<SEC-DOCUMENT>0001171843-21-003312.txt : 20210507
<SEC-HEADER>0001171843-21-003312.hdr.sgml : 20210507
<ACCEPTANCE-DATETIME>20210507163016
ACCESSION NUMBER:		0001171843-21-003312
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200507
FILED AS OF DATE:		20210507
DATE AS OF CHANGE:		20210507

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:		21903243

	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_05072021.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0; font-size: 10pt; font-weight: bold; text-align: center">UNITED STATES</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Washington, D.C. 20549</B></P>

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

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

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

<P STYLE="font-size: 18pt; font-weight: bold; margin: 0; text-align: center"><U>FORM 6-K</U></P>

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0">For the month of: May 2021</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>1140 Bay Street, Suite 4000</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Toronto, Ontario, Canada</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>M5S 2B4</B></P>

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

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

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

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

<P STYLE="font-size: 10pt; margin: 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: 0">Form 20-F [ ]&#9;Form 40-F [X]</P>

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

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

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

<P STYLE="font-size: 10pt; margin: 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: 0">Yes [ ]&#9;No [X]</P>

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

<P STYLE="font-size: 10pt; margin: 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>

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

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

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

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

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<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><B>COLLIERS INTERNATIONAL GROUP INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">Date: May 7, 2021</TD>
  <TD STYLE="width: 50%"><I><U>/s/ Christian Mayer</u></i></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Name: Christian Mayer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Title: Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&#9;&#9;</P>

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

<P STYLE="font-size: 10pt; margin: 0"><B>EXHIBIT INDEX&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD><B>Exhibit</B></TD><TD><B>Description of Exhibit</B></TD></TR>
                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                             <TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"><A HREF="exh_991.htm">99.1</A></TD><TD STYLE="width: 90%"><A HREF="exh_991.htm">Interim consolidated financial statements and management&rsquo;s discussion &amp; analysis for the three month period ended March 31, 2021.</A></TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 0 72pt"></P>




<P STYLE="border-bottom: Black 4pt solid; font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="margin: 0; font-size: 10pt; text-align: right;"><B>Exhibit 99.1&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; color: #4A4A4D"><B>COLLIERS INTERNATIONAL</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: center; color: #4A4A4D"><B>GROUP INC.</B></P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D"><B>INTERIM CONSOLIDATED FINANCIAL
STATEMENTS</B></P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D"><B>First Quarter</B></P>

<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D"><B>March 31, 2021</B></P>

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<P STYLE="margin: 0 0 10pt; font-size: 10pt; line-height: 115%; text-align: center; color: #4A4A4D"></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF EARNINGS</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(Unaudited)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars, except per share amounts)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended March 31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Revenues (note 18)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">630,628</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Cost of revenues (exclusive of depreciation and amortization shown below)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">467,731</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">416,358</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">210,603</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">168,092</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Depreciation</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,439</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">8,878</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,338</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">16,013</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Acquisition-related items (note 5)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,847</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,750</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">39,956</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">18,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest expense, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,284</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">7,585</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Equity earnings from unconsolidated investments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,406</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(555</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other income, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(576</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(149</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Earnings before income tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">33,654</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">11,656</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Income tax expense (note 15)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,847</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,198</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,458</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,780</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,377</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interest redemption increment (note 12)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,540</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,505</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net earnings attributable to Company</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,487</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">4,586</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Net earnings per common share (note 13)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D">Basic</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">0.12</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Diluted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">0.11</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>The accompanying notes are an integral part of these interim consolidated financial statements.</B></FONT></P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 9pt"><P STYLE="margin: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 20&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(Unaudited)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars)</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">ended March 31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,458</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,875</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(16,389</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Unrealized gain (loss) on interest rate swaps, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">929</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(4,225</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Comprehensive earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,861</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(14,156</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Less: Comprehensive earnings attributable to non-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">controlling interests</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">22,482</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,805</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Comprehensive earnings (loss) attributable to Company</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,379</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(20,961</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
</TABLE>


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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>The accompanying notes are an integral part of these interim consolidated financial statements.</B></FONT></P>





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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED BALANCE SHEETS</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(Unaudited)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">March 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">118,470</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">156,614</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restricted cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,646</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">20,919</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accounts receivable, net of allowance of $21,927 (December 31, 2020 - $25,632) (note 10)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">362,904</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">372,149</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract assets (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">73,873</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">61,101</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse receivables (note 16)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">115,854</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">232,207</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax recoverable</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9,739</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">15,041</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepaid expenses and other current assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">180,372</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">177,780</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">888,858</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,035,811</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other receivables</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">15,185</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">14,989</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract assets (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,606</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">5,335</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">79,726</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">74,355</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Fixed assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">140,249</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">129,221</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating lease right-of-use assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">330,118</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">288,134</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Deferred tax assets, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">48,252</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">45,008</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Intangible assets (note 6)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">593,424</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">610,330</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Goodwill</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,081,864</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,088,984</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,297,424</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,256,356</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,186,282</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">3,292,167</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Liabilities and shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accounts payable and accrued expenses</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">273,168</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">297,766</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Accrued compensation</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">364,593</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">450,894</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax payable</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,565</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">26,783</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contract liabilities (note 18)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">17,707</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">21,076</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt - current (note 7)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9,445</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">9,024</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration - current (note 16)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">79,505</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">5,802</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse credit facilities (note 9)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,937</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">218,018</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Operating lease liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">80,687</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">78,923</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">960,607</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,108,286</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt - non-current (note 7)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">513,955</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">470,871</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration (note 16)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,466</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">109,841</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating lease liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">309,961</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">251,680</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,878</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">48,525</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Deferred tax liabilities, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,404</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">50,523</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Convertible notes (note 8)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">224,266</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">223,957</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,186,930</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,155,397</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Redeemable non-controlling interests (note 12)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">440,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">442,375</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Common shares</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">468,145</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">457,993</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contributed surplus</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">67,689</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">66,971</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Retained earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">123,908</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">119,421</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Accumulated other comprehensive loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(65,087</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(61,979</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Total Company shareholders' equity</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">594,655</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">582,406</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-controlling interests</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,090</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">3,703</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total shareholders' equity</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">598,745</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">586,109</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,186,282</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">3,292,167</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Commitments and subsequent events (note 17 and note 20)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>The accompanying notes are an integral part of these interim consolidated financial statements.</B></FONT> &nbsp; &nbsp; &nbsp;</P>





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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(Unaudited)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars, except share information)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">other</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Retained</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">shares</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">earnings</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">loss</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">interests</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">equity</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2020</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">40,189,436</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">457,993</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">66,971</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">119,421</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(61,979</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3,703</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">586,109</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(1,875</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(1,875</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized gain on interest rate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;swaps, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">929</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">929</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attributable to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(2,162</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(137</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(2,299</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(7,780</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">862</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(6,918</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(12,540</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(12,540</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(311</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(311</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(27</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(27</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock option expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,925</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,925</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Stock options exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">169,200</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">10,152</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(2,207</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">7,945</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, March 31, 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,358,636</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">468,145</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">67,689</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">123,908</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(65,087</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,090</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">598,745</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">Common shares</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Accumulated</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Issued and</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">other</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Non-</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Total</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">outstanding</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Contributed</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">comprehensive</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">controlling</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">shareholders'</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">shares</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">surplus</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Deficit</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">loss</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">interests</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">equity</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="width: 23%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, December 31, 2019</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">39,845,211</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">442,153</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">60,706</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">77,181</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(67,164</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">4,423</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">517,299</TD><TD STYLE="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Cumulative effect adjustment:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Current expected credit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;losses, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(2,824</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(2,824</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,458</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,458</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Foreign currency translation loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(16,389</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(16,389</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Unrealized loss on interest rate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;swaps, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(4,225</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(4,225</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Other comprehensive earnings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attributable to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(4,933</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(571</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(5,504</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">NCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,377</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">157</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,220</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">NCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,505</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,505</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions to NCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(834</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition of businesses, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(52</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(52</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Subsidiaries&rsquo; equity transactions</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(333</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(333</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Subordinate Voting Shares:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;&nbsp;Stock option expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,253</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,253</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Stock options exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">56,350</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,805</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(534</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,271</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">Balance, March 31, 2020</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">39,901,561</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">444,958</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">62,092</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">78,943</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(92,711</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,123</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">496,405</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>The accompanying notes are an integral part of these interim consolidated financial statements.</B></FONT></P>




<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(Unaudited)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #25408F">(in thousands of US dollars)</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">Three months</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">ended March 31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F3F3F3">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Cash provided by (used in)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">6,458</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Items not affecting cash:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">37,777</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">24,891</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Gains attributable to mortgage servicing rights</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9,075</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Gains attributable to the fair value of mortgage</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;premiums and origination fees</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(11,578</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Deferred tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9,431</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(7,158</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Earnings from equity method investments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,406</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(555</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Stock option expense (note 14)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,925</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,253</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Non-cash lease expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,058</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,382</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Allowance for credit losses</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">315</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">3,619</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Amortization of advisor loans</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,505</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,001</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Contingent consideration (note 5)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">16,378</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,002</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">116</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">738</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">(Increase) decrease in accounts receivable, prepaid expenses and other assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(23,787</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">59,837</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Decrease in accounts payable, accrued expenses and other liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(12,552</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(28,759</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Decrease in accrued compensation</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(84,476</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(163,406</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(7,475</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(14,330</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Proceeds from sale of mortgage loans</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">837,917</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Origination of mortgage loans</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(706,785</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase in warehouse credit facilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(112,081</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right; background-color: #F3F3F3">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Repurchases from AR Facility, net of sales (note 10)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,291</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(11,009</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash used by operating activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(38,139</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(120,036</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisitions of businesses, net of cash acquired (note 4)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,841</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(3,101</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchases of fixed assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(22,093</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(8,739</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Advisor loans issued</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(11,081</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(3,590</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Collections of AR facility deferred purchase price (note 10)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,908</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">11,390</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Other investing activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(12</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">5,498</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash (used in) / provided by investing activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(26,119</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">1,458</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #25408F; font-weight: bold; text-align: left">Financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Increase in long-term debt</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">203,522</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">240,409</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Repayment of long-term debt</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(149,730</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(97,263</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchases of non-controlling interests' subsidiary shares, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,133</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(4,676</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration paid</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(2,977</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(10,743</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Proceeds received on exercise of stock options</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,945</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">2,270</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Dividends paid to common shareholders</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(2,009</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(1,992</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Distributions paid to non-controlling interests</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(13,923</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(7,693</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Net cash provided by financing activities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">34,695</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">120,312</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Effect of exchange rate changes on cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,854</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(13,637</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net change in cash, cash equivalents and restricted cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(31,417</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">(11,903</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash, beginning of period</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">177,533</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">114,993</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Cash, cash equivalents and restricted cash, end of period</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">146,116</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F3F3F3">103,090</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F3F3F3">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>The accompanying notes are an integral part of these interim consolidated financial statements.</B></FONT> &nbsp; &nbsp;</P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>COLLIERS INTERNATIONAL GROUP INC.</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">(in thousands of US dollars, except share and per share amounts)&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Description of the business</B></TD>
</TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Colliers International Group Inc. (&ldquo;Colliers&rdquo;
or the &ldquo;Company&rdquo;) provides commercial real estate oriented professional services and investment management to corporate and
institutional clients in 36 countries around the world (67 countries including affiliates and franchisees). Colliers&rsquo; primary services
are Outsourcing &amp; Advisory services, Leasing, Capital Markets and Investment Management. Operationally, Colliers is organized into
four distinct segments: Americas; Europe, Middle East and Africa (&ldquo;EMEA&rdquo;); Asia and Australasia (&ldquo;Asia Pacific&rdquo;)
and Investment Management.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Summary of presentation</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">These unaudited Interim Consolidated Financial Statements
(the &ldquo;Financial Statements&rdquo;) have been prepared by the Company in accordance with disclosure requirements for the presentation
of interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared
in accordance with generally accepted accounting principles (&ldquo;GAAP&rdquo;) in the United States of America have been condensed or
omitted in accordance with such disclosure requirements, although management believes that the disclosures are adequate to make the information
not misleading. These Financial Statements should be read in conjunction with the audited consolidated financial statements of Colliers
for the year ended December 31, 2020.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">These Financial Statements follow the same accounting
policies as the most recent audited consolidated financial statements of Colliers, except as noted in Note 3. In the opinion of management,
the Financial Statements contain all adjustments necessary to a fair statement of the financial position of the Company as at March 31,
2021 and the results of operations and its cash flows for the three months ended March 31, 2021 and 2020. All such adjustments are of
a normal recurring nature. The results of operations for the three-month period ended March 31, 2021 are not necessarily indicative of
the results to be expected for the year ending December 31, 2021.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>Government assistance related to the COVID-19 pandemic</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The Company received $2,472 of wage subsidies from
governments in several countries around the world during the three-month period ended March 31, 2021 (2020 - nil). In the three-month
period ending March 31, 2021, $1,650 of the wage subsidies were recorded as reduction to cost of revenues (2020 - $nil) and $822 were
recorded as a reduction to selling, general and administrative expenses (2020 - $nil) in the Consolidated Statements of Earnings.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Impact of recently issued accounting standards</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>Recently adopted accounting guidance</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>Accounting for Income Taxes</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">In December 2019,
the FASB issued ASU No. 2019-12, <I>Income Taxes (Topic 740): Simplifying the Accounting of Income Taxes</I> to simplify the accounting
for income taxes. The guidance eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology
for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences
related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of
accounting for enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in step-up in tax
basis of goodwill. The Company adopted the guidance effective January 1, 2021. The Company&rsquo;s processes and disclosures have
been updated to incorporate the new standard. The adoption of the standard did not have a material impact on the Company&rsquo;s
consolidated financial statements.</P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>Recently issued accounting guidance, not yet adopted</B></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>Reference Rate Reform</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The FASB has issued two ASU related to reference rate reform.
In March 2020, the FASB issued ASU No. 2020-04, <I>Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting</I> and in January 2021 the FASB issued ASU No. 2021-01, <I>Reference Rate Reform (Topic 848): Scope</I>. With
reference rates like the London Interbank Offered Rates (&ldquo;LIBOR&rdquo;) expecting to be discontinued at the end of 2021, a significant
volume of contracts and other arrangements will be impacted by the transition required to alternative reference rates. This ASU provides
optional expedients and exceptions to reduce the costs and complexity of applying existing GAAP to contract modifications and hedge accounting
if certain criteria are met. The standard is effective for a limited time for all entities through December 31, 2022. The Company has
certain debt and hedging arrangements which may qualify for use of the practical expedients permitted under the guidance. The Company
has evaluated and will continue to evaluate arrangements subject to rate reform and the options under the ASU to facilitate an orderly
transition to alternative reference rates and their potential impacts on its consolidated financial statements and disclosures.</P>

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<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>Debt with Conversion Options</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">In August 2020, the FASB issued ASU No. 2020-06, <I>Debt-
Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contract in an Entity&rsquo;s Own Equity.</I> The ASU simplifies the accounting for
convertible instruments and reduces the number of embedded conversion features being separately recognized from the host contract as
compared to current GAAP. The ASU also enhances information transparency through targeted improvements to the disclosures for convertible
instruments and earnings-per-share guidance. The standard is effective for fiscal years beginning after December 15, 2021. The standard
can be applied using the modified retrospective method of transition or a fully retrospective method of transition. The Company is currently
assessing the options available under this ASU and their potential impacts on its consolidated financial statements.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Acquisitions</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">During the three months ended March
31, 2021, the Company acquired a controlling interest in one business operating in the Americas (Miami, Florida). The acquisition date
fair value of consideration transferred consisted of $3,841 in cash (net of cash acquired of $387). The Company acquired $929 of net assets,
excluding cash, and recognized goodwill of $2,595 and intangible assets of $2,595 in its preliminary purchase price allocation.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">During the three months ended March
31, 2020, the Company acquired a controlling interest in one business for cash consideration of $3,101 (net of cash acquired of $754).</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The Company typically structures
its business acquisitions to include contingent consideration. Certain vendors, at the time of acquisition, are entitled to receive a
contingent consideration payment if the acquired businesses achieve specified earnings levels during the one- to five-year periods following
the dates of acquisition. The ultimate amount of payment is determined based on a formula, the key inputs to which are (i) a contractually
agreed maximum payment; (ii) a contractually specified earnings level and (iii) the actual earnings for the contingency period. If the
acquired business does not achieve the specified earnings level, the maximum payment is reduced for any shortfall, potentially to nil.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Unless it contains an element of compensation, contingent
consideration is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at March
31, 2021 was $128,971 (December 31, 2020 - $115,643). See note 16 for discussion on the fair value of contingent consideration. Contingent
consideration with a compensatory element is revalued at each reporting period and recognized on a straight-line basis over the term
of the contingent consideration arrangement. The liability recorded on the balance sheet for the compensatory element of contingent consideration
arrangements as at March 31, 2021 was $11,654 (December 31, 2020 - $17,646). The estimated range of outcomes (undiscounted) for all contingent
consideration arrangements, including those with an element of compensation is determined based on the formula price and the likelihood
of achieving specified earnings levels over the contingency period, and ranges from $172,550 to a maximum of $193,869. These contingencies
will expire during the period extending to February 2025.&nbsp;</P>

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<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>Acquisition-related items</B></FONT></TD>
</TR></TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Transaction costs</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,469</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,748</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent consideration fair value adjustments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,787</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(509</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Contingent consideration compensation expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,591</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,511</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,847</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,750</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Intangible assets</B></TD>
</TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The following table summarizes the gross value, accumulated
amortization and net carrying value of the Company&rsquo;s indefinite life and finite life intangible assets:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold">March 31, 2021</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Gross</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">carrying</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Accumulated</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amortization</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Net</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23,930</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,930</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">53,130</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">53,130</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">342,894</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">129,581</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">213,313</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">270,600</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">66,795</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">203,805</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">125,812</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,126</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,686</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,565</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,360</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">205</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,787</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,265</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9,522</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,639</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,918</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,721</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 10pt">Backlog</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">16,289</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">16,247</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">796,586</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">256,292</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">540,294</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">849,716</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">256,292</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">593,424</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Gross</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold">December 31, 2020</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">carrying</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Accumulated</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amortization</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Net</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Indefinite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Licenses</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">29,200</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">24,096</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,096</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">53,296</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">53,296</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finite life intangible assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Customer lists and relationships</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">345,511</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">123,368</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">222,143</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Investment management contracts</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">270,600</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">60,723</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">209,877</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Mortgage servicing rights ("MSRs")</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">114,909</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,121</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">101,788</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Franchise rights</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,630</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,322</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">308</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Trademarks and trade names</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,803</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,355</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,448</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Management contracts and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">20,813</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,406</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,407</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Backlog</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">16,307</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">12,244</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,063</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">788,573</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">231,539</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">557,034</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">841,869</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">231,539</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">610,330</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>





<P STYLE="margin: 0 0 0 0pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"></P>

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<P STYLE="margin: 0 0 0 0pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">In May 2020, the Company acquired
MSR intangible assets in its acquisition of Colliers Mortgage. MSR intangible assets represent the carrying value of servicing assets
in the Americas segment. The MSR asset is being amortized over the estimated period that the net servicing income is expected to be received.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The MSR assets are evaluated quarterly
for impairment by stratifying the servicing portfolio according to predominant risk characteristics, primarily investor type and interest
rate. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. Based upon the impairment
analysis for the period ended March 31, 2021, the Company recorded a valuation allowance of $804. The associated impairment expense was
recorded to amortization of intangible assets on the consolidated statement of earnings.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The following table summarizes activity
related to the Company&rsquo;s mortgage servicing rights for the quarter ending March 31, 2021.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">101,788</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Additions, following the sale of loan</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">10,903</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4,150</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Prepayments and write-offs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(2,051</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Total</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">106,490</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Increase in valuation allowance</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(804</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,686</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The following is the estimated future
expense for amortization of the recorded MSRs and other intangible assets for each of the next five years and thereafter:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">For the year ended December 31,</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">MSRs</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other<BR> Intangibles</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 55%; font-size: 10pt; color: #4A4A4D; padding-left: 2pt">2021 (remaining nine months)</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">11,018</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right">48,235</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">59,253</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">2022</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,428</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">61,797</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">75,225</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">2023</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">12,255</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">58,171</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">70,426</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">2024</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,254</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">50,229</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">61,483</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">2025</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10,205</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">41,465</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">51,670</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">2026</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,974</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">40,062</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,036</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid; padding-left: 2pt">Thereafter</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">38,552</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">134,649</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">173,201</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">105,686</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">434,608</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">540,294</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Long-term debt</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 8pt 20pt; font-size: 10pt; line-height: 100%; text-align: justify; color: #4A4A4D">The Company has a multi-currency
senior unsecured revolving credit facility (the &ldquo;Revolving Credit Facility&rdquo;) of $1,000,000. The Revolving Credit Facility
has a 5-year term ending April 30, 2024 and bears interest at an applicable margin of 1.25% to 3.0% over floating reference rates, depending
on financial leverage ratios. The weighted average interest rate at March 31, 2021 was 3.5% (2020 &ndash; 3.0%). The Revolving Credit
Facility had $723,576 of available undrawn credit as at March 31, 2021 ($777,322 as at December 31, 2020). As of March 31, 2021, letters
of credit in the amount of $17,967 were outstanding ($15,663 as at December 31, 2020). The Revolving Credit Facility requires a commitment
fee of 0.25% to 0.6% of the unused portion, depending on certain leverage ratios. At any time during the term, the Company has the right
to increase the Revolving Credit Facility by up to $250,000 on the same terms and conditions.</P>

<P STYLE="margin: 0 0 10pt 20pt; font-size: 10pt; line-height: 115%; text-align: justify; color: #4A4A4D">The Company has outstanding
&euro;210,000 of senior unsecured notes with a fixed interest rate of 2.23% (the &ldquo;Senior Notes&rdquo;), which are held by a group
of institutional investors. The Senior Notes have a 10-year term ending May 30, 2028.</P>

<P STYLE="margin: 0 0 10pt 20pt; font-size: 10pt; line-height: 115%; text-align: justify; color: #4A4A4D">The Revolving Credit Facility
and the Senior Notes rank equally in terms of seniority and have similar financial covenants. The Company is required to maintain financial
covenants including leverage and interest coverage. The Company was in compliance with these covenants as of March 31, 2021. The Company
is limited from undertaking certain mergers, acquisitions and dispositions without prior approval.</P>

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<P STYLE="margin: 0 0 0 0pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Convertible notes</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 8pt 20pt; font-size: 10pt; line-height: 106%; text-align: justify; color: #4A4A4D">In May 2020, the Company issued
$230,000 aggregate principal of 4.0% Convertible Senior Subordinated Notes (the &ldquo;Convertible Notes&rdquo;) at par value. The Convertible
Notes will mature on June 1, 2025 and bear interest of 4.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each
year, beginning on December 1, 2020. The Convertible Notes are accounted for entirely as debt as no portion of the proceeds is required
to be accounted for as attributable to the conversion feature. The Convertible Notes are unsecured and subordinated to all of the Company&rsquo;s
existing and future secured indebtedness, and are treated as equity for financial leverage calculations under the Company&rsquo;s Revolving
Credit Facility and Senior Notes.</P>

<P STYLE="margin: 0 0 8pt 20pt; font-size: 10pt; line-height: 106%; text-align: justify; color: #4A4A4D">At the holder&rsquo;s option,
the Convertible Notes may be converted at any time prior to maturity into Subordinate Voting Shares based on an initial conversion rate
of approximately 17.2507 Subordinate Voting Shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion
price of $57.97 per Subordinate Voting Share.</P>

<P STYLE="margin: 0 0 8pt 20pt; font-size: 10pt; line-height: 106%; text-align: justify; color: #4A4A4D">The Company, at its option, may
also redeem the Convertible Notes, in whole or in part, on or after June 1, 2023 at a redemption price equal to 100% of the principal
amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, provided that the last reported trading price of the
Subordinate Voting Shares for any 20 trading days in a consecutive 30 trading day period preceding the date of the notice of redemption
is not less than 130% of the conversion price.</P>

<P STYLE="margin: 0 0 8pt 20pt; font-size: 10pt; line-height: 106%; text-align: justify; color: #4A4A4D">Subject to specified conditions,
the Company may elect to repay some or all of the outstanding principal amount of the Convertible Notes, on maturity or redemption, through
the issuance of Subordinate Voting Shares.</P>

<P STYLE="margin: 0 0 8pt 20pt; font-size: 10pt; line-height: 106%; text-align: justify; color: #4A4A4D">In connection with the issuance
of the Convertible Notes, at the time, the Company incurred financing costs of $6,795 which are being amortized over five years using
the effective interest rate method. For the quarter ended March 31, 2021 there was $309 of financing fee amortization included in interest
expense within the accompanying Consolidated Statements of Earnings. The effective interest rate on the Convertible Notes is approximately
4.7%.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Warehouse credit facilities</B></TD>
</TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The following table summarizes the Company&rsquo;s
mortgage warehouse credit facilities as at March 31, 2021:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Current</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; background-color: #F2F2F2">Maximum</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; background-color: #F2F2F2">Carrying</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capacity</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">Capacity</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">Value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 27%; font-size: 10pt; color: #4A4A4D; text-align: left">Facility A - LIBOR plus 1.60%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; color: #4A4A4D; text-align: center">October 20, 2021</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">175,000</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">82,784</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">275,000</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">167,004</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Facility B - SOFR plus 1.70%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: center; border-bottom: Black 1pt solid">On demand</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">125,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">23,153</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">125,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">51,014</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">300,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,937</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">400,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">218,018</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0 0 8pt 20pt; font-size: 10pt; line-height: 100%; text-align: justify; color: #4A4A4D">Colliers Mortgage Holdings LLC
(&ldquo;Colliers Mortgage&rdquo;) has warehouse credit facilities which are used exclusively for the purpose of funding warehouse mortgages
receivable. The warehouse credit facilities are recourse only to Colliers Mortgage, are revolving and are secured by warehouse mortgages
financed on the facilities, if any.</P>

<P STYLE="margin: 0 0 8pt 20pt; font-size: 10pt; line-height: 100%; text-align: justify; color: #4A4A4D">On January 11, 2021 Colliers
Mortgage entered into an amendment to the financing agreement for Facility A modifying the borrowing capacity to $175,000 and extending
the maturity date to October 20, 2021. On January 15, 2021 Colliers Mortgage entered into an additional amendment for Facility A temporarily
increasing the borrowing capacity to $250,000 through March 31, 2021; The borrowing capacity will decrease to $125,000 on October 20,
2021. (See note 20 for subsequent events related to warehouse facilities.)</P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>10.</B></TD><TD STYLE="text-align: justify"><B>AR Facility</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">In April 2019, the Company established a structured
accounts receivable facility (the &ldquo;AR Facility&rdquo;) with committed availability of $125,000 and an initial term of 364 days,
unless extended or an earlier termination event occurs. On April 27, 2020, the Company extended the term of AR Facility for another 364
days. (See note 20 for subsequent events related to the AR Facility.) Under the AR Facility, certain of the Company's subsidiaries continuously
sell trade accounts receivable and contract assets (the &ldquo;Receivables&rdquo;) to wholly owned special purpose entities at fair market
value. The special purpose entities then sell 100% of the Receivables to a third-party financial institution (the &ldquo;Purchaser&rdquo;).
Although the special purpose entities are wholly owned subsidiaries of the <FONT STYLE="letter-spacing: -0.15pt">Company, </FONT>they
are separate legal entities with their own separate creditors who will be entitled, upon their liquidation, to be satisfied out of their
assets prior to any assets or value in such special purpose entities becoming available to their equity holders and their assets are not
available to pay other creditors of the <FONT STYLE="letter-spacing: -0.15pt">Company. </FONT>As of March 31, 2021, the Company had drawn
$95,126 under the AR Facility.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0.3pt 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">All transactions under the AR Facility are accounted
for as a true sale in accordance with ASC 860, <I>Transfers and Servicing</I> <FONT STYLE="letter-spacing: -0.15pt">(&ldquo;ASC </FONT>860&rdquo;).
Following the sale and transfer of the Receivables to the Purchaser, the Receivables are legally isolated from the Company and its subsidiaries,
and the Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the Receivables. Receivables
sold are derecognized from the consolidated balance sheet. The Company continues to service, administer and collect the Receivables on
behalf of the Purchaser, and recognizes a servicing liability in accordance with <FONT STYLE="letter-spacing: -0.25pt">ASC </FONT>860.
The Company has elected the amortization method for subsequent measurement of the servicing <FONT STYLE="letter-spacing: -0.15pt">liability,
</FONT>which is assessed for changes in the obligation at each reporting date. As of March 31, 2021, the servicing liability was nil.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0.3pt 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Under the AR Facility, the Company receives a
cash payment and a deferred purchase price (&ldquo;Deferred Purchase Price&rdquo; or &ldquo;DPP&rdquo;) for sold Receivables. The DPP
is paid to the Company in cash on behalf of the Purchaser as the Receivables are collected; however, due to the revolving nature of the
AR Facility, cash collected from the Company's customers is reinvested by the Purchaser monthly in new Receivable purchases under the
AR Facility. For the three months ending March 31, 2021, Receivables sold under the AR Facility were $310,510 and cash collections from
customers on Receivables sold were $326,949, all of which were reinvested in new Receivables purchases and are included in cash flows
from operating activities in the consolidated statement of cash flows. As of March 31, 2021, the outstanding principal on trade accounts
receivable, net of Allowance for Doubtful Accounts, sold under the AR Facility was $113,491; and the outstanding principal on contract
assets, current and non-current, sold under the AR Facility was $61,522. See note 16 for fair value information on the DPP.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">For the three months ended March 31, 2021, the Company
recognized a loss related to Receivables sold of $4 (2020 - $8 loss) that was recorded in other expense in the consolidated statement
of earnings. Based on the Company&rsquo;s collection history, the fair value of the Receivables sold subsequent to the initial sale approximates
carrying value.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The non-cash investing activities associated with
the DPP for the three months ended March 31, 2021 were $1,984.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Variable interest entities</B></TD>
</TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The Company holds variable interests in certain Variable
Interest Entities (&ldquo;VIE&rdquo;) in its Investment Management segment which are not consolidated as it was determined that the Company
is not the primary beneficiary. The Company&rsquo;s involvement with these entities is in the form of advisory fee arrangements and equity
co-investments (typically 1%-2%).</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The following table provides the
maximum exposure to loss related to these non-consolidated VIEs:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">March
    31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">December
    31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; padding-left: 2pt">Investments</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">7,292</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,158</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 2pt">Co-investment commitments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">25,809</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">14,345</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 2pt">Maximum exposure to loss</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">33,101</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">20,503</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Redeemable non-controlling interests</B></TD>
</TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The minority equity positions in the Company&rsquo;s
subsidiaries are referred to as redeemable non-controlling interests (&ldquo;RNCI&rdquo;). The RNCI are considered to be redeemable securities.
Accordingly, the RNCI is recorded at the greater of (i) the redemption amount or (ii) the amount initially recorded as RNCI at the date
of inception of the minority equity position. This amount is recorded in the &ldquo;mezzanine&rdquo; section of the balance sheet, outside
of shareholders&rsquo; equity. Changes in the RNCI amount are recognized immediately as they occur. The following table provides a reconciliation
of the beginning and ending RNCI amounts:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">442,375</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">RNCI share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,919</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">RNCI redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">12,540</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Distributions paid to RNCI</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(13,729</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Purchase of interests from RNCI, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(8,105</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">440,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The Company has shareholders&rsquo; agreements in
place at each of its non-wholly owned subsidiaries. These agreements allow the Company to &ldquo;call&rdquo; the RNCI at a price determined
with the use of a formula price, which is usually equal to a fixed multiple of average annual net earnings before income taxes, interest,
depreciation, and amortization. The agreements also have redemption features which allow the owners of the RNCI to &ldquo;put&rdquo; their
equity to the Company at the same price subject to certain limitations. The formula price is referred to as the redemption amount and
may be paid in cash or in Subordinate Voting Shares. The redemption amount as of March 31, 2021 was $413,264 (2020 - $415,141). The redemption
amount is lower than that recorded on the balance sheet as the formula price of certain RNCI are lower than the amount initially recorded
at the inception of the minority equity position. If all put or call options were settled with Subordinate Voting Shares as at March 31,
2021, approximately 4,000,000 such shares would be issued.</P>

<P STYLE="margin: 0 0 0 36pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Increases or decreases to the formula price of the
underlying shares are recognized in the statement of earnings as the NCI redemption increment.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Net earnings per common share</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Diluted EPS is calculated using the &ldquo;if-converted&rdquo;
method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest
(net of income tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible
Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no
assumption of conversion. The &ldquo;if-converted&rdquo; method is used if the impact of the assumed conversion is dilutive. The &ldquo;if-converted&rdquo;
method is anti-dilutive for the three months ended March 31, 2021.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The following table reconciles the basic and diluted
common shares outstanding:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold">(in thousands)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings (loss) attributable to Company</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,487</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">4,586</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">After-tax interest on Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted numerator under the If-Converted Method</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">4,487</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">4,586</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Weighted average common shares - Basic</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,257</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">39,874</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Exercise of stock options</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">513</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">293</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Conversion of Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Weighted average common shares - Diluted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">40,770</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">40,167</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Stock-based compensation</B></TD>
</TR></TABLE>

<P STYLE="margin: 0 0 0 36pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The Company has a stock option plan
for certain officers, key full-time employees and directors of the Company and its subsidiaries. Options are granted at the market price
for the underlying shares on the day immediately prior to the date of grant. Each option vests over a four-year term, expires five years
from the date granted and allows for the purchase of one Subordinate Voting Share. All Subordinate Voting Shares issued are new shares.
As at March 31, 2021, there were 344,800 options available for future grants.</P>

<P STYLE="margin: 0 0 0 60pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Grants under the Company&rsquo;s stock option plan
are equity-classified awards.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">There were 10,000 stock options granted during the
three months ended March 31, 2021 (2020 - 10,000). Stock option activity for the three months ended March 31, 2021 was as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Weighted average</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Weighted</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">remaining</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Aggregate</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Number of</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">average</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">contractual life</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">intrinsic</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">options</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">exercise price</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(years)</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Shares issuable under options -</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; width: 48%; font-size: 10pt; color: #4A4A4D">December 31, 2020</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">2,190,125</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">69.22</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Granted</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">10,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">103.90</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Exercised</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(169,200</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">46.95</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Forfeited</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">(2,300</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">85.82</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Shares issuable under options -</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">March 31, 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,028,625</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">71.23</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">3.1</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">54,852</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Options exercisable - March 31,2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">836,650</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">63.10</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2.2</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">29,398</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The amount of compensation expense recorded in the
statement of earnings for the three months ended March 31, 2021 was $2,925 (2020 - $2,253). As of March 31, 2021, there was $16,488 of
unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next 4 years. During the three-month
period ended March 31, 2021, the fair value of options vested was $4,422 (2020 - $4,202).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Income tax</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The provision for income tax for
the three months ended March 31, 2021 reflected an effective tax rate of 26.3% (2020 - 44.6%) relative to the combined statutory rate
of approximately 26.5% (2020 - 26.5%). The prior year&rsquo;s rate was impacted by the reversal of a $2,030 tax benefit related to a
cross-border financing structure pursuant to a change in tax law applied retroactively to 2019.&nbsp;</P>

<P STYLE="margin: 0 0 0 0pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"></P>

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<P STYLE="margin: 0 0 0 0pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Financial instruments</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; color: #4A4A4D; text-align: justify"><FONT STYLE="font-weight: normal"><I>Fair values of
financial instruments</I></FONT></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The following table provides the financial assets
and liabilities carried at fair value measured on a recurring basis as of March 31, 2021:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Carrying value at</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value measurements</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">March 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; font-weight: bold">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4A; text-align: right">12,196</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4A; text-align: right">12,196</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Equity securities</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">4,126</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">3,990</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">136</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Debt securities</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">9,255</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">9,255</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Mortgage derivative assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">16,280</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">16,280</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Warehouse receivables</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">115,854</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">115,854</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Deferred Purchase Price on AR Facility</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">79,033</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">79,033</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">236,744</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">16,186</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">141,525</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">79,033</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Mortgage derivative liability</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">7,447</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">7,447</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;&nbsp;&nbsp;Interest rate swap liability</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">6,681</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: right">6,681</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;Contingent consideration liability</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">128,971</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">128,971</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4A; text-align: left; border-bottom: Black 1pt solid">Total liabilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">143,099</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">14,128</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4A; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: right">128,971</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4A; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0 0 10pt 20pt; font-size: 10pt; line-height: 115%; color: #4A4A4D">There were no significant non-recurring fair value
measurements recorded during the quarter ended March 31, 2021.</P>

<P STYLE="margin: 0 0 10pt 20pt; font-size: 10pt; line-height: 115%; color: #4A4A4D"><B>Cash equivalents</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">Cash equivalents include highly
liquid investments with original maturities of less than three months. Actively traded cash equivalents where a quoted price is readily
available are classified as Level 1 in the fair value hierarchy.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"><B>Financial instruments and other
inventory positions owned</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The Company records financial instruments
and other inventory positions owned at fair value on the Consolidated Balance Sheets. These financial instruments are valued based on
observable market data that may include quoted market prices dealer quotes, market spreads, cash flows, the U.S. treasury yield curve,
trading levels, market consensus prepayment speeds, credit information and the instruments&rsquo; terms and conditions and are classified
as Level 2 of the fair value hierarchy.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">Certain investments in equity securities
where quoted prices are readily available are classified as Level 1 in the fair value hierarchy. The Company increases or decreases its
investment each reporting period by the change in the fair value of the investment reported in net earnings on the Consolidated Statements
of Earnings.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>Mortgage-related derivatives</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The fair value of interest rate lock commitments
and forward sale commitments are derivatives and considered Level 2 valuations. Fair value measurements for both interest rate lock commitments
and forward sales commitment consider observable market data, particularly changes in interest rates. In the case of interest rate lock
commitments, the fair value measurement also considers the expected net cash flows associated with the servicing of the loans or the
fair value of MSRs. However, the Company has evaluated the impact of the fair value of the MSRs on the fair value of the derivatives
and they do not have a significant impact on the derivative fair values. The Company also considers the impact of counterparty non-performance
risk when measuring the fair value of these derivatives. Given the credit quality of the Company&rsquo;s counterparties, the short duration
of interest rate lock commitments and forward sales contracts and the Company&rsquo;s historical experience, the risk of nonperformance
by the counterparties does not have a significant impact on the determination of fair value.&nbsp;</P>

<P STYLE="margin: 0 0 0 0pt; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

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<P STYLE="margin: 0 0 0 0pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"><B>Warehouse receivables</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">As at March 31, 2021, all of the
Company&rsquo;s mortgage warehouse receivables were under commitment to be purchased by a GSE or by a qualifying investor. These assets
are classified as Level 2 in the fair value hierarchy as a substantial majority of the inputs are readily observable.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>AR Facility deferred purchase price (&ldquo;DPP&rdquo;)</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The Company recorded a DPP under its AR Facility.
The DPP represents the difference between the fair value of the Receivables sold and the cash purchase price and is recognized at fair
value as part of the sale transaction. The DPP is remeasured each reporting period in order to account for activity during the period,
including the seller&rsquo;s interest in any newly transferred Receivables, collections on previously transferred Receivables attributable
to the DPP and changes in estimates for credit losses. Changes in the DPP attributed to changes in estimates for credit losses are expected
to be immaterial, as the underlying Receivables are short-term and of high credit quality. The DPP is valued using Level 3 inputs, primarily
discounted cash flows, with the significant inputs being discount rates ranging from 2.5% to 5.0% depending upon the aging of the Receivables.
See note 10 for information on the AR Facility.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Changes in the fair value of the DPP comprises the
following:</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">87,957</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Additions to DPP</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,287</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Collections on DPP</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(10,908</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Fair value adjustment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(4</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Foreign exchange and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,299</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">79,033</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"><B>Interest rate swaps</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">In April 2017, the Company entered into interest rate
swap agreements to convert the LIBOR floating interest rate on $100,000 of US dollar denominated debt into a fixed interest rate of 1.897%
plus the applicable margin. The swaps have a maturity of January 18, 2022. The swaps are being accounted for as cash flow hedges and are
measured at fair value on the balance sheet. Gains or losses on the swaps, which are determined to be effective as hedges, are reported
in other comprehensive income.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">In December 2018, the Company entered into additional
interest rate swap agreements to convert the LIBOR floating interest rate on $100,000 of US dollar denominated debt into a fixed interest
rate of 2.7205% plus the applicable margin. The swaps have a maturity of April 30, 2023. The swaps are being accounted for as cash flow
hedges and are measured at fair value on the balance sheet. Gains or losses on the swaps, which are determined to be effective as hedges,
are reported in other comprehensive income.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>Contingent acquisition consideration</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">The inputs to the measurement of the fair value of
contingent consideration related to acquisitions are Level 3 inputs. The fair value measurements were made using a discounted cash flow
model; significant model inputs were expected future operating cash flows (determined with reference to each specific acquired business)
and discount rates (which range from 2.1% to 9.5%, with a weighted average of 4.5%). The wide range of discount rates is attributable
to level of risk related to economic growth factors combined with the length of the contingent payment periods; and the dispersion was
driven by unique characteristics of the businesses acquired and the respective terms for these contingent payments. A 2% increase in
the weighted average discount rate would reduce the fair value of contingent consideration by $3,300.&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

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<P STYLE="margin: 0 0 0 0pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Changes in the fair value of the contingent consideration
liability comprises the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; font-size: 10pt; color: #4A4A4D">Balance, January 1</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">115,643</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amounts recognized on acquisitions</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,891</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Fair value adjustments (note 5)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">14,787</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Resolved and settled in cash</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,095</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(255</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">Balance, March 31</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">128,971</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Less: current portion</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">79,505</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Non-current portion</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">49,466</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The carrying amounts for cash, restricted
cash, accounts receivable, accounts payable, advisor loans, other receivables and accrued liabilities approximate their estimated fair
values due to the short-term nature of these instruments, unless otherwise indicated. The carrying value of the Company&rsquo;s Revolving
Credit Facility and other short-term borrowings approximate their estimated fair value due to their short-term nature and variable interest
rate terms. The inputs to the measurement of the fair value of non-current receivables, advisor loans and long-term debt are Level 3 inputs.
The fair value measurements were made using a net present value approach; significant model inputs were expected future cash outflows
and discount rates.</P>

<P STYLE="margin: 0 0 0 36pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">The following are estimates of the
fair values for other financial instruments:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">December 31, 2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Carrying</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right">Fair</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; background-color: #F2F2F2">Carrying</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; background-color: #F2F2F2">Fair</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">amount</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">value</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Senior Notes</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">245,683</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">269,936</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">255,790</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">275,928</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 2pt">Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">224,266</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">389,783</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">223,957</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">353,638</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Other receivables include notes receivable from non-controlling
interests and non-current income tax recoverable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Commitments and Contingencies</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>Claims and Litigation</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">In the normal course of operations, the Company is
subject to routine claims and litigation incidental to its business. Litigation currently pending or threatened against the Company includes
disputes with former employees and commercial liability claims related to services provided by the Company. The Company believes resolution
of such proceedings, combined with amounts set aside, will not have a material impact on the Company&rsquo;s financial condition or the
results of operations.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"><I>Long Term Incentive Arrangement</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">Pursuant to an agreement approved
in February 2004 and restated on June 1, 2015 (the &ldquo;Long Term Incentive Arrangement&rdquo; or &ldquo;LTIA&rdquo;), the Company agreed
that it will make payments to Jay S. Hennick, its Chairman &amp; Chief Executive Officer (&ldquo;CEO&rdquo;), that are contingent upon
the arm&rsquo;s length acquisition of control of the Company or upon a distribution of the Company&rsquo;s assets to shareholders. The
payment amounts will be determined with reference to the price per Subordinate Voting Share received by shareholders upon an arm&rsquo;s
length sale or upon a distribution of assets. The right to receive the payments may be transferred among members of the Chairman &amp;
CEO&rsquo;s family, their holding companies and trusts. The agreement provides for the Chairman &amp; CEO to receive each of the following
two payments. The first payment is an amount equal to 5% of the product of: (i) the total number of Subordinate and Multiple Voting Shares
outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate and
Multiple Voting Shares minus a base price of C$3.324. The second payment is an amount equal to 5% of the product of (i) the total number
of shares outstanding on a fully diluted basis at the time of the sale and (ii) the per share consideration received by holders of Subordinate
Voting Shares minus a base price of C$6.472. Assuming an arm&rsquo;s length acquisition of control of the Company took place on March
31, 2021, the amount required to be paid to the Chairman &amp; CEO, based on a market price of C$123.48 per Subordinate Voting Share,
would be US$437,159. See note 20 for subsequent events related to the settlement of the LTIA.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"><I>Contingencies associated with
US government sponsored enterprises</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">Colliers Mortgage is a lender in
the Fannie Mae DUS Program. Commitments for the origination and subsequent sale and delivery of loans to Fannie Mae represent those mortgage
loan transactions where the borrower has locked an interest rate and scheduled closing and the Company has entered into a mandatory delivery
commitment to sell the loan to Fannie Mae. As discussed in note 16 the Company accounts for these commitments as derivatives recorded
at fair value.</P>

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<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>


<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D"></P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">Colliers Mortgage is obligated to
share in losses, if any, related to mortgages originated under the DUS Program. These obligations expose the Company to credit risk on
mortgage loans for which the Company is providing underwriting, servicing, or other services under the DUS Program. Net losses on defaulted
loans are shared with Fannie Mae based upon established loss-sharing ratios, and typically, the Company is subject to sharing up to one-third
of incurred losses on loans originated under the DUS Program. As of March 31, 2021, the Company has funded and sold loans subject to such
loss sharing obligations with an aggregate unpaid principal balance of approximately $4,162,000. As at March 31, 2021, the Loss Reserve
was $15,662 (December 31, 2020 - $15,194) and was included within Other liabilities on the Consolidated Balance Sheets.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">Pursuant to its licenses with Fannie
Mae, Ginnie Mae and HUD, Colliers Mortgage is required to maintain certain standards for capital adequacy which include minimum net worth
and liquidity requirements. If it is determined at any time that Colliers Mortgage fails to maintain appropriate capital adequacy, the
licensor reserves the right to terminate the Company&rsquo;s servicing authority for all or some of the portfolio. At March 31, 2021,
Colliers Mortgage was in compliance with all such requirements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Revenue</B></TD>
</TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><B> Disaggregated
revenue</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Colliers has disaggregated its revenue from contracts
with customers by type of service and region as presented in the following table.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold">OPERATING SEGMENT REVENUES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Asia</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Investment</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Americas</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">EMEA</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Pacific</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Mgmt</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Consolidated</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #0C9ED9">Three months ended March 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 34%; font-size: 10pt; color: #4A4A4D; font-weight: bold; padding-left: 10pt">Leasing</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">134,204</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">25,589</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">19,868</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">179,661</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">142,101</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">35,590</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">32,819</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">210,510</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">147,061</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">38,276</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">55,551</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">240,888</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">38,432</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">25,093</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">17,384</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">80,909</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,627</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,627</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 10pt">IM - Incentive Fees</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 10pt">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">13,979</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,565</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,629</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">146</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,319</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; padding-left: 2pt">Total Revenue</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">475,777</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">126,113</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">128,251</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,627</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">146</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left; padding-left: 2pt">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Leasing</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">128,367</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,057</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">15,086</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">164,510</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Capital Markets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">94,241</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,937</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">16,825</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">143,003</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Property services</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">99,817</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">41,244</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">49,611</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">190,672</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Valuation and advisory</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">41,882</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,726</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,033</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">76,641</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Advisory and other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">43,565</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">43,565</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">IM - Incentive Fees</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,260</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">2,260</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Other</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">5,683</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1,118</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2,879</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">297</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">9,977</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Total Revenue</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">369,990</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">117,082</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">97,434</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">45,825</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">297</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; color: #4A4A4D; text-align: right">630,628</TD><TD STYLE="border-bottom: Black 2.25pt double; white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Revenue associated with the Company&rsquo;s debt finance
and loan servicing operations are outside the scope of ASC 606, <I>Revenue from Contracts with Customers</I> (&ldquo;ASC 606&rdquo;).
In the period ended March 31, 2021, $32,235 of revenue was excluded from the scope of ASC 606. These revenues were included entirely within
the Americas segment within Capital Markets and Other revenue.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><B>Contract balances</B></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">As at March 31, 2021, the Company had contract assets
totaling $82,479 of which $73,873 was current ($66,436 as at December 31, 2020 - of which $61,101 was current). During the three months
ended March 31, 2021, approximately 59% of the current contract assets were moved to accounts receivable or sold under the AR Facility
(Note 10).</P>

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<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>


<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">As at March 31, 2021, the Company had contract liabilities
(all current) totaling $17,707 ($21,076 as at December 31, 2020). Revenue recognized for the three months ended March 31, 2021 totaled
$16,606 (2020 - $18,105) that was included in the contract liability balance at the beginning of the year.</P>

<P STYLE="margin: 0 0 0 -20pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Certain constrained brokerage fees, outsourcing &amp;
advisory fees and investment management fees may arise from services that began in a prior reporting period. Consequently, a portion of
the fees the Company recognizes in the current period may be partially related to the services performed in prior periods. Typically,
less than 5% of brokerage revenue recognized in a period had previously been constrained and substantially all investment management incentive
fees, including carried interest, recognized in the period were previously constrained.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Segmented information</B></TD>
</TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>Operating segments</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Colliers has identified four reportable operating
segments. Three segments are grouped geographically into Americas, Asia Pacific and EMEA. The Investment Management segment operates in
the Americas and EMEA. The groupings are based on the manner in which the segments are managed. Management assesses each segment&rsquo;s
performance based on operating earnings or operating earnings before depreciation and amortization. Corporate includes the costs of global
administrative functions and the corporate head office.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold">OPERATING SEGMENTS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Asia</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Investment</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Americas</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">EMEA</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Pacific</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Mgmt</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Corporate</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">Consolidated</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt; color: #0C9ED9">Three months ended March 31</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; width: 34%; font-size: 10pt; color: #4A4A4D; font-weight: bold">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">475,777</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">126,113</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">128,251</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,627</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">146</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 8%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">20,678</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">5,705</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">3,754</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">6,731</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">909</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">37,777</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">42,853</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,089</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">11,708</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">9,931</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(23,447</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">39,956</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #0C9ED9; text-align: left">2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-align: left; font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">369,990</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">117,082</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">97,434</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">45,825</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">297</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">630,628</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">8,070</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,443</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,603</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,635</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,140</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,891</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(242,242,242); vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings (loss)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">22,709</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(13,451</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1,228</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,778</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(3,727</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0; font-size: 10pt"></P>

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

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>Geographic information</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">Revenues in each geographic region are reported by
customer locations.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%;margin: 0 0 0 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold">GEOGRAPHIC INFORMATION</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">March 31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">United States</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">417,239</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">317,079</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,429,553</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,053,410</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Canada</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">90,500</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">81,196</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">81,316</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">82,967</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Euro currency countries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">64,208</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">68,332</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">289,633</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">284,162</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Australia</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">53,933</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">38,883</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">81,418</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">72,492</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">United Kingdom</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">33,994</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">29,723</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">77,266</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">78,782</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Other</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">115,040</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">95,415</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">186,469</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">170,671</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Consolidated</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 10pt">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">630,628</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt">Total long-lived assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,145,655</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">1,742,484</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; color: #4A4A4D; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 20pt"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Subsequent events</B></TD>
</TR></TABLE>

<P STYLE="margin: 0 0 0 36pt; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>Settlement of Long Term Incentive Arrangement</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">On February 26, 2021, the Company entered into an
agreement with Jay S. Hennick, the Company&rsquo;s Chairman &amp; Chief Executive Officer and largest voting shareholder, pursuant to
which disinterested holders of Subordinate Voting Shares were given an opportunity to approve a transaction (the &ldquo;Transaction&rdquo;)
to settle the Management Services Agreement (the &ldquo;MSA&rdquo;), including the Long Term Incentive Arrangement (the &ldquo;LTIA&rdquo;)
(see note 17), 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 established an orderly timeline for the elimination of the Company&rsquo;s dual
class voting structure by no later than September 1, 2028. As part of the Transaction, the Company agreed to (a) pay US$96,200 in cash
and (b) issue a total of 3,572,858 Subordinate Voting Shares to an entity controlled by Mr. Hennick. 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 Toronto Stock Exchange for the period from February 11, 2021 through to and including February
25, 2021, converted to US dollars).</P>

<P STYLE="margin: 0 0 0 36pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">On April 14, 2021, disinterested shareholders approved
the Transaction. The Transaction was completed on April 16, 2021.</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>AR Facility extension</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">On April 26, 2021, the Company renewed its AR Facility
with a third-party financial institution. The AR Facility has committed availability of $125,000 with a term of 364 days extending to
April 25, 2022 and includes selected US and Canadian trade accounts receivable.&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D"><I>Addition of new warehouse credit facility</I></P>

<P STYLE="margin: 0 0 0 20pt; font-size: 10pt; text-align: justify; color: #4A4A4D">On April 28,
2021, Colliers Mortgage entered into an additional warehouse credit facility with a borrowing capacity of $150,000 and an initial
maturity date of April 27, 2022. The facility bears interest of LIBOR plus 1.60%.</P>

<P STYLE="margin: 0; font-size: 10pt; color: #4A4A4D"></P>

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<P STYLE="margin: 0; font-size: 10pt; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; color: #4A4A4D"><B>COLLIERS INTERNATIONAL GROUP INC.</B></P>

<P STYLE="font-size: 10pt; margin: 0; color: #4A4A4D">Management&rsquo;s discussion and analysis</P>

<P STYLE="font-size: 10pt; margin: 0; color: #4A4A4D">For the three months ended March 31, 2021</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">(in US dollars)</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4D4D">May 7, 2021</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I>The following management&rsquo;s discussion and analysis
(&ldquo;MD&amp;A&rdquo;) should be read together with the unaudited interim consolidated financial statements and the accompanying notes
(the &ldquo;Consolidated Financial Statements&rdquo;) of Colliers International Group Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo;
the &ldquo;Company&rdquo; or &ldquo;Colliers&rdquo;) for the three months ended March 31, 2021 and the Company&rsquo;s audited consolidated
financial statements and MD&amp;A for the year ended December 31, 2020. The consolidated financial statements have been prepared in accordance
with generally accepted accounting principles in the United States (&ldquo;GAAP&rdquo;). All financial information herein is presented
in United States dollars.</I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify"><FONT STYLE="color: #4A4A4D"><I>The Company has prepared this MD&amp;A with
reference to National Instrument 51-102 &ndash; Continuous Disclosure Obligations of the Canadian Securities Administrators (the &ldquo;CSA&rdquo;).
Under the U.S./Canada Multijurisdictional Disclosure System, the Company is permitted to prepare this MD&amp;A in accordance with the
disclosure requirements of Canada, which requirements are different from those of the United States. This MD&amp;A provides information
for the three months ended March 31, 2021 and up to and </I></FONT><I><FONT STYLE="color: #4A4D4D">including May 7, 2021.</FONT></I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I>Additional information about the Company can be found on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov.</I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I>This MD&amp;A includes references to &ldquo;adjusted EBITDA&rdquo;
and &ldquo;adjusted EPS&rdquo;, which are financial measures that are not calculated in accordance with GAAP. For a reconciliation of
these non-GAAP measures to the most directly comparable GAAP financial measures, see &ldquo;Reconciliation of non-GAAP financial measures&rdquo;.</I></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><I></I></P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><I></I></P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><I></I></P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><I></I></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"><I></I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I></I></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Consolidated review</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Our consolidated revenues for the first quarter ended March
31, 2021 were $774.9 million, an increase of 23% versus the prior year period (18% in local currency). The increase was primarily attributable
to the impact of recent acquisitions, stabilizing transactional activity, especially Capital Markets, and continued strength in recurring
services. Diluted net earnings per common share were $0.11, flat versus the prior year, with the increase in revenues offset by (i) higher
amortization expense and contingent consideration expense, both related to recent acquisitions, and (ii) an increase in diluted share
count related to an offering of 4% Convertible Senior Subordinated Notes due 2025 (the &ldquo;Convertible Notes&rdquo;) in May 2020. Adjusted
earnings per share, which exclude restructuring costs, non-controlling interest redemption increment and amortization of intangible assets
(see &ldquo;Reconciliation of non-GAAP financial measures&rdquo; below) were $1.04, up 93% from $0.54 in the prior year period. Adjusted
earnings per share and GAAP net earnings per share for the three months ended March 31, 2021 would have been approximately $0.04 lower
excluding the impact of changes in foreign exchange rates.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">On March 8, 2021, we acquired a Miami-based specialty transportation
engineering and design firm.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">For the three months March 31, 2021, local currency revenue
growth was driven by the impact of recent acquisitions and strong Capital Markets activity.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-style: italic">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">Change</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">Change</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(LC = local currency)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">in US$ %</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center; border-bottom: Black 1pt solid">in LC%</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Outsourcing &amp; Advisory</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">340,116</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">277,290</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">23</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">17</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D">Investment Management <SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,627</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">45,825</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-3</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; padding-left: 2pt">Leasing</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">179,661</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">164,510</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">9</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 2pt">Capital Markets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">210,510</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">143,003</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">47</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">40</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid; padding-left: 2pt">Total revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">630,628</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">23</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">18</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;<I><SUP>(1)</SUP></I></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><I>Investment Management local currency
revenues, excluding pass-through carried interest, were up 2% for the three months ended March 31, 2021.</I></FONT></TD>
</TR></TABLE>


<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D"></P>

<P STYLE="margin: 0; font-size: 10pt; font-weight: bold; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; font-weight: bold; text-align: justify; color: #4A4A4D">Results of operations &ndash; three months
ended March 31, 2021</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">For the three months ended March 31, 2021, revenues were $774.9
million, up 23% compared to the prior year period (18% in local currency). Acquisitions contributed 14% to local currency revenue growth
while internally generated revenues were up 4% on stabilizing transactional revenues which were impacted in the prior year quarter during
the early stages of the pandemic.</P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Operating earnings were $40.0 million versus $18.5 million
in the prior year period. The operating earnings margin was 5.2% versus 2.9% in the prior year period with the increase attributable to
(i) the impact of higher margin acquisitions of Colliers Mortgage and Colliers Engineering &amp; Design; (ii) operating leverage from
higher transactional revenues; and (iii) measures taken to reduce costs due to the pandemic. Adjusted EBITDA (see &ldquo;Reconciliation
of non-GAAP financial measures&rdquo; below) was $92.1 million, up 69% versus $54.5 million in the prior year. Adjusted EBITDA margin
increased by 330 basis points to 11.9% as compared to 8.6% in the prior year period.</P>

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

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<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Depreciation expense was $10.4 million relative to $8.9 million
in the prior year period, with the increase attributable to the impact of recent acquisitions and increased investments in office leaseholds.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Amortization expense was $27.3 million relative to $16.0 million
in the prior year period, with the increase attributable mainly to intangible assets recognized in connection with recent business acquisitions,
including those of Colliers Mortgage and Colliers Engineering &amp; Design.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Net interest expense was $8.3 million, up from $7.6 million
in the prior year period and included interest from our Convertible Notes offering in May 2020. The average interest rate on our debt
during the period was 3.5%, versus 3.1% in the prior year period.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Consolidated income tax expense was $8.8 million relative to
$5.2 million in the first quarter of 2020, reflecting effective tax rates of 26% and 45%, respectively. The prior year quarter&rsquo;s
tax rate was impacted by the reversal of a $2.0 million tax benefit recorded in 2019 due to a change in tax law applied retroactively.
The effective tax rate for the full year is expected to be 25% to 28%.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Net earnings were $24.8 million, compared to $6.5 million in
the prior year period.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Revenues in the Americas region totalled $475.8 million for
the first quarter, up 29% (27% in local currency) versus $370.0 million in the prior year quarter. Revenue growth was driven by recent
acquisitions and stabilizing transactional revenues, especially Capital Markets activity across the region. Foreign exchange tailwinds
positively impacted revenue growth by 1%. Adjusted EBITDA was $56.9 million, up 82% from $31.2 million in the prior year quarter, and
includes the impact of recent acquisitions and reduced costs from measures implemented due to the pandemic. GAAP operating earnings were
$42.9 million, relative to $22.7 million in the prior year quarter.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Revenues in the EMEA region totalled $126.1 million for the
first quarter compared to $117.1 million in the prior year quarter, up 8% (down 3% in local currency), with activity returning to near
prior year levels in each service line. Foreign exchange tailwinds positively impacted revenue growth by 11%. Adjusted EBITDA was $4.5
million, versus a loss of $3.6 million in the prior year with the improvement primarily attributable to cost savings from measures implemented
due to the pandemic. The GAAP operating loss was $1.1 million compared to a loss of $13.5 million in the prior year quarter.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Revenues in the Asia Pacific region totalled $128.3 million
for the first quarter compared to $97.4 million in the prior year quarter, up 32% (19% in local currency). Revenue growth was driven by
a rebound in activity relative to the sharply reduced levels experienced during the early stages of the pandemic in the first quarter
of 2020. Foreign exchange tailwinds positively impacted revenue growth by 12%. Adjusted EBITDA was $15.5 million compared to $5.2 million
in the prior year quarter with the improvement in margin attributable to operating leverage and a lower cost base. GAAP operating earnings
were $11.7 million, versus $1.2 million in the prior year quarter.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Investment Management revenues for the first quarter were $44.6
million compared to $45.8 million in the prior year quarter. No pass-through revenue from historical carried interest was recognized in
the first quarter, versus $2.3 million in the prior year quarter. Excluding the impact of pass-through revenue, revenues were up 2% (2%
in local currency) on solid management fee growth, partially offset by transaction fees recognized in the prior year period in Europe.
Adjusted EBITDA was $17.7 million, relative to $18.4 million in the prior year quarter, down 3% versus a strong prior year comparative,
which included transaction fees. GAAP operating earnings were $9.9 million in the quarter, versus $11.8 million in the prior year quarter.
Assets under management were $41.6 billion at March 31, 2021, up 5% from $39.5 billion at December 31, 2020 and up 19% from $35.1 billion
at March 31, 2020.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Unallocated global corporate costs as reported in Adjusted
EBITDA were $2.6 million in the first quarter, relative to a recovery of $3.3 million in the prior year quarter, with the change primarily
attributable to incentive compensation accruals recorded in the current year period. The corporate GAAP operating loss for the quarter
was $23.4 million, relative to $3.7 million in the first quarter of 2020 attributable to an increase in the fair value of contingent acquisition
consideration on strong operating performance of recently acquired businesses as well as incentive compensation accruals.</P>

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<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Summary of quarterly results (unaudited)</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">The following table sets forth our unaudited quarterly consolidated
results of operations data. The information in the table below has been derived from unaudited interim consolidated financial statements
that, in management&rsquo;s opinion, have been prepared on a consistent basis and include all adjustments necessary for a fair presentation
of information. The information below is not necessarily indicative of results for any further quarter.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>Summary of quarterly results - years ended December 31, 2021, 2020 and 2019</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; color: #4A4A4D"><B>(in thousands of US$, except per share amounts)</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q1</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q2</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q3</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Q4</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">774,914</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">39,956</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">630,628</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">550,206</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">692,307</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">913,716</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">18,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">14,523</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,074</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">79,443</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,458</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6,483</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">31,979</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">49,568</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.12</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.26</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.53</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.84</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">(0.26</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.52</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.80</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">Year ended December 31, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Revenues</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">635,123</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">745,517</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">736,883</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">928,288</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">13,397</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">57,198</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">48,175</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">99,428</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,463</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">35,575</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">28,672</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">67,877</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Basic net earnings per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.60</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.75</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.21</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings per common share</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.04</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.60</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.74</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.20</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Other data</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">92,128</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2020</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">54,454</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">59,962</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">92,120</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">154,906</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EBITDA - 2019</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">43,571</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">87,323</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">84,262</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">144,320</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EPS - 2021</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.04</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Adjusted EPS - 2020</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.54</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">0.70</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.08</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">1.79</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Adjusted EPS - 2019</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">0.51</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.10</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">1.04</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right">2.01</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Impact of COVID-19 pandemic</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">The COVID-19 pandemic resulted in a sharp reduction in Leasing
and Capital Markets transaction activity beginning in March 2020 as governments around the world implemented lockdowns and other measures
to contain the virus. During 2020, the Company took significant measures to maintain business continuity across all service lines, including
steps to optimize the level of all critical functions across our business. Certain of these measures remained in place during the first
quarter of 2020 and to the present date.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">As of March 31, 2021, the Company&rsquo;s financial leverage
ratio expressed in terms of net debt to pro forma Adjusted EBITDA was 1.1x (1.0x as of December 31, 2020), relative to a maximum of 3.5x
permitted under its debt agreements. As of the same date, the Company had $724 million of unused credit under its committed revolving
credit facility maturing in April 2024.</P>


<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">2021 outlook</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Given stronger than expected operating results for the first
quarter, the Company is increasing its previously provided financial outlook. However, a number of risks and uncertainties remain, including:
(i) the resurgence of COVID-19 cases in various parts of the world may impact overall results; (ii) stabilizing transactional revenues
experienced in the first quarter may not be sustainable during the balance of the year; and (iii) certain operating costs, reduced in
light of the pandemic, are expected to increase as restrictions and conditions ease and may temper margins. The outlook for the full year
2021 (relative to 2020), including the impact of completed acquisitions, is as follows:</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 13pt; color: #4A4A4D">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D"><FONT STYLE="color: #0C9ED9">Full Year 2021 Outlook</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: #25408F 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 13pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-bottom: #25408F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D"><FONT STYLE="color: #0C9ED9"><B>Updated</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 33%; border-bottom: #25408F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D"><FONT STYLE="color: #0C9ED9">Previous</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D">Revenue</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D"><B>+15% to +30%</B></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D">+10% to +25%</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #25408F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D">Adjusted EBITDA</TD>
    <TD STYLE="border-bottom: #25408F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D"><B>+15% to +30%</B></TD>
    <TD STYLE="border-bottom: #25408F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 150%; color: #4A4A4D">+10% to +25%</TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">This financial outlook is based on the Company&rsquo;s best
available information as of the date of this MD&amp;A and remains subject to change based on numerous macroeconomic, health, social, geo-political
and related factors (see &ldquo;Risks associated with COVID-19 pandemic&rdquo; below).</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">The Company received wage subsidies totalling $2.5 million
during the first quarter from governments in several countries. These subsidies were recorded in earnings as an offset to employment costs.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Seasonality and quarterly fluctuations</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">The Company generates peak revenues and earnings in the month
of December followed by a low in January and February as a result of the timing of closings on Capital Markets transactions. Revenues
and earnings during the balance of the year are relatively even. Historically, Capital Markets operations comprised approximately 25%
of consolidated annual revenues. Variations can also be caused by business acquisitions which alter the consolidated service mix.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Liquidity and capital resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Net cash used in operating
activities for the three month period ended March 31, 2021 was $38.1 million, versus $120.0 million used in the prior year period.
The prior year period was impacted by significant working capital usage in our transactional operations. We believe that cash from
operations and other existing resources, including our $1.0 billion multi-currency revolving credit facility (the &ldquo;Revolving
Credit Facility&rdquo;), will continue to be adequate to satisfy the ongoing working capital needs of the Company.</P>


<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">For the three months ended March 31, 2021, capital expenditures
were $22.1 million (2020 - $40.4 million). Capital expenditures for the year ending December 31, 2021 are expected to be $65-$75 million
with the increase primarily attributable to investments in office space in major markets, some of which were deferred from 2020.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Net indebtedness as at March 31, 2021 was $404.9 million, versus
$323.3 million at December 31, 2020, which excludes the Convertible Notes and warehouse credit facilities. Including the Convertible Notes,
our net indebtedness as at March 31, 2021 would have been $629.2 million. Net indebtedness is calculated as the current and non-current
portion of long-term debt less cash and cash equivalents. We are in compliance with the covenants contained in our agreements relating
to our debt agreements as at March 31, 2021 and, based on our outlook for 2021, we expect to remain in compliance with these covenants.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">The Convertible Notes, due 2025, are unsecured and subordinated
to all of the existing and future senior and/or secured indebtedness, and are treated as equity for financial leverage calculations under
our existing debt agreements. The Convertible Notes are convertible into 3.97 million subordinate voting shares or, if not converted,
may be settled at maturity with subordinate voting shares or cash at the option of the Company.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">Colliers Mortgage utilizes warehouse credit facilities for
the purpose of funding warehouse receivables. Warehouse receivables represent mortgage loans receivable, the majority of which are offset
by borrowings under warehouse credit facilities which fund loans that financial institutions have committed to purchase. The warehouse
credit facilities are excluded from the financial leverage calculations under our debt agreements.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">On April 26, 2021, we renewed and extended our structured accounts
receivable facility (the &ldquo;AR Facility&rdquo;) with a third-party financial institution. The AR Facility has committed availability
of $125 million with a term of 364 days extending to April 25, 2022 and includes selected US and Canadian trade accounts receivable (the
&ldquo;Receivables&rdquo;).</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">On December 10, 2020, the Company&rsquo;s Board of Directors
declared a semi-annual dividend of $0.05 per share to shareholders of record on December 31, 2020. This dividend amounting to $2.0 million
was paid on January 14, 2021.</P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">In relation to acquisitions completed during the past three
years, we have outstanding contingent consideration, assuming all contingencies are satisfied and payment is due in full, totalling $193.9
million as at March 31, 2021 (December 31, 2020 - $208.6 million). Unless it contains an element of compensation, contingent consideration
is recorded at fair value each reporting period. The fair value recorded on the consolidated balance sheet as at March 31, 2021 was $129.0
million (December 31, 2020 - $115.6 million). Contingent consideration with a compensatory element is revalued at each reporting period
and recognized on a straight-line basis over the term of the contingent consideration arrangement. The liability recorded on the balance
sheet for the compensatory element of contingent consideration arrangements as at March 31, 2021 was $11.7 million (December 31, 2020
- $17.6 million). The contingent consideration is based on achieving specified earnings levels and is paid or payable after the end of
the contingency period, which extends to February 2025. We estimate that approximately 85% of the contingent consideration outstanding
as of March 31, 2021 will ultimately be paid.</P>

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<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">The following table summarizes our contractual obligations
as at March 31, 2021:</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold">Contractual obligations</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: center">Payments due by period</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9">(in thousands of US$)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">Less than</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right">After</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">1 year</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">1-3 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">4-5 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid">5 years</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-size: 10pt; color: #4A4A4D; text-align: left">Long-term debt</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">521,533</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">8,467</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">267,383</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; color: #4A4A4D; text-align: right">245,683</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Warehouse credit facilities</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">105,937</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">105,937</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">224,266</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">224,266</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on long-term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;&nbsp;and Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">111,326</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">26,304</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">52,008</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">21,600</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">11,414</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Finance lease obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,867</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">978</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">883</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">6</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Contingent acquisition consideration</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">128,971</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">79,505</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">45,090</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,268</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">108</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Operating leases obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">475,563</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">93,188</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">147,534</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">94,206</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">140,635</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Purchase commitments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">28,844</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">15,087</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">5,773</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">3,080</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">4,904</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Co-investment Commitments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">25,809</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">25,809</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Total contractual obligations</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,624,116</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">355,275</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">518,671</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">347,426</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">402,744</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0; color: #4A4A4D">At March 31, 2021, we had commercial commitments
totaling $18.0 million comprised of letters of credit outstanding due to expire within one year.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0; color: #4A4A4D"><B>Redeemable non-controlling interests</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0; color: #4A4A4D">In most operations where managers or employees
are also non-controlling owners, the Company is party to shareholders&rsquo; agreements. These agreements allow us to &ldquo;call&rdquo;
the redeemable non-controlling interests (&ldquo;RNCI&rdquo;) at a value determined with the use of a formula price, which is in most
cases equal to a multiple of trailing two-year average earnings, less debt. Non-controlling owners may also &ldquo;put&rdquo; their interest
to the Company at the same price, with certain limitations including (i) the inability to &ldquo;put&rdquo; more than 50% of their holdings
in any twelve-month period and (ii) the inability to &ldquo;put&rdquo; any holdings for at least one year after the date of our initial
acquisition of the business or the date the non-controlling shareholder acquired their interest, as the case may be.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; text-indent: 0cm; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0; color: #4A4A4D">The
total value of the RNCI (the &ldquo;redemption amount&rdquo;), as calculated in accordance with shareholders&rsquo; agreements, was $413.3
million as of March 31, 2021 (December 31, 2020 - $415.1 million). The amount recorded on our balance sheet under the caption &ldquo;redeemable
non-controlling interests&rdquo; is the greater of (i) the redemption amount (as above) or (ii) the amount initially recorded as RNCI
at the date of inception of the minority equity position. As at March 31, 2021, the RNCI recorded on the balance sheet was $440.0 million
(December 31, 2020 - $442.4 million). The purchase prices of the RNCI may be paid in cash or in Subordinate Voting Shares of Colliers.
If all RNCI were redeemed in cash, the pro forma estimated accretion to diluted net earnings per share for the three months ended March
31, 2021 would be $0.40, and the accretion to adjusted EPS would be $0.09.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; color: #4A4A4D"><B>Reconciliation of non-GAAP financial measures</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">In this MD&amp;A, we make reference to &ldquo;adjusted EBITDA&rdquo;
and &ldquo;adjusted EPS,&rdquo; which are financial measures that are not calculated in accordance with GAAP.</P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Adjusted EBITDA is defined as net earnings, adjusted to exclude:
(i) income tax; (ii) other expense (income); (iii) interest expense; (iv) depreciation and amortization, including amortization of mortgage
servicing rights (&ldquo;MSRs&rdquo;); (v) gains attributable to MSRs; (vi) acquisition-related items (including contingent acquisition
consideration fair value adjustments, contingent acquisition consideration-related compensation expense and transaction costs); (vii)
restructuring costs and (viii) stock-based compensation expense. We use adjusted EBITDA to evaluate our own operating performance and
our ability to service debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction
with discounted cash flow models to determine the Company&rsquo;s overall enterprise valuation and to evaluate acquisition targets. We
present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of
operating performance because of the low capital intensity of the Company&rsquo;s service operations. We believe this measure is a financial
metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial
performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings or cash
flow from operating activities, as determined in accordance with GAAP. Our method of calculating adjusted EBITDA may differ from other
issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted
EBITDA appears below.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Net earnings</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,458</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Income tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,847</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">5,198</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Other income, including equity earnings from non-consolidated investments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(1,982</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(704</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Interest expense, net</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">8,284</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">7,585</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Operating earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">39,956</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">18,537</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">37,777</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">24,891</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Gains attributable to MSRs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9,075</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Equity earnings from non-consolidated investments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1,406</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">555</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Acquisition-related items</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,847</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,750</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Restructuring costs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">293</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">5,468</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; padding-left: 2pt">Stock-based compensation expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,925</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,253</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 2pt">Adjusted EBITDA</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">92,129</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">54,454</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; color: #4A4A4D">Adjusted EPS is defined as diluted net earnings per share as
calculated under the &ldquo;if-converted&rdquo; method, adjusted for the effect, after income tax, of: (i) the non-controlling interest
redemption increment; (ii) amortization expense related to intangible assets recognized in connection with acquisitions and MSRs; (iii)
gains attributable to MSRs; (iv) acquisition-related items; (v) restructuring costs and (vi) stock-based compensation expense. We believe
this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company
and enhances the comparability of operating results from period to period. Adjusted EPS is not a recognized measure of financial performance
under GAAP, and should not be considered as a substitute for diluted net earnings per share from continuing operations, as determined
in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure
may not be comparable to measures used by other issuers. A reconciliation of net earnings to adjusted net earnings and of diluted net
earnings per share to adjusted EPS appears below.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Adjusted EPS is calculated using the &ldquo;if-converted&rdquo;
method of calculating earnings per share in relation to the Convertible Notes, which were issued on May 19, 2020. As such, the interest
(net of tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible Notes
are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than no assumption
of conversion. The &ldquo;if-converted&rdquo; method is used if the impact of the assumed conversion is dilutive. For the three months
ended March 31, 2021, the &ldquo;if-converted&rdquo; method is anti-dilutive for the GAAP diluted EPS calculation but dilutive for the
adjusted EPS calculation.</P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in thousands of US$)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Net earnings</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">24,807</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">6,458</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D">Non-controlling interest share of earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(7,780</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(3,377</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Interest on Convertible Notes</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,300</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization of intangible assets</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">27,338</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">16,013</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to MSRs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9,075</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">18,847</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,750</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">293</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">5,468</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Stock-based compensation expense</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">2,925</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">2,253</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Income tax on adjustments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(9,666</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(5,805</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Non-controlling interest on adjustments</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(3,335</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(2,150</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Adjusted net earnings</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">46,654</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">21,610</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">Three months ended</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: center">March 31</TD><TD STYLE="font-size: 10pt; color: #0C9ED9">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-style: italic; border-bottom: Black 1pt solid">(in US$)</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #0C9ED9; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; color: #0C9ED9; text-align: right; border-bottom: Black 1pt solid; background-color: #F2F2F2">2020</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #0C9ED9; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; font-size: 10pt; color: #4A4A4D; text-align: left">Diluted net earnings per common share</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.14</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="width: 12%; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.11</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Non-controlling interest redemption increment</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.28</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">(0.04</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Amortization expense, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.37</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.24</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Gains attributable to MSRs, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">(0.11</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Acquisition-related items</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.30</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.07</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Restructuring costs, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">-</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.10</TD><TD STYLE="white-space: nowrap; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left">Stock-based compensation expense, net of tax</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">0.06</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.06</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">Adjusted EPS</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">1.04</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">0.54</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; color: #4A4A4D; text-align: left; border-bottom: Black 1pt solid">Diluted weighted average shares for Adjusted EPS (thousands)</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: right">44,738</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #4A4A4D; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: right; background-color: #F2F2F2">40,167</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; color: #4A4A4D; text-align: left; background-color: #F2F2F2">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">We believe that the presentation of adjusted EBITDA and adjusted
earnings per share, which are non-GAAP financial measures, provides important supplemental information to management and investors regarding
financial and business trends relating to the Company&rsquo;s financial condition and results of operations. We use these non-GAAP financial
measures when evaluating operating performance because we believe that the inclusion or exclusion of the items described above, for which
the amounts are non-cash or non-recurring in nature, provides a supplemental measure of our operating results that facilitates comparability
of our operating performance from period to period, against our business model objectives, and against other companies in our industry.
We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does
and use this information in their assessment of our core business and the valuation of the Company.&nbsp;Adjusted EBITDA and adjusted
earnings per share are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for,
or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not
reflect all of the costs or benefits associated with the operations of our business as determined in accordance with GAAP. As a result,
investors should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP.</P>

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<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Percentage revenue variances presented on a local currency
basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign
currency exchange rates from the periods against which the current period results are being compared. Percentage revenue variances presented
on an internal growth basis are calculated assuming no impact from acquired entities in the current and prior periods. Revenue from acquired
entities, including any foreign exchange impacts, are treated as acquisition growth until the respective anniversaries of the acquisitions.
We believe that these revenue growth rate methodologies provide a framework for assessing the Company&rsquo;s performance and operations
excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not
calculated under GAAP, they may not be comparable to similar measures used by other issuers.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">We use the term assets under management (&ldquo;AUM&rdquo;)
as a measure of the scale of our Investment Management operations. AUM is defined as the gross market value of operating assets and the
projected gross cost of development properties of the funds, partnerships and accounts to which we provide management and advisory services,
including capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. Our
definition of AUM may differ from those used by other issuers and as such may not be directly comparable to similar measures used by other
issuers.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; color: #4A4A4D"><B>Impact of recently adopted accounting standards</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0; color: #4A4A4D">&nbsp;</P>

<P STYLE="color: #4A4A4D; font-size: 10pt; text-align: justify; margin: 0"><I>Accounting for Income Taxes</I></P>

<P STYLE="color: #4A4A4D; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2019, the FASB
issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting of Income Taxes to simplify the accounting for income
taxes. The guidance eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for
calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related
to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting
for enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in step-up in tax basis of
goodwill. The Company adopted the guidance effective January 1, 2021. The Company&rsquo;s processes and disclosures have been updated
to incorporate the new standard. The adoption of the standard did not have a material impact on the Company&rsquo;s consolidated
financial statements.</P>

<P STYLE="margin: 0; color: #4A4A4D; font-size: 10pt; text-align: justify"></P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Recently issued accounting guidance, not yet adopted</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I>Reference Rate Reform</I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">The FASB has issued two ASU related to reference rate reform.
In March 2020, the FASB issued ASU No. 2020-04, <I>Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting</I> and in January 2021 the FASB issued ASU No. 2021-01, <I>Reference Rate Reform (Topic 848): Scope</I>. With
reference rates like the London Interbank Offered Rates (&ldquo;LIBOR&rdquo;) expecting to be discontinued at the end of 2021, a significant
volume of contracts and other arrangements will be impacted by the transition required to alternative reference rates. This ASU provides
optional expedients and exceptions to reduce the costs and complexity of applying existing GAAP to contract modifications and hedge accounting
if certain criteria are met. The standard is effective for a limited time for all entities through December 31, 2022. The Company has
certain debt and hedging arrangements which may qualify for use of the practical expedients permitted under the guidance. The Company
has evaluated and will continue to evaluate arrangements subject to rate reform and the options under the ASU to facilitate an orderly
transition to alternative reference rates and their potential impacts on its consolidated financial statements and disclosures.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><I>Debt with Conversion Options</I></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">In August 2020, the FASB issued ASU No. 2020-06, <I>Debt-
Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging &ndash; Contracts in Entity&rsquo;s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contract in an Entity&rsquo;s Own Equity.</I> The ASU simplifies the accounting for
convertible instruments and reduces the number of embedded conversion features being separately recognized from the host contract as
compared to current GAAP. The ASU also enhances information transparency through targeted improvements to the disclosures for convertible
instruments and earnings-per-share guidance. The standard is effective for fiscal years beginning after December 15, 2021. The standard
can be applied using the modified retrospective method of transition or a fully retrospective method of transition. The Company is currently
assessing the options available under this ASU and their potential impacts on its consolidated financial statements.&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Impact of IFRS</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">On January 1, 2011, many Canadian companies were required to
adopt IFRS. In 2004, in accordance with the rules of the CSA, Old FSV elected to report exclusively using US GAAP and further elected
not to adopt IFRS on January 1, 2011. Under the rules of the CSA, the Company is permitted to continue preparing financial statements
in accordance with US GAAP going forward.</P>


<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>
<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Financial instruments</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">We use financial instruments as part of our strategy to manage
the risk associated with interest rates and currency exchange rates. We do not use financial instruments for trading or speculative purposes.
On April 11, 2017 we entered into interest rate swap agreements to convert the LIBOR floating interest rate on $100.0 million of US dollar
denominated debt into a fixed interest rate of 1.897%. In December 2018, the Company entered into interest rate swap agreements to convert
the LIBOR floating interest rate on $100.0 million of US dollar denominated debt into a fixed interest rate of 2.7205% plus the applicable
margin. Hedge accounting is being applied to these interest rate swaps. Financial instruments involve risks, such as the risk that counterparties
may fail to honor their obligations under these arrangements. If we have financial instruments outstanding and such events occur, our
results of operations and financial position may be adversely affected.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Off-balance sheet arrangements</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">As of March 31, 2021, the Company did not have any off-balance
sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the Company&rsquo;s financial performance
or financial condition other than (i) the Long-Term Incentive Arrangement contained in the Management Services Agreement between Colliers,
Jayset Management CIG Inc. and Jay S. Hennick, (see Note 18 to the Consolidated Financial Statements for a description) and (ii) the AR
Facility. As of March 31, 2021, the Company had drawn $113.5 million under the AR Facility. The AR Facility is recorded as a sale of accounts
receivable, and accordingly sold Receivables are derecognized from the consolidated balance sheet. The AR Facility results in a significant
decrease to our borrowing costs.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Settlement of long-term incentive arrangement</B></P>

<P STYLE="font-size: 10pt; color: #4A4A4D; text-align: justify; margin: 0"><FONT STYLE="font-weight: normal">On April 16, 2021, after
receiving approval from 95% of disinterested shareholders, the Company completed the previously announced transaction (the &ldquo;Transaction&rdquo;)
to settle the Management Services Agreement, including the Long-Term Incentive Arrangement, between Colliers, Jay S. Hennick and Jayset
Management CIG Inc., a corporation controlled by Mr. Hennick. The Transaction also established a timeline for the orderly elimination
of Colliers&rsquo; dual class voting structure by no later than September 1, 2028. The completion of the Transaction resulted in the issuance
of 3,572,858 Subordinate Voting Shares from treasury and a cash payment of $96.2 million funded from the Company&rsquo;s revolving credit
facility.</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; color: #4A4A4D; text-align: justify; margin: 0"><FONT STYLE="font-weight: normal">Mr. Hennick remains Chairman
and Chief Executive Officer of the Company and has control and direction over a total of 6,331,063 shares of Colliers representing 14.4%
of the outstanding shares and 45.6% of the votes.</FONT></P>


<P STYLE="margin: 0; font-size: 10pt; color: #4A4A4D; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Transactions with related parties</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">As at March 31, 2021, the Company had $3.3 million of loans
receivable from non-controlling shareholders (December 31, 2020 - $3.4 million). The majority of the loans receivable represent amounts
assumed in connection with acquisitions and amounts issued to non-controlling interests to finance the sale of non-controlling interests
in subsidiaries to senior managers. The loans are of varying principal amounts and interest rates which range from nil to 4.0%. These
loans are due on demand or mature on various dates up to 2026, but are open for repayment without penalty at any time.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Outstanding share data</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">The authorized capital of the Company consists of an unlimited
number of preference shares, issuable in series, an unlimited number of Subordinate Voting Shares and an unlimited number of Multiple
Voting Shares. The holders of Subordinate Voting Shares are entitled to one vote in respect of each Subordinate Voting Share held at all
meetings of the shareholders of the Company. The holders of Multiple Voting Shares are entitled to twenty votes in respect of each Multiple
Voting Share held at all meetings of the shareholders of the Company. Each Multiple Voting Share is convertible into one Subordinate Voting
Share at any time at the election of the holders thereof.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">As of the date hereof, the Company has outstanding 42,605,800
Subordinate Voting Shares and 1,325,694 Multiple Voting Shares. In addition, as at the date hereof 2,028,625 Subordinate Voting Shares
are issuable upon exercise of options granted under the Company&rsquo;s stock option plan.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">On July 16, 2020, the Company announced a Normal Course Issuer
Bid (&ldquo;NCIB&rdquo;) effective from July 20, 2020 to July 19, 2021. The Company is entitled to repurchase up to 3,000,000 Subordinate
Voting Shares on the open market pursuant to the NCIB. Any shares purchased under the NCIB will be cancelled.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0; color: #4A4A4D"><B>&nbsp;</B></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0; color: #4A4A4D"><B>Canadian tax treatment of common share
dividends</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0cm; margin: 0; color: #4A4A4D">For the purposes of the enhanced dividend
tax credit rules contained in the <I>Income Tax Act (Canada)</I> and any corresponding provincial and territorial tax legislation, all
dividends (and deemed dividends) paid by us to Canadian residents on our Subordinate Voting Shares and Multiple Voting Shares are designated
as &ldquo;eligible dividends&rdquo;. Unless stated otherwise, all dividends (and deemed dividends) paid by us hereafter are designated
as &ldquo;eligible dividends&rdquo; for the purposes of such rules.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #4A4A4D">Disclosure controls
and procedures</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Disclosure controls and procedures are designed to provide
reasonable assurance that information required to be disclosed in reports filed or submitted by us under U.S. and Canadian securities
legislation is recorded, processed, summarized and reported within the time periods specified in those rules, and include controls and
procedures designed to ensure that information required to be disclosed in reports filed or submitted by us under U.S. and Canadian securities
legislation is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate,
to permit timely decisions regarding required disclosure. Management, including the Chief Executive Officer and Chief Financial Officer,
has evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in the rules of the
U.S. Securities and Exchange Commission and the Canadian Securities Administrators, as at March 31, 2021. Based on this evaluation, the
Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as at March
31, 2021.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Changes in internal control over financial
reporting</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Our management is responsible for establishing and maintaining
adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well-designed,
has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect
to financial statement preparation and presentation. Management has used the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) 2013 framework to evaluate the effectiveness of our internal control over financial reporting. Based on this assessment, management
has concluded that as at March 31, 2021, our internal control over financial reporting was effective.</P>


<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">During the three months ended March 31, 2021, there were no
changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect,
the Company&rsquo;s internal control over financial reporting.</P>



<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D"></P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Legal proceedings</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Colliers is involved in various legal claims associated with
the normal course of operations and believes it has made adequate provision for such legal claims.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Risks associated with COVID-19 pandemic</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">We are closely monitoring the impact of the COVID-19 pandemic
on all aspects of our business, including how it will impact our clients, employees, and services. We expect that we will continue to
be adversely impacted on a global basis in future periods, and we are unable to predict the ultimate impact that it may have on our business,
future results of operations, financial position or cash flows. The extent to which our operations may be impacted by the pandemic will
depend largely on future developments, which are uncertain and cannot be accurately predicted, including new information which may emerge
concerning the severity of the outbreak and actions by government authorities to contain the pandemic or treat its impact. Furthermore,
the impacts of a potential worsening of global macroeconomic conditions and the continued disruptions to and volatility in the financial
markets remain unknown.</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Operating during the global pandemic exposes the Company to
multiple risks which, individually or in the aggregate, could have a material adverse effect on the Company&rsquo;s business, financial
condition, results of operations and cash flows, including following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a reduction in commercial real estate transactions and decreases in expenditure at our clients and therefore
a reduction in the demand for the services the Company provides;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a decrease in property values and vacancy rates, which could negatively impact Leasing and Capital Markets
commissions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liquidity challenges, including impacts related to delayed customer payments and payment defaults associated
with customer liquidity issues and bankruptcies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">inability to access capital or financing at favorable terms due to possible adverse effect on our liquidity
and financial position; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the occurrence of asset impairment losses.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Further, many of the risks discussed in the &ldquo;Risk Factors&rdquo;
section of the Company&rsquo;s Annual Information Form are, and could be, exacerbated by the COVID-19 pandemic and any worsening of the
global business and economic environment as a result. Given the dynamic nature of these events, the Company cannot reasonably estimate
the period of time that the COVID-19 pandemic and related market conditions will persist, the full extent of the impact they will have
on our business, financial condition, results of operations or cash flows or the pace or extent of any subsequent recovery. Even after
the pandemic and related containment measures subside, we may continue to experience adverse impacts to our business, financial condition
and results of operations, the extent of which may be material.</P>

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<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Risks associated with Colliers Mortgage</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Our recently acquired Colliers Mortgage operations have certain
key risk factors unique to the services provided. The following is a summary of key risk factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a change in or loss of our relationship with US government agencies, such as Fannie Mae or Ginnie Mae
could significantly impact our ability to originate mortgage loans;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">defaults by borrowers on loans originated under the Fannie Mae Delegated Underwriting and Servicing<SUP>TM</SUP>
Program could materially affect our profitability as we are subject to sharing up to one-third of incurred losses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a decline in origination volumes or termination of our current servicing agreements, could significantly
impact profitability, with a majority of our earnings generated from loan servicing; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a termination or changes to our warehouse credit facilities could lead to unfavourable replacement terms
and may significantly impact our ability to originate new loans.</TD></TR></TABLE>

<P STYLE="margin: 0 0 8pt 0pt; font-size: 10pt; line-height: 100%"></P>

<P STYLE="margin: 0 0 8pt 0pt; font-size: 10pt; line-height: 100%">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D"><B>Forward-looking statements and risks</B></P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">This MD&amp;A contains forward-looking statements with respect
to expected financial performance, strategy and business conditions. The words &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;project,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo;
and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these
identifying words. These statements reflect management's current beliefs with respect to future events and are based on information currently
available to management. Forward-looking statements involve significant known and unknown risk and uncertainties. Many factors could cause
our actual results, performance or achievements to be materially different from any future results, performance or achievements that may
be expressed or implied by such forward-looking statements. Factors which may cause such differences include, but are not limited to those
set out below, those set out above under &ldquo;Spin-off risk&rdquo;, &ldquo;Risks associated with the COVID-19 pandemic&rdquo; , &ldquo;Risks
associated with Colliers Mortgage&rdquo; and those set out in detail in the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s
Annual Information Form:</P>

<P STYLE="font-size: 10pt; margin: 0 0 0 39.6pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The COVID-19 pandemic and its related impact on global, regional and local economic conditions, and in
particular its impact on client demand for our services, our ability to deliver services and ensure the health and productivity of our
employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Economic conditions, especially as they relate to commercial and consumer credit conditions and business
spending, particularly in regions where our operations may be concentrated.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Commercial real estate property values, vacancy rates and general conditions of financial liquidity for
real estate transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Trends in pricing and risk assumption for commercial real estate services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The effect of significant movements in average cap rates across different property types.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A reduction by companies in their reliance on outsourcing for their commercial real estate needs, which
would affect our revenues and operating performance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Competition in the markets served by the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The impact of changes in the market value of assets under management on the performance of our Investment
Management business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A decline in our ability to attract, recruit and retain talent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A decline in our ability to attract new clients and to retain major clients and renew related contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Reliance on subcontractors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Labor shortages or increases in wage and benefit costs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A decline in our performance impacting our continued compliance with the financial covenants under our
debt agreements, or our ability to negotiate a waiver of certain covenants with our lenders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The effect of increases in interest rates on our cost of borrowing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Unexpected increases in operating costs, such as insurance, workers&rsquo; compensation and health care.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes in the frequency or severity of insurance incidents relative to our historical experience.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The effects of changes in foreign exchange rates in relation to the US dollar on the Company&rsquo;s Euro,
Canadian dollar, Australian dollar and UK pound sterling denominated revenues and expenses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A decline in our ability to identify and make acquisitions at reasonable prices and successfully integrate
acquired operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Disruptions or security failures in our information technology systems.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The ability to comply with laws and regulations related to our global operations, including real estate
and mortgage banking licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Political conditions, including political instability, elections, referenda, trade policy changes, immigration
policy changes and any outbreak or escalation of hostilities or terrorism and the impact thereof on our business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The ability to protect against cybersecurity threats as well as to monitor new threats.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes in climate and environment-related policies that directly impact our businesses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes in government laws and policies at the federal, state/provincial or local level that directly
impact our businesses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; color: #4A4A4D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Conversion of the Convertible Notes to subordinate voting shares may dilute the ownership of existing
shareholders.</TD></TR></TABLE>

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<P STYLE="font-size: 10pt; margin: 0 0 0 39pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">We caution that the foregoing list is not exhaustive of all
possible factors, as other factors could adversely affect our results, performance or achievements. The reader is cautioned against undue
reliance on these forward-looking statements. Although we believe that the assumptions underlying our forward-looking statements are reasonable,
any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in such forward-looking
statements will be realized. The inclusion of such forward-looking statements should not be regarded as a representation by the Company
or any other person that the future events, plans or expectations contemplated by the Company will be achieved. We note that past performance
in operations and share price are not necessarily predictive of future performance, particularly in light of the ongoing and developing
COVID-19 pandemic and its impact on the global economy and its anticipated impact on our business. We disclaim any intention and assume
no obligation to update or revise any forward-looking statement even if new information becomes available, as a result of future events
or for any other reason.</P>

<P STYLE="font-size: 10pt; line-height: 100%; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; margin: 0; color: #4A4A4D">Additional information</P>

<P STYLE="font-size: 10pt; margin: 0; text-align: justify; color: #4A4A4D">Additional information about Colliers, including our Annual
Information Form for the year ended December 31, 2020, is available on SEDAR at www.sedar.com and
on EDGAR at www.sec.gov. Further information about us can also be obtained at www.colliers.com.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify; color: #4A4A4D">&nbsp;</P>

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