agreement or condition of this Agreement or any breach thereof by another Party, in
any one or more instances, shall be deemed to be or construed as a further or continuing waiver of such or any other representation,
warranty, covenant, agreement, condition or any breach.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.12<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>Calculation of Time Periods. </i></b>When calculating the period of time within which or following which any act is
to be done or step taken pursuant to this Agreement, the date which is the reference date in calculating such period shall be excluded.
If the last day of such period is not a Business Day, the period in question shall end on the next Business Day. In the event that
any date upon which any action is required or permitted to be taken hereunder by any of the Parties is not a Business Day, such
action shall be required or permitted to be taken on the next succeeding day which is a Business Day. Unless expressly provided
otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of the following month
or year corresponding to the starting date; provided, that if no corresponding date exists, the measure shall be that date of the
following month or year corresponding to the next day following the starting date. For example, one month following February 18
is March 18, and one month following March 31 is May 1.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.13<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>No Assignment of Agreement. </i></b>No Party may assign this Agreement or any interest in this Agreement without the
prior written consent of all of the Parties. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit
of the Parties and their respective successors and permitted assigns and, in the case of Parties who are human beings, also upon
their respective heirs, executors, administrators and other legal personal representatives.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.14<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>References to Laws and Contracts. </i></b>Any references in this Agreement to any Laws shall be construed as a reference
thereto as amended or re-enacted from time to time or as a reference to any successor thereto, in each case, to the Closing Time.
Any references in this Agreement to any Contract, exhibit or schedule, unless otherwise stated, are to such Contract, exhibit or
schedule as amended, modified or supplemented from time to time in accordance with the terms thereof as at the Agreement Date.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.15<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>Governing Law.</i></b> This Agreement shall be governed by and construed in accordance with the internal laws of the
Province of Ontario (without giving effect to principles of conflicts of laws) and the federal laws of Canada applicable therein
and this Agreement shall in all respects be treated as an Ontario contract. Subject to the arbitration provisions of Section 13.18,
the Parties irrevocably attorn to the jurisdiction of the courts of the Province of Ontario to resolve any dispute which may arise
among them concerning this Agreement and the subject matters hereof.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.65pt 0pt 11pt"></p>

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<p style="margin: 0pt 17.65pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0in">13.16<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>Execution in Counterparts. </i></b>This Agreement may be executed in several counterparts, by original or facsimile
signature or by or through such other electronic form in which a Party may place or evidence its signature hereon (including an
electronic scan of same), each of which so executed shall be deemed to be an original and such counterparts together shall be deemed
to be one and the same instrument, which shall be deemed to be executed as of the date first above written.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">13.17<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>Severability.</i></b> Any provision of this Agreement which is invalid, prohibited or unenforceable in any jurisdiction
for any reason shall, as to such jurisdiction only, be ineffective and severable from this Agreement to the extent of such invalidity,
prohibition or unenforceability but such invalidity, prohibition or unenforceability shall not invalidate or otherwise affect the
remaining provisions of this Agreement nor shall it affect the validity or enforceability of such provision in any other jurisdiction.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.18<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>Disputes. </i></b>Unless otherwise expressly provided herein, to the fullest extent permitted by applicable Laws,
if any dispute, claim or other matter should arise concerning the interpretation, performance or breach of this Agreement or any
action taken by a Party pursuant to this Agreement (such dispute, claim or other matter being referred to as a &ldquo;<b>Dispute</b>&rdquo;),
such Dispute shall be determined by arbitration conducted by one arbitrator in the City of Toronto, Ontario in accordance with
the <i>Arbitration Act, 1991 </i>(Ontario) and a Party seeking arbitration of a Dispute shall so notify the other Parties by notice
in writing (an &ldquo;<b>Arbitration Notice</b>&rdquo;), which Arbitration Notice shall set out reasonable particulars of the Dispute
in respect of which arbitration is so being sought. Nothing in this Section 13.18 shall preclude a Party from instituting legal
action seeking equitable relief in order to protect its rights pending the outcome of an arbitration hereunder. Notwithstanding
the preceding provisions of this Section 13.18, the provisions of this Section 13.18 may not be invoked in connection with, or
emanating out of, any matter or procedure, the resolution of which is provided for in subsection 6.2(d) except for the purpose
of enforcing the provisions of subsection 6.2(d).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 11pt">13.19<font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;
</font><b><i>Legal Representation</i></b><i>. </i>Each Party represents and warrants that: (a) such Party has consulted with independent
duly qualified legal counsel of such Party&rsquo;s own choosing and has had this Agreement and all of the other Transaction Documents
reviewed and negotiated on such Party&rsquo;s own behalf by such legal counsel; (b) such Party has had sufficient time in which
to consider whether or not to enter into this Agreement and the other Transaction Documents and such Party has read this Agreement
and the other Transaction Documents and fully understands all of the respective terms, conditions and provisions of this Agreement
and the other Transaction Documents; and (c) such Party is entering into, executing and delivering this Agreement and the other
Transaction Documents of such Party&rsquo;s own free will and in reliance solely on such Party&rsquo;s own judgment and the advice
of such Party&rsquo;s legal counsel.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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BLANK.]</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt"></p>

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<p style="margin: 0pt 0 0pt 11pt; font-size: 10pt"><b>IN WITNESS WHEREOF</b>, the Parties have executed this Agreement as of the
Agreement Date.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; width: 25%">&nbsp;</td>
    <td style="width: 25%; font-size: 10pt; font-weight: bold">HENSET CAPITAL INC.</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Per: <i><u>&ldquo;Jay S. Hennick&rdquo;</u></i></td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="padding-left: 20pt; font-size: 10pt">Name: Jay S. Hennick</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="padding-left: 20pt; font-size: 10pt">Title: President and CEO</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold">JAYSET CAPITAL CORP.</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Per: <i><u>&ldquo;Jay S. Hennick&rdquo;</u></i></td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="padding-left: 20pt; font-size: 10pt">Name: Jay S. Hennick</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="padding-left: 20pt; font-size: 10pt">Title: President and Secretary</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold">JAYSET MANAGEMENT CIG INC.</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Per: <i><u>&ldquo;Jay S. Hennick&rdquo;</u></i></td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="padding-left: 20pt; font-size: 10pt">Name: Jay S. Hennick</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="padding-left: 20pt; font-size: 10pt">Title: President and CEO</td></tr>
</table>




<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; font-style: italic; text-align: left; padding-left: 11pt">SIGNED AND DELIVERED</td><td style="font-size: 10pt; font-style: italic">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 11pt">in the presence of</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 11pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 11pt; width: 33%"><i><u>&ldquo;Jonathan Ng&rdquo;</u></i></td><td style="width: 1%; font-size: 10pt; font-style: italic; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">)</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 64%; font-size: 10pt; text-align: left; padding-bottom: 1pt"><i><u>&ldquo;Jay S. Hennick&rdquo;</u></i></td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 11pt">Signature of Witness</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">JAY S. HENNICK</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 11pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; padding-left: 11pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 11pt">Jonathan Ng</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left; padding-left: 11pt">Print Name of Witness</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>


<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 25%">&nbsp;</td>
    <td style="width: 25%; font-size: 10pt; font-weight: bold">COLLIERS INTERNATIONAL GROUP INC.</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="font-size: 10pt">Per: <i>&ldquo;Peter Cohen&rdquo;</i></td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-left: 20pt; font-size: 10pt">Name: Peter Cohen</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-left: 20pt; font-size: 10pt">Title: Lead Director/Chair of the Special Committee</td></tr>
</table>




<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt"></p>

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<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SCHEDULE A</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b><u>Form of Trust Agreement</u></b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 0 0pt 11pt; font-size: 10pt">See Attached.</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">TRUST AGREEMENT</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 47pt"><b>THIS TRUST AGREEMENT</b> (this &quot;<b>Agreement</b>&quot;) is made this
<font style="font-family: Wingdings; color: blue">l</font> day of <font style="font-family: Wingdings; color: blue">l</font>, 2021</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 11pt">AMONG:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="margin: 0pt 77pt 0pt 60pt; font-size: 10pt"><b>JAY S. HENNICK</b>, an individual resident in the City of Toronto in the
Province of Ontario</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">(&quot;<b>Jay</b>&quot;)</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 77pt 0pt 60pt; font-size: 10pt"> - and -</p>



<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 77pt 0pt 60pt; font-size: 10pt"><b>HENSET CAPITAL INC.</b>, a corporation existing under the laws of the
Province of Ontario</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">(&quot;<b>Henset</b>&quot;)</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 77pt 0pt 60pt; font-size: 10pt"> - and -</p>



<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt; text-align: justify"><b>COLLIERS INTERNATIONAL GROUP INC.</b>, a corporation
amalgamated under the laws of the Province of Ontario (&quot;<b>Colliers</b>&quot;)</p>

<p style="margin-left: 60pt; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="margin: 0pt 77pt 0pt 60pt; font-size: 10pt">- and-</p>



<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 89.85pt 0pt 60pt; font-size: 10pt; text-align: justify"><b>EQUITY FINANCIAL TRUST COMPANY</b>, a trust company
existing under the laws of Canada duly authorized to carry on the business of a trust company in the Province of Ontario and having
an office in the City of Toronto, in the Province of Ontario</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0 0pt 60pt; font-size: 10pt">(the &quot;<b>Trustee</b>&quot;)</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 11pt">RECITALS:</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">A.</td><td style="text-align: justify; padding-right: 17.85pt">the authorized capital of Colliers consists of an unlimited number of preference
shares, issuable in series, an unlimited number of multiple voting shares (the &quot;<b>Multiple Voting Shares</b>&quot;) and an
unlimited number of subordinate voting shares (the &quot;<b>Subordinate Voting Shares</b>&quot;);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">B.</td><td style="text-align: justify; padding-right: 17.85pt">as at the date hereof, Henset, Jay and their respective associates (which
includes, for the avoidance of doubt, The Jay &amp; Barbara Hennick Family Foundation for so long as Jay and his immediate family
controls the Foundation) and affiliates, beneficially own 1,325,694 Multiple Voting Shares, representing all of the issued and
outstanding Multiple Voting Shares and 5,350,383 Subordinate Voting Shares, including 345,014 Subordinate Voting Shares issuable
upon the conversion of the 4.00% Convertible Senior Subordinated Notes of Colliers due 2025. All of the issued and outstanding
voting securities of Henset are owned by Jay;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">C.</td><td style="text-align: justify; padding-right: 18.6pt">all of the issued and outstanding Subordinate Voting Shares are listed on
the Toronto Stock Exchange (the &quot;<b>TSX</b>&quot;) and The Nasdaq Stock Market (&quot;<b>NASDAQ</b>&quot;);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">D.</td><td style="text-align: justify; padding-right: 17.7pt">the parties hereto are subject to a trust agreement (the &quot;<b>Existing
Trust Agreement</b>&quot;) made as of the 22<sup>nd</sup> day of June, 1993 entered into to ensure that the Subordinate Voting
Shares would be and continue to be listed on TSX and that the holders from time to time of Subordinate Voting Shares would not
be deprived of rights under applicable take-over bid legislation to which they would have been entitled in the event of a take-
over bid if the Multiple Voting Shares and the Subordinate Voting shares were considered to be a single class of shares;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">E.</td><td style="text-align: justify; padding-right: 17.85pt">Jay, Henset, Colliers and others have entered into a transaction agreement
(the &quot;<b>Transaction Agreement</b>&quot;) made the 26<sup>th</sup> day of February, 2021 pursuant to which, among other things,
Jay, Henset and Colliers agreed to enter into this Agreement (which is in addition to the Existing Trust Agreement) to provide
for the sunset provisions for the Multiple Voting Shares and a restriction on the ability to sell the Multiple Voting Shares for
consideration which is greater than 115% of the market price of the Multiple Voting Shares;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">F.</td><td style="text-align: justify; padding-right: 17.85pt">Colliers, Henset and Jay wish to constitute the Trustee as the trustee
for the holders from time to time of the Subordinate Voting Shares for the purposes hereinafter set forth with the intent that
such holders, through the Trustee, will receive the benefit of the covenants of Colliers, Henset and Jay contained in this Agreement;
and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">G.</td><td style="text-align: justify; padding-right: 18.65pt">the foregoing recitals are made as representations and statements of fact
by Jay, Henset and Colliers and not the Trustee.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 21.75pt 0pt 14.55pt"><b>NOW THEREFORE THIS AGREEMENT WITNESSETH </b>that
in consideration of the premises herein contained and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto covenant and agree as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 17.8pt 0pt 11pt">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Multiple Voting Shares
owned by Henset may be sold, directly or indirectly, at a price greater than the market price (as hereinafter defined) of the
Subordinate Voting Shares on the date of any agreement to sell such Multiple Voting Shares, unless such sale is made: (a)
through the facilities of NASDAQ or the TSX; (b) pursuant to a take-over bid which satisfies the requirements of Section 2 of
the Existing Trust Agreement; (c) pursuant to a transaction other than a take-over bid where there is a concurrent offer made
to purchase Subordinate Voting Shares from, or for the acquisition of Subordinate Voting Shares from, the holders of
Subordinate Voting Shares on terms that are at least as favourable to the holders of Subordinate Voting Shares as those made
to the holders of Multiple Voting Shares (including, without limitation, pursuant to an amalgamation, arrangement, business
combination or other similar transaction); (d) pursuant to an issuer bid (as such term is defined in National Instrument
62-104 &ndash; <i>Take-Over Bids and Issuer Bids </i>or any successor thereto or replacement thereof); or</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.9pt 0pt 11pt">(e)<font style="font-size: 10pt">&nbsp;&nbsp;
</font>pursuant to the granting, directly or indirectly, of a security interest which satisfies the requirements of Section 8 of
the Existing Trust Agreement. For the purposes of this Agreement, &quot;<b>market price</b>&quot; shall be determined in accordance
with section 1.11(1) of National Instrument 62-104 &ndash; <i>Take-Over Bids and Issuer Bids</i> or any successor thereto or replacement
thereof.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 17.95pt 0pt 11pt">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the
generality of Section 1: (a) a sale will be deemed to be an indirect sale of Multiple Voting Shares owned by Henset for the
purposes of Section 1 if the offer pursuant to which such sale is made would be deemed to be an indirect offer for the
Multiple</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.8pt 0pt 11pt"></p>

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<p style="margin: 0pt 17.8pt 0pt 11pt; font-size: 10pt; text-align: justify">Voting Shares under the take-over bid provisions of
applicable Canadian securities legislation; and (b) any sale which would result in the direct or indirect acquisition of ownership
of Multiple Voting Shares or in the direct or indirect acquisition of control or direction over such shares, other than as permitted
by Section 2 of the Existing Trust Agreement, shall be construed to be a sale of such Multiple Voting Shares.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.8pt 0pt 11pt">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henset will use its best efforts to prevent
any person or company from carrying out an indirect sale in respect of any Multiple Voting Shares owned from time to time by
Henset, regardless of whether such person or company is a party to this Agreement, other than as permitted by Section 1.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 0.25in 0pt 11pt">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any person or
company carries out a sale (whether a direct or indirect) other than as permitted by Section 1 (and having regard to Section
2) in respect of any Multiple Voting Shares owned from time to time by Henset, Henset will not at the time such sale becomes
effective or thereafter do any of the following with respect to any of the Multiple Voting Shares so sold:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(a)</td><td style="text-align: left">dispose of them without the prior written consent of the Trustee;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(b)</td><td style="text-align: left; padding-right: 18.4pt">convert them into Subordinate Voting Shares without the prior written consent
of the Trustee; or</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(c)</td><td style="text-align: left">exercise any voting rights attaching to them</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 18.05pt 0pt 11pt">in each case, except in accordance with the written
instructions of the Trustee, and Henset will comply with such instructions. The Trustee may attach conditions to any consent the
Trustee gives in exercising its rights hereunder. The Trustee will exercise such rights in a manner that the Trustee, on the opinion
of counsel, considers to be: (i) in the best interests of the holders of the Subordinate Voting Shares, other than Henset and holders
of Subordinate Voting Shares who, in the opinion of the Trustee, relying on the opinion of counsel, participated directly or indirectly
in the transaction that triggered the operation of this Section 4; and (ii) consistent with the intentions of the parties hereto,
other than the Trustee, in entering into this Agreement, as such intentions are set out in the recitals to this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.8pt 0pt 11pt">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henset will not effect or facilitate a
disposition of any Multiple Voting Shares (including, subject to Section 8 of the Existing Trust Agreement, granting a
security interest therein) permitted by Section 1 unless the disposition is conditional upon the person or company acquiring
such Multiple Voting Shares becoming a party to an agreement on the same terms and conditions, <i>mutatis mutandis, </i>as
this Agreement, under which such person or company will have the same rights and obligations as the party effecting or
facilitating such disposition hereunder and in which all references in this Agreement to the party effecting or facilitating
such disposition will be to the acquiring person or company. The conversion of Multiple Voting Shares into Subordinate Voting
Shares, whether or not such Subordinate Voting Shares are subsequently sold, will not constitute a disposition of Multiple
Voting Shares which is prohibited by Section 1 of this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henset shall immediately convert all of the
issued and outstanding Multiple Voting Shares into Subordinate Voting Shares (on the basis (as of the date hereof) of one
Subordinate Voting Share for each Multiple Voting Share so converted, without any other consideration), pursuant to the right
of a holder of Multiple Voting Shares contained in the articles of Colliers, on the earliest to occur of:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">the date that the sum of the number of Multiple Voting Shares and Subordinate
Voting Shares beneficially owned by Henset and Jay, together with their respective associates (including, for the avoidance of
doubt, The Jay &amp; Barbara Hennick Family Foundation for so long as Jay and his immediate family controls the Foundation) and
affiliates, and including through the ownership of securities convertible into or exchangeable or exercisable for Subordinate Voting
Shares, is less than 4,000,000, as such number shall be equitably adjusted to reflect the effect of any share splits, share consolidations,
share reorganizations, recapitalizations, or other similar changes to the outstanding capital structure of Colliers subsequent
to the date hereof, and including for greater certainty through the issuance or other distribution of Subordinate Voting Shares
or securities convertible into or exchangeable or exercisable for Subordinate Voting Shares to all or substantially all holders
of Multiple Voting Shares and Subordinate Voting Shares;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.8pt">the date that is twenty four (24) months after the date of the termination
or expiry of the management services agreement (the &quot;<b>New MSA</b>&quot;) entered into as of the date hereof among Jay, 2817886
Ontario Inc. (or an affiliate thereof) (&quot;<b>ManagementCo</b>&quot;) and Colliers due to any of the following: (i) the death
of Jay;</td></tr></table>

<p style="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 17.85pt 0pt 83pt">(ii)<font style="font-size: 10pt">&nbsp;
</font>a <i>bona fide </i>illness, physical or mental, where Jay unable to devote his time and attention (on behalf ManagementCo)
to the business and affairs of Colliers as required under the New MSA for the period specified under Section 4.6(a) of the New
MSA and as determined in accordance with Section 4.6(c) of the New MSA; (iii) the voluntary termination of the New MSA by Jay and/or
ManagementCo or the election of Jay and/or ManagementCo not to renew or extend the then term of the New MSA; or (iv) the occurrence
of one of the specified cause reasons contained in Section 4.5 of the New MSA; or</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(c)</td><td style="text-align: left">September 1, 2028.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 11pt">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Trustee has been
provided with information, as a result of which it has reasonable cause to believe that any provision of this Agreement has
been or may be breached (by any person other than the Trustee), the Trustee shall, on the opinion of counsel, make reasonable
inquiries to determine whether: (i) such a breach has occurred or is intended to occur, and (ii) such breach or intended
breach can be corrected expeditiously and without prejudice to the <i>bona fide </i>interests of the holders of Subordinate
Voting Shares, and if so, the steps proposed to be taken by such parties to correct such breach or intended breach. If the
Trustee thereupon determines that a breach or intended breach has occurred or is intended and either cannot be corrected
expeditiously or the steps proposed to be taken to correct such breach or intended breach will not adequately correct such
breach expeditiously and without prejudice to the <i>bonda fide </i>interests of the holders of Subordinate Voting Shares,
the Trustee shall forthwith deliver to Colliers a certificate stating that the Trustee has made such determination. The
Trustee will thereupon be entitled to take and, subject to Section 9, will take such action as the Trustee, acting on the
opinion of counsel, considers necessary to enforce its rights under this agreement on behalf of the holders of the
Subordinate Voting Shares.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 17.9pt 0pt 11pt">Nothing in this Section 7 shall
impose on the Trustee any obligation to make inquiries as to any breach of this Agreement provided that the Trustee does not have
reasonable cause to believe that such a breach has occurred or is intended. Where the Trustee does not have any reasonable cause
to so believe, the Trustee shall have no liability under this Section 7 in respect of any breach or intended breach.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.8pt 0pt 11pt"></p>

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<p style="margin: 0pt 17.8pt 0pt 11pt; font-size: 10pt; text-align: justify">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 9, in the event holders of
not less than 10% of the then outstanding Subordinate Voting Shares determine that any provision of this Agreement has been
or will be breached (by any person other than the Trustee), such holders may require the Trustee to take action in connection
therewith by delivering to the Trustee a requisition in writing signed in one or more counterparts by such registered holders
and setting forth the action to be taken by the Trustee, and upon receipt by the Trustee of such a requisition, the Trustee
will forthwith take such action as is specified in the requisition and any other action that the Trustee, in the opinion of
counsel, considers necessary to enforce its rights under this Agreement on behalf of the holders of the Subordinate Voting
Shares; provided that the Trustee shall in the first instance determine whether the breach or intended breach can be
corrected expeditiously and without prejudice to the bona fide interests of the holders of the Subordinate Voting Shares, and
if so, whether the steps proposed to be taken by the Multiple Voting Shareholders, Colliers and/or a beneficial owner to
correct such breach or intended breach will adequately correct such breach expeditiously and without prejudice to the <i>bona
fide </i>interests of the holders of Subordinate Voting Shares.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 11pt">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Trustee to take any
action on behalf of the holders of the Subordinate Voting Shares will be conditional upon the Trustee receiving from Colliers
or from one or more holders of Subordinate Voting Shares: (i) such funds and indemnities as the Trustee may reasonably
require in respect of any fees, costs or expenses which it may incur in connection with any such action; and (ii) conclusive
evidence of the registered holdings of the holders of Subordinate Voting Shares, including, but not limited to, a register
showing the registered holders of outstanding Subordinate Voting Shares, the number of Subordinate Voting Shares so held by
each holder and the total number of then outstanding Subordinate Voting Shares. Colliers will provide such funding and
indemnities to the Trustee if the Trustee has delivered to Colliers the certificate referred to in Section 7.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 17.85pt 0pt 11pt">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No holder of
Subordinate Voting Shares will have the right, other than through the Trustee, to institute any action or proceeding or to
exercise any other remedy for the purpose of enforcing any rights arising from this Agreement unless holders of Subordinate
Voting Shares have requested in the manner specified in Section 8 that the Trustee act and have provided reasonable funds and
indemnities to the Trustee and the Trustee has failed to so act within 30 days after the provision of such funds and
indemnities. In such case, any holder of Subordinate Voting Shares acting on behalf of such holder and all other holders of
Subordinate Voting Shares will be entitled to initiate whatever proceedings that the Trustee would have been entitled to
initiate in any court of competent jurisdiction.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 17.85pt 0pt 11pt">11.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may resign
and be discharged from all further duties and liabilities hereunder, subject to this Section 11, after giving 60 days'
written notice to the other parties hereto or such shorter notice as such parties may accept as sufficient. Colliers will
have the power at any time to remove the existing Trustee, provided such removal does not adversely affect the interests of
the holders of the Subordinate Voting Shares, after giving the Trustee 30 days' written notice of such removal or such
shorter notice that the Trustee will accept as sufficient. In the event that the office of the Trustee becomes vacant due to
the removal of the existing Trustee by Colliers, Colliers will forthwith appoint a new trustee which must be one of the
largest five corporations (in terms of assets under administration) licensed or authorized to carry on the business of a
trust company in Ontario. In the event that the office of the Trustee becomes vacant otherwise than by removal of the Trustee
by Colliers, Colliers will forthwith appoint a new trustee which must be a corporation licensed or authorized to carry on the
business of a trust company in Ontario; failing such appointment, any of the parties hereto or any holder of Subordinate
Voting Shares may apply to a judge of the Ontario Superior Court of</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.95pt 0pt 11pt"></p>

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<p style="margin: 0pt 17.95pt 0pt 11pt; font-size: 10pt; text-align: justify">Justice for the appointment of a new trustee. Upon
any new appointment, the new trustee will be vested with the same powers, rights, duties and responsibilities as if it had been
originally named herein as the Trustee, but there will be immediately executed, at the expense of Colliers, all such instruments
as may be, in the opinion of counsel to Colliers, necessary or desirable to assure such vesting. Any resignation of the Trustee
will not become effective until the successor party executes an appropriate instrument accepting the appointment of the new trustee.
Notwithstanding such resignation or removal, the Trustee will continue to be indemnified in accordance with Section 12.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="text-indent: 12px; width: 47pt; text-align: left">12.</td><td style="width: 36pt">(a)</td><td style="text-align: justify"> The parties hereto, other than the Trustee, hereby jointly and severally indemnify
and save harmless the Trustee from and against all claims made against it by anyone, in the absence of gross negligence, wilful
misconduct or fraud by the Trustee, its officers, directors, employees and agents and independent contractors, by reason of the
Trustee's compliance in good faith with the terms hereof. This indemnity shall survive the resignation or removal of the Trustee
and termination of this Agreement.</td>
</tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.9pt">The Trustee may employ or retain such counsel (who may be counsel to Colliers),
auditors, accountants or other experts or advisers, whose qualifications give authority to any opinion or report made by them as
it may reasonably require for the purpose of discharging its duties hereunder and will not be responsible for any misconduct or
negligence on the part of any of them. The Trustee may, if it is acting in good faith, rely on the accuracy of any such opinion
or report.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.9pt">The Trustee will have no responsibility, if it is acting in good faith,
for the genuineness or validity of any securities, documents or other things deposited with it. In the exercise of its rights,
duties and obligations hereunder, the Trustee may, if it is acting in good faith, rely as to the truth of the statements made in
any certificates or other documents provided to it.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 17.9pt 0pt 11pt">13.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colliers will pay the
reasonable fees and expenses of the Trustee in connection with the performance of the Trustee's obligations hereunder,
including the reasonable fees and disbursements of counsel or other experts employed by the Trustee but this Section 13 will
not require Colliers to pay any fees or expenses in connection with any action taken by the Trustee pursuant to Section 8 if
the Trustee has not delivered to Colliers the certificate referred to in Section 7 with respect to such action.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 17.85pt 0pt 11pt">14.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee hereby
accepts the appointment as trustee for the holders from time to time of the Subordinate Voting Shares and the trusts in this
Agreement declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold
and exercise the rights, privileges and benefits conferred upon it hereby in trust for the various persons who are from time
to time holders of Subordinate Voting Shares.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 0.25in 0pt 11pt">15.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the exercise of its
rights and duties hereunder, the Trustee will exercise that degree of care, diligence and skill that a reasonably prudent
trustee would exercise in comparable circumstances.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 18.15pt 0pt 11pt">16.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee represents
that at the time of the execution and delivery hereof no material conflict of interests exists in the Trustee's role as a
fiduciary hereunder and agrees that in the event of a material conflict of interest arising hereafter it will, within one
month after ascertaining that it has such material conflict of interest, either eliminate the same or resign its trust</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 18.15pt 0pt 11pt"></p>

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<p style="margin: 0pt 18.15pt 0pt 11pt; font-size: 10pt; text-align: justify">hereunder. Subject to the foregoing, the Trustee,
in its personal or any other capacity, may buy, lend upon and deal in securities of Colliers and generally may contract with and
enter into financial transactions with Colliers or any of its affiliates without being liable to account for any profit made thereby.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 17.95pt 0pt 11pt">17.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto,
other than the Trustee, covenant and agree that all certificates representing Multiple Voting Shares issued after the date
hereof will have endorsed thereon a legend to the effect that the Multiple Voting Shares represented by such certificates are
subject to the terms of this Agreement and that a copy of this Agreement may be examined at the head office of Colliers.
Colliers will maintain a true copy of this Agreement at its head office and will permit any shareholder of Colliers to
inspect and make copies thereof during normal business hours.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 18.1pt 0pt 11pt">18.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is acknowledged that
damages may not be an adequate remedy if a party bound by this Agreement breaches any of its covenants contained herein.
Therefore, the parties agree that orders of specific performance, injunctions, and other equitable remedies may be required
to protect the parties hereto and the holders of Subordinate Voting Shares and thus may be sought and obtained hereunder in
lieu of or in addition to damages and all defences and protests with respect to the seeking or granting thereof are hereby
waived to the maximum extent permitted by law.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: 0.7pt; margin: 0pt 18.65pt 0pt 11pt">19.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will
take effect on the date hereof and shall terminate on the date upon which there are no longer any Multiple Voting Shares
issued and outstanding; provided, however, that the obligations of Colliers under Sections 12 and 13 shall survive.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 0.25in 0pt 11pt">20. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will
not be amended, varied or modified and no provision thereof will be waived, except with the approval of at least two-thirds
of the votes cast by the holders of Subordinate Voting Shares present or represented at a meeting duly called for the purpose
of considering such amendment, variation, modification or waiver, which two-thirds majority must include a simple majority of
the votes cast by the holders of Subordinate Voting Shares, excluding any person (including Henset) who owns Multiple Voting
Shares, is an affiliate of a person who owns Multiple Voting Shares or is a person who has an agreement to purchase Multiple
Voting Shares prior to giving effect to the amendment, variation, modification or waiver.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 18.1pt 0pt 11pt">21. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the
provisions of Section 20, this Agreement may be amended without the approval of the holders of the Subordinate Voting Shares
in order to correct or rectify any errors, ambiguities, defective provisions, inconsistencies or omissions herein, provided
that the Trustee is of the opinion, relying on the opinion of counsel, that the rights hereunder of the holders of
Subordinate Voting Shares will not be prejudiced in any material respect by such amendment and further provided that the
prior consent of TSX in respect of such amendment had been received.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 18.35pt 0pt 11pt">22. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision in this
Agreement shall limit the rights of any holders of Subordinate Voting Shares under applicable Canadian securities
legislation.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 18.25pt 0pt 11pt">23. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or other
communication made pursuant to or in connection with this Agreement will be sufficiently given if it is in writing and
delivered or sent by registered mail or by facsimile transmission or other form of recorded communication:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(a)</td><td style="text-align: left">if to Henset, to:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 276.25pt 0pt 83pt"></p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 276.25pt 0pt 83pt; font-size: 10pt">c/o Henset Capital Inc.</p>

<p style="margin: 0pt 276.25pt 0pt 83pt; font-size: 10pt">1140 Bay Street, Suite 4000</p>

<p style="margin: 0pt 276.25pt 0pt 83pt; font-size: 10pt">Toronto, Ontario</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 83pt">M5S 2B4</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 243.7pt 0pt 83pt">Attention: Jay S. Hennick</p>

<p style="margin: 0pt 243.7pt 0pt 83pt; font-size: 10pt">Facsimile Number: (416) 960-5333</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(b)</td><td style="text-align: left">if to Colliers, to:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 275.4pt 0pt 83pt">1140 Bay Street, Suite 4000</p>

<p style="margin: 0pt 275.4pt 0pt 83pt; font-size: 10pt">Toronto, Ontario</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 83pt">M5S 2B4</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 200.8pt 0pt 83pt">Attention: Vice Chairman and Lead Director</p>

<p style="margin: 0pt 200.8pt 0pt 83pt; font-size: 10pt">Facsimile Number: (416) 960-5333</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(c)</td><td style="text-align: left">if to the Trustee, to:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 257.1pt 0pt 83pt">Equity Financial Trust Company</p>

<p style="margin: 0pt 257.1pt 0pt 83pt; font-size: 10pt">200 University Avenue</p>

<p style="font-size: 10pt; margin: 0pt 332.9pt 0pt 83pt">Suite 300</p>

<p style="margin: 0pt 332.9pt 0pt 83pt; font-size: 10pt">Toronto, Ontario</p>

<p style="margin: 0pt 332.9pt 0pt 83pt; font-size: 10pt">M5H 4H1</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 194.7pt 0pt 83pt">Attention: Manager Corporate Trust Services</p>

<p style="margin: 0pt 194.7pt 0pt 83pt; font-size: 10pt">Facsimile Number: (416) 361-0470</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 25.3pt 0pt 14.55pt">or to such other address as the party to whom
such notice or communication is to be given shall have last designated to the party giving the same in the manner specified in
this Section 23. Any such notice or communication shall be deemed to have been given and received on the day it is so delivered
or sent or on the third day following the mailing thereof in Ontario, as the case may be.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 17.8pt 0pt 11pt">24. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will be
governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein. The terms &quot;<b>associate</b>&quot; and &quot;<b>affiliate</b>&quot; used herein will have the meanings ascribed
thereto under National Instrument 62-104 &ndash; <i>Take-Over Bids and Issuer Bids</i> or any successor thereto or
replacement thereof.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 17.85pt 0pt 11pt">25. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement will
enure to the benefit of and be binding upon the parties and their respective heirs, legal representatives, successors and
assigns, as applicable. Any entity resulting from the merger, amalgamation or continuation of the Trustee, or succeeding to
all or substantially all of its corporate trust business (by sale of such business or otherwise), shall thereupon
automatically become the Trustee hereunder without further act or formality.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 0.25in 0pt 11pt">26. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto
will do and perform and cause to be done and performed such further and other acts and things as may be necessary or
desirable in order to give full effect to this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 18.65pt 0pt 11pt">27. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 17.95pt 0pt 11pt"></p>

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    <!-- Field: /Page -->

<p style="margin: 0pt 17.95pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: -0.25pt">28. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision or
portion thereof of this Agreement or of the application thereof to any person or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of this agreement or the application of such provision or portion thereof to any
other person or circumstance shall not be affected thereby and each provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; text-indent: -0.25pt; margin: 0pt 17.9pt 0pt 11pt">29. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be
simultaneously executed by the parties hereto in counterparts, each of which when so executed and delivered shall be deemed
to be an original and such counterparts together shall constitute one and the same instrument and notwithstanding their date
of execution they shall be deemed to be dated as of the date hereof. Delivery of an executed signature page to this Agreement
by any party by electronic transmission shall be as effective as delivery of a manually executed copy of this Agreement by
such party.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.8pt 0pt 11pt">30. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colliers shall do all things necessary to
facilitate the due performance of this Agreement, including the fulfilment by Henset of its obligations hereunder.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 75.3pt 0pt 68.5pt">[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK.]</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-indent: 0.5in; margin: 0pt 17.9pt 0pt 11pt"></p>

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<p style="margin: 0pt 17.9pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in"><b>IN WITNESS WHEREOF</b> the parties hereto have executed
these presents on the day and year first above written.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 236.45pt">HENSET CAPITAL INC.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 236.45pt">Per: __________________________________</p>

<p style="font-size: 10pt; margin: 0pt 124.1pt 0pt 263.45pt">Name: Jay S. Hennick</p>

<p style="margin: 0pt 124.1pt 0pt 263.45pt; font-size: 10pt">Title: President</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 236.95pt">COLLIERS INTERNATIONAL GROUP INC.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 236.95pt">Per:  __________________________________<u></u></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 263.95pt">Name: Perter F. Cohen</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 263.95pt">Title:Vice Chairman and Lead Director</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 236.95pt">EQUITY FINANCIAL TRUST COMPANY</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 236.95pt">Per:  __________________________________</p>

<p style="font-size: 10pt; margin: 0pt 200.45pt 0pt 263.95pt">Name:</p>

<p style="font-size: 10pt; margin: 0pt 200.45pt 0pt 263.95pt">Title:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 236.95pt">Per:  __________________________________</p>

<p style="font-size: 10pt; margin: 0pt 200.45pt 0pt 263.95pt">Name:</p>

<p style="font-size: 10pt; margin: 0pt 200.45pt 0pt 263.95pt">Title:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; font-style: italic; text-align: left">SIGNED AND DELIVERED</td><td style="font-size: 10pt; font-style: italic">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; font-style: italic; text-align: left">in the presence of</td><td style="font-size: 10pt; font-style: italic">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">_____________________________</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">___________________________________</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="width: 33%; font-size: 10pt">Signature of Witness</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt">)</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 64%; font-size: 10pt; text-align: left">JAY S. HENNICK</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt">_____________________________</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="font-size: 10pt; vertical-align: bottom">
    <td style="font-size: 10pt; text-align: left">Print Name of Witness</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>


<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Page; Sequence: 55 -->
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<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>SCHEDULE B</b></p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><u>Form of Transaction Resolution</u></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt"><b>BE IT RESOLVED THAT:</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">1.</td><td style="text-align: justify; padding-right: 17.85pt">the transaction (the &ldquo;<b>Transaction</b>&rdquo;) involving Colliers
International Group Inc. (&ldquo;<b>Colliers</b>&rdquo;), as more particularly described and set forth in the Management Information
Circular of Colliers dated <font style="font-family: Wingdings">l</font>, 2021 (as the Transaction is contemplated by, and may
be, or may have been, amended, modified or supplemented in accordance with the terms of, the transaction agreement dated February
26, 2021 among Colliers, Henset Capital Inc., Jayset Capital Corp., Jayset Management CIG Inc. and Jay S. Hennick (the &ldquo;<b>Transaction
Agreement</b>&rdquo;)), is authorized, approved and adopted;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">2.</td><td style="text-align: justify; padding-right: 17.85pt">the Transaction Agreement, and all the matters contemplated therein, together
with the actions of the directors of Colliers in approving the Transaction and the actions of the directors and officers of Colliers
in executing and delivering the Transaction Agreement, together with any amendments, modifications or supplements thereto, are
hereby ratified and approved;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">3.</td><td style="text-align: justify; padding-right: 17.85pt">any one or more directors or officers of Colliers are authorized, for and
on behalf and in the name of Colliers, to execute, whether under the corporate seal of Colliers or otherwise, and deliver all such
agreements, forms, waivers, notices, certificates, confirmations and other documents and instruments and to do or cause to be done
all such other acts and things as such director(s) or officer(s) may determine to be necessary, desirable or useful for the purpose
of giving effect to these resolutions, the completion of the Transaction and the Transaction Agreement, such determination to be
conclusively evidenced by the execution and delivery by such director(s) or officer(s) of any such agreement, form, waiver, notice,
certificate, confirmation or other document and instrument or the doing of any such act or thing; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">4.</td><td style="text-align: justify; padding-right: 17.85pt">notwithstanding that these resolutions have been passed (and the Transaction
approved) by the holders of Subordinate Voting Shares of Colliers, the directors of Colliers are hereby authorized and empowered,
at their discretion and without further notice to, or approval of, the shareholders of Colliers: (a) to amend, modify or supplement
the Transaction Agreement to the extent permitted by the Transaction Agreement; and (b) subject to the terms of the Transaction
Agreement, not to proceed with the Transaction and/or any related transactions.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>SCHEDULE C</b></p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><u>Reorganization Memo</u></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">[The Reorganization Memo has been omitted as its
disclosure would violate confidentiality provisions. The Reorganization Memo contains information on, and changes to, the ownership
of various entities directly or indirectly owned or controlled by Jay S. Hennick and unrelated to Colliers International Group
Inc. or the transaction being contemplated, and proposed tax matters related to such changes.]</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>SCHEDULE D</b></p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font-size: 10pt; font-weight: bold; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><u>Form of Registration Rights
Agreement</u></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt">See Attached.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 75.3pt 0pt 68.5pt"><b></b></p>

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<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0pt 75.3pt 0pt 68.5pt; font-size: 10pt; text-align: center"><b>COLLIERS INTERNATIONAL GROUP INC.</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 75.3pt 0pt 68.55pt">and</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 75.3pt 0pt 68.5pt"><b>HENSET CAPITAL INC.</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

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<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 155.15pt 0pt 148.2pt"><b>REGISTRATION RIGHTS AGREEMENT</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 75.3pt 0pt 0.95in"><b>[<font style="font-family: Wingdings">l</font>]</b>,
2021</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 155.15pt 0pt 148.2pt">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center"></p>

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<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center"><b>TABLE OF CONTENTS</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="5" style="text-align: center; font-size: 10pt; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">ARTICLE 1</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">INTERPRETATION AND GENERAL MATTERS</p></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 16%; font-size: 10pt">Section 1.1</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 78%; font-size: 10pt">Definitions.</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 4%; font-size: 10pt; text-align: right">1</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 1.2</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Time of the Essence</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">4</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 1.3</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Calculation of Time</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">4</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 1.4</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Business Days</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">4</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 1.5</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Headings</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">4</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 1.6</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Plurals and Gender</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">5</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 1.7</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Statutory References</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">5</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 1.8</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Other References</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">5</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-size: 10pt; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">ARTICLE 2</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">REGISTRATION RIGHTS</p></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 2.1</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Demand Registration Rights</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">5</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 2.2</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Piggy-Back Registration Rights</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">8</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 2.3</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">8</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 2.4</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Restrictions on Other Agreements</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">8</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 2.5</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Indemnification</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">9</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-size: 10pt; font-weight: bold; text-align: center">ARTICLE 3 TERMINATION</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 3.1</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Termination</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">11</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-size: 10pt; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">ARTICLE 4</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">GENERAL</p></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.1</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Amendments</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">11</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.2</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Public Filing</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">11</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.3</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Further Assurances</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">11</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.4</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Assignment and Enurement</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">11</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.5</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Entire Agreement</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">12</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.6</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Waiver</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">12</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.7</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Notices</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">12</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.8</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Severability</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">13</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.9</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Counterparts</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">13</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.10</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">Governing Law</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">13</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">Section 4.11</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">Remedies</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: right">13</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="text-align: center; font-size: 10pt; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">ADDENDA</p></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="font-size: 10pt; text-align: left">Schedule &ldquo;A&rdquo; Registration Procedures</td></tr>
</table>


<p style="font-size: 10pt; text-align: center; margin: 0pt 155.15pt 0pt 148.2pt">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center">&nbsp;</p>

<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center"></p>

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<p style="margin: 0pt 155.15pt 0pt 148.2pt; font-size: 10pt; text-align: center"><b>REGISTRATION RIGHTS AGREEMENT</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 11pt">This Registration Rights Agreement (the &ldquo;<b>Agreement</b>&rdquo;)
is made this <b>[</b><font style="font-family: Wingdings; color: blue">l</font><b>] </b>day of <b>[</b><font style="font-family: Wingdings; color: blue">l</font><b>]</b>,
2021 (the &ldquo;<b>Effective Date</b>&rdquo;) between Colliers International Group Inc., a corporation existing under the laws
of the Province of Ontario (the &ldquo;<b>Corporation</b>&rdquo;) and Henset Capital Inc. (&ldquo;<b>Henset</b>&rdquo;).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 11pt"><b>NOW THEREFORE </b>in consideration of the premises
and the mutual covenants and agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the Parties
agree as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>ARTICLE 1</b></p>

<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>INTERPRETATION AND GENERAL MATTERS</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 1.1 Definitions.</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt">Terms used in this Agreement shall have the meanings set
forth below:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">&ldquo;<b>Affiliate</b>&rdquo; has the meaning ascribed
thereto in National Instrument 62-104 &ndash; <i>Take Over Bids and Issuer Bids</i> as in effect as of the date hereof.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt">&ldquo;<b>Agreement,</b>&rdquo; &ldquo;<b>this Agreement,</b>&rdquo;
&ldquo;<b>hereof,</b>&rdquo; &ldquo;<b>herein,</b>&rdquo; &ldquo;<b>hereto,</b>&rdquo; &ldquo;<b>hereby,</b>&rdquo; &ldquo;<b>hereunder</b>&rdquo;
and similar expressions mean this Agreement, including all of its schedules and all instruments supplementing, amending or confirming
this Agreement, as amended from time to time in accordance with its terms.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47pt">&ldquo;<b>Arbitration Notice</b>&rdquo; has the meaning
ascribed thereto in Section 4.11.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.8pt 0pt 47pt">&ldquo;<b>Associate</b>&rdquo; has the meaning ascribed
thereto in National Instrument 62-104 &ndash; <i>Take Over Bids and Issuer Bids</i> as in effect as of the date hereof.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47pt">&ldquo;<b>Board</b>&rdquo; means the board of directors
of the Corporation, as constituted from time to time.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">&ldquo;<b>Business Day</b>&rdquo; means any day which
is not a Saturday, a Sunday or a day on which the principal commercial banks located in the City of Toronto, Ontario or New York,
New York are not open for business during normal banking hours.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.65pt 0pt 47pt">&ldquo;<b>Canadian Prospectus</b>&rdquo; means, as
the context requires, a &ldquo;preliminary prospectus<b>,</b>&rdquo; &ldquo;amended and restated preliminary prospectus&rdquo;
and a &ldquo;final prospectus&rdquo; as those terms are used in the Securities Act and including, without limitation, all amendments
and all supplements thereto and all documents incorporated or deemed to be incorporated by reference therein, and includes, for
the avoidance of doubt, a base shelf prospectus.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">&ldquo;<b>Canadian Securities Authorities</b>&rdquo;
means any of the British Columbia Securities Commission, Alberta Securities Commission, Financial and Consumer Affairs Authority
of Saskatchewan, Manitoba Securities Commission, Ontario Securities Commission, Financial and Consumer Services Commission (New
Brunswick), Nova Scotia Securities Commission, Office of the Superintendent of Securities (Prince Edward Island), Office of the
Superintendent of Securities Service (Newfoundland and Labrador), Office of the Superintendent of Securities (Northwest Territories),
Office of the Yukon Superintendent of Securities, Nunavut Securities Office, and any of their successors.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt">&ldquo;<b>Canadian Securities Laws</b>&rdquo; means
the securities laws, regulations and rules of each of the provinces and territories of Canada (other than Quebec), the forms and
disclosure</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.9pt 0pt 47pt; font-size: 10pt; text-align: justify">requirements made or promulgated under those laws,
regulations or rules, the policy statements, rules, orders and companion policies of or administered by the Canadian Securities
Authorities, and applicable discretionary rulings, blanket orders or orders issued by the Canadian Securities Authorities pursuant
to such laws, regulations, rules and policy statements, all as amended and in effect from time to time.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47pt">&ldquo;<b>Corporation</b>&rdquo; has the meaning ascribed
thereto in the preamble.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 50.1pt 0pt 47pt">&ldquo;<b>Demand Canadian Prospectus</b>&rdquo; has the meaning ascribed
thereto in Section 2.1(3).</p>

<p style="margin: 0pt 50.1pt 0pt 47pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 50.1pt 0pt 47pt; font-size: 10pt">&ldquo;<b>Demand Registration</b>&rdquo; has the meaning ascribed thereto in Section 2.1(1).</p>

<p style="margin: 0pt 50.1pt 0pt 47pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 50.1pt 0pt 47pt; font-size: 10pt">&ldquo;<b>Demand
Registration Request</b>&rdquo; has the meaning ascribed thereto in Section 2.1(1).</p>

<p style="margin: 0pt 50.1pt 0pt 47pt; font-size: 10pt">&nbsp;&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 41.65pt 0pt 47pt">&ldquo;<b>Demand Registration Statement</b>&rdquo; has the meaning ascribed
thereto in Section 2.1(3).</p>

<p style="margin: 0pt 41.65pt 0pt 47pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 41.65pt 0pt 47pt; font-size: 10pt">&ldquo;<b>Dispute</b>&rdquo; has the meaning ascribed thereto in Section 4.11.</p>

<p style="margin: 0pt 41.65pt 0pt 47pt; font-size: 10pt">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<b>Distribution</b>&rdquo; means a distribution of Subordinate Voting
Shares to the public by way of a Registration Statement or Canadian Prospectus.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt">&ldquo;<b>Distribution Expenses</b>&rdquo; means all
fees and expenses incurred by the Corporation in connection with any Distribution conducted pursuant to this Agreement, including,
without limitation:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(a)</td><td style="text-align: left">all fees, disbursements and expenses of legal counsel and auditors to the Corporation;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.65pt">all expenses in connection with the preparation, translation, printing
and filing of any Registration Statement or Canadian Prospectus and the mailing and delivering of copies thereof to any underwriters
and dealers;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(c)</td><td style="text-align: left">all filing fees of any Securities Regulator;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.9pt">all transfer agents&rsquo;, depositaries&rsquo; and registrars&rsquo; fees
and the fees of any other agent appointed by the Corporation;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(e)</td><td style="text-align: left">all expenses relating to the preparation of share certificates;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.85pt">all fees and expenses of any stock exchange or over-the-counter market
on which the Corporation has applied to list its Subordinate Voting Shares; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.85pt">all expenses of the Corporation relating to &ldquo;road shows&rdquo; and
marketing activities and all travel and lodging expenses of representatives of the Corporation in connection with such &ldquo;road
shows&rdquo; and marketing activities.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 135.55pt 0pt 47pt">&ldquo;<b>Effective Date</b>&rdquo; has the meaning ascribed thereto
in the preamble.</p>

<p style="margin: 0pt 135.55pt 0pt 47pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 135.55pt 0pt 47pt; font-size: 10pt">&ldquo;<b>Henset</b>&rdquo; has the meaning ascribed thereto in the preamble.</p>

<p style="margin: 0pt 135.55pt 0pt 47pt; font-size: 10pt">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 17.9pt 0pt 47pt">&ldquo;<b>Issuer Free Writing Prospectus</b>&rdquo; means an issuer free
writing prospectus, as defined in Rule 433 under the U.S. Securities Act, relating to an offer of the Registrable Securities.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.9pt 0pt 47pt; font-size: 10pt; text-align: justify">&ldquo;<b>Jay</b>&rdquo; means Jay S. Hennick, an
individual resident in the City of Toronto in the Province of Ontario.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47pt">&ldquo;<b>Losses</b>&rdquo; has the meaning ascribed thereto
in Section 2.5(1).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 21.3pt 0pt 47pt">&ldquo;<b>Multiple Voting Shares</b>&rdquo; means
the multiple voting shares in the capital of the Corporation.</p>

<p style="margin: 0pt 21.3pt 0pt 47pt; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 21.3pt 0pt 47pt; font-size: 10pt; text-align: justify">&ldquo;<b>Other Distribution</b>&rdquo; has the meaning ascribed
thereto in Section 2.2.</p>

<p style="margin: 0pt 21.3pt 0pt 47pt; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47pt">&ldquo;<b>Parties</b>&rdquo; means the Corporation and
Henset, and &ldquo;<b>Party</b>&rdquo; means either of them.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt">&ldquo;<b>Permitted Assignee</b>&rdquo; means any
Affiliate or Associate of Henset, including, for the avoidance of doubt, Jay and any Person controlled, directly or indirectly,
by Jay.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.7pt 0pt 47pt">&ldquo;<b>Person</b>&rdquo; includes an individual,
body corporate with or without share capital, partnership, limited liability company, joint venture, entity, unincorporated association,
firm, sole proprietorship, trust, pension fund, union, board, tribunal, governmental or quasi- governmental authority and the heirs,
beneficiaries, executors, legal representatives or administrators of an individual.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 93.05pt 0pt 47pt">&ldquo;<b>Piggy-Back Notice</b>&rdquo; has the meaning
ascribed thereto in Section 2.2.</p>

<p style="margin: 0pt 93.05pt 0pt 47pt; font-size: 10pt; text-align: justify">&nbsp;</p>

<p style="margin: 0pt 93.05pt 0pt 47pt; font-size: 10pt; text-align: justify">&ldquo;<b>Piggy-Back Registration</b>&rdquo; has the meaning ascribed thereto in Section 2.2.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">&nbsp;</p>

<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">&ldquo;<b>Public Offering</b>&rdquo; means the offer
and sale of Registrable Securities for cash pursuant to (i) an effective Registration Statement under the U.S. Securities Act (other
than a Registration Statement on Form S-4, Form F-4 or Form S-8 or any successor form), (ii) a Canadian Prospectus, (iii) a combination
of (i) and (ii) above, or (iv) comparable mechanics under the securities laws of any other jurisdiction.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">&ldquo;<b>Registrable Securities</b>&rdquo; means
any Subordinate Voting Shares owned or that may be acquired by Henset or any of its Permitted Assignees as of the Effective Date
(including as a result of the conversion in accordance with their terms of any Multiple Voting Shares). As of the date hereof,
the Registrable Securities include 6,676,077 Subordinate Voting Shares, including 1,325,694 Subordinate Voting Shares issuable
upon conversion of the Multiple Voting Shares and 345,014 Subordinate Voting Shares issuable upon conversion of the 4.00% Convertible
Senior Subordinated Notes of the Corporation due 2025. As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when they have been distributed to the public pursuant to a Distribution or have been otherwise transferred
by Henset or a Permitted Assignee to a Person that is not a Permitted Assignee.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.65pt 0pt 47pt">&ldquo;<b>Registration</b>&rdquo; means (i) a registration
under the U.S. Securities Act of the offer and sale to the public of any Registrable Securities under a Registration Statement,
(ii) the qualification of any Registrable Securities for Distribution under applicable Canadian Securities Laws in any province
or territory of Canada (other than Quebec) by way of a Canadian Prospectus, (iii) a combination of (i) and (ii) above, or (iv)
comparable mechanics under the securities laws of any other jurisdiction. The terms &ldquo;register&rdquo;, &ldquo;registered&rdquo;
and &ldquo;registering&rdquo; shall have correlative meanings.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">&ldquo;<b>Registration Statement</b>&rdquo; means
any registration statement of the Corporation filed with, or to be filed with, the SEC under the U.S. Securities Act, including
the related U.S. Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments,
and all exhibits and all material incorporated by reference in such registration</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.6pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.6pt 0pt 47pt; font-size: 10pt; text-align: justify">statement other than a registration statement (and
related U.S. Prospectus) filed on Form S- 4, Form F-4 or Form S-8 or any successor form thereto.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt">&ldquo;<b>SEC</b>&rdquo; means the Securities and
Exchange Commission or any successor agency having jurisdiction under the U.S. Securities Act.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">&ldquo;<b>Securities Act</b>&rdquo; means the <i>Securities
Act</i> (Ontario), as it may be amended from time to time, and any successor legislation.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 47pt">&ldquo;<b>Securities Regulators</b>&rdquo; means the
SEC, the Canadian Securities Authorities and any applicable securities authorities of any other jurisdiction.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47pt">&ldquo;<b>Selling Shareholder Information</b>&rdquo; has
the meaning ascribed thereto in Section 2.5(1).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt">&ldquo;<b>Subordinate Voting Shares</b>&rdquo; means
the subordinate voting shares in the capital of the Corporation, and includes any securities into which such subordinate voting
shares may be changed, exchanged, reorganized or reclassified.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.65pt 0pt 47pt">&ldquo;<b>U.S. Prospectus</b>&rdquo; means (i) the
prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective
amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing
Prospectus.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.95pt 0pt 47pt">&ldquo;<b>U.S. Securities Act</b>&rdquo; means the
Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the
same shall be in effect from time to time.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 47pt">&ldquo;<b>Valid Business Reason</b>&rdquo; has the meaning
ascribed thereto in Section 2.1(6)(d)(ii).</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt"><b>Section 1.2&#9;Time of the Essence</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt">Time shall be of the essence of each provision of this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt"><b>Section 1.3&#9;Calculation of Time</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 11pt">Unless otherwise specified, time periods within or
following which any act is to be done shall be calculated by excluding the day on which the period commences and including the
day on which the period ends.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 1.4 Business Days</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.6pt 0pt 11pt">Whenever any action to be taken pursuant to this Agreement
would otherwise be required to be taken or made on a day that is not a Business Day, such action shall be taken on the first Business
Day following such day.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 1.5 Headings</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">The descriptive headings preceding Articles and Sections
of this Agreement are inserted solely for convenience of reference and are not intended as complete or accurate descriptions of
the content of such Articles or Sections. The division of this Agreement into Articles and Sections shall not affect the interpretation
of this Agreement. All references to &ldquo;Articles&rdquo; or &ldquo;Sections&rdquo; refer to the specified Article or Section
of this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"></p>

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<p style="margin: 0pt 0 0pt 11pt; font-size: 10pt; text-align: justify"><b>Section 1.6 Plurals and Gender</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt">Words in the singular include the plural and vice versa
and words in one gender include all genders.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 1.7 Statutory References</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">Any reference to a statute shall mean the statute
in force as at the date of this Agreement (together with all regulations promulgated thereunder) as the same may be amended, re-
enacted, consolidated or replaced from time to time, and any successor statute thereto, unless otherwise stated.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 1.8 Other References</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">&ldquo;Include,&rdquo; &ldquo;includes&rdquo; and
&ldquo;including&rdquo; shall be deemed to be followed by &ldquo;without limitation&rdquo; whether or not they are in fact followed
by such words or words of like import.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>ARTICLE 2</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><b>REGISTRATION RIGHTS</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 2.1 Demand Registration Rights</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(1)</td><td style="text-align: justify; padding-right: 17.85pt">At any time following the Effective Date, Henset shall have the right to
make a written request from time to time (a &ldquo;<b>Demand Registration Request</b>&rdquo;) to the Corporation for Registration
of all or part of the Registrable Securities held by Henset and its Permitted Assignees. Any such Registration pursuant to a Demand
Registration Request shall hereinafter be referred to as a &ldquo;<b>Demand Registration</b>.&rdquo; The Parties shall cooperate
in good faith and in a timely manner in connection with any Demand Registration and related Distribution and the procedures in
Schedule &ldquo;A&rdquo; shall apply.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(2)</td><td style="text-align: justify; padding-right: 17.9pt">Each Demand Registration Request shall specify (i) the aggregate
                                                             amount of Registrable Securities intended to be sold, (ii) the intended method or methods of disposition thereof and (iii) the jurisdiction(s) in which the Registration is to take place.</td></tr></table>

<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(3)</td><td style="text-align: justify; padding-right: 17.85pt">Upon receipt of a Demand Registration Request, the Corporation shall as
promptly as practicable file a Registration Statement (a &ldquo;<b>Demand Registration Statement</b>&rdquo;) relating to such Demand
Registration, and use its reasonable best efforts to cause such Demand Registration Statement to be promptly declared effective
under the U.S. Securities Act, and/or, as may be requested, file with the applicable Canadian Securities Authorities and use its
reasonable best efforts to secure the issuance of a receipt or mutual reliance review decision document for a (final) Canadian
Prospectus (a &ldquo;<b>Demand Canadian Prospectus</b>&rdquo;) relating to such Demand Registration.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(4)</td><td style="text-align: justify; padding-right: 17.9pt">Henset and its Permitted Assignees may withdraw all or any portion of their
Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of
the Demand Registration Statement or the filing of the Demand Canadian Prospectus, as applicable. Upon receipt of a notice to such
effect with respect to all the Registrable Securities included by Henset and/or its Permitted Assignees in such Demand Registration,
the Corporation shall cease all efforts to pursue or consummate such Demand Registration.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(5)</td><td style="text-align: justify; padding-right: 17.85pt">The Corporation shall (i) use reasonable best efforts to cause any Demand
Registration Statement to become effective and remain effective for not less than one hundred eighty (180) days (or such shorter
period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been sold or withdrawn),
or, if such Demand</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">Registration Statement relates to an underwritten
Public Offering, such longer period as in the opinion of counsel for the underwriter or underwriters a U.S. Prospectus is required
by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer, and (ii) from the period
beginning on the filing of any Demand Canadian Prospectus until the completion of the distribution of the Registrable Securities
covered by such Demand Canadian Prospectus (or the closing date of the offering of such Registrable Securities thereunder, if later),
comply with section 57 of the Securities Act and the comparable provisions of other applicable Canadian Securities Laws, and prepare
and file promptly any prospectus or marketing material amendment which, in the opinion of the Corporation, acting reasonably, may
be necessary or advisable, and will otherwise comply with all legal requirements and take all actions necessary to continue to
qualify such Registrable Securities for distribution in the applicable provinces (other than Quebec) and territories of Canada
for as long as may be necessary to complete the distribution of such Registrable Securities.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(6)</td><td style="text-align: left; padding-right: 17.9pt">Notwithstanding Section 2.1(1) of this Agreement, the Corporation shall not
be obliged to effect any Demand Registration if:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.9pt">within any prior twelve (12) month period there have been effected two (2)
Demand Registrations (including, for greater certainty, any Demand Registration which is subsequently withdrawn pursuant to Section
2.1(4));</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">the value of the Subordinate Voting Shares to be offered under any such
Demand Registration is less than $30,000,000, unless the number of Subordinate Voting Shares included in the Demand Registration
represent (i) five percent (5%) or more of the Corporation&rsquo;s Subordinate Voting Shares then outstanding, on a non-diluted
basis, or (ii) all of Henset&rsquo;s and its Permitted Assignees&rsquo; remaining Registrable Securities at the time of the applicable
Demand Registration;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.9pt">within ninety (90) days prior to such Demand Registration the Corporation
completed a Public Offering or such longer period as may be required by the any underwriter or dealer in connection with such Public
Offering; or</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.9pt">the Board determines in its good faith judgment, acting reasonably and after
receiving the advice of counsel, that either</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 88pt"></td><td style="width: 31pt">(i)</td><td style="text-align: justify; padding-right: 17.75pt">the effect of the filing of a Registration Statement or Canadian Prospectus
would materially impede the ability of the Corporation to consummate a material financing, acquisition, corporate reorganization,
merger or other material transaction involving the Corporation; or</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 85.75pt"></td><td style="width: 33.25pt">(ii)</td><td style="text-align: justify; padding-right: 17.85pt">there exists at the time material non-public information relating to the
Corporation, the disclosure of which would be detrimental to the Corporation, and the Corporation has a bona fide business purpose
for preserving such information as confidential (each of the circumstances in (i) and (ii) above being a &ldquo;<b>Valid Business
Reason</b>&rdquo;). In the event of a Valid Business Reason, the Corporation&rsquo;s obligations under Section 2.1(1) will be deferred
for a period of not more than ninety (90) days from the date of receipt of the request for a Demand Registration, provided that
the Corporation may not defer its obligations under Section 2.1(1) for a period of more than one hundred and twenty (120) days
in the aggregate in any twelve consecutive months. The Corporation will give written notice of (x) its determination to defer its
filing obligations under Section 2.1(1) and (y) the cessation or end of its Valid Business Reason for such deferral, in each case,
promptly after the occurrence</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.75pt 0pt 119pt"></p>

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<p style="margin: 0pt 17.75pt 0pt 119pt; font-size: 10pt; text-align: justify">thereof. If the Corporation defers its obligations
pursuant to this Section 2.1(6)(d)(ii) and if Henset, at any time prior to receiving written notice that the Valid Business Reason
for such postponement no longer exists, advises the Corporation in writing that it has determined to withdraw such request for
a Demand Registration, then such Demand Registration and the request therefor will be deemed to be withdrawn and such request will
be deemed not to have been given for purposes of determining whether Henset has exercised its right to a Demand Registration pursuant
to this Section 2.1.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(7)</td><td style="text-align: justify; padding-right: 17.85pt">The Corporation shall not include in any Demand Registration any securities
which are not Registrable Securities without the prior written consent of Henset, unless such securities are to be included pursuant
to the valid exercise of registration rights by other securityholders; provided, however, that any such securities of other securityholders
included in such Demand Registration shall not take priority over the Registrable Securities included or requested to be included
in such Demand Registration.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(8)</td><td style="text-align: justify; padding-right: 17.85pt">In the case of an underwritten Public Offering initiated pursuant to this
Section 2.1, Henset shall have the right to select the managing underwriter or underwriters to effect the distribution in connection
with such Demand Registration, provided such underwriter or underwriters are acceptable to the Corporation, acting reasonably.
The Corporation shall have the right to retain counsel of its choice to assist it in fulfilling its obligations under this Article
2.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(9)</td><td style="text-align: justify; padding-right: 17.7pt">In the case of an underwritten Public Offering initiated pursuant to this
Section 2.1, Henset and its representatives may participate in the negotiations of the terms of any underwriting agreement. In
the case of an underwritten Public Offering initiated pursuant to Section 2.1 or Section 2.2 and in which Henset participates as
a selling securityholder, to the extent reasonably requested by the managing underwriter or underwriters, Henset shall also enter
into a customary lock-up agreement (which lock-up agreement shall also provide for customary exceptions) (i) not to effect any
public sale or distribution of any Registrable Securities or of any securities convertible into or exchangeable or exercisable
for such Registrable Securities, or grant any option to purchase or enter into any hedging or similar transaction with the same
economic effect as a sale of, any Registrable Securities, and (ii) except as otherwise consented to by the Corporation, not to
make any request for a Demand Registration under this Agreement, in each case, during the 90-day period following the effective
date of the Registration Statement or receipt for the (final) Canadian Prospectus (or such shorter period as may be agreed to by
Henset with the managing underwriter(s)) with regard to such underwritten Public Offering), except in each case as part of such
underwritten Public Offering.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(10)</td><td style="text-align: justify; padding-right: 17.85pt">At any time following the Effective Date the Corporation shall, upon Henset&rsquo;s
request, use its reasonable best efforts to prepare and file and obtain a receipt (if applicable) from the applicable Securities
Regulators for a shelf Canadian Prospectus (and the corresponding Registration Statement) to qualify the distribution of all Registrable
Securities. In advance of the expiration of such any shelf Canadian Prospectus and the corresponding Registration Statement, unless
otherwise directed by Henset, the Corporation shall use reasonable best efforts to renew such shelf Canadian Prospectus and the
corresponding Registration Statement such that the Corporation shall at all times have an effective shelf Canadian Prospectus (and
corresponding Registration Statement) with sufficient capacity to qualify the distribution of all the Registrable Securities. The
obligations of the Corporation under this Section 2.1(10) are subject to the same proviso as set out in Section 2.1(6)(d)(ii) regarding
a Valid Business Reason.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"></p>

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<p style="margin: 0pt 0 0pt 11pt; font-size: 10pt; text-align: justify"><b>Section 2.2 Piggy-Back Registration Rights</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">If, at any time following the Effective Date, the
Corporation proposes to make or file a Registration Statement or Canadian Prospectus for the Distribution for its own account or
for the account of other securityholders exercising demand registration rights granted to such securityholders (other than Henset
and its Permitted Assignees) (the &ldquo;<b>Other Distribution</b>&rdquo;), in a form and manner that, with appropriate changes,
would permit the registration or qualification of Registrable Securities under such Registration Statement or Canadian Prospectus,
the Corporation will, at that time, promptly give Henset written notice (the &ldquo;<b>Piggy-Back Notice</b>&rdquo;) of the proposed
Distribution. Upon the written request of Henset, given within fifteen (15) Business Days after receipt of the Piggy-Back Notice
(provided that if such proposed Distribution is to be effected as a bought deal or similar offering, the Corporation shall have
provided notice thereof to Henset as promptly as practicable in the circumstances, in which case Henset shall be required to respond
in a manner consistent with the time periods typical for transactions of such nature, and in any event prior to the launch of such
bought deal or similar offering), that Henset and/or its Permitted Assignees wishes to include a specified number of the Registrable
Securities in the Distribution, the Corporation will cause the Registrable Securities requested to be registered or qualified by
Henset and/or its Permitted Assignees to be included in the Distribution (a &ldquo;<b>Piggy-Back Registration</b>&rdquo;). Notwithstanding
the foregoing, the Corporation shall not be required to include all of the Registrable Securities requested to be qualified by
Henset and/or its Permitted Assignees in a Piggy-Back Registration if, in connection with such Distribution, the Corporation is
advised in good faith by its managing underwriter or underwriters to impose a limitation on the number or kind of securities which
may be included in any such Distribution because, in its reasonable judgment, such limitation is necessary to effect an orderly
public distribution, in which case the Corporation shall be required to include in such Distribution only such portion of the Registrable
Securities as is determined in good faith by such managing underwriter(s) in the following priority: first, the securities offered
by the Corporation for its own account and as contemplated in the Piggy-Back Notice; second, the Registrable Securities requested
to be qualified by Henset and/or its Permitted Assignees under this Section 2.2, the securities offered for the account of another
securityholder (other than Henset and/or its Permitted Assignees) exercising demand rights in respect of the Other Distribution,
and/or the securities requested to be qualified by any other securityholder of the Corporation exercising its &ldquo;piggy-back&rdquo;
rights, on a pro rata basis (based on the proportionate ownership of Subordinate Voting Shares by Henset and its Permitted Assignees
to the ownership of Subordinate Voting Shares by such other securityholders). The Parties shall cooperate in good faith and in
a timely manner in connection with any Piggy-Back Registration and related Distribution and the procedures in Schedule &ldquo;A&rdquo;
shall apply.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 2.3 Expenses</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(1)</td><td style="text-align: left">Without limiting Section 2.3(2), all Distribution Expenses shall be paid by the Corporation.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(2)</td><td style="text-align: justify; padding-right: 17.85pt">Henset or its applicable Permitted Assignees will be solely responsible
for all underwriting discounts, fees, commissions and transfer taxes attributable to the Registrable Securities to be sold by Henset
or its applicable Permitted Assignees in a Demand Registration or Piggy- Back Registration, as the case may be and will be solely
responsible for all legal fees and disbursements incurred by Henset and/or its Permitted Assignees in respect of their legal counsel
in connection with any Demand Registration or Piggy-Back Registration.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 2.4 Restrictions on Other Agreements</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">The Corporation will not grant any right relating
to the registration, qualification or Distribution of its securities, including any demand registration or piggy-back registration
rights, to its securityholders if the exercise thereof prevents the Corporation from fulfilling its obligations under Article 2
ARTICLE 2of this Agreement without the prior written consent of Henset.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt"></p>

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<p style="margin: 0pt 0 0pt 11pt; font-size: 10pt"><b>Section 2.5&#9;Indemnification</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(1)</td><td style="text-align: justify; padding-right: 17.85pt">The Corporation shall indemnify and hold harmless, to the full extent permitted
by law, Henset and each of its Permitted Assignees, and each of their respective officers, directors, managers, shareholders, employees,
advisors, and agents from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and
expenses, joint or several (including reasonable costs of investigation and legal expenses and any indemnity and contribution payments
made to underwriters) (each, a &ldquo;<b>Loss</b>&rdquo; and collectively &ldquo;<b>Losses</b>&rdquo;) arising out of or based
upon: (a)(i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which Registrable
Securities are registered or sold under the U.S. Securities Act (including any final, preliminary
or summary U.S. Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference
therein), or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a U.S. Prospectus or preliminary U.S. Prospectus, in light of the circumstances
under which they were made) not misleading, (b) any information or statement in a Canadian Prospectus that contains or is alleged
to contain a misrepresentation or any omission of a Canadian Prospectus to contain full, true and plain disclosure of all material
facts relating to the securities distributed thereunder, or (c) any violation or alleged violation by the Corporation or any of
its subsidiaries of any law applicable to the Corporation or any of its subsidiaries and relating to action or inaction in connection
with any Registration; <u>provided</u>, that Henset and its Permitted Assignees shall not be entitled to indemnification pursuant
to this Section 2.5(1) in respect of any untrue statement or omission or any misrepresentation contained in any information relating
to such Person furnished in writing by such Person to the Corporation specifically for inclusion in a Registration Statement or
Canadian Prospectus and used by the Corporation in conformity therewith (such information &ldquo;<b>Selling Shareholder Information</b>&rdquo;).
This indemnity shall be in addition to any liability the Corporation may otherwise have. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of such Person or any indemnified party and regardless of any
indemnity agreed to in any underwriting agreement.</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.65pt 0pt 47pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(2)</td><td style="text-align: justify; padding-right: 17.85pt">Henset agrees to indemnify and hold harmless, to the fullest extent permitted
by law, the Corporation and its directors and officers from and against any Losses resulting from (a)(i) any untrue statement of
a material fact in any Registration Statement under which Registrable Securities were registered or sold under the U.S. Securities
Act (including any final, preliminary or summary U.S. Prospectus contained therein or any amendment thereof or supplement thereto
or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of a U.S. Prospectus or preliminary U.S. Prospectus, in light
of the circumstances under which they were made) not misleading, or (b) any information or statement in a Canadian Prospectus that
contains a misrepresentation, in each case to the extent, but only to the extent, that such untrue statement or omission or such
misrepresentation is contained in the Selling Shareholder Information. In no event shall the liability of Henset hereunder be greater
in amount than the dollar amount of the proceeds from the sale of its or its Permitted Assignees&rsquo; Registrable Securities
in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before expenses.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(3)</td><td style="text-align: justify; padding-right: 17.65pt">Any Person entitled to indemnification hereunder shall (a) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or
failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent,
if at all, that it forfeits substantive legal rights by reason of such delay or failure) and (b) permit such indemnifying party
to assume the defense</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 47pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 47pt; font-size: 10pt; text-align: justify">of such claim with counsel reasonably satisfactory
to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select
and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be
at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying
party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from
the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified
party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified
parties that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment
of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying
party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects
to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume
the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall
not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry
of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without
the prior written consent of such indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying
party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not
be unreasonably withheld.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(4)</td><td style="text-align: justify; padding-right: 17.65pt">If for any reason the indemnification provided for in Section 2.5(1) or
Section 2.5(2) is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than
as a result of exceptions or limitations on indemnification contained in Section 2.5(1) or Section 2.5(2), as applicable), then
the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such
proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party
or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any
other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and the indemnified party
on the other hand shall be determined by reference to, among other things whether any untrue or alleged untrue statement of a material
fact or misrepresentation or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to
correct or prevent such statement, misrepresentation or omission. The Parties hereto agree that it would not be just or equitable
if contribution pursuant to this Section 2.5(4) were determined by pro rata allocation or by any other method of allocation that
does not take account of the equitable considerations referred to in this Section 2.5(4). Notwithstanding the provisions of this
Section 2.5(4), in connection with any Registration effected pursuant to this Agreement, Henset shall not be required to contribute
any amount in excess of the dollar amount of the proceeds from the sale of its and/or its Permitted Assignees&rsquo; Registrable
Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before
expenses.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">(5)</td><td style="text-align: justify; padding-right: 17.9pt">The remedies provided for in this Section 2.5 are not exclusive and shall
not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b></b></p>

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<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>ARTICLE 3</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><b>TERMINATION</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 3.1 Termination</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">This Agreement may be terminated at any time by mutual
consent of the Parties, and shall automatically terminate on any date following the Effective Date on which Henset and its Permitted
Assignees: (a) hold less than 20% of the voting rights attached to all outstanding voting securities of the Corporation, and (b)
beneficially own less than 10% of the outstanding Subordinate Voting Shares on a non-diluted basis and assuming, for purposes of
this clause (b), the conversion by Henset and its Permitted Assignees of all outstanding Multiple Voting Shares owned by them into
Subordinate Voting Shares. In the event of the termination of this Agreement as provided in this Section 3.1, this Agreement shall
be of no further force or effect and all rights and obligations of the Parties hereto shall be at an end; except for the provisions
of Section 2.5, which shall survive any such termination.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>ARTICLE 4</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><b>GENERAL</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.1 Amendments</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">This Agreement shall not be amended, superseded or
cancelled except by a written instrument signed by each of the Parties and any instrument purporting to amend, supersede or cancel
this Agreement or any part hereof shall not be binding and shall be of no effect unless and until it has been executed and delivered
by each of the Parties.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.2 Public Filing</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.65pt 0pt 11pt">The Parties hereby consent to the public filing of
this Agreement if any Party is required to do so by applicable law or by applicable regulations or policies of any regulatory agency
of competent jurisdiction or any stock exchange on which the Subordinate Voting Shares may be listed.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.3 Further Assurances</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">Each Party shall do, execute, acknowledge and deliver
or cause to be done, executed, acknowledged and delivered all such further reasonable acts, deeds, documents, assignments, transfers,
conveyances, powers of attorney and assurances as may reasonably be necessary or desirable to carry out the provisions of this
Agreement; provided that in no event shall any Party be required to take any further action if and to the extent that such action
would or would reasonably be expected to, in any material respect, increase or expand the obligations, duties or liabilities of
that Party beyond the scope of its obligations, duties and liabilities set forth in this Agreement and any other agreement between
the Parties.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.4 Assignment and Enurement</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.65pt 0pt 11pt">Neither Party may assign or transfer this Agreement
or any of the rights or obligations under it without the prior written consent of the other Party, except as provided herein to
Permitted Assignees. Any rights of Henset hereunder may be exercised by any Permitted Assignee as if the Permitted Assignee was
Henset; provided, however, that Henset and all of its Permitted Assignees shall have collectively only the same registration rights
(including in terms of frequency) in the aggregate as Henset.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"></p>

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<p style="margin: 0pt 0 0pt 11pt; font-size: 10pt; text-align: justify"><b>Section 4.5 Entire Agreement</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">This Agreement and any agreement or document delivered
in connection with this Agreement, constitutes the entire agreement between the Parties with respect to the matters herein and
supersedes all prior agreements, understandings, negotiations and discussions relating to the subject matter hereof. There are
no other covenants, agreements, representations, warranties, conditions, whether direct or collateral, express or implied, that
form part of or affect this Agreement except as otherwise provided this Agreement.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.6 Waiver</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">The failure of a Party at any time or times to require
performance of any provision hereof by any other Party shall in no manner affect the right of such Party to require such performance
at a later time. No act or omission of any Party, other than an express written waiver signed by such Party, shall constitute a
waiver by such Party of any representation, warranty, covenant, agreement or condition of this Agreement or any breach thereof
by another Party. No waiver by a Party hereto of any representation, warranty, covenant, agreement or condition of this Agreement
or any breach thereof by another Party, in any one or more instances, shall be deemed to be or construed as a further or continuing
waiver of such or any other representation, warranty, covenant, agreement, condition or any breach.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.7 Notices</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">All notices, requests, demands or other communications
required or permitted to be given by one Party to another under this Agreement shall be given in writing and delivered by personal
delivery or delivery by recognized commercial courier, sent by email (return receipt requested) or delivered by registered mail
or postage prepaid, addressed as follows:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(a)</td><td style="text-align: left">to the Corporation:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 244.35pt 0pt 83pt">Colliers International Group Inc.</p>

<p style="margin: 0pt 244.35pt 0pt 83pt; font-size: 10pt">1140 Bay Street, Suite 4000</p>

<p style="margin: 0pt 244.35pt 0pt 83pt; font-size: 10pt">Toronto,
Ontario, Canada M5S 2B4</p>

<p style="margin: 0pt 244.35pt 0pt 83pt; font-size: 10pt">Attention: Chief Financial Officer</p>

<p style="margin: 0pt 244.35pt 0pt 83pt; font-size: 10pt">Email: christian.mayer@colliers.com</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 83pt">With a copy to:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 83pt">Fogler, Rubinoff LLP</p>

<p style="font-size: 10pt; margin: 0pt 246.65pt 0pt 83pt">77 King Street West, Suite 3000</p>

<p style="margin: 0pt 246.65pt 0pt 83pt; font-size: 10pt">Toronto, Ontario, Canada M5K 1G8</p>

<p style="margin: 0pt 246.65pt 0pt 83pt; font-size: 10pt">Attention:
Elliott A. Vardin</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 83pt">Email: evardin@foglers.com</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(b)</td><td style="text-align: left">to Henset:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 83pt">Henset Capital Inc.</p>

<p style="font-size: 10pt; margin: 0pt 247.8pt 0pt 83pt">1140 Bay Street, Suite 4000</p>

<p style="margin: 0pt 247.8pt 0pt 83pt; font-size: 10pt">Toronto, Ontario, Canada M5S 2B4</p>

<p style="margin: 0pt 247.8pt 0pt 83pt; font-size: 10pt">Attention:
Jay S. Hennick</p>

<p style="font-size: 10pt; margin: 0pt 3.65in 0pt 83pt">Email: jay.hennick@colliers.com</p>

<p style="margin: 0pt 3.65in 0pt 83pt; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 3.65in 0pt 83pt; font-size: 10pt">With a copy to:</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 221.55pt 0pt 83pt"></p>

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<p style="margin: 0pt 221.55pt 0pt 83pt; font-size: 10pt">Edward Waitzer and Stikeman Elliott LLP</p>

<p style="margin: 0pt 221.55pt 0pt 83pt; font-size: 10pt">5300 Commerce Court West</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 83pt">199 Bay Street</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 83pt">Toronto, Ontario, Canada M5L 1B9</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 215.7pt 0pt 83pt">Attention: Ed Waitzer and Sean Vanderpol</p>

<p style="margin: 0pt 215.7pt 0pt 83pt; font-size: 10pt">Email: ewaitzer@waitzerlaw.com</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 114.55pt">svanderpol@stikeman.com</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">or at such other address, fax number or email address
of which the addressee may from time to time may notify the addressor. Any notice delivered before 5:00 p.m. on a Business Day
in the place of delivery shall be deemed to have been validly and effectively given and received on the date of such delivery.
If such day is not a Business Day, or if the notice is received after 5:00 p.m. (addressee&rsquo;s local time), then the notice
shall be deemed to have been given and received on the next Business Day.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.8 Severability</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 11pt">Any provision of this Agreement which is invalid,
prohibited or unenforceable in any jurisdiction for any reason shall, as to such jurisdiction only, be ineffective and severable
from this Agreement to the extent of such invalidity, prohibition or unenforceability but such invalidity, prohibition or unenforceability
shall not invalidate or otherwise affect the remaining provisions of this Agreement nor shall it affect the validity or enforceability
of such provision in any other jurisdiction.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.9 Counterparts</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.9pt 0pt 11pt">This Agreement may be executed in several counterparts,
by original or facsimile signature or by or through such other electronic form in which a Party may place or evidence its signature
hereon (including an electronic scan of same), each of which so executed shall be deemed to be an original and such counterparts
together shall be deemed to be one and the same instrument, which shall be deemed to be executed as of the date first above written.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.10 Governing Law</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.75pt 0pt 11pt">This Agreement shall be governed by and construed
in accordance with the internal laws of the Province of Ontario (without giving effect to principles of conflicts of laws) and
the federal laws of Canada applicable therein and this Agreement shall in all respects be treated as an Ontario contract. The Parties
irrevocably attorn to the jurisdiction of the courts of the Province of Ontario to resolve any dispute which may arise among them
concerning this Agreement and the subject matters hereof.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><b>Section 4.11 Remedies</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.75pt 0pt 11pt">Unless otherwise expressly provided herein, to the
fullest extent permitted by applicable Laws, if any dispute, claim or other matter should arise concerning the interpretation,
performance or breach of this Agreement or any action taken by a Party pursuant to this Agreement (such dispute, claim or other
matter being referred to as a &ldquo;<b>Dispute</b>&rdquo;), such Dispute shall be determined by arbitration conducted by one arbitrator
in the City of Toronto, Ontario in accordance with the <i>Arbitration Act, 1991 </i>(Ontario) (as amended) and a Party seeking
arbitration of a Dispute shall so notify the other Parties by notice in writing (an &ldquo;<b>Arbitration Notice</b>&rdquo;), which
Arbitration Notice shall set out reasonable particulars of the Dispute in respect of which arbitration is so being sought. Nothing
in this Section 4.11 shall preclude a Party from instituting legal action seeking equitable relief in order to protect its rights
pending the outcome of an arbitration hereunder.</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 17.9pt 0pt 11pt; font-size: 10pt"><b>IN WITNESS WHEREOF</b> the Parties hereto have caused this Agreement
to be duly executed as of the date first written above.</p>

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<p style="font-size: 10pt; margin: 0pt 0 0pt 248.6pt"><b>COLLIERS GROUP INTERNATIONAL INC.</b></p>

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<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b>&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0 0pt 279.65pt">By: _____________________________________________</p>

<p style="margin: 0pt 0 0pt 300pt; font-size: 10pt">Name: Peter Cohen</p>

<p style="margin: 0pt 50pt 0pt 300pt; font-size: 10pt">Title: Lead Director and Chair of the Special Committee</p>

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<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt">[Signature Page to Registration Rights Agreement]</p>

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<p style="margin-left: 320pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</p>

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<p style="margin-left: 320pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><b>HENSET CAPITAL INC.</b></p>

<p style="margin-left: 320pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="margin-left: 320pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

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<p style="margin-left: 320pt; font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">By: ______________________________</p>

<p style="margin-left: 340pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Name: Jay S. Hennick</p>

<p style="margin-left: 340pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Title: President and Chief Executive Officer</p>

<p style="margin-left: 320pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p style="margin-left: 320pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">By:  ______________________________</p>

<p style="margin-left: 340pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Name: Lynda Cralli</p>

<p style="margin-left: 340pt; text-align: left; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">Title: Secretary</p>

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<p style="font-size: 10pt; margin: 0pt 0 0pt 11pt">[Signature Page to Registration Rights Agreement]</p>

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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><b>Schedule &ldquo;A&rdquo;</b></p>

<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><b>Registration Procedures</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">1.</td><td style="text-align: justify; padding-right: 17.85pt">In connection with the Corporation&rsquo;s Demand Registration and Piggy-Back
Registration obligations pursuant to this Agreement, the Corporation will use reasonable best efforts to effect the qualification
or registration for the offer and sale or other disposition or Distribution of Registrable Securities held by Henset and/or its
Permitted Assignees in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable,
and in connection therewith the Corporation will:</td></tr></table>

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<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(a)</td><td style="text-align: justify; padding-right: 17.85pt">prepare and file as promptly as practicable after the request for a Demand
Registration has been delivered, in the English language and, if required, French language, with the applicable Securities Regulators,
a preliminary Canadian Prospectus and/or Registration Statement under and in compliance with applicable securities laws relating
to the applicable Demand Registration, including all exhibits, financial statements and such other related documents required by
the applicable Securities Regulators to be filed therewith; provided, that the Corporation will furnish to Henset and the managing
underwriters or underwriters, if any, copies of such preliminary Canadian Prospectus or Registration Statement and any amendments
or supplements that the Corporation intends to file at least three (3) Business Days prior to their intended filing date, and shall
make such changes in such documents concerning Henset and its Permitted Assignees as they, or their counsel, may reasonably request,
and shall not file any Registration Statement or Canadian Prospectus or amendments or supplements thereto to which Henset and/or
its Permitted Assignees, or the underwriters, if any, shall reasonably object;</td></tr></table>

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<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(b)</td><td style="text-align: justify; padding-right: 17.85pt">prepare and file with the applicable Securities Regulators such
                                                             amendments and post- effective amendments to the Registration Statement, such supplements to the U.S. Prospectus and such
                                                             amendments and supplements to the Canadian Prospectus as may be (x) reasonably requested by Henset and/or its Permitted
                                                             Assignees, or (y) necessary to keep such Registration Statement
effective for the period of time required by this Agreement or to continue to qualify such Registrable Securities for distribution
as required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition
of all securities covered by such Registration during such period in accordance with the intended method or methods of disposition
by the sellers thereof;</td></tr></table>

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<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(c)</td><td style="text-align: justify; padding-right: 17.85pt">notify Henset and/or its Permitted Assignees and the managing underwriter
or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the relevant documents, as soon
as reasonably practicable after notice thereof is received by the Corporation (i) when the applicable Registration Statement or
any amendment thereto has been filed or becomes effective, and when the applicable U.S. Prospectus, Canadian Prospectus, or any
amendment or supplement thereto, has been filed (and, in the case of a Canadian Prospectus, when a receipt or mutual reliance review
decision document, as applicable, has been issued therefor), (ii) of any written comments by the Securities Regulators,
or any request by the Securities Regulators or other governmental authority in any jurisdiction for amendments or supplements to
any such Registration Statement, U.S. Prospectus or Canadian Prospectus or to any marketing materials, or for additional information
(whether before or after the effective date of the Registration Statement) or any other correspondence with the Securities Regulators
relating to, or which may affect, the Registration, (iii) of the issuance by the Securities Regulators of any stop order suspending
the effectiveness of such Registration Statement or any order by the</td></tr></table>

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<p style="margin: 0pt 17.65pt 0pt 83pt; font-size: 10pt; text-align: justify">Securities Regulators or any other regulatory authority
preventing or suspending the use of any preliminary or final U.S. Prospectus or Canadian Prospectus or marketing materials, or
the initiation or threatening of any proceedings for such purposes, (iv) if, at any time, the representations and warranties of
the Corporation in any applicable underwriting agreement cease to be true and correct in all material respects and (v) of the receipt
by the Corporation of any notification with respect to the suspension of the qualification of the Registrable Securities for offering,
sale or distribution in any jurisdiction or the initiation or threatening of any proceeding for such purpose;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(d)</td><td style="text-align: justify; padding-right: 17.85pt">promptly notify Henset and/or its Permitted Assignees and the
                                                             managing underwriter or underwriters, if any, when the Corporation becomes aware of the happening of any event as a result of
                                                             which any applicable Registration Statement or the U.S. Prospectus included in such Registration Statement (as then in
                                                             effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
                                                             therein (in the case of such U.S. Prospectus or any preliminary U.S. Prospectus, in light of the circumstances under which
                                                             they were made) not misleading or as a result of which any Canadian Prospectus or marketing materials would contain a
                                                             misrepresentation or a statement otherwise misleading or untrue, when any Issuer Free Writing Prospectus includes information
                                                             that may conflict with the information contained in the Registration Statement, or if for any other reason it shall be
                                                             necessary during such time period to amend or supplement such Registration Statement, U.S. Prospectus, Canadian Prospectus or
                                                             marketing materials in order to comply with the U.S. Securities Act or Canadian Securities Laws and,
as promptly as reasonably practicable thereafter, prepare and file with the SEC and/or the applicable Canadian Securities Regulator,
and furnish without charge to Henset and/or its Permitted Assignees and the managing underwriter or underwriters, if any, an amendment
or supplement to such Registration Statement, U.S. Prospectus, Canadian Prospectus or marketing materials which shall correct such
misstatement or omission or effect such compliance;</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 83pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(e)</td><td style="text-align: justify; padding-right: 17.85pt">use its reasonable best efforts to prevent, or obtain the withdrawal of
any stop order, cease trade order or other order suspending the use of any Canadian Prospectus or Registration Statement or suspending
any qualification of the Registrable Securities covered by such Canadian Prospectus or Registration Statement;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(f)</td><td style="text-align: justify; padding-right: 17.7pt">promptly incorporate in a U.S. Prospectus supplement, Issuer Free Writing
Prospectus or post-effective amendment such information as the managing underwriter or underwriters and the selling Holders agree
should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required
filings of such U.S. Prospectus supplement, Issuer Free Writing Prospectus or post- effective amendment as soon as reasonably practicable
after being notified of the matters to be incorporated in such U.S. Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(g)</td><td style="text-align: justify; padding-right: 17.85pt">furnish to Henset and/or its Permitted Assignees and each underwriter,
if any, without charge, as many conformed copies as they may reasonably request of any applicable Registration Statement or Canadian
Prospectus and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all
documents incorporated therein by reference and all exhibits (including those incorporated by reference);</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(h)</td><td style="text-align: justify; padding-right: 17.9pt">deliver to Henset and/or its Permitted Assignees and the underwriters, if
any, as many copies of the Canadian Prospectus or Registration Statement, as applicable, and any</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 17.85pt 0pt 83pt"></p>

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<p style="margin: 0pt 17.85pt 0pt 83pt; font-size: 10pt; text-align: justify">amendment or supplement thereto as such Persons may
reasonably request (it being understood that the Corporation consents to the use of the Canadian Prospectus and any Registration
Statement or any amendment thereto by Henset and/or its Permitted Assignees and the underwriters, if any, in connection with the
offering and sale of the Registrable Securities covered by the Canadian Prospectus and the Registration Statement or any amendment
or supplement thereto) and such other documents as Henset and/or its Permitted Assignees may reasonably request in order to facilitate
the disposition of the Registrable Securities;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.85pt">use reasonable best efforts to make available its employees and personnel
for participation in a customary offering marketing process, including investor meetings, conference calls, a &ldquo;road show&rdquo;
and other marketing efforts and otherwise provide reasonable assistance to the managing underwriter or underwriters, taking into
account the requirements of the marketing process, in the marketing of Registrable Securities;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(j)</td><td style="text-align: justify; padding-right: 17.85pt">on or prior to the date on which a receipt is issued for the Canadian Prospectus
or Registration Statement by the applicable Securities Regulators, use reasonable best efforts to qualify, and cooperate with Henset
and/or its Permitted Assignees, the managing underwriter, underwriters or agent, if any, and their respective counsel in connection
with the qualification of such Registrable Securities for offer and sale under applicable securities laws of each applicable jurisdiction
as any such Person, underwriter or agent reasonably requests in writing provided that the Corporation will not be required to qualify
generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to
general service of process in any such jurisdiction where it is not then so subject;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(k)</td><td style="text-align: justify; padding-right: 17.85pt">in connection with any underwritten offering, enter into customary agreements,
including an underwriting agreement with the underwriter or underwriters, such agreements to contain such representations and warranties
by the Corporation and such other terms and provisions as are customarily contained in underwriting agreements with respect to
secondary distributions;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(l)</td><td style="text-align: left">use its reasonable best efforts to obtain:</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(i)</td><td style="text-align: justify; padding-right: 17.9pt">a customary legal opinion, in the form and substance as is customarily given
by company counsel in securities offerings, addressed to Henset and/or its applicable Permitted Assignees and the underwriters,
if any, and such other Person as Henset may reasonably specify;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(ii)</td><td style="text-align: justify; padding-right: 17.9pt">a letter from the Corporation&rsquo;s auditors, in form and substance as
is customarily given by auditors in securities offerings, addressed to Henset and/or its applicable Permitted Assignees and the
underwriters, if any, and such other Person as Henset may reasonably specify; and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 83pt"></td><td style="width: 36pt">(iii)</td><td style="text-align: justify; padding-right: 17.8pt">if the Canadian Prospectus is filed in Qu&eacute;bec, opinions of Qu&eacute;bec
counsel for the Corporation and the auditors of the Corporation addressed to Henset and/or its applicable Permitted Assignees and
the underwriters, if any, and such other Person as Henset may reasonably specify, and relating to the translation of the Canadian
Prospectus and the respective documents incorporated by reference therein;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

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<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(m)</td><td style="text-align: justify; padding-right: 17.85pt">furnish to Henset and/or its Permitted Assignees and the managing underwriter
or underwriters, if any, and such other Person as Henset may reasonably specify, such corporate certificates, satisfactory to Henset
acting reasonably, as are customarily furnished in securities offerings, and, in each case, covering substantially the same matters
as are customarily covered in such documents in the relevant jurisdictions and such other matters as Henset may reasonably request;</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(n)</td><td style="text-align: justify; padding-right: 17.85pt">use its reasonable best efforts to cause all of the Registrable Securities
to be listed and posted for trading on each securities exchange on which any of the Corporation&rsquo;s equity securities are then
listed or quoted and on each inter-dealer quotation system on which any of the Corporation&rsquo;s equity securities are then quoted;
and</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 47pt"></td><td style="width: 36pt">(o)</td><td style="text-align: justify; padding-right: 17.85pt">take such other actions and execute and deliver such other documents as
may be reasonably necessary to give full effect to the rights of Henset and/or its Permitted Assignees under this Agreement.</td></tr></table>

<p style="font-size: 10pt; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 11pt"></td><td style="width: 36pt">2.</td><td style="text-align: justify; padding-right: 17.85pt">The Corporation may require Henset and/or its Permitted Assignees to furnish
to the Corporation such information regarding the Distribution of such securities and such other information relating to Henset
and its ownership of Subordinate Voting Shares and Multiple Voting Shares as the Corporation may from time to time reasonably request
in writing as may be required by the Corporation to comply with applicable securities laws in each jurisdiction in which a Demand
Registration or Piggy-Back Registration is to be effected. Henset agrees to furnish such information to the Corporation and to
cooperate with the Corporation as necessary to enable the Corporation to comply with the provisions of this Agreement and applicable
securities laws.</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COLLIERS INTERNATIONAL GROUP INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MATERIAL CHANGE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form 51-102F3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Name and Address of Company</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Colliers International
Group Inc. (&#8220;<B>Colliers</B>&#8221; or the &#8220;<B>Company</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1140 Bay Street, Suite
4000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Toronto, Ontario M5S
2B4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Date of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">February 26, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>News Release</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The news release was disseminated
on March 1, 2021 through Globe Newswire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>Summary of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 1, 2021, Colliers announced
that it had entered into an agreement with Jay S. Hennick, the Company&#8217;s Chairman &amp; Chief Executive Officer and largest
voting shareholder, pursuant to which disinterested holders of Colliers&#8217; Subordinate Voting Shares will be given an opportunity
to approve a transaction to settle the Management Services Agreement, including the long-term incentive arrangement, originally
entered into on February 1, 2004, between the Company, Mr. Hennick and Jayset Management CIG Inc., a corporation controlled by
Mr. Hennick. In addition, the Transaction will establish an orderly timeline for the elimination of Colliers&#8217; dual class
voting structure by no later than September 1, 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Full Description of Material Change</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 1, 2021, Colliers announced
that it had entered into an agreement with Jay S. Hennick, the Company&#8217;s Chairman &amp; Chief Executive Officer and largest
voting shareholder, pursuant to which disinterested holders of Colliers&#8217; Subordinate Voting Shares will be given an opportunity
to approve a transaction (the &#8220;<B>Transaction</B>&#8221;) to settle the Management Services Agreement (the &#8220;<B>MSA</B>&#8221;),
including the long-term incentive arrangement (the &#8220;<B>LTIA</B>&#8221;), originally entered into on February 1, 2004, between
the Company, Mr. Hennick and Jayset Management CIG Inc. (&#8220;<B>HennickCo</B>&#8221;), a corporation controlled by Mr. Hennick.
In addition, the Transaction will establish an orderly timeline for the elimination of Colliers&#8217; dual class voting structure
by no later than September 1, 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The LTIA included in the MSA
with Mr. Hennick was established seventeen years ago to replace all stock options and other compensation entitlements to which
he would otherwise be entitled, a plan consistent with similar arrangements in place at the time designed to incentivize entrepreneurial
founders/CEOs to create long-term value for shareholders. The arrangement achieved the intended result, with the market capitalization
of Colliers increasing by over US$3.8 billion since 2004, representing an annualized compounded return to shareholders of approximately
18% to the end of 2020 (and a resulting increase in the potential value of the LTIA to US$394 million as of December 31, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Over the past several years,
the Board of Directors of Colliers regularly considered the financial and other implications of continuing with the MSA, including
the LTIA, as the Company continued to grow. In late 2020, the members of the Board of Directors indicated to Mr. Hennick that they
wished to evaluate the potential termination of the LTIA and thereby limit the future growth in value of this arrangement and to
allow the Company to complete certain types of transactions, including additional equity offerings without being impacted by the
LTIA. Mr. Hennick suggested he was prepared to receive a proposal from Colliers in this regard provided it was fair and in the
best interests of all concerned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As a result, the Board of Directors
established a special committee comprised of the following independent directors: Peter F. Cohen (Chair), John (Jack) P. Curtin,
Jr., Frederick Sutherland, Katherine Lee and Benjamin Stein (the &#8220;<B>Special Committee</B>&#8221;) to, among other things,
evaluate, make proposals, negotiate and consider the desirability and feasibility of, and report to the Board of Directors on,
a potential transaction involving the MSA and the LTIA, including as to whether a potential transaction was in the best interests
of the Company. Over the course of January and February 2021 the Special Committee and its advisors proceeded to engage in negotiations
with Mr. Hennick and his advisors culminating in the Transaction. Following a rigorous independent review process, including receipt
of advice from independent legal and compensation advisors, the Special Committee unanimously recommended the Transaction to the
Board of Directors, who unanimously (with Mr. Hennick recusing himself) approved it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As part of the Transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Colliers will acquire all of the shares
of HennickCo, the recipient of all fees and other entitlements under the MSA, for a purchase price determined with reference to
the LTIA formula provided in the MSA, and thereafter terminate the existing MSA;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Colliers and Mr. Hennick will enter into
a new five-year management services agreement, with mutual one-year renewal options thereafter (the &#8220;<B>New MSA</B>&#8221;)
pursuant to which Mr. Hennick will continue to provide services to Colliers as, at his option, the Chief Executive Officer and/or
Executive Chairman. The New MSA will be substantially similar to the current MSA, except that there will be no entitlement to a
LTIA, stock options or other equity-linked compensation;</FONT></TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Hennick and Henset Capital Inc. (a
corporation controlled by Mr. Hennick) will enter into a new trust agreement relating to the Multiple Voting Shares (which are
entitled to 20 votes each) controlled by them, providing that such Multiple Voting Shares will convert into Subordinate Voting
Shares (which are entitled to one vote each) on a one-for-one basis and for no additional consideration or premium upon the earliest
to occur of:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">The date that the sum of the number of Multiple Voting Shares and Subordinate Voting Shares beneficially
owned by Henset Capital Inc. and Mr. Hennick, together with their associates and affiliates, is less than 4,000,000 (subject to
adjustment and including ownership of securities convertible into Subordinate Voting Shares);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">24 months after the date the New MSA is terminated as a result of Mr. Hennick&#8217;s death, disability,
voluntary resignation or the occurrence of certain other specific events contained in the New MSA; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">September 1, 2028;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Colliers will: (a) pay US$95.0 million
in cash in satisfaction of 20% of the purchase price; and (b) issue a total of 3,572,858 Subordinate Voting Shares in satisfaction
of 80% of the purchase price. The total purchase price was determined by applying the formula provided in the existing MSA for
the LTIA using a price of US$106.40 per share (which is the volume weighted average price of the Subordinate Voting Shares on the
TSX for the period from February 11, 2021 through to and including February 25, 2021, converted into US dollars). </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Transaction is subject to
the approval of a majority of the disinterested holders of Subordinate Voting Shares at an Annual and Special Meeting of Shareholders
to be held on April 14, 2021 at 11:00 a.m. (the &#8220;<B>Meeting</B>&#8221;). It is also subject to customary closing conditions,
including lender approval and receipt of all other third party and regulatory consents and approvals, including from the Toronto
Stock Exchange and NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board of Directors (with
Mr. Hennick recusing himself) unanimously agreed the Transaction is in the best interests of Colliers and the holders of Subordinate
Voting Shares and recommend that shareholders vote to approve it at the upcoming Meeting. All members of the Board of Directors
have advised Colliers that they will vote for the Transaction at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, Benjamin Stein,
a director and member of the Special Committee as well as co-founder of Spruce House Investment Management LLC (&#8220;<B>Spruce
House</B>&#8221;), the Company&#8217;s largest holder of Subordinate Voting Shares, has advised Colliers that it intends to support
the Transaction and vote all of its shares in favor at the Meeting. Spruce House owns or controls approximately 14.7% of outstanding
Subordinate Voting Shares and is considered a disinterested holder of Subordinate Voting Shares for purposes of the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Immediately following the completion
of the Transaction, Mr. Hennick is expected to have control and direction over: (a) 5,005,369 Subordinate Voting Shares, representing
11.8% of the then expected outstanding Subordinate Voting Shares; and (b) 1,325,694 Multiple Voting Shares, representing 100% of
the outstanding Multiple Voting Shares. Mr. Hennick&#8217;s combined voting control of Colliers is expected to represent approximately
45.7% of the total votes associated with Colliers&#8217; Subordinate Voting Shares and Multiple Voting Shares on a combined basis.
Colliers expects to have 42,510,725 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares outstanding immediately following
completion of the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#8220;This transaction represents
an appropriate way for Colliers to remove the on-going implications of the LTIA while ensuring Mr. Hennick&#8217;s singular influence
on Colliers&#8217; unique enterprising culture, growth mindset and vision for the future remains in place for many years to come,&#8221;
said Mr. Cohen, Vice Chair, Lead Director and Chair of the Special Committee. &#8220;We believe that this transaction delivers
significant value to shareholders and frees the Company up to complete future financings or other stated transactions without being
impacted by the continuing provisions of the LTIA. In effect Mr. Hennick is exchanging a non-dilutable equity instrument in the
form of the LTIA for Subordinate Voting Shares and cash. We also appreciate that he has agreed, as part of the transaction, to
an orderly elimination of the dual class voting shares to allow Colliers to become a single class voting share company. The LTIA
has more than done its job creating in excess of US$3.8 billion in shareholder value since it was established.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#8220;Since acquiring Colliers
back in 2004, I have had the privilege of leading its growth and evolution into one of the world&#8217;s most respected diversified
professional services and investment management companies with a proven track record of creating shareholder value,&#8221; said
Mr. Hennick. &#8220;I believe the proposed transaction is timely and beneficial to all parties and look forward to continuing to
serve as Colliers&#8217; Chairman, Chief Executive Officer and major shareholder for the foreseeable future as we continue to take
our business from strength to strength.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The cash payment under the Transaction
is expected to be funded from cash on hand and the Company&#8217;s revolving credit facility. After giving effect to the Transaction,
Colliers&#8217; financial leverage is expected to increase by 0.3x net debt to pro forma adjusted EBITDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In support of its recommendation
in favour of approving the Transaction, the Special Committee received a written opinion from its independent compensation consultant,
Hugessen Consulting, that the Transaction is desirable from a compensation perspective. The Special Committee also received independent
legal advice from Miller Thomson LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Special Committee and the
Board of Directors, advised by an independent compensation consultant and counsel, identified, among others, the following material
benefits expected to be achieved on completion of the Transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Transaction fixes and eliminates the
LTIA under the existing management services agreement. Under the terms of the Transaction, Mr. Hennick has agreed to accept 80%
of the total consideration in Subordinate Voting Shares, thereby increasing his equity stake in the Company and ensuring his continuing
commitment to Colliers. Following completion of the Transaction Mr. Hennick will own approximately 14.4% of the outstanding shares
of Colliers. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Transaction will result in a clear
timeline for the orderly elimination of Colliers&#8217; dual class voting structure, without payment of any premium. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Hennick will continue to lead Colliers
as its Chief Executive Officer and/or Executive Chairman under the New MSA for a term of at least five years, with mutual one-year
renewal options thereafter. Mr. Hennick will not participate in any LTIA, stock options or other equity-linked compensation plans.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Transaction allows Colliers to use
the Subordinate Voting Shares for purposes of raising additional capital in the future without further dilution under the LTIA,
or to complete certain acquisitions, mergers, spin-outs, or other significant transactions without creating a triggering event
under the LTIA. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The required information for
Colliers shareholders to consider in relation to their vote on the resolution to approve the Transaction will be contained in the
management information circular to be mailed to shareholders in respect of the Meeting. This management information circular will
also be available at that time on SEDAR (www.sedar.com) and on the Company&#8217;s website at www.colliers.com. A copy of the definitive
transaction agreement will also be filed on SEDAR and accessible at www.sedar.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Certain Securities Law Matters</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Transaction constitutes a
&#8220;related party transaction&#8221; for purposes of <I>Multilateral Instrument 61-101 </I>(&#8220;<B>MI 61-101</B>&#8221;).
However, as the fair market value of the subject matter of, and consideration for, the Transaction does not exceed 25% of Colliers&#8217;
market capitalization (as calculated in accordance with MI 61-101), the Transaction is exempt from the valuation and minority approval
provisions of MI 61-101 in accordance with Section 5.5 and 5.7 thereof. The minority shareholder approval being sought at the Meeting
was adopted by the parties to the Transaction notwithstanding the availability of the above-noted exemption under MI 61-101, and
although it is not a requirement under applicable corporate or securities law. Specifically, the Board of Directors of Colliers,
on the recommendation of the Special Committee, and at the request of Mr. Hennick as a pre-condition to his agreement to enter
into the Transaction, have required that the Transaction be approved by a simple majority of the votes cast by the disinterested
holders of Subordinate Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Forward-looking Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This report contains statements
that constitute &#8220;forward-looking statements&#8221; within the meaning of applicable securities legislation, including, but
not limited to, statements relating to the potential benefits expected to be achieved on the completion of the Transaction, the
expected continued leadership of Colliers by Mr. Hennick, the expected voting at the Meeting to approve the Transaction by Colliers
directors and Spruce House Investment Management LLC and future filings to be made under securities laws. Much of this information
can be identified by words such as &#8220;expect to,&#8221; &#8220;expected,&#8221; &#8220;will,&#8221; &#8220;estimated&#8221;
or similar expressions suggesting future outcomes or events. Colliers believes the expectations reflected in such forward-looking
statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Forward-looking statements are
based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results
or events to differ materially from those anticipated. These risks include, but are not limited to, risks associated with the ability
to satisfy shareholder, regulatory, third party and stock exchange approvals and conditions to consummate the Transaction, the
market value and trading price of the Subordinate Voting Shares of Colliers and other risks related to Colliers&#8217; business,
including those identified in Colliers&#8217; annual information form for the year ended December 31, 2020 under the heading &#8220;Risk
factors&#8221; (a copy of which may be obtained at www.sedar.com) and Annual Report on Form 40-F filed with the United States Securities
and Exchange Commission (a copy of which may be obtained at www.sec.gov), and subsequent filings. Forward-looking statements contained
in this report are made as of the date hereof and are subject to change. All forward-looking statements in this report are qualified
by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake
any obligation, to update or revise any forward-looking statements contained in this report to reflect subsequent information,
events, results or circumstances or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>Reliance on Subsection 7.1(2) of National Instrument 51-102</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This report is not
being filed on a confidential basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><B>Omitted Information</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">No significant
facts remain confidential in, and no information has been omitted from, this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><B>Executive Officer</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If further information is required,
please contact Christian Mayer, Chief Financial Officer, at (416) 960-9500.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><B>Date of Report</B></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">DATED at Toronto, Ontario this 3<SUP>rd</SUP>
day of March, 2021.</P>



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